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題名 公司所得稅稅基與外人直接投資─傳統公司所得稅制與公司自有資本扣除制之分析
Corporate Income Tax Base and Foreign Direct Investment—Traditional Tax Base versus Allowance for Corporate Equity作者 林建誠
Lin, Charlie貢獻者 陳國樑
Chen, Joe
林建誠
Lin, Charlie關鍵詞 公司自有資本扣除制
資本使用者成本
外人直接投資
allowance for corporate equity
user cost of capital
foreign direct investment日期 2014 上傳時間 3-Nov-2014 10:15:25 (UTC+8) 摘要 近年來有關公司所得稅根本性的改革討論不斷，目標不外乎希望能達成合理、友善的公司所得稅制，以吸引外人資金到本國投資。根本性賦稅改革方案中的公司自有資本扣除制 (Allowance for Corporate Equity; ACE)，在理論上將公司所得稅推往中立性的利潤稅 (profits tax) 發展，頗為學界推崇 [Mirrlees et al. (2011); OECD (2007a)]。 本文採用新古典資本使用者成本 (user cost of capital) 理論，討論跨國企業之投資計畫，在不同資金來源以及不同投資方式下，面對母國 (home country) 與地主國(host country) 之公司所得稅制規定，為傳統公司所得稅制或公司自有資本扣除制，對於資本使用者成本、有效邊際稅率 (effective marginal tax rate) 以及有效平均稅率(effective average tax rate) 的影響。 結果發現，在公司自有資本扣除制下，可將資本的正常報酬 (normal returns) 排除於課稅所得，只對超額報酬 (extra normal returns) 課稅。因此，在公司自有資本扣除制下，資本使用者成本與沒有課稅相同，有效邊際稅率為0，使投資量增加。不僅如此，公司自有資本扣除制亦可將公司自有資本比照利息費用得以減除，因此解決了傳統公司所得稅制，權益融資與債權融資租稅待遇不同，導致企業在財源籌措上偏好以債權融資的扭曲行為。在跨國投資決策上，企業會偏好於傳統公司所得稅制的國家進行舉債，再將資金投資於實施公司自有資本扣除制的國家。另一方面，當兩國皆實施傳統公司所得稅制時，企業進行跨國投資會產生利息費用重複扣除(double dipping) 的問題，即使改實施公司自有資本扣除制，利息費用只會變成其他的費用型態，仍無法避免費用重複扣除的情況，只能透過簽訂租稅協定來解決此問題。 參考文獻 Auerbach, A.J. (1983), “Taxation, Corporate Financial Policy and the Cost of Capital,” Journal of Economic Literature, 21, 905–940.Baxter, N. (1967), “Leverage, Risk of Ruin and the Cost of Capital,” Journal of Finance, 22(3), 395–403.Boadway, R and N. Bruce (1984), “A General Proposition on the Design of a Neutral Business Tax,” Journal of Public Economics, 24(2), 231–239.De Mooij, R.A. and M.P. Devereux. (2009), “Alternative Systems of Business Tax in Europe: an Applied Analysis of ACE and CBIT Reforms,” Directorate-General for Taxation and Customs Union, European Commission, Taxation Papers, No.17.Devereux, M.P. and R. Griffith.(2003), “Evaluating Tax Policy for Location Decisions,” International Tax and Public Finance, 10, 107–126.Devereux, M.P and H. Freeman, 1991. “A General Neutral Profits Tax,” Fiscal Studies, 12(3), 1–15.Devereux, M.P. and P.B. Sorensen, (2006), “The Corporate Income Tax: International Trends and Options for Fundamental Reforms,” Directorate-General for Economic and Financial Affairs, European Commission, Economic Papers, No. 264.Dunning, J.H. (1981), International Production and the Multinational Enterprise, Allen and Unwin, London.European Judgment of the Court (2004), C-315/02.http://curia.europa.eu/juris/document/document.jsf;jsessionid=9ea7d2dc30d64a7d5d433e61461ebe06cd576d3e805f.e34KaxiLc3qMb40Rch0SaxuOax90?text=&docid=49408&pageIndex=0&doclang=EN&mode=lst&dir=&occ=first&part=1&cid=449904Institute for Fiscal Studies (1991), “Equity for Companies: A Corporation Tax for the 1990s”, Fourth report of the IFS Capital Taxes Group, Commentary No. 26.Isaac, J. (1997), “A Comment on the Viability of the Allowance for Corporate Equity,” Fiscal Studies, 18, 303–318.Jensen, M. and W. Meckling. (1976), “Theory of the Firm:Managerial Behavior, Agency Costs and Ownership,” Structure.Journal of Financial Economics, 3, 305–360.Jorgenson, D.W. (1963), “Capital Theory and Investment Behaviour,” American Economic Review, 53, 247–259.Jorgenson, D.W. and Kun-Young Yun (1991), Tax reform and the cost of capital, Oxford University Press. Kanniainen, V. and P.M. Panteghini (2008), “Tax Neutrality: Illusion or Reality? The Case of Entrepreneuship,” CESifo Working Paper, No. 2306.Keuschnigg, C. and E. Ribi. (2009), “Profit Taxation and Finance Constraints.” Working Paper 05, Department of Economics, University of St. Gallen.King, M. and D. Fullerton. (1984), Taxing Income from Capital, Chicago University Press.Klemm, A. (2007), “Allowances for Corporate Equity in Practice,” CESifo Economic Studies, 53, 229–62.Krugman, P. (1991), “Increasing Returns and Economic Geography,” Journal of Political Economy, 99: 483–499. Meade, J. (1978), The Structure and Reform of Direct Taxation: Report of a Committee Chaired by Professor J. E. Meade for the Institute for Fiscal Studies, London: George Allen and Unwin.Modigliani, F. and M.H. Miller. (1958), “The Cost of Capital, Corporation Finance, and the Theory of Investment,” American Economic Review, 48, 261–297.Modigliani, F. and M.H. Miller. (1963), “Corporate Income Taxes and the Cost of Capital: A Correction,” American Economic Review, 53, 433–443.Mirrlees, J., S. Adam, T. Besley, R. Blundell, S. Bond, R. Chote, M. Grammie, P. Johnson, G. Myles, and J. Poterba, (2011). Tax by Design: The Mirrlees Review, Oxford University Press, Oxford, UK.OECD (2007a), “Fundamental Reform of Corporate Income Tax,” OECD Tax Policy Studies, No 16.OECD (2007b), “Tax Effects on Foreign Direct Investment,” OECD Tax Policy Studies, No 17.OECD (2013), Tax Database, http://www.oecd.org/ctp/tax-policy/Table%20II.4 _Aug%202013.xlsx.Panteghini, P., M.L. Parisi., and F. Pighetti. (2012), “Italy`s ACE tax and Its Effect on a Firm`s Leverage,” Economic Discussion papers, 2012–31.Sinn, H.W. (1991), “Taxation and the Cost of Capital: The “Old” View, the “New” View, and Another View,” Tax Policy and the Economy, 5, 25–54.Stanley, D.T. and M. Girth. (1971), Bankruptcy: Problem, Process, Reform. Washington D. C.: The Brookings Institution.Stiglitz, J.E. (1972), “On Some Aspects of the Pure Theory of Corporate Finance, Bankruptcies Takeovers,” Journal of Economics, 3, 458–482Stiglitz, J.E. (1973), “Taxation, Corporate Financial Policy, and the Cost of Capital,” Journal of Public Economics, 2, 1–34.Sullivan, M.A. (2011), Corporate Tax Reform: Taxing Profits in the 21st Century, Apress.HM Revenue and Customs (2008), A Guide to UK and UK Continental Shelf: Oil and Gas Taxation. http://www.hmrc.gov.uk/international/ns-fiscal3.htmU.S. Department of the Treasury (1992), “Integration of the Individual and Corporate Tax Systems Taxing Business Income Once,” Washington D.C. U.S. Government Printing Office. 描述 碩士
國立政治大學
財政研究所
101255020
103資料來源 http://thesis.lib.nccu.edu.tw/record/#G1012550201 資料類型 thesis dc.contributor.advisor 陳國樑 zh_TW dc.contributor.advisor Chen, Joe en_US dc.contributor.author (Authors) 林建誠 zh_TW dc.contributor.author (Authors) Lin, Charlie en_US dc.creator (作者) 林建誠 zh_TW dc.creator (作者) Lin, Charlie en_US dc.date (日期) 2014 en_US dc.date.accessioned 3-Nov-2014 10:15:25 (UTC+8) - dc.date.available 3-Nov-2014 10:15:25 (UTC+8) - dc.date.issued (上傳時間) 3-Nov-2014 10:15:25 (UTC+8) - dc.identifier (Other Identifiers) G1012550201 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/71018 - 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) 101255020 zh_TW dc.description (描述) 103 zh_TW dc.description.abstract (摘要) 近年來有關公司所得稅根本性的改革討論不斷，目標不外乎希望能達成合理、友善的公司所得稅制，以吸引外人資金到本國投資。根本性賦稅改革方案中的公司自有資本扣除制 (Allowance for Corporate Equity; ACE)，在理論上將公司所得稅推往中立性的利潤稅 (profits tax) 發展，頗為學界推崇 [Mirrlees et al. (2011); OECD (2007a)]。 本文採用新古典資本使用者成本 (user cost of capital) 理論，討論跨國企業之投資計畫，在不同資金來源以及不同投資方式下，面對母國 (home country) 與地主國(host country) 之公司所得稅制規定，為傳統公司所得稅制或公司自有資本扣除制，對於資本使用者成本、有效邊際稅率 (effective marginal tax rate) 以及有效平均稅率(effective average tax rate) 的影響。 結果發現，在公司自有資本扣除制下，可將資本的正常報酬 (normal returns) 排除於課稅所得，只對超額報酬 (extra normal returns) 課稅。因此，在公司自有資本扣除制下，資本使用者成本與沒有課稅相同，有效邊際稅率為0，使投資量增加。不僅如此，公司自有資本扣除制亦可將公司自有資本比照利息費用得以減除，因此解決了傳統公司所得稅制，權益融資與債權融資租稅待遇不同，導致企業在財源籌措上偏好以債權融資的扭曲行為。在跨國投資決策上，企業會偏好於傳統公司所得稅制的國家進行舉債，再將資金投資於實施公司自有資本扣除制的國家。另一方面，當兩國皆實施傳統公司所得稅制時，企業進行跨國投資會產生利息費用重複扣除(double dipping) 的問題，即使改實施公司自有資本扣除制，利息費用只會變成其他的費用型態，仍無法避免費用重複扣除的情況，只能透過簽訂租稅協定來解決此問題。 zh_TW dc.description.tableofcontents 摘要 .................................................. I目錄 ................................................. II圖形目錄 ............................................. IV表格目錄 ............................................. IV第一章 緒論 ........................................... 11.1 研究背景 .......................................... 11.2 研究動機 .......................................... 41.3 研究架構 .......................................... 5第二章 制度介紹與文獻回顧 ............................... 62.1 公司所得稅根本性賦稅改革方案 ........................ 62.1.1 現金流量稅制 ..................................... 62.1.2 綜合企業所得稅制 ................................. 82.1.3 公司自有資本扣除制 ............................... 82.2 外人直接投資之投資理論 ............................. 112.2.1 OLI 模型 ....................................... 122.2.2 新古典資本使用者成本理論 ......................... 122.2.3 核心-邊陲模型 ................................... 132.3 企業最適資本結構理論 ............................... 152.3.1 MM 理論 ........................................ 152.3.2 破產成本......................................... 162.3.3 代理成本 ........................................ 172.4 本章結論 .......................................... 17第三章 模型設定 ....................................... 193.1 主要模型 .......................................... 193.2 研究案例 .......................................... 26第四章 模型分析 ....................................... 304.1 投資之資金來源為稅後保留盈餘 ....................... 314.1.1 投資之進行方式為購買權益 ......................... 314.1.2 投資之進行方式為購買部分權益、部分債權 ............ 444.2 投資之資金來源為舉債 ............................... 554.2.1 投資之進行方式為購買權益 ......................... 554.2.2 投資之進行方式為購買部分權益、部分債權 ............ 654.3 本章結論 .......................................... 73第五章 結論與建議 ..................................... 775.1 研究結論 .......................................... 775.2 研究貢獻 .......................................... 795.3 研究建議 .......................................... 80參考文獻 .............................................. 82附錄 ................................................. 86 zh_TW dc.format.extent 1467125 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/#G1012550201 en_US dc.subject (關鍵詞) 公司自有資本扣除制 zh_TW dc.subject (關鍵詞) 資本使用者成本 zh_TW dc.subject (關鍵詞) 外人直接投資 zh_TW dc.subject (關鍵詞) allowance for corporate equity en_US dc.subject (關鍵詞) user cost of capital en_US dc.subject (關鍵詞) foreign direct investment en_US dc.title (題名) 公司所得稅稅基與外人直接投資─傳統公司所得稅制與公司自有資本扣除制之分析 zh_TW dc.title (題名) Corporate Income Tax Base and Foreign Direct Investment—Traditional Tax Base versus Allowance for Corporate Equity en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Auerbach, A.J. (1983), “Taxation, Corporate Financial Policy and the Cost of Capital,” Journal of Economic Literature, 21, 905–940.Baxter, N. (1967), “Leverage, Risk of Ruin and the Cost of Capital,” Journal of Finance, 22(3), 395–403.Boadway, R and N. Bruce (1984), “A General Proposition on the Design of a Neutral Business Tax,” Journal of Public Economics, 24(2), 231–239.De Mooij, R.A. and M.P. Devereux. (2009), “Alternative Systems of Business Tax in Europe: an Applied Analysis of ACE and CBIT Reforms,” Directorate-General for Taxation and Customs Union, European Commission, Taxation Papers, No.17.Devereux, M.P. and R. Griffith.(2003), “Evaluating Tax Policy for Location Decisions,” International Tax and Public Finance, 10, 107–126.Devereux, M.P and H. Freeman, 1991. “A General Neutral Profits Tax,” Fiscal Studies, 12(3), 1–15.Devereux, M.P. and P.B. Sorensen, (2006), “The Corporate Income Tax: International Trends and Options for Fundamental Reforms,” Directorate-General for Economic and Financial Affairs, European Commission, Economic Papers, No. 264.Dunning, J.H. (1981), International Production and the Multinational Enterprise, Allen and Unwin, London.European Judgment of the Court (2004), C-315/02.http://curia.europa.eu/juris/document/document.jsf;jsessionid=9ea7d2dc30d64a7d5d433e61461ebe06cd576d3e805f.e34KaxiLc3qMb40Rch0SaxuOax90?text=&docid=49408&pageIndex=0&doclang=EN&mode=lst&dir=&occ=first&part=1&cid=449904Institute for Fiscal Studies (1991), “Equity for Companies: A Corporation Tax for the 1990s”, Fourth report of the IFS Capital Taxes Group, Commentary No. 26.Isaac, J. (1997), “A Comment on the Viability of the Allowance for Corporate Equity,” Fiscal Studies, 18, 303–318.Jensen, M. and W. Meckling. (1976), “Theory of the Firm:Managerial Behavior, Agency Costs and Ownership,” Structure.Journal of Financial Economics, 3, 305–360.Jorgenson, D.W. (1963), “Capital Theory and Investment Behaviour,” American Economic Review, 53, 247–259.Jorgenson, D.W. and Kun-Young Yun (1991), Tax reform and the cost of capital, Oxford University Press. Kanniainen, V. and P.M. Panteghini (2008), “Tax Neutrality: Illusion or Reality? The Case of Entrepreneuship,” CESifo Working Paper, No. 2306.Keuschnigg, C. and E. Ribi. (2009), “Profit Taxation and Finance Constraints.” Working Paper 05, Department of Economics, University of St. Gallen.King, M. and D. Fullerton. (1984), Taxing Income from Capital, Chicago University Press.Klemm, A. (2007), “Allowances for Corporate Equity in Practice,” CESifo Economic Studies, 53, 229–62.Krugman, P. (1991), “Increasing Returns and Economic Geography,” Journal of Political Economy, 99: 483–499. Meade, J. (1978), The Structure and Reform of Direct Taxation: Report of a Committee Chaired by Professor J. E. Meade for the Institute for Fiscal Studies, London: George Allen and Unwin.Modigliani, F. and M.H. Miller. (1958), “The Cost of Capital, Corporation Finance, and the Theory of Investment,” American Economic Review, 48, 261–297.Modigliani, F. and M.H. Miller. (1963), “Corporate Income Taxes and the Cost of Capital: A Correction,” American Economic Review, 53, 433–443.Mirrlees, J., S. Adam, T. Besley, R. Blundell, S. Bond, R. Chote, M. Grammie, P. Johnson, G. Myles, and J. Poterba, (2011). Tax by Design: The Mirrlees Review, Oxford University Press, Oxford, UK.OECD (2007a), “Fundamental Reform of Corporate Income Tax,” OECD Tax Policy Studies, No 16.OECD (2007b), “Tax Effects on Foreign Direct Investment,” OECD Tax Policy Studies, No 17.OECD (2013), Tax Database, http://www.oecd.org/ctp/tax-policy/Table%20II.4 _Aug%202013.xlsx.Panteghini, P., M.L. Parisi., and F. Pighetti. (2012), “Italy`s ACE tax and Its Effect on a Firm`s Leverage,” Economic Discussion papers, 2012–31.Sinn, H.W. (1991), “Taxation and the Cost of Capital: The “Old” View, the “New” View, and Another View,” Tax Policy and the Economy, 5, 25–54.Stanley, D.T. and M. Girth. (1971), Bankruptcy: Problem, Process, Reform. Washington D. C.: The Brookings Institution.Stiglitz, J.E. (1972), “On Some Aspects of the Pure Theory of Corporate Finance, Bankruptcies Takeovers,” Journal of Economics, 3, 458–482Stiglitz, J.E. (1973), “Taxation, Corporate Financial Policy, and the Cost of Capital,” Journal of Public Economics, 2, 1–34.Sullivan, M.A. (2011), Corporate Tax Reform: Taxing Profits in the 21st Century, Apress.HM Revenue and Customs (2008), A Guide to UK and UK Continental Shelf: Oil and Gas Taxation. http://www.hmrc.gov.uk/international/ns-fiscal3.htmU.S. Department of the Treasury (1992), “Integration of the Individual and Corporate Tax Systems Taxing Business Income Once,” Washington D.C. U.S. Government Printing Office. zh_TW
