企業避稅與其負債水準間關聯性之檢視

Abstract

本研究的目的在於探討企業積極避稅行為與其負債水準之間的關係。企業避稅以永久性財稅差異作為其代理變數，並以2006年至2012年間台灣上市以及上櫃公司為樣本。實證結果顯示，在其他條件不變下，較積極從事避稅活動的企業，其負債比率較其他企業為低。研究結果支持過去文獻所認為負債利息與非負債性稅盾間存在的替代關係。

This study aims to observe the relationship between corporate tax avoidance and level of debt by empirical method, and public companies in Taiwan date from 2006 to 2012 were selected as sample. In this model, permanent book-tax differences is used as the proxy for corporate tax avoidance and companies’ debt ratio as the dependent variable. The results show that companies engaged in tax avoidance actively have lower debt ratio than other ones with other factors unchanged. The results support the perspective that substitution effect exists between non-tax shields and interests expenses.