研究限制與建議

研究限制方面，雖然以往文獻以永久性財稅差異衡量企業避稅得到顯著的結 果，但企業避稅程度畢竟不如財務報表上揭露的資訊如此透明，可以精確量化。

Graham and Tucker (2006)以被稽徵機關指控進行避稅交易的個案作為樣本，讓樣 本限縮在 44 筆，雖然本文以永久性差異作為衡量方法，但畢竟此種方法的數據 大小僅能作為避稅程度大小的代理變數，無法確切得知公司實際避稅利益，此乃 本研究最大之限制。且本研究樣本未區分企業避稅活動的性質，所以樣本中的避 稅活動可以從範圍最大的租稅規劃(Tax Planning)到遊走法律邊緣的租稅庇護 (Tax Shelter)，這在區分上有所困難，也是本研究的限制。

對於後續研究，本文有幾點建議：第一，本文礙於時間限制，未對企業常用 之避稅工具詳加介紹，建議未來的研究可以探討多種避稅工具對企業資本結構的 影響。第二，雖然本文模型的迴歸結果大致符合預期，但仍有些變數在預期之外，

例如國內生產毛額(GDP)及盈餘波動程度(STABLE)，可能尚有遺漏變數未被列入，

建議未來研究可以加入其他控制變數以強化迴歸的解釋能力。

最後，本研究對稽徵機關日後有一些參考之處。例如稽徵機關在對企業進行 查核時可以從財稅上的差異著手，將財稅差異較大之企業與其他企業做分類，對 查核資源之分配或許有一定幫助。

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