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| Title: | 租稅規避和租稅風險對於企業籌資決策之影響
The Effect of Tax Avoidance and Tax Risk on Corporate Financing Decisions |
| Authors: | 高瑜霙
Kao, Yu-Ying |
| Contributors: | 何怡澄
郭振雄
Ho, Yi-Cheng
Kuo, Jenn-Shyong
高瑜霙
Kao, Yu-Ying |
| Keywords: | 租稅風險
租稅規避
籌資決策
債務成本
股權成本
Tax risk
Tax avoidance
Financing decisions
Cost of debt
Cost of equity |
| Date: | 2024 |
| Issue Date: | 2025-01-02 11:56:48 (UTC+8) |
| Abstract: | 本研究探討租稅風險對企業外部籌資決策的影響。既有文獻大多分別探討租稅規避和債務或股權成本之關聯性，缺乏租稅風險影響企業資本結構的研究。本研究使用 Logistic 迴歸，分析 1991 年至 2022 年美國上市企業。實證結果顯示，首先，高租稅規避企業之租稅風險小於低租稅規避企業；其次，相較於債務籌資，租稅風險增加企業發行股票的機率，且於控制租稅規避後，租稅風險仍與企業發行股票機率呈正相關，可知除了租稅規避外，租稅風險亦為影響企業資本結構之一大要素。於敏感性分析，採用不同租稅風險指標(有效稅率變異係數、未認列租稅利益增額及租稅庇護分數)、租稅規避指標 (連續變數取代虛擬變數)、迴歸估計方法 (線性機率模型、Probit 迴歸模型)、籌資決策替代變數及排除金融危機時期之樣本，均獲得穩健的結果；於額外測試，以租稅狀況聲明書 (Schedule UTP) 為租稅風險外生衝擊，分析其對籌資決策的影響，緩解模型之內生性疑慮。此外，發現租稅規避增加（減少）債務（股權）成本，租稅風險增加債務和股權成本，但債務成本增幅度大於股權成本增幅，符合本文實證結果。
This study investigates the impact of tax risk on the external financing decision of enterprises. There is a lack of research on the impact of tax risk on the capital structure choice, as most of the prior literature examines the correlation between tax avoidance and the cost of debt or equity, respectively. In this study, we use logistic regression to analyze US listed firms from 1991 to 2022. The empirical results show that, first, tax risk of firms with higher levels of tax avoidance is lower than firms with lower levels of tax avoidance, and second, tax risk increase the probability of issuing equity rather than debt. Furthermore, tax risk is positively related to the probability of equity issuance after controlling for tax avoidance, which indicates that, besides tax avoidance, tax risk is one of the major factors affecting the capital structure of firms. For the sensitivity analysis, the results are all robust with different tax risk indicators (the coefficient of variation of the effective tax rate, the addition to unrecognized tax benefits, and the tax shelter score), tax avoidance indicator (continuous variable instead of dummy variable), regression estimation methods (linear probability model, probit regression model), alternative variable of financing decision and samples excluded the period of financial crisis. In the additional tests, the Schedule UTP is used as an exogenous shock of tax risk to analyze its impact on financing decisions and to mitigate the endogeneity concerns of the model. In addition, it is found that tax avoidance increases (decreases) the cost of debt (equity); both tax risk increases the cost of debt and equity, but the degree of growth in the cost of debt is greater than the cost of equity, which is in line with the empirical results of this paper. |
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| Description: | 碩士
國立政治大學
財政學系
111255016 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111255016 |
| Data Type: | thesis |
| Appears in Collections: | [財政學系] 學位論文
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