English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113325/144300 (79%)
Visitors : 51170958      Online Users : 881
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/110790


    Title: 國際租稅規劃對台灣上市櫃公司跨國控股連結設計之影響
    The impact of international tax planning on the design of cross - border ownership links of Taiwan`s listed companies
    Authors: 洪靖紋
    Contributors: 陳香梅
    洪靖紋
    Keywords: 國際租稅規劃
    跨國公司
    投資控股架構
    跨國控股連結
    International tax planning
    Multinational corporations
    Investment holding structure
    Cross-border ownership link
    Date: 2017
    Issue Date: 2017-07-11 11:27:29 (UTC+8)
    Abstract: 近年來各國跨國企業利用對外投資控股架構設計進行租稅規劃,複雜的跨國結構安排導致各國稅基嚴重被侵蝕,引起各界關注,故了解跨國公司如何規劃其投資控股架構有其必要性。基於國內尚未有實證文獻探究國際租稅規劃對我國跨國公司投資控股架構決策之影響,因此本文針對2010年至2014年台灣上市櫃公司之海外關係企業目前投資控股架構進行研究,以了解我國對外投資的投資控股架構設計概況。此外,本文進一步探究跨國公司為了進行國際租稅規劃,不同租稅屬性的上下層公司是否確實會有相對應租稅特性之公司搭配形成控股連結。
    本文建構兩個迴歸模型,採用Tobit模型進行實證分析。模型一分析基本租稅因素對於跨國控股連結之影響,實證結果顯示跨國控股連結設計會受到租稅協定、上下層公司所在國稅率差距影響。而模型二檢視國家組合間之租稅搭配相關變數對跨國控股連結的影響。結果顯示,上下層公司所在國的租稅環境確實會影響與其形成控股連結之所在國家的區位選擇。
    In the recent years, multinational corporations using the design of investment holding structure to do the tax planning. The complicated investment holding structure result in the tax base being damaged, and it draws the attentions of all walks of life. Therefore, there’s necessity to understand how the multinational corporations plan their investment holding structure. Due to the fact that there’s no literature which research the influence of international tax planning to our country’s multinational corporation investment holding structure decision have been proved. In order to understand how Taiwan’s multinational corporations plan their investment holding structure, we do the research against the investment holding structure of Taiwan’s listed companies from 2010 to 2014. Besides, we do the research more advanced on the international tax planning to see whether there will be companies with corresponded different tax characteristic that form an ownership links with the upper and lower companies of different tax characteristic.
    In this paper, we constructed two regression models, the Tobit random effect model is used to do the empirical analysis. The Model 1 analyzes the relation between the basic tax variable and the cross-border ownership links. The results indicate that the design of cross-border ownership links will be affected by tax treaty and the difference of tax rate between the upper and the lower countries. And the Model 2 examines the relation between tax collocation of country pair variables and cross-border ownership links. We found out that the tax environment where the upper and lower companies are located has truly affect the location choice of the country which the ownership link is linked to.
    Reference: 黃紀與王德育 (2012),《質變數與受限依變數的迴歸分析》,台北市:五南出版社。
    APEC (2012), “Concepts and trends in global supply, global value and global production chains,” URL:
    http://publications.apec.org/publication-detail.php?pub_id=1283
    Baltagi, B. H., P. Egger, and M. Pfaffermayr (2008), “Estimating regional trade agreement effects on FDI in an interdependent world,” Journal of Econometrics, 145(1), 194-208.
    Basile, R., D. Castellani, and A. Zanfei (2008), “Location choices of multinational firms in Europe: the role of EU cohesion policy,” Journal of International Economics, 74(2), 328-340.
    Blonigen, B. A., L. Oldenski, and N. Sly (2011), “Separating the opposing effects of bilateral tax treaties,” Working Paper, National Bureau of Economic Research.
    Buettner, T., M. Overesch, U. Schreiber, and G. Wamser (2009), “Taxation and capital structure choice—evidence from a panel of German multinationals,” Economics Letters, 105, 309–311.
    Chan, A. K. (2009), “Re-structuring FDI in China,”URL:
    http://www.hktdc.com/resources/MI/Article/ef/2009/07/281410/1247453617218_Restructuring_FDI_in_China_2009.pdf
    Chiu, L. I. C. and C. Chung (1993), “An assessment of Taiwan`s indirect investment toward mainland China,” Asian Economic Journal, 7(1), 41-70.
    Clausing, K. A. (2001), “The impact of transfer pricing on intrafirm trade,” in J. R. Hines (ed.), International Taxation and Multinational Activity, Chicago: University of Chicago Press, 173–194.
    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(1), 77-110.
    Delgado, S. (2014), “Shop till you drop those tax rates: treaty shopping as a determinant for FDI stocks,” CPB Background Document.
    Devereux M. P., G. Maffini, and J. Xing (2015), “Corporate tax incentives and capital structure: empirical evidence from UK tax returns,” Working Paper.
    Dischinger, M. and N. Riedel (2011), “Corporate taxes and the location of intangible assets within multinational firms,” Journal of Public Economics, 95(7), 691-707.
    Fatemi, A. M. (1984), “Shareholder benefits from corporate international diversification,”The Journal of Finance, 39(5), 1325-1344.
    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,” The International Business and Economics Research Journal, 10(6), 1-8.
    Gazaniol, A. (2015), “The location choices of multinational firms: the role of internationalisation experience and group affiliation,” The World Economy, 38(8), 1246-1277.
    Germain, N. (2014), “Corporate taxation and international profit-shifting: a survey of the evidence and directions for policy,”PhD Thesis, University of Ottawa.
    Gravelle, J. G. (2015), “Tax havens: international tax avoidance and evasion,” Washington, DC: Congressional Research Service.
    Haberly, D. and D. Wójcik (2015), “Regional blocks and imperial legacies: mapping the global offshore FDI network,” Economic Geography, 91(3), 251-280.
    Halkos, G. E. and N. G. Tzeremes (2009), “Internationalization and firm performance: the case of the top ten non-financial TNCs from South-East Europe,”South-Eastern Europe Journal of Economics, 7(1), 55-73.
    Hong, S. (2015), “Strategic treaty shopping,” Working Paper.
    Kahn, J. and M. Van Der Starre (2016), “Google lowered 2015 taxes by $3.6 billion using ‘Dutch Sandwich’,” URL: https://www.bloomberg.com/news/articles/2016-12-21/google-lowered-2015-taxes-by-3-6-billion-using-dutch-sandwich.
    Lawless, M., D. McCoy, E. Morgenroth, and C. O`Toole (2015), “Corporate tax and location choice for multinational firms,” Working Paper.
    Lejour, A. (2014), “The foreign investment effects of tax treaties,” Working Paper.
    Lejour, A. and M. Salfi (2015), “The regional impact of bilateral investment treaties on foreign direct investment,” Discussion Paper, Netherlands Bureau for Economic Policy Analysis.
    Levy-Yeyati, E. L., E. Stein, and C. Daude (2003), “Regional integration and the location of FDI,” Working Paper.
    Lewellen, K. and L. Robinson (2013), “Internal ownership structures of U.S. multinational firms,”Working Paper.
    Merlo, V., N. Riedel, and G. Wamser (2015), “The impact of thin capitalization rules on the location of multinational firms` foreign affiliates,” CESifo Working Paper No. 5449.
    Mintz, J. M. and A. Weichenrieder (2010), “Holding companies and ownership chains,” in Mintz, J. M. and A. J. Weichenrieder (eds.), The Indirect Side of Direct Investment – Multinational Company Finance and Taxation, Cambridge: MIT Press, 77-120.
    Ng, C. Y. (2013), “International tax planning considerations and strategies-investing into and out of China.” International Tax Journal, 39, 23-34.
    Qiu, D. (2014), “Collecting unpaid tax offshore: Caribbean tax havens and foreign direct investment in China,” URL:
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2539511
    Rohatgi, R. (2005), Basic international taxation: Volume 2 – Practice of international taxation, London: BNA International Inc.
    Taylor, G. and G. Richardson (2013), “The determinants of thinly capitalized tax avoidance structures: evidence from Australian firms,” Journal of International Accounting, Auditing and Taxation 22, 12–25.
    United Nations Conference on Trade and Development (2016), World investment report 2016, URL:
    http://unctad.org/en/PublicationsLibrary/wir2016_en.pdf
    van`t Riet, M. and A. Lejour (2015), “Profitable detours: network analysis of tax treaty shopping,” Working Paper.
    Wagener, T. and C. Watrin (2013), “The relevance of complex group structures for income shifting and investors` valuation of tax avoidance,” Working Paper, University of Munster.
    Weichenrieder, A. J. and J. Mintz (2008), “What determines the use of holding companies and ownership chains,” Working Paper, University of Oxford.
    Weyzig, F. (2013), “Tax treaty shopping: structural determinants of foreign direct investment routed through the Netherlands,” International Tax and Public Finance, 20(6), 910–937.
    Description: 碩士
    國立政治大學
    財政學系
    104255008
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0104255008
    Data Type: thesis
    Appears in Collections:[財政學系] 學位論文

    Files in This Item:

    File SizeFormat
    500801.pdf1164KbAdobe PDF238View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback