政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/124690

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/124690

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政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 > Item 140.119/124690

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題名:	境外與境內避稅天堂與股價崩盤風險的關係 Offshore and Onshore Tax Haven and Stock Price Crash Risk
作者:	陳松和 Chen, Sung-Ho
貢獻者:	張元晨 Chang, Yuan-Chen 陳松和 Chen, Sung-Ho
關鍵詞:	避稅天堂股價崩盤風險資訊不對稱 Tax haven Stock price crash risk Information asymmetry FATCA
日期:	2019
上傳時間:	2019-08-07 16:02:56 (UTC+8)
摘要:	本研究目的為探討美國企業避稅天堂的區位選擇，是否會對其股價崩盤風險造成影響，將區位選擇分為企業只在境內避稅天堂設立子公司、企業只在境外避稅天堂設立子公司、企業同時在境內及境外避稅天堂設立子公司以及企業沒有在避稅天堂設立子公司四個類別，樣本期間為1996年1月至2013年12月。實證結果發現，只在境外避稅天堂設立子公司的企業，其股價崩盤風險會高於只在境內避稅天堂設立子公司的企業，而同時在境內、境外避稅天堂設立子公司的企業，其股價崩風險會高於只在境內或只在境外避稅天堂設立子公司的企業，另外進一步探討FATCA通過後及正式施行後的效果對在境外避稅天堂設立子公司的企業是否有影響，實證結果發現，在2010年美國國會通過FATCA後，只在境外避稅天堂以及同時在境內、境外避稅天堂設立子公司的企業對股價崩盤的影響，其三項指標變數方向不一，並無顯著下降，與假設不符合，本研究認為可能是因為在通過之後，企業開始有大動作的調整，準備在2013年正式施行之前做好準備，然而在2013 FATCA正式施行後，只在境外避稅天堂以及同時在境內、境外避稅天堂設立子公司的企業對股價崩盤的影響，其三項代表股價崩盤風險的指標變數皆呈現顯著下降，表示FATCA條款的施行確實有降低市場價格崩盤風險的效果，此結果與預期相符合，也間接證明了從通過到正式施行期間，指標變數的不一致只是短期的調整過程。 This study investigates the association between choice of tax haven and stock price crash risk. Using a large sample of American companies that establish affiliates or subsidiaries in different locations of tax haven from 1996/01/01 to 2013/12/31. we find that firms which establish affiliates or subsidiaries in foreign tax haven tend to have higher stock price crash risk, and that firms which establish in both domestic and foreign tax haven have the highest stock price crash risk. Moreover, we also examine whether Foreign Account Tax Compliance Act (FATCA) alleviated stock price crash risk. We find that FATCA did not decrease the stock price crash risk of foreign tax haven at the time when it was signed on March 18th, 2010 until it became effect on January 1st, 2013. All of the indicators show FATCA does play an important role in alleviating the stock price crash risk.
參考文獻:	Andreou, P. C., Antoniou, C., Horton, J., & Louca, C. (2016). Corporate governance and firm‐specific stock price crashes. European Financial Management, 22(5), 916-956. Arena, M. P., & Roper, A. H. (2010). The effect of taxes on multinational debt location. Journal of Corporate Finance, 16(5), 637-654. Bebchuk, L. A., & Cohen, A. (2003). Firms’ decisions where to incorporate. The Journal of Law and Economics, 46(2), 383-425. Benmelech, E., Kandel, E., & Veronesi, P. (2010). Stock-based compensation and CEO (dis) incentives. The Quarterly Journal of Economics, 125(4), 1769-1820. Chava, S., & Purnanandam, A. (2009). CEO vs CFOs: Incentives and Corporate Policies. Journal of Financial. Chen, J., Hong, H., & Stein, J. C. (2001). Forecasting crashes: Trading volume, past returns, and conditional skewness in stock prices. Journal of financial Economics, 61(3), 345-381. Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145-179. Desai, M. A., Dyck, A., & Zingales, L. (2007). Theft and taxes. Journal of financial economics, 84(3), 591-623. Dharmapala, D., & Riedel, N. (2013). Earnings shocks and tax-motivated income-shifting: Evidence from European multinationals. Journal of Public Economics, 97, 95-107. Dyreng, S. D., Lindsey, B. P., & Thornock, J. R. (2013). Exploring the role Delaware plays as a domestic tax haven. Journal of Financial Economics, 108(3), 751-772. Ge, W., Kim, J. B., Li, T., & Li, Y. (2016). Offshore operations and bank loan contracting: Evidence from firms that set up subsidiaries in offshore financial centers. Journal of Corporate Finance, 37, 335-355. Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794-1810. Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009). Opaque financial reports, R2, and crash risk. Journal of financial Economics, 94(1), 67-86. Jiang, J. X., Petroni, K. R., & Wang, I. Y. (2010). CFOs and CEOs: Who have the most influence on earnings management?. Journal of Financial Economics, 96(3), 513-526. Jin, L., & Myers, S. C. (2006). R2 around the world: New theory and new tests. Journal of financial Economics, 79(2), 257-292. Kim, J. B., Li, Y., & Zhang, L. (2011). Corporate tax avoidance and stock price crash risk: Firm-level analysis. Journal of Financial Economics, 100(3), 639-662. Kim, J. B., Li, Y., & Zhang, L. (2011). CFOs versus CEOs: Equity incentives and crashes. Journal of Financial Economics, 101(3), 713-730. Kim, J. B., Li, T., & Zhang, L. (2015). Operations in Offshore Financial Centers and Stock Price Crash Risk. Available at SSRN 2684083. Kim, J. B., Wang, Z., & Zhang, L. (2016). CEO overconfidence and stock price crash risk. Contemporary Accounting Research, 33(4), 1720-1749. Kim, J. B., & Zhang, L. (2016). Accounting conservatism and stock price crash risk: Firm‐level evidence. Contemporary Accounting Research, 33(1), 412-441. Newberry, K. J., & Dhaliwal, D. S. (2001). Cross‐jurisdictional income shifting by US multinationals: Evidence from international bond offerings. Journal of Accounting Research, 39(3), 643-662.
描述:	碩士國立政治大學財務管理學系 105357001
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0105357001
資料類型:	thesis
DOI:	10.6814/NCCU201900200
顯示於類別:	[財務管理學系] 學位論文

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