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研究生:林正新
研究生(外文):Lin, Cheng-Hsin
論文名稱:稅務資訊交換機制對台灣上市公司海外關係企業股權斷鏈之影響
論文名稱(外文):The Impact of Tax Information Exchange Mechanism on Overseas Ownership Structure of Taiwanese Listed Companies
指導教授:陳香梅陳香梅引用關係胡偉民胡偉民引用關係
指導教授(外文):Chen, ShinemayHu, Wei-Min
口試委員:蔡文禎郭振雄彭喜樞
口試日期:2020-06-29
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
論文出版年:2020
畢業學年度:108
語文別:中文
論文頁數:69
中文關鍵詞:投資控股架構股權斷鏈稅務資訊交換協定租稅協定租稅天堂
外文關鍵詞:Ownership LinkTax Information Exchange Agreement (TIEA)Tax TreatyTax Haven
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跨國企業長久以來傾向建立複雜的投資控股架構,使其得以執行有害的稅務措施進行避稅,這樣的現象導致各國政府面臨稅基侵蝕與稅收流失等財政衝擊。為了解決以上問題,OECD於2000年開始推動建立稅務資訊交換機制,包括建議各國簽訂稅務資訊交換協定或在租稅協定中納入資訊交換條款,且在2008年全球金融危機後各國政府行動越趨積極。而究竟稅務資訊交換機制的建立是否對跨國企業原先設計的複雜控股架構造成衝擊,為本研究的主要探討議題。
不同於過去國內外文獻多從投資區位選擇或投資金額大小等角度切入此議題,本文率先提出股權連結斷鏈是一個未來可思考研究的方向。本研究使用台灣上市公司2001年到2017年的新建股權連結資料作為基礎,比對各新建連結於後續年度的存續情形,進而彙整出2002年到2018年股權斷鏈的資料,並從中統計不同國家組合的斷鏈次數,據此從股權斷鏈的角度分析建立稅務資訊交換機制對跨國企業控股架構的影響。
本文選用固定效果模型分析平衡追蹤資料,實證結果有幾大重點:第一,稅務資訊交換協定對於跨國企業控股架構造成衝擊;第二,租稅協定具有穩定已建立之股權連結的效果;第三,稅務資訊交換協定生效後對斷鏈的影響效果增強,且金融相關產業與控股公司對建立資訊交換機制的敏感度高於其他產業與公司;最後,在近年來反避稅的浪潮下,租稅天堂面臨一定程度的困境。
The multinational enterprises (MNEs) have implemented the harmful tax practices for a long time. In response to this situation, OECD has begun to promote the establishment of tax information exchange mechanism since 2000, including encouraging each tax jurisdiction to sign bilateral tax information exchange agreement (TIEA) with others, or to incorporate the article related to information exchange into the tax treaty. After the financial crisis of 2008, governments’ actions became more active.
Considering the above, this paper examines the impact of the tax information exchange mechanism on MNEs’ ownership structure. But different from the prior literature which mostly discusses the issue from the perspective of investment location selection or investment amount, this paper attempts to analyze the issue from the perspective of the amount of broken ownership link between countries.
A fixed-effect model is constructed by using balanced panel data. The empirical results reveal several key points. First, TIEA has an impact on MNEs’ ownership structure. Second, tax treaty has an effect of stabilizing the established ownership links. Third, TIEA has an increased effect on the broken links after it enters into force. Otherwise, financial-related industries and holding companies are more sensitive to the establishment of an information exchange mechanism. Finally, under the global anti-tax avoidance wave in recent years, tax havens are indeed facing challenges.
第一章 前言 1
第二章 台灣上市公司股權斷鏈與資訊交換機制現況 10
第一節 股權連結與股權斷鏈 10
第二節 台灣上市公司股權斷鏈概況 12
第三節 斷鏈股權連結之國家組合情況 15
第四節 全球稅務資訊交換機制建立概況 20
第三章 研究方法 22
第一節 樣本說明 22
第二節 實證模型設定 26
第三節 變數定義與來源 29
第四章 實證分析 37
第一節 敘述統計與相關係數 37
第二節 估計結果 42
第三節 穩健性測試 51
第五章 結論與建議 65
參考文獻 67
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