移轉訂價與盈餘管理之研究

An Empirical Investigation on the Relationship between Transfer Pricing and Earnings Management

陳明進(Ming-Chin Chen) ； 蔡麗雯(Lih-Wen Tsai)

《證券市場發展季刊》 22卷2期 (2010/07) Pp. 141-175

https://doi.org/10.6529/RSFM.2010.22(2).5

摘要

集團企業利用關係人間偏離常規價格的移轉訂價交易進行規避稅負或盈餘管理之疑慮，已為當前稅務及證券主管機關最重視的課題之一。然而，在文獻上卻迄未有探討移轉訂價與盈餘管理關聯性的實證研究，本研究乃透過移轉訂價迴歸模式的建立，探討影響我國上市櫃公司移轉訂價偏離常規交易結果的相關因素，並進一步測詴移轉訂價偏離常規交易結果是否與公司盈餘管理的裁決性應計數有所關聯。本文實證結果發現，在其他條件相同下，公司的獲利能力與負債比率愈高，以及企業規模愈大者，其移轉訂價偏離常規交易的差異數較低；此外，營業成長性愈高與大股東及董監經理人員持股比率愈高之企業，其移轉訂價偏離常規交易的差異數愈高；電子業與非電子業公司在移轉訂價偏離常規交易結果的程度上，有顯著不同之現象。最後，在控制其他影響裁決性應計數的企業特性後，本文也發現移轉訂價偏離常規交易結果的差異數與公司裁決性應計數間有正向之關聯性。這些結果提供我國上市公司可能存在利用關係企業間應計基礎之移轉訂價交易，進行盈餘管理之實證證據。

關鍵字

移轉訂價 ； 盈餘管理 ； 非常規交易 ； 裁決性應計數 ； 公司治理

並列摘要

Transfer pricing is widely used as a vehicle among affiliated companies to engage in tax planning and earnings management. However, there is little empirical evidence to substantiate the association between transfer pricing transactions and earnings management. This study examines the relationship between earnings management and the deviations in profits of transfer pricing transactions from those of non-related party's transactions. We found that, ＂ceteris paribus＂, large companies tend to have lower deviations in profits of transfer pricing transactions. In addition, returns on assets and debt ratios are negatively related with the deviations in profits of transfer pricing transactions. However, firms with greater revenue growth rates and firms whose substantial shareholders and directors have greater share percentages tend to have greater positive deviations in profits of transfer pricing transactions. We also found that the electronics industry appears to have lower deviations in profits of transfer pricing transactions than other industries. Finally, after controlling for other factors associated with discretional accruals, our empirical results show that the deviations in profits of transfer pricing transactions are positively related with abnormal accruals. Our results provide empirical evidence that companies may use the transfer pricing transactions as a vehicle for earnings management.

並列關鍵字

Transfer Pricing ； Earnings Management ； Non-arm's Length Transaction ； Discretional Accruals ； Corporate Governance

參考文獻

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