財稅差異與權益資金成本之關聯性研究

The Association between Book-Tax Difference and Cost of Equity

王郁茵(Yu-Yin Wang)

指導教授 ： 李先莉

中原大學/商學院/會計研究所/碩士(2012年)

https://doi.org/10.6840/cycu201200317

摘要

中文摘要
近年來國內外許多公司接連爆發會計舞弊與財務醜聞，也從中發現這些公司的財務所得與課稅所得有嚴重差異的傾向，造成資本市場上的投資者的權益受到剝奪，因而引發公司所揭露的財務報表與盈餘品質受到質疑，然而台灣的資本市場上的投資者，主要以一般大眾(俗稱散戶)為主體，不容易評估企業所揭露的盈餘品質之良窳，故本研究認為投資人可從財務報表上所揭露之課稅所得與財務所得兩者之差異，作為投資風險之評估依據。
本研究以台灣2006年至2010年之上市公司為研究對象，其目的在探討上市公司揭露的財務所得與課稅所得間的差異，是否會影響外部投資者的投資風險認知，進而影響公司的權益資金成本，故本研究主要探討「財稅差異」(BTD)與「權益資金成本」(COE)之關聯性。研究結果發現外部投資者會將財稅差異視為投資風險的攸關資訊之一，當公司財稅差異愈大，則外部投資者會將其視為風險警訊，提高其必要報酬作為承擔風險的補償，使得公司的權益資金成本增加。

關鍵字

財稅差異 ； 權益資金成本

並列摘要

Abstract
In recent years, the problems of accounting fraud and financial scandal have continuously arisen from a profusion of domestic and foreign companies, and those companies are also found to have great book-tax income differences. Those scandals lead both academics and practitioners to question the quality of financial statements and whether investors’ rights are deprived. The majority of investors in Taiwan capital market are not institutional investors (commonly known as retail); besides, it is not easy for them to evaluate the quality of report from the companies. Therefore, this research expects that investors may regard the relation between differences between taxable income and book income from the disclosure of financial statement as a basis of evaluation for their investment.
This research used Taiwan listed companies from 2006 to 2010 to be samples. The purpose of this paper is to evaluate whether or not the book-tax income differences of listed companies might affect valuation of investment risk of outside investors and the cost of equity of a company, and therefore the main purpose of this study was to investigate the association between "book-tax differences" (BTD) and " cost of equity" (COE).
The result showed that outside investors would regard BTD as relevant information concerning investment risks. A Greater BTD could be a risk warning to the outside investors. It could increase the return of investment as risk-taking compensation, and then it makes cost of equity increase.

並列關鍵字

cost of equity ； book-tax income differences

參考文獻

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