家族企業對營利事業有效稅率之影響

The Influence of Family Business on Effective Tax Rate

甄蕙芬(Hui-Fen Chen)

指導教授 ： 許義忠

國立臺中科技大學/商學院/財政稅務系租稅管理與理財規劃碩士班/碩士(2017年)

摘要

本文係探討在臺灣有效稅率是否會受到家族企業的影響。文中分別使用普通最小平方法及分量迴歸法分析2005年至2014年1,054家公司的追蹤資料。實證結果顯示，就普通最小平方法分析而言，總資產報酬率、企業規模、家族總經理以及負債水準與有效稅率皆呈正向顯著效果；至於折舊稅盾及資本密集度與有效稅率則呈負向顯著效果；然而，家族企業、資產抵押價值及外部董事比率對有效稅率則無解釋能力；就分量迴歸法分析而言，家族企業在高分量與有效稅率呈正向顯著水準。總資產報酬率無論在低、中、高分量均呈正向顯著水準，惟於最高分量則呈負向顯著水準。企業規模除最低分量及高分量未達顯著效果外，其餘均呈正向顯著水準。資產抵押價值僅在低分量及中分量呈負向顯著水準。折舊稅盾僅在高分量呈負向顯著水準，至於低分量及中分量則效果不顯著。資本密集度除最低分量及最高分量外，其餘分量均與有效稅率呈負向顯著水準。家族總經理除最低分量及最高分量無顯著效果外，其餘分量均與有效稅率呈正向顯著水準。外部董事比率僅在低分量與有效稅率呈正向顯著效果。負債水準除低分量無顯著效果外，其餘分量均與有效稅率呈正向顯著水準。

關鍵字

有效稅率 ； 家族企業 ； 分量迴歸

並列摘要

This paper discussed whether the effective tax rate will be affected by the family business in Taiwan. In this paper, we use ordinary least square method and quantile regression method to analyze the panel data of 1,054 companies from 2005 to 2014. The empirical results showed that the total return on assets, the size of the firm, the family CEO, the financial leverage, have a significant influence on ETR by the ordinary least square method. As for the depreciation tax shield, capital intensity, and the effective tax rate are in negative influences. However, the family business, the value of asset mortgages, and the ratio of outside board member have no explanatory power to the effective tax rate. The family business is significantly positive at the higher quantiles on effective tax rates by the quantile regression. The total return on assets doesn’t matter if it’s in low, medium and higher quantiles, it has shown a significant positive standard, but the highest quantile had a negative significant level. In addition to the corporation size of the lowest quantile and the higher quantile which failed to achieve the significant results, the rest of them were in positive significant level. The value of asset mortgages is only negative in the lower and medium quantile. The depreciation of tax shield in higher quantile has shown in negative significant level, the lower and medium quantile are not significant. In addition to the capital density of the lowest and the highest quantiles, the remaining quantiles are negatively significant on the effective tax rate. The family CEO of the lowest and the highest quantiles, it has shown there is no significant effect, the rest of the quantiles were in significantly positive level on the effective tax rate. The ratio of outside board member has a significant positive effect only on the lower quantile. The low quantile of the financial leverage, there is no significant effect, the remaining quantiles are positively correlated with the effective tax rate.
It can be seen from the estimated results that the ordinary least squares method and the quantile regression method analyzing the influence of each control variable on the effective tax rate.

並列關鍵字

Effective Tax Rate ； Family Business ； Quantile Regression

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