營利事業所得稅調降對公司實質盈餘管理行為之影響

本文旨在探討我國於2010年調降營利事業所得稅稅率後，公司實質盈餘管理行為是否增加，並探討機構投資人對於所得稅率調降後之盈餘管理行為是否有抑制效果。本文以我國2005年至2014年之上市櫃公司進行迴歸分析。實證結果發現，所得稅率調降後，公司會藉由虛增銷貨以提高企業盈餘；再者，當公司機構投資人持股比率較高時，在所得稅調降後，對於公司虛增盈餘的現象有抑制的效果；最後，本文並未發現公司降低研發支出或異常營業成本等真實盈餘管理行為。本文探討所得稅率調降後企業之盈餘管理行為並以管制（政治）誘因觀點，著重稅務制度改變的政策效果，建議政府應以適當租稅獎勵政策（產業創新條例），引導產業資金朝高附加價值產品之投資方向發展。

關鍵字

營利事業所得稅；實質盈餘管理；機構投資人

並列摘要

This study examines whether a reduction in tax rates leads to real earnings management of firms and whether institutional investors mitigate earnings management following such a reduction. Based on publicly traded Taiwanese companies during the years of 2005-2014, the empirical results indicate that abnormal cash flows (or sales) increase following a reduction in income tax rates and that more institutional investors are beneficial in mitigating real earnings management after a decrease in tax rates. We did not find an association between the reduction of tax rates and abnormal production costs or abnormal discretionary expenses. Focusing on the policy effect of tax system changes and the regulatory (political) incentives, this study investigated earnings management behavior following a reduction of tax rates. We suggest that governments should guide the investment of industrial funds towards high value-added products with appropriate tax incentive policies (＂Statute for Industrial Innovation＂).