政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/147221
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 113451/144438 (79%)
造訪人次 : 51328987      線上人數 : 927
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/147221


    題名: 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?
    作者: 吳宜珈
    Wu, I-Chia
    貢獻者: 何怡澄
    郭振雄
    吳宜珈
    Wu, I-Chia
    關鍵詞: 市場力量
    商業策略
    租稅規避
    公司價值
    Market power
    Business strategies
    Tax avoidance
    Firm value
    日期: 2023
    上傳時間: 2023-09-01 16:09:33 (UTC+8)
    摘要: 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.
    參考文獻: 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。
    余安婷，2012，公司治理特性、經營策略對企業租稅規避程度之影響，國立政治大學會計學系碩士班碩士論文。
    史玄宗，2012，企業競爭策略與產業競爭程度對避稅行為之影響，天主教輔仁大學會計學系碩士論文。
    Akdoğu, E., & MacKay, P. (2012). Product markets and corporate investment: Theory and evidence. Journal of Banking & Finance, 36(2), 439-453.
    Almazan, A., Hartzell, J. C., & Starks, L. T. (2005). Active institutional shareholders and costs of monitoring: Evidence from executive compensation. Financial Management, 34(4), 5-34.
    Barth, M. E., Kasznik, R., & McNichols, M. F. (2001). Analyst coverage and intangible assets. Journal of Accounting Research, 39(1), 1-34.
    Bentley, K. A., Omer, T. C., & Sharp, N. Y. (2013). Business strategy, financial reporting irregularities, and audit effort. Contemporary Accounting Research, 30(2), 780-817.
    Blouin, J. (2014). Defining and measuring tax planning aggressiveness. National Tax Journal, 67(4), 875-899.
    Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms? Journal of Financial Economics, 95(1), 41-61.
    Chhaochharia, V., Grinstein, Y., Grullon, G., & Michaely, R. (2017). Product market competition and internal governance: Evidence from the Sarbanes–Oxley Act. Management Science, 63(5), 1405-1424.
    Dasgupta, S., Li, X., & Wang, A. Y. (2018). Product market competition shocks, firm performance, and forced CEO turnover. The Review of Financial Studies, 31(11), 4187-4231.
    De Waegenaere, A., Sansing, R., & Wielhouwer, J. (2010). Financial accounting measures of tax reporting aggressiveness. Tuck School of Business Working Paper, 83(1), 1-32.
    Dent, J. F. (1990). Strategy, organization and control: some possibilities for accounting research. Accounting, organizations and society, 15(1-2), 3-25.
    Desai, M. A., & Dharmapala, D. (2009). Corporate tax avoidance and firm value. The review of Economics and Statistics, 91(3), 537-546.
    Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long‐run corporate tax avoidance. The Accounting Review, 83(1), 61-82.
    Dyreng, S. D., Hanlon, M., Maydew, E. L., & Thornock, J. R. (2017). Changes in corporate effective tax rates over the past 25 years. Journal of Financial Economics, 124(3), 441-463.
    Dyreng, S. D., & Lindsey, B. P. (2009). Using financial accounting data to examine the effect of foreign operations located in tax havens and other countries on US multinational firms` tax rates. Journal of Accounting Research, 47(5), 1283-1316.
    Frank, M. M., Lynch, L. J., & Rego, S. O. (2009). Tax reporting aggressiveness and its relation to aggressive financial reporting. The Accounting Review, 84(2), 467-496.
    Gardner, M., & Wamhoff, S. (2021). 55 corporations paid $0 in federal taxes on 2020 profits. Institute on Taxation and Economic Policy, 2.
    Giroud, X., & Mueller, H. M. (2011). Corporate governance, product market competition, and equity prices. The Journal of Finance, 66(2), 563-600.
    Gupta, S., & Newberry, K. (1997). Determinants of the variability in corporate effective tax rates: Evidence from longitudinal data. Journal of accounting and public policy, 16(1), 1-34.
    Hambrick, D. C. (1983). Some tests of the effectiveness and functional attributes of Miles and Snow`s strategic types. Academy of Management journal, 26(1), 5-26.
    Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of accounting and Economics, 50(2-3), 127-178.
    Hanlon, M., & Slemrod, J. (2009). What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement. Journal of Public economics, 93(1-2), 126-141.
    Higgins, D., Omer, T. C., & Phillips, J. D. (2015). The influence of a firm`s business strategy on its tax aggressiveness. Contemporary Accounting Research, 32(2), 674-702.
    Hoberg, G., & Maksimovic, V. (2015). Redefining financial constraints: A text-based analysis. The Review of Financial Studies, 28(5), 1312-1352.
    Hoberg, G., Phillips, G., & Prabhala, N. (2014). Product market threats, payouts, and financial flexibility. The Journal of Finance, 69(1), 293-324.
    Hou, K., & Robinson, D. T. (2006). Industry concentration and average stock returns. The Journal of Finance, 61(4), 1927-1956.
    Irvine, P. J., & Pontiff, J. (2009). Idiosyncratic return volatility, cash flows, and product market competition. The Review of Financial Studies, 22(3), 1149-1177.
    Ittner, C. D., Larcker, D. F., & Rajan, M. V. (1997). The choice of performance measures in annual bonus contracts. Accounting Review, 231-255.
    Joshi, A., & Hanssens, D. M. (2010). The direct and indirect effects of advertising spending on firm value. Journal of marketing, 74(1), 20-33.
    Kim, T.-N., & Lee, P.-S. (2023). Product market threats and tax avoidance. International Review of Financial Analysis, 102528.
    Kubick, T. R., Lynch, D. P., Mayberry, M. A., & Omer, T. C. (2015). Product market power and tax avoidance: Market leaders, mimicking strategies, and stock returns. The Accounting Review, 90(2), 675-702.
    Langfield-Smith, K. (1997). Management control systems and strategy: a critical review. Accounting, organizations and society, 22(2), 207-232.
    Law, K. K., & Mills, L. F. (2015). Taxes and financial constraints: Evidence from linguistic cues. Journal of Accounting Research, 53(4), 777-819.
    Lerner, A. P. (1934). The Concept of Monopoly and the Measurement of.
    Lisowsky, P. (2010). Seeking shelter: Empirically modeling tax shelters using financial statement information. The Accounting Review, 85(5), 1693-1720.
    Lopo Martinez, A., & Ferreira, B. A. (2019). Business strategy and tax aggressiveness in Brazil. Journal of Strategy and Management, 12(4), 522-535.
    MacKay, P., & Phillips, G. M. (2005). How does industry affect firm financial structure? The Review of Financial Studies, 18(4), 1433-1466.
    March, J. G. (1991). Exploration and exploitation in organizational learning. Organization science, 2(1), 71-87.
    McGuire, S. T., Omer, T. C., & Wilde, J. H. (2014). Investment opportunity sets, operating uncertainty, and capital market pressure: determinants of investments in tax shelter activities? The Journal of the American Taxation Association, 36(1), 1-26.
    Miles, R. E., Snow, C. C., Meyer, A. D., & Coleman Jr, H. J. (1978). Organizational strategy, structure, and process. Academy of management review, 3(3), 546-562.
    Peress, J. (2010). Product market competition, insider trading, and stock market efficiency. The Journal of Finance, 65(1), 1-43.
    Phillips, J. D. (2003). Corporate tax‐planning effectiveness: The role of compensation‐based incentives. The Accounting Review, 78(3), 847-874.
    Porter, M. E. (1980). Industry structure and competitive strategy: Keys to profitability. Financial analysts journal, 36(4), 30-41.
    Rego, S. O. (2003). Tax‐avoidance activities of US multinational corporations. Contemporary Accounting Research, 20(4), 805-833.
    Rudiawarni, F. A., Tjahjadi, B., Agustia, D., & Soewarno, N. (2022). Business strategy and industrial competition: the case of manufacturing companies. International Journal of Business Environment, 13(1), 35-59.
    Safi, A., Chen, Y., Qayyum, A., & Wahab, S. (2022). Business strategy, market power, and stock price crash risk: Evidence from China. Risk Management, 24(1), 34-54.
    Segev, E. (1987). Strategy, strategy making, and performance—An empirical investigation. Management Science, 33(2), 258-269.
    Shepherd, W. G. (1970). Market power and economic welfare: an introduction.
    Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3, Part 1), 461-488.
    Treacy, M., & Wiersema, F. (1995). How market leaders keep their edge. Fortune, 131(2), 52-57.
    Wilson, R. J. (2009). An examination of corporate tax shelter participants. The Accounting Review, 84(3), 969-999.
    描述: 碩士
    國立政治大學
    財政學系
    110255029
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0110255029
    資料類型: thesis
    顯示於類別:[財政學系] 學位論文

    文件中的檔案:

    檔案 大小格式瀏覽次數
    502901.pdf957KbAdobe PDF20檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋