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| 題名: | 非公認盈餘調整稅率與企業租稅規避
Tax Rate Applied to non-GAAP Exclusions and Corporate Tax Avoidance |
| 作者: | 廖翊丞
LIAO, YI-CHENG |
| 貢獻者: | 何怡澄
郭振雄
Ho, Yi-Cheng
Kuo, Jenn-Shyong
廖翊丞
LIAO,YI-CHENG |
| 關鍵詞: | 非公認會計原則
排除項目調整稅率
排除項目
租稅規避
NON-GAAP
TREX
Exclusions
Tax avoidance |
| 日期: | 2025 |
| 上傳時間: | 2025-09-01 16:32:36 (UTC+8) |
| 摘要: | 本文旨在探討non-GAAP排除項目調整稅率(Tax Rate Applied to Exclusions, TREX)與企業租稅規避關聯性。TREX係指企業在編製non-GAAP盈餘時，針對排除項目所使用之稅率。過往文獻指出，經理特性會影響其財務決策與租稅策略，激進型經理人傾向採取更積極的租稅規避行為(Dyreng et al., 2010; Chyz, 2013；Francis et al., 2014)。Chen et al. (2023)指出，TREX 具高度裁量性，經理人可透過TREX的調整以提升non-GAAP財報稅後盈餘。據此，本研究以TREX作為經理人激進特性的代理變數(proxy)，並納入排除項目規模(exclusions)作為調節變數，檢驗TREX對租稅規避之影響。本研究採用普通最小平方法(OLS)，並採用追蹤資料固定效果模型。實證結果顯示，TREX與租稅規避程度呈顯著正相關，支持其提升租稅規避程度的假說。此外，TREX與排除項目規模的交互作用亦呈顯著正相關，表明排除項目規模加強了TREX與租稅規避程度的關係。為驗證結果之穩健性，本文進行多項敏感性分析，包括租稅規避替代指標、TREX連續變數及TREX分組，均支持主要發現。本研究進一步透過傾向分數匹配(PSM)與熵平衡法(Entropy Balancing)進行內生性處理，強化結論之穩健性。此外，本文亦進行橫斷面分析，使用財務限制、未認列租稅利益及跨國企業等特徵作為調節項目，探討其對TREX與租稅規避關係的調節效果。最後，本文進一步進行額外測試，探討TREX的使用與企業市場價值之關聯性，旨在揭示其可能對企業市場價值產生的影響。
This study examines the relationship between the tax rate applied to exclusions in non-GAAP earnings adjustments (TREX) and corporate tax avoidance. TREX refers to the tax rate applied to excluded items when preparing non-GAAP earnings. Prior research shows that managerial characteristics affect financial and tax strategies, with aggressive managers engaging in greater tax avoidance (Dyreng et al., 2010; Chyz, 2013; Francis et al., 2014). Chen et al. (2023) highlight the high discretion involved in TREX, allowing managers to increase after-tax non-GAAP earnings.Using TREX as a proxy for managerial aggressiveness, and incorporating the scale of exclusions as a moderator, this study employs Ordinary Least Squares (OLS) and panel fixed effects models. Results indicate a significant positive association between TREX and tax avoidance, and between TREX–exclusions interaction and tax avoidance, suggesting larger exclusions amplify the effect.Robustness checks—including alternative tax avoidance measures, TREX as a continuous variable, and group classifications—yield consistent findings. To address endogeneity, Propensity Score Matching (PSM) and Entropy Balancing are applied, confirming the results.Further cross-sectional tests consider firm characteristics such as financial constraints, unrecognized tax benefits, and multinational status, revealing their moderating effects. An additional analysis explores the link between TREX usage and firm market value, offering insights into its potential valuation implications. |
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| 描述: | 碩士
國立政治大學
財政學系
112255023 |
| 資料來源: | http://thesis.lib.nccu.edu.tw/record/#G0112255023 |
| 資料類型: | thesis |
| 顯示於類別: | [財政學系] 學位論文
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