租稅不確定性對現金持有及研發支出之影響：預防性動機觀點

The Impact of Tax Uncertainty on Cash Holdings and R&D Expenditures: The Precautionary Motive Perspective

本文主要從預防性動機觀點，探討企業租稅不確定性對現金持有及研究與發展（簡稱研發）支出的影響。本文以三年現金有效稅率之標準差衡量租稅不確定性，以2014年至2017年台灣上市櫃公司為研究樣本。實證結果顯示，租稅不確定性與現金持有呈顯著正相關，與研發支出呈顯著負相關。結果意謂著當公司租稅不確定性較高時，公司持有較高的現金而投入較少的研發支出。本結果與預防性動機的意涵相符。

This article primarily explores the impact of corporate tax uncertainty on cash holdings and research and development (R&D) expenditures from a precautionary motive perspective. Tax uncertainty is measured by the standard deviation of the three-year cash effective tax rate. The study uses data from Taiwan-listed companies for the years 2014 to 2017. The empirical results reveal a significant positive correlation between tax uncertainty and cash holdings, as well as a significant negative correlation with R&D expenditures. This implies that when companies face higher tax uncertainty, they tend to hold more cash and allocate fewer resources to research and development, aligning with the implications of the precautionary motive.