本研究旨在討論FATCA實施對於避稅行為的影響。過去文獻大多聚焦避稅證據,較少研究聯邦避稅法案之成效。本研究以美國2011年至2017年之公司作為樣本,用差異分析來探討2014年FATCA法案施行後避稅活動是否減少。其中,本研究使用多個租稅規避的代理變數,包含裁量性永久財稅差(DTAX)和長期有效稅率(long-run ETR)。研究結果均顯示,擁有租稅天堂子公司之美國跨國企業相較其他企業更會受到FATCA施行後資訊揭露之影響而減少避稅活動。另外,本研究發現除稅務規避會受到FATCA影響外,跨國公司之永久性海外再投資帳戶及利潤移轉情形亦會受到FATCA法案施行後資訊揭露之影響而減少。
My research focuses on corporate tax avoidance activities after the enactment of FATCA. Prior studies mainly casted lights on finding evidence of tax avoidance and less focused on the effectiveness of federal regulations. Using the sample of U.S. corporations between 2011 and 2017, I examine whether FATCA affects corporate tax avoidance when a corporation has its subsidiaries in a tax haven. My research uses multiple tax avoidance proxies, including discretionary permanent book-tax differences (DTAX) and effective tax rates. The empirical results show that the enactment of FATCA triggers U.S. multinational corporations with tax-haven subsidiaries to reduce tax avoidance activities. My study also finds that permanent reinvested earnings and income shifting behavior will be affected by FATCA.