移轉訂價與公司治理之關聯性研究 －以台灣上市電子公司為例

The Study on Relationship between Transfer Pricing and Corporate Governance- An Empirical Analysis of Stock-listed Companies of Electronic Industry in Taiwan

石玉圓(Yu-Yuan Shih)

指導教授 ： 高儷華 ； 楊葉承

中原大學/商學院/會計研究所/碩士(2009年)

https://doi.org/10.6840/cycu200901444

摘要

我國財政部於2004 年12 月28 日訂定「營利事業所得稅不合常規移轉訂價查核準則」，並自2005 年開始實施移轉訂價查核準則。本研究以關係人交易異常毛利率作為不合常規移轉訂價交易之替代變數，並以2005 年至2007 年間國內之上市電子公司為樣本，探討該準則實施後，企業是否仍透過移轉訂價來操作企業整體盈餘。

此外強化公司治理是大勢所趨，而稅務管理是跨國企業推動公司治理所不能忽略的一環。本研究透過移轉訂價實證模型之建立來探討移轉訂價與公司治理之關聯性。實證結果顯示：獲利能力、營業淨現金流量與關係人交易異常毛利率呈顯著負相關，表示企業透過移轉訂價交易之安排，使盈餘保留在其關係企業中，藉以規避租稅負擔。在董監事、管理人持股比率以及資訊揭露程度與關係人交易異常毛利率呈顯著正相關，表示企業資訊透明度較高者與董監事、管理人持股比率較高者傾向透過移轉訂價美化財務報表。

關鍵字

公司治理 ； 不合常規交易 ； 移轉訂價

並列摘要

The “Regulations Governing Assessment of Profit-Seeking Enterprise Income Tax on Non-Arm’s Length Transfer Pricing” set by the Ministry of Finance on December 28, 2004 took effect since 2005. The study replaces the Non-Arm’s Length Transfer Pricing with gross profit margin in abnormal trading for affiliated persons as substitution variable, with sampling on the stock-listed companies of electronic industry in Taiwan from 2005 to 2007, to probe into whether if enterprises still manipulate the overall corporate surplus through transfer pricing in post-reinforcement of regulations.

Moreover, strengthening corporate governance is an inevitable trend, whereas tax management is one aspect which cannot be ignored in the corporate governance for multinational corporations. The study applies an empirical model for transfer pricing for probing into the association between transfer pricing and corporate governance. The empirical result shows that there is a significant negative correlation in profitability, operating cash flow and gross profit margin in abnormal trading for affiliated persons. This implies that the enterprises retain surplus in affiliated companies through arrangement in transfer pricing transactions in order to evade tax burden. On the other hand, there is a significant positive correlation in shareholding ratio for the board of directors and managers, information disclosure and gross margin profit in abnormal transactions for affiliated persons, which implies that higher transparency in corporate information and board of directors and managers shareholding, tend to enhance their respective financial reports through transfer pricing.

並列關鍵字

Corporate Governance ； Non-Arm’s Length Transaction ； Transfer Pricing

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