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系統識別號 U0026-1206202002052400
論文名稱(中文) 公司避稅對股價崩跌風險之影響:以台灣上市櫃公司為例
論文名稱(英文) The effect of corporate tax avoidance on stock price crash risk: Evidence from Taiwanese publicly traded firms
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance
學年度 108
學期 2
出版年 109
研究生(中文) 楊岱翊
研究生(英文) Dai-Yi Yang
學號 R86074139
學位類別 碩士
語文別 英文
論文頁數 35頁
口試委員 指導教授-黃炳勳
口試委員-林囿成
口試委員-楊朝旭
中文關鍵字 避稅  股價崩跌  公司治理  代理問題 
英文關鍵字 Tax avoidance  Stock crash risk  Corporate governance  Agency problems 
學科別分類
中文摘要 此篇研究以2011–2017 年台灣上市櫃公司的年資料為樣本,檢視股價崩跌風險 是否會因公司避稅行為而加劇。此論文實證研究顯示股價崩跌風險顯著隨著避稅活動增加,避稅交易可以做為管理階層將交易合理地複雜化的藉口,管理 階層及投資人之間的資訊不對稱造成代理問題,提供管理階層長期利用避稅交易進行尋租行為的工具,使股價在管理階層不斷累積的自利行為被揭穿後崩跌反應。
英文摘要 Using Taiwanese publicly traded firm-year observations over the 2011–2017 period as samples, I examine whether firm’s stock price crash risk is exacerbated by its tax avoidance behavior. My empirical results show that stock price crash risk increases significantly with corporate tax avoidance activities. My evidence is consistent with the notion that tax avoidance activities serve as masks and justifications for management to complicate transactions. Resulting information asymmetry between management and investors leads to agency problems. Therefore, managers can extract rents under the guise of tax avoidance for extended periods, which, in turn, results in stock price crashes when their self-benefiting behavior is ultimately brought to light.
論文目次 Abstract I
Acknowledgement II
Contents III
List of Tables IV
1. Introduction 1
2. Literature review and hypotheses 4
3. Sample and research design 9
3.1 Data collection 9
3.2 Dependent variables 10
3.3 Independent variables 12
3.4 Control variables 14
3.5 Measuring corporate governance 18
3.6 Research design 19
4. Empirical results 21
4.1 Descriptive statistics 21
4.2 Correlation coefficients 22
4.3 Regression analyses 25
5. Conclusion 27
6. Reference 29
7. Appendix 32
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