Tax Havens and the Valuation of Tax Avoidance

• Main Authors: Chiu-ChinHsu, 許秋琴
• Other Authors: Ting-Kai Chou
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/p3g2hw

碩士 === 國立成功大學 === 財務金融研究所碩士在職專班 === 106 === In this paper, whether or not “companies setting up a subsidiary in a tax haven” had a different impact on “the market evaluation of corporate tax avoidance” was explored. In order to achieve the most efficient resource allocation, tax haven subsidiaries were set up as offshore companies for operational scheduling, which have also become tools for profit distribution and control of shareholders to seek personal gain due the differential taxes, loosened legal governance environments, and other factors. In this study, the OLS regression research model was adopted, with the samples of TAIEX-listed and OTC-listed companies as research participants.Tobin Q was employed to measure corporate value, and cash effective tax rate was used to measure the degree of companies’ tax avoidance. Research results show that companies’ setup of a subsidiary in a tax haven significantly reduced the positive market evaluation of tax avoidance.