臺灣地區上市上櫃公司前往租稅天堂投資特質之研究-以電子產業為例

近年來企業全球化經營已為世界各國產業發展之趨勢，企業為達成不同之營運目標，積極展開國際佈局並成立跨國企業，且前往租稅天堂設立境外子公司更為主要方式之一。租稅為廠商重要營運成本之一，企業為降低企業總稅負，將利潤分配至租稅天堂之子公司，以達到租稅規避之目的。而租稅天堂之主要特性為具備低稅率、免稅優惠或無外匯管制等，極利於企業利用各國制度與獎勵措施之差異，透過其作為資金調度或轉投資之管道，以追求利潤最大化。本研究以2000年至2010年台灣地區電子產業上市及上櫃公司為研究對象，探討此類企業前往租稅天堂投資之現況，以及影響台灣地區電子產業上市及上櫃公司前往租稅天堂設立境外子公司之因素。研究資料之來源為臺灣經濟新報(TEJ)「TEJ Finance DB」之「以合併為主(累計)－一般產業」資料庫，及公開資訊觀測站「營運概況」之「投資海外子公司資訊彙總表」與「赴大陸投資資料查詢彙總表」。本研究採用多元迴歸分析方法，探討企業之企業規模、研發比率、負債比率、外匯風險、獲利能力及非租稅天堂互補性對於企業於租稅天堂投資家數之影響。實證結果顯示，英屬維京群島為臺灣地區電子產業上市及上櫃公司設立租稅天堂子公司的首選，其次為美國與薩摩亞，且近年企業投資薩摩亞有增加趨勢。另影響公司前往租稅天堂設立海外子公司之因素，以企業規模、負債比率、外匯風險及非租稅天堂互補性等具顯著相關。

關鍵字

租稅天堂；國際租稅規避；跨國企業

並列摘要

Global business management has become a trend in recent years; enterprises are aggressively expanding their business toward multinational enterprise while establishing overseas subsidiaries in tax heaven as an operational strategy. Tax heaven mainly offers low tax rate or tax-free benefit and without foreign exchange controls or limitations which are convenient for enterprises to perform capital allocation or reinvestment process. Tax is one of the major corporate operating costs; it is possible to utilize the differences of tax regulation and incentive across countries to maximize profit. Multinational companies often allocate their profit to oversea subsidiaries that located in tax heaven in order to lower their tax burden. This research is based on public listed and OTC companies of electronic industries in Taiwan during 2000~2010, to discuss their investments in tax heaven countries and factors that affect their investment decisions. Research data obtained from the “Consolidated-General industries” database of TEJ Finance DB and statements of “Investment in Foreign Subsidiaries”, “Investment in China” in the “Operation Summaries” section of MOPS website. Multiple regression analysis method is used to analyze different factors of firm size, R&D ratio, debt ratio, foreign exchange risk, profit capability and non-tax haven complementary that have influenced on the investment decisions of number of subsidiaries set up in tax-heaven countries. Empirical results show that the British Virgin Islands is the preferred choice of tax heaven for the public listed and OTC electronic companies in Taiwan to set up oversea subsidiaries, followed by the United States and Samoa. In recent years, business investment in Samoa is increasing gradually. Major impact factors of companies to set up overseas subsidiaries in tax-heaven countries are firm size, debt ratio, foreign exchange risk and non-tax paradise complementary which are significantly related.