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題名 國別報告要求對我國跨國企業過境直接投資之影響
The Effect of Country-by-Country Report on the Transit Direct Investment of Taiwanese Multinational Firms作者 郭家瑜
Kuo, Chia-Yu貢獻者 陳香梅
Chen, Shine-May
郭家瑜
Kuo, Chia-Yu關鍵詞 國別報告
國別報告嚴謹程度
資訊透明
過境直接投資
Country-by-Country Report
The strictness of Country-by-Country Report
Information transparency
Transit direct investment日期 2019 上傳時間 7-Aug-2019 16:50:39 (UTC+8) 摘要 為研究地主國租稅環境，尤其是國別報告制度要求，對我國跨國企業過境投資之影響，本文以固定效果模型研究 2001 年至 2017 年間我國跨國企業過境直接投資之海外關係企業投資額。過去探討資訊透明之實證文獻多以稅務資訊交換協定為研究對象，尚未加入國別報告相關之變數；反避稅制度效果之實證文獻中多單獨探討資本弱化條款或移轉訂價制度之政策有效性。過去與過境直接投資相關之文獻多在估計各國稅收損失，或是針對過境投資做介紹；與整體外國直接投資之實證文獻則多以租稅協定與投資協定作為主要變數，僅一篇實證文獻同時研究地主國反避稅制度對投資的影響。本文首度加入國別報告相關變數及資訊透明程度變數，探討地主國是否有國別報告要求、國別報告嚴謹程度，以及稅務資訊交換協定生效數量對我國過境直接投資之影響。本文之實證結果發現，地主國若有新增國別報告制度，或是國別報告嚴謹程度越高，我國跨國企業對該地主國之投資並未產生顯著影響。然而，當租稅天堂地主國有增訂國別報告要求，則我國投資至該租稅天堂地主國之過境直接投資金額顯著下降；租稅天堂地主國之國別報告嚴謹程度則未出顯著影響。資訊透明變數中，與地主國是否有國別報告要求相似，租稅天堂地主國生效之稅務資訊交換協定越多，我國投資至該租稅天堂地主國之過境直接投資金額顯著降低。
In order to investigate how the tax-related environment of host countries, especially the requirements of the Country-by-Country Report, affect Taiwanese multinational enterprises on transit direct investment, this paper uses fixed effect model to examine the transit direct investment of Taiwanese multinational enterprises to their foreign affiliates from 2001 to 2017. Recently, empirical literatures related to transparency were mostly based on Tax Information Exchange Agreements, however, they didn’t consider the effects of Country-by-Country Report. Most empirical literatures related to anti-tax avoidance separately discussed the policy effectiveness of the Thin Capitalization Rules or Transfer Pricing Rules. Furthermore, literatures related to transit direct investment focus more on estimating the tax revenues losses in various countries, or focus on introducing the concept of transit direct investment. Empirical literatures discussing overall foreign direct investment mostly uses double tax treaties and investment treaties as main variable. There is only one empirical literature explores how the anti-profit shifting rules affects investment of foreign subsidiaries. This article is the first to take Country-by-Country Report and other information transparency variables into consideration, to explore whether the transit direct investment of Taiwanese multinational enterprises is affected by Country-by-Country Report requirement in the host country, the strictness of Country-by-Country Report requirement in the host country and the amount of Tax Information Exchange Agreements enter into force in the host country.The empirical results reveal that there is no significant investment effect of the Country-by-Country Report requirement or the strictness of Country-by-Country Report in the host country. However, if the tax haven host country has updated the Country-by-Country Report, the amount of transit direct investment has decreased significantly. Unfortunately, we could not capture the negative effect of the strictness of Country-by-Country Report requirement in the tax haven host country. Among the information transparency variables, the results are similar to the effects of Country-by-Country Report. The more Tax Information Exchange Agreements enter into force in tax haven host country, the more significant reduction in the amount of transit direct investment of Taiwanese multinational enterprises.參考文獻 陳香梅與黃庭欣 (2018)，「租稅協定、資訊交換條款與跨國公司的海外營運活動」，《經濟研究》，54(1)，73-118。Baker, P. L. (2014), “An Analysis of Double Taxation Treaties and their Effect on Foreign Direct Investment,” International Journal of the Economics and Business, 21(3), 341-377.Barthel, F., M. Busse and E. Neumayer (2010), “The Impact of Double Taxation Treaties on Foreign Direct Investment: Evidence from Large Dyadic Panel Data,” Contemporary Economic Policy, 28(3), 366-377.Benassy-Quere A., M. Coupet and T. Mayer (2007), “Institutional Determinants of Foreign Direct Investment,” World Economy, 30(5), 764 – 782.Blonigen, B. A. and R. B. Davies (2008), “Do Bilateral Tax Treaties Promote Foreign Direct Investment?” Handbook of International Trade, Vol. II, ed., E. K. Choi and J. C. Hartigan, 526-546, London: Blackwell.Blonigen, B. A., L. Oldenski and N. Sly (2014), “The Differential Effects of Bilateral Tax Treaties,” American Economic Journal: Economic Policy, 6(2), 1-18.Blouin, J., H. Huizinga, L. Laeven, and G. Nicodème (2014), “Thin Capitalization Rules and Multinational Firm Capital Structure,” IMF Working Paper, 14/12.Bolwijn, R., Casella, B., and Rigo, D. (2018), “An FDI-driven approach to measuring the scale and economic impact of BEPS,” Transnational Corporations, 25(2), 107–143.Bradbury D., T. Hanappi and A. Moore (2018), “Estimating the Fiscal Effects of Base Erosion and Profit Shifting: Data Availability and Analytical Issues,” Transnational Corporations, 25 (2).Braun, J. and A. J. Weichenrieder (2015), “Does Exchange of Information Between Tax Authorities Influence Multinationals’ Use of Tax Havens?” SAFE, Working Paper.Buettner, T., M. Overesch, and G. Wamser (2017), “Anti Profit-shifting Rules and Foreign Direct Investment,” International Tax and Public Finance, 25(3), 553-580Buettner, T., M. Overesch, U. Schreiber, and G. Wamser (2012), “The Impact of Thin Capitalization Rules on the Capital Structure of Multinational Firms,” Journal of Public Economics, 96, 930-938.Buslei, H. and M. Simmler (2012), “The Impact of Introducing An Interest Barrier—Evidence From the German Corporation Tax Reform 2008,” DIW Discussion Paper 1215, Berlin.Casella, B. (2019), “Looking Through Conduit FDI in Search of Ultimate Investors – A Probabilistic Approach,” TRANSNATIONAL CORPORATIONS, 26(1)Clausing, K.A. (2016), “The Effect of Profit Shifting on the Corporate Tax Base in The United States and Beyond,” National Tax Journal, 69(4), 905-934.Cobham, A. and P. Janský (2019), “Measuring Misalignment: The Location of US Multinationals’ Economic Activity Versus the Location of Their Profits,” Development Policy Review, 37(1), 91-110Cockfield, A.J. and MacArthur, C.D. (2015), Country-by-Country Reporting and Commercial Confidentiality, Canadian Tax Journal, 627-660.Daniels, J. P., Walid Hejazi, and Marc von der Ruhr (2004). “Regional vs. Global Financing Strategies for U.S. Multinationals” in A. Rugman, ed., North American Economic and Financial Integration, New York: Elsevier.Daniels, J. P., P. O’Brien and M. B. von der Ruhr (2015), “Bilateral Tax Treaties and US Foreign Direct Investment Financing Modes,” International Tax and Public Finance, 22(6), 999-1027.Davies, R. B. and N. Killeen (2017), “Location Decisions of Non-bank Financial Foreign Direct Investment: Firm-level Evidence From Europe,” Review of International Economics, 26(2), 378-403.Davies, R. B., J. Martin, M. Parenti, and F. Toubal (2018), “Knocking on Tax Haven’s Door: Multinational Firms and Transfer Pricing,” Review of Economics and Statistics, 100(1), 120-134.De Mooij, R. and L. Liu (2018), “At A Cost: The Real Effects of Transfer Pricing Regulations,” IMF Working Paper /18/69, International Monetary Fund 2018.Devereux, M. (2011), “Transparency in Reporting Financial Data by Multinational Corporations,” Project Report, Oxford University Centre for Business Taxation.Dyreng, S.D., Hoopes, J.L. and Wilde, J.H. (2016), “Public Pressure and Corporate Tax Behavior,” Journal of Accounting Research, 147-186.Egger, P., M. Larch, M. Pfaffermayr and H. Winner (2006), “The Impact of Endogenous Tax Treaties on Foreign Direct Investment: Theory and Evidence,” The Canadian Journal of Economics, 39(3), 901-931.Evers, M. T., I. Meier and C. Spengel (2014), “Transparency in Financial Reporting: Is Country-by-Country Reporting Suitable to Combat International Profit Shifting?” Bulletin for International Taxation, 295-303.Evers, M. T., I. Meier and C. Spengel (2017), “Country-by-Country Reporting: Tension Between Transparency and Tax Planning,” ZEW Discussion Paper No. 17-008.Fehling, D. (2015), “Das BEPS-Projekt auf der Zielgeraden – was bedeutet dies für Deutschland?”, Finanz-Rundschau Ertragsteuerrecht, 817-823.Haberly, D. and Wójcik, D (2015), “Regional Blocks and Imperial Legacies: Mapping the Global Offshore FDI Network,” Economic Geography, 91(3), 251–280.Halon, M., E. L. Maydew, J. R. 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Zucman (2014), “The End of Bank Secrecy: An Evaluation of the G20 Tax Haven Crackdown,” American Economic Journal: Economic Policy, 6(1), 65-91.Jones, C. and Y. Temouri (2015), “The Determinants of Tax Haven FDI,” Journal of World Business, 51(2), 237-250Kemme, D. M., B. Parikh and T. Steigner (2017), “Tax Havens, Tax Evasion and Tax Information Exchange Agreements in the OECD,” European Financial Management, 23(3), 519-524.Kleinbard, E. (2011), “Stateless Income,” Florida Tax Review, 699-773.Knobel, A. and A. Cobham (2016), “Country-by-Country Reporting: How Restricted Access Exacerbates Global Inequalities in Taxing Rights,” Tax Justice NetworkLejour, A. (2014), “The Foreign Investment Effects of Tax Treaties,” Oxford University Press Working Paper No. 14/03.Lohse, T., and N. Riedel (2013), “Do Transfer Pricing Laws Limit International Income Shifting? Evidence from European Multinationals,” CESifo Working Paper Series, No. 4404.Marques, M. and C. Pinho (2016), “Is Transfer Pricing Strictness Deterring Profit Shifting within Multinationals? Empirical Evidence from Europe,” Accounting and Business Research, 46(7), 703-730.Merlo, V., N. Riedel, and G. Wamser, (2014), “Anti-Avoidance Legislations and the Location Choice of Multinational Firms,” Working Paper.Merlo, V., N. Riedel, and G. Wamser (2015), “The Impact of Thin Capitalization Rules on the Locationof Multinational Firms` Foreign Affiliates,” CESifo Working Paper Series 5449.Merz, J. and M. Overesh (2016), “Profit Shifting and Tax Response of Multinational Banks,” Journal of Banking & Finance 68, July 2016, 57-6.Murphy, R. (2009), “Country-by-Country Reporting – Holding Multinational Corporations to Account Wherever They Are,” Task Force on Financial Integrity and Economic Development.Murthy, K. V. B. and N. Bhasin (2015), “The Impact of Bilateral Tax Treaties on FDI Inflows: The Case of India,” The Journal of International Trade & Economic Development, 24(6), 751-766.Neumayer, E. 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Wamser (2010), “Corporate Tax Planning and Thin-Capitalization Rules: Evidence from a Quasi-Experiment,” Applied Economics, 42(5), 563-573.Overesch, M. and G. Wamser, (2014), “Bilateral Internal Debt Financing and Tax Planning of Multinational Firms,” Review of Quantitative Finance and Accounting, 42(2), 191-209.UNCTAD (2013), 2013 World Investment Report, United Nations, Geneva.UNCTAD (2015), 2015 World Investment Report, United Nations, Geneva.UNCTAD (2016), 2016 World Investment Report, United Nations, Geneva.UNCTAD (2018), 2018 World Investment Report, United Nations, Geneva.Wang, P. J. D. Alba and D. Park (2013), “Determinants of Different Modes of FDI: Firm-Level Evidence from Japanese FDI into the US,” Open Economies Review, 24(3), 425-446.Weichenrieder, A., and H. Windischbauer (2008), “Thin-Capitalization Rules and Company Responses—Experience from German Legislation,” CESifo Working Paper, No. 2456.Weyzig, F. (2012), “Tax Treaty Shopping: Structural Determinants of FDI Routed through the Netherlands,” International Tax and Public Finance, 20(6), 910-937. 描述 碩士
國立政治大學
財政學系
106255003資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106255003 資料類型 thesis dc.contributor.advisor 陳香梅 zh_TW dc.contributor.advisor Chen, Shine-May en_US dc.contributor.author (Authors) 郭家瑜 zh_TW dc.contributor.author (Authors) Kuo, Chia-Yu en_US dc.creator (作者) 郭家瑜 zh_TW dc.creator (作者) Kuo, Chia-Yu en_US dc.date (日期) 2019 en_US dc.date.accessioned 7-Aug-2019 16:50:39 (UTC+8) - dc.date.available 7-Aug-2019 16:50:39 (UTC+8) - dc.date.issued (上傳時間) 7-Aug-2019 16:50:39 (UTC+8) - dc.identifier (Other Identifiers) G0106255003 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/124949 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財政學系 zh_TW dc.description (描述) 106255003 zh_TW dc.description.abstract (摘要) 為研究地主國租稅環境，尤其是國別報告制度要求，對我國跨國企業過境投資之影響，本文以固定效果模型研究 2001 年至 2017 年間我國跨國企業過境直接投資之海外關係企業投資額。過去探討資訊透明之實證文獻多以稅務資訊交換協定為研究對象，尚未加入國別報告相關之變數；反避稅制度效果之實證文獻中多單獨探討資本弱化條款或移轉訂價制度之政策有效性。過去與過境直接投資相關之文獻多在估計各國稅收損失，或是針對過境投資做介紹；與整體外國直接投資之實證文獻則多以租稅協定與投資協定作為主要變數，僅一篇實證文獻同時研究地主國反避稅制度對投資的影響。本文首度加入國別報告相關變數及資訊透明程度變數，探討地主國是否有國別報告要求、國別報告嚴謹程度，以及稅務資訊交換協定生效數量對我國過境直接投資之影響。本文之實證結果發現，地主國若有新增國別報告制度，或是國別報告嚴謹程度越高，我國跨國企業對該地主國之投資並未產生顯著影響。然而，當租稅天堂地主國有增訂國別報告要求，則我國投資至該租稅天堂地主國之過境直接投資金額顯著下降；租稅天堂地主國之國別報告嚴謹程度則未出顯著影響。資訊透明變數中，與地主國是否有國別報告要求相似，租稅天堂地主國生效之稅務資訊交換協定越多，我國投資至該租稅天堂地主國之過境直接投資金額顯著降低。 zh_TW dc.description.abstract (摘要) In order to investigate how the tax-related environment of host countries, especially the requirements of the Country-by-Country Report, affect Taiwanese multinational enterprises on transit direct investment, this paper uses fixed effect model to examine the transit direct investment of Taiwanese multinational enterprises to their foreign affiliates from 2001 to 2017. Recently, empirical literatures related to transparency were mostly based on Tax Information Exchange Agreements, however, they didn’t consider the effects of Country-by-Country Report. Most empirical literatures related to anti-tax avoidance separately discussed the policy effectiveness of the Thin Capitalization Rules or Transfer Pricing Rules. Furthermore, literatures related to transit direct investment focus more on estimating the tax revenues losses in various countries, or focus on introducing the concept of transit direct investment. Empirical literatures discussing overall foreign direct investment mostly uses double tax treaties and investment treaties as main variable. There is only one empirical literature explores how the anti-profit shifting rules affects investment of foreign subsidiaries. This article is the first to take Country-by-Country Report and other information transparency variables into consideration, to explore whether the transit direct investment of Taiwanese multinational enterprises is affected by Country-by-Country Report requirement in the host country, the strictness of Country-by-Country Report requirement in the host country and the amount of Tax Information Exchange Agreements enter into force in the host country.The empirical results reveal that there is no significant investment effect of the Country-by-Country Report requirement or the strictness of Country-by-Country Report in the host country. However, if the tax haven host country has updated the Country-by-Country Report, the amount of transit direct investment has decreased significantly. Unfortunately, we could not capture the negative effect of the strictness of Country-by-Country Report requirement in the tax haven host country. Among the information transparency variables, the results are similar to the effects of Country-by-Country Report. The more Tax Information Exchange Agreements enter into force in tax haven host country, the more significant reduction in the amount of transit direct investment of Taiwanese multinational enterprises. en_US dc.description.tableofcontents 摘要 IAbstract II第一章 前言 1第二章 我國上市櫃企業與三層文據要求現況介紹 8第一節 移轉訂價三層文據介紹 8第二節 國別報告適用情形 12第三節 現行移轉訂價法規介紹 20第四節 我國跨國集團海外佈局現況 23第三章 研究方法 30第一節 研究範圍 30第二節 實證模型設定 30第三節 變數定義與來源 33第四章 實證結果 46第一節 敘述統計分析 46第二節 模型檢定 49第三節 實證結果 52第五章 結論與建議 58參考文獻 60 zh_TW dc.format.extent 1366739 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106255003 en_US dc.subject (關鍵詞) 國別報告 zh_TW dc.subject (關鍵詞) 國別報告嚴謹程度 zh_TW dc.subject (關鍵詞) 資訊透明 zh_TW dc.subject (關鍵詞) 過境直接投資 zh_TW dc.subject (關鍵詞) Country-by-Country Report en_US dc.subject (關鍵詞) The strictness of Country-by-Country Report en_US dc.subject (關鍵詞) Information transparency en_US dc.subject (關鍵詞) Transit direct investment en_US dc.title (題名) 國別報告要求對我國跨國企業過境直接投資之影響 zh_TW dc.title (題名) The Effect of Country-by-Country Report on the Transit Direct Investment of Taiwanese Multinational Firms en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 陳香梅與黃庭欣 (2018)，「租稅協定、資訊交換條款與跨國公司的海外營運活動」，《經濟研究》，54(1)，73-118。Baker, P. L. (2014), “An Analysis of Double Taxation Treaties and their Effect on Foreign Direct Investment,” International Journal of the Economics and Business, 21(3), 341-377.Barthel, F., M. Busse and E. Neumayer (2010), “The Impact of Double Taxation Treaties on Foreign Direct Investment: Evidence from Large Dyadic Panel Data,” Contemporary Economic Policy, 28(3), 366-377.Benassy-Quere A., M. Coupet and T. Mayer (2007), “Institutional Determinants of Foreign Direct Investment,” World Economy, 30(5), 764 – 782.Blonigen, B. A. and R. B. Davies (2008), “Do Bilateral Tax Treaties Promote Foreign Direct Investment?” Handbook of International Trade, Vol. II, ed., E. K. Choi and J. C. Hartigan, 526-546, London: Blackwell.Blonigen, B. A., L. Oldenski and N. Sly (2014), “The Differential Effects of Bilateral Tax Treaties,” American Economic Journal: Economic Policy, 6(2), 1-18.Blouin, J., H. Huizinga, L. Laeven, and G. Nicodème (2014), “Thin Capitalization Rules and Multinational Firm Capital Structure,” IMF Working Paper, 14/12.Bolwijn, R., Casella, B., and Rigo, D. (2018), “An FDI-driven approach to measuring the scale and economic impact of BEPS,” Transnational Corporations, 25(2), 107–143.Bradbury D., T. Hanappi and A. Moore (2018), “Estimating the Fiscal Effects of Base Erosion and Profit Shifting: Data Availability and Analytical Issues,” Transnational Corporations, 25 (2).Braun, J. and A. J. Weichenrieder (2015), “Does Exchange of Information Between Tax Authorities Influence Multinationals’ Use of Tax Havens?” SAFE, Working Paper.Buettner, T., M. Overesch, and G. Wamser (2017), “Anti Profit-shifting Rules and Foreign Direct Investment,” International Tax and Public Finance, 25(3), 553-580Buettner, T., M. Overesch, U. Schreiber, and G. 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