兩稅合一新制對企業盈餘穩健度之影響-以Basu模型分析

The Influence of the New Integrated Income Tax System on Corporate Earnings Conservatism－Base on Basu model

10.6840/cycu201700316

李秋萍

兩稅合一新制 ； 穩健程度 ； 可扣抵稅額 ； New Integrated Income Tax System ； The degree of conservatism ； Imputation tax credit

中原大學會計學系學位論文

2017年

碩士

單騰笙

繁體中文

摘要 本研究以租稅因素做為主要探討原因，研究兩稅合一新制規定，自2015年起對我國境內居住的個人股東所獲配股利之可扣抵稅額，僅半數可扣抵股東個人應繳納之綜合所得稅，對企業盈餘的穩健程度是否有所影響。 本文以兩稅合一新制實施的前1年至後1年，亦即2014 年至2015 年之我國上市、上櫃公司為研究樣本，自台灣經濟新報 (TEJ)財務、股價及公司治理資料庫取得樣本資料，共計3,075筆樣本公司。依據Basu(1997)提出的反向迴歸(reverse regression)模型，利用公司股票報酬率在市場壞消息與好消息發生時所反應的敏感度及時效性，以檢測不同產業間在兩稅合一新制規定實施後，對公司採行會計政策穩健程度的影響。 實證結果指出，因國內股東獲配股利之可扣抵稅額僅半數可扣抵綜合所得稅，使企業股東會因為可扣抵稅額誘因減少，增加企業的穩健度。又有研發創新的產業，因可適用「產業創新條例」規定之租稅減免，使其產業的穩健程度會較一般產業來得低。而生技產業因可適用「生技新藥發展條例」較多的租稅優惠規定，故其產業的穩健程度除了較一般產業來得低外，亦比有研發創新的產業來得低。

Abstract This study takes the tax factor as the main reason for the study, and studies the new integrated income tax system for the individual shareholders who are resident of Republic of China since 2015 years. Only half of them can be deducted from the shareholders' income tax payable, whether there is an impact on the conservatism of the firm's earnings. In this paper, the first two years of the implementation of the new integrated income tax system from the first year to the next year, that is, 2014 to 2015, Republic of China listed, OTC company for the study sample, from the Taiwan Economic journal (TEJ) financial, stock and corporate governance database get sample data, totaling 3,075 sample companies. According to the reverse regression model proposed by Basu (1997), the company's stock return rate is used to detect the sensitivity and timeliness of the market's good news and bad news to detect different industries. After the implementation of the provisions of the company's accounting policy to achieve the impact of sound degree. The empirical results show that only half of the deductible tax can be deducted from the individual income tax, so that the shareholders of the enterprise will be deducted from the tax incentives to reduce the increase in corporate conservative. There is also an industry that develops and innovates. As a result of the tax concessions under the 「Statute for Industrial Innovation」, the level of conservatism of the industry will be lower than that of the general industry. In view of the fact that the biotechnology industry has more taxable concessions applicable to the 「Biotech and New Pharmaceutical Development Act」, the stability of its industry is lower than that of the general industry.

1. 黃劭彥、卓佳慶、邱安安與徐維廷(2013)「財稅差異與財務危機之關聯性研究」，會計審計論叢，第3卷，第2期，頁1-26。
   連結：
2. 黃美珠，王媛慧與蔡玉琴(2016)「稅制改革對企業有效稅率之影響-兼論產業特性與公司特性之調節效果」，管理評論，第35卷，第4期，頁51-73。
   連結：
3. 曾玉琦與吳清在(2009)「兩稅合一制度對企業資本結構影響之研究」，中山管理評論，第17卷，第2期，頁419-452。
   連結：
4. 魏文欽，劉佩佳與謝林芳羽(2011)「租稅優惠對政府與高科技產業影響之研究」，中華理論結構模式LISREL學會，第4卷，第1期，頁29-48。
   連結：
5. 簡銀瑩，蕭晴惠與陳欣妤(2015)「我國租稅負擔率過低之成因解析-以所得稅為觀察對象」，致理學報，第35期，頁215-258。
   連結：
6. Abbott, L., J. Parker, and G.F. Peters.2004. Audit commit characteristics and restatements. Auditing：A Journal of Practice and Theory 23：69-87.
   連結：
7. Ahmed,A., and S. Duellman. 2013. Managerial overconfidence and accounting conservatism. Journal of Accounting Research 51：1-30.
   連結：
8. Ahmed,A.S.,B.K. Billings, R.M. Morton, and M. S. Harris. 2002. The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review 77(4)：867-890.
   連結：
9. Ahmed,A.S.,and S.Duellman. 2007. Accounting conservatism and board of directors’characteristics：An empirical analysis. Journal of Accounting and Economics 43：411-437
   連結：
10. Badertscher,B.,J. Phillips, M.Pincus and S.Rego.2009. Earnings management strategies and the trade-off between tax benefits and detection risk：To confirm or not to confirm? The Accounting Review 84：63-97.
    連結：
11. Ball,R.,and L.Shivakumar. 2005. Earnings quality in U.K.private firms. Journal of Accounting and Economics39(1)：83-128
    連結：
12. Ball,R.,A.Robin, and J.S.Wu. 2003.Incentive versus standards：Properties of accounting income in four East Asian countries.Journal of Accounting and Economics 30(1-3)：235-270.
    連結：
13. Ball, R.,S. Kothari, and A. Robin. 2000. The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics 29：1-51.
    連結：
14. Basu, S. 1997. The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics 24：3-37.
    連結：
15. Basu, S. 2005.Discussion of “Conditional and unconditional conservatism：Concepts and modeling”.Review of Accounting Studies 10：311-321.
    連結：
16. Beaver,W.H.,and S. Ryan. 2005. Conditional and unconditional conservatism：Concepts and modeling. Review of Accounting Studies 10：269-309.
    連結：
17. Bushman,R.M.,and J.D.Piotroski.2006.Financial reporting incentives for conservative accounting：The influence of legal and political institutions. Journal of Accounting and Economics 42(1-2)：107-148.
    連結：
18. Carcello, J.V., D. R. Hermanson, and Z. Ye. 2011. Corporate governance research in accounting and auditing：Insights, practice implications, and future research directions. Auditing：A Journal of Practice &Theory 30：1-31.
    連結：
19. Chandra,U.,C. Wasley, and G. Waymire. 2004.Income conwervatism in the U.S.technology sector. Working paper,University of Rochester.
    連結：
20. Desai,M. 2005. The degradation of corporation profits Journal of Economic Perspectives 19：171-192.
    連結：
21. Garcia Lara, M., J., Garcia Osma,B.,Penalva,F.,2009.The Economic Determinants of Conditional Conservatism, Journal of Business Finance & Accounting, Volume 36, Issue3-4：336-372.
    連結：
22. Hail, L.,and C. Leuz. 2006. International differences in the cost of equity capital: Do legal institutions and securities regulation matter? Journal of Accounting Research 44：485-531.
    連結：
23. Huijgen,C.,and M.Lubberink. 2005. Earnings conservatism,　litigation, and contraction：The case of cross-listed firms. Journal of Business Finance & Accounting 32(7/8)：1275-1310.
    連結：
24. Jensen, M., and W. Meckling. 1976. Theory of the firm：Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3：305-360.
    連結：
25. Kelley,S. 2005 Taxes, conservatism in financial reporting, and the value relevance of accounting data. Working paper, University of Washington.
    連結：
26. Kim, B., and K. Jung. 2007. The influence of tax costs on accounting conservatism. Working paper, Korea Advanced Institute of Science and Technology.
    連結：
27. Kothari,S.P.,K. Ramanna, and D.J. Skinner.2010. Implications for GAAP from an analysis of positive research in accounting. Journal of Accounting and Economics 50：246-286.
    連結：
28. Krishnan, G. V., and G. Visvanathan. 2008. Does the SOX definition of an accounting expert matter? The Association between audit committee directors’ accounting expertise and accounting conservatism. Contemporary Accounting Research 25：827-857.
    連結：
29. LaFond,R., and R. Watts. 2008. The information role of conservatism. The Accounting Review83：47-478.
    連結：
30. LaFond,R., and S. Roychowdhury. 2008. Managerial ownership and accounting conservatism. Journal of Accounting Research 46(January)：101-135.
    連結：
31. Pae.J.,D.B.Thornton, and M. Welker.2005. The link between earnings conservatism and the price-to book ratio. Contemporary Accounting Research 22(3)：693-717.
    連結：
32. Qiang,X.2007.The effect of contracting,litigation, regulation, and tax costs on conditional and unconditional conservatism：Cross-sectional evidence at the firm level. The Accounting Review 82(3)：759-796.
    連結：
33. Ramalingegowda, S., and Y. Yong. 2012. Institutional ownership and conservatism. Journal of Accounting and Economics 53：98-114
    連結：
34. Roychowdhury, S., and R. L. Watts. 2007. Asymmetric timeliness of earnings, market-to-book and conservatism in financial reporting. Journal of Accounting and Economics 44 ：2-31.
    連結：
35. Shackelford, D.A., and T.Shevilin.2001.Empirical tax research in accounting. Journal of Accounting and Economics 31：321-387.
    連結：
36. Sivakumar,K., and G. Waymire. 2003. Empirical tax research income measurement by early 20th century railroads. Journal of Accounting Research 41(2)：397-444.
    連結：
37. Watts, R. L.1993,A proposal for research on conservatism. Walking paper, University of Rochester.
    連結：
38. Watts, R. L. 2003a Conservation in accounting part I：Explanations and implications. Accounting Horizons 17：207-221.
    連結：
39. Watts,R.L. 2003b Conservation in accounting part II：Evidence and research opportunities. Accounting Horizons 17：287-301.
    連結：
40. Yin,G.K.2001.Getting serious about corporate tax shelters：Taking a lesson form history. Working paper, Government of the United States of America-House of Representatives.
    連結：
41. 黃瑞靜、徐守德與廖四郎(2001)「兩稅合一對公司價值、股利政策與資本結構之影響-動態資本結構模型之應用與台灣產業的實證研究」，管理評論，第20卷，第2期，頁43-74。
42. 會計研究月刊(2014)，第353期，頁86-95。
43. 簡俱揚, 林美鳳與廖茹香(2008)「債務人之違約風險與會計保守性之實證研究」 2008會計理論與實務研討會。
44. 英文文獻
45. Ball, R., A.Robin and G.Sadka. 2005. Is accounting conservatism due to debt or share markets? A test of “contracting” versus “value rslevance” theories of accounting. Working Paper, University of Chicago.
46. Bliss,J.H. 1924. Management through Accounts. New York, NY：The Ronald Press Co.
47. Helter,W.2006.Conservatism and book-tax differences. Unpublished Ph.D. Dissertation, University of Chicago.
48. Pope,P.E.,and M. Walker.2003.Ex-ante and ex-post accounting conservatism, asset recognition and asymmetric earnings timeliness. Working paper,Lancaster University.
49. Qiang, X. 2004. Accounting conservatism：Litigation and contracting cost hypotheses. Walking paper,University of Wyoming.
50. Watts,R.L. and J.L. Zimmerman. 1986. Positive Accounting Theory. Englewood Cliffs, NJ：Prentice-Hall.