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研究生:洪靖紋
論文名稱:國際租稅規劃對台灣上市櫃公司跨國控股連結設計之影響
論文名稱(外文):The impact of international tax planning on the design of cross - border ownership links of Taiwan's listed companies
指導教授:陳香梅陳香梅引用關係
口試委員:郭振雄陳香梅胡偉民
學位類別:碩士
校院名稱:國立政治大學
系所名稱:財政學系
學門:商業及管理學門
學類:財政學類
論文種類:學術論文
畢業學年度:105
語文別:中文
論文頁數:58
中文關鍵詞:國際租稅規劃跨國公司投資控股架構跨國控股連結
外文關鍵詞:International tax planningMultinational corporationsInvestment holding structureCross-border ownership link
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近年來各國跨國企業利用對外投資控股架構設計進行租稅規劃,複雜的跨國結構安排導致各國稅基嚴重被侵蝕,引起各界關注,故了解跨國公司如何規劃其投資控股架構有其必要性。基於國內尚未有實證文獻探究國際租稅規劃對我國跨國公司投資控股架構決策之影響,因此本文針對2010年至2014年台灣上市櫃公司之海外關係企業目前投資控股架構進行研究,以了解我國對外投資的投資控股架構設計概況。此外,本文進一步探究跨國公司為了進行國際租稅規劃,不同租稅屬性的上下層公司是否確實會有相對應租稅特性之公司搭配形成控股連結。
本文建構兩個迴歸模型,採用Tobit模型進行實證分析。模型一分析基本租稅因素對於跨國控股連結之影響,實證結果顯示跨國控股連結設計會受到租稅協定、上下層公司所在國稅率差距影響。而模型二檢視國家組合間之租稅搭配相關變數對跨國控股連結的影響。結果顯示,上下層公司所在國的租稅環境確實會影響與其形成控股連結之所在國家的區位選擇。
In the recent years, multinational corporations using the design of investment holding structure to do the tax planning. The complicated investment holding structure result in the tax base being damaged, and it draws the attentions of all walks of life. Therefore, there’s necessity to understand how the multinational corporations plan their investment holding structure. Due to the fact that there’s no literature which research the influence of international tax planning to our country’s multinational corporation investment holding structure decision have been proved. In order to understand how Taiwan’s multinational corporations plan their investment holding structure, we do the research against the investment holding structure of Taiwan’s listed companies from 2010 to 2014. Besides, we do the research more advanced on the international tax planning to see whether there will be companies with corresponded different tax characteristic that form an ownership links with the upper and lower companies of different tax characteristic.
In this paper, we constructed two regression models, the Tobit random effect model is used to do the empirical analysis. The Model 1 analyzes the relation between the basic tax variable and the cross-border ownership links. The results indicate that the design of cross-border ownership links will be affected by tax treaty and the difference of tax rate between the upper and the lower countries. And the Model 2 examines the relation between tax collocation of country pair variables and cross-border ownership links. We found out that the tax environment where the upper and lower companies are located has truly affect the location choice of the country which the ownership link is linked to.
第一章 前言 1
第二章 台灣上市櫃公司海外投資控股架構分析 7
第一節 國際化程度 7
第二節 跨國公司投資控股架構複雜情況 10
第三節 台灣上市櫃公司跨國控股連結現況 16
第三章 研究方法 19
第一節 樣本說明 19
第二節 實證模型設定 22
第三節 變數定義與來源 26
第四章 實證結果 36
第一節 敘述統計分析 36
第二節 模型檢定 39
第三節 實證結果 44
第五章 結論與建議 52
參考文獻 55
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