- 學位論文
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
The Impact of Corporate Social Responsibility, Fiscal and Taxation Differences and the Effect of Tax Shield on Corporate Capital Structure Decision
摘要
企業經營為追求利潤極大化，會極力尋找各類方式，讓其產出成本費用極小化，畢竟創新研發 的 成本費用，就大多數企業而言，是昂貴且無法預期自償性是否足夠，因此企業在尋求利潤極大化的過程，常常會忽略其應盡的企業社會責任 致 造成龐大的外部成本，因而衍生政府需投入相當的資源來進行填補 然而縱使企業有善盡企業社會責任，該企業社會責任投入所衍生成本， 與 造成稅負一定程度減免間的關係，也是近年來極力去探討的問題，畢竟企業社會責任的設計，是希望企業能夠適度投入資源，關懷社會福利政策所疏漏的區塊 因此該項資源投入給予一定程度稅賦減免鼓勵 ，是合宜的。過去文獻中，有大篇幅討論企業資本結構形成，與財稅差異或稅盾效果之間的關聯度，本篇文章除探討企業社會責任與財稅差異間的關係外，亦更進一步探討財稅差異，乃至於稅盾效果，對企業資本籌措的影響，以清楚解析出各該等要素對公司資本形成所產生各類變化，從中發現公司資本決策思考的各種脈絡。本文自 TEJ擷取相關財報資料，依過去文獻對各變數定義整理彙總，實證發現企業社會責任及財稅差異與資本結構呈負相關，稅盾效果與資本結構則呈正相關。
並列摘要
In order to maximize profits, enterprises will strive to find various ways to minimize their output costs. After all, the cost of innovation and R & D is expensive for most companies and it is impossible to predict whether self compensation is sufficient, so In the process of seeking to maximize profits, companies often ignore their due corporate social responsibility and cause huge external costs. Therefore, the derivative government needs to invest consider-able resources to fill it. However, even if the company has good corporate social responsibility, the company The relationship between the cost derived from social responsibility input and a certain degree of tax relief is also a problem that has been vigorously explored in recent years. After all, the design of corporate social responsibility is to hope that enterprises can invest resources appropriately and care for the areas that social welfare policies have missed Therefore, it is appropriate for this resource investment to provide a certain degree of tax reduction and exemption encouragement. In the past literature, there has been a large discussion on the formation of corporate capital structure and the correlation between fiscal and tax differences or tax shield effects. In addition to the relationship between corporate social responsibility and fiscal and tax differences, fiscal and taxation is further explored Differences, and even the effect of tax shields on corporate capital raising, in order to clearly analyze the various changes that these factors have on the formation of company capital, and find out the various contexts of company capital decision-making. This article extracts relevant financial reports from TEJ The data is compiled and summarized according to the definitions of various variables in the past literature, and the empirical findings show that corporate social responsibility and fiscal and tax differences are negatively related to the capital structure, and the tax shield effect is positively related to the capital structure.