臺灣博碩士論文加值系統

本研究目的為探討美國企業避稅天堂的區位選擇，是否會對其股價崩盤風險造成影響，將區位選擇分為企業只在境內避稅天堂設立子公司、企業只在境外避稅天堂設立子公司、企業同時在境內及境外避稅天堂設立子公司以及企業沒有在避稅天堂設立子公司四個類別，樣本期間為1996年1月至2013年12月。實證結果發現，只在境外避稅天堂設立子公司的企業，其股價崩盤風險會高於只在境內避稅天堂設立子公司的企業，而同時在境內、境外避稅天堂設立子公司的企業，其股價崩風險會高於只在境內或只在境外避稅天堂設立子公司的企業，
另外進一步探討FATCA通過後及正式施行後的效果對在境外避稅天堂設立子公司的企業是否有影響，實證結果發現，在2010年美國國會通過FATCA後，只在境外避稅天堂以及同時在境內、境外避稅天堂設立子公司的企業對股價崩盤的影響，其三項指標變數方向不一，並無顯著下降，與假設不符合，本研究認為可能是因為在通過之後，企業開始有大動作的調整，準備在2013年正式施行之前做好準備，然而在2013 FATCA正式施行後，只在境外避稅天堂以及同時在境內、境外避稅天堂設立子公司的企業對股價崩盤的影響，其三項代表股價崩盤風險的指標變數皆呈現顯著下降，表示FATCA條款的施行確實有降低市場價格崩盤風險的效果，此結果與預期相符合，也間接證明了從通過到正式施行期間，指標變數的不一致只是短期的調整過程。

This study investigates the association between choice of tax haven and stock price crash risk. Using a large sample of American companies that establish affiliates or subsidiaries in different locations of tax haven from 1996/01/01 to 2013/12/31. we find that firms which establish affiliates or subsidiaries in foreign tax haven tend to have higher stock price crash risk, and that firms which establish in both domestic and foreign tax haven have the highest stock price crash risk.
Moreover, we also examine whether Foreign Account Tax Compliance Act (FATCA) alleviated stock price crash risk. We find that FATCA did not decrease the stock price crash risk of foreign tax haven at the time when it was signed on March 18th, 2010 until it became effect on January 1st, 2013. All of the indicators show FATCA does play an important role in alleviating the stock price crash risk.

目 錄
第一章 緒論 8
第一節 研究背景及動機 8
第二節 研究架構 11
第二章 文獻回顧及假設建立 12
第一節 文獻回顧 12
第二節 假設建立 16
第三章 樣本描述與研究方法 18
第一節 樣本及資料來源 18
第二節 被解釋變數-崩盤風險 18
第三節 控制變數 19
第四節 模型設計 20
第四章 實證結果 22
第一節 敘述統計及相關性分析 22
第二節 避稅天堂的區位選擇對股價崩盤的影響 31
第三節 FATCA通過後及正式施行後的影響 33
第五章 研究結論、研究限制及後續建議 51
第一節 研究結論 51
第二節 研究限制、後續建議 52
參考文獻 54

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