本國多國籍企業租稅效率之創新衡量：以公開財務報表為基礎之次級資料分析

Innovative Measurement for The Tax Strategy Performance of the Main Taiwanese Multinational Enterprises: The Secondary Data Analysis Based on the Public Financial Statements in Taiwan

由於多國籍企業跨國營運存在跨越國界調派資源以及匯集營收之特性，因各國複雜的稅法與稅制，致其管理當局慣以ROE衡量其跨國營運績效之方式，尚無法評估有關跨國營運獲利遭受各國課稅之侵蝕程度，亦引發其日後對其跨國營運績效衡量時，因忽略上述國際租稅因素，致產生無法反映其營運現金流量實際遭各國課稅侵蝕程度的缺失。因此，本研究乃建立衡量多國籍企業全球節稅指標模型，並按照台灣知名多國籍企業多年度財務報表資料，藉上述模型予以比較分析有關企業跨期全球租稅效率之表現。結果顯示各集團企業之境外直接投資國家愈多以及多角化營運程度愈高時，則其相對之全球租稅效率愈差，且當各集團控股層級數愈多時，亦出現全球租稅效率不佳之情形。

Multinational enterprises usually share the characteristics of being able to transfer resources and collect revenue internationally because of their cross border business operations. However, the complexity of international tax laws and tax systems have meant that the headquarters of multinational enterprises are not able to depend on simply using the return on equity (ROE) to obtain an accurate evaluation of their cross border business tax strategy performance. This is because the ROE fails to measure the degree of erosion of cross border transaction profits after taxation by the tax authorities of the source countries. This study builds a model for the measurement of a multinational enterprise’s global tax strategy performance by creating the global tax efficiency index (G.TEI). The functioning of the model is tested on several years of annual financial data for several representative Taiwanese multinational enterprises (MNEs). The model is used to analyze and compare the tax efficiency of the related multinational enterprises from cross sectional and inter period points of view. The results show that the number of the foreign direct investment host countries, the diversification of the business operations and the layers of the holding structure of the MNEs are determinant to the global tax efficiency.