領導廠商對其他廠商的獲利率與有效稅率之影響：以台灣電子工業為例

在早期的實證研究大多認為企業的市場佔有率愈大則獲利率會愈好，因整體經濟環境偏向獨占或寡占時，則企業可能擁有更多超額利潤。但台灣電子產業之環境大多以為國際大廠代工為主，亦即，企業有可能採用薄利多銷之行銷策略。本文以我國2010年至2015年上市、上櫃之電子產業為樣本，探討領導廠商對其他廠商的獲利率之關係，並以產業集中度作為領導廠商之替代變數，結果顯示，領導廠商與獲利率呈現顯著負向關係，但領導廠商與稅前淨利卻呈顯著正相關，亦即企業之行銷策略可能以薄利多銷之行銷策略以追求企業利潤極大化，而非追求獲利率最大。另外，在廠商特性影響因素方面之研究，以公司規模與有效稅率之關係研究最多，且認為租稅是企業所負擔的政治成本之一，因此有效稅率的高低可以反映出政治成本的高低。實證結果顯示，台灣電子業整體之獲利率與有效稅率的關係成顯著負向影響，但領導廠商的獲利率與有效稅率關係並不顯著，其可能原因為在所得基本稅額條例（即最低稅負制）實行後，改變領導廠商與有效稅率之間的關係。另外，若以台灣經濟新報（TEJ）將電子工業分為八大類各別進行迴歸分析，發現僅半導體業之領導廠商與獲利率對有效稅率呈顯著負向影響，故可得知台灣半導體業的領導廠商較有能力從事政治遊說等，符合政治權力假說。

關鍵字

領導廠商；獲利率；有效稅率

並列摘要

In the past research, firms expanded their market shares to maximize their profits. As the overall economic environment tends to be monopolistic or oligarchy, the enterprise may have more excess profits. Most of Taiwanese Electronic industry consists of Electronic Manufacturing Services. In other words, firms may tend to small profits but quick turnover marketing strategy. In this study, I use Taiwan’s listed electronic companies from 2010 to 2015 to explore the relationship between market leader and profitability. The results reveal that the influence of market leader on profitability is significant negative, but on pre-tax income is significant positive. That means firms pursue maximizing operating profits instead of profitability on electronics industry. In addition, most of the study of the factors influencing the characteristics of firms, the relationship between size and effective tax rate has been studied the most. They believe that tax is a heavy cost to the company. Therefore, the level of effective tax rate can reflect the level of political costs. Our results showed that the influence of profitability and effective tax rate is significant negative on electronics industry. But market leader’s profitability and effective tax rate is not significant. The reason may because of the Income Basic Tax Act (the Alternative Minimum Tax, AMT) changes the relationship between concentration and effective tax rate. Otherwise, we separate electronics industry to eight different kind of industry, only emiconductor industry’s market leadership and effective rate is significant negative.