臺灣博碩士論文加值系統

本文利用台灣多國籍企業關係企業的資產數量來衡量母公司的轉投資行為，
探討母公司的營業利潤是否透過投資行為而移轉到避稅天堂的子公司，達到避稅
效果。實證資料是利用經濟新報資料庫所提供的2001 到2007 年上市櫃公司為研
究對象，在控制其他變數下，實證結果得到避稅天堂的關係企業其資產越多，母
公司的稅前或稅後資產報酬率皆會降低，表示企業的確有利用在避稅天堂的關係
企業來規避稅負。實證結果亦得到台灣營業事業所得稅稅率與母公司的獲利能力
具有正向關係。

第一章 前言............................................................................................................ 7
第二章 避稅天堂的形成和使用............................................................................ 9
第一節 避稅天堂定義和特性........................................................................ 9
第二節 主要避稅天堂的法令規範比較...................................................... 10
第三節 避稅天堂的需求面探討.................................................................. 10
第四節 避稅天堂的實務操作流程圖.......................................................... 11
第三章 文獻回顧.................................................................................................. 14
第四章 資料和模型.............................................................................................. 17
第一節 資料敘述.......................................................................................... 17
第二節 實證模型.......................................................................................... 19
第五章 結論和限制.............................................................................................. 26
參考文獻...................................................................................................................... 27
圖一：進口貿易移轉訂價流程圖.............................................................................. 12
圖二：出口貿易移轉訂價流程圖.............................................................................. 12
圖三：傳統型三角貿易.............................................................................................. 13
圖四：轉口型三角貿易.............................................................................................. 13
表一：避稅天堂名單.................................................................................................. 30
表二：各避稅天堂比較表.......................................................................................... 32
表三：2001 到2007 年關係企業子公司資產分布情形（單位：1,000 NTD） ..... 35
表四：聯華食2001 年關係企業營運概況明細 ....................................................... 36
表五：關係企業第二層投資區域分類認定.............................................................. 37
表六：母公司變數的敘述統計（2001-2007 年） ................................................... 38
表七：不分產業別母公司的變數敘述統計（2001-2007 年） ............................... 40
表八：關係企業的敘述統計（2001-2007 年） ....................................................... 41
表九：初步迴歸式的結果.......................................................................................... 43
表十：所有係數的相關係數表.................................................................................. 44
表十一：母公司獲利能力的實證估計結果.............................................................. 45

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