當沖制度與租稅規避

研究目的：當日沖銷制度所提升的流動性，是否能抑制公司的極端租稅規避行為。研究設計／方法：採用分量迴歸模型（quantile regression）檢視當沖制度對公司極端租稅政策的影響。研究結果：當沖制度所帶來的流動性會加劇公司的極端租稅規避行為。進一步，使用傾向分數配對法（propensity score matching）搭配差異中差異估計法（difference-in-differences, DID）、多種租稅規避指標、不同當沖交易量衡量及控制公司治理機制，均獲得一致結果。研究限制／啟發：雖然當沖制度提升資本市場的流動性，但當沖引發的投機氛圍，偏重短期交易，無法有效監督公司租稅規避活動。理論／實務／社會意涵：適度調整提升流動性對股票市場能產生一定之助益，但仍需要考量可能衍生的成本與風險。創見／價值：當沖制度所增加的流動性反而抑制公司外部監督機制的效能。

關鍵字

當日沖銷交易；流動性；租稅規避；分量迴歸

並列摘要

Purpose - This study examines whether increased liquidity from day trading can attenuate a firm's extreme tax avoidance. Design/methodology/approach - Using a quantitative regression model to examine the impact of day trading on extreme tax avoidance. Findings - The increase in day trading liquidity exacerbates tax avoidance. We also use the propensity score matching and difference-in-differences, various measures to proxy for tax avoidance and day trading, as well as control for the effect of the corporate governance mechanism. The results suggest that our findings remain robust. Research limitations/implications - While the enhanced liquidity resulting from day trading stabilizes the capital market, the speculative atmosphere triggers a market focused on short-term transactions, which weakens the governance by voice to constrain extreme tax avoidance. Practical implications/Social implications - Increased liquidity can benefit the stock market to some extent. However, the potential costs and risks need to be considered. Originality/value - Day trading increases liquidity, but it weakens the external corporate governance mechanism.

並列關鍵字

Day trading ； Liquidity ； Tax avoidance ； Quantile regression

參考文獻

吳貞慧、王姿韻 (2020)。調降當日沖銷證券交易稅之影響：臺灣股票市場實證研究。會計評論，70，135-169。https://doi.org/10.6552/JOAR.202001_(70).0004

邱士宗、張崇倫、郭振雄、何怡澄 (2020)。總經理過度自度、家族企業與租稅規避。中華會計學刊，16(1)，87-134。https://doi.org/10.6538/TAR.202007_16(1).0003

廖益興、高儷華、單騰笙 (2018)。產業專精之查核是否能減緩企業之財稅差異。經濟論文叢刊，46(1)，125-178。https://doi.org/10.6277/TER.201803_46(1).0004

廖益興、單騰笙、高儷華 (2021)。管理階層法律責任與企業租稅規避。中山管理評論，29(1)，33-70。https://doi.org/10.6160/SYSMR.202103_29(1).0002

Badertscher, B. A., Katz, S. P., & Rego, S. O. (2013). The separation of ownership and control and corporate tax avoidance. Journal of Accounting and Economics, 56(2-3), 228-250. https://doi.org/10.1016/j.jacceco.2013.08.005

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