企業使用衍生性金融工具與租稅規劃之關聯性

The Relationship between the use of Derivatives and Tax Planning

本研究主要探討衍生性金融商品和租稅規劃之關聯性。過去文獻都藉由盈餘管理來探討他們之間的關係，只單一討論衍生性金融商品和盈餘管理之間的關係，或是盈餘管理和租稅規劃之間的關係，因此，本研究探討衍生性金融商品和租稅規劃兩者之間的關聯性。本研究的實證結果發現企業使用衍生性金融商品與租稅規劃呈正向關聯性。其次，依衍生性金融商品的使用動機區分為避險或是非避險，實證結果顯示，以避險動機為使用衍生性金融商品之企業，會增加作租稅規劃，而實證結果無法支持非避險動機為使用衍生性金融商品之企業，會增加作租稅規劃。最後，以避險動機為目的之企業會相較於非以避險動機為目的之企業，偏好作租稅規劃。

This study investigated the relationship between the use of derivatives and corporate tax planning during 2008-2015 in Taiwan. Three tax planning proxy variables such as income tax expense effective tax rate, current effective tax rate, or book-tax difference, have been used to investigate if the positive relationship between the use of derivative and tax planning behavior. Consistent with the aggressive behavior, this study found that in firms used more derivative the likelihood of engaging in tax planning was higher. According to the motive of derivatives which is hedging or non-hedging, the empirical results show that hedge motives for the use of derivatives, will increase the tax planning. Finally, the enterprises aiming at hedging motives will more than non-hedging motives for the purpose of the enterprise, prefer to make tax planning.