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    Title: 移轉訂價法規對跨國企業內部借款的影響
    The Impact of Transfer Pricing Rules on Multinational Enterprises' Internal Loan
    Authors: 吳昌錦
    Wu, Chang-Jin
    Contributors: 陳香梅
    吳昌錦
    Wu, Chang-Jin
    Keywords: 跨國企業
    內部借款
    利潤移轉
    移轉訂價法規
    移轉訂價嚴謹程度
    Multinational enterprises
    Internal loan
    Profit shifting
    Transfer pricing rules
    Transfer pricing strictness
    Date: 2018
    Issue Date: 2018-07-24 11:02:55 (UTC+8)
    Abstract: 由於借款的使用能在資金貸入國扣除利息費用降低所得稅負,跨國企業便有誘因藉由內部借款將利潤移轉至低稅負地區,造成不少國家的稅基遭到侵蝕,故各國紛紛制定資本弱化條款限制利息費用扣除的上限。目前的文獻,大多是探討資本弱化條款對內部債務抑制的有效性,而忽略了利率的移轉訂價操縱亦是影響內部債務的關鍵因素。因此本文以2008年至2016年台灣17個產業的上市公司與其海內外關係企業作為研究對象,探討移轉訂價法規如何影響跨國企業的內部借款行為。另外,隨著制定移轉訂價法規的國家數愈來愈多,各國的制度亦各具特色,只觀察是否有該法規已不足以剖析其對內部借款的影響,故本文進一步引入移轉訂價的嚴謹程度來分析跨國企業的內部借款行為。
    本文建構兩個Tobit隨機效果模型分析內部借款的不平衡追蹤資料,其中模型一為移轉訂價法規對跨國企業內部借款的影響,而模型二則改用移轉訂價嚴謹程度進一步探討其對跨國企業內部借款的影響。實證結果顯示,若借貸雙方國家皆有制定移轉訂價法規,會降低跨國企業內部借款的使用;在借貸雙方又同時為租稅協定締約國時,反而能協助消除雙邊移轉訂價可能造成的重複課稅問題並提高關係企業之間的內部借款金額。最後,當貸入國的移轉訂價法規愈趨嚴謹,將能使跨國企業有明確的遵循依據,增加其對內部借款使用的依賴。
    Since multinational enterprises can lower their taxable income by interest deduction in the host countries of borrowing affiliates, they have an incentive to shift profit to relative low tax rate jurisdictions through internal loan. As a result, many countries have legislated thin-capitalization rules to limit interest deduction and prevent its tax base from being eroded. However, most of the current literatures only focus on the effectiveness of thin-capitalization rules deterring internal loan and disregard the impact of interest rate transfer pricing on internal debt. Thus, this paper examines the impact of transfer pricing rules on internal debt by using affiliate level data from Taiwanese listed companies in 17 industries from 2008 to 2016. In addition, as more and more countries have legislated transfer pricing rules and have their own characteristics, this paper also attempts to explore the impact of transfer pricing strictness in different jurisdictions on internal loan.
    Two Tobit random effect models in this paper are constructed by using unbalanced panel data. Model 1 is to examine whether transfer pricing rules affect internal loan between affiliates; Model 2 is further to investigate how transfer pricing strictness affect internal debt between affiliates. The results reveal that the host countries of lending and borrowing affiliates both have transfer pricing rules would decrease the amount of their internal loan; if they are tax treaty contracting states at same time, it would coordinate the potential problem of double taxation results from bilateral transfer pricing rules and increase the amount of internal debt. Finally, the stricter transfer pricing rules in host countries of borrowing affiliates would bring certainty to funding arrangement of multinational enterprises and increase its dependence on internal debt.
    Reference: 汪瑞芝 (2013) ,「中國反自有資本稀釋條款對臺商融資決策之影響」,《會計審計論叢》,3(2),81-125。
    馬嘉應與賴榮舟 (2013) ,「關係企業間財務安排移轉訂價議題之探討」,《當代財政》,27,23-33。
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    Description: 碩士
    國立政治大學
    財政學系
    1052550241
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G1052550241
    Data Type: thesis
    DOI: 10.6814/THE.NCCU.PF.012.2018.F07
    Appears in Collections:[財政學系] 學位論文

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