- 學位論文
2017年減稅與就業法案：企業避稅對資本結構的影響
How Does Corporate Tax Avoidance Affect Capital Structure Under the Tax Cuts and Jobs Act of 2017?
摘要
本研究從美國2017年減稅與就業法案來探討企業避稅對資本結構的影響，利用美國上市公司(排除金融業、公營事業與政府機關)2010年至2019年的資料，進行修正雙重差分分析(Modified Difference-in-Differences Model)與每年多元回歸趨勢分析(Year-by-Year Regression)。實證結果顯示，2017年減稅與就業法案的頒布使原本有效稅率(Effective Tax Rate)與公司槓桿的負向關係減弱，且該法案確實降低公司槓桿。此外我們還做了子樣本分析(Subsample Analysis)，探討公司特性是否會影響公司避稅誘因的變化，本研究從兩種指標探討－過去三年平均股價報酬率(分成三組)與資本支出(分成兩組)，最後發現，股價報酬率高的公司其負向關係減弱的效果更加明顯，股票報酬率低的公司則可能會因為資金成本降低而提高舉債，使得有效稅率與公司槓桿的關係由負轉正。至於資本支出的結果顯示，高資本支出與低資本支出的避稅行為並無明顯差異，顯示2017年減稅與就業法案沒有成功刺激投資，所以高資本支出公司沒有達到我們原先所預期的增加舉債的效果。
並列摘要
This paper examines whether corporate tax avoidance affects capital structure under the Tax Cuts and Jobs Act of 2017. We exploit a panel data set of U.S. firms excluding financial firms, utilities, and government agencies. The way in this study to test the relationship between tax avoidance and capital structure is to conduct the modified difference-in-differences model and year-by-year regression. Both results suggest that the Tax Cuts and Jobs Act of 2017 reduces the incentives for tax avoidance and decrease firm leverage. In addition, we also care about whether firm characteristics affect the behavior of tax avoidance and adjustment of capital structure. We finally do subsample analysis and make two conclusions. First, the negative association between effective tax rate and firm leverage in high-return firms will be weaken and that in low-return firms will turn into a positive association. Second, the Tax Cuts and Jobs Act of 2017 does not stimulate investment successfully so there is little difference in the behavior of tax avoidance between small-capex and large-capex firms.