資訊交換機制對台灣上市櫃企業之新設立海外關係企業投資架構股權連結影響

The impact of tax information exchange mechanisms on capital structures of new registered foreign affiliates of Taiwan's listed companies

林煜修(Lin Yu-Hsiu)

指導教授 ： 陳香梅

國立政治大學/社會科學學院/財政學系/碩士(2018年)

https://doi.org/10.6814/THE.NCCU.PF.007.2018.F07

摘要

我國上市櫃企業之投資架構超過六成屬於間接投資控股型態，亦即中介分支機構的運用普遍存在於企業的投資架構。另一方面，租稅資訊透明的議題近年來逐漸受到重視，在資訊交換機制下，各國紛紛開始締結租稅資訊交換協定（TIEA）或是在租稅協定中納入關於資訊交換的規範；開發中國家與租稅天堂亦在國際壓力下，不得不與已開發國家締結租稅資訊交換協定。因此，從台灣上市櫃企業出發的投資路徑，究竟依何基礎設計，租稅誘因扮演的角色為何，以及資訊交換機制對於企業跨國投資架構的影響，皆是本文亟欲探討的議題。
由於國內外尚未有任何實證文獻探討租稅資訊交換機制對企業股權連結的影響，本文以2001年到2016年台灣上市櫃企業新設立海外關係企業的股權連結為研究對象。基於最終投資目的地在中國大陸的海外關係企業占比近四成，因此著重於最終投資目的地在中國大陸的投資控制鏈，並推演至全球海外營運架構，探討租稅資訊交換機制是否會對股權連結產生影響，與企業如何依據租稅相關因素規劃其投資架構路徑。
本文採用Tobit random effect模型進行實證分析，首先探討租稅資訊交換協定等國際租稅因素對新設立海外關係企業股權連結的影響。實證結果顯示，締結租稅協定與租稅資訊交換協定都會影響企業股權連結的設立；再者，透過國家組合之租稅搭配因素，檢驗企業設立據點時運用的租稅規劃模式，並從中歸納出五種可能的投資路徑。

關鍵字

租稅資訊交換協定 ； 租稅協定 ； 新設立股權連結

並列摘要

More than 60 percent of the investment structures in Taiwan’s listed companies are indirect holdings. Consequently, the conduit companies are very common to appear in corporates’ investment structures. Furthermore, the issues on tax information transparency become more vivid gradually. Consequently, most countries start to conclude Tax Information Exchange Agreements (TIEAs) or to include articles related to information exchange into the tax treaties; developing countries and tax havens are forced to sign TIEAs with developed countries under the international authorities’ pressures. Considering the aforementioned situations, this research examines and delineates how enterprises design their investing routes, the role of international tax factors, and how the mechanisms of information exchange affect global investment structures.
Among worldwide empirical researches, this present investigation is the first one to study in whether the mechanisms on tax information exchange have impacts on corporate structures. The study observes the ownership links of new registered foreign affiliates of Taiwan’s listed companies from 2001 to 2016. It emphasizes on investment chains to China as it represents nearly 40 percent of all investment chains – the biggest compared to other investment chains; thus, this investment chain might be able to predict how other investment chains plan their tax planning.
The empirical analysis grounds upon Tobit random effect model. This current research examines how international tax factors, such as Tax Information Exchange Agreements and Double Taxation Agreements, have influences on new registered foreign affiliate’s links. The results indicate that both agreements have impacts on new registered foreign affiliate’s links. Furthermore, the research also identifies which patterns MNEs can select to establish new registered affiliates through country-pair tax related factors and summarizes five possible investment routes.

並列關鍵字

Tax information exchange agreements ； Double taxation agreements ； Tax treaties ； New registered ownership links

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