本研究以2009年至2012年企業之財務報表中關於所得稅項目探討企業特性與財稅所得額差異之關聯性。實證結果顯示，應計項目較多的企業，其財稅所得額差異為正向關係。企業特性方面，獲利能力與銷貨成長率較高的企業，其財稅所得額差異較小，符合假說預期。另外，在控制產業特性後發現，電子業暫時性財稅所得額差異顯著高於非電子業，但電子業之投資抵減利益顯著高於其他產業，因而有較低之應納稅額。營建業之免稅財稅所得額差異顯著高於其他產業，符合我國稅法土地所得免稅之規定。最後，企業規模在永久性財稅所得額差異與暫時性財稅所得額差異都有不同的關係，在永久性差異中為負向關係，顯示出企業規模較大，較有資源進行降低應納所得稅的租稅規劃;反之，在暫時性差異中為正向關係，符合政治成本假說。應計調整項目愈多之企業，其財稅所得額差異具有正向之關係。 / Using a sample of Taiwan listed and OTC company, this research examines the relationship between firm characteristics and the differences in book-taxable income from 2009 to 2012. Empirical results show that firms with more accruals tend to have greater book-tax differences. From the perspective of firm characteristics, firms with greater profitability and sales growth rate tend to have smaller book-tax difference. The results are consistent with the expectation of the research hypotheses. Further, after controlling for the industry effects, the results show that the electronics companies have higher amount of temporary book-tax difference; however, they have greater investment tax credit than non-electronics companies, resulting in lower tax payables. In contrast, construction companies have higher tax-exempt book-tax difference than other companies, consistent with the provision of Taiwan’s tax law exempting capital gains on land transaction. Finally, the relationships between firm size and permanent or temporary book-tax income difference are different. Large firms tend to have a negative permanent book-tax difference, consistent with the notion that large firms own more resources for tax planning to reduce the tax payables. On the contrary, large firms tend to a positive temporary book-tax income difference, which is in line with the political cost hypothesis.

本研究以我國上市（櫃）公司89年至92年財務報表資訊及營利事業所得稅申報資料進行實證研究，探討造成我國財務會計所得與課稅所得差異之原因及財稅差異與企業評價之關係。在探討造成財稅差異原因方面，實證結果顯示除折舊費用未達統計上顯著水準外，呆帳費用、投資損失、存貨跌價損失及負債比率與財稅差異呈顯著負向關係，而投資利得、證券期貨交易所得、出售土地增益、企業規模、資產報酬率、電子業及營建業與財稅差異呈顯著正向關係。在探討財稅差異與企業評價之關係方面，本文援用Ohlson模型進行分析，結果發現財稅差異殘差項與股價呈正向關係，顯示投資人視未預期之財稅差異可能具有傳遞未來樂觀之財務會計所得或可節省稅負支出之租稅利益等資訊意涵因而反應於股價之上。依據實證結果，本文發現獲利能力越好或規模越大的公司越有可能透過租稅規劃，減少租稅上之負擔，此發現可作為稅務主管機關未來選案之參考；又本文也發現財稅差異具有資訊意涵，然現今財務報表揭露所得稅相關資訊有限，因此本研究建議證券主管機關應適度加強企業所得稅相關資訊之揭露與規範。 / Using 2000 to 2003 financial statement data and tax return data of listed and OTC companies in Taiwan, this study explores the sources of difference between tax income and financial reporting income and the relationships between book-tax differences and business valuation. The empirical results show that except for depreciation expense, bed debt expense, losses on investments, loss due to market decline of inventory, and financial leverage are negatively related with book-tax differences. However gains on investments, gains on securities transactions, gains in land transactions, business size, return on assets, the electronics industry, and the building industry are positively related with book-tax differences. The results also show that the regression residuals of book-tax differences are positively related with stock prices. This means that investors regard unexplained residuals as future earnings or income tax savings which are then reflected on the stock prices. The empirical results indicate that firms with greater profitability or large firms have greater incentives to conduct tax-planning which tend to reduce taxable income relative to income for financial reporting purposes. Our findings provide evidence for the Taxation Agency when doing audit adjustments and lend support for book-tax differences contain information that is relevant to firms’ valuation. However, in practice disclosure of information about income tax in financial statements is still limited, thus restricting investors in estimating book-tax differences. The security authority should devise appropriate accounting policies to improve disclosures on firms’ income tax information.

財務會計所得是依循一般公認會計原則計算而來，目的係提供投資者或債權人公允表達的財務資料；稅務課稅所得除依循一般公認會計原則處理相關會計事務外，為符合課稅要求，還須依據所得稅法及相關法令規定作帳外調整，以計算課稅所得額，故產生財稅所得不一致之情形。過去文獻實證，財務會計所得通常高於稅務課稅所得，係因政府於施政上的考量，給予公司享有多種租稅減免優惠；或准予某些財務會計所得免予計入、不計入或停止課徵其所得，造成公司租稅負擔降低。故本研究進一步分析我國上市櫃公司財稅差異及財稅稅額差異之決定因素，以臺北國稅局2009至2012年上市櫃公司為對象，運用稅捐稽徵機關核定資料與公司之財務報表相關資料，並以各種租稅減免優惠項目、免予計入、不計入或停止課徵之所得項目，作為衡量指標。本研究透過迴歸模型實證結果顯示，上市櫃公司因享受租稅減免優惠，或財務會計所得帳上列有所得稅法規定之免予計入、不計入或停止課徵之所得項目，均會降低公司實際應負擔之稅捐，對我國稅收造成鉅大的衝擊。