租稅協定、資訊交換條款與跨國公司的海外營運活動

Tax Treaty, Exchange-of-Information Clauses, and Overseas Activities of Multinational Corporations

簽署租稅協定有助於增加對外投資的主張在實證文獻上並未得到一致的論斷。會有如此不一致的結果，文獻大都會歸因於租稅協定內容涵蓋了減輕重複課稅及防杜逃稅與避稅兩個同時存在但又互相衝突的目的。本文以2000 年至2013 年臺灣上市公司在79 個國家所設立之6,960 家海外關係企業的財務資料，首度探討租稅協定的資訊交換條款對臺灣上市公司海外子公司營運活動的影響。透過固定效果模型進行估計，結果顯示較嚴格的資訊交換規範就是降低海外營運活動的重要因素之一。

Tax authorities often emphasize the role of tax treaties in promotingforeign investment through double taxation relief. This paper adds to theliterature by examining the impact of tax treaty and exchange-ofinformationclauses in foreign affiliate activity (measured by affiliate sales)of Taiwanese listed companies. Using 2000-2013 financial data of 6,960subsidiaries located in 79 countries, we find that the foreign affiliateactivity in countries that have tax treaties with Taiwan decreases. Higherstandards of exchange of information for tax purposes play a vital role forthis negative and significant result.