中國大陸目前為我國對外投資比重最高的地區，台商到中國大陸設廠的家數與日俱增，兩岸經貿往來愈加頻繁，所涉及的交易事項也愈趨複雜，降低台商租稅風險係刻不容緩的事情，故擬研究兩岸移轉訂價稅制。 本研究於研究期間適逢中國大陸在2009年1月8日發布特別納稅調整實施辦法，該辦法回溯自2008年1月1日生效，主要內容有關聯訊息披露、同期文檔準備、轉讓定價審計、資本弱化、成本分攤協議、預約定價安排、一般反避稅管理、受控外國企業等規定，不但囊括了三大反避稅條款，還加上一般反避稅的補充性條款。 該辦法之嚴密周詳超乎預期，但與我國移轉訂價稅制並不完全一致，縱使跨國企業本身自認已做到誠實納稅，仍有可能遭到調整補稅，產生國際間重複課稅的情況，為避免台商遭受巨大之租稅風險，故本研究比較兩岸移轉訂價稅制之差異，並提出因應之道，留予台商參考。 台商未來要能夠在兩岸愈來愈完備的移轉訂價稅制下全身而退，一定要有完備的因應之道，不能再一昧追求最低稅負，而是應該追求最適稅負，必須要重新檢視營運及交易流程，了解各個關係企業所承擔的功能及風險，以訂定合理的移轉價格，並妥善準備移轉訂價報告。 / China is currently the highest proportion of foreign investment in my country, Taiwanese enterprises set up more and more factories in China. The cross-strait trades become more frequent, involving transactions become more complex. To reduce the tax risk of Taiwanese enterprises is imperative. Therefore, this study is to investigate Taiwan and China’ transfer pricing system. This study period coincides with the China promulgated the Implementation Measures of Special Tax Adjustments on January 8, 2009, retroacting back to January 1, 2008. The measures mainly contain information disclosure in associated parties, contemporaneous documentation prepared, transfer pricing audit, thin capitalization, cost contribution agreement, advanced pricing arrangement, the general anti-avoidance management, controlled foreign companies, etc. Such rules encompass not only the three major anti-avoidance provisions, but also general anti-avoidance complementary provisions. The China’s transfer pricing system is stringent than expected, but is not exactly the same with ours. Even though multinational companies consider themselves have compiled with the tax law honestly, they still may be adjusted by both fiscal authorities, resulting in the situation of international double taxation. To avoid Taiwanese enterprises suffering a great deal of tax risk, this study compared the differences of both countries’ transfer pricing system and proposed the method in respond to the system, leaving a reference to Taiwanese enterprises. Taiwanese enterprises want to be able to survive in increasingly strict transfer pricing system, must have a cautious response. Taiwanese enterprises can no longer be continuous to chase the lowest tax burden, but rather the pursuit of the optimal tax. They must re-examine the operation and transaction process, understand the function and risk in all affiliates, set a reasonable price and well prepared for the transfer pricing report.

本研究旨在探討我國最新建立之反資本弱化稅制對跨國集團整體稅負之影響，並欲指出跨國公司在未來租稅規劃上應注意之事項。透過對國內外資本弱化相關案例，以及其他實務上可能產生稀釋資本議題之操作模式做個案研究，希望能夠發現在此稅制之下可能存在之問題與風險。 本文共分為五章，概述如下： 第一章：說明本研究之研究動機、欲探討之問題、擬採用之研究方法以及本研究架構。 第二章：分別針對資本弱化之理論架構、相關稅收議題，以及各國反資本弱化稅制之國內外文獻進行回顧及探討。 第三章：介紹並整理我國反資本弱化稅制中之各類法條、辦法及函令。 第四章：案例研究，以虛擬案例及實務上產生爭議之個案為研究對象，俾對我國未來稅捐稽徵機關在稽徵實務上及納稅義務人在租稅規劃上提出建議。 第五章：就前述討論內容做出結論，並嘗試對我國反資本弱化稅制提出具體之建議，以期做為未來研究者之參考。 / This essay focused on the newly enacted anti-thin capitalization regulation in Taiwan and its possible impact on multinational corporations in tax aspect. By studying on cases related to thin capitalization and other possible issues, this essay would like to discover the potential drawbacks and risks in the anti-thin capitalization regulation. This essay comprises five chapters. Summarizes as follows: Chapter 1: To explain motives, structure and methodologies of this research. Chapter 2: First, to introduce the definition of thin-capitalization made by OECD, and to explain the Modigliani-Miller Theory, which was the rationale of Thin Capitalization. Secondly, to collect and analyze the possible tax issues of thin capitalization, and to introduce the legislative conditions of anti-thin capitalization in regulations in main countries. Chapter 3: To briefly introduce the newly enacted anti-thin capitalization regulation. Also, this essay would like to debate on main issues and potential drawbacks in this regulation. Chapter 4: To study on an assumed example and other cases that show the common model of thin-capitalization and possible impacts result from anti-thin capitalization regulation on multinational corporations. In this part, the essay would like to give some suggestions to tax authority and tax payers. Chapter 5: To summarize the main contents from the forenamed chapters, in addition, to cite the potential risks and shortcomings of the anti-thin capitalization regulation.

本研究探討我國反資本稀釋稅制在國際會計準則導入後之影響，並以各國目前對於金融工具應分類為負債或權益的規定，以及相對應之股利收入與利息收入課稅方式，了解各國對防止自有資本稀釋的規範，並提出因應國際會計準則導入，我國之反自有資本稀釋條款的可能調整方向。 研究結果分為兩部分：在各國相關稅制上，主要以固定比率法作為反避稅的方法，而美國與德國則以盈餘減除法計算超額利息，英國藉由常規交易原則判斷經濟實質；導入國際會計準則影響上，主要係因具有融資性質的融資租賃分類標準從我國會計準則的規則基礎轉換為國際會計準則的原則基礎，而產生租賃交易的分類變動。另外金融工具在國際會計準則下以該工具的經濟實質予以分類，也與我國過去規定不甚相同，例如特別股、可贖回公司債或附賣回權之金融工具等。此外，對於關係人的認定方式，我國目前現行反自有資本稀釋法規亦與國際會計準則之範圍不同。這些項目在導入IFRS皆有稅法適用上是否配合改變之問題須待釐清。 / This study focused on thin capitalization rules and the impacts of adopting IFRS. It also emphasized the classification of debt and equity instruments of foreign countries, as well as the taxation issues of dividend and interest revenue, to introduce thin capitalization rules of other countries, and the available adjustment of Taiwanese thin capitalization regulation as to respond the adoption of IFRS. The conclusions of this study are divided into two parts. The first part is for other countries’ related regulations. Most countries employ fixed debt/equity ratio approach as the way of anti-avoidance. United States and Germany employ earnings stripping rules approach, while United Kingdom use arm’s length approach. The second part is for the impacts from adoption of IFRS. The impacts are mainly from finance lease and financial instruments’ classification due to the transfer from rule-based to principle-based under IFRS. In addition, financial instruments may have to reclassify with the economics substance, such as preferred stock, callable bonds, and puttable bonds, which are different from Taiwanese original rules. The definition and scope of related party in IFRS are also different and should be clarified.

過往的國際租稅制度設計著重於避免雙重課稅以消除經貿交流所產生之障礙，然而當今因資訊科技快速發展使得新興商業模式興起，跨國交易手法複雜且創新，此套國際租稅制度已逐漸無法滿足當今新型態稽徵之需求，常造成各國稅捐之流失。因此，國際租稅制度的理念已由過往的避免雙重課稅轉換為現今的避免雙重不課稅，而跨國反避稅風潮也由此而生。我國於跨國反避稅浪潮中亦制定多項反避稅措施，然而其成效如何並未有相關研究文獻作全面性之檢視，因此本文以2002年至2014年台灣上市、上櫃與興櫃公司財務資料探討我國實施多年之反避稅措施對於企業租稅負擔與避稅行為之影響。 本文研究結果顯示，移轉訂價查核準則實施與簽署租稅協定將提升企業租稅負擔與降低避稅行為。由於我國企業資本弱化情形並不嚴重，因此反資本弱化條款實施對於我國企業並無顯著影響。在簽署租稅協定內含利益限制條款方面，利益限制條款並未顯著提升我國企業租稅負擔與避稅行為，究其原因，可能為我國簽署租稅協定且含利益限制條款之樣本數過少使其效果並不明顯。 / The emergence of international tax system was to reduce the burden of juridical double taxation and increase cross-border transactions. However, the new business model changed by rapid development of science and technology made taxing authorities difficult to define the substance of cross-border transactions. In this case many countries faced the fact of tax erosion, so the objective of international tax system has been changed from the elimination of double taxation to anti-avoidance measures. In order to prevent tax erosion, Taiwan’s government had legislated some anti-avoidance provisions. There is no study that research those anti-avoidance provisions whether have impact on Taiwanese enterprise. This study used Taiwanese financial information from 2002 to 2014 to investigate the tax burden and tax avoidance of enterprise after anti-avoidance provisions had been legislated. Empirical results show transfer pricing rules and tax treaties not only increase the tax burden but also decrease the tax avoidance of Taiwanese enterprise. This study find that there is no thin capitalization in Taiwan. At the end, tax treaties which involved limitation-on-benefits can’t increase the tax burden and decrease the tax avoidance of Taiwanese enterprise. Owing to few samples of tax treaties which involved limitation-on-benefits, the empirical result don’t reach the significant level.

由於許多公司會利用資本弱化來從事跨國利潤移轉，各國政府因而相繼制定反資本弱化條款，在稅務上限縮公司可減除的利息費用，以防堵企業規避稅負。惟多數探討反資本弱化條款有效性的實證文獻，都是以地主國的觀點看外來投資。 不同於之前文獻偏重探討某一特定國家 (大多數是歐美國家) 的反資本弱化條款是否會改變其境內公司之資本結構，本文則是以居住國的觀點，探討 2008 年至 2012 年台灣電子製造業的上市公司與其國內外關係企業的資本結構，是否會受到其所在國的反資本弱化條款影響。另外，基於內部債務和外部債務間的替代性，本文進一步將負債區分為內部債務與外部債務，以期能更細部了解公司的融資行為。 本文共分為四個模型：以模型一、二分析反資本弱化條款對公司內部債務的影響；以模型三、四分析反資本弱化條款對公司外部債務的影響。實證結果發現，處罰方式若為重分類為股利，會造成公司的內部債務比率下降15.45%，外部債務比率上升 27.66%。而安全港比率中的分子若指所有負債，會造成公司的外部債務比率下降 14%。此外，反資本弱化條款的施行對公司外部債務比率的影響取決於處罰方式和安全港比率中負債的定義。最後，若安全港比率的分子僅指關係人間負債，公司仍可透過增加外部債務的方式，繼續享受利息費用的稅盾效果。 / Because many companies shift their profits through debt financing, governments had imposed anti-thin capitalization rules one after another to limit the tax deductibility of interest expenses. However, most empirical researches on the effectiveness of the anti-thin capitalization rules are from host countries perspectives. Different from previous literature focusing on how the anti-thin capitalization rule of one country affects capital structures of companies in that country, this paper is from a home country perspective to analyze the effects of the anti-thin capitalization rules on capital structures of Taiwanese listed companies (Electronics manufacturing industry) and their affiliates over the period 2008-2012. This paper subdivides debt into internal debt and external debt on account of the substitution between them so that it would help us to understand financing behavior of companies in depth. Model 1 and Model 2 are to investigate how anti-thin capitalization rules affect internal debt of companies. Model 3 and Model 4 are to investigate how anti-thin capitalization rules affect external debt of companies. The findings indicate that reclassifying excess interest as dividends reduces a company’s internal debt ratio by 15.45% and increases its external debt ratio by 27.66%. Defining the numerator of the safe haven ratio as total debt reduces a company’s external debt ratio by 14%. Moreover, how the enforcement of the anti-thin capitalization rule affects a company’s external debt ratio depends on the penalty and the definition of the debt measure in the numerator of the safe haven ratio. Finally, if the numerator of the safe haven ratio refers to related-parties debt, a company may still make good use of the tax shields of interest expenses by increasing external debt.

在全球化的趨勢之下，國際分工不可避免地成為跨國公司運作的趨勢。2013年2月，OECD發布《處理稅基侵蝕及利潤移轉》的報告表示，跨國公司利潤移轉策略的採取被認為是稅基侵蝕的主要原因。基於BEPS已經成為各國非常重視的議題，世界各國也為了保全稅基及防杜利潤移出，紛紛訂出反制措施。這些反制措施是否能遏制利潤不當的移動，是一個值得重視議題。惟目前學術文獻上並未有一篇全面盤點這些反制措施及地主國租稅制度對利潤移轉的影響。 故本篇研究以2005年至2012年台灣電子工業作為研究對象，利用橫斷面及時間序列的追蹤資料 (panel data) 之隨機模型做估計，探討台灣跨國公司之電子業海外子公司的利潤移轉是否會受到租稅規避行為的影響。結果顯示，利潤移轉會受到以下四種國際租稅規避工具所影響，分別是地主國是否有移轉訂價的規範、是否有預先移轉訂價規範、是否有反資本弱化條款以及地主國是否為租稅天堂。