政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/67854
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113648/144635 (79%)
造访人次 : 51672943      在线人数 : 510
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/67854


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/67854


    题名: 租稅協定與租稅改革對外國證券投資之影響-以中國為例
    A Study of How Tax Treaty and Tax Reform Effect Equity FPI in China
    作者: 梁雅筑
    贡献者: 何怡澄
    梁雅筑
    关键词: 租稅協定
    租稅改革
    外國證券投資
    Tax Treaty
    Tax Reform
    Foreign Portfolio Investment
    日期: 2013
    上传时间: 2014-07-29 16:02:27 (UTC+8)
    摘要: 在國際金融蓬勃發展的現況下，國際間的租稅協定與租稅政策如何吸引投資者進行外國證券投資，為各國促進國際金融與經濟的發展的重要議題。本研究探討的問題為國際間的租稅協定與個別國家的租稅改革是否影響投資人在進行外國證券投資的投資決策。
    本研究以中國為例，探討於2008年中國實施新企業所得稅法後，與中國簽有租稅協定國之境外投資人，是否因其適用的股利所得稅率較非租稅協定國低，而有較大誘因與動機增加其對中國的外國證券投資金額。而實證結果顯示，於中國2008年的租稅改革後，與中國簽有租稅協定國的境外投資人明顯增加其對中國的外國證券投資額。此結果證明，租稅協定與租稅政策對外國證券投資者的投資之決策有其影響力。
    Since Global Financial has grown rapidly, how countries develop their financial markets and economics by abstract foreign portfolio investment (FPI) through international tax treaty and tax policy has become an important issue. And this study examines the relationship between tax treaty and tax reform to FPI, in order to see how taxation effects foreign investors’ investment decisions.
    This study derives the hypothesis that Enterprise Income Tax Law of the People’s Republic of China of 2008 should lead to a portfolio reallocation by foreign investors toward equities in tax-favored countries. An analysis that compares foreign equity holdings in treaty and un-treaty countries with China finds a substantial portfolio reallocation toward the former.
    The empirical results of the study indicates that after the tax reform of 2008 in china, treaty countries have more incentive than un-treaty countries to increase their FPI toward equities due to their lower dividends tax rates. And this result suggests that tax treaty and tax reform have an impact on FPI investors’ decisions.
    參考文獻: 李成，2008，企業所得稅改革對外資企業投資的影響研究，稅務研究，第275期（4月）:28-31。
    李沃牆，2014，兩岸簽屬租稅協議利多於弊，國政評論財金(評):103-108號。
    李濤，2008，淺談“兩法合併”後的涉外稅收徵管，涉外稅務，第2期:70-73。
    謝中琮、李淑麗，2002，國際資金流動對我國股票市場的影響，經濟研究，第二期：149-168，行政院經濟建設委員會經濟研究處。
    葉華容、詹淑櫻，2008，中國經濟的成長潛力與隱憂，東亞經貿投資研究季刊，第41期。
    Agell, J., and P.-A. Edin. 1990. ‘Marginal Taxes and the Asset Portfolios of Swedish Households. Scandinavian Journal of Economics 92:47–64.
    7.Allison Christians. 2005. Tax Treaties For Investment And Aid To Sub-Saharan Africa: A Case Study. Public Law and Legal Theory Papers No.20. Altshuler, R. and T. S. Newlon. 1991. The Effects of U.S. Tax Policy on the Income Repatriation Patterns of U.S. Multinational Corporations. NBER Working Paper No. 3925.
    Altshuler, R., T. S. Newlon and W. Randolph. 1995. Do Repatriation Taxes Matter? Evidence from the TaxReturns of U.S. Multinationals. In Martin Feldstein, James Hines, Jr. and R. Glenn Hubbard (eds.). Effects of Taxation on Multinational Corporations. University of Chicago Press.
    Ammer, J., S. B. Holland, D. C. Smith, and F. E. Warnock. 2006. Look at Me Now: What Attracts U.S. Shareholders? NBER working paper no.12500.
    Assaf Razin, Efraim Sadka, Chi-Wa Yuen.d. 1998. A pecking order of capital inflows and international tax principles. Journal of International Economics 44:45-68.
    Ahearne, A., W. L. Griever, and F. E. Warnock. 2004. Information Costs and Home Bias: An Analysis of U.S. Holdings of Foreign Equities. Journal of International Economics 62:313–336.
    Auerbach, A. J., and M. A. King. 1983 Taxation, Portfolio Choice, and Debt- Equity Ratios: A General Equilibrium Model. Quarterly Journal of Economics 98: 587–609.
    Baker MP, Wurgler J (2007) Investor sentiment in the stock market. Journal of Economic Perspectives 21(2):129-152.
    Baker, P., 1994. Double Taxation Conventions and International Tax Law: A Manual on the OECD Model TaxConvention on Income and on Capital of 1992, second ed. Sweet & Maxwell, London.
    Bernheim, B. D., and A. Wantz. 1995. ‘A Tax-based Test of the Dividend Signaling Hypothesis. American Economic Review 85:32– 551.
    Beck, T., A. Demirgu¨c¸-Kunt, and R. Levine. 2000. A New Database on Financial Development and Structure. World Bank Economic Review 14: 597–605.
    Bergstresser, D. B., and J. M. Poterba. 2002. ‘Do After-Tax Returns Affect Mutual Fund Inflows? Journal of Financial Economics 63:381–414.
    Blonigen, B. and R. B. Davies. 2000. The Effects of Bilateral Tax Treaties on U.S. FDI Activity. NBER Working Paper No. 7929.
    Blonigen, B. and R. B. Davies. 2004. The Effects of Bilateral Tax Treaties on U.S. FDI Activity. International Tax and Public Finance 11(5): 601–622.
    Brennan, M. J.. 1970. Taxes, Market Valuation and Corporate Financial Policy. National Tax Journal 23:417–427.
    Bond, Steve Klemm, Alexander Newton-Smith, Rain Syed, Murtaza Vlieghe, Gertjan. 2004. The roles of expected profitability, Tobin`s Q and cash flow in econometric models of company investment. Institute for Fiscal Studie Working Papers No.04/12
    Bong-Chan Kho, Rene M. Stulz, Francis E. Warnock. 2009. Financial Globalization, Governance, and the Evolution of the Home Bias. Journal of Accounting Research 47:597-635
    Callaghan, S. R., and C. B. Barry. 2003. Tax-Induced Trading of Equity Securities: Evidence from the ADR Market. Journal of Finance 58:1583–1611.
    Chan, K., V. Covrig, and L. Ng. 2005. ‘What Determines the Domestic Bias and Foreign Bias? Evidence from Mutual Fund Equity Allocations Worldwide. Journal of Finance 60:1495–1534.
    Chetty, R., and E. Saez. 2005. ‘Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut. Quarterly Journal of Economics 120:791–834.
    Christoffersen, S. E. K., C. Geczy, D. K. Musto, and A. V. Reed. 2005. Cross-Border Dividend Taxation and the Preferences of Taxable and Non-taxable Investors: Evidence from Canada. Journal of Financial Economics 78:121–144.
    Dagan, T. 2000. The Tax Treaties Myth. New York University Journal of International Law and Politics Summer: 939–996.
    Dai, Z., E. Maydew, D. A. Shackelford, and H. H. Zhang. 2008 ‘Capital Gains Taxes and Asset Prices: Capitalization or Lock-In? Journal of Finance 63:709–742.
    Dammon, R. M., C. S. Spatt, and H. H. Zhang. 2001. Optimal Consumption and Investment with Capital Gains Taxes. Review of Financial Studies 14:583–616.
    ———,2004. ‘‘Optimal Asset Location and Allocation with Taxable and Tax-Deferred Investing. Journal of Finance 59:999–1037.
    Dagan, T. 2002. The Costs of International Tax Cooperation.” In Eyal Benvenisti, Georg Nolte and Daphne Barak-Erez (eds.). Globalization and the Welfare State. Springer Verlag.
    De Mello, L. R. (1999). Foreign direct investment-led growth: evidence from time series and panel data. Oxford Economic Papers 51:133–51.
    Desai, M. A., C. F. Foley, and J. R. Hines Jr.. 2003. Chains of Ownership, Tax Competition, and the Location Decisions of Multinational Firms (pp. 61–98) in H. Herrmann and R. Lipsey (Eds.). Foreign Direct Investment in the Real and Financial Sector of Industrial Countries. Berlin: Springer-Verlag.
    Desai, M., and D. Dharmapala. 2009. Taxes, Institutions, and Foreign Diversification Opportunities. Journal of Public Economics 93:703–714.
    Dharmapala, D., and J. R. Hines Jr.. 2006. Which Countries Become Tax Havens? NBER working paper No. 12802.
    Diadmond,W., And D.Diamond. 1998. International Tax Treaties of All Nations. NewYork: Ocean Publications.
    Errunza, V., K. Hogan, and M-W. Hung. 1999. Can the Gains from International Diversification Be Achieved Without Trading Abroad? Journal of Finance 54 :2075–2107.
    Feldstein, M.. 1976. Personal Taxation and Portfolio Composition: An Econometric Analysis. Econometrica 44:631–649.
    Fuest, C., and B. Huber. 2001. Can Corporate-Personal Tax Integration Survive in Open Economies? Lessons from the German Tax Reform. Finanzarchiv 57: 514–524.
    Gravelle, P. 1988. Tax Treaties: Concepts, Objectives and Types. International Bureau of Fiscal Documentation Bulletin No. 522:522–526.
    Gresik, T.A.. 2001. The taxing task of taxing transactional. Journal of Economic Literature 39:800– 838
    Graetz, M. and I. Grinberg. 2003. Taxing International Portfolio Income. Tax Law Review 56:537–586.
    Graham, J., and A. Kumar. 2006. Do Dividend Clienteles Exist? Evidence on Dividend Preferences of Retail Investors. Journal of Finance 61:1305–1336.
    Grinstein, Y., and R. Michaely. 2005. Institutional Holdings and Payout Policy Journal of Finance 60:1389–1426.
    Goggart, C.. 1993. Tax Haven and Their Uses. Revised edition. London: Economist Intelligence Unit.
    Gordon, R. H., and D. F. Bradford. 1980. Taxation and the Stock Market Valuation of Capital Gains and Dividends. Journal of Public Economics 14:109–136.
    Gordon, R. H., and J. Jun. 1993. Taxes and the Form of Ownership of Foreign Corporate Equity (pp. 13–44) in A. Giovannini, R. G., and J. Slemrod (Eds.). Studies in International Taxation. Chicago: University of Chicago Press.
    Hartman, D. 1985. Tax Policy and Foreign Direct Investment. Journal of Public Economics 26:107–121.
    Hines, J. R. Jr. and R. G. Hubbard. 1990. Coming Home to America: Dividend Repatriations by U.S. Multinationals. In Assaf Razin and Joel Slemrod (eds.), Taxation in the Global Economy. University Chicago Press.
    Huizinga, H., and G. Nicodeme. 2004 ‘‘Are International Deposits Tax- Driven?’’ Journal of Public Economics 88:1093–1118.
    Ivkovich, Z., J. M. Poterba, and S. J. Weisbenner. 2005. Tax-Motivated Trading by Individual Investors. American Economic Review:1605–1630.
    King, M. A., and J. I. Leape. 1998. Wealth and Portfolio Composition: Theory and Evidence. Journal of Public Economics 69:155–193.
    La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny. 1999. The Quality of Government. Journal of Law, Economics, and Organization:222–279.
    Litzenberger, R. H., and K. Ramaswamy. 1979 The Effects of Personal Taxes and Dividends on Capital Asset Prices: Theory and Empirical Evidence. Journal of Financial Economics 7:163– 195.
    Miller, M. H., and M. S. Scholes. 1978. Dividends and Taxes. Journal of Financial Economics 6:333–364.
    Poterba, J. M., and A. A. Samwick. 2002. Taxation and Household Portfolio Composition: US Evidence from the 1980s and 1990s. Journal of Public Economics 87:5–38.
    Philippe Martin, Hélène Rey. 2004. Financial super-markets: size matters for asset trade. Journal of International Economics 64:335–361.
    Radaelli, C.. 1997. The Politics of Corporate Taxation in the European Union. Routledge Research in European Public Policy, London.
    Richard Chisik, Ronald B. Davies. 2004. Asymmetric FDI and tax-treaty bargaining:theory and evidence. Journal of Public Economics 88:1119– 1148.
    Scholz, J. K.. 1994. Tax Progressivity and Household Portfolios: Descriptive Evidence from the Surveys of Consumer Finances (pp. 219–267) in J. Slemrod (Ed.). Tax Progressivity and Income Inequality. Cambridge: Cambridge University Press.
    Sinn, H.. 1991. The Vanishing Harberger Triangle. Journal of Public Economics 45:271–300.
    Sialm, C.. 2009. Tax Changes and Asset Pricing,’’ American Economic Review 99 :1356–1383.
    Torben G. Andersen, Tim Bollerslev, Francis X. Dieboldc, Heiko Ebens. 2001. The distribution of realized stockreturn volatility. Journal of Financial Economics 61:43-76.
    Wilson, J.D.. 1999. Theories of tax competition. National Tax Journal 52:269– 304
    Zodrow, G. R.. 2003. Tax Competition and Tax Coordination in the European Union. International Tax and in Public Finance 10:651–671.
    描述: 碩士
    國立政治大學
    會計研究所
    101353056
    102
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0101353056
    数据类型: thesis
    显示于类别:[會計學系] 學位論文

    文件中的档案:

    档案 大小格式浏览次数
    305601.pdf738KbAdobe PDF2128检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    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 ©   - 回馈