政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/141542

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/141542

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题名:	經理能力、組織資本、租稅規避與公司價值 Managerial Ability, Organizational Capital, Tax Avoidance and Firm Value
作者:	顏孝軒 Yen, Hsiao-Hsuan
贡献者:	何怡澄郭振雄 Ho, Yi-cheng Kuo, Jenn-Shyong 顏孝軒 Yen, Hsiao-Hsuan
关键词:	經理能力組織資本租稅規避公司價值 managerial ability organizational capital tax avoidance firm value
日期:	2022
上传时间:	2022-09-02 14:44:39 (UTC+8)
摘要:	本研究探討組織資本及租稅規避與公司價值關聯性，並分析經理能力的調節效果。亦即分析經理能力對組織資本與企業價值的調節效果、經理能力對租稅規避與企業價值的調節效果，以及經理能力對於組織資本及租稅規避與企業價值的調節結果。本研究資料來源為Compustat北美國家1980-2021年企業資料。實證結果顯示，首先，組織資本與公司價值間具正向關聯性，且高經理能力增強組織資本與公司價值的正向關聯性；其次，租稅規避與公司價值具正向關聯性，但普遍未達顯著水準。然而，經理能力顯著增強租稅規避(年度帳面有效稅率、年度現金有效稅率)與公司價值的正向關聯性；第三，經理能力、組織資本及租稅規避與公司價值三者具正向關聯性，但不具顯著水準。本研究的實證結果顯示，相對於低能力經理，高能力經理人善於運用組織資本提升企業的價值；高能力經理藉由租稅規避增加公司價值。 This paper examines how investors value that high managerial ability executes engage in tax avoidance zctivities by utilizing organizational capital and how these constructs interact to influence firm value, by using the listed America companies in Compustat from year 1980 to 2021. The results suggest that investors positively value companies owning high managerial ability executes and their tax avoidance activities. In addition, investors also measure companies positively when enterprises have complete organizational capital. However, the interact effect of three determinants is not clear. In sensitivity analyses there are four parts. First one is different fraction about organizational capital in different industries. Second, we use different proxies to measure key variances. Third, we tear sample into high and low groups basing on key variances. The results of sensitivity analyses go with the results, proving the robustness of our research. With the development of enterprises, the importance of intangible assets has rapidly increased. This paper will help investors and related institutions to recognize intangible capital and related qualitative characteristics of companies that cannot be disclosed in financial reports when making decisions. This paper also helps users of financial reports estimate the value of firms more accurately.
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描述:	碩士國立政治大學會計學系 109353115
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0109353115
数据类型:	thesis
DOI:	10.6814/NCCU202201359
显示于类别:	[會計學系] 學位論文

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