https://scholars.lib.ntu.edu.tw/handle/123456789/99855
標題: | 台灣上市(櫃)公司實施兩稅合一前有效稅率決定因素之研究 | 其他標題: | Factors Influencing Corporate Effective Tax Rates in Taiwan | 作者: | 劉啟群 | 關鍵字: | corporate effective tax rate;tax policy;tax preference;panel data;fixed effect model;有效稅率;公司規模;負債比率;租稅政策;長期投資;子公司數目 | 公開日期: | 1999 | 出版社: | 臺北市:國立臺灣大學會計學系暨研究所 | 摘要: | This paper examines factors influencing corporate effective tax rates in Taiwan.We test empirically whether differences in effective corporate tax rates between Taiwan firms can be systematically related to the characteristics of firms.Although Taiwan firms are currently taxed at a statutory income tax rate of 25%, few of them actually pay taxes at this rate. Taiwan tax laws institutes numerous tax incentives and special provisions that effectively lower the tax burdens for many firms below the statutory rate.Since accounting and public finance researchers usually use effective tax rates as an instrument to evaluate the fairness of tax system and possible distortion in resource allocation,corporate tax rate,as a result,is one of the main issues in tax policy debate.Taiwan tax laws provide significant tax preferences for many corporations,especially for firms investing heavily in R&D and high-tech equipment.Based on tax laws and literatures,we investigate the relation between ETR and corporate characteristics including firm size,R&D expenditure,leverage,fixed assets,inventory,stock holding of insiders,profitability,long-term equity investment,and the number of controlled subsidiaries.Univariate tests and multivariate regressions are both employed to assess the effects of the possible explanatory variables.In addition,we controlled for firms ’industry membership because corporate characteristics might differ systematically by industry.Finally,we also test the impact of the 1986 tax reform to explore whether the association between ETR and corporate characteristics is changed after the adoption of value-added tax and the reduction of business income tax rate in 1986. Evidence that corporate ETRs vary across firms and over time has been used in support to suggest that the tax system is inequitable,and as a justification for initiating a tax reform.Given the focus of the tax policy debates,several studies have attempted to examine whether ETRs are systematically related to firm size.The results of prior studies have been mixed;some studies observed a negative association between ETRs and firm size,others showed a positive relation and still others,no association.However,most of these studies are limited in that these studies tend to examine the ETR-size relation in a univariate setting,which potentially creates the problem of omitted variable bias. In other words,the interaction between size and corporate characteristics could confound prior empirical results,thus multivariate research design should be considered to assess factors affecting variations in ETR among companies. This paper attempts to provide new evidence on the determinants of the ETRs of Taiwanese listed companies in a multivariate setting,using micro-level longitudinal (panel)data.To control for individual firm and time heterogeneity and reduce omitted variable bias,two-way fixed effect models are employed in this paper.We found that the fixed effect models outperformed both the OLS models and the random effect models.We also test the robustness of our results to alternate econometric methods. The main empirical results are as follows. First,the average ETR of listed companies in Taiwan from 1981 to 1996 is 14.1%lower than the statutory highest tax rate 25%and varies from 7.7%to 19.3%across industries. Second,corporate ETRs are associated with many firm-specific characteristics such as size,R&D expenditure,leverage,asset mix, profitability and long-term equity investment.The empirical results show that size does play an important role in explaining differences corporate tax rate,and the larger the size of the firm the lower the tax burden.This finding is consistent with political power hypothesis. It is found that there is a negative relation between R&D expenditure and ETR.Firms with a larger proportion of R&D expenditure tend to have lower ETRs as a result of tax preferences.With regard to the financing decision variable,there is no significant association between leverage and ETR.Furthermore,the results for the asset mix variables provide evidence that firm with a greater proportion of inventory tend to have higher ETRs due to no tax shields.In addition,firms with the lowest effective tax rates tend to have larger long-term equity investment owing to tax preferences and tax planning. Third,our results show the implementation of the 1986 tax reform, which reduced the highest statutory business tax rate from 30%to 25% and adopted the value-added tax,decreases corporate tax burdens.The ETRs of larger companies have been lower than smaller companies since 1986.This finding provides the evidence of tax distortion and inequity; on the other hand,it also indicates the policy effects of the tax incentives. 營利事業所得稅乃政府針對營利事業組織全年課稅所得依特定比例課徵之 稅賦,營利事業所得稅稅率之高低,理論上取決於政府政務支出之需要,例 如社會福利愈健全之國家,其稅率可能愈高;但是,各國政府為鼓勵特定產 業或投資活動,經常制定各項租稅優惠,導致營利事業所得稅之名義稅率與 有效稅率(effective tax rate ,企業實質繳納之所得稅稅率)產生差異, 而且不同產業之間與不同企業規模之間的有效稅率,可能有極大之差異,產 生租稅負擔不公平之現象。美國租稅正義公民會社(Citizens for Tax Justice)所發表之McIntyre and Wilhelm (1985),對大企業之有效稅率 偏低大加撻伐(詳文獻探討),一般認為這篇研究報告是促成美國1986 年租 稅大改革的重大原因。此後,許多美國學者相繼利用有效稅率來評估1986 年 租稅改革法案(the Tax Reform of 1986)對企業租稅負擔與租稅公平性的 改革成效(如Hagan and Larkins,1992;Kern and Morris,1992;Omer,Molloy and Ziebart,1993;Gupta and Newberry,1997)。因此,有效稅 率之研究攸關一國稅制是否公平而有無改革之必要,也可作為衡量賦稅改革 是否成功之評估指標,其重要性可見一般。 本文旨在藉由系統性實證分析以探尋兩稅合一實施前我國企業租稅負擔有 效稅率之差異情況及其決定因素,為將來評估兩稅合一是否具有促進稅制公 平之效果預作準備。換言之,本文之研究議題具有持續性,不但有助於了解 兩稅合一實施前之企業稅賦情形,也可作為未來進一步研究之比較基礎。 本研究分析決定營利事業租稅負擔(以平均有效稅率衡量)的決定因素, 主要公司特徵之決定因素包括:(1)公司規模;(2)財務槓桿(負債比率);(3) 固定資產;(4)存貨;(5)研究發展費用;(6)董監事持股比例;(7)獲利能 力;(8)長期股權投資;(9)控制之子公司等。其中,前七個因素係參考自有 關之文獻,而後兩個因素之採用則源於民國86 年我國公司法增訂關係企業之 相關規定,針對相互間具有控制與從屬關係或相互投資之公司加以特別規 範,以避免關係企業進行不合營業常規之經營。事實上關係企業亦是企業租稅規劃之重要手段,故本文也將分析企業長期股權投資及母子公司結構是否 影響有效稅率。 |
URI: | http://ntur.lib.ntu.edu.tw//handle/246246/18371 | 其他識別: | 882416H002037 | Rights: | 國立臺灣大學會計學系暨研究所 |
顯示於: | 會計學系 |
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