摘要
近年來從雷曼兄弟單一的「企業個體」到希臘整個「國家主體」所產生的債務問題，可以發現到「債」所影響的範圍並不亞於「股票」，這也突顯了「債務資金」在資本市場中扮演了重要的角色，是一個非常值得探討的議題。本研究探討「財稅差異」與「債務資金成本」之間的關聯性，但在現行文獻中並沒有此關聯性之研究，彙總兩方文獻的研究結果，本研究認為，財稅差異大小可以反應出企業的盈餘品質，因此可以深入研究「負債資金成本」是否會受到「財稅差異」的大小而影響。 本研究樣本期間為2006年到2010年間上市公司，以所得稅費用除以當年所得稅稅率當作財稅差異的代理變數，探討「財稅差異」與「債務資金成本」之間的關聯性。其實證結果顯示，本研究的主要變數財稅差異（BTD）對應變數負債資金成本（COD）是呈現顯著正相關，這也就表示說當企業財稅差異變大，債權人認為盈餘品質可能惡化使所承擔的風險增加，因而要求較高的風險溢酬，故企業所需承擔的負債資金成本會因此增加。
並列摘要
The debt problems form Lehman Brothers to Greece government ranged from “the single business entity” to “the country” as we can see the scope of the influence of “debt” has been not less than “stock” in recent years, so that it illustrates the “cost of debt” plays a vital role in the capital market and is worth to research. The aim of this study was to analyze the relevance between “Book-Tax difference” and “Cost of Debt” while there is no existing literacy concerning this topic at present. After summarizing both sides in such literature findings, I found the size of book-tax difference could reflect the earning quality, and therefore it is worth to research whether or not the cost of debt would be affected by the book-tax difference. The period of this research was from 2006 to 2010 and used listed companies to be samples. I utilized income tax expense divided by the income tax rate in terms of a proxy for book-tax difference in order to explore the connection between “Book-Tax difference” and “Cost of Debt”. The result showed that the book-tax difference was significantly positive correlated with the cost of debt; as a consequence, once the size of book-tax difference become larger in the corporation, the creditors might worry about the increasing risks owing to the worse earning quality. Correspondingly, the cost of debt is going to increase in the corporation because of the higher risk premium.
參考文獻
延伸閱讀
- 黃劭彥、卓佳慶、邱安安、徐維廷（2013）。財稅差異與財務危機之關聯性研究。會計審計論叢，3(2)，1-26。https://www.airitilibrary.com/Article/Detail?DocID=22219374-201312-201312050059-201312050059-1-26
- 陳信樺（2020）。企業社會責任、財稅差異與稅盾效果對公司資本結構決策之影響〔碩士論文，國立臺中科技大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0061-1706202000535500
- 姚維仁、金成隆、王肇蘭（2018）。銀行債務契約訂定與財稅差異之關聯性。會計評論，(66)，1-39。https://doi.org/10.6552/JOAR.2018.66.1
- 梁雅雯（2018）。租稅負擔率、經濟成長率與財政收支關聯之研究〔碩士論文，嶺東科技大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0103-3108201823563300
- 簡娟凰（2014）。Fatcat Companies and the Analysis of Cost of Debt〔碩士論文，中原大學〕。華藝線上圖書館。https://doi.org/10.6840/cycu201400569