公司利害關係人與利潤移轉之關聯性
— 以台灣上市櫃電子公司為例

1980年代中國大陸開放投資，低廉勞力成本加上台灣政府對大陸投資的解禁，讓台商莫不大舉西進，然而大量投資伴隨頻繁巨量的交易，台灣公司在關係人交易之移轉訂價上容易被中國與台灣稅局質疑，且目前兩岸稅局對移轉訂價查核不遺餘力，甚至加大力度，嚴加查核，對於台商來說，這樣的查核力道極可能造成雙重課稅，企業之稅務成本上升。同時，會計醜聞或經營弊案層出不窮損及公司價值；保護公司利害關係人之利益，追求最大公司價值並追求永續發展，已是公司管理當局必須嚴正管理的議題。本研究非依據過去對盈餘管理或公司治理、公司利害關係人、移轉訂價產生稅務效果繼續探究，乃係以多元迴歸分析方法檢驗公司利害關係人和利潤移轉之關聯性，其結果於時間序列、公司利害關係人層面(董監持股、董事長兼總經理雙元性、機構法人持股、會計師審計品質)等未發現相關性。就結論小結如下： 1) 實證研究橫跨2001~2014，以期間為自變數與應變數之利潤移轉未發現相關性，故推論反避稅法令之實施未造成台商電子業利潤移轉有所影響。 2) 合併營業損失與利潤移轉為負相關：合併營業損失發生時，海外子公司為單純營運個體，不負擔額外風險，故應賺取(保留)合理利潤，因母公司應擔負較多功能，因此將由母公司吸收較多損失，符合功能別定義。 3) 除母公司以外之營收佔合併營收之比例與利潤移轉為負相關：意即台灣電子公司大多將母公司設計為營運流程之一環，母公司認列營收。

關鍵字

公司治理；利害關係人；利潤移轉；移轉計價；財務績效

並列摘要

Taiwanese companies have been continuously investing in the Mainland China for more than 20 years. Massive investment usually accompanies with increasing volume of affiliate transactions between groups. So in the recent years, these companies were questioned by the tax offices in two different tax regimes if the policies of transfer pricing for affiliate transactions were properly set. The associated audits were performed intensively and even more heavily. That worst comes to worst would be such audit may lead to double taxation and as a result increases tax cost. Nevertheless, corporate governance is another critical issues as plenty of accounting and business scandals took place and badly damaged firms’ value. The management team of a company cannot but seriously tackle with the issues in order to further protect the stakeholder' interests as well as pursue the best firm value and sustainability of operation. The study we present doesn't adopt the hypothesis or variables used in the empirical analysis relating to earnings management, corporate governance, stakeholders of firms, and tax effects in light of transfer pricing. Instead, the study aims to examine the relationship between stakeholders and profit shifting by means of the multiple regression method. The result of empirical analysis presents that there is none correlation between profit shifting and these factors in the aspects of time and stakeholders (the shareholding of the board, duality of CEO, independent directors, institutional investors, and audit quality), respectively. Sum up the finding as follows: 1) The time span of the study crossed over 14 years from 2001 to 2014. No correlation is found when using the foregoing period as independent variables. Thus, it is supposed that the electronics companies in Taiwan do not shift their profits in response to the promulgated tax laws relating to tax avoidance. 2) Consolidated operating loss is negatively correlated with profit shifting: when firms encounter consolidated operating loss, overseas subsidiaries would not bear additional risks due to simple function operation and therefore these subsidiaries should keep reasonable margins at their end. Parent companies accordingly absorb more loss, which apparently conforms to the notion whoever possess more functions, they should carry more risks. 3) The percentage of none-parent company revenue over consolidated revenue is negatively correlated with profit shifting: it indicates Taiwanese companies intend to engage parent companies in part of the business flow, which implies that parent companies would necessarily recognize revenue.