最低稅負與盈餘管理

Abstract

我國自民國49年開始實施獎勵投資條例，作為吸引投資、改善投資環境及達成政府扶持特定產業之手段，然而在各方利益團體介入之下，租稅優惠的程度事實上已達到濫用的地步。為減緩租稅減免之濫用所導致租稅不公平的情況發生，我國仿效美國1969年實施的最低稅負制（Alternative Minimum Tax，AMT），於民國九十五年開始施行「所得基本稅額條例」。 本研究所探討的主題為：最低稅負制的施行是否導致公司管理階層進行盈餘管理？吾人預期，公司為降低整體之所得稅負，潛在將受到最低稅負制影響之公司，有可能將盈餘自民國九十五年移到民國九十四年認列。本文以時間序列方法來研究公司是否因最低稅負制進行盈餘管理，首先吾人運用Modified Jones Model進行裁量性應計數（discretionary accruals）的估計，其次運用Roychowdhury（2006）所提出之實質交易操作模型（real activities manipulation）進行盈餘管理的偵測，以上述之模型所得到的盈餘管理代理變數進行迴歸分析，實證結果得到以下之結論： 1. 潛在受到最低稅負制影響的公司平均而言，較未受影響之公司其盈餘管理的情形較為嚴重。 2. 資訊電子產業較其他產業之盈餘管理情形較為嚴重。 3. 公司管理階層持有股數之多寡，並不因自利因素而影響公司盈餘管理的行為。

The purposes of the “Income Basic Tax Act” (or Alternative Minimum Tax, AMT) are to improve tax equity, secure tax revenue, and establish the basic requirements for profit-seeking enterprises to fulfill income tax obligation as a contribution to public finance. Since the AMT may induce some profitable companies to manage discretionary accruals and real activities for alleviating tax burden, this study investigates the impact on earnings management as corporations responded to the enactment of the AMT. Firstly, we compute the “discretionary accruals” by the Modified Jones Model and “abnormal cash flows from operation”, “abnormal ending inventories”, etc. by Roychowdhury’s (2006) “real activities manipulation model”. Secondly, we employ discretionary accruals and abnormal items to measure earnings management. We anticipate that companies which might be affected by the AMT shift earnings from 2006 to 2005 for the purpose of preventing taxes from increasing. Inferences made from the empirical results are summarized as follows: 1. Firms which are potentially influenced by AMT tend to manage discretionary accruals and real activities to minimize the burden of the AMT. 2. Firms in the IT industry engage in more manipulation activities through managing discretionary accruals and real activities in order to minimize the cost of the AMT as compared to firms in other industries. 3. The executives do not engage in more manipulation activities through managing discretionary accruals and real activities in order to minimize the cost of AMT for their self-interests.