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題名 家族企業、租稅規避與企業策略
Family Firms, Tax Avoidance, and Business Strategy作者 張凱平
Chang, Kai Ping貢獻者 何怡澄
Ho, Yi Cheng
張凱平
Chang, Kai Ping關鍵詞 家族企業
租稅規避
企業策略
Family Firms
Tax Avoidance
Business Strategy日期 2015 上傳時間 27-Jul-2015 11:20:02 (UTC+8) 摘要 本文之主要目的係探討家族企業與避稅之關聯性、企業策略是否影響家族企業之租稅規避行為及不同企業策略下家族企業與非家族企業避稅程度是否有異。本文以當期有效稅率、財稅差異以及剩餘財稅差異衡量企業之租稅規避，而企業策略係參照Miles and Snow (1978, 2003)所提出之策略類型進行分類，計算企業之策略分數並將企業分類為防禦者、分析者及前瞻者。研究對象為2002至2013之上市櫃公司，並排除產業性質特殊之金融業公司。實證結果發現家族企業之租稅規避程度高於非家族企業，前瞻者之企業策略會使家族企業之租稅規避程度上升，前瞻者中之家族企業避稅程度方高於非家族企業，防禦者之家族企業則無，顯示前瞻者擁有較多租稅規避機會及承擔風險之特性對於家族企業租稅規避行為有所影響。
The main purpose of this study is to examine the association between family firms and tax avoidance, to investigate whether business strategies influence the tax avoidance activities of family firms, and to find out whether the level of tax avoidance is different between family firms and non-family firms in different business strategies. Current effective tax rates, book-tax differences, and residual book-tax differences are employed to capture tax avoidance activities. This study uses Miles and Snow’s 1978 and 2003 organizational strategy typology to proxy business strategies; compute strategy score; and classify firms to Defenders, Analyzers, and Prospectors. The research samples consist domestic listed firms for the period 2002 - 2013, and the firms in the financial industry are excluded due to theirs characteristics. The empirical results show that family firms avoid more taxes than their non-family counterparts, the strategic type of Prospectors rises the level of tax avoidance of family firms significantly, the family firms in Prospectors avoid more taxes than non-family firms in Prospectors and the family firms in Defenders don’t avoid more taxes than non-family firms in Defenders. The empirical results represent that the tax avoidance of family firms is influenced by Prospectors’ characteristic of having tax-planning opportunities and embracing risk.參考文獻 呂佳玲與林基煌，2008，家族企業公司治理、併購策略與績效之探討，亞太經濟管理評論，第11卷第2期：107–134。李永全與馬黛，2006，台灣家族公司負債融資成本之研究，管理評論，第25卷第3期：69–91。余欣怡，2011，家族企業與避稅，國立中正大學會計與資訊科技學系未出版碩士論文。林嬋娟與張哲嘉，2009，董監事異常變動、家族企業與企業舞弊之關聯性，會計評論，第48期：1–33。林嬌能與許彩蓮，2011，家族企業與租稅規劃之關聯性，會計學報，第4卷第1期（11 月）：23–49。陳明進、蔡麗雯，2006，財稅所得差異決定因素及課稅所得推估之研究，管理學報，第23卷第6期：739–763。馬黛與李永全，2008，家族控制對負債融資決策的影響—以台灣為例，臺大管理論叢，第18卷第2期：133–170。黃美祝，2010，財稅差異金額大小對國稅局選案查核之影響，會計評論，第50期（1 月）：23–55。黃詩硯，2013，家族企業、董事會特性與租稅規避之關係，國立中興大學會計系未出版碩士論文。湯麗芬，2010，家族企業特質與盈餘品質之關聯性，當代會計，第十一卷專刊（12月）：371–410。葉銀華，1998，家族控股集團與股票報酬共變性之實證研究，臺大管理論叢，第9卷第1期（12月）：25–49。葉銀華，1999，家族控股集團、核心企業與報酬互動之研究—台灣與香港證券市場之比較，管理評論，第18卷第2期（5月）：59–86。謝德宗、林建甫、吳孟道、呂帛晏、彭思遠、林珮君、許佑舟及洪毓鎂，2011，促進台灣資本市場國際化之研究，台灣證券交易所 99 年度委託研究計畫。龔洺弘，2013，家族企業與非家族企業租稅規避行為之探討，國立中興大學會計系未出版碩士論文。Allingham, M., Sandmo, A., 1972. Income tax evasion: a theoretical analysis. Journal of Public Economics 1: 323–338.Bentley, Kathleen. 2012. Antecedents to financial statement misreporting: The influence of organizational business strategy, ethical culture and climate. Doctoral dissertation, Texas A&M University.Bentley, K. A., T. C. Omer, and N. Y. Sharp. 2013. Business strategy, audit fees and financial reporting irregularities. Contemporary Accounting Research 30 (2): 780–817.Berrone, P., Cruz, C., and Gomez-Mejia, L. 2012. Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches, and agenda for future research. Family Business Review 25 (3): 258–279.Casson, M., 1999. The economics of family firms. Scandinavia Economic History Review 4: 10–23.Chen, S., Chen, X., Cheng, Q., 2008. Do family firms provide more or less voluntary disclosure?. Journal of Accounting Research 46: 499–536.Chen, S., Chen, X., Cheng, Q., Shevlin, T., 2010. Are family firms more tax aggressive than non-family firms? Journal of Financial Economics 95, 41–61.Cheng, Q., Warfield, T., 2005. Equity incentives and earnings management. The Accounting Review 80, 441–476.Claessens, S., S. Djankov, and L. H. P. Lang. 2000. The separation of ownership and control in East Asia corporations. Journal of Financial Economics 58 (1-2): 81–112.Cloyd, C. B., L. F. Mills, and C. D. Weaver. 2003. Firm valuation effects of the expatriation of U.S. corporations to tax-haven countries. Journal of the American Taxation Association 25: 87–109.Cubbin, J., and D. Leech. 1983. The Effect of shareholding dispersion on the degree of control in British companies: theory and measurement. The Economic Journal 93: 351–369.Desai, M., Dharmapala, D., 2004. Earnings management and corporate tax shelters. Working paper. Harvard University.Desai, M. and Dharmapala, D., 2006. Corporate tax avoidance and high powered incentives. Journal of Financial Economics 79 (January) : 145–179.Desai, M. and Dharmapala, D., 2009. Corporate tax avoidance and firm value. The Review of Economics and Statistics 91 (August): 537–546.Desai, M., Dyck, I., Zingales, L., 2007. Theft and taxes. Journal of Financial Economics 84: 591–623.Desai, M. A., and J. R. Hines. 2002. Expectations and expatriations: tracing the causes and consequences of corporate inversions. National Tax Journal 55: 409–440.Dunbar, A. E., and Phillips, J. D. 2001. The outsourcing of corporate tax function activities. Journal of the American Taxation Association 23(2): 35–49.Dyreng, S., M. Hanlon, and E. Maydew. 2008. Long-run corporate tax avoidance. The Accounting Review 83 (January): 61–82.Dyreng, S., M. Hanlon, and E. Maydew. 2010. The effects of executives on corporate tax avoidance. The Accounting Review 85 (4): 1163–1189.Graham, John R., and Alan Tucker. 2006. Tax Shelters and Corporate Debt Policy. Journal of Financial Economics 81: 563–594.Gupta, S., and K. Newberry. 1997. Determinants of the variability in corporate effective tax rates: evidence from longitudinal data. Journal of Accounting and Public Policy 16: 1–34.Hairul Azlan Annuar, Ibrahim Aramide Salihu, and Siti Normala Sheikh Obid. 2014. Corporate ownership, governance and tax avoidance: An interactive effects. Procedia - Social and Behavioral Sciences 164: 150 – 160.Hanlon, M., and G. Krishnan. 2006. Do auditors use information reflected in book-tax differences? Working paper, University of Michigan.Hanlon, M., and J. Slemrod. 2009. What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement. Journal of Public Economics 93: 126–141.Hanlon, M., and S. Heitzman. 2010. A review of tax research. Journal of Accounting andEconomics 50 (December): 127–178.Higgins, D., Omer, T., & Phillips, J. 2014. The Influence of a Firm’s Business Strategy on its Tax Aggressiveness. Contemporary Accounting Research XX: 1–29.Ittner, C. D., Larcker, D. F., and Rajan, M. V. 1997. The choice of performance measures in annual bonus contracts. Accounting Review 72 (April): 231–255.Jensen, M., Meckling, W., 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3: 305–360.Jeong-Bon Kim, Yinghua Li, and Liandong Zhang. 2011. Corporate tax avoidance and stock price crash risk: Firm-level analysis. Journal of Financial Economics 100: 639–662.Joos, P., Leone, A., Zimmerman, J., 2003. Selecting CEOs: matching the person to the job. Working paper. University of Rochester.La Porta, R., F. López-de-Silanes, and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54 (2): 471–517.Manzon, G., and Plesko, G. 2002. The relation between financial and tax reporting measures of income. Tax Law Review 55: 175–214.Mills, L. F. 1998. Book-tax differences and internal revenue service adjustments. Journal of Accounting Research 36 (Autumn): 343–356.Mills, L. and R. Sansing. 2000. Strategic tax and financial reporting decisions: Theory and evidence. Contemporary Accounting Research 17 (Spring): 85–106.Miles, R. E., and C. C. Snow. 2003. Organizational strategy, structure, and process. Stanford, CA: Stanford University Press.Miles, R. E., C. C. Snow, A. D. Meyer, and H. J. Coleman, Jr. 1978. Organizational Strategy, Structure, and Process. The Academy of Management Review 33 (July): 546–562.Pei-Hui Hsu, Jared Moore, and Donald Neubaum. 2014. Tax Avoidance, Financial Experts on the Board, and Business Strategy. Working Paper, California State University, East Bay.Phillips, J. 2003. Corporate tax planning effectiveness: The role of compensation-based incentives. The Accounting Review 78 (3): 847–874.Rego, S. O. 2003. Tax-avoidance activities of U.S. multinational corporations. Contemporary Accounting Research 20: 805–833.Scholes, M., M. Wolfson, M. Erickson, E. Maydew and T. Shevlin. 2005. Taxes and business strategy: A planning approach. 3rd edition. New Jersey: Pearson Prentice Hall.Shackelford, D., and Shevlin, T., 2001. Empirical tax research in accounting. Journal of Accounting and Economics 31: 321–387.Slemrod, J., 2004. The economics of corporate tax selfishness. National Tax Journal 57: 877–899.T. Steijvers, M. Niskanen. 2014. Tax aggressiveness in private family firms: An agency perspective. Journal of Family Business Strategy 5: 347–357.Xiaohang Wang. 2011. Tax Avoidance, Corporate Transparency, and Firm Value. 2011. American Accounting Association Annual Meeting - Tax Concurrent Sessions.Zimmerman, J. 1983. Taxes and firm size. Journal of Accounting and Economics 5: 119–149. 描述 碩士
國立政治大學
會計研究所
102353102資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102353102 資料類型 thesis dc.contributor.advisor 何怡澄 zh_TW dc.contributor.advisor Ho, Yi Cheng en_US dc.contributor.author (Authors) 張凱平 zh_TW dc.contributor.author (Authors) Chang, Kai Ping en_US dc.creator (作者) 張凱平 zh_TW dc.creator (作者) Chang, Kai Ping en_US dc.date (日期) 2015 en_US dc.date.accessioned 27-Jul-2015 11:20:02 (UTC+8) - dc.date.available 27-Jul-2015 11:20:02 (UTC+8) - dc.date.issued (上傳時間) 27-Jul-2015 11:20:02 (UTC+8) - dc.identifier (Other Identifiers) G0102353102 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/76850 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計研究所 zh_TW dc.description (描述) 102353102 zh_TW dc.description.abstract (摘要) 本文之主要目的係探討家族企業與避稅之關聯性、企業策略是否影響家族企業之租稅規避行為及不同企業策略下家族企業與非家族企業避稅程度是否有異。本文以當期有效稅率、財稅差異以及剩餘財稅差異衡量企業之租稅規避，而企業策略係參照Miles and Snow (1978, 2003)所提出之策略類型進行分類，計算企業之策略分數並將企業分類為防禦者、分析者及前瞻者。研究對象為2002至2013之上市櫃公司，並排除產業性質特殊之金融業公司。實證結果發現家族企業之租稅規避程度高於非家族企業，前瞻者之企業策略會使家族企業之租稅規避程度上升，前瞻者中之家族企業避稅程度方高於非家族企業，防禦者之家族企業則無，顯示前瞻者擁有較多租稅規避機會及承擔風險之特性對於家族企業租稅規避行為有所影響。 zh_TW dc.description.abstract (摘要) The main purpose of this study is to examine the association between family firms and tax avoidance, to investigate whether business strategies influence the tax avoidance activities of family firms, and to find out whether the level of tax avoidance is different between family firms and non-family firms in different business strategies. Current effective tax rates, book-tax differences, and residual book-tax differences are employed to capture tax avoidance activities. This study uses Miles and Snow’s 1978 and 2003 organizational strategy typology to proxy business strategies; compute strategy score; and classify firms to Defenders, Analyzers, and Prospectors. The research samples consist domestic listed firms for the period 2002 - 2013, and the firms in the financial industry are excluded due to theirs characteristics. The empirical results show that family firms avoid more taxes than their non-family counterparts, the strategic type of Prospectors rises the level of tax avoidance of family firms significantly, the family firms in Prospectors avoid more taxes than non-family firms in Prospectors and the family firms in Defenders don’t avoid more taxes than non-family firms in Defenders. The empirical results represent that the tax avoidance of family firms is influenced by Prospectors’ characteristic of having tax-planning opportunities and embracing risk. en_US dc.description.tableofcontents 第壹章 緒論 1第一節 研究背景與動機 1第二節 研究問題 3第三節 研究流程 4第貳章 文獻探討與研究假說 6第一節 租稅規避 6第二節 家族企業 8第三節 企業策略 11第四節 研究假說 14第參章 研究方法 16第一節 研究模型 16第二節 變數定義說明 18第三節 資料來源與樣本篩選過程 28第肆章 實證結果 30第一節 樣本敘述統計 30第二節 普通最小平方法實證結果 39第三節 敏感度分析 51第伍章 結論與建議 59第一節 結論與建議 59第二節 研究限制 61參考文獻 62 zh_TW dc.format.extent 1351607 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102353102 en_US dc.subject (關鍵詞) 家族企業 zh_TW dc.subject (關鍵詞) 租稅規避 zh_TW dc.subject (關鍵詞) 企業策略 zh_TW dc.subject (關鍵詞) Family Firms en_US dc.subject (關鍵詞) Tax Avoidance en_US dc.subject (關鍵詞) Business Strategy en_US dc.title (題名) 家族企業、租稅規避與企業策略 zh_TW dc.title (題名) Family Firms, Tax Avoidance, and Business Strategy en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 呂佳玲與林基煌，2008，家族企業公司治理、併購策略與績效之探討，亞太經濟管理評論，第11卷第2期：107–134。李永全與馬黛，2006，台灣家族公司負債融資成本之研究，管理評論，第25卷第3期：69–91。余欣怡，2011，家族企業與避稅，國立中正大學會計與資訊科技學系未出版碩士論文。林嬋娟與張哲嘉，2009，董監事異常變動、家族企業與企業舞弊之關聯性，會計評論，第48期：1–33。林嬌能與許彩蓮，2011，家族企業與租稅規劃之關聯性，會計學報，第4卷第1期（11 月）：23–49。陳明進、蔡麗雯，2006，財稅所得差異決定因素及課稅所得推估之研究，管理學報，第23卷第6期：739–763。馬黛與李永全，2008，家族控制對負債融資決策的影響—以台灣為例，臺大管理論叢，第18卷第2期：133–170。黃美祝，2010，財稅差異金額大小對國稅局選案查核之影響，會計評論，第50期（1 月）：23–55。黃詩硯，2013，家族企業、董事會特性與租稅規避之關係，國立中興大學會計系未出版碩士論文。湯麗芬，2010，家族企業特質與盈餘品質之關聯性，當代會計，第十一卷專刊（12月）：371–410。葉銀華，1998，家族控股集團與股票報酬共變性之實證研究，臺大管理論叢，第9卷第1期（12月）：25–49。葉銀華，1999，家族控股集團、核心企業與報酬互動之研究—台灣與香港證券市場之比較，管理評論，第18卷第2期（5月）：59–86。謝德宗、林建甫、吳孟道、呂帛晏、彭思遠、林珮君、許佑舟及洪毓鎂，2011，促進台灣資本市場國際化之研究，台灣證券交易所 99 年度委託研究計畫。龔洺弘，2013，家族企業與非家族企業租稅規避行為之探討，國立中興大學會計系未出版碩士論文。Allingham, M., Sandmo, A., 1972. Income tax evasion: a theoretical analysis. Journal of Public Economics 1: 323–338.Bentley, Kathleen. 2012. Antecedents to financial statement misreporting: The influence of organizational business strategy, ethical culture and climate. Doctoral dissertation, Texas A&M University.Bentley, K. A., T. C. Omer, and N. Y. Sharp. 2013. Business strategy, audit fees and financial reporting irregularities. Contemporary Accounting Research 30 (2): 780–817.Berrone, P., Cruz, C., and Gomez-Mejia, L. 2012. Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches, and agenda for future research. Family Business Review 25 (3): 258–279.Casson, M., 1999. The economics of family firms. Scandinavia Economic History Review 4: 10–23.Chen, S., Chen, X., Cheng, Q., 2008. Do family firms provide more or less voluntary disclosure?. Journal of Accounting Research 46: 499–536.Chen, S., Chen, X., Cheng, Q., Shevlin, T., 2010. Are family firms more tax aggressive than non-family firms? Journal of Financial Economics 95, 41–61.Cheng, Q., Warfield, T., 2005. Equity incentives and earnings management. The Accounting Review 80, 441–476.Claessens, S., S. Djankov, and L. H. P. Lang. 2000. The separation of ownership and control in East Asia corporations. Journal of Financial Economics 58 (1-2): 81–112.Cloyd, C. B., L. F. Mills, and C. D. Weaver. 2003. Firm valuation effects of the expatriation of U.S. corporations to tax-haven countries. Journal of the American Taxation Association 25: 87–109.Cubbin, J., and D. Leech. 1983. The Effect of shareholding dispersion on the degree of control in British companies: theory and measurement. The Economic Journal 93: 351–369.Desai, M., Dharmapala, D., 2004. Earnings management and corporate tax shelters. Working paper. Harvard University.Desai, M. and Dharmapala, D., 2006. Corporate tax avoidance and high powered incentives. Journal of Financial Economics 79 (January) : 145–179.Desai, M. and Dharmapala, D., 2009. Corporate tax avoidance and firm value. The Review of Economics and Statistics 91 (August): 537–546.Desai, M., Dyck, I., Zingales, L., 2007. Theft and taxes. Journal of Financial Economics 84: 591–623.Desai, M. A., and J. R. Hines. 2002. Expectations and expatriations: tracing the causes and consequences of corporate inversions. National Tax Journal 55: 409–440.Dunbar, A. E., and Phillips, J. D. 2001. The outsourcing of corporate tax function activities. Journal of the American Taxation Association 23(2): 35–49.Dyreng, S., M. Hanlon, and E. Maydew. 2008. Long-run corporate tax avoidance. The Accounting Review 83 (January): 61–82.Dyreng, S., M. Hanlon, and E. Maydew. 2010. The effects of executives on corporate tax avoidance. The Accounting Review 85 (4): 1163–1189.Graham, John R., and Alan Tucker. 2006. Tax Shelters and Corporate Debt Policy. Journal of Financial Economics 81: 563–594.Gupta, S., and K. Newberry. 1997. Determinants of the variability in corporate effective tax rates: evidence from longitudinal data. Journal of Accounting and Public Policy 16: 1–34.Hairul Azlan Annuar, Ibrahim Aramide Salihu, and Siti Normala Sheikh Obid. 2014. Corporate ownership, governance and tax avoidance: An interactive effects. Procedia - Social and Behavioral Sciences 164: 150 – 160.Hanlon, M., and G. Krishnan. 2006. Do auditors use information reflected in book-tax differences? Working paper, University of Michigan.Hanlon, M., and J. Slemrod. 2009. What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement. Journal of Public Economics 93: 126–141.Hanlon, M., and S. Heitzman. 2010. A review of tax research. Journal of Accounting andEconomics 50 (December): 127–178.Higgins, D., Omer, T., & Phillips, J. 2014. The Influence of a Firm’s Business Strategy on its Tax Aggressiveness. 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