公司治理、租稅規劃與公司績效之關係－以上市公司為例

公司績效往往是投資者評估一家企業良窳的依據，又一家企業的績效好壞是透過多項因素交互影響而呈現。過去多數學者大多利用公司治理的各方面因素下去衡量一家公司的績效，亦認為擁有良好的公司治理即有較佳的公司績效的表現，然企業的主要目的是追求利潤極大化，因此租稅規劃在實務上普遍的受到企業的重視，一項有效的租稅規劃並非僅止於稅負降至最低，而是考慮經濟行為之所有租稅及非稅成本後，讓該決策之稅後淨報酬極大。因此本研究以我國2013年至2015年上市公司為例，以董事組成構面、股權結構構面，並且納入租稅規劃之因素下去探討公司治理、租稅規劃與公司績效三者之間的關聯性，想更進一步得知企業在不同的公司治理環境下搭配租稅規劃對公司績效的影響程度。實證結果顯示在上市公司大環境之下，企業股權結構分散或集中對於公司的績效具有一定的影響力，雖然公司治理的程度對租稅規劃沒有很顯著的影響，但設立獨立董事對於租稅規劃會提高一定的監督效果，亦會對於公司的績效產生一定的影響力。

關鍵字

公司治理；租稅規劃；公司績效；股權結構

並列摘要

Corporate performance is often the basis for investors to assess the quality of a business, and a number of factors interact and present for a company's performance. In the past, most scholars used the corporate governance to measure the performance of a company, and there was a good corporate governance that had better performance of the company's performance. However, the main purpose of the enterprise is the pursuit of profit maximization. Then, the tax planning considers the minimum tax burden and all the tax and non-tax costs of economic behavior. The decision-maker pursuits to maximum net remuneration. Therefore, this study regards the listed companies in Taiwan from 2013 to 2015 as an example to analyze the relationships among corporate governance, tax planning and corporate performance, including to the composition of the directors, the structure of ownership. The study understands the impact of corporate taxation on corporate performance in different corporate governance environments. The empirical results show that the decentralization or centralization of the ownership structure of enterprises has a certain influence on the performance in the environment of listed companies. Although the degree of corporate governance has no significant impact on tax planning, the establishment of independent directors for the tax planning will improve the supervision effect, and the company's performance will have a certain impact.