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| Title: | 市場力量及商業策略對企業租稅規避的影響
Do Market Power and Business Strategy Affect Firm’s Tax Avoidance? |
| Authors: | 吳宜珈
Wu, I-Chia |
| Contributors: | 何怡澄
郭振雄
吳宜珈
Wu, I-Chia |
| Keywords: | 市場力量
商業策略
租稅規避
公司價值
Market power
Business strategies
Tax avoidance
Firm value |
| Date: | 2023 |
| Issue Date: | 2023-09-01 16:09:33 (UTC+8) |
| Abstract: | 本研究
探討市場力量與商業策略如何交互影響企業的租稅規避行為，以及公司價值。Kubick, Lynch, Mayberry and Omer(2015)指出高市場力量的企業有能力轉嫁租稅規避失敗的成本，故租稅規避程度較高，Higgins, Omer and Phillips(2015)指出相對於穩健者，先驅者較追求高風險的租稅策略，因此租稅規避程度較高。本文認為不同商業策略類型的企業在擁有產品 市場力量時，會根據租稅規避的後果 (公司價值)，調整租稅策略。本研究以1989年至2021年間美國上市櫃公司為研究對象，研究結果顯示在租稅規避的分析，首先，市場力量與企業的租稅規避呈正向關聯；其次，相較於分析者，先驅者(穩健者)的租稅規避程度較高(低)；第三，先驅者(穩健者)類型 企業的產品市場力量越高，租稅規避程度越低(高)。在公司價值的分析，首先市場力量與公司價值呈正向關聯；其次，租稅規避與公司價值呈正向關聯；第三，市場力量與租稅規避的調節項與公司價值呈負向關係；第四，在先驅者樣本的迴歸，產品市場力量對租稅規避與公司價值的正向關係有負向的調節效果，相對應先驅者在市場力量較大時，租稅規避程度較低，符合具有市場力量的先驅者會極大化公司價值。但此效果在穩健者及分析者樣本中 並不顯著。另外，本文進行兩項穩健性測試。首先，本文將資產報酬以及市場力量進行十分位排序，以避免主要結果來自於擁有高盈利能力的公司能實施更多租稅規避方式的可能性；其次，利用不同租稅規避指標，重新進行迴歸。穩健性測試的結果與研究結果相符，驗證本文的研究結果具有穩健性。 本研究 連結商業策略及市場力量與租稅規避關聯性的文獻，發現不同商業策略類型的企業，在具有市場力量時，會考量企業價值而採用不同的租稅策略。
This study examines how market power and business strategy affect firms` tax avoidance, by using the companies in United States from year 1989 to 2021. This study expects that firms with different business strategies adjust their tax planning according to the outcome of tax avoidance (firm value) when they have higher product market power. This study shows that market power is positively related to tax avoidance; the degree of tax avoidance is higher (lower) for the prospector (defender) compared to the analyzers; and the higher the market power of prospector (defender), the lower(higher) the degree of tax avoidance. We also find that market power and tax avoidance are both positively related to firm value, yet the product market power has a negative effect on the positive relationship between tax avoidance and firm value. It explains the reason why with the greater market power of prospector, comes with lower tax avoidance, because prospector will maximize its firm value. However, this effect doesn’t show in defender’s and analyzer’s samples. In addition, two robustness tests are conducted: First, we rank return on assets and market power into deciles, to avoid the possibility that companies with high profitability can invest in more tax avoidance. Second, we use different tax avoidance proxies. The results of the robustness test are consistent with the main results. This study finds that firms with different business strategies adopt different tax planning when they have greater market power, due to the effect on firm value. |
| Reference: | 陳玉華，2017，企業策略與租稅規避，國立臺北大學國際財務金融碩士在職專班碩士論文。
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| Description: | 碩士
國立政治大學
財政學系
110255029 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110255029 |
| Data Type: | thesis |
| Appears in Collections: | [財政學系] 學位論文
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