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題名 臺灣租稅政策和外人直接投資之關係
The Relationship between Taxation Policy and Foreign Direct Investment in Taiwan作者 楊琇媚 貢獻者 陳國樑
楊琇媚關鍵詞 租稅政策
外人直接投資
有效邊際稅率日期 2013 上傳時間 21-Jul-2014 15:44:42 (UTC+8) 摘要 本文整合文獻上影響外人投資的因素，利用中央銀行以及經濟部投資審議委員會資料，根據投資之來源別及行業別，探討租稅誘因、失業率、匯率、貿易量與勞動力教育程度等因素對於外人來台直接投資的影響。其中有關租稅誘因的部分，本研究以新古典資本使用者理論中決定企業投資誘因之有效邊際稅率表示。 針對有效邊際稅率與外人來台投資之關聯性，不論以央行或投審會資料進行迴歸分析，僅投審會資料之金融保險業結果為顯著，但和預期方向不符。因此在實證上，並未發現有效邊際稅率與外人來臺投資之關聯性。目前國外文獻，在探討外人投資之總金額、投資於房屋機器設備之資本形成以及投資的區位選擇等面向，幾乎支持租稅是影響外人投資的因素。國內部分，採用央行統計資料之文獻，證實政府採取的租稅優惠政策無顯著效果；採用投審會統計資料之文獻，有一部分支持租稅對特定投資來源國和行業別具統計顯著性之影響。 在租稅誘因以外的變數部分，就央行所統計之外人來台直接投資而言，迴歸模型對再投資收益有較高的解釋力，且失業率和勞動力教育程度達統計顯著性；對於總投資金額以及股本投資，僅發現勞動力教育程度具統計顯著性。就投審會所統計之對台投資而言，在不分業別以及分業之金融保險、製造以及批發零售業的對台投資迴歸結果也顯示勞動力教育程度是唯一具統計顯著性之解釋變數。此外，迴歸結果亦發現華僑對臺投資之解釋不易，鮮有解釋變數顯著。總結而言，雖然非租稅變數在不同行業別與來源別無法有完全一致的顯著結果，但是仍可以看出勞動力教育程度反而是影響FDI的因素。 參考文獻 一、中文部份吳重禮與尤淑儀 （2002），「大陸市場對於外人來臺直接投資的影響評估」，《中國大陸研究》，45(1)，63–79。林志誠 （1997），「直接外人投資需求面的決定因素―臺灣的實證研究」，《東南學報》，20，89–98。張輔仁 （2007），「外人來臺直接投資之決定因素―就租稅面探討」，國立政治大學財政學系碩士論文。陳韻如 （2000），「外人來臺直接投資的租稅獎勵效果分析」，國立臺北大學財政學系碩士論文。劉涵秦 （1999），「臺灣稅制邊際有效稅率之研究」，國立政治大學財政學系碩士論文。二、英文部分Auerbach, A.J. and J.R. Hines Jr. (1988), “Investment Tax Incentives and Frequent Tax Reforms,” American Economic Review, 78(2), 211–216.Bartik, T.J. (1985), “Business Location Decisions in the United States: Estimates of the Effects of Unionisation, Taxes and other Characteristics of States,” Journal of Business and Economic Statistics, 3(1), 14–22.Boskin, M.J. and W.G. Gale. (1987), “New Results on the Effects of Tax Policy on the International Location of Investment,” in M. Feldstein (ed.), The Effects of Taxation on Capital Accumulation, 201–222, University of Chicago Press.Bretschger, L. and F. Hettich. (2002), “Globalisation, Capital Mobility and Tax Competition: Theory and Evidence for OECD Countries,” European Journal of Political Economy, 18(4), 695–716.Breusch, T.S. and A.R. Pagan. (1979), “A Simple Test for Heteroscedasticity and Random Coefficient Variation,” Econometrica, 47(5), 1287–1294.Bucovetsky, S. (1991), “Asymmetric Tax Competition,” Journal of Urban Economics, 30(2), 167–181.Buettner, T. and M. Ruf. (2004), “Tax Incentives and the Location of FDI: Evidence from a Panel of German Multinationals,” International Tax and Public Finance, 14, 151–164.Cassou, S.P. (1997), “The Link Between Tax Rates and Foreign Direct Investment,” Applied Economics, 29, 1295–1301.Chang Ching-huei, and Peter W. H. Cheng. (1992), “Tax Policy and Foreign Direct Investment in Taiwan,” in Takatoshi Ito and Anne O. Krueger (ed.), The Political Economy of Tax Reform, NBER-EASE Volume 1, 315–338, University of Chicago Press.Devereux, M.P. and H. Freeman. (1995), “The Impact of Tax on Foreign Direct Investment: Empirical Evidence and the Implications for Tax Integration,” International Tax and Public Finance, 2, 85–106.Devereux, M.P. and R. Griffith. (1998), “Taxes and the Location of Production: Evidence from a Panel of US Multinationals,” Journal of Public Economics, 68, 335–367.Devereux, M.P. and R. Griffith. (2002), “The Impact of Corporate Taxation on the Location of Capital: A Review,” Swedish Economic Policy Review, 9, 79–102.Devereux, M.P. and R. Griffith. (2003), “Evaluating Tax Policy for Location Decisions,” International Tax and Public Finance, 10, 107–126.Devereux, M.P., R. Griffith and A. Klemm. (2002), “Corporate Income Tax Reforms and International Tax Competition,” Economic Policy, 17(35), 451–495.Dickey, D. and W. Fuller. (1979), “Distribution of the Estimates for the Autoregressive Time Series with a Unit Root,” Journal of the American Statistical Association, 74, 427–431.Dunning, J.H. (1981), International Production and the Multinational Enterprise, Allen and Unwin, London.Egger, P. and P. Loretz. (2010), “Homogeneous Profit Tax Effects for Heterogeneous Firms?” The World Economy, 33(8), 1023–1041.Enders, W. (2004), Applied Econometric Time Series, Wiley, New York.Fabling R, N Gemmell, R Kneller, and L. Sanderson. (2013), “Estimating Firm-Level Effective Tax Rates and the User Cost of Capital in New Zealand,” Victoria Business School Working Paper in Public Finance.Fullerton, Don. and Marios Karayannis. (1987), “The Taxation of Income from Capital in the United States, 1980–1986,” NBER Working Paper, No. 2478.Grubert, H. and J. Mutti. (1991), “Taxes, Tariffs and Transfer Pricing in Multinational Corporate Decision Making,” The Review of Economics and Statistics, 73(2), 285–293.Hall, R. and D. Jorgenson. (1967), “Tax Policy and Investment Behavior,” American Economic Review, 57(3), 391–414.Hallerberg, M. (1996), “Tax Competition in Wilhelmine Germany and its Implications for the European Union,” World Politics, 48 (3), 324–357.Hartman, D.G. (1984), “Tax Policy and Foreign Direct Investment in the United States,” National Tax Journal, 37(4), 475–488.Hassett, K.A. and A. Mathur. (2011), “Report Card on Effective Corporate Tax Rates: United States Gets an F,” American Enterprise Institute for Public Policy Research, 1, 1–8.Hines, J.R. (1996), “Altered States: Taxes and the Location of Foreign Direct Investment in America,” American Economic Review, 86(5), 1076–1094.Jorgenson, D.W. (1963), “Capital Theory and Investment Behavior,” American Economic Review, 53(2), 247–259.King, M. and D. Fullerton. (1983), “Taxing Income from Capital：A Comparative Study of the U.S., U.K., Sweden and West Germany―Comparisons of Effective Tax Rates,” NBER Working Paper, No. 1073.Klemm, A. (2005), Corporate Tax Rate Data in Institute of Fiscal Studies Datasets (http://www.ifs.org.uk/publications/3210)Krugman, P. (1991), “Increasing Returns and Economic Geography,” Journal of Political Economy, 99(3), 483–499.Kwiatkowski, D., P.C.B. Phillips., P. Schmidt, and Y. Shin. (1992), “Testing the Null Hypothesis of Stationarity against the Alternative of a Unit Root: How Sure Are We that Economic Time Series Have a Unit Root?” Journal of Econometrics, 54(1-3), 159–78.Ljung, G. M. and G. E. P. Box. (1978), “On a Measure of Lack of Fit in Time Series Models,” Biometrika, 65(2), 297–303.Mooij, R.A. (de) and S. Ederveen. (2003), “Taxation and Foreign Direct Investment: A Synthesis of Empirical Research,” International Tax and Public Finance, 10, 673–693.Murthy, N.R.V. (1989), “The Effects of Taxes and Rates of Return on Foreign Direct Investment in the United States: Some Econometric Comments,” National Tax Journal, 42(2), 205–207.OECD (2001), “Tax Effects on Foreign Direct Investment”, OECD Tax Policy Studies, No. 17.Slemrod, J. (1990), “Tax Effects on Foreign Direct Investments in the United States: Evidence from a Cross-Country Comparison,” in Razin and Slemrod (eds.), Taxation in the Global Economy, 79–117, Chicago University Press.Swenson, D.L. (1994), “The Impact of US Tax Reform on Foreign Direct Investment in the United States,” Journal of Public Economics, 54, 243–266.Tsai Pan-Long (1991), “Determinants of Foreign Direct Investment in Taiwan: An Alternative Approach with Time-Series Data,” World Development, 19(2-3), 275–285.Tornell A. (1991), “Time Inconsistency of Protectionist Programs,” The Quarterly Journal of Economics, 106(3), 963–974.Young, K.H. (1988), “The Effects of Taxes and Rates of Return on Foreign Direct Investment in the United States,” National Tax Journal, 41(1), 109–121.Wilson, J.D. (1986), “A Theory of Interregional Tax Competition,” Journal of Urban Economics, 19(3), 296–315.Wilson, J.D. (1991), “Tax Competition with Interregional Differences in Factor Endowments,” Regional Science and Urban Economics, 21(3), 423– 451.Wilson, J.D. (1999), “Theories of Tax Competition,” National Tax Journal, 52(2), 269–304.Zodrow, G.R. and P. Mieszkovsky. (1986), “Pigou, Tiebout, Property Taxation and the Underprovision of Local Public Goods,” Journal of Urban Economics, 19(3), 356–370. 描述 碩士
國立政治大學
財政研究所
101255006
102資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101255006 資料類型 thesis dc.contributor.advisor 陳國樑 zh_TW dc.contributor.author (Authors) 楊琇媚 zh_TW dc.creator (作者) 楊琇媚 zh_TW dc.date (日期) 2013 en_US dc.date.accessioned 21-Jul-2014 15:44:42 (UTC+8) - dc.date.available 21-Jul-2014 15:44:42 (UTC+8) - dc.date.issued (上傳時間) 21-Jul-2014 15:44:42 (UTC+8) - dc.identifier (Other Identifiers) G0101255006 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/67636 - 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) 101255006 zh_TW dc.description (描述) 102 zh_TW dc.description.abstract (摘要) 本文整合文獻上影響外人投資的因素，利用中央銀行以及經濟部投資審議委員會資料，根據投資之來源別及行業別，探討租稅誘因、失業率、匯率、貿易量與勞動力教育程度等因素對於外人來台直接投資的影響。其中有關租稅誘因的部分，本研究以新古典資本使用者理論中決定企業投資誘因之有效邊際稅率表示。 針對有效邊際稅率與外人來台投資之關聯性，不論以央行或投審會資料進行迴歸分析，僅投審會資料之金融保險業結果為顯著，但和預期方向不符。因此在實證上，並未發現有效邊際稅率與外人來臺投資之關聯性。目前國外文獻，在探討外人投資之總金額、投資於房屋機器設備之資本形成以及投資的區位選擇等面向，幾乎支持租稅是影響外人投資的因素。國內部分，採用央行統計資料之文獻，證實政府採取的租稅優惠政策無顯著效果；採用投審會統計資料之文獻，有一部分支持租稅對特定投資來源國和行業別具統計顯著性之影響。 在租稅誘因以外的變數部分，就央行所統計之外人來台直接投資而言，迴歸模型對再投資收益有較高的解釋力，且失業率和勞動力教育程度達統計顯著性；對於總投資金額以及股本投資，僅發現勞動力教育程度具統計顯著性。就投審會所統計之對台投資而言，在不分業別以及分業之金融保險、製造以及批發零售業的對台投資迴歸結果也顯示勞動力教育程度是唯一具統計顯著性之解釋變數。此外，迴歸結果亦發現華僑對臺投資之解釋不易，鮮有解釋變數顯著。總結而言，雖然非租稅變數在不同行業別與來源別無法有完全一致的顯著結果，但是仍可以看出勞動力教育程度反而是影響FDI的因素。 zh_TW dc.description.tableofcontents 謝辭 I摘要 II目 錄 III表 目 IV圖 目 V第一章 緒論 1第一節 研究背景 1第二節 研究動機與目的 2第二章 文獻探討 5第一節 區分FDI來源別 5第二節 外人直接投資之理論模型 6一、OLI模型 6二、新古典模型 7三、核心―外圍模型 9第三節 外人直接投資和租稅的關係之文獻 10第三章 研究方法 19第一節 實證模型之建立 19第二節 資料來源 22第三節 各變數之統計量與單根檢定 22第四章 有效邊際稅率 30第一節 前言 30第二節 有效邊際稅率之導出 30第三節 資料與估計方法 33第四節 我國與跨國之有效邊際稅率 37第五章 實證結果 46一、央行統計資料之迴歸結果 47二、投審會統計資料之迴歸結果 48(一)不分業別 48(二)製造業 50(三)批發零售業 51(四)金融保險業 52(五)專業、科學及技術服務業 53第六章 結論與建議 56第一節 研究結論 56第二節 研究建議 57參考文獻 59附錄 65 zh_TW dc.format.extent 1237512 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101255006 en_US dc.subject (關鍵詞) 租稅政策 zh_TW dc.subject (關鍵詞) 外人直接投資 zh_TW dc.subject (關鍵詞) 有效邊際稅率 zh_TW dc.title (題名) 臺灣租稅政策和外人直接投資之關係 zh_TW dc.title (題名) The Relationship between Taxation Policy and Foreign Direct Investment in Taiwan en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 一、中文部份吳重禮與尤淑儀 （2002），「大陸市場對於外人來臺直接投資的影響評估」，《中國大陸研究》，45(1)，63–79。林志誠 （1997），「直接外人投資需求面的決定因素―臺灣的實證研究」，《東南學報》，20，89–98。張輔仁 （2007），「外人來臺直接投資之決定因素―就租稅面探討」，國立政治大學財政學系碩士論文。陳韻如 （2000），「外人來臺直接投資的租稅獎勵效果分析」，國立臺北大學財政學系碩士論文。劉涵秦 （1999），「臺灣稅制邊際有效稅率之研究」，國立政治大學財政學系碩士論文。二、英文部分Auerbach, A.J. and J.R. Hines Jr. (1988), “Investment Tax Incentives and Frequent Tax Reforms,” American Economic Review, 78(2), 211–216.Bartik, T.J. (1985), “Business Location Decisions in the United States: Estimates of the Effects of Unionisation, Taxes and other Characteristics of States,” Journal of Business and Economic Statistics, 3(1), 14–22.Boskin, M.J. and W.G. Gale. (1987), “New Results on the Effects of Tax Policy on the International Location of Investment,” in M. Feldstein (ed.), The Effects of Taxation on Capital Accumulation, 201–222, University of Chicago Press.Bretschger, L. and F. Hettich. (2002), “Globalisation, Capital Mobility and Tax Competition: Theory and Evidence for OECD Countries,” European Journal of Political Economy, 18(4), 695–716.Breusch, T.S. and A.R. Pagan. (1979), “A Simple Test for Heteroscedasticity and Random Coefficient Variation,” Econometrica, 47(5), 1287–1294.Bucovetsky, S. (1991), “Asymmetric Tax Competition,” Journal of Urban Economics, 30(2), 167–181.Buettner, T. and M. Ruf. (2004), “Tax Incentives and the Location of FDI: Evidence from a Panel of German Multinationals,” International Tax and Public Finance, 14, 151–164.Cassou, S.P. (1997), “The Link Between Tax Rates and Foreign Direct Investment,” Applied Economics, 29, 1295–1301.Chang Ching-huei, and Peter W. H. Cheng. (1992), “Tax Policy and Foreign Direct Investment in Taiwan,” in Takatoshi Ito and Anne O. Krueger (ed.), The Political Economy of Tax Reform, NBER-EASE Volume 1, 315–338, University of Chicago Press.Devereux, M.P. and H. Freeman. (1995), “The Impact of Tax on Foreign Direct Investment: Empirical Evidence and the Implications for Tax Integration,” International Tax and Public Finance, 2, 85–106.Devereux, M.P. and R. Griffith. (1998), “Taxes and the Location of Production: Evidence from a Panel of US Multinationals,” Journal of Public Economics, 68, 335–367.Devereux, M.P. and R. Griffith. (2002), “The Impact of Corporate Taxation on the Location of Capital: A Review,” Swedish Economic Policy Review, 9, 79–102.Devereux, M.P. and R. Griffith. (2003), “Evaluating Tax Policy for Location Decisions,” International Tax and Public Finance, 10, 107–126.Devereux, M.P., R. Griffith and A. Klemm. (2002), “Corporate Income Tax Reforms and International Tax Competition,” Economic Policy, 17(35), 451–495.Dickey, D. and W. Fuller. (1979), “Distribution of the Estimates for the Autoregressive Time Series with a Unit Root,” Journal of the American Statistical Association, 74, 427–431.Dunning, J.H. (1981), International Production and the Multinational Enterprise, Allen and Unwin, London.Egger, P. and P. Loretz. (2010), “Homogeneous Profit Tax Effects for Heterogeneous Firms?” The World Economy, 33(8), 1023–1041.Enders, W. (2004), Applied Econometric Time Series, Wiley, New York.Fabling R, N Gemmell, R Kneller, and L. Sanderson. (2013), “Estimating Firm-Level Effective Tax Rates and the User Cost of Capital in New Zealand,” Victoria Business School Working Paper in Public Finance.Fullerton, Don. and Marios Karayannis. (1987), “The Taxation of Income from Capital in the United States, 1980–1986,” NBER Working Paper, No. 2478.Grubert, H. and J. Mutti. (1991), “Taxes, Tariffs and Transfer Pricing in Multinational Corporate Decision Making,” The Review of Economics and Statistics, 73(2), 285–293.Hall, R. and D. Jorgenson. (1967), “Tax Policy and Investment Behavior,” American Economic Review, 57(3), 391–414.Hallerberg, M. (1996), “Tax Competition in Wilhelmine Germany and its Implications for the European Union,” World Politics, 48 (3), 324–357.Hartman, D.G. (1984), “Tax Policy and Foreign Direct Investment in the United States,” National Tax Journal, 37(4), 475–488.Hassett, K.A. and A. Mathur. (2011), “Report Card on Effective Corporate Tax Rates: United States Gets an F,” American Enterprise Institute for Public Policy Research, 1, 1–8.Hines, J.R. (1996), “Altered States: Taxes and the Location of Foreign Direct Investment in America,” American Economic Review, 86(5), 1076–1094.Jorgenson, D.W. (1963), “Capital Theory and Investment Behavior,” American Economic Review, 53(2), 247–259.King, M. and D. Fullerton. (1983), “Taxing Income from Capital：A Comparative Study of the U.S., U.K., Sweden and West Germany―Comparisons of Effective Tax Rates,” NBER Working Paper, No. 1073.Klemm, A. (2005), Corporate Tax Rate Data in Institute of Fiscal Studies Datasets (http://www.ifs.org.uk/publications/3210)Krugman, P. (1991), “Increasing Returns and Economic Geography,” Journal of Political Economy, 99(3), 483–499.Kwiatkowski, D., P.C.B. Phillips., P. Schmidt, and Y. Shin. (1992), “Testing the Null Hypothesis of Stationarity against the Alternative of a Unit Root: How Sure Are We that Economic Time Series Have a Unit Root?” Journal of Econometrics, 54(1-3), 159–78.Ljung, G. M. and G. E. P. Box. (1978), “On a Measure of Lack of Fit in Time Series Models,” Biometrika, 65(2), 297–303.Mooij, R.A. (de) and S. Ederveen. (2003), “Taxation and Foreign Direct Investment: A Synthesis of Empirical Research,” International Tax and Public Finance, 10, 673–693.Murthy, N.R.V. (1989), “The Effects of Taxes and Rates of Return on Foreign Direct Investment in the United States: Some Econometric Comments,” National Tax Journal, 42(2), 205–207.OECD (2001), “Tax Effects on Foreign Direct Investment”, OECD Tax Policy Studies, No. 17.Slemrod, J. (1990), “Tax Effects on Foreign Direct Investments in the United States: Evidence from a Cross-Country Comparison,” in Razin and Slemrod (eds.), Taxation in the Global Economy, 79–117, Chicago University Press.Swenson, D.L. (1994), “The Impact of US Tax Reform on Foreign Direct Investment in the United States,” Journal of Public Economics, 54, 243–266.Tsai Pan-Long (1991), “Determinants of Foreign Direct Investment in Taiwan: An Alternative Approach with Time-Series Data,” World Development, 19(2-3), 275–285.Tornell A. (1991), “Time Inconsistency of Protectionist Programs,” The Quarterly Journal of Economics, 106(3), 963–974.Young, K.H. (1988), “The Effects of Taxes and Rates of Return on Foreign Direct Investment in the United States,” National Tax Journal, 41(1), 109–121.Wilson, J.D. (1986), “A Theory of Interregional Tax Competition,” Journal of Urban Economics, 19(3), 296–315.Wilson, J.D. (1991), “Tax Competition with Interregional Differences in Factor Endowments,” Regional Science and Urban Economics, 21(3), 423– 451.Wilson, J.D. (1999), “Theories of Tax Competition,” National Tax Journal, 52(2), 269–304.Zodrow, G.R. and P. Mieszkovsky. (1986), “Pigou, Tiebout, Property Taxation and the Underprovision of Local Public Goods,” Journal of Urban Economics, 19(3), 356–370. zh_TW
