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系統識別號 U0026-2207201316105900
論文名稱(中文) 避稅行為對公司現金持有之衝擊
論文名稱(英文) The impact of tax avoidance on corporate cash holding
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 101
學期 2
出版年 102
研究生(中文) 陳邦育
研究生(英文) Pang-Yu Chen
學號 r86001071
學位類別 碩士
語文別 英文
論文頁數 43頁
口試委員 指導教授-陳嬿如
口試委員-陳政芳
召集委員-黃華瑋
中文關鍵字 現金持有  代理問題  預防性動機  過度投資  股票回購  現金股利 
英文關鍵字 cash holdings  agency theory  precautionary motive  over-investments  stock repurchases  cash dividends 
學科別分類
中文摘要 本研究之目的主要在探討,公司進行節稅行為對公司現金持有之影響。其後,再由
現金持有的角度,觀測公司因為節稅行為造成之投資和現金發放的改變。本研究發現,
透過節稅行為公司當期會累積現金。根據抵換理論和啄食順序理論,由節稅行為累積的
現金在下一個年度將會成為負債之替代品,作為內部資金被公司使用。節稅行為將使得
公司現金持有增加及加強資訊之不對稱。此情況加強經理人之控制能力,造成公司用於
投資之現金量增加。另一方面,為了要抵銷代理問題,公司亦會增加派發給股東之現金,且為了不要造成股利之波動,公司會傾向使用股票回購。
英文摘要 This paper examines whether undertaking tax avoidance affects the level of cash holding and how tax avoidance influence the firm use its cash. Our findings exhibit that firm would accumulate cash as it executes tax avoidance. Based on pecking order theory and trade-off theory, the cash that accumulate from tax avoidance can be the substitute of debt and work as internal capital in the following period. Tax avoidance enlarges the controlling power of managers and the situation of information asymmetry. Based to agency theory, managers are capable to do more investments. On the other hand, firms also increase the cash paid to shareholders in order to mitigate agency problems. In addition, firms tend to pay out by stock repurchases rather than cash dividends because they are reluctant to fluctuate the level of cash
dividends.
論文目次 摘要................................. I
ABSTRACT ........................... II
CONTENTS............................ IV
LIST OF TABLES ..................... V
1.1 Research Background and Motivation .... 1
1.2 Objectives and Major Finding........... 2
1.3 Importance of this Study .............. 3
1.4 Organization of this Study ............ 4
Chapter 2 Literature Review and Development of Hypotheses ........................................... 5
2.1 Tax Avoidance ......................... 5
2.2 Cash Holdings ......................... 7
2.3 Development of Hypotheses ............. 9
Chapter 3 Data and Methodology ............ 12
3.1 Data and Sample Selection ............. 12
3.2 Identifying Tax Avoidance Variable..... 13
3.3 Model to test the level of cash holdings ........................................... 15
3.4 Model to test the usage of cash holdings-investments ........................................... 17
3.5 Model to test the usage of cash holdings-over investments ............................... 19
3.6 Model to test the usage of cash holdings-cash payout ........................................... 20
Chapter 4 Empirical Results and Discussion ........................................... 23
4.1 Results – Tax Avoidance and Cash Holdings ........................................... 23
Chapter 5 Conclusion ........................................... 29
REFERENCE ................................. 31
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