Basic Search / Detailed Display

Author: 陳亮宇
Liang-Yu Chen
Thesis Title: 女性董事對公司避稅行為之影響
The impact of female board director on corporate tax avoidance.
Advisor: 郭啟賢
Chii-Shyan Kuo
Committee: 陳俊男
Chun-nan Chen
陳崇文
Chung-wen Chen
Degree: 碩士
Master
Department: 管理學院 - 企業管理系
Department of Business Administration
Thesis Publication Year: 2018
Graduation Academic Year: 106
Language: 中文
Pages: 54
Keywords (in Chinese): 女性董事公司避稅兩稅合一全額設算扣抵制部分設算扣抵制
Keywords (in other languages): Female board director, Tax avoidance, Double Taxation, Full Dividend Imputation
Reference times: Clicks: 298Downloads: 0
Share:
School Collection Retrieve National Library Collection Retrieve Error Report
  • 台灣的稅制於1998 年開始,正式實施兩稅合一並採用全額設算扣抵制。在全額設算扣
    抵制度下,當公司企業繳納營業所得稅後,股東分配到的股利只需要補繳營業所得稅與個人
    所得稅之間的差額即可,如此一來,公司企業所支付的營業所得稅等於是股東所得稅的預付
    稅款,也消除了以往古典稅制下稅負過於沉重的問題。
    然而,行政院於2014 年2 月24 日向立法院提出稅改方案,希望透過調高徵稅額來解決
    預算赤字的問題,健全公共財政系統。立法院於2014 年6 月4 日通過了新的稅改方案,取
    消全額設算扣抵制,改為採用部分設算扣抵制,並於2015 年1 月1 日正式生效,在部分設
    算扣抵制下,股東個人所得稅的扣抵額度將從原本的100%減少為50%,由於股東的稅後現
    金流量減少,管理者考量到股東的利益,較有誘因去從事避稅活動。
    另外,近年來國內外公司企業的董事會組成的多元化已逐漸成為重要的議題之一,董事
    會組成的多元化中尤其以女性董事的比例最受到關注,根據金融監督管理委員會之董事會性
    別分析顯示,臺灣公開發行上市櫃公司及興櫃公司的女性董事比例有逐年升高的現象(2013
    年:11.83%、2014 年:12.46%、2015 年:12.57%、2016 年:13.07%),可見臺灣許多公司開
    始任用女性董事或增加其任用人數已逐漸形成趨勢。
    而公司企業的稅務部門通常需要定期向董事會報告目前的稅務狀況,以制定相關的稅務
    管理政策,所以董事會成員對於公司企業的避稅行為具有一定的影響力。相較於男性董事,
    女性董事的風險偏好程度通常較低,擔心避稅活動造成日後更大的損失,所以她們傾向於遵
    守相關的納稅規定。先前的學者也發現,女性董事能減少代理問題的發生,若避稅活動本身
    屬於一種管理者的自利行為,則女性董事對於公司的避稅活動會加以抑制。
    最後,本研究的結果顯示2015 年稅制改革後,財稅差異數會減少,代表公司企業的避
    稅活動會降低,與研究假說預期的變動相反,但未達統計上的顯著水準,所以稅制改革後避
    稅活動的變化尚不明顯。另外,以全體女性董事對於避稅行為的影響來看仍不明確,不過本
    研究根據女性董事與其他董事成員間是否具有親屬關係來做分類,進一步測試後發現無親屬
    關係之女性董事對於避稅活動具有顯著抑制效果,與研究假說相符,代表無親屬關係之女性
    董事擁有較高的獨立性,透過減少避稅行為來避免代理問題發生,進而強化公司治理。


    The full dividend imputation system was adopted since 1998 in Taiwan. Under this system,shareholders only need to cover the difference between operating income tax and personal incometax. In this way, the operating income tax just like a prepayment for shareholder’s income tax,which also eliminates the problem of double taxation under the classical tax system.
    However, on February 24, 2014, the Executive Yuan proposed a tax reform plan to the Legislative Yuan, hoping to solve the budget deficit problem and improve the public financial system. The Legislative Yuan passed a new tax reform plan on June 4, 2014, canceling the full
    dividend imputation system and replacing it with a partial dividend imputation system. It was formally effective on January 1, 2015. The dividend imputation credit for personal income tax will be reduced from 100% to 50%. The manager considers the interests of shareholders and has incentives to engage in tax avoidance activities.
    In addition, the board’s diversity has gradually become an important issue in recent years.Especially, the proportion of female directors has attracted the most attention. According to the Financial Supervision and Management Committee’s report, the proportion of female directors in publicly listed companies in Taiwan has increased year by year (2013: 11.83%, 2014: 12.46%,2015: 12.57%, 2016: 13.07%), showing that a trend to start appointment of female directors or increase their number of appointments.
    The tax department of a company usually needs to report the current tax status to the board and formulate tax management policies. Therefore, the board members have a influence on the tax avoidance. Compared to male directors, female directors generally have lower levels of risk preference, so they tend to comply with tax regulations. Previous research have also found that if the tax avoidance like a self-interest behavior of managers, the female directors will suppress the
    company's tax avoidance activities and reduce the agency problems.
    Finally, this study found that the number of fiscal and tax differences will decrease after tax reform,but it has not reached a statistically significant level, therefore, the change of tax avoidance are still not obvious. In addition, it is still unclear that female director’s influence on tax avoidance.However, this research further classifies the relationship between female directors and other members. We found that if female directors don’t have relationship with other members, they will have a negative effect on tax avoidance. This effect is correspond to the research hypothesis, which means that female directors who have no relationship can avoid agency problems by reducing tax avoidance, thus strengthening corporate governance.

    摘要 I ABSTRACT II 第一章 緒論 1 第一節 研究動機與目的 1 第二節 研究問題 2 第三節 研究流程 3 第四節 制度背景 4 第二章 文獻回顧 5 第一節 利益一致之觀點 5 第二節 自利行為之觀點 5 第三節 女董正面效益觀點 6 第四節 女董負面效益觀點 7 第三章 研究設計與統計方法 8 第一節 研究假說 8 一、 股東股利和公司避稅 8 二、 女性董事和公司避稅 9 三、 具有親屬關係之女性董事和公司避稅 10 第二節 研究設計 11 一、 樣本選擇和數據來源 11 二、 變數定義 11 三、 迴歸模型 15 第四章 實證結果 17 第一節 敘述統計分析 17 第二節 主測試實證分析 20 第五章 增額測試 26 第一節 增額測試實證分析 26 第六章 結論與建議 32 第一節 研究結論 32 第二節 研究限制 33 第三節 後續研究建議 33 參考文獻 34 附錄 36

    蘇煜程.(2017).稅制改革對公司避稅行為之影響.國立臺灣科技大學企業管理系.
    Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of financial economics, 94(2), 291-309.
    Amiram, D., Bauer, A., & Frank, M. (2017). Tax Avoidance at Public Corporations Driven by Shareholder Taxes: Evidence from Changes in Dividend Tax Policy.
    Armstrong, C. S., Blouin, J. L., Jagolinzer, A. D., & Larcker, D. F. (2015). Corporate governance, incentives, and tax avoidance. Journal of Accounting and Economics 60(1), 1-17.
    Balakrishnan, K., Blouin, J. L., & Guay, W. R. (2012). Does tax aggressiveness reduce corporate transparency?.
    Blouin, J. (2014). Defining and measuring tax planning aggressiveness. National Tax Journal 67(4), 875.
    Boussaidi, A., & Hamed, M. S. (2015). The impact of governance mechanisms on tax aggressiveness: empirical evidence from Tunisian context. Journal of Asian Business Strategy, 5(1), 1.
    Brown, R., Y. Lim, and C. Evans. (2016). The impact of corporate tax avoidance on debt financing in a full dividend imputation system. Working paper. London School of Economics and Political Science and University of New South Wales.
    Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial review, 38(1), 33-53.
    Chen, M.-C. (2009). An estimation model of taxable income. Journal of Management 26 (6): 625-636.
    Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms?. Journal of Financial Economics 95(1), 41-61.
    Chen, J., Leung, W. S., & Goergen, M. (2017). The impact of board gender composition on dividend payouts. Journal of Corporate Finance 43, 86-105.
    Diamond, D. W. (1984). Financial intermediation and delegated monitoring. The review of economic studies 51(3), 393-414.
    Diamond, D. W. (1991). Monitoring and reputation: The choice between bank loans and directly placed debt. Journal of political Economy 99(4), 689-721.
    Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics 79(1), 145-179.
    Desai, M. A., Dyck, A., & Zingales, L. (2007). Theft and taxes. Journal of financial economics 84(3), 591-623.
    Desai, M. A., & Dharmapala, D. (2008). Tax and corporate governance: an economic approach. In Tax and corporate governance (pp. 13-30). Springer, Berlin, Heidelberg.
    Desai, M. A., & Dharmapala, D. (2009a). Corporate tax avoidance and firm value. The review of Economics and Statistics 91(3), 537-546.
    Desai, M. A., & Dharmapala, D. (2009b). Earnings management, corporate tax shelters, and book-tax alignment. National Tax Journal 169-186.
    Dhaliwal, D., Hogan, C., Trezevant, R., & Wilkins, M. (2011). Internal control disclosures, monitoring, and the cost of debt. The Accounting Review, 86(4), 1131-1156.
    Dyreng, S., M. Hanlon and E. Maydew. (2008). Long-Run Corporate Tax Avoidance. The Accounting Review 83(1): 61.
    Faccio, M., Marchica, M. T., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance 39, 193-2
    Frank, M. M., L. J. Lynch, and S. O. Rego. 2009. Tax reporting aggressiveness and its relation to aggressive financial reporting. The Accounting Review 84 (2): 467-496.

    Graham, J. R., & Tucker, A. L. (2006). Tax shelters and corporate debt policy. Journal of Financial Economics 81(3), 563-594.
    Guenther, D. A., Matsunaga, S. R., & Williams, B. M. (2013). Tax avoidance, tax aggressiveness, tax risk and firm risk.
    Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management review, 28(3), 383-396.
    Haslam, S. A., Ryan, M. K., Kulich, C., Trojanowski, G., & Atkins, C. (2010). Investing with prejudice: The relationship between women's presence on company boards and objective and subjective measures of company performance. British Journal of Management 21(2), 484-497.
    Ikin, C. and A. Tran. (2013). Corporate tax strategy in the Australian dividend imputation system. Australian Tax Forum 28 (3): 523-553.
    Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics 3(4), 305-360.
    Kanter, R. M. (2008). Men and women of the corporation: New edition. Basic books.
    Khaoula, A. L. I. A. N. I., & Ali, Z. M. (2012). Demographic diversity in the board and corporate tax planning in american firms. Business Management and Strategy, 3(1), 72-86.
    Kim, J. B., Li, O. Z., & Li, Y. (2010). Corporate tax avoidance and bank loan contracting.
    Kramer, V. W., Konrad, A. M., Erkut, S., & Hooper, M. J. (2006). Critical mass on corporate boards: Why three or more women enhance governance (pp. 2-4). Wellesley, MA: Wellesley Centers for Women.
    Lim, Y. (2011). Tax avoidance, cost of debt and shareholder activism: Evidence from Korea. Journal of Banking & Finance 35(2), 456-470.
    Lim, Y. (2012). Tax avoidance and underleverage puzzle: Korean evidence. Review of Quantitative Finance and Accounting, 39(3), 333-360.
    Miller, T., & del Carmen Triana, M. (2009). Demographic diversity in the boardroom: Mediators of the board diversity–firm performance relationship. Journal of Management studies 46(5), 755-786.
    Nielsen, S., & Huse, M. (2010). The contribution of women on boards of directors: Going beyond the surface. Corporate governance: An international review, 18(2), 136-148.
    Rose, C. (2007). Does female board representation influence firm performance? The Danish evidence. Corporate Governance: An International Review, 15(2), 404-413.
    Rego, S. O., & Wilson, R. (2012). Equity risk incentives and corporate tax aggressiveness. Journal of Accounting Research 50(3), 775-810.
    Shrader, C. B., Blackburn, V. B., & Iles, P. (1997). Women in management and firm financial performance: An exploratory study. Journal of managerial issues Vol. 9, No. 3 ,355-372.

    無法下載圖示 Full text public date 2023/07/05 (Intranet public)
    Full text public date This full text is not authorized to be published. (Internet public)
    Full text public date This full text is not authorized to be published. (National library)
    QR CODE