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第二節 研究範圍及研究限制
本文之研究限制主要在於資料取得及變數之處理。
(1) 本論文需要辨認樣本企業集團全部的關係人交易類型與資訊，但可能有 些企業未揭露關係人交易資訊，或揭露的資訊有所缺漏。
(2) 關係人複雜交易的判別可能要配合附註揭露資訊或其他質化資訊，因此 會涉及到親手蒐集資料或資料整理的問題。
(3) 由於所得稅申報資料為非公開資訊，本文租稅規避指標皆採用財務報告 資訊推估，衡量上可能會產生偏差。
(4) 各個租稅規避指標捕捉之特性皆不相同，各別指標之實證結果無法完全 解釋出稅規避行為。
(5) 虧損扣抵虛擬變數及虧損扣抵變動為非公開資料，本文亦以推估課稅所 得推算之，可能產生衡量誤差。
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附錄
附表一 迴歸結果－法人持股對租稅規避指標與關係人交易及金額關聯性之影響
被解釋變數 有效稅率 財稅所得差異 永久性財稅所得差異
關係人交易 虛擬變數 金額 虛擬變數 金額 虛擬變數 金額
關係人交易 -0.0169 0.0057 -0.0211 -0.0119** -0.0268 -0.0129*
(0.0277) (0.0144) (0.0156) (0.0048) (0.0265) (0.0075) 關係人交易X 0.0422 0.0197 0.0521* 0.0048 0.0527 0.0004 法人持股比率 (0.0553) (0.0240) (0.0290) (0.0100) (0.0441) (0.0147) 法人持股比率 -0.0414 -0.0081 -0.0476 -0.0009 -0.0381 0.0109 (0.0588) (0.0254) (0.0297) (0.0093) (0.0447) (0.0134) 長期負債 0.0303 0.0273 -0.0019 -0.0006 -0.0043 -0.0028
(0.0260) (0.0258) (0.0098) (0.0096) (0.0144) (0.0139) 短期負債 -0.0046 -0.0143 -0.0243*** -0.0174** -0.0239** -0.0149 (0.0199) (0.0206) (0.0074) (0.0073) (0.0106) (0.0099) 固定資產 -0.0390 -0.0353 -0.0028 -0.0073 0.0052 -0.0000 (0.0254) (0.0253) (0.0105) (0.0104) (0.0139) (0.0138) 無形資產 -0.1484 -0.1295 -0.1930** -0.1981** -0.2458* -0.2553**
(0.2607) (0.2490) (0.0927) (0.0930) (0.1301) (0.1274) 資產報酬率 -0.0738* -0.0854** 0.4556*** 0.4628*** 0.4438*** 0.4534***
(0.0385) (0.0389) (0.0253) (0.0251) (0.0310) (0.0308) 虧損後抵虛擬變數 -0.0210*** -0.0205*** 0.0096*** 0.0094*** 0.0064** 0.0061**
(0.0060) (0.0060) (0.0017) (0.0017) (0.0028) (0.0028) 虧損後抵變動 -0.0927 -0.0931 0.0096 0.0064 0.0925 0.0899
(0.1521) (0.1520) (0.0429) (0.0431) (0.0746) (0.0747)
註：*** 為達到1%的顯著水準；**為達到5%的顯著水準；*為達到10%的顯著水準；括號內為標準差
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附表一 迴歸結果－法人持股對租稅規避指標與關係人交易及金額關聯性之影響 (續)
被解釋變數 有效稅率 財稅所得差異 永久性財稅所得差異
關係人交易 虛擬變數 金額 虛擬變數 金額 虛擬變數 金額
權益法投資損益 -0.5655*** -0.5624*** 0.2665*** 0.2664*** 0.0861 0.0854 (0.0874) (0.0878) (0.0454) (0.0444) (0.0704) (0.0692) 成長機會 -8.1808*** -8.0622*** 3.2221** 3.2051** 4.7995** 4.7713**
(2.9640) (2.9599) (1.4212) (1.4110) (2.2678) (2.2518) 國外營運所得 0.0469 0.0492 -0.0302** -0.0314** -0.0593** -0.0607**
(0.0365) (0.0369) (0.0149) (0.0148) (0.0250) (0.0248) 企業規模 0.0052 0.0053 -0.0070*** -0.0071*** -0.0039 -0.0041
(0.0059) (0.0059) (0.0020) (0.0020) (0.0030) (0.0030) 研究發展費用 -0.2210 -0.2555 0.0180 0.0422 0.1111 0.1436
(0.2178) (0.2152) (0.1069) (0.1063) (0.1498) (0.1487) 常數項 0.1799*** 0.1625*** 0.0647*** 0.0488*** 0.0346 0.0135
(0.0518) (0.0467) (0.0225) (0.0162) (0.0356) (0.0236) 觀察值 5,504 5,504 5,504 5,504 5,504 5,504
企業數目 719 719 719 719 719 719
Adj R2 0.0417 0.0432 0.5191 0.5216 0.2885 0.2911 F統計量 6.7726*** 6.8085*** 50.0107*** 51.9956*** 20.6118*** 21.2429***
企業固定效果 Yes Yes Yes Yes Yes Yes
年度固定效果 Yes Yes Yes Yes Yes Yes
註：*** 為達到1%的顯著水準；**為達到5%的顯著水準；*為達到10%的顯著水準；括號內為標準差
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(0.0191) (0.0093) (0.0058) (0.0030) (0.0105) (0.0051) 關係人交易 X 0.0236 0.0170 0.0388 0.0018 0.0577 0.0061 獨立董事比率 (0.0880) (0.0330) (0.0425) (0.0105) (0.0710) (0.0172) 獨立董事比率 -0.0211 -0.0072 -0.0368 0.0006 -0.0637 -0.0101 (0.0863) (0.0337) (0.0420) (0.0119) (0.0705) (0.0177) 長期負債 0.0298 0.0263 -0.0026 -0.0007 -0.0057 -0.0036
(0.0260) (0.0259) (0.0098) (0.0096) (0.0144) (0.0141) 短期負債 -0.0044 -0.0142 -0.0240*** -0.0173** -0.0231** -0.0142 (0.0198) (0.0204) (0.0074) (0.0073) (0.0106) (0.0100) 固定資產 -0.0395 -0.0340 -0.0035 -0.0070 0.0044 -0.0002 (0.0254) (0.0252) (0.0105) (0.0104) (0.0140) (0.0138) 無形資產 -0.1447 -0.1283 -0.1891** -0.1986** -0.2428* -0.2565**
(0.2612) (0.2535) (0.0920) (0.0923) (0.1291) (0.1269) 資產報酬率 -0.0740* -0.0846** 0.4558*** 0.4631*** 0.4455*** 0.4552***
(0.0386) (0.0390) (0.0252) (0.0250) (0.0309) (0.0306) 虧損後抵虛擬變數 -0.0210*** -0.0206*** 0.0096*** 0.0094*** 0.0065** 0.0061**
(0.0060) (0.0060) (0.0017) (0.0017) (0.0028) (0.0028) 虧損後抵變動 -0.0934 -0.0903 0.0086 0.0070 0.0913 0.0899
(0.1521) (0.1520) (0.0429) (0.0429) (0.0748) (0.0748) 權益法投資損益 -0.5660*** -0.5624*** 0.2658*** 0.2663*** 0.0851 0.0864
(0.0874) (0.0870) (0.0454) (0.0445) (0.0704) (0.0691) 成長機會 -8.0703*** -7.8838*** 3.4095** 3.2551** 5.0965** 4.8977**
(2.9857) (2.9572) (1.4192) (1.4086) (2.2620) (2.2485)
註：*** 為達到1%的顯著水準；**為達到5%的顯著水準；*為達到10%的顯著水準；括號內為標準差
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附表二 迴歸結果－獨立董事對租稅規避指標與關係人交易及金額關聯性之影響 (續)
被解釋變數 有效稅率 財稅所得差異 永久性財稅所得差異
關係人交易 虛擬變數 金額 虛擬變數 金額 虛擬變數 金額
國外營運所得 0.0475 0.0491 -0.0291* -0.0313** -0.0573** -0.0601**
(0.0367) (0.0366) (0.0149) (0.0147) (0.0250) (0.0247) 企業規模 0.0050 0.0052 -0.0070*** -0.0070*** -0.0035 -0.0036
(0.0058) (0.0058) (0.0020) (0.0020) (0.0030) (0.0030) 研究發展費用 -0.2194 -0.2578 0.0227 0.0429 0.1230 0.1496
(0.2173) (0.2152) (0.1043) (0.1055) (0.1471) (0.1481) 常數項 0.1665*** 0.1601*** 0.0492*** 0.0480*** 0.0210 0.0138
(0.0508) (0.0471) (0.0173) (0.0161) (0.0260) (0.0232) 觀察值 5,504 5,504 5,504 5,504 5,504 5,504
企業數目 719 719 719 719 719 719
Adj R2 0.0416 0.0431 0.5187 0.5215 0.2880 0.2910 F統計量 6.6480*** 6.7963*** 49.4902*** 50.7677*** 20.6449*** 21.3193***
企業固定效果 Yes Yes Yes Yes Yes Yes
年度固定效果 Yes Yes Yes Yes Yes Yes
註：*** 為達到1%的顯著水準；**為達到5%的顯著水準；*為達到10%的顯著水準；括號內為標準差
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關係人交易 -0.0097 0.0169** 0.0025 -0.0105*** 0.0027 -0.0146***
(0.0195) (0.0081) (0.0105) (0.0026) (0.0185) (0.0043) 關係人交易 X 0.0202 -0.0105 -0.0057 0.0030 -0.0176 0.0069 董事長兼任總經理 (0.0234) (0.0090) (0.0126) (0.0034) (0.0198) (0.0047) 董事長兼任總經理 -0.0244 0.0010 0.0053 -0.0021 0.0163 -0.0048
(0.0236) (0.0087) (0.0129) (0.0029) (0.0200) (0.0042) 長期負債 0.0305 0.0270 -0.0027 -0.0006 -0.0053 -0.0026
(0.0260) (0.0258) (0.0099) (0.0096) (0.0145) (0.0139) 短期負債 -0.0040 -0.0139 -0.0239*** -0.0172** -0.0230** -0.0142 (0.0198) (0.0204) (0.0074) (0.0073) (0.0106) (0.0099) 固定資產 -0.0393 -0.0332 -0.0035 -0.0072 0.0043 -0.0008 (0.0254) (0.0251) (0.0105) (0.0105) (0.0141) (0.0139) 無形資產 -0.1476 -0.1302 -0.1889** -0.1999** -0.2457* -0.2621**
(0.2597) (0.2475) (0.0925) (0.0929) (0.1300) (0.1276) 資產報酬率 -0.0737* -0.0840** 0.4556*** 0.4629*** 0.4453*** 0.4548***
(0.0386) (0.0389) (0.0253) (0.0250) (0.0309) (0.0305) 虧損後抵虛擬變數 -0.0211*** -0.0206*** 0.0096*** 0.0093*** 0.0064** 0.0060**
(0.0060) (0.0060) (0.0017) (0.0017) (0.0028) (0.0028) 虧損後抵變動 -0.0924 -0.0920 0.0087 0.0076 0.0908 0.0906
(0.1521) (0.1519) (0.0429) (0.0430) (0.0747) (0.0747) 權益法投資損益 -0.5645*** -0.5640*** 0.2668*** 0.2663*** 0.0870 0.0865
(0.0871) (0.0870) (0.0454) (0.0444) (0.0704) (0.0691) 成長機會 -8.1651*** -8.0693*** 3.3524** 3.2682** 5.0775** 4.9665**
(2.9462) (2.9475) (1.4154) (1.3984) (2.2588) (2.2362)
註：*** 為達到1%的顯著水準；**為達到5%的顯著水準；*為達到10%的顯著水準；括號內為標準差
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
附表三 迴歸結果－董事長兼任總經理對租稅規避指標與關係人交易及金額關聯性之影響 (續)
被解釋變數 有效稅率 財稅所得差異 永久性財稅所得差異
關係人交易 虛擬變數 金額 虛擬變數 金額 虛擬變數 金額
國外營運所得 0.0469 0.0499 -0.0294** -0.0313** -0.0578** -0.0603**
(0.0367) (0.0368) (0.0149) (0.0147) (0.0250) (0.0248) 企業規模 0.0051 0.0054 -0.0069*** -0.0071*** -0.0035 -0.0037
(0.0057) (0.0057) (0.0020) (0.0020) (0.0030) (0.0029) 研究發展費用 -0.2238 -0.2512 0.0222 0.0431 0.1241 0.1504
(0.2183) (0.2150) (0.1047) (0.1055) (0.1476) (0.1487) 常數項 0.1745*** 0.1573*** 0.0422** 0.0489*** 0.0067 0.0157
(0.0496) (0.0468) (0.0189) (0.0158) (0.0300) (0.0228) 觀察值 5,504 5,504 5,504 5,504 5,504 5,504
企業數目 719 719 719 719 719 719
Adj R2 0.0418 0.0435 0.5186 0.5217 0.2880 0.2914 F統計量 6.7233*** 6.6926*** 49.8209*** 50.9758*** 20.6147*** 21.2402***
企業固定效果 Yes Yes Yes Yes Yes Yes
年度固定效果 Yes Yes Yes Yes Yes Yes
註：*** 為達到1%的顯著水準；**為達到5%的顯著水準；*為達到10%的顯著水準；括號內為標準差
‧
關係人交易 0.0304 -0.0055 -0.0105 -0.0102 -0.0105 -0.0126 (0.0442) (0.0251) (0.0145) (0.0084) (0.0240) (0.0118) 關係人交易 X -0.0336 0.0215 0.0116 0.0004 0.0057 -0.0002 委任五大事務所 (0.0473) (0.0258) (0.0166) (0.0088) (0.0276) (0.0126) 委任五大事務所 0.0392 0.0001 -0.0067 0.0047 0.0040 0.0098
(0.0502) (0.0162) (0.0173) (0.0058) (0.0288) (0.0088) 長期負債 0.0299 0.0267 -0.0025 -0.0006 -0.0050 -0.0027
(0.0260) (0.0258) (0.0099) (0.0096) (0.0144) (0.0139) 短期負債 -0.0047 -0.0144 -0.0240*** -0.0175** -0.0233** -0.0147 (0.0198) (0.0204) (0.0074) (0.0073) (0.0106) (0.0099) 固定資產 -0.0396 -0.0343 -0.0037 -0.0072 0.0040 -0.0006 (0.0253) (0.0251) (0.0105) (0.0104) (0.0140) (0.0138) 無形資產 -0.1421 -0.1226 -0.1877** -0.1973** -0.2423* -0.2569**
(0.2611) (0.2501) (0.0924) (0.0928) (0.1293) (0.1274) 資產報酬率 -0.0744* -0.0859** 0.4554*** 0.4628*** 0.4449*** 0.4547***
(0.0386) (0.0388) (0.0252) (0.0250) (0.0308) (0.0305) 虧損後抵虛擬變數 -0.0210*** -0.0206*** 0.0096*** 0.0093*** 0.0064** 0.0060**
(0.0060) (0.0060) (0.0017) (0.0017) (0.0028) (0.0028) 虧損後抵變動 -0.0920 -0.0886 0.0085 0.0071 0.0911 0.0894
(0.1522) (0.1520) (0.0430) (0.0430) (0.0747) (0.0747) 權益法投資損益 -0.5652*** -0.5634*** 0.2669*** 0.2661*** 0.0871 0.0861
(0.0871) (0.0870) (0.0454) (0.0445) (0.0703) (0.0692) 成長機會 -8.0347*** -7.7827*** 3.3857** 3.2969** 5.1394** 5.0100**
(2.9506) (2.9109) (1.4153) (1.4072) (2.2444) (2.2415)
註：*** 為達到1%的顯著水準；**為達到5%的顯著水準；*為達到10%的顯著水準；括號內為標準差
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
附表四 迴歸結果－委任大型事務所對租稅規避指標與關係人交易及金額關聯性之影響 (續)
被解釋變數 有效稅率 財稅所得差異 永久性財稅所得差異
關係人交易 虛擬變數 金額 虛擬變數 金額 虛擬變數 金額
國外營運所得 0.0474 0.0501 -0.0292** -0.0309** -0.0575** -0.0595**
(0.0366) (0.0368) (0.0149) (0.0147) (0.0250) (0.0248) 企業規模 0.0050 0.0051 -0.0070*** -0.0071*** -0.0036 -0.0038
(0.0057) (0.0057) (0.0020) (0.0020) (0.0030) (0.0030) 研究發展費用 -0.2230 -0.2563 0.0195 0.0417 0.1170 0.1476
(0.2176) (0.2152) (0.1051) (0.1055) (0.1483) (0.1483) 常數項 0.1294* 0.1602*** 0.0516** 0.0447*** 0.0124 0.0067
(0.0668) (0.0479) (0.0223) (0.0162) (0.0344) (0.0244) 觀察值 5,504 5,504 5,504 5,504 5,504 5,504
企業數目 719 719 719 719 719 719
Adj R2 0.0417 0.0432 0.5187 0.5216 0.2881 0.2912 F統計量 6.7010*** 6.7121*** 49.4718*** 50.6221*** 20.4658*** 21.1435***
企業固定效果 Yes Yes Yes Yes Yes Yes
年度固定效果 Yes Yes Yes Yes Yes Yes
註：*** 為達到1%的顯著水準；**為達到5%的顯著水準；*為達到10%的顯著水準；括號內為標準差
‧
單純交易 -0.0038 -0.0287 0.0042 -0.0192 0.0061 -0.0347 (0.0108) (0.0522) (0.0034) (0.0131) (0.0050) (0.0227) 複雜交易 0.0282 0.0115 -0.0257* -0.0118** -0.0244 -0.0116
(0.0299) (0.0148) (0.0137) (0.0053) (0.0219) (0.0081) 單純交易 X 0.0066 0.0963 -0.0117* 0.0347 -0.0194* 0.0449 法人持股比率 (0.0196) (0.0987) (0.0069) (0.0260) (0.0105) (0.0445) 複雜交易 X -0.0370 0.0103 0.0672*** 0.0021 0.0662* -0.0038 法人持股比率 (0.0636) (0.0239) (0.0257) (0.0108) (0.0376) (0.0156) 法人持股比率 0.0315 -0.0099 -0.0547** -0.0017 -0.0388 0.0093
(0.0656) (0.0254) (0.0266) (0.0094) (0.0390) (0.0136) 長期負債 0.0289 0.0270 -0.0019 -0.0006 -0.0042 -0.0025
(0.0259) (0.0258) (0.0099) (0.0096) (0.0145) (0.0137) 短期負債 -0.0043 -0.0157 -0.0239*** -0.0169** -0.0231** -0.0146 (0.0199) (0.0205) (0.0073) (0.0072) (0.0106) (0.0099) 固定資產 -0.0402 -0.0346 -0.0029 -0.0069 0.0047 0.0001
(0.0255) (0.0253) (0.0105) (0.0104) (0.0140) (0.0138) 無形資產 -0.1468 -0.1269 -0.1831** -0.1953** -0.2316* -0.2550**
(0.2608) (0.2495) (0.0914) (0.0935) (0.1288) (0.1278) 資產報酬率 -0.0745* -0.0874** 0.4551*** 0.4646*** 0.4423*** 0.4543***
(0.0385) (0.0385) (0.0254) (0.0252) (0.0312) (0.0309) 虧損後抵虛擬變數 -0.0211*** -0.0206*** 0.0096*** 0.0093*** 0.0064** 0.0059**
(0.0060) (0.0060) (0.0017) (0.0017) (0.0028) (0.0028) 虧損後抵變動 -0.0948 -0.0953 0.0119 0.0052 0.0954 0.0881
(0.1519) (0.1519) (0.0429) (0.0432) (0.0748) (0.0748)
註：*** 為達到1%的顯著水準；**為達到5%的顯著水準；*為達到10%的顯著水準；括號內為標準差
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
附表五 迴歸結果－法人持股對租稅規避指標與關係人交易類型及金額關聯性之影響 (續)
被解釋變數 有效稅率 財稅所得差異 永久性財稅所得差異
單純(複雜)交易 虛擬變數 金額 虛擬變數 金額 虛擬變數 金額 權益法投資損益 -0.5655*** -0.5648*** 0.2663*** 0.2639*** 0.0860 0.0822
(0.0873) (0.0874) (0.0451) (0.0444) (0.0700) (0.0692) 成長機會 -8.0487*** -7.9951*** 3.2521** 3.0517** 4.8475** 4.6813**
(2.9637) (2.9203) (1.4142) (1.4131) (2.2614) (2.2524) 國外營運所得 0.0472 0.0485 -0.0291** -0.0322** -0.0573** -0.0613**
(0.0366) (0.0370) (0.0147) (0.0148) (0.0248) (0.0248) 企業規模 0.0049 0.0051 -0.0068*** -0.0069*** -0.0038 -0.0041
(0.0059) (0.0058) (0.0020) (0.0020) (0.0030) (0.0030) 研究發展費用 -0.2171 -0.2553 0.0159 0.0483 0.1086 0.1484
(0.2158) (0.2171) (0.1064) (0.1062) (0.1481) (0.1488) 常數項 0.1406*** 0.1648*** 0.0654*** 0.0481*** 0.0271 0.0144
(0.0527) (0.0460) (0.0209) (0.0162) (0.0342) (0.0235) 觀察值 5,504 5,504 5,504 5,504 5,504 5,504
企業數目 719 719 719 719 719 719
Adj R2 0.0415 0.0431 0.5199 0.5219 0.2892 0.2915 F統計量 6.2937*** 6.3987*** 47.0982*** 48.4182*** 19.5227*** 19.8939***
企業固定效果 Yes Yes Yes Yes Yes Yes
年度固定效果 Yes Yes Yes Yes Yes Yes
註：*** 為達到1%的顯著水準；**為達到5%的顯著水準；*為達到10%的顯著水準；括號內為標準差
‧
單純交易 -0.0031 -0.0118 -0.00153 -0.00907 -0.00479 -0.0319**
(0.0062) (0.0290) (0.00255) (0.00655) (0.00411) (0.0130) 複雜交易 0.0117 0.0174* -0.00463 -0.0105** -0.00946 -0.0118**
(0.0205) (0.0096) (0.00908) (0.00423) (0.0106) (0.00529) 單純交易 X 0.0151 0.2169* 0.00258 0.00525 0.00835 -0.0100 獨立董事比率 (0.0270) (0.1162) (0.0131) (0.0353) (0.0211) (0.0795) 複雜交易 X 0.0301 -0.0096 0.0888 -0.000854 0.176* 1.18e-05 獨立董事比率 (0.1225) (0.0341) (0.0553) (0.0103) (0.0989) (0.0155) 獨立董事比率 -0.0377 -0.0141 -0.0304 0.0011 -0.1011 -0.0097 (0.1205) (0.0337) (0.0429) (0.0126) (0.0797) (0.0188) 長期負債 0.0295 0.0277 -0.0025 -0.0008 -0.0054 -0.0034
(0.0260) (0.0260) (0.0099) (0.0096) (0.0144) (0.0139) 短期負債 -0.0042 -0.0145 -0.0240*** -0.0167** -0.0230** -0.0136 (0.0199) (0.0202) (0.0074) (0.0072) (0.0106) (0.0099) 固定資產 -0.0397 -0.0356 -0.0037 -0.0068 0.0040 -0.0002 (0.0255) (0.0252) (0.0106) (0.0104) (0.0140) (0.0139) 無形資產 -0.1397 -0.1201 -0.1914** -0.1979** -0.2474* -0.2587**
(0.2601) (0.2500) (0.0915) (0.0926) (0.1297) (0.1273) 資產報酬率 -0.0748* -0.0880** 0.4557*** 0.4650*** 0.4447*** 0.4563***
(0.0385) (0.0384) (0.0253) (0.0251) (0.0310) (0.0307) 虧損後抵虛擬變數 -0.0211*** -0.0207*** 0.0096*** 0.0093*** 0.0063** 0.0061**
(0.0060) (0.0060) (0.0017) (0.0017) (0.0028) (0.0028) 虧損後抵變動 -0.0941 -0.0900 0.0078 0.0068 0.0892 0.0896
(0.1522) (0.1519) (0.0431) (0.0430) (0.0747) (0.0748)
註：*** 為達到1%的顯著水準；**為達到5%的顯著水準；*為達到10%的顯著水準；括號內為標準差
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
附表六 迴歸結果－獨立董事對租稅規避指標與關係人交易類型及金額關聯性之影響 (續)
被解釋變數 有效稅率 財稅所得差異 永久性財稅所得差異
單純(複雜)交易 虛擬變數 金額 虛擬變數 金額 虛擬變數 金額 權益法投資損益 -0.5665*** -0.5647*** 0.2661*** 0.2654*** 0.0844 0.0855
(0.0873) (0.0864) (0.0454) (0.0444) (0.0703) (0.0690) 成長機會 -8.0003*** -7.8548*** 3.4392** 3.1397** 5.2450** 4.8468**
(3.0140) (2.8947) (1.4248) (1.4092) (2.1951) (2.2452) 國外營運所得 0.0479 0.0508 -0.0291* -0.0317** -0.0564** -0.0601**
(0.0367) (0.0364) (0.0149) (0.0148) (0.0250) (0.0248) 企業規模 0.0049 0.0049 -0.0070*** -0.0069*** -0.0038 -0.0035
(0.0058) (0.0057) (0.0020) (0.0020) (0.0029) (0.0030) 研究發展費用 -0.2123 -0.2475 0.0197 0.0460 0.1210 0.1502
(0.2158) (0.2169) (0.1039) (0.1049) (0.1448) (0.1477) 常數項 0.1558*** 0.1633*** 0.0478*** 0.0465*** 0.0190 0.0136
(0.0520) (0.0462) (0.0179) (0.0161) (0.0247) (0.0232) 觀察值 5,504 5,504 5,504 5,504 5,504 5,504
企業數目 719 719 719 719 719 719
Adj R2 0.0415 0.0439 0.5185 0.5217 0.2882 0.2912 F統計量 6.2465*** 6.3852*** 46.0102*** 47.4120*** 19.1527*** 19.8784***
企業固定效果 Yes Yes Yes Yes Yes Yes
年度固定效果 Yes Yes Yes Yes Yes Yes
註：*** 為達到1%的顯著水準；**為達到5%的顯著水準；*為達到10%的顯著水準；括號內為標準差
註：*** 為達到1%的顯著水準；**為達到5%的顯著水準；*為達到10%的顯著水準；括號內為標準差