政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/118831
English  |  正體中文  |  简体中文  |  全文笔数/总笔数 : 87924/117065 (75%)
造访人次 : 23342637      在线人数 : 120
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧:
  • 您可在西文检索词汇前后加上"双引号",以获取较精准的检索结果
  • 若欲以作者姓名搜寻,建议至进阶搜寻限定作者字段,可获得较完整数据
  • 进阶搜寻


    请使用永久网址来引用或连结此文件: http://nccur.lib.nccu.edu.tw/handle/140.119/118831


    题名: 資本弱化法規之嚴謹程度對於企業債務偏差改善的差異性分析
    The Differential Analysis in the Strictness of Thin Capitalization Rules for Improving Corporate Debt Bias
    作者: 蔡依珊
    Tsai, Yi-Shan
    贡献者: 陳香梅
    蔡依珊
    Tsai, Yi-Shan
    关键词: 資本弱化法規
    債務偏差
    固定比率法
    盈餘減除法
    Thin capitalization rules
    Debt Bias
    Fixed ratio approach
    Earnings stripping rules
    日期: 2018
    上传时间: 2018-07-24 11:01:41 (UTC+8)
    摘要: 企業債務偏差的嚴重性,在近幾年被各界認定為財務不穩定的風險,此外增加的利息費用也造成國家稅基的侵蝕。為研究地主國資本弱化法規對於台灣跨國企業海外子公司債務偏差的影響,本文以縱橫資料(Panel Data)模型,研究2006至2015年間台灣上市櫃公司海外關係企業(排除金融保險業、F股及TDR)資料。相對於過去探討對於海外子公司資本弱化的文獻,僅著重於子公司負債的影響及其債務移轉行為,本文則研究海外關係企業的資本弱化,且首度加入衡量債務偏差嚴謹程度的指標變數,分別探討目前使用不同資本弱化法規(固定比率法和盈餘減除法)對於債務偏差的影響程度及企業的舉債行為。
    本文建構三個固定效果模型以分析不平衡的追蹤資料,模型一單看是否使用資本弱化法規對海外關係企業債務偏差的影響,模型二檢視低於安全港比率之海外關係企業其債務偏差行為,模型三則將重點聚焦在資本弱化嚴謹程度差異對債務偏差之分析。實證結果顯示,目前大部分地主國資本弱化法規的限制無法有效抑制債務偏差的現象。在不同法規的嚴謹程度中,各別使用固定比率法或盈餘減除法的國家無法有效抑制企業的債務偏差;同時使用固定比率法與盈餘減除法時,嚴謹的資本弱化法規方能有效抑制企業債務偏差的效果。
    Tax planning favoring corporate debt financing over equity financing (debt bias) are widely recognized as a risk of financial stability. This paper examines the impact of thin capitalization rules that limit the debt bias of the foreign affiliates of Taiwanese multinationals. This study uses a new data that set on thin capitalization rules in 85 countries from Taiwanese listed companies at stock exchange market and over-the-counter market for the period 2006-2015. Recently, more and more papers focus on debt shifting about internal leverage between parent companies and subsidiaries. However, this research focus on how thin capitalization rules impact debt bias in all affiliates. And designs the strictness index of thin capitalization rules to test the corporate debt ratio and debt behavior.
    Three fixed-effect models in this paper are constructed by using unbalanced panel data. Model1 is to examine how thin capitalization rules affect debt bias of multinational affiliates. Model2 is to examine the corporate debt behavior that debt over equity ratio of multinational affiliates under the safe harbor ratio in host countries. And Model3 is to analyze how the strictness index of thin capitalization rules affect corporate debt bias. This paper finds that rules targeted at fixed ratio approach or earnings stripping rules can’t limit corporate debt bias effectively. But if the countries use fixed ratio approach and earnings stripping rules simultaneously, the thin capitalization rules have negative significant impact on corporate debt bias.
    參考文獻: 汪瑞芝(2013),「中國反資本弱化條款對台商融資決策之影響」,會計審計論叢,第3 卷第2 期: 81-125。
    賴家琪(2014),「反資本弱化條款對台灣跨國公司資本結構的影響」,國立政治大學財政研究所學位論文。
    Blouin, J., H. Huizinga, L. Laeven, and G. Nicodème (2014), “Thin Capitalization Rules and Multinational Firm Capital Structure,”IMF Working Paper, NO. 14/12.
    Boadway, R. and J. Tremblay (2016), “Modernizing Business Taxation,” C.D. Howe Institute, Commentary 452.
    Bokpin, G. A. (2009), “Macroeconomic Development and Capital Structure Decisions of Firms:Evidence from emerging market economies,” Studies in Economics and Finance, 26(2), 129-142.
    Büttner, T., M. Overesch, U. Schreiber, and G. Wamser (2006), “The Impact of Thin Capitalization Rules on Multinationals' Financing and Investment Decisions,”
    CESifo Working Paper Series, No. 1817.
    Buettner, T., M. Overesch, S. Ulrich, and G. Wamser (2012), “The Impact of Thin-Capitalization Rules on the Capital Structure of Multinational Firms,” Journal of Public Economics, 96, 930-938.
    Buettner, T., M. Overesch, G. Wamser (2017), “Anti profit-shifting rules and foreign direct investment,” International Tax and Public Finance, 25(3), 553-580
    Cao, X., H. V. Milner, A. Prakash and H. Ward (2013), “Research frontiers in comparative and international environmental politics: An introduction,” Comparative Political Studies, 47 (3), 291–308.
    Clausing K.A. (2016), “The effect of profit shifting on the corporate tax base in the United States and beyond,” National Tax Journal, 69(4), 905–934.
    De Mooij, R. A. (2011), “Tax Biases to Debt Finance: Assessing the Problem, Finding Solutions,” International Social Science Journal, 33(4), 489-512.
    De Mooij, R. A. and S. Hebous, (2017), “Curbing Corporate Debt Bias: Do Limitations to Interest Deductibility Work?” IMF Working Paper 2017/22, International Monetary Fund 2017.
    Delcoure, N. (2006), “The determinants of capital structure in transitional economies,” International Review of Economics & Finance, Elsevier, 16(3), 400-415.
    Desai, M., F. Foley and J. Hines (2006), “A multinational perspective on capital struc-
    ture choice and internal capital markets,” Journal of Finance, 59, 2451-2487.
    Egger, P., C. Keuschnigg, V. Merlo, and G. Wamser, (2014), “Corporate Taxes and Internal Borrowing Within Multinational Firms,” American Economic Journal: Economic Policy, 6(2), 54-93.
    European Commission (2016), “The Effects of Tax Reforms to Address the Debt-Equity Bias on the Cost of Capital and on Effective Tax Rates,” Taxation Papers, Working Paper, No. 65.
    Faria, A., and P. Mauro (2004), “Institutions and the External Capital Structure of Countries,” Journal of Internation Money and Finance, 28(3), 367-391.
    Farrar, J., and A. Mawani (2008). ‘‘Debt-Equity Limitations in Thin Capitalization Rules: Canadian Evidence,’’ CAAA 2008 Annual Conference Paper.
    Feld, L. P., J. H. Heckemeyer and M. Overesch (2013), “Capital Structure Choice and Company Taxation: A Meta-Study,” Journal of Banking and Finance, 37(8), 2850-2866.
    Friend, I., J. Hasbrouck (1988), “Determinants of Capital Structure,” In: Chen, A. (ed.) : Research in Finance, 7, 1–19.
    Friend, I., L. Lang (1988), “An Empirical Test of the Impact of Managerial Self-interest on Corporate Capital Structure,” Journal of Finance, 43, 271–281.
    Gonedes, N. J., L. Lang and M. Chikaonda (1988), “Empirical Results on Managerial Incentives and Capital Structure,” The Wharton School, University of Pennsylvania, Working Paper.
    Haufler, A., and M. Runkel (2012), “Firms’ Financial Choices and Thin Capitalization Rules under Corporate Tax Competition,” European Economic Review, 56, 1087–103.
    Hemmelgarn, T., and G. Nicodeme (2010), “The 2008 Financial Crisis and Taxation Policy,” Taxation Paper 20.
    Hillenius, N. (2014), “Allowance for Corporate Equity A solution to the debt equity bias in Sweden,” LUNDS University Student Papers.
    Huizinga, H., L. Laeven, and G. Nicodeme (2008), “Capital Structure and International Debt Shifting,” Journal of Financial Economics, 88, 80–118.
    International Monetary Fund, (2009a), “Debt Bias and Other Distortions: Crisis- Related Issues in Tax Policy.”
    International Monetary Fund (2016a), “Tax Policy, Leverage and Macroeconomic Stability,” IMF Policy Paper FO/Dis/16/151 (Washington).
    —2016b, Fiscal Monitor: Debt: Use it Wisely, October (Washington).
    Johansson, Å., Ø. Bieltvedt Skeie and S. Sorbe (2016), “Anti-avoidance rules against
    international tax planning: A classification,” OECD Economics Department Working Papers, No. 1356, OECD Publishing.
    Keen, M., A. Klemm and V. Perry (2010), “Tax and the crisis,” Fiscal Studies, No 31, 43–79.
    Kesternich, I., M. Schnitzer (2010), “Who is afraid of political risk ? : Multinational
    firms and their choice of capital structure,” Journal of International Economics,82, 208–218.
    Klemm, A. (2006), “Allowances for corporate equity in practice,” CESifo Venice Summer Institute workshop on “The Future of Capital Income Taxation”.
    Kumar, A. (2016), “What's BEPS got to do with it? Exploring the effectiveness of thin capitalization rules,” MPRA Paper 75741.
    Lloyd, G. (2009), “Moving beyond the crisis: Using tax policy to support financial stability,” Mimeo, OECD.
    Merlo, V., N. Riedel, and G. Wamser (2015), “The Impact of Thin Capitalization Rules on the Locationof Multinational Firms' Foreign Affiliates,” CESifo Working Paper Series 5449.
    Mirrlees, J. A. (ed.) (2011), “Tax by Design,” The Mirrlees Review, Institute for Fiscal Studies, Oxford University Press, Oxford.
    Myers, S.C. (1984), “The capital structure puzzle,” Journal of Finance, 39, 575-592.
    Nicolay, K., H. Nusser, and O. Pfeiffer (2016), “On the interdependency of profit-shifting channels and the effectiveness of anti-avoidance legislation,” ZEW Discussion Paper, No. 17-066.
    Nyor, T. and A. Yunusa (2016) , “Capital Structure and Operating Performance of Listed Conglomerate Firms in Nigeria,” International Journal of Finance and Accounting, 5(2), 126-133.
    OECD (2013),“Action Plan on Base Erosion and Profit Shifting,” OECD publishing, Paris.
    OECD (2015),“Limiting Base Erosion Involving Interest Deductions and Other Financial Payments,” Action 4 -2015 Final Report, OECD publishing, Paris.
    OECD (2016), “Limiting Base Erosion Involving Interest Deductions and Other Financial Payments,” Action 4-2016 Update, OECD publishing, Paris.
    Overesch, M. and G. Wamser (2010), “Corporate Tax Planning and Thin-Capitalization Rules: Evidence from a Quasi-Experiment,” Applied Economics, 42(5), 563-573.
    Reinstein, A. (2002), “Issues in building corporate money and bond markets in developing market economies,” IDB Bond Market Development Workshop, November.
    Schindler, D. and G. Schjelderup (2012), “Debt Shifting and Ownership Structure, ” European Economic Review, 56, 635-47.
    Serfling, M. (2016), “Firing costs and capital structure decisions,” Journal of Finance 71, 2239–2285.
    Serghiescu, L., V.L. Vaidean (2013) ,“Determinant factors of the capital structure of a firm– an empirical analysis,” Working paper EMQFB Tg Mures 2013.
    Shieh, W. S., J.N. Ou, and J.C. Wang (2014), “The Impact of Anti-Thin Capitalization Rules on Capital Structure in Taiwan,” International Management Review, 8(2), 51-62
    Simintzi, E., V. Vig, and P. Volpin (2009), “Labor and capital: Is debt a bargaining tool?” working paper, London Business School.
    Slemrod, J. (2009), “Lessons for tax policy in the Great Recession,” National Tax Journal, 62, 387-97.
    Titman, S., and R. Wessels (1988), “The determinants of capital structure choice,” Journal of Finance, 43, 1–19.
    Tomschik, D. (2015), “The impact of macroeconomic variables on capital structure: A comparison between companies in E7 and G7 countries,” 5th IBA Bachelor Thesis Conference, July 2nd, 2015, Enschede, The Netherlands.
    Viviani, J. (2008), “Capital structure determinants: an empirical study of French companies in the wine industry,” International Journal of Wine Business Research, 20(2), 171‐94.
    Wamser, G. (2014), “The Impact of Thin-Capitalization Rules on External Debt Usage – A Propensity Score Matching Approach,” Oxford Bulletin of Economics and Statistics, 76(5), 764-78.
    Weichenrieder, A., and H. Windischbauer (2008), “Thin-Capitalization Rules and Company Responses—Experience from German Legislation,” CESifo Working Paper, No. 2456.
    描述: 碩士
    國立政治大學
    財政學系
    105255001
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0105255001
    数据类型: thesis
    DOI: 10.6814/THE.NCCU.PF.010.2018.F07
    显示于类别:[財政學系] 學位論文

    文件中的档案:

    档案 大小格式浏览次数
    500101.pdf1876KbAdobe PDF0检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈