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系統識別號 U0026-0507201117174900
論文名稱(中文) 財稅差異、盈餘品質與股票報酬
論文名稱(英文) Book-Tax Differences, Earnings Quality and Stock Returns
校院名稱 成功大學
系所名稱(中) 會計學系碩博士班
系所名稱(英) Department of Accountancy
學年度 99
學期 2
出版年 100
研究生(中文) 施怡伶
研究生(英文) Yi-Ling Shih
學號 r16984021
學位類別 碩士
語文別 中文
論文頁數 75頁
口試委員 指導教授-吳清在
口試委員-董水量
口試委員-郭啟賢
中文關鍵字 財稅差異  盈餘持續性  應計項目  現金流量  股票報酬 
英文關鍵字 book-tax difference  earnings persistence  accruals  cash flow  stock returns 
學科別分類
中文摘要 本研究以我國1998年至2007年間台灣上市櫃電子產業公司為研究對象,探討財稅差異與盈餘品質與股票報酬之關係。第一部分探討財稅差異對其盈餘品質之影響,並將盈餘品質定義為當期盈餘預測下一期盈餘之能力,意即盈餘之持續性,而後並將盈餘解構為現金流量及應計項目。實證結果證實,不論是正財稅差異或負財稅差異公司皆會降低其盈餘持續性。再者,研究結果顯示,正財稅差異對應計項目持續性減緩之程度大於對現金流量持續性減緩之程度;然而,負財稅差異在這方面之實證達顯著但係數方向與預期不符,推論因樣本公司為電子產業多適用投資抵減等稅收優惠法案有關,且一般而言負財稅差異公司盈餘管理程度較低,導致實證結果與原先預期方向不符。此外,迴歸分析結果亦證實,正財稅差異與負財稅差異皆會趨緩應計項目之持續性。
而後,第二部分探討財稅差異與股票報酬之關聯性。實證結果達顯著但與原先預期方向不符。研究顯示正財稅差異公司與股票報酬率呈正向關聯,推論對投資人而言財務報導之有用性高於課稅所得之有用性,因此對於財務所得大於課稅所得之正財稅差異公司反而不會給予較低之評價;另一方面,負財稅差異推論與電子產業適用投資抵減之稅收扣抵方案有關,其訊息之傳遞可能係租稅規劃之意涵導致投資人並不會給予較低之評價。
英文摘要 This study uses the electronic industry firms listed on the Taiwan Stock Exchange Corporation from 1998 to 2007 as a sample to examine the relationship among book-tax difference, earnings quality and stock returns. The first section of this study investigates the effect of book-tax difference on earnings quality and defines earnings quality as the capacity of current earnings projecting earnings of subsequent period—earnings persistance. Then we decomposed the current earnings into cash flow and accruals. The empirical results show that both positive and negative book-tax differences will reduce the earnings persistance. Furthermore, this study evidences that the extent of mitigating effect of the positive book-tax difference on the accruals persistance is greater than on the cash flows persistance. However, the test for the relative extent of mitigating effect of the negative book-tax difference is significant but not consistent with the expectation. For companies that have negative book-tax difference, the tax credit of investment for electronic industry and lower level of earnings management might results in such effect. In addition, regression analysis confirms that both positive and negative book-tax differences reduce the accruals persistence.
The second section of this study investigates the relationship between book-tax differences and stock returns. The results are significant but do not fit the expectation. It suggests that the positive book-tax difference is positively related to stock returns. Since accounting income is more relevant and useful than taxable income for investors, it indicates that investors might not react negatively towards companies that have positive book-tax difference. On the other hand, the tax credit of investment for electronic industry might imply tax planning for investors that investors might not react negatively towards companies that have negative book-tax difference.
論文目次 第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究架構 5
第二章 文獻探討 7
第一節 財務會計所得與課稅所得差異 7
第二節 財稅差異資訊內涵 13
第三節 課稅所得推估之研究 21
第四節 盈餘品質—盈餘持續性 24
第五節 股票報酬 27
第三章 假說發展與研究設計 29
第一節 假說發展 29
第二節 實證研究模型 33
第三節 變數定義與衡量 38
第四節 研究期間、樣本資料來源與選取 46
第四章 實證結果與分析 47
第一節 敘述性統計分析 47
第二節 實證結果分析 56
第五章 結論與建議 63
第一節 研究結論 63
第二節 研究限制與建議 67
參考文獻 68
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