本研究討論企業商業策略如何影響租稅策略選擇，以及商業策略與租稅策略對企業價值的影響。先前的文獻討論商業策略與租稅規避的關聯性 (Higgins et al. 2015)，然而，亦有文獻指出租稅規避會帶來更高的租稅風險，兩種租稅目標具有關聯性 (Dyreng et al. 2019)。因此，企業在商業策略上的差異如何影響企業在租稅規避及租稅波動性之間做出取捨，為本研究有意探討之議題。本研究以2000年至2020年之美國上市企業為研究樣本，使用彷彿無相關模型 (SUR) 對低租稅波動性與租稅規避兩種租稅策略同時進行估計，並處理兩種租稅策略的相關性。首先，本研究發現先驅者與穩健者在租稅策略選擇上具有差異，先驅者（穩健者）傾向選擇租稅規避（低租稅波動性）策略，且間接得知兩種租稅目標具有抵換關係，難以同時實現。第二，本研究選定租稅不確定狀況聲明書 (Schedule UTP) 實施及美國第九巡迴法院管轄作為外生事件，進行三重差分 (DDD) 分析，處理本研究潛在的內生性疑慮，結果並不違反主要測試之實證發現。

This study examines how corporate business strategies influence tax strategy choices and the impact of business strategies and tax strategies on firm value. Not only to estimate both tax volatility and tax avoidance simultaneously but to tackle the correlation between tax volatility and tax avoidance, this study estimates U.S. publicly listed firms from 2000 to 2020 by using seemingly unrelated regression (SUR) model. First, this study finds differences in tax strategy choices between prospector and defender that prospector (defender) tend to choose tax avoidance (low tax volatility) strategy. At the same time, the result indirectly shows a trade-off relation between these two tax objectives. Second, this study selects not only the implementation of Schedule UTP but the decision of the U.S. Ninth Circuit Court as exogenous events to conduct endogeneity tests, and implement difference-in-difference-in-difference method to tackle the potential exogenous issues. This study shows that tax outcomes actually altered by exogenous events, and the results conform to the expectations.

周賓凰，(2023)。計量經濟學：理論、觀念與應用（二版）。臺北市：雙葉書廊。
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