企業租稅規避在負債融資策略扮演之角色

The Role of Corporate Tax Avoidance in Debt Financing Strategies

邱士宗(Shih-Tsung Chiu) ； 陳蘭蕙(Lan-Hui Chen) ； 郭振雄(Jenn-Shyong Kuo) ； 何怡澄(Yi-Cheng Ho)

《商略學報》 11卷3期 (2019/09) Pp. 169-198

https://doi.org/10.3966/207321472019091103001

摘要

本研究探討企業租稅規避與負債間關聯性，並分析規模、獲利能力及信用風險三項企業特性，對租稅規避與負債關係的調節效果。本文採用臺灣上市、上櫃企業在2005-2015年資料，進行迴歸分析。實證結果顯示，首先，企業租稅規避與總負債間存在負向的替代關係，類似Graham and Tucker（2006）、Rao and Yu（2013）及黃美祝、汪瑞芝（2015）的結果。然而，企業租稅規避卻與長期負債間存在正向的互補關係，不同於Rao and Yu（2013）的結果，但與Bradley et al.（1984）及Downs（1993）的結果一致；其次，企業租稅規避與總負債間之負向關係顯著出現在大規模企業，與長期負債間正向關係顯著出現在小規模企業；第三，企業租稅規避與總負債間的負向關係顯著出現在低獲利企業，與長期負債的正向關係主要發生在高獲利企業；第四，企業租稅規避與總負債間替代關係主要出現在低信用評等企業，與長期負債的互補關係主要出現在無信用評等企業。

關鍵字

資本結構 ； 負債政策 ； 租稅規避 ； 非負債稅盾 ； 負債稅盾

並列摘要

This paper investigates the substitution effect between corporate tax avoidance and debt, and examines its sensibility of three firm attributes including size, profitability and credit constraint, using a sample of Taiwan listed corporations in 2005-2015. We find that tax avoidance is significantly negatively associated with leverage measured by total debt, which is partially consistent with Graham and Tucker (2006), Rao and Yu (2013) as well as Huang and Wang (2015); while, tax avoidance is significantly positively associated with leverage measured by long-term debt, which is different from Rao and Yu (2013) and is consistent with Bradley et al. (1984) as well as Downs (1993). Furthermore, the relation between tax avoidance and leverage is significant and negative for large firms when leverage measured by total debt, and is significant and positive for smaller firms when leverage measured by long-term debt. In addition, the relation between tax avoidance and leverage is significant and negative for less profitable firms when leverage measured by total debt, and is significant and positive for the profitable firms when leverage measured by long-term debt. Lastly, the relation between tax avoidance and leverage is significant and negative for firms with less favorable prior credit ratings when leverage measured by total debt, and is significant and positive for firms without credit ratings when leverage measured by long-term debt.

並列關鍵字

Capital Structure ； Debt Policy ； Tax Avoidance ； Non-debt Tax Shields ； Debt Related Tax Shields

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