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家族控制公司與財稅差異關係之檢測

FAMILY-CONTROLLED FIRMS AND BOOK-TAX DIFFERENCES

陳慶隆

國立雲林科技大學會計系教授

劉癸蘭

財政部南區國稅局民雄稽徵所稅務員

張慧貞

財政部中區國稅局臺中分局稅務員

王翰屏

國立雲林科技大學會計系助理教授

Ching-Lung Chen

Professor, Department of Accounting,
National Yunlin University of Science and Technology

Kuei-Lan Liu

Revenue Officer, Minsyong Office,
National Taxation Bureau of the Southern Area, Ministry of Finance

Hui-Chen Chang

Revenue Officer, Taichung Branch,
National Taxation Bureau of the Central Area, Ministry of Finance

Hann-Pyng Wang

Assistant Professor, Department of Accounting,
National Yunlin University of Science and Technology

摘要

會計文獻顯示會計所得與課稅所得之間的差異（即財稅差異），可反映公司之積極性租稅規劃行為。本研究探討家族控制公司是否會因注重家族聲譽，較少從事積極性稅規劃而有較低的財稅差異？抑或家族控制公司會基於私利而掠奪少數股東利益，從事積極性租稅規劃行為，而有較高的財稅差異？以1996 年至2015 年我國上市（櫃）公司為對象，本研究延續Tang and Firth（2011）及Tanya, Tang, and Firth（2012）的作法，將財稅差異拆解為正常財稅差異和異常財稅差異，再分別以財稅差異、正常財稅差異及異常財稅差異作為衡量財稅差異之指標，檢測家族控制公司與財稅差異之關聯性。實證結果顯示：相對於非家族控制公司，家族控制公司有較低的財稅差異及異常財稅差異；此實證發現在某種程度支持家族控制公司重視聲譽的觀點，且與Chen, Chen, Cheng, and Shevlin（2010）的研究結論一致。本研究進行若干敏感性測試，顯示實證結果具相當程度穩固性。

關鍵字：家族控制公司、財稅差異、租稅規劃、聲譽
 

ABSTRACT

Prior studies suggest that book-tax differences (BTD) may reflect managerial tax aggressiveness. This study explores whether family-controlled firms are concerned with the family reputation (entrenching minority interests), which in turn, they engage in less (more) tax aggressiveness and have lower (higher) BTD. Namely, we investigate the relationship between family-controlled firms and book-tax differences on the listed firms in Taiwan from 1996 to 2015. Based on three measures of tax aggressiveness indicator (Tang & Firth, 2011; Tanya, Tang, & Firth, 2012), i.e., book-tax differences (BTD), normal book-tax differences (NBTD), and abnormal book-tax differences (ABTD), the empirical results are consistent with Chen, Chen, Cheng, and Shevlin (2010) findings and reveal that family-controlled firms, compared with the non-family controlled firms, are negatively associated with both book-tax differences and abnormal book-tax differences and support the reputation hypothesis. This study conducts several diagnostic checks and reveals the results are robust to various specifications.

Keywords: Family-Controlled Firms, Book-Tax Differences, Tax Aggressiveness, Reputation

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基金經理人從眾行為與股價崩盤風險

FUND MANAGER HERDING AND STOCK PRICE CRASH​

羅進水 

長榮大學財務金融系副教授

Chin-Shui Lo

Associate Professor, Department of Finance,
Chang Jung Christian University

摘要

從眾行為可能具有影響股票價格的效果，本文探討基金經理人從眾行為與股價崩盤關聯性。以1998年到2018年的樣本資料，實證結果顯示基金經理人反向回饋交易行為可降低股價崩盤風險。從眾買入行為與當期股價崩盤有負向關係，與下期股價崩盤有正向關係。從眾行為預測未來股價崩盤的效果於小型股、高基金交易家數及資訊較為模糊的公司更為顯著。本文以不同崩盤風險變數及從眾指標的實證結果仍具有穩定性。本文實證結果顯示基金經理人的從眾行為不具有穩定股價效果，散戶投資人如跟隨基金經理人交易，應注意未來所承擔股價崩盤風險，造成財富損失。

關鍵字：基金經理人、從眾行為、股價崩盤風險

ABSTRACT

The herding behavior of investors may stabilize or destabilize stock prices. Focusing on the institutional herding behavior, this study examines its impact on stock price crash for listed companies in Taiwan from 1998 to 2018. The empirical results suggest that the negative feedback trading by fund managers decreases the risk of stock price crash. In addition, fund managers’ buy-herding is positively associated with future stock price crash risk. The positive relationship is more profound in companies with small capitalizations, high actively fund managers, and vague financial information. The results are robust to different measures of herding and crash risk. To short, fund managers’ herding actions do not have a stabilizing effect. Accordingly, when following the trading of fund managers, individual investors should take the possibility of price crash risk into account.

Keywords: Fund Manager, Herding, Stock Price Crash

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台灣製造業個人－組織適配對於組織承諾之直接與間接影響研究

DIRECT AND INDIRECT INFLUENCES OF PERSON-ORGANIZATION FIT ON ORGANIZATIONAL COMMITMENT IN THE TAIWANESE MANUFACTURING INDUSTRY

陳宥杉

國立臺北大學企業管理系教授兼系主任

林育賢

臺北市立大學都會產業經營與行銷學系助理教授

王翠

國立臺北大學企業管理系博士候選人

謝錦堂

國立臺北大學企業管理系副教授

鄭宗宜
 
國立臺北大學企業管理系碩士生

Yu-Shan Chen

Professor & Chair, Department of Business Administration,
National Taipei University

Yu-Hsien Lin

Assistant Professor, Department of Urban Industrial Management and Marketing,
University of Taipei

Cui Wang

Ph. D. Candidate, Department of Business Administration,
National Taipei University

Chin-Tang Hsieh

Associate Professor, Department of Business Administration,
National Taipei University

Tsung-Yi Cheng

Graduate Student, Department of Business Administration,
National Taipei University

摘要

本研究在探討台灣企業組織裡，個人－組織適配度（P-O適配度）對組織承諾之直接與間接影響，此外，也想要探究工作滿意度與知覺組織支持在P-O適配度與組織承諾間之中介效果。本研究採用問卷調查法蒐集實證資料，以結構方程模式驗證研究假說。研究結果發現：1. P-O適配度對知覺組織支持、工作滿意度與組織承諾具有正向效果；2. 知覺組織支持對工作滿意度與組織承諾也具有正向效果；3. P-O適配度不僅直接正向影響組織承諾，也透過知覺組織支持與工作滿意度間接正向影響組織承諾。因此可知，企業若想要增強員工的組織承諾，必須要提升員工的知覺組織支持、工作滿意度與P-O適配度。

關鍵字：個人－組織適配度、P-O適配度、知覺組織支持、工作滿意度、組織承諾
 

ABSTRACT

This study investigates the direct and indirect influences of person-organization fit (P-O fit) on organizational commitment in Taiwan. Besides, this study would like to explore the mediation effects of job satisfaction and perceived organizational support (POS) on the positive relationship between P-O fit and organizational commitment. The study uses questionnaire survey method to test the hypotheses by means of structural equation modeling (SEM). The results of this study are as follows: first, this study finds out that person-organization fit positively affects perceived organizational support, job satisfaction, and organizational commitment. Second, perceived organizational support positively affects job satisfaction and organizational commitment. Third, this research demonstrates that P-O fit can not only positively affect organizational commitment directly, but also positively influence it indirectly via perceived organizational support and job satisfaction. If companies would like to enhance organizational commitment, they have to improve their P-O fit, perceived organizational support, and job satisfaction.

Keywords: Person-Organization Fit, P-O Fit, Perceived Organizational Support (POS), Job Satisfaction, Organizational Commitment.

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運用文字探勘於教學評鑑分析之研究－以中原大學資管系課程為例

A STUDY OF TEACHING EVALUATION ANALYSIS BY TEXT MINING - A CASE OF INFORMATION MANAGEMENT DEPARTMENT, CHUNG YUAN CHRISTIAN UNIVERSITY

吳肇銘 

中原大學資訊管理學系教授

金志聿

中原大學資訊管理學系助理教授

蔡毓霖

中原大學資訊管理學系碩士生

Chao-Ming Wu

Professor, Department of Information Management,
Chung Yuan Christian University

Chih-Yu Chin

Assistant Professor, Department of Information Management,
Chung Yuan Christian University

Yu-Lin Tsai

Graduate Student, Department of Information Management,
Chung Yuan Christian University

摘要

為了校務研究與掌握教學品質，台灣的大專院校已全面實施教學評鑑，然而在教學評鑑資料中，學生回饋的意見往往很多，教學管理單位與教師需花費大量時間逐筆查看，方能了解每位學生的意見，且難以統整。為解決此問題，本研究以103-106年中原大學資訊管理學系必修課程之教學評鑑資料進行分析，透過文字探勘技術分析學生回饋的質化意見，藉由詞頻分析、文字雲分析、情緒分析針對不同屬性的課程（管理類、技術類、實作應用類、理論類、商用類）與低評鑑分數課程進行分析，以了解不同屬性的課程中學生的評價、意見及重視的教學元素。主要研究結論如下：（一）本研究提出之文字探勘分析模式可以有效運用在教學評鑑質化資料之分析，提供老師瞭解學生所重視的教學元素；（二）不同屬性的課程，學生所重視的教學元素有所差異，不同屬性課程的老師可以參考這些教學元素，豐富課程的準備與執行；（三）低評價課程的老師必須根據學生重視的教學元素，更有效地面對與改進教學方式。本研究分析結果將可供學校教學管理單位、系上、教師作為瞭解學生的課程學習意見、學校規劃課程以及老師改善教學內容之參考，以針對學生之學習需要，提高課程教學品質、提升學生的學習成效。

關鍵字：教學評鑑、文字探勘、意見探勘、情緒分析、校務研究

ABSTRACT

The universities in Taiwan have fully implemented the teaching evaluation for institution research and teaching quality. However, there are too many qualitative data in teaching evaluation from students, the administration and teachers must spend a lot of time and effort on reading each comment to understand students’ opinions. It is hard to efficiently explore these opinions and get feedback for teaching. In order to solve this problem, this study adopted the text-mining technology to analyze the teaching evaluation data. Based on the teaching evaluation data of the compulsory courses of Information Management Department, Chung Yuan Christian University from the academic year 2014 to 2017, we use term-frequency method, word-cloud presentation, and sentiment-analysis to analyze the data of 5 types courses (including management, technical, practical, theoretical and business courses) and low evaluation-score courses to understand the critical teaching elements in these courses. The main results are as follows: (1) Teachers can understand the teaching elements which students want and care by the text-mining methodology applied to the qualitative analysis in teaching evaluation; (2) Students focus on different teaching elements by different features of course; (3) Teachers with low evaluation score must change their teaching method according students’ opinions. According the findings of this study, the administration and teachers can effectively understand students' opinions about the courses and improve teachers’ teaching quality and students’ learning performance.

Keywords: Teaching Evaluation, Text Mining, Opinion Mining, Sentiment Analysis, Institutional Research

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