20 /304
公司避稅與金字塔結構
20
Table 1 Descriptive Statistics. Full Sample (n = 8,244)
Variable
Mean
STD P25
P50
P75
GAAP_ETR
0.16
0.23
0.07
0.17
0.24
CASH_ETR
0.14
0.15
0.01
0.10
0.21
LT_ETR_3Y
0.14
0.12
0.03
0.12
0.21
LT_ETR_5Y
0.14
0.12
0.04
0.13
0.21
LAYER (number)
3.44
1.12
2.00
3.00
4.00
SIZE
15.35
1.60
14.23
15.07
16.11
MB
1.53
1.10
0.82
1.23
1.89
LEV
0.08
0.10
0.00
0.04
0.12
ROA
0.08
0.11
0.02
0.07
0.13
NOL
0.14
0.35
0.00
0.00
0.00
∆NOI
0.01
0.07
-0.02
0.01
0.04
STD_ROA
5.09
3.98
2.33
4.00
6.57
∆SALES
0.15
0.35
-0.04
0.10
0.27
CASH
0.16
0.16
0.06
0.12
0.21
INTAN
0.01
0.03
0.00
0.00
0.02
RD
0.03
0.04
0.00
0.01
0.04
PPE
0.31
0.21
0.15
0.29
0.44
ADV
0.00
0.01
0.00
0.00
0.00
SGA
0.13
0.12
0.05
0.10
0.15
NUM_INVESTEE
11.45
17.77
4.00
7.00
12.00
NUM_TAX_HAVEN
(based on Durnev et al., 2017)
3.75
6.31
1.00
2.00
4.00
NUM_TAX_HAVEN
(based on Dyreng and Lindsey, 2009)
4.21
6.72
2.00
3.00
5.00
Note: This table provides descriptive statistics on the main variables used in model (1) and (2). The
sample contains 8,244 observations, selected as outlined in section 4.1.
GAAP_ETR
is the
tax expense divided by pre-tax accounting income.
CASH_ETR
is the cash taxes paid divided
by pre-tax book income.
LT_ETR_3Y
is the average cash taxes paid to pre-tax book income
over three years and
LT_ETR_5Y
is the average cash taxes paid to pre-tax book income over
five years
LAYER
is the number of layers of the longest investment chain in firm’s investment
structure.
SIZE
is the natural log of total assets. MB is the ratio of the market value of equity
to the book value of equity.
LEV
is the ratio of long term debts to total assets.
ROA
is the ratio
of pre-tax income to total assets.
NOL
is an indicator variable which equals to one if net
income from continuing operations is smaller than zero and zero otherwise. ∆
NOI
is the
change in net income from continuing operations in current year, scaled by total assets in the
prior year.
STD_ROA
is the standard deviation of the ratio of pre-tax income to total assets
over five years. ∆
SALES
is the annual percentage change in net sales.
CASH
is cash and