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題名 租稅協定對我國跨國企業海外營運活動之效果分析
The Effect of Tax Treaties on the Overseas Operations of Taiwanese Multinational Firms
作者 黃庭欣
貢獻者 陳香梅
黃庭欣
關鍵詞 租稅協定
跨國公司
外國直接投資
營運活動
資訊交換
利益限制條款
Tax treaties
Multinational firms
Foreign direct investment
Operating activities
Information exchange
Limitation on benefits provisions
日期 2016
上傳時間 1-Jul-2016 14:58:06 (UTC+8)
摘要 租稅協定不僅協調各國間稅收關係並妥善劃分課稅管轄權，進而降低企業全球化經營下所面臨的租稅課徵不確定性。然而國外文獻關於租稅協定對直接投資或海外關係企業活動之成效仍有諸多爭議，且國內仍未有利用長期性個體資料來檢視租稅協定效果的研究，因此本文以 2000 年至 2013年台灣上市公司之海外關係企業的財務資料進行分析。另外，因近年各國日益重視反避稅措施與跨國間稅收的徵管合作，故本文也進一步探討利益限制條款和資訊交換的嚴謹程度對於海外關係企業營運活動之影響。
本文建構三個固定效果模型來分析不平衡追蹤資料，其中模型一分析租稅協定對於海外關係企業營運活動的影響，而模型二檢視利益限制條款是否為其中的重要因素，模型三則分析資訊交換條款的嚴格程度是否影響海外關係企業的營運規模。實證結果顯示不論是租稅協定本身、利益限制或是資訊交換皆為影響台灣上市公司海外關係企業營運活動之重要關鍵。租稅協定的生效不僅造成海外關係企業的銷售額下降，並隨著資訊交換規範越嚴格，其下降的幅度越大。最後，在細分不同產業的條件下，得歸納出租稅協定帶來的效果並不一致之結論。
參考文獻 王瓊萩與楊怡雯 (2011)，「參加OECD韓國政策中心2011年租稅研討會『資訊交換』會議報告」，公務出國報告資訊網。
吳自心 (2012)，「淺談租稅協定資訊交換機制之重要性」，《當代財政》，21，1–7。
林世銘，楊葉承，黃美祝，汪瑞芝與陳明進 (2014)，「租稅協定受益所有人認定問題之探討」，《財稅研究》，43(5)，20–36。
張擎天與高儷華 (2004)，「預先訂價協議概論」，《財稅研究》，36(2)，1–11。
陳清秀 (2011)，「租稅協定相關問題之探討」，《法令月刊》，62(5)，73–102。
賴振昌 (2000)，「國際租稅協定範本與我國現行協定之比較研究」，《財稅研究》，32(2)。
賴鈺庭 (2008)，「雙邊租稅協定對臺灣FDI 之影響」，國立政治大學財政研究所學位論文。
龍雲裳 (2004)，「租稅協定對我國經貿與投資影響之研究」，國立臺北大學會計研究所學位論文。
Baker, P. (2014), “An Analysis of Double Tax 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 n foreign direct investment: Evidence from large dyadic panel data,” Contemporary Economic Policy, 28(3), 366–377.
Beck, T., A. Demirgüc–Kunt, and V. Maksimovic (2005), “Financial and Legal Constraints to Firm Growth: Does Size Matter?” Journal of Finance, 60, 137–177.
Beer, S., and J. Loeprick (2015), “Profit Shifting: Drivers of Transfer (Mis) Pricing and the Potential of Countermeasures,” International Tax and Public Finance, 22(3), 426-451.
Blonigen, B. A., and R. B. Davies (2004), “The Effects of Bilateral Tax Treaties on U.S. FDI Activity,” International Tax and Public Finance, 11(5), pp. 601–622.
Blonigen, B. A., and R. B. Davies (2005), “Do Bilateral Tax Treaties Promote Foreign Direct Investment?” in J. Hartigan (ed.), Handbook of International Trade Volume II: Economic and Legal Analysis of Trade Policy and Institutions, Boston: Blackwell Publishers.
Blonigen, B. A., R. B. Davies, G. R. Waddell, and H. T. Naughton (2007), “FDI in Space: Spatial Autoregressive Relationships in Foreign Direct Investment,” European Economic Review, 51, 1303–1325.
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
Covin, J. G., K. M. Green, and D. P. Slevin (2006), “Strategic Process Effects on the Entrepreneurial Orientation – sales growth rate relationships,” Entrepreneurship Theory and Practice, 30(1), 57–81.
Daniel, 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. (2008), “Hunting High and Low for Vertical FDI,” Review of International Economics, 16(2), 250–267.
Davies, R. B., P. J. Norbäck., and A. Tekin–Koru. (2009), “The Effect of Tax Treaties on Multinational Firms: New Evidence from Microdata,” The World Economy, 32, 77–109.
Di Giovanni, J. (2005), “What Drives Capital Flows? the Case of Cross–border M&A Activity and Financial Deepening,” Journal of International Economics, 65 (1), 127–149.
Egger, P., M. Larch, M. Pfaffermayr, and H. Winner (2006), “The Impact of Endogenous Tax Treaties on Foreign Tax Investment: Theory and Evidence,” The Canadian Journal of Economics, 39(3), 901–931.
Ekholm, K., R. Forslid and J. Markusen (2007), “Export–platform Foreign Direct Investment,” Journal of the European Economic Association, 5(4), 776–795.
Frickel, B. J., V. V. Kotcherlakota, F. A. Tenkorang, and B. R. Elder (2011), “The Effect of NAFTA on Trade and Investment between Member Countries,” International Business & Economics Research Journal, 10(6), 1–8.
Gordon, R. H., and J. R. Hines Jr. (2002), “International taxation,” in: A.J. Auerbach, M. Feldstein (Eds.), Handbook of Public Economics, vol. 4 North–Holland, Amsterdam (2002), 1395–1995
He, Z. L., and P. K. Wong (2004), “Exploration vs. Exploitation: an Empirical Test of Ambidexterity,” Organization Science, 15, 481–494.
Helpman, E., J. M. Marc, and R. Y. Stephen (2004), “Export versus FDI with Heterogeneous Firms,” American Economic Review, 94(1): 300–316.
Horst, T. (1972), “Firm and Industry Determinants of the Decision to Invest Abroad: An Empirical Study,” The Review of Economics and Statistics, 54(3), 258–266.
Janeba, E. (1996), “Corporate Income Tax Competition, Double Taxation Treaties, and Foreign Direct Investment,” Journal of Public Economics, 56, 311–325.
Jogarajan, S. (2012), “The Conclusion and Termination of the `First` Double Taxation Treaty,” British Tax Review, 3, 283-306.
Lejour, A. (2014), “The Foreign Investment Effects of Tax Treaties,” Oxford University Press Working Paper 14/03.
Lohse, T., and N. Riedel (2013), “Do Transfer Pricing Laws Limit International Income Shifting? Evidence from European Multinationals,” Oxford University Centre for Business Taxation Working Paper 1307.
Maarten, van’t R., and A. M. Lejour (2014), “Ranking the Stars: Network Analysis of Bilateral Tax Treaties,” CPB Discussion Paper.
Millimet, D. L., and A. Kumas (2009), “It’s All in the Timing: Assessing the Impact of Bilateral Tax Treaties on US FDI activity,” The Effect of Treaties on Foreign Direct Investment: Bilateral Investment Treaties, Double Taxation Treaties, and Investment Flows, Oxford: Oxford University Press.
Neumayer, E. (2007), “Do Double Taxation Treaties Increase Foreign Direct Investment to Developing Countries?” Journal of Development Studies, 43, 1501–1519.
Plummer, M. (2010), “Regional Monitoring of Capital Flows and Coordination of Financial Regulation: Stakes and Options for Asia,” ADBI Working Papers 201, Asian Development Bank Institute, 1–30.
Tekin‐Koru, A., and A. Waldkirch (2010), “North–south Integration and the Location of Foreign Direct Investment,” Review of International Economics, 18(4), 696–713.
Terpstra,V. , and C. M. Yu (1988), “Determinants of Foreign Investment of U.S. Advertising Agencies,” Journal of International Business Studies, 19(1), 33–46.
Titus, V. K., J. G. Covin, and D.P. Slevin (2011), “Aligning Strategic Processes in Pursuit of Firm Growth,” Journal of Business Research, 64, 446–453.
Todo Y. (2011), “Quantitative Evaluation of the Determinants of Export and FDI: Firm-level Evidence from Japan,” The World Economy, 34(3), 355–381.
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.
描述 碩士
國立政治大學
財政學系
103255005
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103255005
資料類型 thesis
dc.contributor.advisor 陳香梅zh_TW
dc.contributor.author (Authors) 黃庭欣zh_TW
dc.creator (作者) 黃庭欣zh_TW
dc.date (日期) 2016en_US
dc.date.accessioned 1-Jul-2016 14:58:06 (UTC+8)-
dc.date.available 1-Jul-2016 14:58:06 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2016 14:58:06 (UTC+8)-
dc.identifier (Other Identifiers) G0103255005en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/98558-
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) 103255005zh_TW
dc.description.abstract (摘要) 租稅協定不僅協調各國間稅收關係並妥善劃分課稅管轄權，進而降低企業全球化經營下所面臨的租稅課徵不確定性。然而國外文獻關於租稅協定對直接投資或海外關係企業活動之成效仍有諸多爭議，且國內仍未有利用長期性個體資料來檢視租稅協定效果的研究，因此本文以 2000 年至 2013年台灣上市公司之海外關係企業的財務資料進行分析。另外，因近年各國日益重視反避稅措施與跨國間稅收的徵管合作，故本文也進一步探討利益限制條款和資訊交換的嚴謹程度對於海外關係企業營運活動之影響。
本文建構三個固定效果模型來分析不平衡追蹤資料，其中模型一分析租稅協定對於海外關係企業營運活動的影響，而模型二檢視利益限制條款是否為其中的重要因素，模型三則分析資訊交換條款的嚴格程度是否影響海外關係企業的營運規模。實證結果顯示不論是租稅協定本身、利益限制或是資訊交換皆為影響台灣上市公司海外關係企業營運活動之重要關鍵。租稅協定的生效不僅造成海外關係企業的銷售額下降，並隨著資訊交換規範越嚴格，其下降的幅度越大。最後，在細分不同產業的條件下，得歸納出租稅協定帶來的效果並不一致之結論。		zh_TW
dc.description.tableofcontents 第一章 前言 1
第二章 台灣上市公司運用租稅協定情況 9
第一節 我國租稅協定之簽署現況 9
第二節 我國租稅協定之資訊交換和利益限制條款 17
第三節 租稅協定對台灣上市公司的吸引力 22
第三章 研究方法 29
第一節 實證模型設定 29
第二節 變數定義與來源 33
第四章 實證結果 44
第一節 敘述統計分析 44
第二節 模型檢定 49
第三節 實證結果 53
第五章 結論與建議 62
參考文獻 64		zh_TW
dc.format.extent 1923804 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103255005en_US
dc.subject (關鍵詞) 租稅協定zh_TW
dc.subject (關鍵詞) 跨國公司zh_TW
dc.subject (關鍵詞) 外國直接投資zh_TW
dc.subject (關鍵詞) 營運活動zh_TW
dc.subject (關鍵詞) 資訊交換zh_TW
dc.subject (關鍵詞) 利益限制條款zh_TW
dc.subject (關鍵詞) Tax treatiesen_US
dc.subject (關鍵詞) Multinational firmsen_US
dc.subject (關鍵詞) Foreign direct investmenten_US
dc.subject (關鍵詞) Operating activitiesen_US
dc.subject (關鍵詞) Information exchangeen_US
dc.subject (關鍵詞) Limitation on benefits provisionsen_US
dc.title (題名) 租稅協定對我國跨國企業海外營運活動之效果分析zh_TW
dc.title (題名) The Effect of Tax Treaties on the Overseas Operations of Taiwanese Multinational Firmsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 王瓊萩與楊怡雯 (2011)，「參加OECD韓國政策中心2011年租稅研討會『資訊交換』會議報告」，公務出國報告資訊網。
吳自心 (2012)，「淺談租稅協定資訊交換機制之重要性」，《當代財政》，21，1–7。
林世銘，楊葉承，黃美祝，汪瑞芝與陳明進 (2014)，「租稅協定受益所有人認定問題之探討」，《財稅研究》，43(5)，20–36。
張擎天與高儷華 (2004)，「預先訂價協議概論」，《財稅研究》，36(2)，1–11。
陳清秀 (2011)，「租稅協定相關問題之探討」，《法令月刊》，62(5)，73–102。
賴振昌 (2000)，「國際租稅協定範本與我國現行協定之比較研究」，《財稅研究》，32(2)。
賴鈺庭 (2008)，「雙邊租稅協定對臺灣FDI 之影響」，國立政治大學財政研究所學位論文。
龍雲裳 (2004)，「租稅協定對我國經貿與投資影響之研究」，國立臺北大學會計研究所學位論文。
Baker, P. (2014), “An Analysis of Double Tax 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 n foreign direct investment: Evidence from large dyadic panel data,” Contemporary Economic Policy, 28(3), 366–377.
Beck, T., A. Demirgüc–Kunt, and V. Maksimovic (2005), “Financial and Legal Constraints to Firm Growth: Does Size Matter?” Journal of Finance, 60, 137–177.
Beer, S., and J. Loeprick (2015), “Profit Shifting: Drivers of Transfer (Mis) Pricing and the Potential of Countermeasures,” International Tax and Public Finance, 22(3), 426-451.
Blonigen, B. A., and R. B. Davies (2004), “The Effects of Bilateral Tax Treaties on U.S. FDI Activity,” International Tax and Public Finance, 11(5), pp. 601–622.
Blonigen, B. A., and R. B. Davies (2005), “Do Bilateral Tax Treaties Promote Foreign Direct Investment?” in J. Hartigan (ed.), Handbook of International Trade Volume II: Economic and Legal Analysis of Trade Policy and Institutions, Boston: Blackwell Publishers.
Blonigen, B. A., R. B. Davies, G. R. Waddell, and H. T. Naughton (2007), “FDI in Space: Spatial Autoregressive Relationships in Foreign Direct Investment,” European Economic Review, 51, 1303–1325.
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
Covin, J. G., K. M. Green, and D. P. Slevin (2006), “Strategic Process Effects on the Entrepreneurial Orientation – sales growth rate relationships,” Entrepreneurship Theory and Practice, 30(1), 57–81.
Daniel, 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. (2008), “Hunting High and Low for Vertical FDI,” Review of International Economics, 16(2), 250–267.
Davies, R. B., P. J. Norbäck., and A. Tekin–Koru. (2009), “The Effect of Tax Treaties on Multinational Firms: New Evidence from Microdata,” The World Economy, 32, 77–109.
Di Giovanni, J. (2005), “What Drives Capital Flows? the Case of Cross–border M&A Activity and Financial Deepening,” Journal of International Economics, 65 (1), 127–149.
Egger, P., M. Larch, M. Pfaffermayr, and H. Winner (2006), “The Impact of Endogenous Tax Treaties on Foreign Tax Investment: Theory and Evidence,” The Canadian Journal of Economics, 39(3), 901–931.
Ekholm, K., R. Forslid and J. Markusen (2007), “Export–platform Foreign Direct Investment,” Journal of the European Economic Association, 5(4), 776–795.
Frickel, B. J., V. V. Kotcherlakota, F. A. Tenkorang, and B. R. Elder (2011), “The Effect of NAFTA on Trade and Investment between Member Countries,” International Business & Economics Research Journal, 10(6), 1–8.
Gordon, R. H., and J. R. Hines Jr. (2002), “International taxation,” in: A.J. Auerbach, M. Feldstein (Eds.), Handbook of Public Economics, vol. 4 North–Holland, Amsterdam (2002), 1395–1995
He, Z. L., and P. K. Wong (2004), “Exploration vs. Exploitation: an Empirical Test of Ambidexterity,” Organization Science, 15, 481–494.
Helpman, E., J. M. Marc, and R. Y. Stephen (2004), “Export versus FDI with Heterogeneous Firms,” American Economic Review, 94(1): 300–316.
Horst, T. (1972), “Firm and Industry Determinants of the Decision to Invest Abroad: An Empirical Study,” The Review of Economics and Statistics, 54(3), 258–266.
Janeba, E. (1996), “Corporate Income Tax Competition, Double Taxation Treaties, and Foreign Direct Investment,” Journal of Public Economics, 56, 311–325.
Jogarajan, S. (2012), “The Conclusion and Termination of the `First` Double Taxation Treaty,” British Tax Review, 3, 283-306.
Lejour, A. (2014), “The Foreign Investment Effects of Tax Treaties,” Oxford University Press Working Paper 14/03.
Lohse, T., and N. Riedel (2013), “Do Transfer Pricing Laws Limit International Income Shifting? Evidence from European Multinationals,” Oxford University Centre for Business Taxation Working Paper 1307.
Maarten, van’t R., and A. M. Lejour (2014), “Ranking the Stars: Network Analysis of Bilateral Tax Treaties,” CPB Discussion Paper.
Millimet, D. L., and A. Kumas (2009), “It’s All in the Timing: Assessing the Impact of Bilateral Tax Treaties on US FDI activity,” The Effect of Treaties on Foreign Direct Investment: Bilateral Investment Treaties, Double Taxation Treaties, and Investment Flows, Oxford: Oxford University Press.
Neumayer, E. (2007), “Do Double Taxation Treaties Increase Foreign Direct Investment to Developing Countries?” Journal of Development Studies, 43, 1501–1519.
Plummer, M. (2010), “Regional Monitoring of Capital Flows and Coordination of Financial Regulation: Stakes and Options for Asia,” ADBI Working Papers 201, Asian Development Bank Institute, 1–30.
Tekin‐Koru, A., and A. Waldkirch (2010), “North–south Integration and the Location of Foreign Direct Investment,” Review of International Economics, 18(4), 696–713.
Terpstra,V. , and C. M. Yu (1988), “Determinants of Foreign Investment of U.S. Advertising Agencies,” Journal of International Business Studies, 19(1), 33–46.
Titus, V. K., J. G. Covin, and D.P. Slevin (2011), “Aligning Strategic Processes in Pursuit of Firm Growth,” Journal of Business Research, 64, 446–453.
Todo Y. (2011), “Quantitative Evaluation of the Determinants of Export and FDI: Firm-level Evidence from Japan,” The World Economy, 34(3), 355–381.
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.		zh_TW