本文利用台灣多國籍企業關係企業的資產數量來衡量母公司的轉投資行為，
探討母公司的營業利潤是否透過投資行為而移轉到避稅天堂的子公司，達到避稅
效果。實證資料是利用經濟新報資料庫所提供的2001 到2007 年上市櫃公司為研
究對象，在控制其他變數下，實證結果得到避稅天堂的關係企業其資產越多，母
公司的稅前或稅後資產報酬率皆會降低，表示企業的確有利用在避稅天堂的關係
企業來規避稅負。實證結果亦得到台灣營業事業所得稅稅率與母公司的獲利能力
具有正向關係。

第一章 前言............................................................................................................ 7
第二章 避稅天堂的形成和使用............................................................................ 9
第一節 避稅天堂定義和特性........................................................................ 9
第二節 主要避稅天堂的法令規範比較...................................................... 10
第三節 避稅天堂的需求面探討.................................................................. 10
第四節 避稅天堂的實務操作流程圖.......................................................... 11
第三章 文獻回顧.................................................................................................. 14
第四章 資料和模型.............................................................................................. 17
第一節 資料敘述.......................................................................................... 17
第二節 實證模型.......................................................................................... 19
第五章 結論和限制.............................................................................................. 26
參考文獻...................................................................................................................... 27
圖一：進口貿易移轉訂價流程圖.............................................................................. 12
圖二：出口貿易移轉訂價流程圖.............................................................................. 12
圖三：傳統型三角貿易.............................................................................................. 13
圖四：轉口型三角貿易.............................................................................................. 13
表一：避稅天堂名單.................................................................................................. 30
表二：各避稅天堂比較表.......................................................................................... 32
表三：2001 到2007 年關係企業子公司資產分布情形（單位：1,000 NTD） ..... 35
表四：聯華食2001 年關係企業營運概況明細 ....................................................... 36
表五：關係企業第二層投資區域分類認定.............................................................. 37
表六：母公司變數的敘述統計（2001-2007 年） ................................................... 38
表七：不分產業別母公司的變數敘述統計（2001-2007 年） ............................... 40
表八：關係企業的敘述統計（2001-2007 年） ....................................................... 41
表九：初步迴歸式的結果.......................................................................................... 43
表十：所有係數的相關係數表.................................................................................. 44
表十一：母公司獲利能力的實證估計結果.............................................................. 45

天下雜誌 (2008), 境外不再是天堂,《天下雜誌》第404期, 36-52.
沈中華、呂青樺、李卿企 (2008), 我國上市櫃公司赴大陸投資的決定因素與獲利
性研究, 《管理學報》, 25(6), 651-678.
林嘉焜 (2007), 《境外公司與OBU操作的第一本書》, 宏典文化.
陳信宏 (2002), 免稅天堂投資法令之誘因分析及對投資之影響, 中華民國經濟
部.
張書敏 (2007), 移轉訂價與公司利潤移轉之研究——台灣地區之實證分析, 台
大經濟學研究所碩士論文.
張淵智 (2005), 《境外公司操作聖經》, 大樹林出版社.
國際租稅規劃部 (2007), 《境外公司操作聖經實務篇》, 大樹林出版社.
經濟日報 (2006), 10億獲利股票 賣給資本1美元公司, 經濟日報 10月17日, A2版
Bartelsman, Eric J., Beetsma, Roel M. (2003), “Why pay more? Corporate tax
avoidance through transfer pricing,” Journal of Public Economics 87, 2225-2252.
Chiao, Yu-Ching, Kuo-Pin Yang ,and Chow-Ming Joseph Yu (2006), “Performance,
Internationalization, and Firm-specific Advantages of SMEs in a
Newly-Industrialized Economy,” Small Business Economics 26, 475-492
Clausing, K.A., (2001), “Tax-motivated transfer pricing and US intra-firm trade
prices,” Journal of Public Economics 88, 2207-2223.
Dharmapala, D., Hines Jr., J.R. (2009), “Which countries become tax havens?”
Journal of Public Economics 93, 1058-1068.
Desai, M.A., Foley, C.F., Hines Jr., J.R. (2006), “The demand for tax haven
operations,” Journal of Public Economics 90, 513-531.
Gomes, Lenn, and Kannan Ramaswamy (1999), “An Empirical Examination of the
Form of the Relationship between Multinationality and Performance,” Journal of
International Business Studies 30(1), 173-187.
28
Grubert, H., Mutti, J., (1991), “Taxes, tariffs and transfer pricing in multinational
corporation decision making,” The Review of Economics and Statistics 73(2),
285-293.
Grubert, H., Slemrod J. (1998), “The Effect of Taxes on Investment and Income
Shifting to Puerto Rico,” The Review of Economics and Statistics 80(3), 365-373.
Harris, David ,Randall Morck, Joel Slemord, and Bernard Yeung (1993), “Income
Shifting in U.S. Multinational Corporations,” In Studies in International Taxation,
edited by Alberto Giovannini, R. Glenn Hubbard, and Joel Slemrod, 277-302.
Chicago: University of Chicago Press
Hines Jr., J.R., Rice, E.M. (1994), “Fiscal Paradise: Foreign Tax Havens and
American Business,” The Quarterly Journal of Economics 109(1), 149-182.
Hines Jr., J.R. (1999), “Lessons from behavioral responses to international taxation,”
National Tax Journal 52, 305-322.
OECD (2000), Towards Global Tax Cooperation: Progress in Identifying and
Eliminating Harmful Tax Practices, OECD, Paris.
OECD (2004), The OECD’s Project on harmful Tax Practices: The 2004 Progress
Report, OECD, Paris.
Pangarkar, Nitin, Hendry Lim (2003), “Performance of foreign direct investment from
Singapore,” International Business Review 12, 601-624
Shiue, Fu-Jiing, Kaie-Chin Chung, and Yi-Yin Yen (2005), “An empirical study on the
association between China investment location and financial and operating
performance of Taiwanese listing electronics corporations,” Journal of American
Academy of Business 7(2), 105-116.
Weichenrieder Alfons J. (2009), “Profit shifting in the EU: evidence from Germany,”
International Tax and Public Finance 16, 281-297
Yeaple, Stephen R. (2003), “The role of skill endowments in the structure of U.S.
29
outward foreign direct investment,” The Review of Economics and Statistics 85(3),
726-734.