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題名 經濟實質法案對企業投資決策及避稅行為之影響
The Effects of Economic Substance Act on Investing Decisions and Tax Avoidance作者 蔡鎮宇
TSAI, CHEN-YU貢獻者 陳明進<br>汪瑞芝
Chen, Ming-Chin<br>Wang, Jui-Chih
蔡鎮宇
TSAI, CHEN-YU關鍵詞 經濟實質法案
投資決策
反避稅
控股架構
Economic Substance Act
Investing decisions
Anti-tax avoidance
Holding Structure日期 2023 上傳時間 1-Sep-2023 14:39:33 (UTC+8) 摘要 本研究旨在探討2019年各租稅天堂頒布並實施經濟實質法案後，公司股權投資決策與交易模式是否受到影響，並探討經濟實質法案之實施，是否將減少企業之避稅行為。本研究以我國2016年至2021之上市櫃公司進行迴歸分析。實證結果說明如下。首先，公司較傾向減少於租稅天堂設立子公司，原架設於租稅天堂之子公司，則較傾向裁撤或遷冊至其他非租稅天堂地區；第二，企業最大之控股層級將減少，反映企業將因經濟實質法案而精簡其股權架構；第三，企業將減少認列於租稅天堂子公司之營業收入；第四，企業之現金有效稅率將顯著增加。本研究除探討經濟實質法案對企業之影響外，亦對租稅天堂之現況給予評估，在租稅天堂稅務誘因降低之環境下，建議企業應採取適當行動，調整其核心收入活動，並說明中、長期租稅規劃策略之建構與實施方針。
This study aims to investigate the impact of the implementation of the Economic Substance Act in 2019 on corporate ownership structure decisions and transaction patterns in tax havens. It also examines whether the Act effectively reduces corporate tax avoidance. Regression analysis is conducted on data from Taiwan listed and over-the-counter companies in our country between 2016 and 2021.The empirical findings are as follows. Firstly, companies tend to decrease the setup of subsidiary entities in tax havens. Subsidiaries previously located in tax havens are more likely to be terminated or relocated to non-tax haven jurisdictions. Secondly, there is a reduction in the pyramid layers, indicating a deliberate streamlining of holding structures in response to the Economic Substance Act. Thirdly, companies experienced a decline in the recognition of revenue generated by tax haven subsidiaries. Lastly, the effective cash tax rates borne by corporations show a significant increase.In addition to examining the impact of the Act on corporate entities, this study evaluates the current state of tax havens. Given the reduced tax incentives in these jurisdictions, multinational companies should take appropriate actions to adjust their core revenue activities and develop and implement medium- to long-term tax planning strategies.參考文獻 一、中文文獻汪瑞芝與陳明進，2003，兩稅合一前後上市公司股權規劃之實證研究，當代會計，第4卷（11月）：169-190。（DOI：10.6675/JCA.2003.4.2.03）許文馨與劉心才，2018，公司避稅與金字塔結構，臺大管理論叢，第28卷（4月）：1-42。陳明進，2002，營利事業有效稅率決定因素之實證研究，會計評論，第34期（1月）：57-75。二、英文文獻Bartik, A. W., Bertrand, M.., Cullen, Z. B., Glaeser, E. L., Luca, M., Stanton, C. T. 2020. How are small businesses adjusting to covid-19? Early evidence from a survey. Journal of Psychology and Christianity 39 (June): 276-287. (DOI: 10.3386/w26989)Bebchuk, L. A., Triantis, G., and R. Kraakman. 2000. Stock pyramids, cross-ownership, and the dual class equity: the creation and agency costs of seperating control from cash flow rights. Working Paper, Cambridge: National Bureau of Economic Research.Chang, R. P. and S. G. Rhee. 1990. The impact of personal taxes on corporate dividend policy and capital structure decisions. Financial Management 19 (Summer): 21-31. (DOI: 10.2307/3665631)Chari, M. and S. Acikgoz. 2016. What drives emerging economy firm acquisitions in tax havens? Journal of Business Research 69 (February): 664-671. (DOI: 10.1016/j.jbusres.2015.08.034)Chen, S., Chen, X., Cheng, Q., and T. Shevlin. 2010. Are family firms more tax aggressive than non-family firms? Journal of Financial Economics 95 (January): 41-61. (DOI: 10.1016/j.jfineco.2009.02.003)Clausing, K. A. and Y. Lahav. 2011. Corporate tax payments under formulary apportionment: evidence from the financial reports of 50 major u.s. Multinational firms. Journal of International Accounting, Auditing & Taxation 20 (June): 97-105. (DOI: 10.1016/j.intaccaudtax.2011.06.004)Desai, M. A. and D. Dharmapala. 2006. Corporate tax avoidance and high-powered incentives. Journal of Financial Economics 79 (January): 145-179. (DOI: 10.1016/j.jfineco.2005.02.002)Desai, M. A. and D. Dharmapala. 2006. Corporate tax avoidance and high-powered incentives. Journal of Financial Economics 79 (January): 145-179. (DOI: 10.1016/j.jfineco.2005.02.002)Dyreng, S. D. and Hanlon, M. and E. L. Maydew. 2008. Long-run corporate tax avoidance. The Accounting Review 83 (May): 61-82. (DOI: 10.2308/accr.2008.83.1.61)Fama, E. F and K. R French. 2001. Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics 60 (April): 3-43. (DOI: 10.1016/S0304-405X(01)00038-1)Grubert, H. and J. Slemrod. 1998. The effect of taxes on investment and income shifting to puerto rico. The Review of Economics and Statistics 80 (August): 365-373. (DOI: 10.1162/003465398557609)Gupta, S. and K. Newberry. 1997. Determinants of the variability in corporate effective tax rates: evidence from longitudinal data. Journal of Accounting and Public Policy 16 (Spring): 1-34. (DOI: 10.1016/S0278-4254(96)00055-5)Hines, James R. and E. M. Rice. 1994. Fiscal paradise: foreign tax havens and American business. The Quarterly Journal of Economics 109 (February): 149-182. (DOI: 10.2307/2118431)Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review 76 (May): 323-329.Johnson, S., La Porta, R., Lopez-De-Silanes, F. and A. Shleifer. 2000. Tunneling. The American Economic Review 90 (May): 22-27. (DOI: 10.1257/aer.90.2.22)Lisowsky, P. 2010. Seeking shelter: empirically modeling tax shelters using financial statement information. Accounting Review 85 (August): 1693-1720. (DOI: 10.2308/accr.2010.85.5.1693)Mackie-Mason, J. K. 1990. Do taxes affect corporate financing decisions? The Journal of Finance 45 (December): 1471-1493. (DOI: 10.2307/2328746)Maffini, G. 2009. Tax haven activities and the tax liabilities of multinational groups. Working Paper, Oxford University Centre for Business Taxation.Majluf, N. S. and S. C. Myers. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13 (June): 187-221. (DOI: 10.1016/0304-405X(84)90023-0)Michel, A. and I. Shaked. 1986. Multinational corporations vs. Domestic corporations: financial performance and characteristics. Journal of International Business Studies 17 (Autumn): 89-100. (DOI: 10.1057/palgrave.jibs.8490435)Mills, L. F. 1998. Book-tax differences and internal revenue service adjustments. Journal of Accounting Research 36 (Autumn): 343-356. (DOI: 10.2307/2491481)Mills, L. F. and K. J. Newberry. 2002. Trends in book-tax income and balance sheet differences. IRS Research Conference. Internal Revenue ServiceMinnick, K. and T Noga. 2010. Do corporate governance characteristics influence tax management? Journal of Corporate Finance 16 (December): 703-718. (DOI: 10.1016/j.jcorpfin.2010.08.005)Morck, R., Wolfenzon, D. and B. Yeung. 2005. Corporate governance, economic entrenchment, and growth. Journal of Economic Literature 43 (September): 655-720. (DOI: 10.1257/002205105774431252)Omer, T. C., Molloy, K. H. and D. A. Ziebart. 1993. An investigation of the firm size—effective tax rate relation in the 1980s. Journal of Accounting, Auditing & Finance 8 (April): 167-182. (DOI: 10.1177/0148558X9300800206)Porcano, T. M. 1986. An analysis of capital gains tax-induced earnings management. International Advances in Economic Research 3 (November): 395-408. (DOI: 10.1007/BF02295218)Porcano, T. M. 1986. Corporate tax rates: progressive, proportional or regressive. Journal of The American Taxation Association 7: 17-31.Rego, S. O. 2003. Tax-avoidance activities of u.s. Multinational corporations. Contemporary Accounting Research 20 (January): 805-833. (DOI: 10.1506/VANN-B7UB-GMFA-9E6W)Rozeff, M. S. 1982. Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research 5 (October): 249-259. (DOI: 10.1111/j.1475-6803.1982.tb00299.x)Shevlin, T. and S. Porter. 1992. The corporate tax comeback in 1987: some further evidence. Journal of The American Taxation Association 14 (Spring): 58. (DOI: )Shroff, N., Verdi, R. S. and G. Yu. 2014. Information environment and the investment decisions of multinational corporations. The Accounting Review 89 (September): 759-790. (DOI: 10.2308/accr-50643)Stickney, C. P. and V. E. McGee. 1982. Effective corporate tax rates the effect of size, capital intensity, leverage, and other factors. Journal of Accounting and Public Policy 1 (Winter): 125-152. (DOI: 10.1016/S0278-4254(82)80004-5)Stickney, C.P. and V.E. McGee. 1982. Effective corporate tax rates: the effect of size, capital intensity, leverage and other factors. Journal of Accounting and Public Policy 1 (Winter): 125-152. (DOI: 10.1016/S0278-4254(82)80004-5)Wagué, C. 2013. From tax break to tax haven: offshore profit shifting and multinational corporations tax avoidance strategy. International Journal of Business Strategy 13 (November): 115-128. (DOI: 10.18374/IJBS-13-4.6)Wang, S. W. 1991. The relation between firm size and effective tax rates: a test of firms` political success. The Accounting Review 66 (January): 158-169.Wilson, R. J. 2009. An examination of corporate tax shelter participants. The Accounting Review 84 (May): 969–999. (DOI: 10.2308/accr.2009.84.3.969)Zimmerman, D. 1983. Resource misallocation from interstate tax exportation: estimates of excess spending and welfare loss in a median voter framework. National Tax Journal 36 (June): 183-201.Zucman, G. 2014. Taxing across borders: tracking personal wealth and corporate profits. The Journal of Economic Perspectives 28 (Fall): 121-148. (DOI: 10.1257/jep.28.4.121) 描述 碩士
國立政治大學
會計學系
109353033資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353033 資料類型 thesis dc.contributor.advisor 陳明進<br>汪瑞芝 zh_TW dc.contributor.advisor Chen, Ming-Chin<br>Wang, Jui-Chih en_US dc.contributor.author (Authors) 蔡鎮宇 zh_TW dc.contributor.author (Authors) TSAI, CHEN-YU en_US dc.creator (作者) 蔡鎮宇 zh_TW dc.creator (作者) TSAI, CHEN-YU en_US dc.date (日期) 2023 en_US dc.date.accessioned 1-Sep-2023 14:39:33 (UTC+8) - dc.date.available 1-Sep-2023 14:39:33 (UTC+8) - dc.date.issued (上傳時間) 1-Sep-2023 14:39:33 (UTC+8) - dc.identifier (Other Identifiers) G0109353033 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146822 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 109353033 zh_TW dc.description.abstract (摘要) 本研究旨在探討2019年各租稅天堂頒布並實施經濟實質法案後，公司股權投資決策與交易模式是否受到影響，並探討經濟實質法案之實施，是否將減少企業之避稅行為。本研究以我國2016年至2021之上市櫃公司進行迴歸分析。實證結果說明如下。首先，公司較傾向減少於租稅天堂設立子公司，原架設於租稅天堂之子公司，則較傾向裁撤或遷冊至其他非租稅天堂地區；第二，企業最大之控股層級將減少，反映企業將因經濟實質法案而精簡其股權架構；第三，企業將減少認列於租稅天堂子公司之營業收入；第四，企業之現金有效稅率將顯著增加。本研究除探討經濟實質法案對企業之影響外，亦對租稅天堂之現況給予評估，在租稅天堂稅務誘因降低之環境下，建議企業應採取適當行動，調整其核心收入活動，並說明中、長期租稅規劃策略之建構與實施方針。 zh_TW dc.description.abstract (摘要) This study aims to investigate the impact of the implementation of the Economic Substance Act in 2019 on corporate ownership structure decisions and transaction patterns in tax havens. It also examines whether the Act effectively reduces corporate tax avoidance. Regression analysis is conducted on data from Taiwan listed and over-the-counter companies in our country between 2016 and 2021.The empirical findings are as follows. Firstly, companies tend to decrease the setup of subsidiary entities in tax havens. Subsidiaries previously located in tax havens are more likely to be terminated or relocated to non-tax haven jurisdictions. Secondly, there is a reduction in the pyramid layers, indicating a deliberate streamlining of holding structures in response to the Economic Substance Act. Thirdly, companies experienced a decline in the recognition of revenue generated by tax haven subsidiaries. Lastly, the effective cash tax rates borne by corporations show a significant increase.In addition to examining the impact of the Act on corporate entities, this study evaluates the current state of tax havens. Given the reduced tax incentives in these jurisdictions, multinational companies should take appropriate actions to adjust their core revenue activities and develop and implement medium- to long-term tax planning strategies. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景 1第二節 研究動機與目的 3第三節 研究問題 3第四節 研究架構 4第二章 文獻回顧 5第一節 租稅天堂 5第二節 經濟實質法案 11第三章 研究方法 20第一節 假說發展 20第二節 研究設計 23第四章 實證結果 35第一節 敘述統計分析 35第二節 單變量檢定分析 44第三節 相關性檢定分析 46第四節 迴歸分析 53第五節 額外分析 62第五章 結論與建議 70參考文獻 73 zh_TW dc.format.extent 1657413 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353033 en_US dc.subject (關鍵詞) 經濟實質法案 zh_TW dc.subject (關鍵詞) 投資決策 zh_TW dc.subject (關鍵詞) 反避稅 zh_TW dc.subject (關鍵詞) 控股架構 zh_TW dc.subject (關鍵詞) Economic Substance Act en_US dc.subject (關鍵詞) Investing decisions en_US dc.subject (關鍵詞) Anti-tax avoidance en_US dc.subject (關鍵詞) Holding Structure en_US dc.title (題名) 經濟實質法案對企業投資決策及避稅行為之影響 zh_TW dc.title (題名) The Effects of Economic Substance Act on Investing Decisions and Tax Avoidance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文文獻汪瑞芝與陳明進，2003，兩稅合一前後上市公司股權規劃之實證研究，當代會計，第4卷（11月）：169-190。（DOI：10.6675/JCA.2003.4.2.03）許文馨與劉心才，2018，公司避稅與金字塔結構，臺大管理論叢，第28卷（4月）：1-42。陳明進，2002，營利事業有效稅率決定因素之實證研究，會計評論，第34期（1月）：57-75。二、英文文獻Bartik, A. W., Bertrand, M.., Cullen, Z. B., Glaeser, E. L., Luca, M., Stanton, C. T. 2020. How are small businesses adjusting to covid-19? Early evidence from a survey. Journal of Psychology and Christianity 39 (June): 276-287. (DOI: 10.3386/w26989)Bebchuk, L. A., Triantis, G., and R. Kraakman. 2000. Stock pyramids, cross-ownership, and the dual class equity: the creation and agency costs of seperating control from cash flow rights. Working Paper, Cambridge: National Bureau of Economic Research.Chang, R. P. and S. G. Rhee. 1990. The impact of personal taxes on corporate dividend policy and capital structure decisions. Financial Management 19 (Summer): 21-31. (DOI: 10.2307/3665631)Chari, M. and S. Acikgoz. 2016. What drives emerging economy firm acquisitions in tax havens? Journal of Business Research 69 (February): 664-671. (DOI: 10.1016/j.jbusres.2015.08.034)Chen, S., Chen, X., Cheng, Q., and T. Shevlin. 2010. Are family firms more tax aggressive than non-family firms? Journal of Financial Economics 95 (January): 41-61. (DOI: 10.1016/j.jfineco.2009.02.003)Clausing, K. A. and Y. Lahav. 2011. Corporate tax payments under formulary apportionment: evidence from the financial reports of 50 major u.s. Multinational firms. Journal of International Accounting, Auditing & Taxation 20 (June): 97-105. (DOI: 10.1016/j.intaccaudtax.2011.06.004)Desai, M. A. and D. Dharmapala. 2006. Corporate tax avoidance and high-powered incentives. Journal of Financial Economics 79 (January): 145-179. (DOI: 10.1016/j.jfineco.2005.02.002)Desai, M. A. and D. Dharmapala. 2006. Corporate tax avoidance and high-powered incentives. Journal of Financial Economics 79 (January): 145-179. (DOI: 10.1016/j.jfineco.2005.02.002)Dyreng, S. D. and Hanlon, M. and E. L. Maydew. 2008. Long-run corporate tax avoidance. The Accounting Review 83 (May): 61-82. (DOI: 10.2308/accr.2008.83.1.61)Fama, E. F and K. R French. 2001. Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics 60 (April): 3-43. (DOI: 10.1016/S0304-405X(01)00038-1)Grubert, H. and J. Slemrod. 1998. The effect of taxes on investment and income shifting to puerto rico. The Review of Economics and Statistics 80 (August): 365-373. (DOI: 10.1162/003465398557609)Gupta, S. and K. Newberry. 1997. Determinants of the variability in corporate effective tax rates: evidence from longitudinal data. Journal of Accounting and Public Policy 16 (Spring): 1-34. (DOI: 10.1016/S0278-4254(96)00055-5)Hines, James R. and E. M. Rice. 1994. Fiscal paradise: foreign tax havens and American business. The Quarterly Journal of Economics 109 (February): 149-182. (DOI: 10.2307/2118431)Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review 76 (May): 323-329.Johnson, S., La Porta, R., Lopez-De-Silanes, F. and A. Shleifer. 2000. Tunneling. The American Economic Review 90 (May): 22-27. (DOI: 10.1257/aer.90.2.22)Lisowsky, P. 2010. Seeking shelter: empirically modeling tax shelters using financial statement information. Accounting Review 85 (August): 1693-1720. (DOI: 10.2308/accr.2010.85.5.1693)Mackie-Mason, J. K. 1990. Do taxes affect corporate financing decisions? The Journal of Finance 45 (December): 1471-1493. (DOI: 10.2307/2328746)Maffini, G. 2009. Tax haven activities and the tax liabilities of multinational groups. Working Paper, Oxford University Centre for Business Taxation.Majluf, N. S. and S. C. Myers. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13 (June): 187-221. (DOI: 10.1016/0304-405X(84)90023-0)Michel, A. and I. Shaked. 1986. Multinational corporations vs. Domestic corporations: financial performance and characteristics. Journal of International Business Studies 17 (Autumn): 89-100. (DOI: 10.1057/palgrave.jibs.8490435)Mills, L. F. 1998. Book-tax differences and internal revenue service adjustments. Journal of Accounting Research 36 (Autumn): 343-356. (DOI: 10.2307/2491481)Mills, L. F. and K. J. Newberry. 2002. Trends in book-tax income and balance sheet differences. IRS Research Conference. Internal Revenue ServiceMinnick, K. and T Noga. 2010. Do corporate governance characteristics influence tax management? Journal of Corporate Finance 16 (December): 703-718. (DOI: 10.1016/j.jcorpfin.2010.08.005)Morck, R., Wolfenzon, D. and B. Yeung. 2005. Corporate governance, economic entrenchment, and growth. Journal of Economic Literature 43 (September): 655-720. (DOI: 10.1257/002205105774431252)Omer, T. C., Molloy, K. H. and D. A. Ziebart. 1993. An investigation of the firm size—effective tax rate relation in the 1980s. Journal of Accounting, Auditing & Finance 8 (April): 167-182. (DOI: 10.1177/0148558X9300800206)Porcano, T. M. 1986. An analysis of capital gains tax-induced earnings management. International Advances in Economic Research 3 (November): 395-408. (DOI: 10.1007/BF02295218)Porcano, T. M. 1986. Corporate tax rates: progressive, proportional or regressive. Journal of The American Taxation Association 7: 17-31.Rego, S. O. 2003. Tax-avoidance activities of u.s. Multinational corporations. Contemporary Accounting Research 20 (January): 805-833. (DOI: 10.1506/VANN-B7UB-GMFA-9E6W)Rozeff, M. S. 1982. Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research 5 (October): 249-259. (DOI: 10.1111/j.1475-6803.1982.tb00299.x)Shevlin, T. and S. Porter. 1992. The corporate tax comeback in 1987: some further evidence. Journal of The American Taxation Association 14 (Spring): 58. (DOI: )Shroff, N., Verdi, R. S. and G. Yu. 2014. Information environment and the investment decisions of multinational corporations. The Accounting Review 89 (September): 759-790. (DOI: 10.2308/accr-50643)Stickney, C. P. and V. E. McGee. 1982. Effective corporate tax rates the effect of size, capital intensity, leverage, and other factors. Journal of Accounting and Public Policy 1 (Winter): 125-152. (DOI: 10.1016/S0278-4254(82)80004-5)Stickney, C.P. and V.E. McGee. 1982. Effective corporate tax rates: the effect of size, capital intensity, leverage and other factors. Journal of Accounting and Public Policy 1 (Winter): 125-152. (DOI: 10.1016/S0278-4254(82)80004-5)Wagué, C. 2013. From tax break to tax haven: offshore profit shifting and multinational corporations tax avoidance strategy. International Journal of Business Strategy 13 (November): 115-128. (DOI: 10.18374/IJBS-13-4.6)Wang, S. W. 1991. The relation between firm size and effective tax rates: a test of firms` political success. The Accounting Review 66 (January): 158-169.Wilson, R. J. 2009. An examination of corporate tax shelter participants. The Accounting Review 84 (May): 969–999. (DOI: 10.2308/accr.2009.84.3.969)Zimmerman, D. 1983. Resource misallocation from interstate tax exportation: estimates of excess spending and welfare loss in a median voter framework. National Tax Journal 36 (June): 183-201.Zucman, G. 2014. Taxing across borders: tracking personal wealth and corporate profits. The Journal of Economic Perspectives 28 (Fall): 121-148. (DOI: 10.1257/jep.28.4.121) zh_TW
