所得稅不確定性認列對公司決策的影響─以美國公司風險偏好及投資效率為例

The Impact of FIN 48 on Corporate Decision-Making─Evidence from Risk-taking and Investment Efficiency of Firms in United States

黃中誠(Chung-Cheng Huang)

指導教授 ： 高偉娟

共同指導教授 ： 林世銘

國立臺灣大學/管理學院/會計學研究所/碩士(2017年)

https://doi.org/10.6342/NTU201701183

摘要

本研究旨在瞭解美國第四十八號解釋公報對美國公司決策的影響。第四十八號解釋公報從2007始適用，要求公司評估其稅務申報事項之不確定性，並以「未認列租稅利益」之名詞進行揭露。既有文獻指出稅務風險會降低公司的風險偏好程度。另外，較高的財務報表品質可以增加公司投資效率。本研究假設在第四十八號解釋公報實施後，公司將會降低其風險承受的程度，同時投資效率將有所提升。
實證結果顯示，從多個風險評估的變數觀察，公司確實在四十八號解釋公報實施後降低了風險承擔的程度。足以證實四十八號解釋公報是公司無法迴避的稅務風險。
再者，在第四十八號解釋公報實施後，趨向投資不足(過度)的公司增加(降低)了投資的程度。而在較高資訊不對稱的環境下，投資效率增加的假設也獲得某些面向的證據。

關鍵字

四十八號解釋公報 ； 未認列租稅利益 ； 稅務風險 ； 投資效率

並列摘要

This study is designed to test whether FIN 48 affects U.S. firms’ decision making. FIN 48 effectively in 2007 requires companies to evaluate their uncertain tax positions and disclose the tax reserves as unrecognized tax benefits (UTBs). Then investors or stakeholders would know such tax risks. Additionally, prior literature indicates that tax risks make firms to reduce their risk-taking and that better financial reporting quality improves investment efficiency. If FIN 48, a required disclosure of tax risks, increase the exposure of tax risks and enhance financial reporting quality, firms would reduce their risk-taking and investment efficiency is improved in the FIN 48 regime. I examine such hypothesis by using a quasi-experiment method. The results show that firms reduces their operational risk-taking in the FIN 48 regime. This suggests that FIN 48 expose firms with more tax risks and change firms’ decisions in risk-taking. Further results show that firms with propensity to underinvestment (overinvestment) make more (less) investment in the FIN 48 regime, implying that FIN 48 reduces certain information asymmetry and thus improves firms’ investment efficiency.

並列關鍵字

FIN 48 ； unrecognized tax benefits (UTBs) ； Tax risks ； Investment efficiency

參考文獻

Alexander A., and M. Jacob. 2016. Executive inside debt and corporate tax avoidance. Working paper, Otto Beisheim School of Management.

Balakrishnan, K., J. Blouin, and W. Guay. 2012. Does tax aggressiveness reduce corporate transparency?. Working paper, University of Pennsylvania.

Bertrand, M., and S. Mullainathan, 2003. Enjoying the quiet life? Corporate governance and managerial preferences. Journal of Political Economy 111 (5): 1043–1075.

Biddle, G.C., G. Hilary, and R.S. Verdi. 2009. How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics 48 (2/3): 112–131.

Blouin, J. L., C. A. Gleason, L. F. Mills, and S. A. Sikes. 2007. What can we learn about uncertain tax benefits from FIN 48? National Tax Journal 60 (3): 521-535.