上游供應商避稅活動對下游顧客公司暴跌風險之研究;The association between the supplier’s corporate tax avoidance and customer’s firm-specific stock price crash risk

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题名:	上游供應商避稅活動對下游顧客公司暴跌風險之研究;The association between the supplier’s corporate tax avoidance and customer’s firm-specific stock price crash risk
作者:	賀靖雅;Ho,Ching-Ya
贡献者:	財務金融學系
关键词:	避稅;股票暴跌風險;供應商;顧客公司;供應鏈;Tax avoidance;crash risk;suppliers;customers;supply chain
日期:	2016-06-20
上传时间:	2016-10-13 13:49:31 (UTC+8)
出版者:	國立中央大學
摘要:	本文選用1995年至2013年美國具供應鏈關係之上市櫃公司進行上游供應商的避稅策略與下游顧客公司股票暴跌風險關係性之探討，過去研究指出密切的供應鏈關係有助於避稅策略的傳導，同時企業積極的避稅活動可視為管理者為掩飾公司負面資訊的一個操弄手段，這樣的活動對股票暴跌風險具有顯著的影響，因此本研究即針對供應商的避稅策略與顧客公司股票暴跌風險進行一個直接的探討。本研究選用九個公司避稅的代理變數與三個股票暴跌風險的衡量指標分別進行迴歸檢測，並考慮不同盈餘管理變數下之避稅策略對股票暴跌風險的影響。文章採用最小平方法進行橫斷面迴歸分析，其結果顯示當公司為降低他們所支付的現金稅而規劃的避稅活動，無論短期或長期的避稅策略，皆會藉由供應鏈的傳遞效果影響未來股票的暴跌風險。;Using the sample of U.S. firms which have customer-supplier relationships, covering 1995-2013, this paper empirically investigates the impacts of supplier’s corporate tax avoidance on customer’s firm-specific stock price crash risk. In recent studies, researchers indicated that a close customer-supplier relationship is conducive to delivering corporate tax strategies. The aggressive and complex form of tax avoidance strategies are crucial to the ways that managers withhold bad news or divert corporate resources which eventually lead to the stock price crashes. For that reason, our study aims to discuss whether there documentations which directly investigates the relationship between the supplier’s corporate tax avoidance and the customer’s firm-specific stock price crash risk. In our study, we use nine tax avoidance variables and three stock price crash risk variables to test our model. Considering the impact on different earnings management variables, we found the correlation between the corporate tax avoidance and stock price crash risk. Whether the tax policy is a short-term or a long-term one, the results show that a corporation reduces its cash tax payment by planning the tax avoidance activities which will promote the stock price crash risk by the supply chain.
显示于类别:	[財務金融研究所] 博碩士論文

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