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| Title: | 當沖制度與租稅規避對公司價值的影響
Do Day Trading and Tax Avoidance Affect Firm Value |
| Authors: | 張育維
Chang, Yu-Wei |
| Contributors: | 何怡澄
郭振雄
張育維
Chang, Yu-Wei |
| Keywords: | 當沖交易
當沖降稅
租稅規避
Day trading
Day trading tax reduction
Tax avoidance |
| Date: | 2022 |
| Issue Date: | 2022-09-02 15:30:03 (UTC+8) |
| Abstract: | 本文探討當沖降稅與租稅規避對公司價值的關聯性。當沖降稅能夠降低投資人的交易成本，有助於提升股市流動性，進而影響公司價值。以2014開放當沖交易以來至2020年間臺灣的上市櫃公司為研究對象，研究結果顯示，當沖交易以及租稅規避行為與公司價值具有正向關係；但加入當沖降稅政策效果後，租稅規避行為反而將傷害公司價值；敏感性分析，採用不同租稅規避、當沖指標、公司價值、使用Heckman二階段估計法處理樣本選擇偏誤，以及前期獨立變數估計領先-落後關聯性降低內生性的可能疑慮，均獲得穩健性的結果。
This paper examines the correlation between day trading tax reduction and tax avoidance on firm value. Day trading tax reduction can reduce investors` transaction costs, which helps to improve stock market liquidity and further affects firm value. The research targets are listed companies in Taiwan from 2014 to 2020 when day trading was started. The results of the study show that there is a positive relationship between day trading and tax avoidance behavior and firm value; however, after adding the effect of day trading tax reduction policy, tax avoidance behavior will hurt firm value. Sensitivity analysis, using different tax avoidance, day trading indicators, firm value and Heckman`s two-stage estimation method to address sample selection bias, and the possibility that the leading-lagging correlation of the prior independent variables reduces endogeneity, all of them obtain robust results. |
| Reference: | 柯辰穎，2021，租稅規避與租稅風險對公司價值的影響，政治大學財政學研究所未出版碩士論文。
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| Description: | 碩士
國立政治大學
財政學系
109255019 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109255019 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202201441 |
| Appears in Collections: | [財政學系] 學位論文
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