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公司避稅與金字塔結構
28
Table 5 Layer, the Number of Subsidiaries Operating in Tax Haven Countries and
Tax Avoidance. The Definition of Tax Haven Countries Is Based on Durnev
et al. (2017).
(1)
(2)
(3)
(4)
GAAP_ETR CASH_ETR LT_ETR_3Y LT_ETR_5Y
INCERPT
0.540
0.496
0.328
0.454
(12.43)***
(9.43)***
(6.43)***
(9.70)***
LAYER
-0.019
-0.022
-0.024
-0.030
(-3.42)***
(-3.24)**
(-3.60)***
(-5.07)***
TAXH1
0.003
0.043
0.062
0.054
(0.09)
(0.99)
(1.47)
(1.39)
LAYER× TAXH1
-0.024
-0.044
-0.049
-0.047
(-1.74)*
(-2.61)**
(-2.97)**
(-3.11)**
SIZE
-0.020
-0.018
-0.011
-0.021
(-7.44)***
(-5.60)***
(-3.61)***
(-7.42)***
MB
-4.112
-1.655
-6.489
-9.501
(-1.29)
(-0.43)
(-1.74)
(-2.77)**
LEV
-0.031
-0.005
-0.032
0.115
(-1.07)
(-0.15)
(-0.95)
(3.67)***
ROA
-0.233
-0.222
0.196
0.314
(-5.14)***
(-4.05)***
(3.67)***
(6.41)***
NOL
-0.359
-0.306
-0.104
-0.086
(-38.80)***
(-27.29)***
(-9.58)***
(-8.66)***
∆NOI
-0.154
-0.683
-0.376
-0.406
(-3.49)***
(-12.80)***
(-7.25)***
(-8.53)***
STD_ROA
-0.001
0.001
-0.003
-0.004
(-0.87)
(1.34)
(-3.15)**
(-4.53)***
∆SALES
-0.021
-0.094
-0.019
-0.022
(-2.07)*
(-7.58)***
(-1.61)
(-2.03)*
CASH
0.009
0.044
0.008
0.010
(0.41)
(1.68)
(0.31)
(0.42)
INTAN
0.133
0.079
0.233
0.001
(1.20)
(0.58)
(1.78)
(0.01)
RD
-0.409
-0.507
-0.507
-0.568
(-4.85)***
(-4.97)***
(-5.11)***
(-6.25)***
PRE
-0.023
-0.010
-0.047
-0.069
(-1.42)
(-0.51)
(-2.48)*
(-3.97)***
ADV
0.575
0.198
0.243
0.369
(1.86)
(0.53)
(0.67)
(1.11)
SGA
-0.075
-0.094
-0.036
-0.053
(-2.08)*
(-2.16)*
(-0.85)
(-1.37)
ln(NUM_INVESTEE)
0.000
(0.33)
0.000
(0.13)
0.000
(0.47)
0.000
(0.95)
N
8244
8244
8244
8244
adj.
R
2
0.245
0.156
0.050
0.067
Note:
t
statistics in parentheses. Asterisks *, **, and *** denote two-tailed significance levels at 5%,
1% and 0.1%, respectively.