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| Title: | 當沖制度與租稅規避
Day Trading And Tax Avoidance |
| Authors: | 賴伯嘉
Lai, Po-Chia |
| Contributors: | 何怡澄
郭振雄
賴伯嘉
Lai, Po-Chia |
| Keywords: | 股市流動性
分量迴歸
租稅規避
Stock liquidity
Quantile regression
Tax avoidance |
| Date: | 2022 |
| Issue Date: | 2022-09-02 15:31:52 (UTC+8) |
| Abstract: | 代理問題加劇的租稅規避問題能透過監督機制減緩，其中包含Armstrong et al. (2015)說明公司治理的內部監督機制，和由Chen et al. (2019)所證明的外部股東監督力量，其中Chen et al. (2019)使用股市的流動性代表外部股東監督力量，本研究除了參照Chen et al. (2019)使用的有效價差方式計算股市流動性，更使用2014年開放當沖制度的當沖交易量衡量流動性，探討當沖交易量是否也能達到外部股東監督力量。本研究以2014年至2020年台灣上市櫃公司為研究對象並使用分量迴歸模型觀察公司租稅規避的極端行為，結果顯示若使用有效價差衡量流動性時，流動性的提升能夠減緩公司極端租稅規避行為，但若使用當沖交易量衡量流動性時，卻會加劇公司的極端租稅規避行為。本文在敏感性測試中加入公司治理變數代表內部監督力量，結果顯示流動性在有內部監督力量下，對於公司極端避稅行為仍有所影響，另外本研究也發現，高當沖交易量公司相較於其他公司，本身就偏好極端的租稅規避行為，然而低當沖交易量公司相較於其他公司，本身反而不偏好極端的租稅規避行為。
Tax avoidance exacerbated by agency problems can be mitigated through supervisory mechanisms, including internal mechanisms of corporate governance. This paper exploring the external shareholder mechanisms demonstrated by Chen et al. (2019), who used the liquidity of the stock market to represent the monitoring power of external shareholders. In addition to calculating the liquidity of the stock market with reference to the effective spread method used by Chen et al. (2019), this study also used day trading volume to measure liquidity, and explored whether the liquidity of day trading transactions can also represent the power of external shareholder supervision. This paper used listed companies from 2014 to 2020 in Taiwan and used quantile regression model to observe the extreme behavior of tax avoidance. The results show that if the liquidity is measured by the effective spread, the liquidity can mitigate extreme tax avoidance, but when liquidity is measured by day trading volume, it would exacerbate the extreme tax avoidance. In sensitivity analyses, corporate governance variables are added to represent the power of internal supervision. The results show that liquidity still has an impact on the extreme tax avoidance under the power of internal supervision. other analyses showed that compared with other companies, high day trading volume’s companies prefer extreme tax avoidance, however, compared with other companies, low day trading volume’s companies do not prefer extreme tax avoidance. |
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| Description: | 碩士
國立政治大學
財政學系
109255032 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109255032 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202201435 |
| Appears in Collections: | [財政學系] 學位論文
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