現金股利、證券暨期貨交易所得及土地交易所得免稅對盈餘管理之影響－台灣上市公司實證研究

Do Firms use Tax-Exempt of Cash Dividends, Stock, Future, and Land Capital Gains to Manage Earnings? Evidence from Taiwan

蔡慧芳(Huey-Fang Tsai) ； 王銘駿(Ming-Chun Wang)

《管理科學研究》 4卷1期 (2007/06) Pp. 1-22

https://doi.org/10.6873/MSR.200706_4(1).0001

摘要

本文結合所得稅與盈餘管理，延伸現行稅法中現金股利收入、證券暨期貨交易所得及土地交易所得免稅等永久性財稅差異在盈餘管理研究領域的文獻。本文以手收集台灣上市公司年報中附註所揭露的永久性所得稅影響數為調查樣本，進行平均數t檢定、相關性分析與複迴歸分析。研究發現企業會藉由現金股利收入及土地交易所得免稅之永久性所得稅差異作為盈餘管理工具，分群檢測結果發現電子業、非集團化企業與規模較小的企業較具顯著水準。本文對盈餘管理與永久性財稅差異研究領域的實證文獻有貢獻。

關鍵字

盈餘管理 ； 永久性差異 ； 現金股利 ； 證券暨期貨交易所得 ； 土地交易所得

並列摘要

This paper examines whether firms manage earnings based on permanent book-tax differences of cash dividends, capital gains on stock and futures, and land capital gains using data hand-collected from income tax footnotes reported in firms' annual reports. Our empirical results reveal that Taiwanese firms manage earnings based on land transactions and cash dividend revenue which are tax-exempted in current Taiwanese income tax laws. In subgroup investigations, we suggest that electronic, non-affiliated and small firms are statistically significant by engaging permanent book-tax differences tools in order to avoid earnings declines. This paper contributes to add empirical evidence to earnings management and permanent book-tax differences literatures.

並列關鍵字

earnings management ； permanent book-tax differences ； cash dividends ； capital gains on stock and futures ； land capital gains