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題名：企業避稅對負債水準之影響
書刊名：會計審計論叢
作者：黃美祝 引用關係／汪瑞芝 引用關係
作者(外文)：Huang, Mei-juh／Wang, Jui-chih
出版日期：2015
卷期：5:2
頁次：頁1-32
主題關鍵詞：企業避稅；集團企業；反自有資本稀釋；負債水準；Tax avoidance；Enterprise groups；Anti-thin capitalization rules；Debt levels
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(4) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:3
  • 共同引用共同引用:74
  • 點閱點閱:23
本研究探討臺灣企業的避稅行為與其負債水準間是否呈現先前文獻所稱的替代關係，以及臺灣反自有資本稀釋政策的實施是否可降低集團企業間的內部關係人借貸情形。實證結果顯示，企業避稅行為與負債的利息費用一樣皆具有稅盾效果，因此進行避稅的企業，因其所獲的租稅利益可用於挹注公司資金，因而可減少對外的融資借款需求，使得企業的避稅行為與其負債水準間的確呈現替代關係。再者，本文發現集團企業因其名聲較大，故相較於非集團企業而言，較易對外募集資金，因此有較高的負債水準。然而，本研究結果並未能發現臺灣反自有資本稀釋政策之實施對關係企業內部的資本稀釋行為有降低的效果，亦即避稅企業之內部資金借貸情形並未因新制度之實施而明顯降低。由於目前針對各國反自有資本稀釋政策對抑制企業內部資金借貸之有效性進行探討的文獻尚未有一致的結論，因此本研究之結果應能對於相關學術文獻有一定程度之貢獻。而在政策意涵上，本文研究結果除了可使稅捐機關瞭解企業利用負債性稅盾或其他方式避稅間的關連性外，對於各國政府對其是否實施反自有資本稀釋政策以及實施後的有效性評估上，皆具有參考價值。
This paper investigates whether a substitution effect exists between the tax avoidance behaviors and debt levels of Taiwanese enterprise, and examines whether the implementation of the anti-thin capitalization rules in Taiwan decreases the internal debt ratios of enterprise groups. Empirical results show that corporate tax avoidance also has a tax shield effect. Companies that engaging in tax avoidance activities can acquire tax benefits to inject capital and reduce the needs of external financing. It means that the substitution relationship indeed exists between the corporate tax avoidance and debt level. Furthermore, the results reveal that, compared to non-group firms, group firms are easier to raise external funds and have a higher debt level. However, this study doesn't find that the internal debt ratios of enterprise groups significantly decrease after the enactment of the anti-thin capitalization rules. This study has the contributions for the relevant literature to a certain extent. In terms of policy implications, the result of this study not only facilitates the tax officer to understand enterprises' debt tax shields and its relationship with tax avoidance, it also have referable value for government to assess the effectiveness of anti-thin capitalization rules.
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會議論文
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研究報告
1.Overesch, M.、Wamser, G.(2006)。German inbound investment, corporate tax planning, and thin-capitalization rules: A difference-in-differences approach。  new window
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學位論文
1.Schargrodsky, E.(2002)。The Effect of Product Market Competition on Capital Structure: Empirical Evidence from the Newspaper Industry(博士論文)。University of Harvard。  new window
圖書論文
1.Hanlon, M.、Mills, L. F.、Slemrod, J.(2007)。An empirical examination of corporate tax noncompliance。Taxing Corporate Income in the 21st Century。Cambridge：Cambridge University Press。  new window
2.Desai, M. A.(2003)。The Divergence between Book and Tax Income。Tax Policy and the Economy。Cambridge, MA：MIT Press。  new window
 
 
 
 
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