家族控制公司與財稅差異關係之檢測

Family-Controlled Firms and Book-Tax Differences

會計文獻顯示會計所得與課稅所得之間的差異（即財稅差異），可反映公司之積極性租稅規劃行為。本研究探討家族控制公司是否會因注重家族聲譽，較少從事積極性稅規劃而有較低的財稅差異？抑或家族控制公司會基於私利而掠奪少數股東利益，從事積極性租稅規劃行為，而有較高的財稅差異？以1996年至2015年我國上市（櫃）公司為對象，本研究延續Tang and Firth（2011）及Tanya, Tang, and Firth（2012）的作法，將財稅差異拆解為正常財稅差異和異常財稅差異，再分別以財稅差異、正常財稅差異及異常財稅差異作為衡量財稅差異之指標，檢測家族控制公司與財稅差異之關聯性。實證結果顯示：相對於非家族控制公司，家族控制公司有較低的財稅差異及異常財稅差異；此實證發現在某種程度支持家族控制公司重視聲譽的觀點，且與Chen, Chen, Cheng, and Shevlin（2010）的研究結論一致。本研究進行若干敏感性測試，顯示實證結果具相當程度穩固性。

Prior studies suggest that book-tax differences (BTD) may reflect managerial tax aggressiveness. This study explores whether family-controlled firms are concerned with the family reputation (entrenching minority interests), which in turn, they engage in less (more) tax aggressiveness and have lower (higher) BTD. Namely, we investigate the relationship between family-controlled firms and book-tax differences on the listed firms in Taiwan from 1996 to 2015. Based on three measures of tax aggressiveness indicator (Tang & Firth, 2011; Tanya, Tang, & Firth, 2012), i.e., book-tax differences (BTD), normal book-tax differences (NBTD), and abnormal book-tax differences (ABTD), the empirical results are consistent with Chen, Chen, Cheng, and Shevlin (2010) findings and reveal that family-controlled firms, compared with the non-family controlled firms, are negatively associated with both book-tax differences and abnormal book-tax differences and support the reputation hypothesis. This study conducts several diagnostic checks and reveals the results are robust to various specifications.