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研究生:胡文佳
研究生(外文):HU, WEN-CHIA
論文名稱:企業避稅行為對下一年度資金流向之影響
論文名稱(外文):The Impact of Corporate Tax Avoidance on Next year's Capital Flow
指導教授:黃美祝黃美祝引用關係
指導教授(外文):HUANG, MEI-JUH
口試委員:王肇蘭蔡麗雯
口試委員(外文):WANG, CHAO-LANTSAI, LIH-WEN
口試日期:2018-06-12
學位類別:碩士
校院名稱:輔仁大學
系所名稱:會計學系碩士班
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:2018
畢業學年度:106
語文別:中文
論文頁數:90
中文關鍵詞:避稅資金流向現金股利人力資本內部重要支出
外文關鍵詞:Tax AvoidanceCapital FlowCash DividendHuman CapitalCritical Insider Expenditure
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本研究以2010年至2015年上市(櫃)之歷年制公司為研究對象,使用有效稅率及永久性財稅差異作為衡量避稅行為之代理變數,探討避稅企業中多餘的資金是否會流向下一年度之現金股利、人力資本或是內部重要支出。本研究之實證結果可得知其資金確實會流向這些支出。其敘述如下:
一、 在永久性財稅差異衡量下之避稅企業,下一年度之現金股利會愈高。
二、 在永久性財稅差異衡量下之避稅企業,下一年度人力資本的員工紅利與董監事酬勞、高階主管現金酬勞會愈多。
三、 在永久性財稅差異衡量下之避稅企業,下一年度內部重要支出的研發支出會愈高。而在當期有效稅率衡量下,下一年度多餘之資金不會流向資本支出,反而資本支出會愈少。
敏感性分析第一個欲測試避稅程度之增減,是否會影響下一年度其資金流向之增減變化。研究結果發現企業避稅行為增加,下一年度之現金股利及高階主管之現金酬勞也會增加,下期員工紅利與董監事酬勞反而會減少。
敏感性分析第二個欲測試企業有避稅行為,是否會影響下一年度其資金流向之增減變化。研究結果顯示有避稅行為之企業,下一年度之員工紅利與董監事酬勞、高階主管之現金酬勞也會增加,而下期現金股利及研發支出反而會減少。

The samples of this research are selected from listed companies in Taiwan from 2010 to 2015, two effective tax rates (ETRs) and permanent book-tax differences (BTDs) are used as measuring variables to discuss whether the excess capital flow under tax avoidance of enterprises would go to cash dividend, human capital and critical insider expenditure in next year. This research findings show that capital flow will go to these expenditures:
1. The cash dividend will be higher in next year under the measure of tax avoidance use BTDs.
2. The human capital of employee bonuses as well as board members remuneration and executive cash compensation will be higher in next year under the measure of tax avoidance use BTDs.
3. The RD expenditure of critical insider expenditure will be higher in next year under the measure of tax avoidance use BTDs. On the other hand, The capital expenditure of critical insider expenditure will be lower in next year under the measure of tax avoidance use current ETR.
The first sensitivity analysis is used to test whether the increase or decrease of tax avoidance would influence corporate capital flow in next year. The research findings show that cash dividend and executive cash compensation will be increased, employee bonuses as well as board members remuneration will be declined.
The second sensitivity analysis is used to test whether corporate capital flow in next year would increase or decrease under tax avoidance of enterprises. The research findings show that employee bonuses as well as board members remuneration and executive cash compensation will be increased, cash dividend and RD expenditure will be declined under tax avoidance of enterprises.

表次
第一章 緒論
第一節 研究背景與動機
第二節 研究目的
第三節 論文架構
第二章 文獻探討與假說建立
第一節 企業避稅行為之文獻回顧
第二節 資金流向之文獻回顧
第三節 假說建立
第三章 研究方法
第一節 實證模型
第二節 變數之定義
第三節 資料來源與樣本篩選
第四章 實證結果與分析
第一節 敘述性統計與相關係數分析
第二節 實證結果分析
第三節 敏感性分析
第五章 結論與建議
第一節 結論
第二節 研究限制及建議
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