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Title: 移転価格税制適用企業の財務的要因とコーポレート・ガバナンス
Other Titles: Financial Factors and Corporate Governance of Transfer Pricing Taxable Companies
Authors: 櫻田, 譲1 Browse this author →KAKEN DB
Authors(alt): Sakurada, Yuzuru1
Keywords: 移転価格税制適用企業
Abnormal Return
Issue Date: 9-Jun-2022
Publisher: 北海道大学大学院経済学研究院
Journal Title: 經濟學研究
Journal Title(alt): Economic Studies
Volume: 72
Issue: 1
Start Page: 19
End Page: 46
Abstract: 本研究では移転価格税制が適用された企業を対象に3つの検証を試みている。1つ目にいかなる財務状態にあれば同税制が適用されるのかを明らかにしつつ、次に移転価格税制が適用される企業のコーポレート・ガバナンスの傾向を明らかにした。そして最後に長期の株式収益率を観察し、移転価格税制適用企業の株価が有意に低下するのか、低下するとすればいかなる期間まで低下が持続するのかを明らかにした。分析では新聞報道から移転価格税制が適用された企業群を編成し、他方で同制度が適用されないコントロールグループも編成した。そしてこれら2群に対してロジット回帰分析を試みている。1つ目の課題に関して業種をコントロールした上での分析結果に依れば、売上高や無形固定資産の金額が高い企業が移転価格税制を適用される傾向が強くなる。その他に財務レバレッジの低下や有利子負債返済年数の長期化、そしてEBITDAマージン比率の上昇が移転価格税制の適用と関係があることを示している。2つ目の課題に関して導出された結果は資産の活用効率が低下する企業や社外取締役人数が増加する企業、そして機関投資家比率や外国人持株比率が上昇する企業に移転価格税制の適用が関係するとしている。3つ目の課題に関する分析結果はBuy-and-Hold Abnormal Returnに依って測定した結果、移転価格税制の適用が報道されて後、40営業日から株価が統計的に有意に下降し始め、120営業日まで株価は低位に推移することが明らかとなった。
In this study, we are trying three verifications for companies to which transfer pricing taxation is applied. First, I clarified what kind of financial condition the tax system would be applied to, and then clarified the tendency of corporate governance of companies to which the transfer pricing tax system is applied. Finally, by observing the long-term rate of return on stocks, it was clarified whether the stock prices of transfer pricing taxable companies would decline significantly, and if so, how long the decline would continue. In the analysis, a group of companies to which the transfer pricing tax system was applied was formed from newspaper reports, while a control group to which the transfer pricing system was not applied was also formed. And we are trying logit regression analysis for these two groups. According to the analysis results after controlling the type of industry regarding the first issue, there is a strong tendency for companies with high sales and intangible fixed assets to be subject to transfer pricing taxation. In addition, lower financial leverage, longer interest-bearing debt repayment years, and higher EBITDA margin ratios are linked to the application of transfer pricing taxation. The result derived for the second issue is related to the application of the transfer price tax system to companies whose asset utilization efficiency decreases, companies whose number of outside directors increases, and companies whose institutional investor ratio and foreign shareholding ratio increase. The results of the analysis on the third issue were measured by Buy-and-Hold Abnormal Return, and as a result, the stock price fell statistically significantly from 40 business days after the application of transfer pricing taxation was reported. At the beginning, it became clear that the stock price remained low until 120 business days.
Type: bulletin (article)
Appears in Collections:經濟學研究 = The economic studies > 第72巻第1号

Submitter: 櫻田 譲

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