關係人交易、稅負與公司績效關聯性之實證研究

An Empirical Research of the Association between Related Party Transactions, Taxes, and Corporate Performance in Taiwan

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

《桃園創新學報》 32期 (2012/12) Pp. 299-326

https://doi.org/10.6989/JTI.201212.0299

摘要

本研究主要探討關係人交易、稅負與公司績效之關聯性；財務會計準則公報第6號規定關係人交易揭露準則，關係人交易重大交易事項發生，與租稅負擔是相關的。本研究利用台灣經濟新報文化事業股份有限公司之國內上市公司普通股財務資料庫，以687家上市公司為樣本，7433個觀察值為研究對象，資料從2001年至2010年間，採用普通最小平方法驗證的方式進行迴歸分析。檢測企業進行關係人交易的指標因素，並檢測關係人交易的因素是否有差異。實證結果發現：（1）關係人交易對稅負達5%負向顯著影響。另外，關係人之銷貨對稅負達1%顯著負向影響；關係人之進貨、關係人之應收帳款票據對稅負達5%顯著正向影響；關係人財產交易利益、關係人利息支出對稅負達10%顯著負向影響。（2）關係人交易對公司績效之迴歸模型達1%顯著影響。關係人財產交易利益對公司績效達5%顯著負向影響；關係人營業外收入公司績效達5%顯著負向影響。本研究採用最小平方法（OLS）對稅負與公司績效線性的衡量方式，經由殘差異質性檢定，無法找出較佳的判定係數與常態分配的線性關係。關係人交易資料有極端值之情形，日後研究者可嘗試對極端值進行關聯性分析，或許有更佳解釋能力的統計結果。

關鍵字

公司績效 ； 迴歸分析 ； 租稅負擔 ； 關係人交易

並列摘要

The objectives of this research paper is to explore and exam the relationships between related party transactions, taxes and corporate performance. According to FASB No. 6, the company should make adequate accounting disclosures regarding material related party transactions in the financial statements. Some prior research studies regarding related party transactions suggest that such transactions are statistically correlated to the tax liabilities. With the purpose to verify the further relationships between related party transactions and taxes in combination with it's impacts on corporate performance, we apply an empirical study with 7,433 observations from 687 Taiwanese listed companies during the period from 2001 to 2010. Using ordinary least squares regression analysis we find that: (1)Related party transactions and sales bwtween related parties are negatively correlated to tax liabilities; on the other hand, purchases between related parties and receivable from related parties correlate positively to the variation of tax liabiities. (2)Regarding their ifluences on corporate performance, we find that two explanation variables - property transactions between related parties and the non-operational gains from related parties - correlate negative to our performamce indicator. (3)In this study, we first apply the least squares (OLS) linear regression analysis method to measure the association between tax liability and corporate performance. For the robustness test, then we apply Tobin's OLS regression model which yields a White test statistic to verify the heteroskedasticity of residual items. In this test, we can't find a satisfied coefficient of determination to justify a linear normal distribution. In other words, there are evidence that the observed related party transactions are inherent of extrem values. For an improved statistical result, a further examination of these extrem values observations regarding heteroskedasticity of residual items is strongly recommended.

並列關鍵字

Related Party Transaction ； Tax Liability and Corporate Performance