融資約束、企業避稅及現金持有之影響研究

本研究旨在於探討臺灣企業所面臨的融資約束是否會對其避稅行為帶來影響，故模型採用普通最小平方法 (OLS) 進行檢驗。實證結果顯示，企業避稅與融資約束呈現顯著正相關，表示企業所受的融資約束程度愈高時，則其避稅程度愈高。考量企業現金持有多寡影響企業融資約束程度，因此本研究進一步探討企業在面臨融資約束時，現金持有對企業避稅的行為是否會有不同影響，故選擇以兩階段最小平方法 (2SLS) 予以檢驗。第一階段迴歸結果顯示，企業現金持有程度對於融資約束有顯著的負向影響，即當企業持有現金及約當現金愈多時，所受融資約束愈低。再經由第二階段的迴歸實證結果可知，融資約束對於企業避稅程度具有顯著正向影響，即當企業面臨融資約束程度愈強時，避稅程度愈高，因此，藉由兩階段最小平方法 (2SLS) 模型證明，企業現金持有程度對企業避稅無直接效果，只有間接效果，即企業現金持有會影響融資約束，進而再影響企業的避稅行為。

關鍵字

融資約束；現金持有；企業避稅

並列摘要

The first purpose of this study is to explore whether the financing constraints affect tax avoidance behaviors. The empirical result demonstrated a significantly positive correlation between tax avoidance and financing constraints. This indicates that a higher degree of financing constraints would induce a higher degree of tax avoidance. To consider the influence of corporate cash holdings on the degree of corporate financing constraints, the second purpose of this study aims to explore whether cash holdings have different effects on corporate tax avoidance when firms suffered the financing constraints. The results showed that the degree of cash holdings has a significantly negative impact on the financing constraints. That is, the more cash holdings and cash equivalents, the lower the financing constraints are. Furthermore, the financing constraints have a significantly positive impact on corporate tax avoidance. These empirical findings of two-stage least squares model prove that the degree of corporate cash holdings would indirectly affect the financing constraints, and then affect the tax avoidance behaviors.