- 學位論文
公司財務長教育背景與公司避稅之關聯性
The Relationship between CFO Educational Background and Corporate Tax Avoidance
摘要
本研究旨在探討公司財務長教育背景與公司避稅之關聯性。過去關於企業經理人與企業避稅的文獻，多聚焦於執行長 (CEO) 或經理人個人之影響，較少關注公司財務長 (CFO) 以及其教育背景之影響。由於公司財務長在公司租稅規劃決策上扮演重要角色，本研究特別限縮公司經理人之範圍，專注於探討不同教育背景之公司財務長對於其公司避稅程度之關聯性。本研究以美國 2000年至2016年S&P 1500之公司作為樣本，採用三年期及五年期現金有效稅率作為公司避稅衡量之代理變數，並以公司財務長最主要的兩大教育背景，商學院企業管理碩士學歷 (MBA) 以及代表具有財會專業背景的美國會計師證照(CPA)，作為主要變數。本研究實證結果顯示，公司財務長前述兩項教育背景與公司避稅行為存在顯著正向關係，若公司財務長擁有MBA學歷及CPA證照，則公司之長期現金有效稅率相對較低，公司避稅程度較高。此結果顯示，公司財務長之教育背景，會影響其避稅偏好及避稅能力，進而反應在公司之長期租稅規劃上。另外，本研究亦發現，若公司財務長為男性、較年長，或在公司未委外稅務諮詢的情況下，公司財務長的教育背景對於公司避稅行為之影響會較為顯著。本研究之各項分析探討結果，可供政府機關及學術界與實務界參酌引用。
並列摘要
This study examines the relationship between the educational background of CFOs and corporate tax avoidance. Prior literature focuses more on the overall effect of CEOs or executives on corporate tax planning; however, there is little evidence on the relationship between the CFO’s educational background and corporate tax avoidance. Since the CFO plays an important role in making financial and accounting related decisions within the corporation, this research seeks to put emphasis on only CFOs and explore whether CFOs’ professional backgrounds affect their decisions and abilities of tax planning. To effectively measure tax planning behavior, this study uses 3-year and 5-year cash effective tax rate as the tax planning proxy. As for the CFO’s educational background, this study uses his/her MBA degree or CPA license, which are the two major backgrounds of CFOs, as the major proxies. Using a sample of S&P 1500 companies during 2000-2016, this research finds a positive association between CFO’s educational background and corporate tax avoidance. Companies hiring a CFO with an MBA degree or a CPA licence are more likely to have lower cash ETR and more aggressive tax planning, indicating these educational backgrounds associate with CFO’s risk appetite and ability in tax planning. In addition, this study finds that when the CFO is male, older or hired by company without tax consulting, the effect of CFO’s educational background on corporate tax avoidance is more significant. Overall, these results can be useful and serve as a good reference for industrial, academics and government sectors.