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題名 涉外租稅架構對公司價值影響之解析
Analysis of the Impact of International Tax Structure on Firm Value
作者 呂育陞
Lu, Yu-Sheng
貢獻者 陳香梅
Chen, Shinemay
呂育陞
Lu, Yu-Sheng
關鍵詞 涉外租稅架構
股權控制鏈結
免稅天堂
租稅協定
稅務資訊交換協定
公司價值
International Tax Structure
Ownership Structure Chains
Tax Haven
Tax Convention
Tax Information Exchange Agreement
Firm Value
日期 2021
上傳時間 4-Aug-2021 16:05:15 (UTC+8)
摘要 公司價值說明了公司的經營成果以及為股東創造財富的能力，對於股東及經理人皆是重要的績效指標，因此影響公司價值高低的決定因素便成為學術文獻上值得研究的議題。然而，公司的租稅負擔程度直接影響公司的稅後淨利，促使公司價值亦隨之受到波動。因此租稅規避帶來的租稅節省，能有效地降低經營成本，同時為股東帶來更高的稅後現金流量並提高公司價值。
然而，近十年來，跨國企業開始建立起複雜的所有權結構，並透過免稅天堂及漁獵租稅協定達到利潤移轉等租稅規避行為。因此本研究使用台灣上市公司2001年至2019年上市公司的股權控制鏈結資料，彙整出涉外租稅架構之特性，進而探討對於公司價值之影響。
本文經由固定效果模型針對不平衡追蹤資料進行分析，研究得出幾項重要結果：第一，租稅協定雖有助提升公司價值，但其中的資訊交換條款若含有較嚴格的規範，將產生相反的效果；第二，免稅天堂的利用程度越高越有利於公司價值的提升；第三，股權控制鏈結的長度對公司價值產生負面影響；第四，稅務資訊交換協定對公司價值造成明顯的衝擊，說明近幾年國際上遵循OECD的BEPS行動計畫，要求提升跨國公司的稅務資訊透明程度，將促使跨國企業在租稅規劃行為上面臨更險峻的情勢。
Firm value describes the company`s operating results and the ability to create wealth for shareholders, also an important performance indicator for managers and shareholders. Therefore, the determinants of the firm value have become issues worthy of research in academic literature. However, the extent of the company`s tax burden directly affects the company`s net profit after tax, causing the firm value to fluctuate accordingly. Therefore, the tax savings brought by tax avoidance can effectively reduce operating costs, while at the same time bringing higher after-tax cash flow to shareholders and increasing firm value.
In the past ten years, multinational enterprises (MNEs) have begun to establish complex ownership structures, and then achieve tax avoidance and profit shifting through tax havens and treaty shopping. This article uses the ownership structure chains of listed companies in Taiwan from 2001 to 2019 to aggregate the characteristics of the international tax structure, then explore the impact on the value.
A fixed-effect model is constructed by using unbalanced panel data. This article reveals several major results. First, the tax conventions have a positive impact on the value, but if the information exchange clauses contain stricter regulations will cause opposite influence. Second, the higher the utilization of tax havens, could create the higher value. Third, the length of the shareholding structure chain has a negative impact on the value. Fourth, tax information exchange agreements significantly shock the value. It shows that the MNEs face a more precarious situation in tax planning behavior.
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Afrasinei, M. B., I. E. Georgescu, and C. Istrate, (2016), “The Influence of the Connections of Romanian Non-listed Firms to Tax Havens on Their Profitability,” CES Working Papers, 8(4), 572.
Al-Slehat, Z. A. F. (2020), “Impact of Financial Leverage, Size and Assets Structure on Firm Value: Evidence from Industrial Sector, Jordan,” International Business Research, 13(1), 109-120.
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and Firm Valuation,” European Financial Management, 12(2), 249-283.
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Bennedsen, M. and S. Zeume (2018), “Corporate Tax Havens and Transparency,” The Review of Financial Studies, 31(4), 1221-1264.
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Choy, S. K., TK. Laib, and T. Ng (2017), “Do Tax Havens Create Firm Value?,” Journal of Corporate Finance, 42, 198-220.
Christensen III, H. and J. M. Tirard (2016), “The Amazing Development of Exchange of Information in Tax Matters: from Double Tax Treaties to FATCA and the CRS,” Trusts & Trustees, 22(8), 898-922.
Chung, K. H. and S. W. Pruitt (1994), “A Simple Approximation of Tobin`s q,” Financial Management, 70-74.
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Denis, D. J., D. K. Denis, and K. Yost (2002), “Global Diversification, Industrial Diversification, and Firm Value,” The Journal of Finance, 57(5), 1951-1979.
Desai, M. A. and D. Dharmapala (2009), “Corporate tax Avoidance and Firm Value,” The Review of Economics and Statistics, 91(3), 537-546.
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描述 碩士
國立政治大學
財政學系
108255021
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108255021
資料類型 thesis
dc.contributor.advisor 陳香梅zh_TW
dc.contributor.advisor Chen, Shinemayen_US
dc.contributor.author (Authors) 呂育陞zh_TW
dc.contributor.author (Authors) Lu, Yu-Shengen_US
dc.creator (作者) 呂育陞zh_TW
dc.creator (作者) Lu, Yu-Shengen_US
dc.date (日期) 2021en_US
dc.date.accessioned 4-Aug-2021 16:05:15 (UTC+8)-
dc.date.available 4-Aug-2021 16:05:15 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2021 16:05:15 (UTC+8)-
dc.identifier (Other Identifiers) G0108255021en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136589-
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) 108255021zh_TW
dc.description.abstract (摘要) 公司價值說明了公司的經營成果以及為股東創造財富的能力，對於股東及經理人皆是重要的績效指標，因此影響公司價值高低的決定因素便成為學術文獻上值得研究的議題。然而，公司的租稅負擔程度直接影響公司的稅後淨利，促使公司價值亦隨之受到波動。因此租稅規避帶來的租稅節省，能有效地降低經營成本，同時為股東帶來更高的稅後現金流量並提高公司價值。
然而，近十年來，跨國企業開始建立起複雜的所有權結構，並透過免稅天堂及漁獵租稅協定達到利潤移轉等租稅規避行為。因此本研究使用台灣上市公司2001年至2019年上市公司的股權控制鏈結資料，彙整出涉外租稅架構之特性，進而探討對於公司價值之影響。
本文經由固定效果模型針對不平衡追蹤資料進行分析，研究得出幾項重要結果：第一，租稅協定雖有助提升公司價值，但其中的資訊交換條款若含有較嚴格的規範，將產生相反的效果；第二，免稅天堂的利用程度越高越有利於公司價值的提升；第三，股權控制鏈結的長度對公司價值產生負面影響；第四，稅務資訊交換協定對公司價值造成明顯的衝擊，說明近幾年國際上遵循OECD的BEPS行動計畫，要求提升跨國公司的稅務資訊透明程度，將促使跨國企業在租稅規劃行為上面臨更險峻的情勢。		zh_TW
dc.description.abstract (摘要) Firm value describes the company`s operating results and the ability to create wealth for shareholders, also an important performance indicator for managers and shareholders. Therefore, the determinants of the firm value have become issues worthy of research in academic literature. However, the extent of the company`s tax burden directly affects the company`s net profit after tax, causing the firm value to fluctuate accordingly. Therefore, the tax savings brought by tax avoidance can effectively reduce operating costs, while at the same time bringing higher after-tax cash flow to shareholders and increasing firm value.
In the past ten years, multinational enterprises (MNEs) have begun to establish complex ownership structures, and then achieve tax avoidance and profit shifting through tax havens and treaty shopping. This article uses the ownership structure chains of listed companies in Taiwan from 2001 to 2019 to aggregate the characteristics of the international tax structure, then explore the impact on the value.
A fixed-effect model is constructed by using unbalanced panel data. This article reveals several major results. First, the tax conventions have a positive impact on the value, but if the information exchange clauses contain stricter regulations will cause opposite influence. Second, the higher the utilization of tax havens, could create the higher value. Third, the length of the shareholding structure chain has a negative impact on the value. Fourth, tax information exchange agreements significantly shock the value. It shows that the MNEs face a more precarious situation in tax planning behavior.		en_US
dc.description.tableofcontents 第一章 前言 1
第二章 台灣上市公司股權結構現況與涉外租稅架構的設計初探 9
第一節 台灣上市公司的股權結構的變動分析 9
第二節 台灣上市公司涉外租稅架構設計之初探 12
第三章 研究方法 19
第一節 研究範圍 19
第二節 實證模型設計 20
第三節 變數定義 22
第四章 實證分析 32
第一節 基本統計量及相關性 32
第二節 實證結果 39
第三節 穩健性測試 45
第五章 結論及建議 59
參考文獻 62
附錄 69		zh_TW
dc.format.extent 2178234 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108255021en_US
dc.subject (關鍵詞) 涉外租稅架構zh_TW
dc.subject (關鍵詞) 股權控制鏈結zh_TW
dc.subject (關鍵詞) 免稅天堂zh_TW
dc.subject (關鍵詞) 租稅協定zh_TW
dc.subject (關鍵詞) 稅務資訊交換協定zh_TW
dc.subject (關鍵詞) 公司價值zh_TW
dc.subject (關鍵詞) International Tax Structureen_US
dc.subject (關鍵詞) Ownership Structure Chainsen_US
dc.subject (關鍵詞) Tax Havenen_US
dc.subject (關鍵詞) Tax Conventionen_US
dc.subject (關鍵詞) Tax Information Exchange Agreementen_US
dc.subject (關鍵詞) Firm Valueen_US
dc.title (題名) 涉外租稅架構對公司價值影響之解析zh_TW
dc.title (題名) Analysis of the Impact of International Tax Structure on Firm Valueen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Abidin, Z., M. W. Yusniar, and M. Ziyad (2016), “Pengaruh Struktur Modal, Kebijakan Dividen Dan Size Terhadap Nilai Perusahaan (Studi Pada Perusahaan Property Di Bursa Efek Indonesia),” Jurnal Wawasan Manajemen, 3(1), 91-102.
Afrasinei, M. B., I. E. Georgescu, and C. Istrate, (2016), “The Influence of the Connections of Romanian Non-listed Firms to Tax Havens on Their Profitability,” CES Working Papers, 8(4), 572.
Al-Slehat, Z. A. F. (2020), “Impact of Financial Leverage, Size and Assets Structure on Firm Value: Evidence from Industrial Sector, Jordan,” International Business Research, 13(1), 109-120.
Beiner, S., Stefan, et al. (2006), “An Integrated Framework of Corporate Governance
and Firm Valuation,” European Financial Management, 12(2), 249-283.
Behrendt, S. and G. Wamser (2018), “Tax-response Heterogeneity and the Effects of Double Taxation Treaties on the Location Choices of Multinational Firms.” CESifo Working Paper 6969.
Bennedsen, M. and S. Zeume (2015, January), “Corporate Tax Havens and Shareholder Value,” In Proceedings. Annual Conference on Taxation and Minutes of the Annual Meeting of the National Tax Association (Vol. 108, pp. 1-62). National Tax Association.
Bennedsen, M. and S. Zeume (2018), “Corporate Tax Havens and Transparency,” The Review of Financial Studies, 31(4), 1221-1264.
Bower, J. L. and L.S. Paine (2017), “The Error at the Heart of Corporate Leadership,” Harvard Business Review, 95(3), 50-60.
Brigham, E. F. and M. C. Ehrhardt (2014), “Financial Management: Theory & Practice,” South-Western Cengage Learning.
Carter, D. A., B. J. Simkins, and W. Gary Simpson (2003), “Corporate Governance, Board Diversity, and Firm Value,” Financial Review, 38(1), 33-53.
Chen, X., N. Hu, X. Wang, and X. Tang (2014), “Tax Avoidance and Firm Value: Evidence from China,” Nankai Business Review International, 5(1), 25-42.
Choudhury, H. and J. Owens (2014), “Bilateral Investment Treaties and Bilateral Tax Treaties,” International Tax and Investment Center Issues Paper. June.
Choy, S. K., TK. Laib, and T. Ng (2017), “Do Tax Havens Create Firm Value?,” Journal of Corporate Finance, 42, 198-220.
Christensen III, H. and J. M. Tirard (2016), “The Amazing Development of Exchange of Information in Tax Matters: from Double Tax Treaties to FATCA and the CRS,” Trusts & Trustees, 22(8), 898-922.
Chung, K. H. and S. W. Pruitt (1994), “A Simple Approximation of Tobin`s q,” Financial Management, 70-74.
Daines, R. (2001), “Does Delaware Law Improve Firm Value?,” Journal of Financial Economics, 62(3), 525-558.
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dc.identifier.doi (DOI) 10.6814/NCCU202101096en_US