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研究生:詹珮君
研究生(外文):Pei-Jyun Jhan
論文名稱:企業社會責任與機構投資人對避稅活動之影響
論文名稱(外文):The Effect of Corporate Social Responsibility and Institutional Investors on Tax Avoidance
指導教授:毛治文毛治文引用關係
指導教授(外文):Chih-Wen Mao
學位類別:碩士
校院名稱:國立臺北商業技術學院
系所名稱:會計財稅研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2014
畢業學年度:102
語文別:中文
論文頁數:61
中文關鍵詞:機構投資人企業社會責任避稅活動Heckman兩階段模型
外文關鍵詞:Institutional InvestorsCorporate Social ResponsibilityTax AvoidanceHeckman Two-Stage
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許多研究指出,機構投資人對於公司管理當局,有較積極之監督能力,促使企業更積極投入於企業社會責任之活動中。近期,文獻更聚焦於企業投入企業社會責任活動與企業避稅間之關聯性。是故,探討機構投資人是否影響其企業投入企業社會責任活動,以及企業社會責任活動之投入及對機構投資人企業避稅活動之影響,為本研究之目的。本研究運用Heckman兩階段模型,控制自我選擇偏誤,並以我國2007年至2012年上市、上櫃公司資料為樣本,來探討此議題。首先,在Heckman第一階段,歸納出可能導致企業投入社會責任活動之相關因素,藉以探討機構投資人,是否為影響企業投入社會責任活動之因素。再者,於Heckman第二階段,延伸探討企業投入企業社會責任,對於公司避稅活動之影響。主要之實證結果有兩項:第一,Heckman第一階段的結果顯示,機構投資人對於企業投入社會責任活動之影響為顯著的正向,意味著機構投資人確實能有效督促企業投入企業社會責任活動。第二,Heckman第二階段的結果顯示,企業投入社會責任活動對現金有效稅率之影響為顯著的正向,亦即,投入企業社會責任活動的企業,其避稅行為明顯較低;然而,在機構投資人對於企業避稅活動之影響為不顯著,顯示機構投資人對企業租稅規劃之監督能力有限。
In the past research, institutional investors have great supervision ability in managers, and boost the corporation to engage in more active corporate social responsibility (CSR) activities. Recently, a substantial literature is more focuses on the relationship between CSR and tax avoidance. The purpose of this study is to examine impact of institutional investors on CSR, and analyze the effect of CSR and institutional investors on tax avoidance. In this study, we use a panel data of Taiwan’s listed companies from 2007 to 2012 to empirically examine this issue by adopting the Heckman two-stage model to control the self-selection bias. In the first stage of Heckman, we summarize the relevant factors of CSR and analyzed which factors may cause a corporation to engage in CSR activities. In the second stage of Heckman, we extend exploring the effect of CSR on tax avoidance. There are two main empirical results. First, in the first stage of Heckman, the results showed that influence of institutional investors on CSR is significant positive. That means institutional investors are effective in supervising when a corporation engages in CSR. Second, in the second stage of Heckman, the results showed that influence of CSR on cash effective tax rate (CashETR) is significant positive. That means engaging in the CSR can reduce a corporation’s tax avoidance behavior. However, this study shows that institutional investors have insignificant on tax avoidance. As a result, institutional investors have limited supervision on tax avoidance.
誌 謝 I
摘 要 II
ABSTRACT III
目 錄 IV
表目錄 V
圖目錄 VI
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 5
第三節 研究架構與流程 6
第二章 文獻探討 8
第一節 企業社會責任與機構投資人 8
第二節 避稅活動與企業社會責任 14
第三節 避稅活動與機構投資人 18
第三章 研究設計 23
第一節 研究方法 23
第二節 實證模型 26
第三節 變數衡量與定義 28
第四節 樣本來源與樣本選取 37
第四章 實證結果 40
第一節 敘述性統計 40
第二節 相關係數分析 44
第三節 Heckman兩階段估計結果 46
第五章 結論與建議 51
參考文獻 53
附錄 61

網站
天下雜誌,CSR天下企業公民http://topic.cw.com.tw/csr/
遠見雜誌,企業社會責任獎http://www.gvm.com.tw/2013CSR/award_5.html
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