跨國公司利潤移轉及反避稅措施研究-臺灣實證分析

本文以臺灣經濟新報資料庫2009至2016年共8年的臺灣上市、上櫃公司資料，觀察以臺商對外投資，其境外子公司有營業淨利為樣本進行實證分析，計有3,256個觀察值，建立追蹤資料型態 (Panel data)，以分析臺灣的跨國公司是否有利潤移轉情形。　　本文分別使用單根檢定來判斷資料是否為定態，並以Hausman Test來選擇最適模型為固定效果迴歸模型，針對臺灣母公司與境外子公司的稅率差異、母公司資產報酬率、母公司對子公司的持股比率、母公司資產總額、母公司投資境外子公司成本、母公司負債比率、子公司所在地國家GDP、產業別探討否有利潤移轉情形，並檢測臺灣反避稅措施實施對跨國公司利潤移轉的影響。　　實證結果為所在地國家GDP取對數影響子公司獲利，實證結果顯著為正。稅率差異、母公司資產報酬率、母公司資產總額等3個解釋變數的估計係數值與預期方向相反，稅率差異、母公司資產報酬率呈現統計顯著。母公司對子公司的持股比率、子公司經營成本取對數、母公司負債比率、產業別以支援服務業，為不顯著正相關。受控外國公司及實際管理處所、反資本弱化、稅率差異、產業別中以製造業、運輸及倉儲業、批發零售業、其他業為不顯著負相關。我國的反避稅措施，受控外國公司及實際管理處所規定，因法令已於2016年制定惟尚未施行，但仍產生嚇阻效果，實證結果可以減少跨國公司利潤移轉情形。另反資本弱化規定於2011年制定且已在開始適用，實證結果可以減少跨國公司利潤移轉情形。

關鍵字

跨國公司；利潤移轉；反避稅；單根檢定；追蹤資料

並列摘要

This study is based on the data set of the Taiwan Economic Journal(TEJ) from 2009 to 2016 for a total of 8 years, including listings and OTC companies in Taiwan. This study observes the investments of Taiwanese businessmen in foreign countries and analyzes the net operating profits of their foreign subsidiaries. There are 3,256 observations and a tracking data type (Panel data) established to analyze whether the multinational companies in Taiwan have profit shifting or not. This study judge the result is stationary or not by using unit root test, And use Hausman Test to select the optimal model as a fixed effect model. This study discuss whether there is a profit shifting, and examine the impact of the implementation of anti-tax avoidance measures in Taiwan on the profit transfer of multinational companies based on the differences in tax rates for parent companies in Taiwan and overseas subsidiaries, parent company return on assets, parent company's shareholding in subsidiaries, total parent company's assets, parent company's investment in overseas subsidiaries, parent company's debt ratio, and subsidiary's country's GDP and the industry. The empirical results show that the logarithm of the local country’s GDP has affected the profitability of subsidiaries, and the empirical results are significantly positive. The estimated coefficient values of the three explanatory variables, such as the difference in tax rate, the return rate of the parent company’s assets, and the total assets of the parent company, are contrary to the expected direction. The differences in tax rates and parent company’s return on assets are statistically significant. Parent company's shareholding in subsidiaries, logarithm of subsidiary's operating costs, parent company's debt ratio, and industry support service industry are not significantly positively related. Controlled foreign companies and actual management premises, anti-capitalization, tax differences, and industrial sectors are not significantly negatively related to manufacturing, transportation and warehousing, wholesale, retail, and other industries. Taiwan’s anti-tax avoidance measures, controlled foreign companies and actual management provisions stipulated that because the decree was formulated in 2016 but has not yet been implemented, it still has a deterrent effect. The empirical results can reduce the transfer of profits of multinational companies. In addition, the anti-capitalization weakening regulations were formulated in 2011 and are beginning to apply. The empirical results can reduce the transfer of profits of multinational companies.