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題名：過度避稅與公司價值
作者：邱彥毅
作者(外文)：CHIOU, YAN-YI
校院名稱：國立臺北大學
系所名稱：會計學系
指導教授：薛敏正
學位類別：博士
出版日期：2017
主題關鍵詞：過度避稅；公司價值；公司治理；excess tax avoidance；firm value；corporate governance
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本文研究過度避稅與公司價值的關聯性。參酌過去文獻，公司會利用避稅的方式，節省現金支出並增加公司價值。避稅是藉由隱藏獲利的方式，使得稅捐機關無法查得公司真正的課稅所得，而經理人的自利動機，會引誘其利用這樣的機會，將公司的利益轉移到自己身上。然而，對於美國市場，經理人是否有如此的自利行為並沒有一致的實證結果，本文認為將公司分類為過度避稅與否，可以解釋過去實證結果不一致的原因。過度避稅的定義乃公司當下的避稅程度超過預期的避稅程度，而預期的避稅程度是由公司的特徵所決定。實證結論為，被歸類為過度避稅的公司，其避稅程度與公司價值呈負向關係；相反的，被歸類為非過度避稅的公司，其避稅程度與公司價值呈正向關係。也就是投資人認為過度避稅的公司其避稅風險較高，過度避稅的公司若維持相對高的避稅水準，可能不是為了投資人的利益，而是為了獲取個人利益。更進一步的，本文驗證公司治理效果是否調節上述的結果，結果發現被歸類為過度避稅的公司，公司治理品質相對好的公司，其公司價值較略為較高。整體而言，本文支持經理人會利用避稅的手段遂行其自利行為。
This study investigates the association between corporate excess tax avoidance (ETA) and firm value. The firm value enhancing effect of such tax avoidance through the channel in which tax avoidance transfers profits from governments to shareholders is weakened by managerial rent extraction. However, the literature is ambiguous about whether such extraction exists in the U.S. market. As one explanation for this ambiguous empirical evidence, we propose that managerial rent extraction is only effective when firms have “excess” levels of tax avoidance. ETA is defined as positive or negative according to the amount that a firm’s current level of tax avoidance is respectively above or below its predicted level determined by its characteristics. Our results show a negative relationship between ETA and firm value for firms with positive ETA and a positive relationship for firms with negative ETA. Further, we find that better corporate governance would weakly alleviate the negative relationship between ETA and firm value for firms with positive ETA. Overall, the results support the view of the tax-avoidance technologies employed by U.S. firms allowing managers to extract rents to negatively affect firm value. This study contributes to the literature on tax avoidance by providing evidence that ETA is an important factor in understanding firms’ tax avoidance outcomes.
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