公司治理與租稅規避之關聯性

本研究探討我國上市公司之公司治理評鑑與租稅規避之關聯性，檢驗公司治理評鑑結果排名與公司租稅規避之行為是否相關。研究期間為2016年至2020年，研究對象為我國第三屆至第七屆公司治理評鑑之上市公司。公司治理評鑑排名量化方式衡量，設置1到7分，取決於該公司百分比排名，排名愈前者分數愈高；租稅規避則是分別以當期有效稅率、當期現金有效稅率、五年期有效稅率以及五年期現金有效稅率作為替代變數。實證結果顯示，公司治理品質與當期有效稅率、當期現金有效稅率、五年期有效稅率以及五年期現金有效稅率，皆呈現顯著負向關係，表示公司治理評鑑排名愈佳之公司，其有效稅率愈低，從事租稅規避程度愈大。因此推論公司治理愈好之公司，可能藉由合理的避稅減少公司稅負，保留屬於股東的權益。本文亦使用刪除離群值之方式進行額外測試，測試結果與先前實證結果大致相符。

關鍵字

公司治理；公司治理評鑑；租稅規避；有效稅率；現金有效稅率

並列摘要

This study investigates the relationships between corporate governance evaluation and tax avoidance of listed companies in Taiwan, using the third to seventh annual corporate governance evaluation results published in 2016 to 2020, I examine whether the ranking of corporate governance evaluation results is related to corporate tax avoidance. The measurement of tax avoidance includes the current effective tax rate, the current cash effective tax rate, the five-year effective tax rate, and the five-year cash effective tax rate. The empirical results show that the quality of corporate governance has a significant negative relationship with the current effective tax rate, the current cash effective tax rate, the five-year effective tax rate, and the five-year cash effective tax rate. The lower the effective tax rate, the greater the degree of tax avoidance. Therefore, it is inferred that a company with better corporate governance may reduce the corporate tax burden through reasonable tax avoidance and retain the rights and interests of shareholders.