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題名 無形資產對跨國企業操作利潤移轉之探討
The Influence of Intangible Assets on the Profit Shifting of Multinational Corporations作者 廖晉祺
Liao, Jin-Chi貢獻者 陳香梅
Chen, Shinemay
廖晉祺
Liao, Jin-Chi關鍵詞 無形資產
利潤移轉
移轉訂價
跨國企業
國際租稅
Intangible assets
Profit shifting
Transfer pricing
Multinational corporations
International taxation日期 2021 上傳時間 4-Aug-2021 16:02:42 (UTC+8) 摘要 在過去有關無形資產移轉訂價的文獻中，多集中於探討無形資產對母公司利潤移轉行為的影響；探討無形資產對子公司利潤移轉的影響僅有二篇，且均是以第一層子公司 (subsidiaries) 作為研究對象。另外，目前國內文獻多集中於策略與制度法規的探討，尚無關於無形資產對跨國企業利潤轉移行為的實證研究。本文以 2001 年至2019 年臺灣上市公司之最終層關係企業的財務資料，探討跨國集團所持有的無形資產如何影響最終層關係企業利潤的移轉。藉由固定效果模型，本文證實台灣上市公司的最終層關係企業確實存在利潤移轉的行為，其利潤配置會顯著受地主國稅率影響，而此利潤移轉行為會因集團會計帳面無形資產與商譽的增加而增強，也會因地主國特別訂定無形資產相關的移轉訂價法規而削弱。
The literature on transfer pricing of intangible assets, mostly focuses on the profit shifting behavior of the parent company. There are only two articles discussing the profit shifting behavior of the affiliates, and both of them are based on the first-tier affiliates (subsidiaries). In addition, the current Taiwan literature is mostly focused on the discussion of strategies and regulations, and there is no empirical research on the profit transfer behavior of intangible assets among multinational corporations. This article uses the financial data of the final-tier affiliates of Taiwan listed companies from 2001 to 2019 to explore how the intangible assets held by multinational corporations affect the profit shifting behavior of the final-tier affiliates. Using the fixed-effect model, this article confirms that the final-tier affiliates of Taiwan listed companies do have profit shifting behaviors, and their profit allocation will be significantly affected by the tax rate of the host country. This profit shifting behavior will be enhanced by the increase in the intangible assets and goodwill held by multinational corporations, and it will be weakened if the host country has special regulations on the transfer pricing of intangible assets.參考文獻 Anderson, Eric, Nir Jaimovich, and Duncan Simester (2015) ,“Price Stickiness: Empirical Evidence of the Menu Cost Channel, ” The Review of Economics and Statistics, 97 (4), pages 813-826.Aschauer (1990) ,“Why is Infrastructure Important? , ”Conference Series, 1990, vol. 34, pages 21-68.Barrera, Rita, and Jessica Bustamante (2018),“The Rotten Apple: Tax Avoidance in Ireland, ” The International Trade Journal 32, pages 150-161.BBC News (2015),“McDonald`s Faces Potential €1bn EU Tax Avoidance Probe, ” from: https://www.bbc.com/news/business-32601658.Bebchuk, Lucian, Alma Cohen, and Allen Ferrell (2009) ,“What Matters in Corporate Governance? , ” The Review of Financial Studies, Volume 22, Issue 2, pages 783-827.Beer, Sebastian, and Jan Loeprick (2013) ,“Profit Shifting: Drivers and Potential Countermeasures, ” WU International Taxation Research Paper Series, No. 2013 -03.Beer, Sebastian, and Jan Loeprick (2015) ,“Profit Shifting: Drivers of Transfer (Mis)Pricing and the Potential of Countermeasures, ” International Tax and Public Finance 22, pages 426-451.Brown, Lawrence D., and Marcus L. Caylor (2006) ,“Corporate Governance and Firm Valuation, ” Journal of Accounting and Public Policy 25, pages 409-434.Buettner, Thiess , Michael Overesch, and Georg Wamser (2017) ,“Anti Profit-Shifting Rules and Foreign Direct Investment, ” International Tax and Public Finance, volume 25, pages 553-580.Campbell Katherine, and Duane Helleloid (2016),“Starbucks: Social Responsibility and Tax Avoidance, ”Journal of Accounting Education 37 , pages 38-60.Demmou, Lilas, Irina Stefanescu and Axelle Arquié (2019) ,“Productivity Growth and Finance: The Role of Intangible Assets - A Sector Level Analysis, ” OECD Economics Department Working Papers, No.1547.Dowd, Timothy, Paul Landefeld, and Anne Moore (2017) ,“Profit Shifting of U.S. Multinationals , ”Journal of Public Economics, 2017, vol. 148, issue C, pages 1-13.Eisfeldt, Andrea L., and Dimitris Papanikolaou (2014) ,“The Value and Ownership of Intangible Capital, ”American Economic Review, Vol. 104, No. 5, May 2014, pages 94-189.Erosa, Andres, and Gustavo Ventura (2002) ,“On Inflation as a Regressive Consumption Tax, ”Journal of Monetary Economics, 2002, vol. 49, issue 4, pages 761-795.Falato, Antonio, Jae Sim, and Dalida Kadyrzhanova (2013) ,“Rising Intangible Capital, Shrinking Debt Capacity, and the US Corporate Savings Glut, ” Society for Economic Dynamics, No.1151.Faria, Joao, and Francisco Carneiro (2001) ,“Does High Inflation Affect Growth in the Long and Short Run? , ”Journal of Applied Economics, 2001, vol. 4, pages 89-105.Firmansyah, Amrie, and Artikayara Yunidar (2020) ,“Financial Derivatives, Financial Leverage, Intangible Assets, and Transfer Pricing Aggressiveness: Evidence from Indonesian Companies, ” Jurnal Dinamika Akuntansi dan Bisnis Vol. 7(1), pages 1-14.Griliches, Zvi (1986) ,“Productivity Puzzles and R&D: Another Nonexplanation, ” Journal of Economic Perspectives, Volume 2, No. 4, Fall 1988, pages 9-21.Griliches, Zvi, and Jacques Mairesse (1984) ,“ Productivity and R&D at the Firm Level, ”National Bureau of Economic Research, Inc : R&D, Patents, and Productivity, pages 339-374.Grubert, Harry (2003) ,“Intangible Income, Intercompany Transactions, Income Shifting, and the Choice of Location, ” National Tax Journal, Vol. LVI, No.1, Part 2, pages 221-242.Hulten, Charles R., and Xiaohui Hao (2008) ,“What is a Company Really Worth? Intangible Capital and the "Market to Book Value" Puzzle, ” National Bureau of Economic Research, Working Paper No.14548.Krishnan, Satish, and Thompson S.H. Teo (2012 ) ,“Moderating Effects of Governance on Information Infrastructure and E‐Government Development, ”Journal of the American Society for Information Science and Technology, 63(10), pages 1929-1946.Lanis, Roman, and Grant Richardson (2012) ,“Corporate Social Responsibility and Tax Aggressiveness: An Empirical Analysis , ”Journal of Accounting and Public Policy, Volume 31, Issue 1, January-February 2012, pages 86-108.Lohse, Theresa, and Nadine Riedel (2013) ,“Do Transfer Pricing Laws Limit International Income Shifting? Evidence from European Multinationals, ”Center for Economic Studies and Ifo Institute, Working Paper Series No.4404.Marriage, Madison (2018),“Starbucks’ European Unit Paid 2.8% UK Tax Last Year, ” Financial Times, September 19, 2018.McNamara, Ray, and Keith Duncan (1995) ,“Firm Performance and Macro-Economic Variables , ” Bond University, School of Business Discussion Paper.Merle, Ronan, Bakr Al-Gamrh and Tanveer Ahsan (2019) ,“ Tax Havens and Transfer Pricing Intensity: Evidence from the French CAC-40 Listed Firms, ” Cogent Business & Management, 6:1, 1647918.OECD (2017) ,“OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, ” OECD Publishing, from: http://dx.doi.org/10.1787/tpg-2017-en.Orhangazi, Özgür (2019 ),“The Role of Intangible Assets in Explaining the Investment-Profit Puzzle, ”Cambridge Journal of Economics, Volume 43, Issue 5, September 2019, pages 1251-1286.Pervan, M., and J. Višić (2012) ,“Influence of Firm Size on Its Business Success, ” Croatian Operational Research Review, No. 3, pages 213-223.Peters, Ryan H., and Lucian A. Taylor (2017) ,“Intangible Capital and the Investment-Q Relation, ” Journal of Financial Economics, Volume 123, Issue 2, February 2017, pages 251-272.Richardson, Grant, Grantley Taylor, and Roman Lanis (2013) ,“Determinants of Transfer Pricing Aggressiveness: Empirical Evidence from Australian Firms, ” Journal of Contemporary Accounting & Economics 9, pages 136-150.Sullivan, Martin A. (2012) ,“Apple Reports High Rate but Saves Billions on Taxes,” Economic Analysis, February 13, 2012, pages 777-778.Taylor, Grantley, Grant Richardson, and Roman Lanis (2015) ,“Multinationality, Tax Havens, Intangible Assets, and Transfer Pricing Aggressiveness: An Empirical Analysis, ” Journal of International Accounting Research 14, pages 25–57.Ting, Antony (2014),“iTax - Apple’s International Tax Structure and the Double Non-Taxation Issue ,” British Tax Review 2014 No.1.Van Biesebroeck, Johannes (2005) ,“Firm Size Matters: Growth and Productivity Growth in African Manufacturing, ”Economic Development and Cultural Change, 2005, vol. 53, issue 3, pages 545-83.Waworuntu, S. R., and R Hadisaputra (2016) ,“Determinants of Transfer Pricing Aggressiveness in Indonesia, ” Journal of Social Sciences & Humanities 24, pages 95-110.Zarzeski, Marilyn Taylor (1996) ,“Spontaneous Harmonization Effects of Culture and Market Forces on Accounting Disclosure Practices , ”Accounting Horizons, Vol. 10, pages 18-37.Zhang, Mindy Xiaolan (2014) ,“Who Bears Firm-Level Risk? Implications for Cash Flow Volatility, ”University of Texas, Austin, TX Unpublished working paper.Zucman, Gabriel (2019) ,“Taxing Multinational Corporations in the 21st Century, ” Economists for Inclusive Prosperity, September 2018.莊奕琦、許碧峰，(1999)。研究發展對生產力的貢獻及產業間的外溢效果：台灣製造業實證。《經濟論文》，27:3，頁407-432。 描述 碩士
國立政治大學
財政學系
108255003資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108255003 資料類型 thesis dc.contributor.advisor 陳香梅 zh_TW dc.contributor.advisor Chen, Shinemay en_US dc.contributor.author (Authors) 廖晉祺 zh_TW dc.contributor.author (Authors) Liao, Jin-Chi en_US dc.creator (作者) 廖晉祺 zh_TW dc.creator (作者) Liao, Jin-Chi en_US dc.date (日期) 2021 en_US dc.date.accessioned 4-Aug-2021 16:02:42 (UTC+8) - dc.date.available 4-Aug-2021 16:02:42 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2021 16:02:42 (UTC+8) - dc.identifier (Other Identifiers) G0108255003 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136577 - 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) 108255003 zh_TW dc.description.abstract (摘要) 在過去有關無形資產移轉訂價的文獻中，多集中於探討無形資產對母公司利潤移轉行為的影響；探討無形資產對子公司利潤移轉的影響僅有二篇，且均是以第一層子公司 (subsidiaries) 作為研究對象。另外，目前國內文獻多集中於策略與制度法規的探討，尚無關於無形資產對跨國企業利潤轉移行為的實證研究。本文以 2001 年至2019 年臺灣上市公司之最終層關係企業的財務資料，探討跨國集團所持有的無形資產如何影響最終層關係企業利潤的移轉。藉由固定效果模型，本文證實台灣上市公司的最終層關係企業確實存在利潤移轉的行為，其利潤配置會顯著受地主國稅率影響，而此利潤移轉行為會因集團會計帳面無形資產與商譽的增加而增強，也會因地主國特別訂定無形資產相關的移轉訂價法規而削弱。 zh_TW dc.description.abstract (摘要) The literature on transfer pricing of intangible assets, mostly focuses on the profit shifting behavior of the parent company. There are only two articles discussing the profit shifting behavior of the affiliates, and both of them are based on the first-tier affiliates (subsidiaries). In addition, the current Taiwan literature is mostly focused on the discussion of strategies and regulations, and there is no empirical research on the profit transfer behavior of intangible assets among multinational corporations. This article uses the financial data of the final-tier affiliates of Taiwan listed companies from 2001 to 2019 to explore how the intangible assets held by multinational corporations affect the profit shifting behavior of the final-tier affiliates. Using the fixed-effect model, this article confirms that the final-tier affiliates of Taiwan listed companies do have profit shifting behaviors, and their profit allocation will be significantly affected by the tax rate of the host country. This profit shifting behavior will be enhanced by the increase in the intangible assets and goodwill held by multinational corporations, and it will be weakened if the host country has special regulations on the transfer pricing of intangible assets. en_US dc.description.tableofcontents 目次第一章 前言 1第二章 台灣上市公司無形資產運用概況 9第一節 無形資產指標 9一、集團會計帳面無形資產與商譽 9二、集團知識基礎無形資產 11三、集團組織基礎無形資產 13第二節 三種無形資產的綜合比較 16第三章 研究方法 18第一節 研究範圍 18第二節 實證模型設計 19第三節 變數定義及來源 21一、營業利益 21二、無形資產指標 21三、關係企業間的稅率差異 23四、關係企業間的稅率差異與無形資產交乘項 23五、無形資產移轉訂價法規 24六、地主國經濟變數 24七、公司本身變數–最終層關係企業總資產 26八、集團公司資產 26第四章 實證結果與分析 28第一節 敘述統計 28第二節 模型檢定 30一、共線性檢定 30二、異質性檢定 33第三節 實證結果 33一、利潤移轉效果 34二、地主國與公司特性對最終層關係企業營業利益的影響 39第四節 穩健性檢定 40第五節 額外測試 47第五章 結論 50參考文獻 53 zh_TW dc.format.extent 2762227 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108255003 en_US dc.subject (關鍵詞) 無形資產 zh_TW dc.subject (關鍵詞) 利潤移轉 zh_TW dc.subject (關鍵詞) 移轉訂價 zh_TW dc.subject (關鍵詞) 跨國企業 zh_TW dc.subject (關鍵詞) 國際租稅 zh_TW dc.subject (關鍵詞) Intangible assets en_US dc.subject (關鍵詞) Profit shifting en_US dc.subject (關鍵詞) Transfer pricing en_US dc.subject (關鍵詞) Multinational corporations en_US dc.subject (關鍵詞) International taxation en_US dc.title (題名) 無形資產對跨國企業操作利潤移轉之探討 zh_TW dc.title (題名) The Influence of Intangible Assets on the Profit Shifting of Multinational Corporations en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Anderson, Eric, Nir Jaimovich, and Duncan Simester (2015) ,“Price Stickiness: Empirical Evidence of the Menu Cost Channel, ” The Review of Economics and Statistics, 97 (4), pages 813-826.Aschauer (1990) ,“Why is Infrastructure Important? , ”Conference Series, 1990, vol. 34, pages 21-68.Barrera, Rita, and Jessica Bustamante (2018),“The Rotten Apple: Tax Avoidance in Ireland, ” The International Trade Journal 32, pages 150-161.BBC News (2015),“McDonald`s Faces Potential €1bn EU Tax Avoidance Probe, ” from: https://www.bbc.com/news/business-32601658.Bebchuk, Lucian, Alma Cohen, and Allen Ferrell (2009) ,“What Matters in Corporate Governance? , ” The Review of Financial Studies, Volume 22, Issue 2, pages 783-827.Beer, Sebastian, and Jan Loeprick (2013) ,“Profit Shifting: Drivers and Potential Countermeasures, ” WU International Taxation Research Paper Series, No. 2013 -03.Beer, Sebastian, and Jan Loeprick (2015) ,“Profit Shifting: Drivers of Transfer (Mis)Pricing and the Potential of Countermeasures, ” International Tax and Public Finance 22, pages 426-451.Brown, Lawrence D., and Marcus L. Caylor (2006) ,“Corporate Governance and Firm Valuation, ” Journal of Accounting and Public Policy 25, pages 409-434.Buettner, Thiess , Michael Overesch, and Georg Wamser (2017) ,“Anti Profit-Shifting Rules and Foreign Direct Investment, ” International Tax and Public Finance, volume 25, pages 553-580.Campbell Katherine, and Duane Helleloid (2016),“Starbucks: Social Responsibility and Tax Avoidance, ”Journal of Accounting Education 37 , pages 38-60.Demmou, Lilas, Irina Stefanescu and Axelle Arquié (2019) ,“Productivity Growth and Finance: The Role of Intangible Assets - A Sector Level Analysis, ” OECD Economics Department Working Papers, No.1547.Dowd, Timothy, Paul Landefeld, and Anne Moore (2017) ,“Profit Shifting of U.S. Multinationals , ”Journal of Public Economics, 2017, vol. 148, issue C, pages 1-13.Eisfeldt, Andrea L., and Dimitris Papanikolaou (2014) ,“The Value and Ownership of Intangible Capital, ”American Economic Review, Vol. 104, No. 5, May 2014, pages 94-189.Erosa, Andres, and Gustavo Ventura (2002) ,“On Inflation as a Regressive Consumption Tax, ”Journal of Monetary Economics, 2002, vol. 49, issue 4, pages 761-795.Falato, Antonio, Jae Sim, and Dalida Kadyrzhanova (2013) ,“Rising Intangible Capital, Shrinking Debt Capacity, and the US Corporate Savings Glut, ” Society for Economic Dynamics, No.1151.Faria, Joao, and Francisco Carneiro (2001) ,“Does High Inflation Affect Growth in the Long and Short Run? , ”Journal of Applied Economics, 2001, vol. 4, pages 89-105.Firmansyah, Amrie, and Artikayara Yunidar (2020) ,“Financial Derivatives, Financial Leverage, Intangible Assets, and Transfer Pricing Aggressiveness: Evidence from Indonesian Companies, ” Jurnal Dinamika Akuntansi dan Bisnis Vol. 7(1), pages 1-14.Griliches, Zvi (1986) ,“Productivity Puzzles and R&D: Another Nonexplanation, ” Journal of Economic Perspectives, Volume 2, No. 4, Fall 1988, pages 9-21.Griliches, Zvi, and Jacques Mairesse (1984) ,“ Productivity and R&D at the Firm Level, ”National Bureau of Economic Research, Inc : R&D, Patents, and Productivity, pages 339-374.Grubert, Harry (2003) ,“Intangible Income, Intercompany Transactions, Income Shifting, and the Choice of Location, ” National Tax Journal, Vol. LVI, No.1, Part 2, pages 221-242.Hulten, Charles R., and Xiaohui Hao (2008) ,“What is a Company Really Worth? Intangible Capital and the "Market to Book Value" Puzzle, ” National Bureau of Economic Research, Working Paper No.14548.Krishnan, Satish, and Thompson S.H. Teo (2012 ) ,“Moderating Effects of Governance on Information Infrastructure and E‐Government Development, ”Journal of the American Society for Information Science and Technology, 63(10), pages 1929-1946.Lanis, Roman, and Grant Richardson (2012) ,“Corporate Social Responsibility and Tax Aggressiveness: An Empirical Analysis , ”Journal of Accounting and Public Policy, Volume 31, Issue 1, January-February 2012, pages 86-108.Lohse, Theresa, and Nadine Riedel (2013) ,“Do Transfer Pricing Laws Limit International Income Shifting? Evidence from European Multinationals, ”Center for Economic Studies and Ifo Institute, Working Paper Series No.4404.Marriage, Madison (2018),“Starbucks’ European Unit Paid 2.8% UK Tax Last Year, ” Financial Times, September 19, 2018.McNamara, Ray, and Keith Duncan (1995) ,“Firm Performance and Macro-Economic Variables , ” Bond University, School of Business Discussion Paper.Merle, Ronan, Bakr Al-Gamrh and Tanveer Ahsan (2019) ,“ Tax Havens and Transfer Pricing Intensity: Evidence from the French CAC-40 Listed Firms, ” Cogent Business & Management, 6:1, 1647918.OECD (2017) ,“OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, ” OECD Publishing, from: http://dx.doi.org/10.1787/tpg-2017-en.Orhangazi, Özgür (2019 ),“The Role of Intangible Assets in Explaining the Investment-Profit Puzzle, ”Cambridge Journal of Economics, Volume 43, Issue 5, September 2019, pages 1251-1286.Pervan, M., and J. Višić (2012) ,“Influence of Firm Size on Its Business Success, ” Croatian Operational Research Review, No. 3, pages 213-223.Peters, Ryan H., and Lucian A. Taylor (2017) ,“Intangible Capital and the Investment-Q Relation, ” Journal of Financial Economics, Volume 123, Issue 2, February 2017, pages 251-272.Richardson, Grant, Grantley Taylor, and Roman Lanis (2013) ,“Determinants of Transfer Pricing Aggressiveness: Empirical Evidence from Australian Firms, ” Journal of Contemporary Accounting & Economics 9, pages 136-150.Sullivan, Martin A. (2012) ,“Apple Reports High Rate but Saves Billions on Taxes,” Economic Analysis, February 13, 2012, pages 777-778.Taylor, Grantley, Grant Richardson, and Roman Lanis (2015) ,“Multinationality, Tax Havens, Intangible Assets, and Transfer Pricing Aggressiveness: An Empirical Analysis, ” Journal of International Accounting Research 14, pages 25–57.Ting, Antony (2014),“iTax - Apple’s International Tax Structure and the Double Non-Taxation Issue ,” British Tax Review 2014 No.1.Van Biesebroeck, Johannes (2005) ,“Firm Size Matters: Growth and Productivity Growth in African Manufacturing, ”Economic Development and Cultural Change, 2005, vol. 53, issue 3, pages 545-83.Waworuntu, S. R., and R Hadisaputra (2016) ,“Determinants of Transfer Pricing Aggressiveness in Indonesia, ” Journal of Social Sciences & Humanities 24, pages 95-110.Zarzeski, Marilyn Taylor (1996) ,“Spontaneous Harmonization Effects of Culture and Market Forces on Accounting Disclosure Practices , ”Accounting Horizons, Vol. 10, pages 18-37.Zhang, Mindy Xiaolan (2014) ,“Who Bears Firm-Level Risk? Implications for Cash Flow Volatility, ”University of Texas, Austin, TX Unpublished working paper.Zucman, Gabriel (2019) ,“Taxing Multinational Corporations in the 21st Century, ” Economists for Inclusive Prosperity, September 2018.莊奕琦、許碧峰，(1999)。研究發展對生產力的貢獻及產業間的外溢效果：台灣製造業實證。《經濟論文》，27:3，頁407-432。 zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202100965 en_US
