2016年巴拿馬文件曝光後，社會對於企業使用避稅天堂的關注度達到高峰。到避稅天堂設立子公司為企業國際化的手段之一，但究竟是具有什麼樣國際化特質的企業比較會用避稅天堂是本研究想要探討的議題。 以往關於避稅天堂的文獻多在研究避稅天堂特性，較少針對使用避稅天堂的企業特性進行研究。因此本研究以企業在避稅天堂外的海外子公司數、海外子公司的投資損益、中國的子公司數，探討與企業在避稅天堂設立子公司數之關聯。 企業在海外的子公司數越多、海外子公司的投資損益金額越大，代表企業國際化程度越高，越有動機使用避稅天堂。本研究的第一個假設為企業在避稅天堂以外的國家所設立的海外子公司數與在避稅天堂的子公司數呈正相關；第二個假設為企業在海外子公司的投資損益金額與在避稅天堂的子公司數呈正相關。另外，到中國直接投資經常被台灣企業當成國際化手段。企業在中國的子公司數越多，其國際化程度也越高。但兩岸的特殊關係與台灣過去實施管制，增加了企業經營的風險與成本，企業因此有動機到避稅天堂等第三地設立子公司。本研究的第三個假設為企業在中國的子公司數與在避稅天堂的子公司數呈正相關。本研究對象為台灣上市企業，研究期間為民國100年至民國104年。研究結果顯示，企業在避稅天堂外的海外子公司數越多、在海外子公司的投資損益金額越大、在中國的子公司數越多，在避稅天堂的子公司數目也會越多。社會普遍詬病企業利用避稅天堂避稅，但企業也會基於其他國際化因素使用避稅天堂。對此，企業及政府應該採取作為，消除大眾對企業使用避稅天堂的疑慮，增加企業國際化時的彈性。 / Since the leaked Panama Papers, the public’s attention to “who are using tax havens” has peaked. As setting up subsidiaries in tax havens is a usual practice businesses adopt when going global, this study identifies three “corporate traits” of such businesses and explores their link to the number of subsidiaries such businesses have in tax havens. The greater the extent of a business’s internationalization, the greater its motivation to use tax havens. This study assumes that both the number of overseas subsidiaries (excluding those in tax havens) and the net income of overseas investment positively correlate with the number of subsidiaries a business has in tax havens. Also, when a Taiwanese company has more subsidiaries in China (thus more internationalized), its motivation to register in tax havens tends to be even stronger facing the peculiar cross-Strait relations and regulations imposed by the governments. This study further assumes the number of subsidiaries set up in China positively correlates with the number of subsidiaries a business has in tax havens. In closing, this study shows that the number of subsidiaries a business has in tax havens positively correlates with (1) the number of its offshore subsidiaries (excluding those tax havens); (2) the net income of its overseas investment; and (3) the number of its subsidiaries in China. Having a presence in tax havens is sometimes an expedient in the internationalization process of a business. We suggest that both the government and the business recognize the upside of using tax havens rather than just play up its downside.