Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/136589
|
| Title: | 涉外租稅架構對公司價值影響之解析
Analysis of the Impact of International Tax Structure on Firm Value |
| Authors: | 呂育陞
Lu, Yu-Sheng |
| Contributors: | 陳香梅
Chen, Shinemay
呂育陞
Lu, Yu-Sheng |
| Keywords: | 涉外租稅架構
股權控制鏈結
免稅天堂
租稅協定
稅務資訊交換協定
公司價值
International Tax Structure
Ownership Structure Chains
Tax Haven
Tax Convention
Tax Information Exchange Agreement
Firm Value |
| Date: | 2021 |
| Issue Date: | 2021-08-04 16:05:15 (UTC+8) |
| Abstract: | 公司價值說明了公司的經營成果以及為股東創造財富的能力，對於股東及經理人皆是重要的績效指標，因此影響公司價值高低的決定因素便成為學術文獻上值得研究的議題。然而，公司的租稅負擔程度直接影響公司的稅後淨利，促使公司價值亦隨之受到波動。因此租稅規避帶來的租稅節省，能有效地降低經營成本，同時為股東帶來更高的稅後現金流量並提高公司價值。
然而，近十年來，跨國企業開始建立起複雜的所有權結構，並透過免稅天堂及漁獵租稅協定達到利潤移轉等租稅規避行為。因此本研究使用台灣上市公司2001年至2019年上市公司的股權控制鏈結資料，彙整出涉外租稅架構之特性，進而探討對於公司價值之影響。
本文經由固定效果模型針對不平衡追蹤資料進行分析，研究得出幾項重要結果：第一，租稅協定雖有助提升公司價值，但其中的資訊交換條款若含有較嚴格的規範，將產生相反的效果；第二，免稅天堂的利用程度越高越有利於公司價值的提升；第三，股權控制鏈結的長度對公司價值產生負面影響；第四，稅務資訊交換協定對公司價值造成明顯的衝擊，說明近幾年國際上遵循OECD的BEPS行動計畫，要求提升跨國公司的稅務資訊透明程度，將促使跨國企業在租稅規劃行為上面臨更險峻的情勢。
Firm value describes the company`s operating results and the ability to create wealth for shareholders, also an important performance indicator for managers and shareholders. Therefore, the determinants of the firm value have become issues worthy of research in academic literature. However, the extent of the company`s tax burden directly affects the company`s net profit after tax, causing the firm value to fluctuate accordingly. Therefore, the tax savings brought by tax avoidance can effectively reduce operating costs, while at the same time bringing higher after-tax cash flow to shareholders and increasing firm value.
In the past ten years, multinational enterprises (MNEs) have begun to establish complex ownership structures, and then achieve tax avoidance and profit shifting through tax havens and treaty shopping. This article uses the ownership structure chains of listed companies in Taiwan from 2001 to 2019 to aggregate the characteristics of the international tax structure, then explore the impact on the value.
A fixed-effect model is constructed by using unbalanced panel data. This article reveals several major results. First, the tax conventions have a positive impact on the value, but if the information exchange clauses contain stricter regulations will cause opposite influence. Second, the higher the utilization of tax havens, could create the higher value. Third, the length of the shareholding structure chain has a negative impact on the value. Fourth, tax information exchange agreements significantly shock the value. It shows that the MNEs face a more precarious situation in tax planning behavior. |
| Reference: | Abidin, Z., M. W. Yusniar, and M. Ziyad (2016), “Pengaruh Struktur Modal, Kebijakan Dividen Dan Size Terhadap Nilai Perusahaan (Studi Pada Perusahaan Property Di Bursa Efek Indonesia),” Jurnal Wawasan Manajemen, 3(1), 91-102.
Afrasinei, M. B., I. E. Georgescu, and C. Istrate, (2016), “The Influence of the Connections of Romanian Non-listed Firms to Tax Havens on Their Profitability,” CES Working Papers, 8(4), 572.
Al-Slehat, Z. A. F. (2020), “Impact of Financial Leverage, Size and Assets Structure on Firm Value: Evidence from Industrial Sector, Jordan,” International Business Research, 13(1), 109-120.
Beiner, S., Stefan, et al. (2006), “An Integrated Framework of Corporate Governance
and Firm Valuation,” European Financial Management, 12(2), 249-283.
Behrendt, S. and G. Wamser (2018), “Tax-response Heterogeneity and the Effects of Double Taxation Treaties on the Location Choices of Multinational Firms.” CESifo Working Paper 6969.
Bennedsen, M. and S. Zeume (2015, January), “Corporate Tax Havens and Shareholder Value,” In Proceedings. Annual Conference on Taxation and Minutes of the Annual Meeting of the National Tax Association (Vol. 108, pp. 1-62). National Tax Association.
Bennedsen, M. and S. Zeume (2018), “Corporate Tax Havens and Transparency,” The Review of Financial Studies, 31(4), 1221-1264.
Bower, J. L. and L.S. Paine (2017), “The Error at the Heart of Corporate Leadership,” Harvard Business Review, 95(3), 50-60.
Brigham, E. F. and M. C. Ehrhardt (2014), “Financial Management: Theory & Practice,” South-Western Cengage Learning.
Carter, D. A., B. J. Simkins, and W. Gary Simpson (2003), “Corporate Governance, Board Diversity, and Firm Value,” Financial Review, 38(1), 33-53.
Chen, X., N. Hu, X. Wang, and X. Tang (2014), “Tax Avoidance and Firm Value: Evidence from China,” Nankai Business Review International, 5(1), 25-42.
Choudhury, H. and J. Owens (2014), “Bilateral Investment Treaties and Bilateral Tax Treaties,” International Tax and Investment Center Issues Paper. June.
Choy, S. K., TK. Laib, and T. Ng (2017), “Do Tax Havens Create Firm Value?,” Journal of Corporate Finance, 42, 198-220.
Christensen III, H. and J. M. Tirard (2016), “The Amazing Development of Exchange of Information in Tax Matters: from Double Tax Treaties to FATCA and the CRS,” Trusts & Trustees, 22(8), 898-922.
Chung, K. H. and S. W. Pruitt (1994), “A Simple Approximation of Tobin`s q,” Financial Management, 70-74.
Daines, R. (2001), “Does Delaware Law Improve Firm Value?,” Journal of Financial Economics, 62(3), 525-558.
Denis, D. J., D. K. Denis, and K. Yost (2002), “Global Diversification, Industrial Diversification, and Firm Value,” The Journal of Finance, 57(5), 1951-1979.
Desai, M. A. and D. Dharmapala (2009), “Corporate tax Avoidance and Firm Value,” The Review of Economics and Statistics, 91(3), 537-546.
Desai, M. A., C. F. Foley, and J. R. Hines Jr (2006), “The Demand for Tax Haven Operations,” Journal of Public Economics, 90(3), 513-531.
Dischinger, M. and N. Riedel (2011), “Corporate Taxes and the Location of Intangible Assets within Multinational Firms,” Journal of Public Economics, 95(7-8), 691-707.
Doraszelski, U. and J. Jaumandreu (2013), “R&D and Productivity: Estimating Endogenous Productivity,” Review of Economic Studies, 80(4), 1338-1383.
Drake, K. D., S. J. Lusch, and J. Stekelberg (2019), “Does Tax Risk Affect Investor Valuation of Tax Avoidance?” Journal of Accounting, Auditing & Finance, 34(1), 151-176.
Egger, P. (2016), “The Anatomy of Double Tax Treaties: Complexity, Generosity, and Information Exchange and Their Effects,” In XIV ELSNIT Annual Conference. IADB.
Friedman, M. (1970), “The Social Responsibility of Business is to Increase its Profits,” The New York Times Magazine, September 13.
Ftouhi, K., A. Ayed, and A. Zemzem (2015, January), “Tax Planning and Firm Value: Evidence from European Companies,” International Journal Economics & Strategic Management of Business Process, 4(1), 73-78.
Fu, L., R. Singhal, and M. Parkash (2016), “Tobin`s q Ratio and Firm Performance,”
International Research Journal of Applied Finance, 7(4), 1-10.
Garrod, N. and W. Rees (1998), “International Diversification and Firm Value,” Journal of Business Finance & Accounting, 25(9‐10), 1255-1281.
Griliches, Z. (1979), “Issues in assessing the contribution of research and development to productivity growth,” The bell journal of economics, 92-116.
Gompers, P., J. Ishii, and A. Metrick (2003), “Corporate Governance and Equity Prices,” The Quarterly Journal of Economics, 118(1), 107-156.
Gupta, S. and K. Newberry (1997), “Determinants of the Variability in Corporate Effective Tax Rates: Evidence from Longitudinal Data,” Journal of Accounting and Public Policy, 16(1), 1-34.
Hong, S. (2019), “Tax Treaties and Foreign Equity Holding Companies of Multinational Corporations.” Review of Managerial Science, 1-38.
Ilaboya, O. J., M.O. Izevbekhai, and F. I. Ohiokha (2016), “Tax Planning and Firm Value A Review of Literature,” Business and Management Research, ScieduPress, 5(2), 81-91.
Irawan, F. and Turwanto (2020), “The Effect of Tax Avoidance on Firm Value with Tax Risk as Moderating Variable,” Test Engineering and Management, 83, 9696-9707.
Jaafar, A., and J. Thornton, (2015), “Tax Havens and Effective Tax rates: An Analysis of Private Versus Public European Firms,” The International Journal of Accounting, 50(4), 435-457.
Juwita, R. (2019), “The Effect of Corporate Governance and Family Ownership on Firm Value,” Review of Integrative Business and Economics, 8(1), 168-178.
Kaplan, S. N. and L. Zingales (1997), “Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?,” The Quarterly Journal of Economics, 112(1), 169-215.
Kawor, S. and H. K. Kportorgbi (2014), “Effect of Tax Planning on Firms Market Performance: Evidence from Listed Firms in Ghana,” International Journal of Economics and Finance, 6(3), 162-168.
Khan, A., M. A. Qureshi, and P. I. Davidsen (2020), “A System Dynamics Model of Capital Structure Policy for Firm Value Maximization.” Systems Research and Behavioral Science, 1-14
Khan, A., S. Tanveer, and U. Malik (2017), “An Empirical Analysis of Corporate Governance and Firm Value: Evidence from KSE-100 Index,” Accounting, 3, 119-130.
Kontesa, M. (2015), “Capital Structure, Profitability, And Firm Value. Whats New?,”Research Journal of Finance and Accounting, 6(20), 185-192.
Kraft, A. (2014), “What Really Affects German Firms` Effective Tax Rate?,” International Journal of Financial Research, 5(3), 1-19.
Law, K. and L. F. Mills (2020), “Taxes and Haven Activities: Evidence from Linguistic Cues,” 49 Pages · Posted: 20 May 2019 · last revised: 7 Jan 2020. from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2768605
Leite Santa, S., and A. J. Rezende (2016), “Corporate Tax Avoidance and Firm Value: Evidence from Brazil,” Revista Contemporânea de Contabilidade, 13(10), 114-133.
Lumapow, L. S. and R. A. F. Tumiwa (2017), “The Effect of Dividend Policy, Firm Size, and Productivity to The Firm Value,” Research Journal of Finance and Accounting, 8(22), 20-24.
Marques, M. and C. Pinho (2014), “Tax-treaty Effects on Foreign Investment: Evidence from European Multinationals,” FinanzArchiv/Public Finance Analysis, 527-555.
McConnell, J. J., and C. J. Muscarella (1985), “Corporate Capital Expenditure Decisions and the Market Value of the Firm,” Journal of Financial Economics, 14(3), 399-422.
Mintz, J. M., and A. J. Weichenrieder (2010). “The Indirect Side of Direct
Investment: Multinational Company Finance and Taxation,” MIT press.
Noor, R. M. and M. Sabli (2012), “Tax Planning and Corporate Governance,”
International Conference on Business and Economic Research (3rd ICBER) Proceeding.
Nwaobia, A., J. Kwarbai, and G. Ogundajo (2016), “Tax Planning and Firm Value: Empirical Evidence from Nigerian Consumer Goods Industrial Sector,” Research Journal of Finance and Accounting, 7(12), 172-183.
Omar, N. and S. Zolkaflil (2015), “Profit Shifting and Earnings Management through Tax Haven Subsidiaries: An Exploratory Analysis of Multinational Companies,” Procedia Economics and Finance, 28, 53-58.
Perfect, S. B. and K. W. Wiles (1994), “Alternative Constructions of Tobin`s q: An Empirical Comparison,” Journal of Empirical Finance, 1(3-4), 313-341.
Pertiwi, S. T. and S. B. Hermanto (2017), “Pengaruh struktur Kepemilikan, Kebijakan Dividen, Hutang dan Profitabilitas terhadap Nilai Perusahaan,” Jurnal Ilmu dan Riset Akuntansi (JIRA), 6(7).
Petkova, K., A. Stasio, and M. Zagler (2020), “On the Relevance of Double Tax Treaties,” International Tax and Public Finance, 27(3), 575-605.
Pratama, A. (2019), “Analysis of Tax Amnesty Disclosures, Tax Avoidance, and Firm Value,” Indonesian Journal of Contemporary Accounting Research, 1(1), 21-33.
Rajan, R. G. and L. Zingales (1995), “What do We Know about Capital Structure? Some Evidence from International Data,” The Journal of Finance, 50(5), 1421-1460.
Rezki, M. A., N. A. Achsani and H. Sasongko (2020), “How does Tax Avoidance Affect Firm Value?,” Indonesian Journal of Business and Entrepreneurship, 6(3), 215-227.
Rusina, A. (2020), “Name and Shame? Evidence from the European Union Tax Haven Blacklist,” International Tax and Public Finance, 27, 1324-1424.
Sari, R. A. I. and M.P. Priyadi (2016), “Pengaruh Leverage, Profitabiltas, Size dan Growth Opportunity Terhadap Nillai Perusahaan,” Jurnal Ilmu dan Riset Manajemen, 5(10), 1-17.
Schmidt, A. P. (2006), “The Persistence, Forecasting, and Valuation Implications of the Tax Change Component of Earnings,” The Accounting Review, 81(3), 589-616.
Soewignyo, T. I. (2020), “Analysis of the Effect of Profitability, Solvability, and Dividend Policy on Banking Firm Value,” HUMAN BEHAVIOR, DEVELOPMENT and SOCIETY, 21(1), 28-37.
Sondakh, R. (2019), “The Effect of Dividend Policy, Liquidity, Profitability and Firm Size on Firm Value in Financial Service Sector Industries Listed in Indonesia Stock Exchange 2015-2018 Period,” Accountability, 8(2), 91-101.
Stierwald, A. (2009), “Determinants of Firm Profitability-the Effect of Productivity and its Persistence,” Melbourne Institute of Applied Economic and Social Research, 25.
Sukmawardini, D. and A. Ardiansari (2018), “The Influence of Institutional Ownership, Profitability, Liquidity, Dividend Policy, Debt Policy on Firm Value,” Management Analysis Journal, 7(2), 211-222.
Suriawinata, I.S. (2018), “Does the Use of Special Purpose Entities Affect Firm Value Evidence from Indonesian Listed Nonfinancial Firms,” Advances in Economics, Business and Management Research, 74, 45-49
Susanti, N. and N. G. Restiana (2018), “What’s the Best Factor to Determining Firm Value?,”Jurnal Keuangan dan Perbankan, 22(2), 301-309.
Titman, S., Wei, K. J., and F. Xie, (2004), “Capital Investments and Stock Returns,”
Journal of Financial and Quantitative Analysis, 39(4), 677-700.
UNCTAD (2015), 2015 World Investment Report, Geneva: United Nations Conference on Trade and Development.
UNCTAD (2016), 2016 World Investment Report, Geneva: United Nations
Conference on Trade and Development.
van ‘t Riet, M. and A. Lejour (2018), “Optimal Tax Routing: Network Analysis of
FDI Diversion,” International Tax and Public Finance, 25, 1321-1371.
Wagener, T. and C. Watrin (2014), “The Relevance of Complex Group Structures for Income Shifting and Investors’ Valuation of Tax Avoidance,” Working paper. from:https://www.mccombs.utexas.edu/~/media/Files/MSB/Departments/Accounting/MARC/2014/WagenerWatrin_Complexity.pdf |
| Description: | 碩士
國立政治大學
財政學系
108255021 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0108255021 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202101096 |
| Appears in Collections: | [財政學系] 學位論文
|
Files in This Item:
| File |
Description |
Size | Format | |
|---|
| 502101.pdf | | 2127Kb | Adobe PDF2 | 0 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
