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研究生:劉誼名
研究生(外文):LIU, YI-MING
論文名稱:租稅不確定性與企業負債政策
論文名稱(外文):Tax Uncertainty and Corporate Debt Policy
指導教授:何怡澄何怡澄引用關係郭振雄郭振雄引用關係
口試委員:蔡文禎傅健豪
口試日期:2023-06-19
學位類別:碩士
校院名稱:國立政治大學
系所名稱:財政學系
學門:商業及管理學門
學類:財政學類
論文種類:學術論文
論文出版年:2023
畢業學年度:111
語文別:中文
論文頁數:66
中文關鍵詞:負債政策租稅不確定性租稅規避租稅不確定性狀況聲明書
外文關鍵詞:Debt policyTax uncertaintyTax avoidanceSchedule UTP
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本研究探討租稅不確定性對企業負債政策的影響。利用美國國稅局(Internal Revenue Service, IRS)漸進實施企業繳交租稅不確定性狀況聲明書(Uncertain Tax Position Statement, Schedule UTP)的規定,檢視企業在適用Schedule UTP後對其負債比率的影響。租稅規避與租稅不確定性皆會影響企業的內部資金,然而,過去有文獻探討租稅規避或租稅激進與企業負債之間的關係,卻沒有文獻探討租稅不確定性與負債的關聯性。本研究採用美國上市公司2005年至2019年的資料,採用多時點差異中之差異(Staggered Difference-in-Differences)架構進行迴歸分析。實證結果顯示,當企業適用Schedule UTP後,會降低其負債比率。表示租稅不確定性確實是影響企業負債政策的重要因素。在敏感性分析中,本研究分為兩個部分。首先,使用兩個負債替代變數進行測試。接著,為了避免樣本期間過長導致迴歸結果產生偏誤,本研究縮短樣本期間進行測試。兩部分迴歸結果皆與主要測試結果相符,驗證本研究的結果具有穩健性。在額外測試中,本研究分別檢視Schedule UTP對企業一般性租稅規避與租稅不確定性的影響,發現Schedule UTP降低企業負債比率,但提高一般性租稅規避程度,可推論實施Schedule UTP減少IRS與企業間資訊不對稱情況的利益,超過IRS加強查稅的成本,進而減少負債融資需求,企業透過一般性租稅規避獲取內部資金。此外,本研究亦檢視Schedule UTP對企業市值的影響,發現企業在適用Schedule UTP後市值增加,對企業有正面影響。
This paper examines the effect of tax uncertainty on corporate debt policy. Using the staggered implementation of Schedule UTP by the Internal Revenue Service(IRS), this paper examines the effect of Schedule UTP on corporate debt ratio. Tax avoidance and tax uncertainty both can affect firms’ internal funds. Previous research has examined the relation between tax avoidance or tax aggressive and corporate debt. However, there is no research examining the relation between tax uncertainty and debt. By using a sample of the listed companies in the U.S. from 2005 to 2019 and a staggered difference-in-differences approach, the results suggest that firms reduce their debt ratio after subject to Schedule UTP. Tax uncertainty, therefore, is a significant factor influencing firms’ debt ratio. The sensitivity analyses of this paper consists of two parts. Firstly, two alternative debt proxies are tested. Secondly, to avoid potential bias in the regression results caused by an excessively long sample period, I shortens the sample period for testing. The results of two parts of sensitivity analyses are consistent with the primary results, proving the robustness of my research. In additional tests, this paper examines the effect of Schedule UTP on overall tax avoidance and tax uncertainty. The results show that Schedule UTP decreases firms' debt ratios while increasing overall tax avoidance level, implying that the benefits of a lower level of information asymmetry between the IRS and firms outweigh the costs of a higher perceived detection risk after subject to Schedule UTP, so firms reduce their need for debt financing and obtain internal funds through overall tax avoidance. Additionally, this paper examines the effect of Schedule UTP on firms’ market capitalization and finds that firms’ market capitalization increases after firms subject to Schedule UTP, indicating that Schedule UTP has a positive impact on firms.
第壹章 緒論 1
第一節 研究議題與動機 1
第二節 研究流程 5
第貳章 文獻探討與假說 6
第一節 租稅規避 7
第二節 負債政策 8
第三節 租稅不確定性與租稅風險 10
第四節 假說建立 16
第參章 研究方法 20
第一節 資料來源與樣本篩選 20
第二節 變數定義 22
第三節 實證模型 29
第肆章 實證結果 30
第一節 樣本敘述統計 30
第二節 實證結果 37
第三節 敏感性測試 39
第伍章 研究結論與限制 55
第一節 研究結論 55
第二節 研究限制 56
參考文獻 58
附錄 64
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