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| Title: | 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 |
| Authors: | 王晏淩
Wang, Yan-Ling |
| Contributors: | 陳香梅
Chen, Shine-May
王晏淩
Wang, Yan-Ling |
| Keywords: | 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 |
| Date: | 2024 |
| Issue Date: | 2024-08-05 14:44:23 (UTC+8) |
| Abstract: | 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. |
| Reference: | 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。
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| Description: | 碩士
國立政治大學
財政學系
111255007 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111255007 |
| Data Type: | thesis |
| Appears in Collections: | [財政學系] 學位論文
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