移轉訂價查核準則與公司不合常規移轉訂價行為：從公司治理層面探討

Transfer Pricing Legislation in Taiwan and Non-Arm's Length Transfer Pricing: The Perspective of Corporate Governance

本研究除了檢視我國「營利事業所得稅不合常規移轉訂價查核準則」對於抑制企業不合常規移轉訂價行為之成效，更深入探討公司治理機制在此抑制效果中所扮演之角色。本研究以我國上市櫃公司為研究樣本，實證結果證實該查核準則之實施與企業不合常規移轉訂價之行為存在顯著的負向關係；此外，在該查核準則實施後，公司治理機制仍對此負向關係具有增額的效果，說明公司治理機制能與外部法規相輔相成，促使管理者貫徹政府政策，在準則實施後持續降低企業不合常規之移轉訂價行為。最後，本研究之額外測試檢視了各項公司治理機制在準則實施前後的效果，並證實外部法令與其他公司治理機制間的抵換作用。

This study not only examines the effect of Taiwan Transfer Pricing Legislation on the mitigation of non-arm's length transfer pricing, but also investigates the role of corporate governance in the relationship. Using Taiwan’s listed companies as our sample, the empirical results demonstrate the negative relationship between the enforcement of Transfer Pricing Legislation and the corporate non-arm's length transfer pricing behavior. Besides, corporate governance has the incremental effect on the reduction of non-arm's length transfer pricing after the regulation comes into force, indicating that corporate governance is conducive to the compliance in law and the reduction of managers’ opportunistic behaviors. Finally, our additional analysis examines the effect of individual corporate governance mechanism on corporate non-arm's length transfer pricing before and after the enactment of Transfer Pricing Legislation, and provides evidence for the trade-off between laws and alternative governance mechanisms.