企業租稅規避在負債融資策略扮演之角色__臺灣人文及社會科學引文索引資料庫

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題名：	企業租稅規避在負債融資策略扮演之角色
書刊名：	商略學報
作者：	邱士宗／陳蘭蕙／郭振雄／何怡澄
作者(外文)：	Chiu, Shih-tsung／Chen, Lan-hui／Kuo, Jenn-shyong／Ho, Yi-cheng
出版日期：	2019
卷期：	11:3
頁次：	頁169-198
主題關鍵詞：	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
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(1) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:1 共同引用:3 點閱:5

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。

以文找文

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.

以文找文

期刊論文
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研究報告
1.	Barclay, M. J.、Morellec, E.、Smith, C. W.(2001)。On the Debt Capacity of Growth Options。University of Rochester。
2.	Song, W.、Tucker, A. L.(2008)。Corporate Tax Reserves, Firm Value, and Leverage。University of Louisiana State。
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學位論文
1.	蔡宗佑(2014)。企業避稅與其負債資金成本間關連性之檢視(碩士論文)。國立臺灣大學。延伸查詢
2.	陳威霖(2014)。企業避稅與其負債水準間關聯性之檢視(碩士論文)。國立臺灣大學。延伸查詢
3.	徐昌宏(2014)。稅盾對負債政策之影響--中國大陸公司上市之實證分析(碩士論文)。逢甲大學。延伸查詢
4.	邱琪閔(2008)。影響淨值市價比因素之研究--以帳面價值與市場價值之觀點(碩士論文)。東海大學。延伸查詢
5.	林薏純(2014)。稅盾與企業負債政策--臺灣上市公司之實證研究(碩士論文)。逢甲大學。延伸查詢

其他
1.	Taiwan Economic Journal(2017)。TCRI信用風險指標，http://www.tej.com.tw/twsite/Default.aspx?TabId=168。

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