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題名 國際間國別報告的施行對跨國企業實質投資的影響
The Effect of Country-by-Country Reporting (CbCR) on the Real Investment of Multinational Corporations作者 王晏淩
Wang, Yan-Ling貢獻者 陳香梅
Chen, Shine-May
王晏淩
Wang, Yan-Ling關鍵詞 國別報告
利潤移轉
實質投資
台灣上市公司
差異中差異法
Country-by-Country Reporting (CbCR)
Profit shifting
Real investment
Taiwanese listed companies
Difference-in-Differences (DID) model日期 2024 上傳時間 5-Aug-2024 14:44:23 (UTC+8) 摘要 基於國別報告的實施將使稅務機關掌握跨國集團於各地的營運情況及相關財務資訊，增加其移轉訂價風險，本文針對採取激進利潤移轉策略的跨國企業進行研究，探討國別報告的施行是否會影響這些企業於地主國的實質投資。本文利用2012至2022年台灣經濟新報(TEJ)中台灣上市公司的關係企業營運資料，以無形資產密集度辨認採取激進利潤移轉策略的公司，採差異中差異法針對生技醫療業、通信網路業、半導體業及貿易百貨業的台灣上市公司進行研究。實證結果顯示國別報告制度的實施將對跨國企業的實質投資產生負面影響，使企業實質投資減少40%，且該負面影響在低稅負地區的效果更為強烈，使企業之實質投資進一步減少18%；這顯示跨國公司會因國別報告的施行致其避稅機會降低而減少投資，在低稅負地區的租稅安排也會因國別報告的資訊揭露而更容易受到稅務機關的挑戰，因此對企業於低稅負地區實質投資的負面影響更強烈。
The implementation of country-by-country reporting (CbCR) provides tax authorities with information of multinational enterprises (MNEs) in various countries, increasing their transfer pricing risk. Hence, we focus on the MNEs that employ aggressive profit shifting strategies, exploring whether the implementation of CbCR affects their real investment in host countries. Using the data of Taiwanese listed companies' affiliated enterprises from the Taiwan Economic Journal (TEJ) from 2012 to 2022, we identify companies engaging in aggressive profit-shifting strategies through their intangible asset intensity. Afterwards, we use a difference-in-differences (DID) model to evaluate the biotechnology and medical care industries, communications technology and internet industries, semiconductor industries, as well as trading and consumer goods industries. We find that CbCR has a negative impact on the real investment of MNEs, reducing corporate real investment by 40%. Furthermore, this negative impact is more pronounced in tax havens, reducing corporate real investment by an additional 18%. This suggests that MNEs reduce their investment due to the less opportunities for tax avoidance caused by CbCR. At the same time, tax arrangements in tax havens are more easily challenged by tax authorities due to CbCR, leading to a more substantial negative impact on real investment in these regions.參考文獻 財政部 (2018)，「國別報告參考範本」，https://www.dot.gov.tw/download/dot_201808140001_1_doc_461。 廖晉祺與陳香梅 (2023)，「跨國企業利用無形資產交易從事利潤移轉之探討」，《財稅研究》，52(1)，1-26。 Alesina, A., S. Ardagna, G. Nicoletti, and F. Schiantarelli (2005), “Regulation and investment,” Journal of the European Economic Association, 3(4), 791-825. Barradas, R. and S. Lagoa (2017), “Financialization and Portuguese real investment: A supportive or disruptive relationship,” Journal of Post Keynesian Economics, 40(3), 413-439. Beer, S. and J. Loeprick (2015), “Profit shifting: drivers of transfer (mis)pricing and the potential of countermeasures,” International Tax and Public Finance, (22), 426–451. Chen, D. and J. Mintz (2011), “New estimates of effective corporate tax rates on business investment,” Cato Institute Tax & Budget Bulletin, (64). Chinn, M. D. and H. Ito (2006), “What matters for financial development? Capital controls, institutions, and interactions,” Journal of Development Economics, 81(1), 163-192. Cho, Y. J. (2015), “Segment disclosure transparency and internal capital market efficiency: Evidence from SFAS No. 131,” Journal of Accounting Research, 53(4), 669-723. Clausing, K. A. (2007), “Corporate tax revenues in OECD countries,” International Tax and Public Finance, 14, 115-133. Cooper, M. J., H. Gulen, and M. J. Schill (2008), “Asset growth and the cross‐section of stock returns,” The Journal of Finance, 63(4), 1609-1651. Cooper, I. and R. Priestley (2011), “Real investment and risk dynamics,” Journal of Financial Economics, 101(1), 182-205. Danso, A., T. Lartey, S. Fosu, S. Owusu-Agyei, and M. Uddin (2019), “Leverage and firm investment: The role of information asymmetry and growth,” International Journal of Accounting and Information Management, 27(1), 56-73. Delis, F., M. Delis, L. Laeven, and S. Ongena (2021), “Global evidence on profit shifting: The role of intangible assets,” London: VoxEU, CEPR Policy Portal. De Simone, L., K. J. Klassen, and J. K. Seidman (2022), “The effect of income-shifting aggressiveness on corporate investment,” Journal of Accounting and Economics, 74(1), 101491. De Simone, L. and M. Olbert (2022), “Real effects of private country-by-country disclosure,” The Accounting Review, 97(6), 201-232. Egger, P. H. and G. Wamser (2015), “The impact of controlled foreign company legislation on real investments abroad. A multi-dimensional regression discontinuity design,” Journal of Public Economics, 129, 77-91. Fuest, C., S. Greil, F. Hugger, and F. Neumeier (2022), “Global profit shifting of multi-national companies: Evidence from CbCR micro data,” CESifo Working Papers. Gala, V. D. and B. Julio (2016), “Firm size and corporate investment.” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1787350 Garcia-Bernardo, J., J. Fichtner, F. W. Takes, and E. M. Heemskerk (2017), “Uncovering offshore financial centers: Conduits and sinks in the global corporate ownership network,” Scientific reports, 7(1), 6246. Garcia Bernardo, J., P. Janský, and T. Tørsløv (2021), “Multinational corporations and tax havens: evidence from country by country reporting,” International Tax and Public Finance, (28), 1519–1561. https://doi.org/10.1007/s10797-020-09639-w1 Gebauer, S., R. Setzer, and A. Westphal (2018), “Corporate debt and investment: A firm-level analysis for stressed euro area countries,” Journal of International Money and Finance, 86, 112-130. Hanlon, M. (2018), “Country-by-country reporting and the international allocation of taxing rights,” International Bureau of Fiscal Documentation (IBFD), Forthcoming. Hashmi, S. D., S. Gulzar, M. J. Khan, and M. Akhtar (2018), “Sensitivity of firm size measures to practices of corporate finance: Evidence from Sharīʿah compliant firms,” Journal of Islamic Business and Management, 8(2). Hugger, F. (2019), “The impact of country-by-country reporting on corporate tax avoidance (No. 304),” ifo Working Paper. Jacob, M. (2022), “Real effects of corporate taxation: A review,” European Accounting Review, 31(1), 269-296. Jones, C. and Y. Temouri (2016), “The determinants of tax haven FDI,” Journal of World Business, (51), p.237-250. Joshi, P. (2020), “Does private country‐by‐country reporting deter tax avoidance and income shifting? Evidence from BEPS action item 13,” Journal of Accounting Research, 58(2), 333-381. Joshi, P., K. Markle, and L. A. Robinson (2022), “Private country-by-country reporting and the misalignment between profits and economic activity.” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4343938 Leuz, C. and P. D. Wysocki (2016), “The economics of disclosure and financial reporting regulation: Evidence and suggestions for future research,” Journal of Accounting Research, 54(2), 525-622. Lim, J. J. (2014), “Institutional and structural determinants of investment worldwide,” Journal of Macroeconomics, 41, 160-177. Lohse, T. and N. Riedel (2012), “The impact of transfer pricing regulations on profit shifting within European multinationals (No. 61-2012),” FZID Discussion paper. Love, I. and L. Zicchino (2006), “Financial development and dynamic investment behavior: Evidence from panel VAR,” The Quarterly Review of Economics and Finance, 46(2), 190-210. Nessa, M. L., A. Persson, J. Z. Song, E. Towery, and M. Vernon (2022), “The effect of US country-by-country reporting on US multinationals’ tax-motivated income shifting and real activities.” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4130818 OECD (2015), “Transfer pricing documentation and country-by-country reporting, Action 13 - 2015 Final Report,” OECD publishing, Paris. http://dx.doi.org/10.1787/9789264241480-en OECD (2017), “Country-by-country reporting: Handbook on effective implementation,” OECD publishing, Paris. Riedel, N. (2018), “Quantifying international tax avoidance: A review of the academic literature,” Review of Economics, 69(2), 169-181. Roychowdhury, S., N. Shroff, and R. S. Verdi (2019), “The effects of financial reporting and disclosure on corporate investment: A review,” Journal of Accounting and Economics, 68(2-3), 101246. Schiantarelli, F. (1996), “Financial constraints and investment: methodological issues and international evidence,” Oxford Review of Economic Policy, 12(2), 70-89. Shroff, N., R. S. Verdi, and G. Yu (2014), “Information environment and the investment decisions of multinational corporations,” The Accounting Review, 89(2), 759-790. Tørsløv, T., L. Wier, and G. Zucman (2023), “The missing profits of nations,” The Review of Economic Studies, 90(3), 1499-1534. Vicard, V. (2015), “Profit shifting through transfer pricing: evidence from French firm level trade data.” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2614864 Yang, L. (2023), “Country-by-country reporting and corporate tax avoidance: evidence from China,” Economic research-Ekonomska istraživanja, 36(2). 描述 碩士
國立政治大學
財政學系
111255007資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111255007 資料類型 thesis dc.contributor.advisor 陳香梅 zh_TW dc.contributor.advisor Chen, Shine-May en_US dc.contributor.author (Authors) 王晏淩 zh_TW dc.contributor.author (Authors) Wang, Yan-Ling en_US dc.creator (作者) 王晏淩 zh_TW dc.creator (作者) Wang, Yan-Ling en_US dc.date (日期) 2024 en_US dc.date.accessioned 5-Aug-2024 14:44:23 (UTC+8) - dc.date.available 5-Aug-2024 14:44:23 (UTC+8) - dc.date.issued (上傳時間) 5-Aug-2024 14:44:23 (UTC+8) - dc.identifier (Other Identifiers) G0111255007 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152903 - 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) 111255007 zh_TW dc.description.abstract (摘要) 基於國別報告的實施將使稅務機關掌握跨國集團於各地的營運情況及相關財務資訊，增加其移轉訂價風險，本文針對採取激進利潤移轉策略的跨國企業進行研究，探討國別報告的施行是否會影響這些企業於地主國的實質投資。本文利用2012至2022年台灣經濟新報(TEJ)中台灣上市公司的關係企業營運資料，以無形資產密集度辨認採取激進利潤移轉策略的公司，採差異中差異法針對生技醫療業、通信網路業、半導體業及貿易百貨業的台灣上市公司進行研究。實證結果顯示國別報告制度的實施將對跨國企業的實質投資產生負面影響，使企業實質投資減少40%，且該負面影響在低稅負地區的效果更為強烈，使企業之實質投資進一步減少18%；這顯示跨國公司會因國別報告的施行致其避稅機會降低而減少投資，在低稅負地區的租稅安排也會因國別報告的資訊揭露而更容易受到稅務機關的挑戰，因此對企業於低稅負地區實質投資的負面影響更強烈。 zh_TW dc.description.abstract (摘要) The implementation of country-by-country reporting (CbCR) provides tax authorities with information of multinational enterprises (MNEs) in various countries, increasing their transfer pricing risk. Hence, we focus on the MNEs that employ aggressive profit shifting strategies, exploring whether the implementation of CbCR affects their real investment in host countries. Using the data of Taiwanese listed companies' affiliated enterprises from the Taiwan Economic Journal (TEJ) from 2012 to 2022, we identify companies engaging in aggressive profit-shifting strategies through their intangible asset intensity. Afterwards, we use a difference-in-differences (DID) model to evaluate the biotechnology and medical care industries, communications technology and internet industries, semiconductor industries, as well as trading and consumer goods industries. We find that CbCR has a negative impact on the real investment of MNEs, reducing corporate real investment by 40%. Furthermore, this negative impact is more pronounced in tax havens, reducing corporate real investment by an additional 18%. This suggests that MNEs reduce their investment due to the less opportunities for tax avoidance caused by CbCR. At the same time, tax arrangements in tax havens are more easily challenged by tax authorities due to CbCR, leading to a more substantial negative impact on real investment in these regions. en_US dc.description.tableofcontents 第一章 前言 1 第二章 國別報告及產業無形資產密集度概況 9 第一節 國別報告的送交方式及施行現況 9 第二節 國別報告的資訊交換 11 第三節 台灣上市公司之產業無形資產密集度概況 15 第三章 研究方法 18 第一節 研究範圍 18 第二節 實證模型設定 19 第三節 變數定義與來源 21 第四章 實證結果 29 第一節 敘述統計分析 29 第二節 模型檢定 31 第三節 實證結果 34 第四節 穩健性測試 37 第五章 結論 40 參考文獻 42 附錄 47 附錄一 目前國別報告制度施行現況 47 附錄二 各國國別報告之施行 48 附錄三 多邊主管機關協議簽署國加入時間 50 附錄四 各國租稅管轄區取得台灣上市公司國別報告情形 52 zh_TW dc.format.extent 1767554 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111255007 en_US dc.subject (關鍵詞) 國別報告 zh_TW dc.subject (關鍵詞) 利潤移轉 zh_TW dc.subject (關鍵詞) 實質投資 zh_TW dc.subject (關鍵詞) 台灣上市公司 zh_TW dc.subject (關鍵詞) 差異中差異法 zh_TW dc.subject (關鍵詞) Country-by-Country Reporting (CbCR) en_US dc.subject (關鍵詞) Profit shifting en_US dc.subject (關鍵詞) Real investment en_US dc.subject (關鍵詞) Taiwanese listed companies en_US dc.subject (關鍵詞) Difference-in-Differences (DID) model en_US dc.title (題名) 國際間國別報告的施行對跨國企業實質投資的影響 zh_TW dc.title (題名) The Effect of Country-by-Country Reporting (CbCR) on the Real Investment of Multinational Corporations en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 財政部 (2018)，「國別報告參考範本」，https://www.dot.gov.tw/download/dot_201808140001_1_doc_461。 廖晉祺與陳香梅 (2023)，「跨國企業利用無形資產交易從事利潤移轉之探討」，《財稅研究》，52(1)，1-26。 Alesina, A., S. Ardagna, G. Nicoletti, and F. Schiantarelli (2005), “Regulation and investment,” Journal of the European Economic Association, 3(4), 791-825. Barradas, R. and S. Lagoa (2017), “Financialization and Portuguese real investment: A supportive or disruptive relationship,” Journal of Post Keynesian Economics, 40(3), 413-439. Beer, S. and J. Loeprick (2015), “Profit shifting: drivers of transfer (mis)pricing and the potential of countermeasures,” International Tax and Public Finance, (22), 426–451. Chen, D. and J. Mintz (2011), “New estimates of effective corporate tax rates on business investment,” Cato Institute Tax & Budget Bulletin, (64). Chinn, M. D. and H. Ito (2006), “What matters for financial development? Capital controls, institutions, and interactions,” Journal of Development Economics, 81(1), 163-192. Cho, Y. J. (2015), “Segment disclosure transparency and internal capital market efficiency: Evidence from SFAS No. 131,” Journal of Accounting Research, 53(4), 669-723. Clausing, K. A. (2007), “Corporate tax revenues in OECD countries,” International Tax and Public Finance, 14, 115-133. Cooper, M. J., H. Gulen, and M. J. Schill (2008), “Asset growth and the cross‐section of stock returns,” The Journal of Finance, 63(4), 1609-1651. Cooper, I. and R. Priestley (2011), “Real investment and risk dynamics,” Journal of Financial Economics, 101(1), 182-205. Danso, A., T. Lartey, S. Fosu, S. Owusu-Agyei, and M. Uddin (2019), “Leverage and firm investment: The role of information asymmetry and growth,” International Journal of Accounting and Information Management, 27(1), 56-73. Delis, F., M. Delis, L. Laeven, and S. Ongena (2021), “Global evidence on profit shifting: The role of intangible assets,” London: VoxEU, CEPR Policy Portal. De Simone, L., K. J. Klassen, and J. K. Seidman (2022), “The effect of income-shifting aggressiveness on corporate investment,” Journal of Accounting and Economics, 74(1), 101491. De Simone, L. and M. Olbert (2022), “Real effects of private country-by-country disclosure,” The Accounting Review, 97(6), 201-232. Egger, P. H. and G. Wamser (2015), “The impact of controlled foreign company legislation on real investments abroad. A multi-dimensional regression discontinuity design,” Journal of Public Economics, 129, 77-91. Fuest, C., S. Greil, F. Hugger, and F. Neumeier (2022), “Global profit shifting of multi-national companies: Evidence from CbCR micro data,” CESifo Working Papers. Gala, V. D. and B. Julio (2016), “Firm size and corporate investment.” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1787350 Garcia-Bernardo, J., J. Fichtner, F. W. Takes, and E. M. Heemskerk (2017), “Uncovering offshore financial centers: Conduits and sinks in the global corporate ownership network,” Scientific reports, 7(1), 6246. Garcia Bernardo, J., P. Janský, and T. Tørsløv (2021), “Multinational corporations and tax havens: evidence from country by country reporting,” International Tax and Public Finance, (28), 1519–1561. https://doi.org/10.1007/s10797-020-09639-w1 Gebauer, S., R. Setzer, and A. Westphal (2018), “Corporate debt and investment: A firm-level analysis for stressed euro area countries,” Journal of International Money and Finance, 86, 112-130. Hanlon, M. (2018), “Country-by-country reporting and the international allocation of taxing rights,” International Bureau of Fiscal Documentation (IBFD), Forthcoming. Hashmi, S. D., S. Gulzar, M. J. Khan, and M. Akhtar (2018), “Sensitivity of firm size measures to practices of corporate finance: Evidence from Sharīʿah compliant firms,” Journal of Islamic Business and Management, 8(2). Hugger, F. (2019), “The impact of country-by-country reporting on corporate tax avoidance (No. 304),” ifo Working Paper. Jacob, M. (2022), “Real effects of corporate taxation: A review,” European Accounting Review, 31(1), 269-296. Jones, C. and Y. Temouri (2016), “The determinants of tax haven FDI,” Journal of World Business, (51), p.237-250. Joshi, P. (2020), “Does private country‐by‐country reporting deter tax avoidance and income shifting? Evidence from BEPS action item 13,” Journal of Accounting Research, 58(2), 333-381. Joshi, P., K. Markle, and L. A. Robinson (2022), “Private country-by-country reporting and the misalignment between profits and economic activity.” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4343938 Leuz, C. and P. D. Wysocki (2016), “The economics of disclosure and financial reporting regulation: Evidence and suggestions for future research,” Journal of Accounting Research, 54(2), 525-622. Lim, J. J. (2014), “Institutional and structural determinants of investment worldwide,” Journal of Macroeconomics, 41, 160-177. Lohse, T. and N. Riedel (2012), “The impact of transfer pricing regulations on profit shifting within European multinationals (No. 61-2012),” FZID Discussion paper. Love, I. and L. Zicchino (2006), “Financial development and dynamic investment behavior: Evidence from panel VAR,” The Quarterly Review of Economics and Finance, 46(2), 190-210. Nessa, M. L., A. Persson, J. Z. Song, E. Towery, and M. Vernon (2022), “The effect of US country-by-country reporting on US multinationals’ tax-motivated income shifting and real activities.” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4130818 OECD (2015), “Transfer pricing documentation and country-by-country reporting, Action 13 - 2015 Final Report,” OECD publishing, Paris. http://dx.doi.org/10.1787/9789264241480-en OECD (2017), “Country-by-country reporting: Handbook on effective implementation,” OECD publishing, Paris. Riedel, N. (2018), “Quantifying international tax avoidance: A review of the academic literature,” Review of Economics, 69(2), 169-181. Roychowdhury, S., N. Shroff, and R. S. Verdi (2019), “The effects of financial reporting and disclosure on corporate investment: A review,” Journal of Accounting and Economics, 68(2-3), 101246. Schiantarelli, F. (1996), “Financial constraints and investment: methodological issues and international evidence,” Oxford Review of Economic Policy, 12(2), 70-89. Shroff, N., R. S. Verdi, and G. Yu (2014), “Information environment and the investment decisions of multinational corporations,” The Accounting Review, 89(2), 759-790. Tørsløv, T., L. Wier, and G. Zucman (2023), “The missing profits of nations,” The Review of Economic Studies, 90(3), 1499-1534. Vicard, V. (2015), “Profit shifting through transfer pricing: evidence from French firm level trade data.” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2614864 Yang, L. (2023), “Country-by-country reporting and corporate tax avoidance: evidence from China,” Economic research-Ekonomska istraživanja, 36(2). zh_TW
