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題名 租稅天堂密集度對公司盈餘管理行為之影響:以台灣上市電子工業為例
Effect of tax haven intensity on earnings management : Evidence from TSEC-Listed Electronic corporations作者 黃柏曄 貢獻者 陳香梅
黃柏曄關鍵詞 租稅天堂
盈餘管理
裁決性流動應計數
有效稅率日期 2013 上傳時間 14-七月-2014 11:31:36 (UTC+8) 摘要 在全世界競爭的經濟環境下，各國莫不致力於降低公司租稅成本以增加資金的注入及吸引海外投資。為降低企業稅負，透過租稅天堂進行轉投資儼然成為跨國企業的趨勢。然而，租稅天堂子公司設立的密集度是否會影響公司盈餘管理行為是本文的重點。本文使用台灣經濟新報2005年－2012年財報資料，以台灣上市電子工業公司為研究對象，使用不平衡追蹤資料之固定模型進行估計。本文模型有二盈餘管理模型及有效稅率模型，並且因租稅天堂種類的不同區分成租稅天堂及基地天堂兩情況。 模型一盈餘管理模型實證結果發現，租稅天堂及基地天堂子公司密集度向下影響母公司裁決性流動應計數不明顯；然而，在公司有關係人交易情況下，租稅天堂及基地天堂子公司密集度會影響母公司操縱流動應計數的行為，母公司有降低盈餘的租稅動機。模型二有效稅率模型實證結果顯示，母公司當期有效稅率會受租稅天堂或基地天堂密集度影響而下降。最後，同時觀察兩個實證模型的情況一及二可以推論租稅天堂或基地天堂密集度較高的公司，有降低盈餘及租稅成本的租稅動機。 參考文獻 1. 台北市國稅局，2009，所得稅反避稅之研究，行政院賦稅改革委員會研究報 告。2. 葉維惇，2011，我國實施移轉訂價制度對台商利潤配置之影響－以上市櫃電 子業為例，國立台灣大學管理學院碩士在職專班會計與管理決策組碩士論文。3. 陳明進和汪瑞芝，2002，兩稅合一實施與營事業盈餘管理之實證研究，財稅 研究 37（6）：1－18。4. Bagheri, S. M. B., Milad E., Meysam B., and Esmail A. R., 2013, Effect of Accounting Conservatism Level, Debt Contracts and Profitability on the Earnings Management of Companies: Evidence from Tehran Stock Exchange, International Journal of Economy, Management and Social Sciences 2 (7): 533-538.5. Bergstresser, D. and Thomas Philippon, 2006, CEO Incentives and Earnings Management, Journal of Financial Economics 80 (3): 511-529.6. Beuselincka, Christof and Marc Deloof, 2014, Earnings Management in Business Groups:Tax Incentives or Expropriation Concealment?, The International Journal of Accounting 49 (1):27-52.7. Burgstahler, David and Michael Eames, 2006, Management of Earnings and Analysts` Forecasts to Achieve Zero and Small Positive Earnings Surprises, Journal of Business Finance & Accounting 33 (5-6): 633-652.8. Cai, Hongbin and Qiao Liu, 2009, Competition and corporate tax avoidance: Evidence from chinese industrial firms, The Economic Journal 119 (4): 764-795.9. Choi, In., 2001,Unit root tests for panel data, Journal of international money and Finance 20 (2): 249-272.10. Collins, J.H., D.A. Shackelford, and J.M. Wahlen, 1995, Bank differences in the coordination of regulatory capital, earnings and taxes, Journal of Accounting Research 33 (2): 263-291.11. Davidson, Sinclair and Richard Heaney, 2012, Effective tax rates and the political cost hypothesis:a re- evaluation of Australian evidence, Australian Tax Forum 27(1): 80-105.12. Dechow, P.M., Richard G. Sloan and Amy P. Sweeney, 1995, Detecting earnings management, The Accounting Review 70(2): 193-225.13. Dechow, Patricia M., Richard G. Sloan, and Amy P. Sweeney, 1996, Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the sec, Contemporary accounting research 13(1): 1-36.14. Desai, Mihir A., and Dhammika Dharmapala, 2006, Corporate tax avoidance and high-powered incentives, Journal of Financial Economics 79 (1): 145-179.15. Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr., 2006, The demand for tax haven operations, Journal of Public Economics 90 (3): 513-531.16. Desaia, Mihir A., Alexander Dyckb, Luigi Zingales, 2007, Theft and taxes, Journal of Financial Economics 84 (3): 591-623.17. Dyreng, S., Michelle Hanlon, and Edward L. Maydew, 2008, Long-run corporate tax avoidance, The Accounting Review 83 (1): 61-82.18. Dyreng, Scott D. and Bradley P. Lindsey, 2009, Using Financial Accounting Data to Examine the Effect of Foreign Operations Located in Tax Havens and Other Countries on U.S. Multinational Firms’ Tax Rates, Journal of Accounting Research 47 (5): 1283-1316.19. Dyreng, Scott D., Michelle Hanlon, Edward L. Maydew, 2010, The Effects of Executives on Corporate Tax Avoidance, The Accounting Review 85 (4): 1163-1189.20. Dyreng, Scott D., Michelle Hanlon, and Edward L. Maydew, 2012, Where do firms manage earnings?, Review of Accounting Studies 17 (3): 649-68721. Durnev, A., T. Li and M. Magnan, 2012, Beyond Tax Avoidance: Offshore Firms` Institutional Environment and Financial Reporting ,SSRN working paper.22. Easton, Peter D.and Mark E. Zmijewski, 1989, Cross- sectional variation in the stock market response to accounting earnings announcements, Journal of Accounting and Economics 11 (2-3): 117-141.23. Fama, Eugene F., and Michael C. Jensen, 1983, Separation of ownership and control, Journal of law and economics 26 (2): 301-325.24. Government Accountability Office, 2008, International Taxation: Large U.S. Corporations and Federal Contractors with Subsidiaries in Jurisdictions Listed as Tax Havens or Financial Privacy Jurisdictions, Retrieved from:http://www.gao.gov/products/GAO-09-157.25. Guenther, D. A., 1994, Earnings management in response to corporate tax rate changes: Evidence from the 1986 tax reform act, The Accounting Review 69 (1): 230-243.26. Guidrya, Flora, Andrew J. Leoneb, and Steve Rock, 1999, Earnings-based bonus plans and earnings management by business-unit managers, Journal of Accounting and Economics 26 (1-3): 113-142.27. Gupta, S. and K.Newberry , 1997, Determinants of the variability on corporate effective tax rates: evidence from longitudinal data. Journal of Accounting and Public Policy 16 (1): 1-34.28. Hartnett, D., 2008, The Link between Taxation and Corporate Governance, Max Planck Institute for Intellectual Property, Competition and Tax Law 3:4-8.29. Healy, Paul M. and James M. Wahlen, 1999, A Review of the Earnings Management Literature and Its Implications for Standard Setting, Accounting Horizons 13 (4): 365- 383.30. Hwang, Nen-Chen Richard, Jeng-Ren Chiou, and Ying-Chieh Wang, 2013, Effect of disclosure regulation on earnings management through related-party transactions: Evidence from Taiwanese firms operating in China. Journal of Accounting and Public Policy 32 (4): 292-313.31. Jha, Anand, 2013, Earnings Management Around Debt- Covenant Violations - An Empirical Investigation Using a Large Sample of Quarterly Data, Journal of Accounting, Auditing & Finance 28 (4): 369-396.32. Karampinis, Nikolaos I. and Dimosthenis L. Hevas, 2013, Effects of IFRS Adoption on Tax-induced Incentives for Financial Earnings Management: Evidence from Greece, The International Journal of Accounting 48: 218-247.33. Kothari, Sagar P., Andrew J. Leone, and Charles E. Wasley, 2005, Performance matched discretionary accrual measures, Journal of accounting and economics 39 (1):163-197.34. Lopez, T. J., P. R. Regier, and T. Lee, 1998, Identifying tax-induced earnings management around TRA 86 as a function of prior tax-aggressive behavior, The Journal of the American Taxation Association 20 (2): 37-56.35. Lo, Agnes W.Y., Raymond M.K. Wong, and Michael Firth, 2010, Can corporate governance deter management from manipulating earnings? Evidence from related-party sales transactions in China, Journal of Corporate Finance 16 (2): 225-235.36. Makar, Stephen D. and Pervaiz Alam, 1998, Earnings Management and Antitrust Investigations: Political Costs Over Business Cycles, Journal of Business Finance & Accounting 25 (5-6): 701-720.37. Moses, O.D., 1987, Income smoothing and incentives: empirical tests using accounting Changes, The Accounting Review, 62 (2): 358-377.38. OECD, 1998, Harmful Tax Competition: An Emerging Global Issue, retrieved from: http: //www.oecd.org/tax/transparency/44430243.pdf.39. OECD, 2000, Progress in Identifying and Eliminating Harmful Tax Practices, retrieved from: http: //www.oecd.org/tax/harmful/2090192.pdf.40. Paul M. Healy, 1985, The effect of bonus schemes on accounting decisions, Journal of Accounting and Economics 7 (1-3): 85-107.41. Phillips, John D., 2003, Corporate Tax‐Planning Effectiveness: The Role of Compensation-Based Incentives, The Accounting Review 78 (3): 847-874.42. Porcano, T.M., 1986, Corporate tax rates:Progressive, proportional, or regressive, Journal of the American Taxation Association 7 (2): 17-31.43. Rohatgi, R., 2007, Basic International Taxation, London: BNA International.44. Scott, William R., 2009, Financial Accounting Theory, New Jersey: Prentice Hall.45. Scholes, Myron S., G. Peter Wilson, and Mark A. Wolfson, 1992, Firms’ responses to anticipated reductions in tax rates: The Tax Reform Act of 1986, National Bureau of Economic Research 30: 161-187.46. Siegfried, John J., 1974, Effective average US corporation income tax rates, National Tax Journal 27 (2):245-259.47. Slemrod, J., 2001, A general model of the behavioral response to taxation, International Tax and Public Finance 8 (2): 119-128.48. Subramanyam, K.R., 1996, The pricing of discretionary accruals, Journal of Accounting and Economics 22 (1–3): 249-281.49. Rego, S, 2003, Tax-avoidance activities of U.S. multinational corporations, Contemporary Accounting Research 20 (4): 805-833.50. Richardson, G. and R. Lanis, 2008, Corporate effective tax rates and tax reform: Evidence spanning Australia’s Ralph Review of Business Taxation Reform, Australian Tax Forum 23: 109-123.51. UNCTAD, 2013, World Investment Report 2013Global Value Chains: Investment and Trade for Development52. Watts, R. and Zimmerman, J., 1986, Positive Accounting Theory, New Jersey: Prentice-Hall.53. Zimmerman, Jerold L., 1983, Taxes and firm size, Journal of accounting and economics 5: 119-149. 描述 碩士
國立政治大學
財政研究所
101255010
102資料來源 http://thesis.lib.nccu.edu.tw/record/#G1012550101 資料類型 thesis dc.contributor.advisor 陳香梅 zh_TW dc.contributor.author (作者) 黃柏曄 zh_TW dc.creator (作者) 黃柏曄 zh_TW dc.date (日期) 2013 en_US dc.date.accessioned 14-七月-2014 11:31:36 (UTC+8) - dc.date.available 14-七月-2014 11:31:36 (UTC+8) - dc.date.issued (上傳時間) 14-七月-2014 11:31:36 (UTC+8) - dc.identifier (其他 識別碼) G1012550101 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/67480 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財政研究所 zh_TW dc.description (描述) 101255010 zh_TW dc.description (描述) 102 zh_TW dc.description.abstract (摘要) 在全世界競爭的經濟環境下，各國莫不致力於降低公司租稅成本以增加資金的注入及吸引海外投資。為降低企業稅負，透過租稅天堂進行轉投資儼然成為跨國企業的趨勢。然而，租稅天堂子公司設立的密集度是否會影響公司盈餘管理行為是本文的重點。本文使用台灣經濟新報2005年－2012年財報資料，以台灣上市電子工業公司為研究對象，使用不平衡追蹤資料之固定模型進行估計。本文模型有二盈餘管理模型及有效稅率模型，並且因租稅天堂種類的不同區分成租稅天堂及基地天堂兩情況。 模型一盈餘管理模型實證結果發現，租稅天堂及基地天堂子公司密集度向下影響母公司裁決性流動應計數不明顯；然而，在公司有關係人交易情況下，租稅天堂及基地天堂子公司密集度會影響母公司操縱流動應計數的行為，母公司有降低盈餘的租稅動機。模型二有效稅率模型實證結果顯示，母公司當期有效稅率會受租稅天堂或基地天堂密集度影響而下降。最後，同時觀察兩個實證模型的情況一及二可以推論租稅天堂或基地天堂密集度較高的公司，有降低盈餘及租稅成本的租稅動機。 zh_TW dc.description.tableofcontents 壹、 前言 1 一、 研究動機與目的 1 二、 研究架構 5貳、 台灣電子工業上市公司運用租稅天堂情況 7 一、 租稅天堂的相關租稅制度 7 二、 台灣上市電子工業運用租稅天堂趨勢 24 三、 小結 29參、 研究方法 31 一、 實證模型設定 31 二、 變數定義與資料來源 34肆、 研究結果與分析 44 一、 敘述統計分析 44 二、 模型檢定 48 三、 實證結果 54伍、 結論與建議 64參考文獻 66附錄一：實證模型一之被解釋變數－裁決性流動應計數 70 zh_TW dc.format.extent 1671739 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1012550101 en_US dc.subject (關鍵詞) 租稅天堂 zh_TW dc.subject (關鍵詞) 盈餘管理 zh_TW dc.subject (關鍵詞) 裁決性流動應計數 zh_TW dc.subject (關鍵詞) 有效稅率 zh_TW dc.title (題名) 租稅天堂密集度對公司盈餘管理行為之影響:以台灣上市電子工業為例 zh_TW dc.title (題名) Effect of tax haven intensity on earnings management : Evidence from TSEC-Listed Electronic corporations en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 1. 台北市國稅局，2009，所得稅反避稅之研究，行政院賦稅改革委員會研究報 告。2. 葉維惇，2011，我國實施移轉訂價制度對台商利潤配置之影響－以上市櫃電 子業為例，國立台灣大學管理學院碩士在職專班會計與管理決策組碩士論文。3. 陳明進和汪瑞芝，2002，兩稅合一實施與營事業盈餘管理之實證研究，財稅 研究 37（6）：1－18。4. Bagheri, S. M. B., Milad E., Meysam B., and Esmail A. R., 2013, Effect of Accounting Conservatism Level, Debt Contracts and Profitability on the Earnings Management of Companies: Evidence from Tehran Stock Exchange, International Journal of Economy, Management and Social Sciences 2 (7): 533-538.5. Bergstresser, D. and Thomas Philippon, 2006, CEO Incentives and Earnings Management, Journal of Financial Economics 80 (3): 511-529.6. Beuselincka, Christof and Marc Deloof, 2014, Earnings Management in Business Groups:Tax Incentives or Expropriation Concealment?, The International Journal of Accounting 49 (1):27-52.7. Burgstahler, David and Michael Eames, 2006, Management of Earnings and Analysts` Forecasts to Achieve Zero and Small Positive Earnings Surprises, Journal of Business Finance & Accounting 33 (5-6): 633-652.8. Cai, Hongbin and Qiao Liu, 2009, Competition and corporate tax avoidance: Evidence from chinese industrial firms, The Economic Journal 119 (4): 764-795.9. Choi, In., 2001,Unit root tests for panel data, Journal of international money and Finance 20 (2): 249-272.10. Collins, J.H., D.A. Shackelford, and J.M. Wahlen, 1995, Bank differences in the coordination of regulatory capital, earnings and taxes, Journal of Accounting Research 33 (2): 263-291.11. Davidson, Sinclair and Richard Heaney, 2012, Effective tax rates and the political cost hypothesis:a re- evaluation of Australian evidence, Australian Tax Forum 27(1): 80-105.12. Dechow, P.M., Richard G. Sloan and Amy P. Sweeney, 1995, Detecting earnings management, The Accounting Review 70(2): 193-225.13. Dechow, Patricia M., Richard G. Sloan, and Amy P. Sweeney, 1996, Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the sec, Contemporary accounting research 13(1): 1-36.14. Desai, Mihir A., and Dhammika Dharmapala, 2006, Corporate tax avoidance and high-powered incentives, Journal of Financial Economics 79 (1): 145-179.15. Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr., 2006, The demand for tax haven operations, Journal of Public Economics 90 (3): 513-531.16. Desaia, Mihir A., Alexander Dyckb, Luigi Zingales, 2007, Theft and taxes, Journal of Financial Economics 84 (3): 591-623.17. Dyreng, S., Michelle Hanlon, and Edward L. Maydew, 2008, Long-run corporate tax avoidance, The Accounting Review 83 (1): 61-82.18. Dyreng, Scott D. and Bradley P. Lindsey, 2009, Using Financial Accounting Data to Examine the Effect of Foreign Operations Located in Tax Havens and Other Countries on U.S. Multinational Firms’ Tax Rates, Journal of Accounting Research 47 (5): 1283-1316.19. Dyreng, Scott D., Michelle Hanlon, Edward L. Maydew, 2010, The Effects of Executives on Corporate Tax Avoidance, The Accounting Review 85 (4): 1163-1189.20. Dyreng, Scott D., Michelle Hanlon, and Edward L. Maydew, 2012, Where do firms manage earnings?, Review of Accounting Studies 17 (3): 649-68721. Durnev, A., T. Li and M. Magnan, 2012, Beyond Tax Avoidance: Offshore Firms` Institutional Environment and Financial Reporting ,SSRN working paper.22. Easton, Peter D.and Mark E. Zmijewski, 1989, Cross- sectional variation in the stock market response to accounting earnings announcements, Journal of Accounting and Economics 11 (2-3): 117-141.23. Fama, Eugene F., and Michael C. Jensen, 1983, Separation of ownership and control, Journal of law and economics 26 (2): 301-325.24. Government Accountability Office, 2008, International Taxation: Large U.S. Corporations and Federal Contractors with Subsidiaries in Jurisdictions Listed as Tax Havens or Financial Privacy Jurisdictions, Retrieved from:http://www.gao.gov/products/GAO-09-157.25. Guenther, D. A., 1994, Earnings management in response to corporate tax rate changes: Evidence from the 1986 tax reform act, The Accounting Review 69 (1): 230-243.26. Guidrya, Flora, Andrew J. Leoneb, and Steve Rock, 1999, Earnings-based bonus plans and earnings management by business-unit managers, Journal of Accounting and Economics 26 (1-3): 113-142.27. Gupta, S. and K.Newberry , 1997, Determinants of the variability on corporate effective tax rates: evidence from longitudinal data. Journal of Accounting and Public Policy 16 (1): 1-34.28. Hartnett, D., 2008, The Link between Taxation and Corporate Governance, Max Planck Institute for Intellectual Property, Competition and Tax Law 3:4-8.29. Healy, Paul M. and James M. Wahlen, 1999, A Review of the Earnings Management Literature and Its Implications for Standard Setting, Accounting Horizons 13 (4): 365- 383.30. Hwang, Nen-Chen Richard, Jeng-Ren Chiou, and Ying-Chieh Wang, 2013, Effect of disclosure regulation on earnings management through related-party transactions: Evidence from Taiwanese firms operating in China. Journal of Accounting and Public Policy 32 (4): 292-313.31. Jha, Anand, 2013, Earnings Management Around Debt- Covenant Violations - An Empirical Investigation Using a Large Sample of Quarterly Data, Journal of Accounting, Auditing & Finance 28 (4): 369-396.32. Karampinis, Nikolaos I. and Dimosthenis L. Hevas, 2013, Effects of IFRS Adoption on Tax-induced Incentives for Financial Earnings Management: Evidence from Greece, The International Journal of Accounting 48: 218-247.33. Kothari, Sagar P., Andrew J. Leone, and Charles E. Wasley, 2005, Performance matched discretionary accrual measures, Journal of accounting and economics 39 (1):163-197.34. Lopez, T. J., P. R. Regier, and T. Lee, 1998, Identifying tax-induced earnings management around TRA 86 as a function of prior tax-aggressive behavior, The Journal of the American Taxation Association 20 (2): 37-56.35. Lo, Agnes W.Y., Raymond M.K. Wong, and Michael Firth, 2010, Can corporate governance deter management from manipulating earnings? Evidence from related-party sales transactions in China, Journal of Corporate Finance 16 (2): 225-235.36. Makar, Stephen D. and Pervaiz Alam, 1998, Earnings Management and Antitrust Investigations: Political Costs Over Business Cycles, Journal of Business Finance & Accounting 25 (5-6): 701-720.37. Moses, O.D., 1987, Income smoothing and incentives: empirical tests using accounting Changes, The Accounting Review, 62 (2): 358-377.38. OECD, 1998, Harmful Tax Competition: An Emerging Global Issue, retrieved from: http: //www.oecd.org/tax/transparency/44430243.pdf.39. OECD, 2000, Progress in Identifying and Eliminating Harmful Tax Practices, retrieved from: http: //www.oecd.org/tax/harmful/2090192.pdf.40. Paul M. Healy, 1985, The effect of bonus schemes on accounting decisions, Journal of Accounting and Economics 7 (1-3): 85-107.41. Phillips, John D., 2003, Corporate Tax‐Planning Effectiveness: The Role of Compensation-Based Incentives, The Accounting Review 78 (3): 847-874.42. Porcano, T.M., 1986, Corporate tax rates:Progressive, proportional, or regressive, Journal of the American Taxation Association 7 (2): 17-31.43. Rohatgi, R., 2007, Basic International Taxation, London: BNA International.44. Scott, William R., 2009, Financial Accounting Theory, New Jersey: Prentice Hall.45. Scholes, Myron S., G. Peter Wilson, and Mark A. Wolfson, 1992, Firms’ responses to anticipated reductions in tax rates: The Tax Reform Act of 1986, National Bureau of Economic Research 30: 161-187.46. Siegfried, John J., 1974, Effective average US corporation income tax rates, National Tax Journal 27 (2):245-259.47. Slemrod, J., 2001, A general model of the behavioral response to taxation, International Tax and Public Finance 8 (2): 119-128.48. Subramanyam, K.R., 1996, The pricing of discretionary accruals, Journal of Accounting and Economics 22 (1–3): 249-281.49. Rego, S, 2003, Tax-avoidance activities of U.S. multinational corporations, Contemporary Accounting Research 20 (4): 805-833.50. Richardson, G. and R. Lanis, 2008, Corporate effective tax rates and tax reform: Evidence spanning Australia’s Ralph Review of Business Taxation Reform, Australian Tax Forum 23: 109-123.51. UNCTAD, 2013, World Investment Report 2013Global Value Chains: Investment and Trade for Development52. Watts, R. and Zimmerman, J., 1986, Positive Accounting Theory, New Jersey: Prentice-Hall.53. Zimmerman, Jerold L., 1983, Taxes and firm size, Journal of accounting and economics 5: 119-149. zh_TW
