異常關係人交易-以租稅天堂弊端防治為核心

台灣開放可間接至大陸投資後，企業便紛紛至租稅天堂設立境外公司，一來是希望藉此境外公司可將資金轉移大陸投資設立工廠，二來亦可以以移轉訂價模式將利潤留在境外，以減少公司的稅賦。但事情總有一體兩面，在租稅天堂所設立的境外公司擁有註冊國法律的保護，因而其隱密的特性則成為不肖企業經營者用來進行虛偽銷貨，資金借貸及中飽私囊的最佳路徑。　　在本研究中，我們以四個個案來探討不肖企業經營者如何運用在租稅天堂設立境外公司進行虛偽銷貨及子公司借款，母公司擔保等以至財務報表公告不實及其在法律上的刑責。其次，為了要了解企業因財報不實或掏空被檢察官搜索時，股東權益受損的情況，我們亦採事件研究法，以這十年來被媒體公布因異常關係人交易以至財報不實或掏空的企業為樣本，分析平均異常報酬率(AR)及平均累積異常報酬率(CAR)的變化來了解股東權益受損的程度。　　藉此本研究發現，當境外公司不是以往單純用來投資大陸工廠及合法避稅的前提下，對於企業不肖經營者為一己之私，濫用境外公司關係人交易進行虛偽銷貨以美化公司財報或掏空公司資產時，確實相當顯著地造成股東權益的減損。因為有32%的樣本，在事件期便被要求停止交易或下市，代表著股東的權益在此刻完全付之一炬。然而，即使依舊繼續交易的公司，在事件後第180個交易日，公司股票之前所累積的負異常報酬率仍然沒有轉正。　　　　而如何防治異常境外關係人交易則為本研究的核心，我們藉由探討獨立董事及審計委員會的專業性及獨立性，對企業制定或修正內部控制制度引領財務報表的正確性揭露；會計師專業性的審核，予以協助企業在實質關係人交易的認定；吹哨者的管道及保護機制的建立，讓員工對於公司在境外關係人交易中有異常的行為時，願意且勇於檢舉使公司除弊無死角，以及投資人保護中心在擁有公開發行公司的股權的情況下，主動為投資人的權益把關。　　防治系統的完整建立，會讓企業在境外公司的財報更加確實，資訊更加透明，也將更加吸引外資機構投資人的青睞。

關鍵字

吹哨者；審計委員會；獨立董事；境外公司；租稅天堂；關係人交易；投資人保護中心

並列摘要

Since investments in China via a third country have been allowed, many Taiwanese companies have registered in offshore tax havens. The apparent purpose is twofold: funds are transferred through an offshore base to China for investments, and profits are retained offshore through transfer pricing to reduce tax burden. Beneath the surface, however, as these offshore companies are shielded by tax haven regulations, some companies have used the privacy to engage in fictitious sales write-offs, borrowings, and other illegal profiteering. We studied four cases in which companies established offshore bases in tax havens to engage in fictitious write-off sales and enable subsidiaries to borrow with parent companies as guarantors. We analyzed the financial statement frauds and the legal responsibilities. To quantify the extent to which shareholders’ wealth are expropriated as a result of fund embezzlement and accompanying prosecutor indictments, we employed the event study method. Our samples are companies that had been reported in media over the last decade to commit financial statement frauds or fund embezzlement due to related party trading. The negative impacts on shareholders were measures as changes in average abnormal returns and cumulative abnormal returns. Our findings show that when companies use offshore bases beyond the legal investments and tax reduction purposes, shareholder wealth are expropriated. Such companies use related party trading to engage in fictitious write-off sales, window dressing financial statements, and embezzlement of firm assets. Of all our samples, 32% were suspended from trading or delisted during the event period, instantaneously annihilating shareholders’ wealth. For those whose shares continued to be traded, their cumulative abnormal returns remained negative for 180 consecutive days after the event. At the heart of our research is how to prevent abnormal offshore related party trading and we have the following suggestions: improving corporate internal control and financial statement disclosure with independent directors and audit committees, encouraging accountants to recognize related party trading, enhancing whistle blowers and protection mechanism to enable employees to report wrongdoings of their companies, and initiating shareholder protection with Securities and Futures Investors Protection Center holding stakes in publicly traded companies. With the establishment of a well-functioning prevention system to mitigate the problems in offshore related party trading, financial statements will be more trustworthy and more transparent, thereby attracting foreign institutional investors.

並列關鍵字

whistle blower ； audit committee ； independent director ； offshore company ； Tax Haven ； related party transactions ； Securities and Futures Investors Protection Center

參考文獻

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國際替代計量

異常關係人交易-以租稅天堂弊端防治為核心

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