题名

企業租稅規避在負債融資策略扮演之角色

并列篇名

The Role of Corporate Tax Avoidance in Debt Financing Strategies

DOI

10.3966/207321472019091103001

作者

邱士宗(Shih-Tsung Chiu)；陳蘭蕙(Lan-Hui Chen)；郭振雄(Jenn-Shyong Kuo)；何怡澄(Yi-Cheng Ho)

关键词

資本結構 ； 負債政策 ； 租稅規避 ； 非負債稅盾 ； 負債稅盾 ； Capital Structure ； Debt Policy ； Tax Avoidance ； Non-debt Tax Shields ； Debt Related Tax Shields

期刊名称

商略學報

卷期/出版年月

11卷3期（2019 / 09 / 01）

页次

169 - 198

内容语文

繁體中文
中文摘要

本研究探討企業租稅規避與負債間關聯性，並分析規模、獲利能力及信用風險三項企業特性，對租稅規避與負債關係的調節效果。本文採用臺灣上市、上櫃企業在2005-2015年資料，進行迴歸分析。實證結果顯示，首先，企業租稅規避與總負債間存在負向的替代關係，類似Graham and Tucker（2006）、Rao and Yu（2013）及黃美祝、汪瑞芝（2015）的結果。然而，企業租稅規避卻與長期負債間存在正向的互補關係，不同於Rao and Yu（2013）的結果，但與Bradley et al.（1984）及Downs（1993）的結果一致；其次，企業租稅規避與總負債間之負向關係顯著出現在大規模企業，與長期負債間正向關係顯著出現在小規模企業；第三，企業租稅規避與總負債間的負向關係顯著出現在低獲利企業，與長期負債的正向關係主要發生在高獲利企業；第四，企業租稅規避與總負債間替代關係主要出現在低信用評等企業，與長期負債的互補關係主要出現在無信用評等企業。
英文摘要

This paper investigates the substitution effect between corporate tax avoidance and debt, and examines its sensibility of three firm attributes including size, profitability and credit constraint, using a sample of Taiwan listed corporations in 2005-2015. We find that tax avoidance is significantly negatively associated with leverage measured by total debt, which is partially consistent with Graham and Tucker (2006), Rao and Yu (2013) as well as Huang and Wang (2015); while, tax avoidance is significantly positively associated with leverage measured by long-term debt, which is different from Rao and Yu (2013) and is consistent with Bradley et al. (1984) as well as Downs (1993). Furthermore, the relation between tax avoidance and leverage is significant and negative for large firms when leverage measured by total debt, and is significant and positive for smaller firms when leverage measured by long-term debt. In addition, the relation between tax avoidance and leverage is significant and negative for less profitable firms when leverage measured by total debt, and is significant and positive for the profitable firms when leverage measured by long-term debt. Lastly, the relation between tax avoidance and leverage is significant and negative for firms with less favorable prior credit ratings when leverage measured by total debt, and is significant and positive for firms without credit ratings when leverage measured by long-term debt.
主题分类 基礎與應用科學 > 資訊科學
社會科學 > 經濟學
社會科學 > 管理學
参考文献
  1. 黃美祝,汪瑞芝(2015)。企業避稅對負債水準之影響。會計審計論叢，5(2)，1-32。
    連結：
  2. Allen, D. E.,Mizuno, H.(1989).The Determinants of Corporate Capital Structure: Japanese Evidence.Applied Economics,21(5),569-585.
  3. Ayers, B.,Jiang, J.,Yeung, P.(2006).Discretionary Accruals and Earnings Management: An Analysis of Pseudo Earnings Targets.The Accounting Review,81(3),617-652.
  4. Ayers, B.,Laplante, S.,McGuire, S.(2010).Credit Rankings and Taxes: The Effect of Book/Tax Differences on Ratings Changes.Contemporary Accounting Research,27,359-402.
  5. Barclay, M. J., E. Morellec, and C. J. Smith, 2001. On the Debt Capacity of Growth Options, Working Paper (2001), University of Rochester.
  6. Bernasconi, M.,Marenzi, A.,Pagani, L.(2005).Corporate Financing Decisions and Non-Debt Tax Shields: Evidence from Italian Experiences in the 1990s.International Tax and Public Finance,12(6),741-773.
  7. Blouin, J., and I. Tuna, 2009. Tax Contingencies: Cushioning the Blow to Earnings? Working Paper (2009), University of Pennsylvania.
  8. Booth, L.,Aivazian, V. A.,Demirguc-Kunt, A.,Maksimovic, V.(2001).Capital Structure in Developing Countries.Journal of Finance,56,87-130.
  9. Bradley, M.,Jarrell, G.,Kim, E.(1984).On the Existence of an Optimal Capital Structure: Theory and Evidence.Journal of Finance,39,857-878.
  10. Chang, R. P.,Rhee, S. G.(1990).The Impact of Personal Taxes on Corporate Dividend Policy and Capital Structure Decisions.Financial Management,19(2),21-31.
  11. Chen, S.,Chen, X.,Cheng, Q.,Shevlin, T.(2010).Are Family Firms More Tax Aggressive Than Non-Family Firms?.Journal of Financial Economics,95(1),41-61.
  12. Chung, K. H.(1993).Asset Characteristics and Corporate Debt Policy: An Empirical Test.Journal of Business Finance & Accounting,20(1),83-98.
  13. DeAngelo, H.,Masulis, R.(1980).Optimal Capital Structure under Corporate and Personal Taxation.Journal of Financial Economics,8,3-29.
  14. Desai, M.,Dharmapala, D.(2009).Earnings Management and Corporate Tax Shelters, and Book-Tax Alignment.National Tax Journal,62,169-186.
  15. Desai, M.,Dharmapala, D.(2006).Corporate Tax Avoidance and High-Powered Incentives.Journal of Financial Economics,79,145-179.
  16. Desai, M.A.,Dyck, A.,Zingales, L.(2007).Theft and Taxes.Journal of Financial Economics,84,591-623.
  17. Dhaliwal, D.,Gleason, C.,Mills, L.(2004).Last-Chance Earnings Management: Using the Tax Expense to Meet Analysts’ Forecasts.Contemporary Accounting Research,21(2),431-459.
  18. Dhaliwal, D.,Trezevant, R.,Wang, S.(1992).Taxes, Investment Related Tax Shields and Capital Structure.Journal of the American Taxation Association,14,1-21.
  19. Downs, T. W.(1993).Corporate Leverage and Nondebt Tax Shields: Evidence on Crowding-Out.Financial Review,28(4),549-583.
  20. Dyreng, S.,Hanlon, M.,Maydew, E.(2008).Long-Run Corporate Tax Avoidance.The Accounting Review,83,61-82.
  21. Frank, M. Z.,Goyal, V. K.(2009).Capital Structure Decisions: Which Factors are Reliably Important?.Financial Management,38(1),1-37.
  22. Frank, M.,Lynch, L.,Rego, S.(2009).Tax Reporting Aggressiveness and Its Relation to Aggressive Financial Reporting.The Accounting Review,84,467-496.
  23. Givoly, D.,Hayn, C.,Ofer, A. R.,Sarig, O.(1992).Taxes and Capital Structure: Evidence from Firms’ Response to the Tax Reform Act of 1986.Review of Financial Studies,5(2),331-355.
  24. Gleason, C.,Mills, L.(2002).Materiality and Contingent Tax Liability Reporting.The Accounting Review,77(2),317-342.
  25. Graham, J. R.(1996).Debt and the Marginal Tax Rate.Journal of Financial Economics,41(1),41-74.
  26. Graham, J. R.(1996).Proxies for the Corporate Marginal Tax Rate.Journal of Financial Economics,42,187-221.
  27. Graham, J. R.(2000).How Big are the Tax Benefits of Debt?.Journal of Finance,55,1901-1941.
  28. Graham, J. R.,Lang, M. H.,Shackelford, D. A.(2004).Employee Stock Options, Corporate Taxes, and Debt Policy.Journal of Finance,59,1585-1618.
  29. Graham, J.,Tucker, A.(2006).Tax Shelters and Corporate Debt Policy.Journal of Financial Economics,81,563-594.
  30. Gruber, M. J.,Warner, J. B.(1977).Bankruptcy Costs: Some Evidence.Journal of Finance,32(2),337-347.
  31. Hanlon, M.(2005).The Persistence and Pricing of Earnings, Accruals, and Cash Flows when Firms Have Large Book-Tax Differences.The Accounting Revview,80(1),137-166.
  32. Hanlon, M.,Heitzman, S.(2010).A Review of Tax Research.Journal of Accounting and Economics,50(2),127-178.
  33. Hovakimian, A.,Opler, T.,Titman, S.(2001).The Debt-Equity Choice.Journal of Financial and Quantitative Analysis,36(1),1-24.
  34. Jensen, M. C.(1986).Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers.American Economic Review,76(2),323-329.
  35. Jensen, M. C.,Meckling, W. H.(1976).Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,3(4),303-360.
  36. Kiyotaki, N.,Moore, J.(1997).Credit Cycles.The Journal of Political Economy,105,211-248.
  37. Kolay, M., J. Schallheim, and K. Wells, 2011. Do Non-Debt Tax Shields Matter for Debt Policy? Working Paper (2011), University of Utah.
  38. Krull, L.(2004).Permanently Reinvested Foreign Earnings, Taxes, and Earnings Management.The Accounting Review,79(3),745-767.
  39. Levy, A.,Hennessy, C.(2007).Why does Capital Structure Choice Vary with Macroeconomic Conditions?.Journal of Monetary Economics,54,1545-1564.
  40. Lim, Y.(2011).Tax Avoidance, Cost of Debt and Shareholder Activism: Evidence from Korea.Journal of Banking and Finance,35(2),456-470.
  41. Lim, Y.(2012).Tax Avoidance and Underleverage Puzzle: Korean Evidence.Review of Quantitative Finance and Accounting,39(3),333-360.
  42. Lisowsky, P.(2010).Seeking Shelter: Empirically Modeling Tax Shelters Using Financial Statement Information.The Accounting Review,85(5),1693-1720.
  43. MacKie-Mason, J.K.(1990).Do Taxes Affect Corporate Financing Decisions?.Journal of Finance,45(5),1471-1493.
  44. Manzon, G. B.,Plesko, G. A.(2002).The Relation between Financial and Tax Reporting Measures of Income.Tax Law Review,55,175-214.
  45. Marsh, P.(1982).The Choice between Equity and Debt: An Empirical Study.Journal of Finance,37(1),121-144.
  46. Miller, M. H.(1977).Debt and Taxes.Journal of Finance,32,261-275.
  47. Mills, L. F.(1998).Book-Tax Differences and Internal Revenue Service Adjustments.Journal of Accounting Research,36(2),343-356.
  48. Mills, L.,Newberry, K. J.(2005).Firms’ Off-Balance-Sheet and Hybrid Debt Financing: Evidence from Their Book-Tax Reporting Differences.Journal of Accounting Research,43(2),251-282.
  49. Modigliani, F.,Miller, M. H.(1958).The Cost of Capital, Corporate Finance and the Theory of Investment.The American Economic Review,48(3),261-297.
  50. Modigliani, F.,Miller, M. H.(1963).Corporate Income Taxes and the Cost of Capital: A Correction.American Economic Review,53(3),433-443.
  51. Myers, S. C.(1977).The Determinants of Corporate Borrowing.Journal of Financial Economics,5(2),147-175.
  52. Myers, S. C.,Majluf, N. S.(1984).Corporate Financing and Investment Decisions when Firms Have Information That Investors Do Not Have.Journal of Financial Economics,13(2),187-221.
  53. Omer, T. C.,Terando, W. D.(1999).The Effect of Risk and Tax Differences on Corporate and Limited Partnership Capital Structure.National Tax Journal,52(4),699-715.
  54. Petersen, M.A.(2009).Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches.The Review of Financial Studies,22,435-480.
  55. Phillips, J.,Pincus, M.,Rego, S.(2003).Earnings Management: New Evidence Based on Deferred Tax Expense.The Accounting Review,78(2),491-521.
  56. Plesko, G. A.(2004).Corporate Tax Avoidance and the Properties of Corporate Earnings.National Tax Journal,57(3),729-737.
  57. Rajan, R. G.,Zingales, L.(1995).What do We Know about Capital Structure Choice? Some Evidence from International Data.Journal of Finance,50,1421-1460.
  58. Rao, Ramesh P. and Yu, T. Robert, 2013. Corporate Tax Avoidance and Debt Policy, SSRN Working Paper (2013), retrieved from https://ssrn.com/abstract=2352646
  59. Robichek, A. A.,Myers, S. C.(1966).Problems in the Theory of Optimal Capital Structure.Journal of Financial and Quantitative Analysis,1(2),1-35.
  60. Ross, S. A.(1977).The Determination of Financial Structure: The Incentive-Signaling Approach.Bell Journal of Economics,8(1),23-40.
  61. Schallheim, J. S., and K. Wells, 2006. Debt and Taxes: A New Measure for Non-Debt Tax Shields, Working Paper (2006), University of Utah.
  62. Schrand, C.,Wong, F.(2003).Earnings Management Using the Valuation Allowance for Deferred Tax Assets under SFAS No. 109.Contemporary Accounting Research,20(3),579-611.
  63. Song, W. and A. L. Tucker, 2008. Corporate Tax Reserves, Firm Value, and Leverage, Working Paper (2008), University of Louisiana State.
  64. Stulz, R. M.(1990).Managerial Discretion and Optimal Financing Policies.Journal of Financial Economics,26(1),3-28.
  65. Taiwan Economic Journal ，2017。TCRI信用風險指標，六月一日，取自：http://www.tej.com.tw/twsite/Default.aspx?TabId=168
  66. Titman, S.(1984).The Effect of Capital Structure on a Firm’s Liquidation Decision.Journal of Financial Economics,13(1),137-151.
  67. Titman, S.,Wessels, R.(1988).The Determinants of Capital Structure Choice.Journal of Finance,43(1),1-19.
  68. Wilson, R. J.(2009).An Examination of Corporate Tax Shelter Participants.The Accounting Review,84(3),969-999.
  69. 林薏純(2014)。逢甲大學財稅學系。
  70. 邱琪閔(2008)。東海大學財務金融系。
  71. 徐昌宏(2014)。逢甲大學財稅學系。
  72. 陳威霖(2014)。國立台灣大學會計學研究所。
  73. 蔡宗佑(2014)。國立台灣大學會計學研究所。
被引用次数
  1. 劉朝昇,李青燕(2021)。高階管理團隊權力與企業租稅規劃關聯性之探討－以內部及外部監督機制為干擾變數。國立虎尾科技大學學報，36(2)，1-21。
print cancel