公司治理與有效稅率對研發投資決策的影響

The Impact of Corporate Governance and Effective Tax Rate on R&D Investment Decisions

璩瑞萍(Jui-Ping Chu)

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

研發投資可以累積知識與經驗，影響企業開發新產品，創造和採用創新技術的速度，並提高工作效能，進而提升競爭力。然而，也由於研發過程的風險很高，結果具有高度的不確定性，研發投資決策可能會涉及所有者和經營者之間的代理問題。近年來全球熱錢相互流動，各國紛紛以租稅獎勵塑造友善租稅環境來推動鼓勵本國與外國企業研發投資。整理國內外文獻，大多分別從公司治理角度或者以租稅政策探討對研發投資決策之影響，也多針對電子或高科技產業進行研究，缺乏綜合性探討，本文以公司治理角度出發，納入租稅規劃因子，探討公司治理與有效稅率對研發決策之影響。本研究以台灣的上市公司，將2005年至2014年的追蹤資料，透過最小平方法與分量迴歸做實證分析比較。研究結果顯示，分量迴歸與傳統OLS迴歸估計有很大不同。本文研究發現研發型公司與非研發型公司的投資研發決策驅動因子不盡相同，外部董事比率在非研發型公司具有正向影響力，因此若想鼓勵非研發型公司提高研發投資，政府可以在公司治理增加外部董事席次上加強。此外有效稅率對非研發型公司有顯著負向影響，對於研發型公司影響則不顯著，因此，建議政府對於研發型公司，在對其研發投資影響不大的前提下應提高企業租稅，但對非研發型公司應降低租稅，以租稅誘因鼓勵其提高研發投資。

關鍵字

公司治理 ； 有效稅率 ； 分量迴歸

並列摘要

Investments in R&D can influence a firm’s ability to develop new products and to create and adopt innovative technologies that may enhance productivity. However, due to uncertainty regarding to the outcome, investments in R&D may lead to an agency problem between the owners and the managers of a firm. In recent years, hot money flows in gobal, Governments try to use fiscal incentives program to promote R&D investment by firms, and create a friendly tax environment to encourage R&D investment. The literature mostly concern about the impact of R&D investment decisions from the corporate governance or the tax policy respectively, also focus in electronic or high-tech industry research, but lack of comprehensive discussion.
In addition, in this study, quantile regression estimates are quite different from those from OLS regressions. Our findings appear to higher and lower R&D investment companies in R&D investment decision-making factors are quite different. In this research, the ratio of outside board member has a positive impact in lower R&D investment companies. Therefore, it would to encourage lower R&D investment companies to increase R&D investment, the company would have to emphasize corporate governance, such as increase the outside board members. In addition, the effective tax rate has a significantly and negatively impact on lower R&D investment companies, but the impact on higher R&D investment companies are insignificantly. The results suggest that the government should raise corporate tax for higher R&D investment companies because the effect on higher R&D investment companies are insignificantly. However, they should reduce the effective tax rate that could encourage tax incentives to improve their R&D investment in lower R&D investment companies.

並列關鍵字

Corporate Governance ； Effective Tax Rate ； Quantile Regression

參考文獻

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