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系統識別號 U0026-2107201813142000
論文名稱(中文) 租稅天堂對避稅市場評價之影響
論文名稱(英文) Tax Havens and the Valuation of Tax Avoidance
校院名稱 成功大學
系所名稱(中) 財務金融研究所碩士在職專班
系所名稱(英) Graduate Institute of Finance (on the job class)
學年度 106
學期 2
出版年 107
研究生(中文) 許秋琴
研究生(英文) Chiu-Chin Hsu
學號 R87051011
學位類別 碩士
語文別 中文
論文頁數 28頁
口試委員 指導教授-周庭楷
口試委員-林軒竹
口試委員-謝喻婷
中文關鍵字 租稅天堂  企業價值  避稅  市場評價 
英文關鍵字 Tax havens  corporate value  tax avoidance  market evaluation 
學科別分類
中文摘要 本文探討企業設置子公司在租稅天堂,是否對企業避稅的市場評價有不同的影響。跨國企業透過市場機制運作,為達到最有效率的資源配置,設置子公司在租稅天堂作為境外公司供營運調度,利於企業進行國際佈局,並藉由租稅天堂的稅制差異與法律治理環境寬鬆等因素,也成為操作利潤分配及控制股東謀取私利的工具。本研究對象以台灣上市櫃公司為樣本,以Tobin Q 衡量企業價值,現金有效稅率衡量企業避稅程度。研究發現,企業設置子公司在租稅天堂會顯著降低避稅的正向市場評價。
英文摘要 In this paper, whether or not “companies setting up a subsidiary in a tax haven” had a different impact on “the market evaluation of corporate tax avoidance” was explored. In order to achieve the most efficient resource allocation, tax haven subsidiaries were set up as offshore companies for operational scheduling, which have also become tools for profit distribution and control of shareholders to seek personal gain due the differential taxes, loosened legal governance environments, and other factors. In this study, the OLS regression research model was adopted, with the samples of TAIEX-listed and OTC-listed companies as research participants.Tobin Q was employed to measure corporate value, and cash effective tax rate was used to measure the degree of companies’ tax avoidance. Research results show that companies’ setup of a subsidiary in a tax haven significantly reduced the positive market evaluation of tax avoidance.
論文目次 第一章 緒論 1
第二章 文獻回顧 5
第一節 租稅天堂相關文獻 5
第二節 避稅的市場評價相關文獻 6
第三節 假說發展 8
第三章 研究方法 9
第一節 資料來源及樣本選取 9
第二節 實證模型 9
第四章 實證分析 12
第一節 敘述性統計 12
第二節 相關係數 14
第三節 迴歸分析 16
第五章 結 論 18
第一節 結論與建議 18
第二節 研究限制 19
附錄A、OECD 2000年租稅天堂清單 20
附錄B、歐盟不合作稅收管轄區清單 21
附錄C、與歐盟協議進行實施良好的稅收治理國家地區 22
參考文獻 24
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二、網站部分
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