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The impact of tax information exchange mechanisms on capital structures of new registered foreign affiliates of Taiwan's listed companies
Tax information exchange agreements
Double taxation agreements
New registered ownership links
|Issue Date: ||2018-07-20 18:23:38 (UTC+8)|
本文採用Tobit random effect模型進行實證分析，首先探討租稅資訊交換協定等國際租稅因素對新設立海外關係企業股權連結的影響。實證結果顯示，締結租稅協定與租稅資訊交換協定都會影響企業股權連結的設立；再者，透過國家組合之租稅搭配因素，檢驗企業設立據點時運用的租稅規劃模式，並從中歸納出五種可能的投資路徑。
More than 60 percent of the investment structures in Taiwan’s listed companies are indirect holdings. Consequently, the conduit companies are very common to appear in corporates’ investment structures. Furthermore, the issues on tax information transparency become more vivid gradually. Consequently, most countries start to conclude Tax Information Exchange Agreements (TIEAs) or to include articles related to information exchange into the tax treaties; developing countries and tax havens are forced to sign TIEAs with developed countries under the international authorities’ pressures. Considering the aforementioned situations, this research examines and delineates how enterprises design their investing routes, the role of international tax factors, and how the mechanisms of information exchange affect global investment structures.
Among worldwide empirical researches, this present investigation is the first one to study in whether the mechanisms on tax information exchange have impacts on corporate structures. The study observes the ownership links of new registered foreign affiliates of Taiwan’s listed companies from 2001 to 2016. It emphasizes on investment chains to China as it represents nearly 40 percent of all investment chains – the biggest compared to other investment chains; thus, this investment chain might be able to predict how other investment chains plan their tax planning.
The empirical analysis grounds upon Tobit random effect model. This current research examines how international tax factors, such as Tax Information Exchange Agreements and Double Taxation Agreements, have influences on new registered foreign affiliate’s links. The results indicate that both agreements have impacts on new registered foreign affiliate’s links. Furthermore, the research also identifies which patterns MNEs can select to establish new registered affiliates through country-pair tax related factors and summarizes five possible investment routes.
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|Source URI: ||http://thesis.lib.nccu.edu.tw/record/#G1052550271|
|Data Type: ||thesis|
|Appears in Collections:||[財政學系] 學位論文|
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