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題名 非公認盈餘調整稅率與企業租稅規避
Tax Rate Applied to non-GAAP Exclusions and Corporate Tax Avoidance
作者 廖翊丞
LIAO, YI-CHENG
貢獻者 何怡澄<br>郭振雄
Ho, Yi-Cheng<br>Kuo, Jenn-Shyong
廖翊丞
LIAO,YI-CHENG
關鍵詞 非公認會計原則
排除項目調整稅率
排除項目
租稅規避
NON-GAAP
TREX
Exclusions
Tax avoidance
日期 2025
上傳時間 1-Sep-2025 16:32:36 (UTC+8)
摘要 本文旨在探討non-GAAP排除項目調整稅率(Tax Rate Applied to Exclusions, TREX)與企業租稅規避關聯性。TREX係指企業在編製non-GAAP盈餘時，針對排除項目所使用之稅率。過往文獻指出，經理特性會影響其財務決策與租稅策略，激進型經理人傾向採取更積極的租稅規避行為(Dyreng et al., 2010; Chyz, 2013；Francis et al., 2014)。Chen et al. (2023)指出，TREX 具高度裁量性，經理人可透過TREX的調整以提升non-GAAP財報稅後盈餘。據此，本研究以TREX作為經理人激進特性的代理變數(proxy)，並納入排除項目規模(exclusions)作為調節變數，檢驗TREX對租稅規避之影響。本研究採用普通最小平方法(OLS)，並採用追蹤資料固定效果模型。實證結果顯示，TREX與租稅規避程度呈顯著正相關，支持其提升租稅規避程度的假說。此外，TREX與排除項目規模的交互作用亦呈顯著正相關，表明排除項目規模加強了TREX與租稅規避程度的關係。為驗證結果之穩健性，本文進行多項敏感性分析，包括租稅規避替代指標、TREX連續變數及TREX分組，均支持主要發現。本研究進一步透過傾向分數匹配(PSM)與熵平衡法(Entropy Balancing)進行內生性處理，強化結論之穩健性。此外，本文亦進行橫斷面分析，使用財務限制、未認列租稅利益及跨國企業等特徵作為調節項目，探討其對TREX與租稅規避關係的調節效果。最後，本文進一步進行額外測試，探討TREX的使用與企業市場價值之關聯性，旨在揭示其可能對企業市場價值產生的影響。
This study examines the relationship between the tax rate applied to exclusions in non-GAAP earnings adjustments (TREX) and corporate tax avoidance. TREX refers to the tax rate applied to excluded items when preparing non-GAAP earnings. Prior research shows that managerial characteristics affect financial and tax strategies, with aggressive managers engaging in greater tax avoidance (Dyreng et al., 2010; Chyz, 2013; Francis et al., 2014). Chen et al. (2023) highlight the high discretion involved in TREX, allowing managers to increase after-tax non-GAAP earnings.Using TREX as a proxy for managerial aggressiveness, and incorporating the scale of exclusions as a moderator, this study employs Ordinary Least Squares (OLS) and panel fixed effects models. Results indicate a significant positive association between TREX and tax avoidance, and between TREX–exclusions interaction and tax avoidance, suggesting larger exclusions amplify the effect.Robustness checks—including alternative tax avoidance measures, TREX as a continuous variable, and group classifications—yield consistent findings. To address endogeneity, Propensity Score Matching (PSM) and Entropy Balancing are applied, confirming the results.Further cross-sectional tests consider firm characteristics such as financial constraints, unrecognized tax benefits, and multinational status, revealing their moderating effects. An additional analysis explores the link between TREX usage and firm market value, offering insights into its potential valuation implications.
參考文獻 non-GAAP TREX exclusions Andersson, P., and Hellman, N. (2007). Does Pro Forma Reporting Bias Analyst Forecasts? European Accounting Review, 16(2), 277–298. Armstrong, C. S., Blouin, J. L., and Larcker, D. F. (2012). The incentives for tax planning. Journal of Accounting and Economics, 53(1-2), 391–411. Badertscher, B. A., Phillips, J. D., Pincus, M., and Rego, S. O. (2013). Earnings management strategies and the trade-off between tax benefits and detection risk: To conform or not to conform? The Accounting Review, 84(1), 63–97. Bamber, L. S., Jiang, J., and Wang, I. Y. (2010). What’s my style? The influence of top managers on voluntary corporate financial disclosure. The Accounting Review, 85(4), 1131–1162. Barth, M. E., Clement, M. B., Foster, G., and Kasznik, R. (1998). Brand values and capital market valuation. Review of Accounting Studies, 6(1), 41–68. Bentley, J. W., Christensen, T. E., Gee, K. H., and Whipple, B. C. (2017). Disentangling managers’ and analysts’ non-GAAP reporting. Journal of Accounting Research, 56(4), 1039–1081. Berger, P. G., and Ofek, E. (1995). Diversification’s effect on firm value. Journal of Financial Economics, 37(1), 39–65. Bhattacharya, N., Black, E. L., Christensen, T. E., and Larson, C. R. (2003). Assessing the relative informativeness and permanence of pro forma earnings and GAAP operating earnings. Journal of Accounting and Economics, 36(1-3), 285–319. Black, D. E., Black, E. L., Christensen, T. E., and Gee, K. H. (2018). Non-GAAP reporting: Evidence from academia and current practice. Journal of Business Finance and Accounting, 45(3-4), 259–294. Bradshaw, M. T., Moberg, M., and Sloan, R. G. (2002). GAAP versus the street: An empirical assessment of two alternative definitions of earnings. Journal of Accounting Research, 40(1), 41–66. Bradshaw, M. T., Christensen, T. E., Gee, K. H., and Whipple, B. C. (2017). Analysts’ GAAP earnings forecasts and their implications for non-GAAP earnings exclusions. Journal of Accounting and Economics, 64(2-3), 316–333. Brown, L. D., and Sivakumar, K. (2003). Comparing the value relevance of two operating income measures. Review of Accounting Studies, 8(4), 561–572. Campello, M., and Giambona, E. (2013). Real assets and capital structure. Journal of Financial and Quantitative Analysis, 48(5), 1333–1370. Chen, H.-C., Lee, Y.-J., Lo, S.-Y., & Yu, Y. (2021). Qualitative characteristics of non-GAAP disclosures and non-GAAP earnings quality. Journal of Accounting and Economics, 72(1), 101402. Chen, N. (Xi), Chiu, P.-C., Shevlin, T., and Wang, J. (2022). Taxes in non-GAAP reporting: Evidence of strategic behavior in selecting tax rates applied to exclusions. Management Science, 69(5), 3100–3120. Chung, K. H., and Pruitt, S. W. (1994). A simple approximation of Tobin’s q. Financial Management, 23(3), 70–74. Chyz, J. A. (2013). Personally tax aggressive executives and corporate tax sheltering. Journal of Accounting and Economics, 56(2), 311–328. Curtis, A. B., McVay, S. E., and Whipple, B. C. (2014). The disclosure of non-GAAP earnings following Regulation G: An analysis of transitory gains and losses. The Accounting Review, 89(1), 77–104. Dang, C., Li, Z. F., and Yang, C. (2018). Measuring firm size in empirical corporate finance. Journal of Financial Research, 41(1), 5–35. Desai, M. A., and Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145–179. Dhaliwal, D. S., Gleason, C. A., and Mills, L. F. (2004). Last-chance earnings management: Using the tax expense to meet analysts’ forecasts. Contemporary Accounting Research, 21(2), 431–459. Doyle, J. T., Jennings, J. N., and Soliman, M. T. (2013). Do managers define non-GAAP earnings to meet or beat analyst forecasts? Journal of Accounting and Economics, 56(1), 40–56. Dyreng, S. D., Hanlon, M., and Maydew, E. L. (2008). Long-run corporate tax avoidance. The Accounting Review, 83(1), 61–82. Dyreng, S. D., Hanlon, M., and Maydew, E. L. (2010). The effects of executives on corporate tax avoidance. The Accounting Review, 85(4), 1163–1189. Dyreng, S. D., Hanlon, M., Maydew, E. L., and Thornock, J. R. (2016). Changes in corporate effective tax rates: Evidence from the UK. The Accounting Review, 91(6), 1603–1639. Dyreng, S. D., Hanlon, M., and Maydew, E. L. (2017). When does tax avoidance result in tax uncertainty? The Accounting Review, 92(2), 121–148. Edwards, A., Schwab, C., and Shevlin, T. (2016). Financial constraints and cash tax savings. The Accounting Review, 91(3), 859–881. Elliott, W. B. (2006). Are investors influenced by pro forma emphasis and reconciliations in earnings announcements? The Accounting Review, 81(1), 113–133. Fama, E. F., and French, K. R. (1995). Size and book-to-market factors in earnings and returns. The Journal of Finance, 50(1), 131-155. Foley, C. F., Hartzell, J. C., Titman, S., and Twite, G. (2007). Why do firms hold so much cash? A tax-based explanation. Journal of Financial Economics, 86(3), 579–607. Frank, M. M., Lynch, L. J., and Rego, S. O. (2009). Tax reporting aggressiveness and its relation to aggressive financial reporting. The Accounting Review, 84(2), 467–496. Gallemore, J., and Labro, E. (2015). The importance of the internal information environment for tax avoidance. Journal of Accounting and Economics, 60(1), 149–167. García-Meca, E., Ramón-Llorens, M.-C., & Martínez-Ferrero, J. (2021). Are narcissistic CEOs more tax aggressive? The moderating role of internal audit committees. Journal of Business Research, 129, 223–235. Graham, J. R., Hanlon, M., Shevlin, T., and Shroff, N. (2014). Incentives for tax planning and avoidance: Evidence from the field. The Accounting Review, 89(3), 991–1023. Gu, Z., and Chen, T. (2004). Analysts’ treatment of nonrecurring items in street earnings. Journal of Accounting and Economics, 38, 129–170. Hadlock, C. J., and Pierce, J. R. (2010). New evidence on measuring financial constraints: Moving beyond the KZ index. Review of Financial Studies, 23(5), 1909–1940. Hainmueller, J. (2012). Entropy balancing for causal effects: A multivariate reweighting method to produce balanced samples in observational studies. Political Analysis, 20(1), 25–46. Hambrick, D. C., and Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. Hanlon, M., and Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3), 127–178. Hanlon, M., Maydew, E. L., and Saavedra, D. (2017). The taxman cometh: Does tax uncertainty affect corporate cash holdings? The Accounting Review, 92(5), 153–178. Hasan, M. M., Lobo, G. J., and Qiu, B. (2021). Organizational capital, corporate tax avoidance, and firm value. Journal of Corporate Finance, 70, 102050. Healy, P. M., and Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365–383. Korteweg, A. (2010). The net benefits to leverage. Journal of Finance, 65(6), 2137–2170. Leung, E., and Veenman, D. (2018). Non-GAAP earnings disclosures and financial statement complexity. Journal of Accounting Research, 56(2), 637–671. Lim, Y. (2011). Tax avoidance, cost of debt and shareholder activism: Evidence from Korea. Journal of Banking and Finance, 35(9), 2280–2297. Lisowsky, P. (2010). Seeking shelter: Empirically modeling tax shelters and their relationship with hedge funds. The Accounting Review, 85(5), 1693–1720. Marques, A. (2006). Sec Interventions and the Frequency and Usefulness of Non-Gaap Financial Measures. Review of Accounting Studies 11. 549-574. Maydew, E. L. (1997). Tax-induced earnings management by firms with net operating losses. Journal of Accounting Research, 35(1), 83–96. Modigliani, F., and Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. American Economic Review, 53(3), 433–443. Ohlson, J. A. (1999). On transitory earnings. Review of Accounting Studies, 4(3-4), 145–162. Opler, T., Pinkowitz, L., Stulz, R., and Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3–46. Ou, J. A., and Penman, S. H. (1989). Financial statement analysis and the prediction of stock returns. Journal of Accounting and Economics, 11(4), 295-329. Phillips, J., Pincus, M., and Rego, S. O. (2003). Earnings management New evidence based on deferred tax expense. The Accounting Review, 78(2), 491–521. Rego, S. O. (2003). Tax-avoidance activities of U.S. multinational corporations. Contemporary Accounting Research, 20(4), 805–833. Rosenbaum, P. R., and Rubin, D. B. (1983). The central role of the propensity score in observational studies for causal effects. Biometrika, 70(1), 41–55. Shackelford, D. A., and Shevlin, T. (2001) Empirical tax research in accounting. Journal of Accounting and Economics, 31(1-3), 321–387. Villalonga, B. (2004). Intangible resources, Tobin’s q, and sustainability of performance differences. Journal of Economic Behavior and Organization, 54(2), 205–230. Wilson, R. J. (2009). An examination of corporate tax shelter participants. The Accounting Review, 84(3), 969–999.
描述 碩士
國立政治大學
財政學系
112255023
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112255023
資料類型 thesis
dc.contributor.advisor 何怡澄<br>郭振雄zh_TW
dc.contributor.advisor Ho, Yi-Cheng<br>Kuo, Jenn-Shyongen_US
dc.contributor.author (Authors) 廖翊丞zh_TW
dc.contributor.author (Authors) LIAO,YI-CHENGen_US
dc.creator (作者) 廖翊丞zh_TW
dc.creator (作者) LIAO, YI-CHENGen_US
dc.date (日期) 2025en_US
dc.date.accessioned 1-Sep-2025 16:32:36 (UTC+8)-
dc.date.available 1-Sep-2025 16:32:36 (UTC+8)-
dc.date.issued (上傳時間) 1-Sep-2025 16:32:36 (UTC+8)-
dc.identifier (Other Identifiers) G0112255023en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/159326-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財政學系zh_TW
dc.description (描述) 112255023zh_TW
dc.description.abstract (摘要) 本文旨在探討non-GAAP排除項目調整稅率(Tax Rate Applied to Exclusions, TREX)與企業租稅規避關聯性。TREX係指企業在編製non-GAAP盈餘時，針對排除項目所使用之稅率。過往文獻指出，經理特性會影響其財務決策與租稅策略，激進型經理人傾向採取更積極的租稅規避行為(Dyreng et al., 2010; Chyz, 2013；Francis et al., 2014)。Chen et al. (2023)指出，TREX 具高度裁量性，經理人可透過TREX的調整以提升non-GAAP財報稅後盈餘。據此，本研究以TREX作為經理人激進特性的代理變數(proxy)，並納入排除項目規模(exclusions)作為調節變數，檢驗TREX對租稅規避之影響。本研究採用普通最小平方法(OLS)，並採用追蹤資料固定效果模型。實證結果顯示，TREX與租稅規避程度呈顯著正相關，支持其提升租稅規避程度的假說。此外，TREX與排除項目規模的交互作用亦呈顯著正相關，表明排除項目規模加強了TREX與租稅規避程度的關係。為驗證結果之穩健性，本文進行多項敏感性分析，包括租稅規避替代指標、TREX連續變數及TREX分組，均支持主要發現。本研究進一步透過傾向分數匹配(PSM)與熵平衡法(Entropy Balancing)進行內生性處理，強化結論之穩健性。此外，本文亦進行橫斷面分析，使用財務限制、未認列租稅利益及跨國企業等特徵作為調節項目，探討其對TREX與租稅規避關係的調節效果。最後，本文進一步進行額外測試，探討TREX的使用與企業市場價值之關聯性，旨在揭示其可能對企業市場價值產生的影響。zh_TW
dc.description.abstract (摘要) This study examines the relationship between the tax rate applied to exclusions in non-GAAP earnings adjustments (TREX) and corporate tax avoidance. TREX refers to the tax rate applied to excluded items when preparing non-GAAP earnings. Prior research shows that managerial characteristics affect financial and tax strategies, with aggressive managers engaging in greater tax avoidance (Dyreng et al., 2010; Chyz, 2013; Francis et al., 2014). Chen et al. (2023) highlight the high discretion involved in TREX, allowing managers to increase after-tax non-GAAP earnings.Using TREX as a proxy for managerial aggressiveness, and incorporating the scale of exclusions as a moderator, this study employs Ordinary Least Squares (OLS) and panel fixed effects models. Results indicate a significant positive association between TREX and tax avoidance, and between TREX–exclusions interaction and tax avoidance, suggesting larger exclusions amplify the effect.Robustness checks—including alternative tax avoidance measures, TREX as a continuous variable, and group classifications—yield consistent findings. To address endogeneity, Propensity Score Matching (PSM) and Entropy Balancing are applied, confirming the results.Further cross-sectional tests consider firm characteristics such as financial constraints, unrecognized tax benefits, and multinational status, revealing their moderating effects. An additional analysis explores the link between TREX usage and firm market value, offering insights into its potential valuation implications.en_US
dc.description.tableofcontents 第壹章 緒論 1 第一節 研究議題與動機 1 第二節 研究流程 4 第貳章 文獻探討與假說 5 第一節 非公認會計原則相關理論 6 第二節 租稅規避相關文獻 11 第三節 經理人特性與租稅規避關聯性 12 第四節 盈餘管理與租稅規避關聯性 12 第五節 假說建立 13 第參章 研究方法 14 第一節 資料來源與資料整理 14 第二節 樣本篩選 15 第三節 變數定義 16 第四節 實證模型 24 第肆章 實證結果分析 25 第一節 敘述性統計 25 第二節 實證結果 33 第三節 敏感性測試 35 第四節 內生性處理 40 第五節 橫斷面測試 47 第六節 額外測試 51 第伍章 結論與限制 54 第一節 研究結論 54 第二節 研究限制 56 參考文獻 57zh_TW
dc.format.extent 2969644 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112255023en_US
dc.subject (關鍵詞) 非公認會計原則zh_TW
dc.subject (關鍵詞) 排除項目調整稅率zh_TW
dc.subject (關鍵詞) 排除項目zh_TW
dc.subject (關鍵詞) 租稅規避zh_TW
dc.subject (關鍵詞) NON-GAAPen_US
dc.subject (關鍵詞) TREXen_US
dc.subject (關鍵詞) Exclusionsen_US
dc.subject (關鍵詞) Tax avoidanceen_US
dc.title (題名) 非公認盈餘調整稅率與企業租稅規避zh_TW
dc.title (題名) Tax Rate Applied to non-GAAP Exclusions and Corporate Tax Avoidanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) non-GAAP TREX exclusions Andersson, P., and Hellman, N. (2007). Does Pro Forma Reporting Bias Analyst Forecasts? European Accounting Review, 16(2), 277–298. Armstrong, C. S., Blouin, J. L., and Larcker, D. F. (2012). The incentives for tax planning. Journal of Accounting and Economics, 53(1-2), 391–411. Badertscher, B. A., Phillips, J. D., Pincus, M., and Rego, S. O. (2013). Earnings management strategies and the trade-off between tax benefits and detection risk: To conform or not to conform? The Accounting Review, 84(1), 63–97. Bamber, L. S., Jiang, J., and Wang, I. Y. (2010). What’s my style? The influence of top managers on voluntary corporate financial disclosure. The Accounting Review, 85(4), 1131–1162. Barth, M. E., Clement, M. B., Foster, G., and Kasznik, R. (1998). Brand values and capital market valuation. Review of Accounting Studies, 6(1), 41–68. Bentley, J. W., Christensen, T. E., Gee, K. H., and Whipple, B. C. (2017). Disentangling managers’ and analysts’ non-GAAP reporting. Journal of Accounting Research, 56(4), 1039–1081. Berger, P. G., and Ofek, E. (1995). Diversification’s effect on firm value. Journal of Financial Economics, 37(1), 39–65. Bhattacharya, N., Black, E. L., Christensen, T. E., and Larson, C. R. (2003). Assessing the relative informativeness and permanence of pro forma earnings and GAAP operating earnings. Journal of Accounting and Economics, 36(1-3), 285–319. Black, D. E., Black, E. L., Christensen, T. E., and Gee, K. H. (2018). Non-GAAP reporting: Evidence from academia and current practice. Journal of Business Finance and Accounting, 45(3-4), 259–294. Bradshaw, M. T., Moberg, M., and Sloan, R. G. (2002). GAAP versus the street: An empirical assessment of two alternative definitions of earnings. Journal of Accounting Research, 40(1), 41–66. Bradshaw, M. T., Christensen, T. E., Gee, K. H., and Whipple, B. C. (2017). Analysts’ GAAP earnings forecasts and their implications for non-GAAP earnings exclusions. Journal of Accounting and Economics, 64(2-3), 316–333. Brown, L. D., and Sivakumar, K. (2003). Comparing the value relevance of two operating income measures. Review of Accounting Studies, 8(4), 561–572. Campello, M., and Giambona, E. (2013). Real assets and capital structure. Journal of Financial and Quantitative Analysis, 48(5), 1333–1370. Chen, H.-C., Lee, Y.-J., Lo, S.-Y., & Yu, Y. (2021). Qualitative characteristics of non-GAAP disclosures and non-GAAP earnings quality. Journal of Accounting and Economics, 72(1), 101402. Chen, N. (Xi), Chiu, P.-C., Shevlin, T., and Wang, J. (2022). Taxes in non-GAAP reporting: Evidence of strategic behavior in selecting tax rates applied to exclusions. Management Science, 69(5), 3100–3120. Chung, K. H., and Pruitt, S. W. (1994). A simple approximation of Tobin’s q. Financial Management, 23(3), 70–74. Chyz, J. A. (2013). 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