| 摘要: | 本研究以2017年與2018 年臺灣上市公司為研究對象，探討營利事業所得稅率調升對企業盈餘管理之影響。研究根據前人的文獻參考而發展出兩個假說來進行研究，分別為：H1：營利事業所得稅率調升會與企業的盈餘管理有關；H2：營利事業所得稅有效稅率變動會與企業的盈餘管理有關。並且運用修正式 Jones 模型與實質盈餘管理模型，納入自變量：年度、有效稅率與控制變量：公司規模、資產報酬率、負債比率、董監事持股比例、經理人持股比例、市價對賬面價值比、研究發展支出、投資成長比率、每股盈餘、電子業組成模型進行單一方程式分析，此外並將盈餘管理與有效稅率組成聯立方程式進行分析，實證結果顯示：(1)修正式Jones 模型與實質盈餘管理模型，都沒有證據證明營利事業所得稅稅率調升會導致企業進行盈餘管理，也沒有證實有效稅率的變動與企業的盈餘管理行為有關。(2)裁決性應計項目盈餘管理控制變量方面，公司規模、資產報酬率、負債比率、董監事持股比例、投資成長比、每股盈餘呈現顯著關係；(3)實質盈餘管理控制變量方面，負債比率、董監事持股比例、資產報酬率、研究發展支出、投資成長比、每股盈餘、電子業呈現顯著關係。(4)盈餘管理與有效稅率兩者之間是存在互相影響的因果關係。有效稅率為被解釋變量時，相較於實質盈餘管理，裁決性盈餘管理對有效稅率更有影響力。
This study takes Taiwan listed companies in 2017 and 2018 as the research object, and discusses the impact of the increase in the income tax rate of the profit-seeking enterprise on corporate earnings management. The study developed two hypotheses based on previous literature references, namely: H1: the increase in the income tax rate of the profit-seeking enterprise will be related to the earnings management of the enterprise; H2: the change in the effective tax rate of the profit-seeking enterprise income will be related to earnings management. Using the modified Jones model and the real earnings management model, including independent variables: year, effective tax rate and control variables: company size, return on assets, debt ratio, shareholding ratio of directors and supervisors, shareholding ratio of managers, market value versus book value Ratio, research and development expenditure, investment growth ratio, earnings per share, electronic industry composition model for a single equation analysis, and also a simultaneous system for earnings management and effective tax rate, empirical results show: (1) The modified Jones model and the real earnings management model have no evidence that the increase in the income tax rate of the profit-seeking enterprise will lead to earnings management, nor does it confirm that the change in the effective tax rate is related to the earnings management behavior of the enterprise. (2) In the control variables of the earnings management of discretionary accruals, the size, return on assets, debt ratio, shareholding ratio of directors and supervisors, investment growth ratio, and earnings per share show significant relationships; (3) in real earnings management control variable, debt ratio, shareholding ratio of directors and supervisors, return on assets, research and development expenditure, investment growth ratio, earnings per share, and electronics industry show significant relationships. (4) There is a causal relationship between earnings management and effective tax rate. When the effective tax rate is the explanatory variable, the discretionary accruals earnings management has more influence on the effective tax rate than the real earnings management. |
