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| Title: | 企業如何運用節稅現金流？以台灣上市櫃公司為例
Allocation of cash tax savings: Evidence from Taiwan |
| Authors: | 林建寬
Lin, Jian-Kuan |
| Contributors: | 翁嘉祥
Weng, Chia-Hsiang
林建寬
Lin, Jian-Kuan |
| Keywords: | 租稅規劃
租稅規避
現金流量
現金持有
投資
Tax planning
Tax avoidance
Cash flow
Cash holdings
Investment |
| Date: | 2022 |
| Issue Date: | 2022-08-01 17:12:38 (UTC+8) |
| Abstract: | 本研究之目的在於探討台灣上市櫃公司透過節避稅行為創造之節稅現金流將如何運用，並比較其與正常營運產生現金流在不同現金用途間之分配差異。受限於現金流分配比例具此消彼長之權衡性質及節稅現金流面臨補稅或罰款之租稅不確定性，本研究發現平均而言，節稅現金流主要用於證券投資、增加現金持有及償還債務，且相較於正常營運活動產生之現金流分配更多。本文並提供節稅現金流之產生不會用於資本支出、長期投資或併購、研發支出及股利發放之證據，且亦未有在節稅現金流產生後兩年間才遞延使用之情形。儘管本研究發現節稅現金流之分配比例部分受公司規模大小、避稅程度高低、產業差異、公司治理優劣等因素影響，但仍是以證券投資、儲蓄等高流動性用途，與償還債務之用為主。因此進一步證實節稅現金流之增加，並不會提升公司價值，支持節避稅行為不會使公司價值增加之結論，藉此提供公司及其利害關係人重新評估其租稅安排效益之觀點。
This paper examines how cash tax savings created by Taiwanese listed companies through tax planning or tax avoidance will be used, and to compare it with the distribution of the uses of operating cash flow. Due to cash distribution facing trade-offs and tax uncertainty caused by potential tax repayment or penalty, I find that cash tax savings, on average, is mainly used for securities investment, increasing cash holdings and repaying debt, and is allocated to these uses more compared to operating cash flow. Also, this study provides evidence that cash tax savings are not used for capital expenditures, long-term investments, acquisition, R&D expenditures and dividend payments in three years without deferred. Although the allocation of cash flow is partly determined by the firm size, the level of tax avoidance, industrial differences, and the quality of corporate governance, the distribution is still maintained and not affected much. Therefore, I further find that the increase of cash tax savings will not increase the firm value, and supports the conclusion that tax planning or tax avoidance will not increase the firm value, which provide a perspective for companies and their stakeholders to reassess the effectiveness of their tax arrangements. |
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| Description: | 碩士
國立政治大學
會計學系
109353108 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109353108 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200777 |
| Appears in Collections: | [會計學系] 學位論文
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