我國企業稀釋資本行為之決定因素

Taxation and Thin-Capitalization-Evidence from Taiwan’s Firms

鄒侃玹(Kan-Hsuan Chou)

指導教授 ： 李顯峰

國立臺灣大學/社會科學院/經濟學研究所/碩士(2010年)

https://doi.org/10.6342/NTU.2010.10092

摘要

企業為追求利潤極大，會藉由各種租稅規劃方式以求整體應納稅負極小，結果不僅造成稅收損失，亦造成租稅不公平。其中，資本稀釋(Thin Capitalization)是租稅規劃的許多手段之一，是指營利事業藉由資本結構中債務及股權資本比例的安排，而達到避稅或節稅的效果。因此，近來很多國家皆已陸續訂定反自有資本稀釋法則(Anti-Thin Capitalization Rule)防止稅收流失，或訂有類似精神條款加以限縮。
為與世界接軌，以及減少稽徵機關與企業間的衝突，我國行政院院會於民國98年11月19日已通過所得稅法修正草案，自99年度起，營利事業對關係人負債佔業主權益超過一定比率者，超過部分利息支出不得列為費用或損失。
本文主要研究，對臺灣上市公司而言，資本稀釋是否為重要租稅規劃工具，利用一個考慮跨國公司的兩地簡化理論模型，推論公司設於無實施反資本稀釋規定之國家，負擔稅負越高，越有誘因從事資本稀釋之避稅行為；若有關係企業位於實施反資本稀釋規定之國家，則設於尚未實施此規定國家之公司，其負債權益比會因整體應納稅負考量，提高負債權益比，進行國際租稅規劃。再以此推論結果，作為實證分析之依據。
實證分析部分，以2007至2009年間臺灣上市公司計5,049個樣本為研究對象，觀察負債權益比與獲利能力、公司稅率、與外國營利事業所得稅法定稅率稅率差、對長期投資持股比例、海外關係企業間之關聯性，資料來源為臺灣經濟新報文化事業股份有限公司 (TEJ) 資料庫。實證結果顯示，其中獲利能力與負債權益比的分析，呈顯著負相關，顯示獲利能力越高公司無從事資本稀釋避稅的情形，但亦有可能因財務槓桿操作風險，使避稅的結果卻導致獲利能力降低，兩者間係顯示交互影響的；於本國稅率部分，與負債權益比呈正相關，表示稅率越高公司有可能從事資本稀釋避稅的情形；長期投資持股比例部分，呈顯著正相關；與海外關係企業部分，若設於實施反資本稀釋規定地區或於免稅天堂者，皆與負債權益比呈現顯著負相關。

關鍵字

資本稀釋 ； 資本結構 ； 負債權益比 ； 公司稅率 ； 避稅

並列摘要

Companies seek to maximize profit by tax planning. Thin capitalization is just one of the measurements of tax planning, which means that profit-seeking enterprises try to achieve tax avoidance or tax saving through adjusting the ratio of debt to equity in the capital structure.Consequently, a number of countries have recently promulgated anti-thin capitalization legislation and have been increasingly engaging in thin capitalization audit and investigation.
In order to follow the international trend and reduce conflict between tax administration and corporations,Taiwan has planned to establish the regulation, Anti-Thin Capitalization Rule, on November 19, 2009.
This paper analyzes the role of Thin-Capitalization rules for capital structure choice of Taiwan's firms. A simple theoretical model, a company, active in two countries, which uses equity and debt subject to the presence of Thin-Capitalization rules. A theoretical analysis shows that the imposition of such rules tends to affect not only the leverage and the level of investment but also their tax-sensitivity.
The empirical analysis uses 5,049 sample data of the listed companies of Taiwan from 2007 to 2009. Data are taken from the Taiwan Economic Journal (TEJ) database. The empirical results show that the debt-to-equity ratio will increase with an increasing tax rate. In addition, it also shows that the debt-to-equity ratio will decrease with an increasing profitability.

並列關鍵字

thin capitalization ； capital structure ； the debt-to-equity ratio, ； tax avoidance

參考文獻

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