臺灣博碩士論文加值系統

本研究以臺灣半導體產業 44 家上市公司於 2013 年至 2020 年期間之追蹤資料為樣本，探討企業避稅對投資不效率的影響與投資不效率之同儕效果及動態效果。本研究將空間計量模型之空間權重矩陣建立於同儕企業間之競爭關係上，並將其轉變為「同儕相依矩陣」。透過動態空間自相關迴歸模型與一般化動差法進行實證估計，本研究得出以下三個主要研究結果。首先，投資不效率的同儕效果為負向，表示當同儕企業展現較高的投資不效率時，企業自身將有較低的投資不效率。再者，投資不效率的動態效果亦為負向，表示企業之投資不效率傾向於上下波動而非持續上升。最後，企業避稅對投資過度有顯著的正向影響，而其對投資不足的影響則不顯著，表示企業於從事避稅時傾向於投資過度而非投資不足。

This study investigates the effect of tax avoidance on investment inefficiency as well as the peer and dynamic effect of investment inefficiency in Taiwan’s semiconductor industry. The sample consists of 44 listed companies and covers the period from 2013 to 2020. This study constructs the spatial weight matrix of spatial econometric model on the basis of the competitive relationships among companies and turns it into the “peer dependence matrix”. Using the dynamic spatial autoregressive (SAR) model with difference generalized method of moments (GMM) estimation, this study reports the following three main findings. First, the peer effect of investment inefficiency is statistically significant and negative, indicating that the investment inefficiency of a company is relatively low when its peer exhibits relatively high investment inefficiency. Second, the dynamic effect of investment inefficiency is statistically significant and negative, suggesting that the investment inefficiency of a company tends to fluctuate and converge on a specific level instead of rising continuously. Third, the effect of tax avoidance on overinvestment is statistically significant and positive while the effect on underinvestment is statistically insignificant, implying that the companies tend to overinvest rather than to underinvest while engaging in tax avoidance.

1. Introduction 1
2. Literature Review 6
2.1. Effect of Tax Avoidance on Investment Inefficiency 6
2.2. Other Factors Affecting Investment Inefficiency 10
2.3. Effect of Peer Competition on Investment Decisions 14
3. Trend of Investment in Taiwan’s Semiconductor Industry 17
4. Methodology 23
4.1. Dynamic Spatial Econometric Model 23
4.2. Model Specification 26
4.3. Measurement of Investment Inefficiency 27
4.4. Measurement of Tax Avoidance 29
4.5. Definitions of the Variables 32
4.6. Sample and Data 39
5. Empirical Analysis 41
5.1. Unit Root Test 41
5.2. Multi-Collinearity Test 42
5.3. Spatial Autocorrelation and Moran’s I 44
5.4. Empirical Results 46
5.5. Robustness Test 52
6. Concluding Remarks and Policy Implications 55
6.1. Concluding Remarks 55
6.2. Policy Implications 58
REFFERENCE 60

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