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| Title: | 租稅規避與租稅風險對公司價值的影響
Do tax avoidance and tax risk affect firm value? |
| Authors: | 柯辰穎
Ko, Chen-Ying |
| Contributors: | 何怡澄
郭振雄
Ho, Yi-Cheng
Kuo, Jenn-Shyong
柯辰穎
Ko, Chen-Ying |
| Keywords: | 租稅風險
租稅規避
公司價值
Tax risk
Tax avoidance
Firm value |
| Date: | 2021 |
| Issue Date: | 2021-08-04 16:03:47 (UTC+8) |
| Abstract: | 本研究以1998年至2019年間臺灣的上市櫃公司為研究對象，探討投資人如何評價公司的租稅風險、租稅規避，以及租稅風險和租稅規避的交互作用下對公司價值的影響。研究結果顯示投資人負向評價租稅風險，正向評價租稅規避，而在租稅風險與租稅規避兩者的交互作用下，租稅風險會減弱投資人對於避稅行為的正向評價，因此租稅風險是投資人如何評價公司租稅規避行為的重要決定因素。另本文以四個部份進行敏感性分析。首先利用租稅風險的四個替代指標進行迴歸。接著利用租稅規劃分數(TPS)指標，探討該指標與公司價值之間的關係。此外亦採用不同的方式衡量公司價值。最後採用工具變數法(IV)進行迴歸分析，降低模型存有內生性問題的疑慮。敏感性測試的結果與研究結果相符，驗證本文的研究結果具有穩健性。在國際反避稅浪潮下，租稅風險日益上升，本研究將幫助公司經理人了解投資人如何評價公司的租稅風險，更有助於經理人的決策制定。
This paper examines how investors value tax risk, tax avoidance and how these constructs interact to influence firm value, by using the listed companies in Taiwan from year 1998 to 2019. The results suggest that investors negatively value tax risk, positively value tax avoidance and greater tax risk moderates the positive valuation of tax avoidance. Tax risk, therefore, is an important determinant of how investors value corporate tax avoidance. In sensitivity analyses there are four parts. First, we use four other tax risk proxies to run regressions. Second, we use tax planning score as a measure to examine its relationship with firm value. Third, we use an alternative measurement of firm value. Fourth, we use instrumental variables (IV) techniques to deal with endogeneity concerns. The results of sensitivity analyses go with the results, proving the robustness of our research. Tax risks surge as the world has focused efforts on fighting against tax avoidance. Our research could help corporate managers to understand how investors view corporate tax risk, which may help managers make better decisions. |
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| Description: | 碩士
國立政治大學
財政學系
108255012 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0108255012 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202100859 |
| Appears in Collections: | [財政學系] 學位論文
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