公司股權結構與租稅管理之績效影響

本研究以我國2010年至2017年的上市櫃公司為樣本，分析公司股權結構與租稅管理之關係及對公司績效造成的影響。過去研究指出當席次控制權與盈餘分配權偏離程度越大，其代理問題更嚴重。有別於過去國外研究以股份控制權衡量大股東的控制權，本研究提出以較適合台灣上市櫃公司實務環境的席次控制權之定義來衡量其股權偏離程度。本研究進一步探討公司治理評鑑制度結果的優劣對公司股權結構與租稅管理之關係，以及對公司績效是否產生影響。本研究實證結果發現當公司股權結構屬於最終控制者掌控股權時，當股權越趨於集中，公司從事租稅管理的程度較高，公司之績效也較佳。然而，當公司股權結構屬於「席次控制權與盈餘分配權偏離程度」與「席次控制權與股份控制權偏離程度」愈大時，公司從事租稅管理程度較低，公司之績效也較差。研究結果顯示公司不同股權結構型態會影響公司租稅管理程度與公司績效的表現。本文同時發現當公司治理機制越佳的企業，其不同股權結構型態與租稅管理程度對公司績效之正向效果均大於公司治理機制較差的企業。另外，執行相關增額測試分析所獲得的結果皆支持前項論述。

關鍵字

租稅管理；股權偏離程度；公司績效；公司治理

並列摘要

Using firms listed in Taiwan Stock Exchange from 2010 to 2017 as a sample, this study analyzes the effects between corporate ownership structure and taxation management on firm performance. Prior research indicates that the greater divergence between board seat-control rights and cash flow rights, the agency problems may be more serious. Different from most of previous research that focuses on the control of the majority shareholder is controlled by the share control, this study measures the deviation of the control rights and the cash flow rights by the definition of the seat control rights that is more suitable for the practical environment of the Taiwan listed firms. This study further explores the relative strength-weakness index of the corporate governance on the relationship between the ownership structure and taxation management, and whether it has an impact on firm performance. The empirical results show that the more the ownership structure belongs to the high concentrated ultimate controller, the higher the degree of the firm's taxation management, and the better the firm performance. However, when the ownership structure of a firm with a greater deviation is from the difference between the board seat-control rights and the cash flow rights or the difference between seat control rights and voting rights, the degree of the firm's taxation management is lower and has poor firm performance. The results show that the different types of corporate ownership structure affect the degree of the taxation management and firm performance. Further, this study finds that firms with better corporate governance mechanism, the relationship between ownership structure and the degree of taxation management has a significant positive impact on firm performance than firms with weaker corporate governance mechanism. Additionally, the evidence obtained in some additional tests is consistent with the main analysis.