資本弱化、稅負與資本結構間關係之實證研究

An Empirical Study of the Relationship between Thin Capitalization, Tax Planning and Capital Structure

越雅儀(Ya-Yi Chao) ； 蕭哲芬(Chi-Fen Hsiau) ； 廖瓊正(Cheng-Chang Liao)

《全球管理與經濟》 8卷1期 (2012/06) Pp. 63-90

https://doi.org/10.6565/JGME.2012.8(1).4

摘要

鑑於針對資本結構與資本弱化因素對稅負之影響的實證研究，目前國內仍然為數不多，本研究目的有四：（1）探討負債比與當期所得稅負、經營績效及獲利能力等變數之關連性。（2）探討有效稅率對負債比之關連性。（3）探討負債比對有效稅率之關連性。（4）探討公司規模、成長性、關係人之資金融通、關係人之銷貨及關係人進貨對負債比之關連性。因此，本研究以國內400家上市公司為樣本，6,021個觀察值為研究對象，資料從2001年至2010年間，以普通最小平方法驗證的方式透過迴歸分析，進行相關性之檢驗。本研究實證發現：（1）負債比與當期所得稅呈顯著負相關，兩者為替代關係。（2）當期所得稅對負債比具有負向之影響。負債比對有效稅率具有負向之影響。（3）公司規模對負債比具有負向之影響；成長性、關係人之銷貨對負債比具有正向之影響；關係人進貨對負債比稍具有負向之影響。

關鍵字

負債比 ； 資本結構 ； 資本弱化 ； 迴歸分析

並列摘要

As the empirical research regarding thin capitalization, capital structure and effective tax rates in Taiwan is still not well developed, our paper is intended to make some efforts to connect this gap. The purposes of this study are listed as below: First, to explore the relationships between leverage, tax, performance and profitability of a firm. Then, we would like to verify the existence of the statistical relationship between Debt Equity Ration and effective tax rate. Finally, we are also curious about the impacts of other microeconomic variable, such as company size, growth and transactions among related parties, on the capital structure in the time of thin capitalization.In this study we have collected 6,021 observations from 400 listed Taiwanese companies, dated from 2001 to 2010. To examine the correlations between the above mentioned variables, we apply OLS Regression Analysis. Our empirical findings suggest that, (1) the leverage ratio is negatively correlated to the income tax expenses. (2) The tax exert a negative impact on leverage ratio. The leverage ratio is negativly correlated to the effective tax rate. (3) The company size is assumed to have a negative impact on leverage ratio. On the other side, growth and related sales are positivly related to leverage ratio, and related purchase is evidenced to have a negative impact on the leverage ratio, although the connection is not very significant.

並列關鍵字

E-Comerice ； Marketing ； Internet Marketing