兩岸租稅政策對臺商投資及匯回投資收益之影響

近年來，兩岸之間投資、經貿及人民往來日益頻繁，而中國大陸為臺商對外投資比例最高之地區，兩岸間稅制改革對於臺商經營之決策有著密切的關係。本研究欲探討中國大陸2008年《企業所得稅法》、2009年《特別納稅辦法》與相關稅收優惠，以及臺灣2010年調降營所稅稅率、2015年通過《兩岸租稅協議》與臺商投資金額，對於臺商投資與盈餘匯回之決策之影響。因此本研究以2007至2016年間於中國大陸有進行投資之臺灣上市櫃公司為樣本，採多元迴歸實證進行研究。　　中國大陸租稅政策對臺商投資之實證結果顯示，《企業所得稅法》實施後，臺商會減少赴陸投資之金額；而實施《特別納稅辦法》會使臺商赴陸之投資逐漸趨緩；高新技術企業之稅率優惠則有效吸引臺商投資；而西部大開發稅率優惠並非臺商考量投資西部地區之主要原因；最後，採間接投資之臺商，其投資金額較直接投資架構者為高。　　臺灣租稅政策對臺商投資收益匯回之實證結果顯示，營所稅稅率調降後，有效吸引臺商於中國大陸之投資收益回流；而《兩岸租稅協議》通過後，臺商逐漸調整其經營決策，預期將匯回較多之投資收益；最後，臺商對中國大陸投資金額愈高，受國際間反避稅風潮影響，其匯回之投資收益亦愈高。

關鍵字

企業所得稅法；特別納稅調整；營利事業所得稅調降；兩岸租稅協議；投資決策；投資收益匯回

並列摘要

Considering that the cross-strait investment, economic and trading transactions and exchange of people have been growing in the recent years and China accounted for the highest proportion of investments by Taiwanese enterprises overseas, the cross-strait tax reform is closely connected with the business decisions made by Taiwanese enterprises. This Study intends to probe into the “Enterprise Income Tax Law 2008,” “Special Tax Regulations 2009” and related tax incentives applicable in China as well as its effects on Taiwanese enterprises’s decision about the repatriation of investment income by the reduction in the income tax of profit-seeking enterprises in Taiwan in 2010, the ratification of the “Cross-Strait Taxation Agreement” in Taiwan in 2015 and the amount of the investments by Taiwanese enterprises. The study uses the sample of listed companies in Taiwan during 2007~2016 and multiple regressions in empirical analysis. 　　Regarding the impact of China’s taxation policy on Taiwanese enterprises’s investments, upon the enforcement of the “Enterprise Income Tax Law,” Taiwanese enterprises will cut the funds invested in China, while enforcement of the “Special Tax Regulations” will result in sluggish investments by Taiwanese enterprises in China. Notwithstanding, the tax incentives applicable to the hi-tech enterprises can still effectively solicit investments by Taiwanese enterprises. Further, the tax incentives for China’s Western Development Program has never been the main cause for Taiwanese enterprises’s investments in the west side of China and the amount of investment made by Taiwanese enterprises who engage in investments indirectly will be higher than that made by those who engage in investment directly. 　　Regarding the impact of Taiwan’s taxation policy on Taiwanese enterprises’s repatriation of investment income, the reduction of profit-seeking enterprise income tax may effectively result in repatriation of investment income from China by Taiwanese enterprises for, while upon ratification of the “Cross-Strait Taxation Agreement,” Taiwanese enterprises have adjusted their investment policies gradually. Therefore, it is expected that more investment income will be repatriated to Taiwan. Meanwhile, the higher the investments that Taiwanese enterprises make in China, the more investment income will be repatriated by them to Taiwan, in consideration of the anti-tax avoidance trend emerging globally.