臺灣博碩士論文加值系統

　　近年來財稅差異之議題備受討論，Lev and Nissim（2004）發現財稅差異可預測公司未來盈餘成長性，Hanlon（2005）認為財稅差異可傳達公司盈餘持續性之訊息。此外，Revsine et al.（2005）及Pratt（2005）均曾於書中提及「藉由觀察公司財稅差異大小，可獲得評估公司會計選擇中保守性程度的有用資訊」，因此本研究試圖從財務報表保守性觀點探討財稅差異產生之因素，藉由討論國內上市公司財稅差異與保守性之相關程度，以瞭解財稅差異可否提供財務報表分析者有關公司管理當局保守程度之資訊。本研究根據Basu（1997）之文獻，探討保守性與財稅差異間之關係，並針對財稅差異較大公司再深入檢驗保守性與盈餘、現金流量及應計項目之持續性。
　　本研究以1995年至2004年台灣上市公司為研究對象，利用Basu（1997）及Hanlon（2005）迴歸模式分析實證結果如下：
一、財稅差異為正之公司，其稅前財務所得會顯示較少的保守性。
二、財稅差異為負之公司，其稅前財務所得會顯示較多的保守性。
三、財稅差異為負的公司，稅前盈餘有較低持續性。
四、財稅差異為負之公司，其盈餘組成項目有較低持續性，且應計項目比現金流量具有更低的持續性。
　　根據上述研究結果，本研究發現財稅差異為負之公司在稅前財務所得會顯示較高保守性，即減少財務所得。此外，因財稅差異為負之公司顯示保守的財務報導行為，而本期保守盈餘意味著下期將有不保守盈餘表現，故其盈餘、應計項目及現金流量之持續性較低。建議投資人可以此財稅差異作為判斷指標，將有助於投資人對公司未來盈餘之預測。

　　The topic of book-tax differences（BTDs）has been discussed in resent years. Lev and Nissim（2004）find that the ratio of taxable income to book income predicts future earnings growth. Hanlon（2005）finds that large BTDs signal less persistence in book income. In addition, Revsine et al.（2005）argues that useful information for assessing the degree of conservatism in a firm’s portfolio of accounting choices can be extracted from the income tax footnote by comparing the ratio of pre-tax book income to taxable income. However, the relation between BTDs and financial statement conservatism has never been tested in an empirical setting in Taiwan. By examining how conservatism in book income and conservatism in taxable income varies with BTDs, we provide new insights into causes of BTDs. We also investigate the role of BTDs in indicating the persistence of earnings, accruals, and cash flows for one-period-ahead earnings.
　　We examine Taiwan’s listed companies for a sample period of 1995-2004. Based on regression model by Basu（1997）and Hanlon（2005）, our empirical results demonstrate:
1.The firm-years with positive BTDs exhibit less conservatism in book income.
2.The firm-years with negative BTDs exhibit more conservatism in book income.
3.The firm-years with negative BTDs have lower earnings persistence than firm-years with positive BTDs.
4.The firm-years with negative BTDs have less persistent of earnings, accruals, and cash flows.
　　Overall, our results provide further insights into the uses of BTDs for financial statement analysis. The findings are important to anyone who uses taxable income for valuation purpose, either alone or as a benchmark against book income, academics and regulators interested in causes of BTDs, policy-markers considering increasing disclosure of taxable income or aligning book income with taxable income, and academics who study proposed causes of conservatism.

摘要iv
誌謝vi
目次vii
表目錄與圖目錄ix
第一章　緒論1
1.1 研究動機1
1.2 研究目的3
1.3 研究流程與架構4
第二章　文獻探討6
2.1 財務所得與課稅所得之差異6
2.2 保守原則17
2.3 保守性與財稅差異29
第三章　研究方法31
3.1 研究假說31
3.2 研究設計35
3.3 變數定義39
3.4 資料來源與樣本篩選43
第四章　實證結果與分析44
4.1 保守性與財稅差異之實證結果44
4.2 盈餘及其組成項目之持續性實證結果50
4.3 敏感性分析55
第五章　結論與建議63
5.1 研究結論63
5.2 研究限制67
5.3 研究建議68
參考文獻69

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