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題名 反資本弱化條款對台灣跨國公司資本結構的影響
The Impact of Anti-thin Capitalization Rules on the Capital Structure of Taiwanese Multinational Firms作者 賴家琪
Lai, Chia Chi貢獻者 陳香梅
賴家琪
Lai,Chia Chi關鍵詞 國際租稅
跨國公司
資本結構
反避稅
反資本弱化條款
International taxation
Multinational firms
Capital structure
Anti-tax avoidance
Anti-thin capitalization rule日期 2015 上傳時間 13-Jul-2015 11:17:31 (UTC+8) 摘要 由於許多公司會利用資本弱化來從事跨國利潤移轉，各國政府因而相繼制定反資本弱化條款，在稅務上限縮公司可減除的利息費用，以防堵企業規避稅負。惟多數探討反資本弱化條款有效性的實證文獻，都是以地主國的觀點看外來投資。 不同於之前文獻偏重探討某一特定國家 (大多數是歐美國家) 的反資本弱化條款是否會改變其境內公司之資本結構，本文則是以居住國的觀點，探討 2008 年至 2012 年台灣電子製造業的上市公司與其國內外關係企業的資本結構，是否會受到其所在國的反資本弱化條款影響。另外，基於內部債務和外部債務間的替代性，本文進一步將負債區分為內部債務與外部債務，以期能更細部了解公司的融資行為。 本文共分為四個模型：以模型一、二分析反資本弱化條款對公司內部債務的影響；以模型三、四分析反資本弱化條款對公司外部債務的影響。實證結果發現，處罰方式若為重分類為股利，會造成公司的內部債務比率下降15.45%，外部債務比率上升 27.66%。而安全港比率中的分子若指所有負債，會造成公司的外部債務比率下降 14%。此外，反資本弱化條款的施行對公司外部債務比率的影響取決於處罰方式和安全港比率中負債的定義。最後，若安全港比率的分子僅指關係人間負債，公司仍可透過增加外部債務的方式，繼續享受利息費用的稅盾效果。
Because many companies shift their profits through debt financing, governments had imposed anti-thin capitalization rules one after another to limit the tax deductibility of interest expenses. However, most empirical researches on the effectiveness of the anti-thin capitalization rules are from host countries perspectives. Different from previous literature focusing on how the anti-thin capitalization rule of one country affects capital structures of companies in that country, this paper is from a home country perspective to analyze the effects of the anti-thin capitalization rules on capital structures of Taiwanese listed companies (Electronics manufacturing industry) and their affiliates over the period 2008-2012. This paper subdivides debt into internal debt and external debt on account of the substitution between them so that it would help us to understand financing behavior of companies in depth. Model 1 and Model 2 are to investigate how anti-thin capitalization rules affect internal debt of companies. Model 3 and Model 4 are to investigate how anti-thin capitalization rules affect external debt of companies. The findings indicate that reclassifying excess interest as dividends reduces a company’s internal debt ratio by 15.45% and increases its external debt ratio by 27.66%. Defining the numerator of the safe haven ratio as total debt reduces a company’s external debt ratio by 14%. Moreover, how the enforcement of the anti-thin capitalization rule affects a company’s external debt ratio depends on the penalty and the definition of the debt measure in the numerator of the safe haven ratio. Finally, if the numerator of the safe haven ratio refers to related-parties debt, a company may still make good use of the tax shields of interest expenses by increasing external debt.參考文獻 伍忠賢 (2002)，《財務管理》，台北：三民出版社。 何瑞芳 (2009)，「台灣反避稅法制之現況與改革芻議」，《月旦財經法雜誌》， 18，81-104。 李詩將 (2001)，《台灣上市公司所有權結構、資本結構與公司績效間相關性研究》，國立高雄第一科技大學金融研究所碩士論文。 李顯峰 (2007)，「我國建立稀釋資本課稅制度之研究」，財政部賦稅署委託研究計畫研究報告，GRB編號：96MOF007，國立臺灣大學經濟學系。 李新 (2012)，《各國反自有資本稀釋稅制與我國採用國際會計準則後對該稅制影響之研究》，國立政治大學會計研究所碩士論文。 汪瑞芝 (2013)，「中國反資本弱化條款對臺商融資決策之影響」，《會計審計論叢》，3 (2)，81-125。 周林毅 (2005)，《財務管理》，台北：五南出版社。 施淑惠 (2008)，「資本稀釋與租稅規避」，《稅務旬刊》，2057期，7-15。 洪麗芳 (2004)，《股權結構, 財務決策與公司績效關聯性之研究》， 私立中原大學會計學系碩士論文。 陳進雄，林立文與詹儒賢 (2008)，「參加經濟合作暨發展組織韓國稅務中心─多國籍企業之查核研討會會議報告」，公務出國報告資訊網。(http://report.nat.gov.tw/ReportFront/report_detail.jspx?sysId=C09603171) 陳意涵 (2011)，《我國反資本弱化相關法條實施後對跨國公司稅負影響之研究》，國立政治大學會計研究所碩士論文。 蔡朝安與洪瑞隆 (2009)，「資本弱化稅制之現狀與立法展望」，《月旦財經法雜誌》，19，23-45。 蔡朝安與高文心 (2011)，「淺論我國反自有資本稀釋制度」，《資誠期刊：金融產業要文與實務》，10月期，15-19。 Bradley, M., J. Gregg, and K. E. Han (1984), “On the Existence of an Optimal Capital Structure: Theory and Evidence,” Journal of Finance, 39 (3), 857-878. Brigham, E. F. and J. F. Houston (2004), Fundamentals of Financial Management, Nashville: South-Western.丁碧慧譯 (2005)，《財務管理》，台北：湯姆生出版。 Bokpin, G. A. (2009), “Macroeconomic Development and Capital Structure Decisions of Firms：Evidence from Emerging Market Economies,” Studies in Economics and Finance, 26 (2), 129-142. Buettner, T., M. Overesch, S. Ulrich, and G. Wamser (2012), “The Impact of Thin-Capitalization Rules on the Capital Structure of Multinational Firms,” Journal of Public Economics, 96, 930–938. Baxamusa, M. and Jalal A. (2014), “ The Effects of Corruption on Capital Structure: When Does It Matter? ” Journal of Developing Areas, 48(1), 315-335. Blouin, J., H. Huizinga, L. Laeven, and G. Nicodème (2014), “Thin Capitalization Rules and Multinational Firm Capital Structure,” IMF Working Paper, No. 14/12. DeAngelo, H., and R. W. Masulis (1980), “Optimal capital structure under corporate and personal taxation,” Journal of Financial Economics, 8 (1), 3-29. Desai, M. A., C. F. Foley, and J.R. Hines (2004), “A Multinational Perspective on Capital Structure Choice and Internal Capital Markets,” Journal of Finance, 59, 2451–2487. Dyreng, S. D. and B. P. Lindsey (2009), “Using Financial Accounting Data to Examine the Effect of Foreign Operations Located in Tax Havens and Other Countries on U.S. Multinational Firms’ Tax Rates,” Journal of Accounting Research, 47(5), 1283–1316. Deloitte (2015), Tax Guides and Highlights. (https://dits.deloitte.com/#TaxGuides) Ernst & Young (2008), Worldwide Corporate Tax Guide. (http://www.ey.com/Publication/vwLUAssets/Worldwide_corporate_tax_guide_2008/$FILE/WCTG_2008_Worldwide_Corporate_Tax_Guide.pdf) Ernst & Young (2009), Worldwide Corporate Tax Guide. (http://www.ey.com/Publication/vwLUAssets/Worldwide_corporate_tax_guide_2009/$FILE/WCTG_2009_Worldwide_Corporate_Tax_Guide.pdf) Ernst & Young (2010), Worldwide Corporate Tax Guide. (http://www.ey.com/Publication/vwLUAssets/Worldwide_corporate_tax_guide_2010/$FILE/WCTG_2010_Worldwide_Corporate_Tax_Guide.pdf) Ernst & Young (2011), Worldwide Corporate Tax Guide. (http://www.ey.com/Publication/vwLUAssets/Worldwide_corporate_tax_guide_2011/$FILE/WCTG_2011_Worldwide_Corporate_Tax_Guide.pdf) Ernst & Young (2012), Worldwide Corporate Tax Guide. (http://www.ey.com/Publication/vwLUAssets/Worldwide_corporate_tax_guide_2012$FILE/WCTG_2012_Worldwide_Corporate_Tax_Guide.pdf) Farrar, J. and A. Mawani (2008), “Debt-Equity Limitations in Thin Capitalization Rules: Canadian Evidence,” 2008 Annual Conference Paper. Huizinga, H., L. Laeven, and G. Nicodeme (2008), “Capital Structure and International Debt Shifting,” Journal of Financial Economics, 88(1), 80–118. 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(1990), “Do Taxes Affect Corporate Financing Decisions?” Journal of Finance, 45(5), 1471-1493. Mills, L. F. and K. J. Newberry (2004), “Do Foreign Multinationals’ Tax Incentives Influence Their U. S. Income Reporting and Debt Policy? ”National Tax Journal, 57 (1), 89-107. Maßbaum, A. and C. Sureth (2008), “The Impact of Thin Capitalization Rules on Shareholder Financing,” Arqus Quantitative Tax Research Discussion Paper, No. 39. Milken, M. (2009), “Why Capital Structure Matters─Companies that Repurchased Stock Two Years Ago Are in a World of Hurt,” Wall Street Journal. (http://www.wsj.com/news/articles/SB124027187331937083) Nethercott, L. and A. M. C. Smith (2007), “New Zealand’s Thin Capitalisation Rules and the Adoption of International Financial Reporting Standards in New Zealand,” Working Paper, No. 41. Overesch, M. and G. Wamser (2010), “Corporate Tax Planning and Thin-Capitalization Rules:Evidence from a Quasi-Experiment,” Applied Economics, 42, 563–573. Overesch, M. and G. Wamser (2010), “Bilateral Internal Debt Financing, Tax Planning, and the Effectiveness of Anti-Tax Avoidance Rules,” Working Paper. OECD Secretariat (2012), Thin Capitalisation Legislation: A Background Paper for Country Tax Administrations, Paris: OECD Secretariat. PricewaterhouseCoopers (2014), Transfer Pricing Requirements around the World. (http://www.pwc.com/gx/en/international-transfer-pricing/requirements.jhtml) Ramb, F and Weichenrieder, A.J. (2005), “Taxes and the Financial Structure of German Inward FDI,” Review of World Economics, 141, 670–692. Rohatgi, R. (2005), Basic International Taxation, London : BNA International. Rihab, B. A. (2012), “Institutional Determinants of Financing Decisions of Firms: The Case of Transition Economies,” Journal of Emerging Trends in Economics and Management Sciences, 3 (1), 51-63. Shamshur, A. (2010), “Access to Capital and Capital Structure of the Firm,” CERGE-EI Working Paper Series, No. 429. Salehi, M. and N. B. Manesh (2012), “A Study of the Roles of Firm and Country on Specific Determinates in Capital Structure: Iranian Evidence,” International Management Review, 8(2), 51-62. Shieh, W. S., J. N. Ou, and J. C. Wang (2014), “The Impact of Anti-Thin Capitalization Rules on Capital Structure in Taiwan,” International Journal of Economics and Finance, 6 (11), 142-159. Titman, S. and R. Wessels (1988), “The determinants of capital structure choice,” Journal of Finance, 43 (1), 1-19. Wamser, G.(2014), “The Impact of Thin-Capitalization Rules on External Debt Usage – A Propensity Score Matching Approach,” Oxford Bulletin of Economics and Statistics, 76(5), 764-78. 描述 碩士
國立政治大學
財政研究所
102255002
103資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102255002 資料類型 thesis dc.contributor.advisor 陳香梅 zh_TW dc.contributor.author (Authors) 賴家琪 zh_TW dc.contributor.author (Authors) Lai,Chia Chi en_US dc.creator (作者) 賴家琪 zh_TW dc.creator (作者) Lai, Chia Chi en_US dc.date (日期) 2015 en_US dc.date.accessioned 13-Jul-2015 11:17:31 (UTC+8) - dc.date.available 13-Jul-2015 11:17:31 (UTC+8) - dc.date.issued (上傳時間) 13-Jul-2015 11:17:31 (UTC+8) - dc.identifier (Other Identifiers) G0102255002 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/76472 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財政研究所 zh_TW dc.description (描述) 102255002 zh_TW dc.description (描述) 103 zh_TW dc.description.abstract (摘要) 由於許多公司會利用資本弱化來從事跨國利潤移轉，各國政府因而相繼制定反資本弱化條款，在稅務上限縮公司可減除的利息費用，以防堵企業規避稅負。惟多數探討反資本弱化條款有效性的實證文獻，都是以地主國的觀點看外來投資。 不同於之前文獻偏重探討某一特定國家 (大多數是歐美國家) 的反資本弱化條款是否會改變其境內公司之資本結構，本文則是以居住國的觀點，探討 2008 年至 2012 年台灣電子製造業的上市公司與其國內外關係企業的資本結構，是否會受到其所在國的反資本弱化條款影響。另外，基於內部債務和外部債務間的替代性，本文進一步將負債區分為內部債務與外部債務，以期能更細部了解公司的融資行為。 本文共分為四個模型：以模型一、二分析反資本弱化條款對公司內部債務的影響；以模型三、四分析反資本弱化條款對公司外部債務的影響。實證結果發現，處罰方式若為重分類為股利，會造成公司的內部債務比率下降15.45%，外部債務比率上升 27.66%。而安全港比率中的分子若指所有負債，會造成公司的外部債務比率下降 14%。此外，反資本弱化條款的施行對公司外部債務比率的影響取決於處罰方式和安全港比率中負債的定義。最後，若安全港比率的分子僅指關係人間負債，公司仍可透過增加外部債務的方式，繼續享受利息費用的稅盾效果。 zh_TW dc.description.abstract (摘要) Because many companies shift their profits through debt financing, governments had imposed anti-thin capitalization rules one after another to limit the tax deductibility of interest expenses. However, most empirical researches on the effectiveness of the anti-thin capitalization rules are from host countries perspectives. Different from previous literature focusing on how the anti-thin capitalization rule of one country affects capital structures of companies in that country, this paper is from a home country perspective to analyze the effects of the anti-thin capitalization rules on capital structures of Taiwanese listed companies (Electronics manufacturing industry) and their affiliates over the period 2008-2012. This paper subdivides debt into internal debt and external debt on account of the substitution between them so that it would help us to understand financing behavior of companies in depth. Model 1 and Model 2 are to investigate how anti-thin capitalization rules affect internal debt of companies. Model 3 and Model 4 are to investigate how anti-thin capitalization rules affect external debt of companies. The findings indicate that reclassifying excess interest as dividends reduces a company’s internal debt ratio by 15.45% and increases its external debt ratio by 27.66%. Defining the numerator of the safe haven ratio as total debt reduces a company’s external debt ratio by 14%. Moreover, how the enforcement of the anti-thin capitalization rule affects a company’s external debt ratio depends on the penalty and the definition of the debt measure in the numerator of the safe haven ratio. Finally, if the numerator of the safe haven ratio refers to related-parties debt, a company may still make good use of the tax shields of interest expenses by increasing external debt. en_US dc.description.tableofcontents 謝辭 i 目錄 ii 表目錄 iii 圖目錄 iv 摘要 v Abstract vi 第壹章、 前言 1 第貳章、 反資本弱化條款介紹與台灣上市公司借貸行為分析 8 第一節、 反資本弱化條款之稅制架構 8 第二節、 台灣上市公司 (製造業) 之資金借貸行為 13 第三節、 各國反資本弱化條款之介紹 20 第參章、 研究方法 23 第一節、 實證模型設定 23 第二節、 變數定義與來源 27 第肆章、 實證結果分析 38 第一節、 敘述統計分析 38 第二節、 模型檢定 41 第三節、 實證結果 45 第伍章、 結論與建議 50 參考文獻 52 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102255002 en_US dc.subject (關鍵詞) 國際租稅 zh_TW dc.subject (關鍵詞) 跨國公司 zh_TW dc.subject (關鍵詞) 資本結構 zh_TW dc.subject (關鍵詞) 反避稅 zh_TW dc.subject (關鍵詞) 反資本弱化條款 zh_TW dc.subject (關鍵詞) International taxation en_US dc.subject (關鍵詞) Multinational firms en_US dc.subject (關鍵詞) Capital structure en_US dc.subject (關鍵詞) Anti-tax avoidance en_US dc.subject (關鍵詞) Anti-thin capitalization rule en_US dc.title (題名) 反資本弱化條款對台灣跨國公司資本結構的影響 zh_TW dc.title (題名) The Impact of Anti-thin Capitalization Rules on the Capital Structure of Taiwanese Multinational Firms en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 伍忠賢 (2002)，《財務管理》，台北：三民出版社。 何瑞芳 (2009)，「台灣反避稅法制之現況與改革芻議」，《月旦財經法雜誌》， 18，81-104。 李詩將 (2001)，《台灣上市公司所有權結構、資本結構與公司績效間相關性研究》，國立高雄第一科技大學金融研究所碩士論文。 李顯峰 (2007)，「我國建立稀釋資本課稅制度之研究」，財政部賦稅署委託研究計畫研究報告，GRB編號：96MOF007，國立臺灣大學經濟學系。 李新 (2012)，《各國反自有資本稀釋稅制與我國採用國際會計準則後對該稅制影響之研究》，國立政治大學會計研究所碩士論文。 汪瑞芝 (2013)，「中國反資本弱化條款對臺商融資決策之影響」，《會計審計論叢》，3 (2)，81-125。 周林毅 (2005)，《財務管理》，台北：五南出版社。 施淑惠 (2008)，「資本稀釋與租稅規避」，《稅務旬刊》，2057期，7-15。 洪麗芳 (2004)，《股權結構, 財務決策與公司績效關聯性之研究》， 私立中原大學會計學系碩士論文。 陳進雄，林立文與詹儒賢 (2008)，「參加經濟合作暨發展組織韓國稅務中心─多國籍企業之查核研討會會議報告」，公務出國報告資訊網。(http://report.nat.gov.tw/ReportFront/report_detail.jspx?sysId=C09603171) 陳意涵 (2011)，《我國反資本弱化相關法條實施後對跨國公司稅負影響之研究》，國立政治大學會計研究所碩士論文。 蔡朝安與洪瑞隆 (2009)，「資本弱化稅制之現狀與立法展望」，《月旦財經法雜誌》，19，23-45。 蔡朝安與高文心 (2011)，「淺論我國反自有資本稀釋制度」，《資誠期刊：金融產業要文與實務》，10月期，15-19。 Bradley, M., J. 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