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題名 稅務資訊交換機制對台灣上市公司海外關係企業股權斷鏈之影響
The Impact of Tax Information Exchange Mechanism on Overseas Ownership Structure of Taiwanese Listed Companies作者 林正新
Lin, Cheng-Hsin貢獻者 陳香梅<br>胡偉民
Chen, Shinemay<br>Hu, Wei-Min
林正新
Lin, Cheng-Hsin關鍵詞 投資控股架構
股權斷鏈
稅務資訊交換協定
租稅協定
租稅天堂
Ownership Link
Tax Information Exchange Agreement (TIEA)
Tax Treaty
Tax Haven日期 2020 上傳時間 3-Aug-2020 18:13:41 (UTC+8) 摘要 跨國企業長久以來傾向建立複雜的投資控股架構，使其得以執行有害的稅務措施進行避稅，這樣的現象導致各國政府面臨稅基侵蝕與稅收流失等財政衝擊。為了解決以上問題，OECD於2000年開始推動建立稅務資訊交換機制，包括建議各國簽訂稅務資訊交換協定或在租稅協定中納入資訊交換條款，且在2008年全球金融危機後各國政府行動越趨積極。而究竟稅務資訊交換機制的建立是否對跨國企業原先設計的複雜控股架構造成衝擊，為本研究的主要探討議題。不同於過去國內外文獻多從投資區位選擇或投資金額大小等角度切入此議題，本文率先提出股權連結斷鏈是一個未來可思考研究的方向。本研究使用台灣上市公司2001年到2017年的新建股權連結資料作為基礎，比對各新建連結於後續年度的存續情形，進而彙整出2002年到2018年股權斷鏈的資料，並從中統計不同國家組合的斷鏈次數，據此從股權斷鏈的角度分析建立稅務資訊交換機制對跨國企業控股架構的影響。本文選用固定效果模型分析平衡追蹤資料，實證結果有幾大重點：第一，稅務資訊交換協定對於跨國企業控股架構造成衝擊；第二，租稅協定具有穩定已建立之股權連結的效果；第三，稅務資訊交換協定生效後對斷鏈的影響效果增強，且金融相關產業與控股公司對建立資訊交換機制的敏感度高於其他產業與公司；最後，在近年來反避稅的浪潮下，租稅天堂面臨一定程度的困境。
The multinational enterprises (MNEs) have implemented the harmful tax practices for a long time. In response to this situation, OECD has begun to promote the establishment of tax information exchange mechanism since 2000, including encouraging each tax jurisdiction to sign bilateral tax information exchange agreement (TIEA) with others, or to incorporate the article related to information exchange into the tax treaty. After the financial crisis of 2008, governments’ actions became more active.Considering the above, this paper examines the impact of the tax information exchange mechanism on MNEs’ ownership structure. But different from the prior literature which mostly discusses the issue from the perspective of investment location selection or investment amount, this paper attempts to analyze the issue from the perspective of the amount of broken ownership link between countries.A fixed-effect model is constructed by using balanced panel data. The empirical results reveal several key points. First, TIEA has an impact on MNEs’ ownership structure. Second, tax treaty has an effect of stabilizing the established ownership links. Third, TIEA has an increased effect on the broken links after it enters into force. Otherwise, financial-related industries and holding companies are more sensitive to the establishment of an information exchange mechanism. Finally, under the global anti-tax avoidance wave in recent years, tax havens are indeed facing challenges.參考文獻 Alabrese, E. and B. Casella (2019), “The Blurring of Corporate Investor Nationality and Complex Ownership Structures,” Working Paper.Babatunde Thompson, A. (2011), “Trade Openness, Infrastructure, FDI and Growth in Sub-Saharan African Countries,” Journal of Management Policy and Practice, 12(7), 27-36.Bennedsen, M. and S. Zeume (2018), “Corporate Tax Havens and Transparency,” Review of Financial Studies, 31(4), 1221-1264.Betts, S., R. Laud, R. Mir, and V. Vicari (2015), “STRUCTURE AND THE MULTINATIONAL CORPORATION: HOLDING ON, OR LETTING GO?” Journal of International Business Research, 14(2), 33-46.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), 601-622.Blonigen, B., L. Oldenski and N. Sly (2014), “The Differential Effects of Bilateral Tax Treaties,” American Economic Journal: Economic Policy, 6(2), 1-18.Boateng, A., X. Hua, S. Nisar, and J. Wu (2015), “Examining the determinants of inward FDI: Evidence from Norway,” Economic Modelling, 47, 118-127.Braun, J. and A. J. Weichenrieder (2015), “Does Exchange of Information Between Tax Authorities Influence Multinationals’ Use of Tax Havens?” Working Paper.Buettner, T., M. Overesch, and G. Wamser (2018), “Anti Profit-shifting Rules and Foreign Direct Investment,” International Tax and Public Finance, 25(3), 553-580.Davies, R. B., PJ. Norbäck, and A. Tekin-Koru (2009), “The Effect of Tax Treaties on Multinational Firms: New Evidence from Microdata,” World Economy, 32(1), 77-110.Desai, M., C. Foley, and J. R. Hines, (2006), “The Demand for Tax Haven Operations,” Journal of Public Economics, 90, 513-531.Garcia-Bernardo, J., J. Fichtner, E. Heemskerk, and F. Takes (2017), “Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network,” Scientific Reports, 7, 6246.Gumpert, A., J. R. Hines., and M. Schnitzer (2016), “Multinational Firms and Tax Havens," The Review of Economics and Statistics, 98(4), 713-727.Haberly, D. and D. Wójcik (2015), “Regional Blocks and Imperial Legacies: Mapping the Global Offshore FDI Network,” Economic Geography, 91(3), 251-280.Heckemeyer, J.and A. Hemmerich (2018), “Information Exchange and Tax Haven Investment in OECD Securities Markets,” Working Paper.Hines, J. R. and E. M. Rice (1994), “Fiscal paradise: Foreign tax havens and American business,” The Quarterly Journal of Economics, 109(1), 149-182.Hong, S. (2018), “Tax Treaties and Foreign Equity Holding Companies of Multinational Corporations,“ Working Paper.Janský, P. and A. Prats (2015), “International Profit-Shifting out of Developing Countries and the Role of Tax Havens,” Development Policy Review, 33(3), 271-292.Jiang, G., G. Holburn, and P. Beamish (2016), “The spatial structure of foreign subsidiaries and MNE expansion strategy,” Journal of World Business, 51, 438-450.Keightley, M. P. (2013), “An analysis of where American companies report profits: Indications of profit shifting,” Washington, DC: Congressional Research Service.Lewellen, K. and L. Robinson (2013), “Internal Ownership Structures of U.S. Multinational Firms,” Working Paper.OECD (2016), “OECD Business and Finance Outlook 2016,” Paris: OECD Publishing.Omar, N. and S. Zolkaflil (2015), “Profit Shifting and Earnings Management through Tax Haven Subsidiaries: An Exploratory Analysis of Multinational Companies,” Procedia Economics and Finance, 28, 53-58.Omartian, J. (2017), “Tax Information Exchange and Offshore Entities: Evidence from the Panama Papers,” Working Paper.UNCTAD (2016), “World Investment Report 2016,” Geneva: United Nations.van ‘t Riet, M. and A. Lejour (2018), “Optimal tax routing: network analysis of FDI diversion,” International Tax Public Finance, 25, 1321-1371.Weichenrieder, A. J. and J. Mintz (2008), “What determines the use of holding companies and ownership chains?” Working Paper, University of Oxford. 描述 碩士
國立政治大學
財政學系
107255004資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107255004 資料類型 thesis dc.contributor.advisor 陳香梅<br>胡偉民 zh_TW dc.contributor.advisor Chen, Shinemay<br>Hu, Wei-Min en_US dc.contributor.author (Authors) 林正新 zh_TW dc.contributor.author (Authors) Lin, Cheng-Hsin en_US dc.creator (作者) 林正新 zh_TW dc.creator (作者) Lin, Cheng-Hsin en_US dc.date (日期) 2020 en_US dc.date.accessioned 3-Aug-2020 18:13:41 (UTC+8) - dc.date.available 3-Aug-2020 18:13:41 (UTC+8) - dc.date.issued (上傳時間) 3-Aug-2020 18:13:41 (UTC+8) - dc.identifier (Other Identifiers) G0107255004 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/131189 - 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) 107255004 zh_TW dc.description.abstract (摘要) 跨國企業長久以來傾向建立複雜的投資控股架構，使其得以執行有害的稅務措施進行避稅，這樣的現象導致各國政府面臨稅基侵蝕與稅收流失等財政衝擊。為了解決以上問題，OECD於2000年開始推動建立稅務資訊交換機制，包括建議各國簽訂稅務資訊交換協定或在租稅協定中納入資訊交換條款，且在2008年全球金融危機後各國政府行動越趨積極。而究竟稅務資訊交換機制的建立是否對跨國企業原先設計的複雜控股架構造成衝擊，為本研究的主要探討議題。不同於過去國內外文獻多從投資區位選擇或投資金額大小等角度切入此議題，本文率先提出股權連結斷鏈是一個未來可思考研究的方向。本研究使用台灣上市公司2001年到2017年的新建股權連結資料作為基礎，比對各新建連結於後續年度的存續情形，進而彙整出2002年到2018年股權斷鏈的資料，並從中統計不同國家組合的斷鏈次數，據此從股權斷鏈的角度分析建立稅務資訊交換機制對跨國企業控股架構的影響。本文選用固定效果模型分析平衡追蹤資料，實證結果有幾大重點：第一，稅務資訊交換協定對於跨國企業控股架構造成衝擊；第二，租稅協定具有穩定已建立之股權連結的效果；第三，稅務資訊交換協定生效後對斷鏈的影響效果增強，且金融相關產業與控股公司對建立資訊交換機制的敏感度高於其他產業與公司；最後，在近年來反避稅的浪潮下，租稅天堂面臨一定程度的困境。 zh_TW dc.description.abstract (摘要) The multinational enterprises (MNEs) have implemented the harmful tax practices for a long time. In response to this situation, OECD has begun to promote the establishment of tax information exchange mechanism since 2000, including encouraging each tax jurisdiction to sign bilateral tax information exchange agreement (TIEA) with others, or to incorporate the article related to information exchange into the tax treaty. After the financial crisis of 2008, governments’ actions became more active.Considering the above, this paper examines the impact of the tax information exchange mechanism on MNEs’ ownership structure. But different from the prior literature which mostly discusses the issue from the perspective of investment location selection or investment amount, this paper attempts to analyze the issue from the perspective of the amount of broken ownership link between countries.A fixed-effect model is constructed by using balanced panel data. The empirical results reveal several key points. First, TIEA has an impact on MNEs’ ownership structure. Second, tax treaty has an effect of stabilizing the established ownership links. Third, TIEA has an increased effect on the broken links after it enters into force. Otherwise, financial-related industries and holding companies are more sensitive to the establishment of an information exchange mechanism. Finally, under the global anti-tax avoidance wave in recent years, tax havens are indeed facing challenges. en_US dc.description.tableofcontents 第一章 前言 1第二章 台灣上市公司股權斷鏈與資訊交換機制現況 10第一節 股權連結與股權斷鏈 10第二節 台灣上市公司股權斷鏈概況 12第三節 斷鏈股權連結之國家組合情況 15第四節 全球稅務資訊交換機制建立概況 20第三章 研究方法 22第一節 樣本說明 22第二節 實證模型設定 26第三節 變數定義與來源 29第四章 實證分析 37第一節 敘述統計與相關係數 37第二節 估計結果 42第三節 穩健性測試 51第五章 結論與建議 65參考文獻 67 zh_TW dc.format.extent 4517086 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107255004 en_US dc.subject (關鍵詞) 投資控股架構 zh_TW dc.subject (關鍵詞) 股權斷鏈 zh_TW dc.subject (關鍵詞) 稅務資訊交換協定 zh_TW dc.subject (關鍵詞) 租稅協定 zh_TW dc.subject (關鍵詞) 租稅天堂 zh_TW dc.subject (關鍵詞) Ownership Link en_US dc.subject (關鍵詞) Tax Information Exchange Agreement (TIEA) en_US dc.subject (關鍵詞) Tax Treaty en_US dc.subject (關鍵詞) Tax Haven en_US dc.title (題名) 稅務資訊交換機制對台灣上市公司海外關係企業股權斷鏈之影響 zh_TW dc.title (題名) The Impact of Tax Information Exchange Mechanism on Overseas Ownership Structure of Taiwanese Listed Companies en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Alabrese, E. and B. Casella (2019), “The Blurring of Corporate Investor Nationality and Complex Ownership Structures,” Working Paper.Babatunde Thompson, A. (2011), “Trade Openness, Infrastructure, FDI and Growth in Sub-Saharan African Countries,” Journal of Management Policy and Practice, 12(7), 27-36.Bennedsen, M. and S. Zeume (2018), “Corporate Tax Havens and Transparency,” Review of Financial Studies, 31(4), 1221-1264.Betts, S., R. Laud, R. Mir, and V. Vicari (2015), “STRUCTURE AND THE MULTINATIONAL CORPORATION: HOLDING ON, OR LETTING GO?” Journal of International Business Research, 14(2), 33-46.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), 601-622.Blonigen, B., L. Oldenski and N. Sly (2014), “The Differential Effects of Bilateral Tax Treaties,” American Economic Journal: Economic Policy, 6(2), 1-18.Boateng, A., X. Hua, S. Nisar, and J. Wu (2015), “Examining the determinants of inward FDI: Evidence from Norway,” Economic Modelling, 47, 118-127.Braun, J. and A. J. Weichenrieder (2015), “Does Exchange of Information Between Tax Authorities Influence Multinationals’ Use of Tax Havens?” Working Paper.Buettner, T., M. Overesch, and G. Wamser (2018), “Anti Profit-shifting Rules and Foreign Direct Investment,” International Tax and Public Finance, 25(3), 553-580.Davies, R. B., PJ. Norbäck, and A. Tekin-Koru (2009), “The Effect of Tax Treaties on Multinational Firms: New Evidence from Microdata,” World Economy, 32(1), 77-110.Desai, M., C. Foley, and J. R. Hines, (2006), “The Demand for Tax Haven Operations,” Journal of Public Economics, 90, 513-531.Garcia-Bernardo, J., J. Fichtner, E. Heemskerk, and F. Takes (2017), “Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network,” Scientific Reports, 7, 6246.Gumpert, A., J. R. Hines., and M. Schnitzer (2016), “Multinational Firms and Tax Havens," The Review of Economics and Statistics, 98(4), 713-727.Haberly, D. and D. Wójcik (2015), “Regional Blocks and Imperial Legacies: Mapping the Global Offshore FDI Network,” Economic Geography, 91(3), 251-280.Heckemeyer, J.and A. Hemmerich (2018), “Information Exchange and Tax Haven Investment in OECD Securities Markets,” Working Paper.Hines, J. R. and E. M. Rice (1994), “Fiscal paradise: Foreign tax havens and American business,” The Quarterly Journal of Economics, 109(1), 149-182.Hong, S. (2018), “Tax Treaties and Foreign Equity Holding Companies of Multinational Corporations,“ Working Paper.Janský, P. and A. Prats (2015), “International Profit-Shifting out of Developing Countries and the Role of Tax Havens,” Development Policy Review, 33(3), 271-292.Jiang, G., G. Holburn, and P. Beamish (2016), “The spatial structure of foreign subsidiaries and MNE expansion strategy,” Journal of World Business, 51, 438-450.Keightley, M. P. (2013), “An analysis of where American companies report profits: Indications of profit shifting,” Washington, DC: Congressional Research Service.Lewellen, K. and L. Robinson (2013), “Internal Ownership Structures of U.S. Multinational Firms,” Working Paper.OECD (2016), “OECD Business and Finance Outlook 2016,” Paris: OECD Publishing.Omar, N. and S. Zolkaflil (2015), “Profit Shifting and Earnings Management through Tax Haven Subsidiaries: An Exploratory Analysis of Multinational Companies,” Procedia Economics and Finance, 28, 53-58.Omartian, J. (2017), “Tax Information Exchange and Offshore Entities: Evidence from the Panama Papers,” Working Paper.UNCTAD (2016), “World Investment Report 2016,” Geneva: United Nations.van ‘t Riet, M. and A. Lejour (2018), “Optimal tax routing: network analysis of FDI diversion,” International Tax Public Finance, 25, 1321-1371.Weichenrieder, A. J. and J. Mintz (2008), “What determines the use of holding companies and ownership chains?” Working Paper, University of Oxford. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202000886 en_US
