政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/155471

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/155471

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政大典藏 > College of Social Science > Department of Public Finance > Theses > Item 140.119/155471

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/155471

Title:	2016年英國租稅策略公開揭露對企業現金持有之影響 Public Disclosure of Tax Strategy and Corporate Cash Holdings : Evidence from the U.K. Tax Strategy Disclosure Requirement
Authors:	黃子軒 Huang, Tz-Hsuan
Contributors:	何怡澄郭振雄 Ho, Yi-Cheng Kuo, Jenn-Shyong 黃子軒 Huang, Tz-Hsuan
Keywords:	租稅透明度公開揭露現金持有租稅不確定性 Tax Transparency Public Disclosures Cash Holdings Tax Uncertainty
Date:	2024
Issue Date:	2025-02-04 15:52:53 (UTC+8)
Abstract:	本研究探討英國2016年租稅策略公開揭露制度對企業現金持有的影響。此揭露制度要求符合資格的大型企業，每年公開揭露其租稅策略報告，英國稅務機關期望藉此減少企業激進租稅規避行為。本文發現，此租稅揭露制度生效後，企業向稅務機關與公眾提供更多資訊，增加企業經營風險，及被稅務機關查稅的風險，使租稅不確定性增加，企業會基於預防性動機，增加現金持有，以應對未來不確定的情況。以2010至2022年在倫敦證券交易所交易之英國公司為樣本，採用差異中之差異法 (Difference-in-Differences, DiD)。實證結果顯示，在英國2016年租稅策略公開揭露制度生效後，受規範企業之現金持有增加。亦使用其他現金持有替代變數、不同定義的控制變數，以及排除須繳交國別報告的企業，三項測試證實主要結果之穩健性。額外測試發現，此租稅揭露制度生效後，企業租稅不確定增加，並驗證企業租稅不確定性確實與現金持有呈現正相關。 This paper examines the effect of the U.K.'s 2016 tax strategy disclosure requirement on corporate cash holdings. The U.K. disclosure requirement requires qualifying large companies to disclosing their tax strategy reports in public annually. The regulator expects these qualitative disclosures to curb corporate tax avoidance. The paper finds that after the enactment of this tax disclosure requirement, qualifying company provide more information to the U.K. tax authority and the public, which in turn increases the risk of business operations and the probability of being challenged by the tax authority. When firms face greater tax uncertainty, they will hold cash to satisfy these potential future demands based on the precautionary motive. Using the sample of U.K. publicly traded firms from 2010 to 2022 and adopting the Difference-in-Differences (DiD) design, the empirical results show an increase in cash holdings of regulated firms after the U.K.'s 2016 tax strategy disclosure requirement came into effect. The robustness of the main results is confirmed through three tests: using alternative measures of cash holdings, employing different definitions of control variables, and excluding companies subject to the Country-by-Country Reporting requirement. Additional tests suggest that corporate tax uncertainty increased after the enactment of this tax disclosure requirement and that tax uncertainty is positively correlated with corporate cash holdings.
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The 36th Annual American Taxation Association Midyear Meeting, Long Beach, CA.
Description:	碩士國立政治大學財政學系 111255019
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0111255019
Data Type:	thesis
Appears in Collections:	[Department of Public Finance] Theses

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