移轉訂價查核準則修正與企業避稅效果之關聯性

The Effect of the Amendments to the Transfer Pricing Review Guidelines

本研究以2011年至2020年台灣上市（櫃）公司為研究對象，探討影響企業利用移轉訂價避稅的因素以及2017年移轉訂價查核準則修訂此項反避稅措施對企業的移轉訂價與企業價值之影響，進行實證性研究。本研究在實證方法上採用追蹤資料模型，考量實證資料同時具有時間序列與橫斷面的特質。
研究實證發現我國企業存在低稅國家或地區子公司數較多、在低稅負國家或地區子公司營業利益佔比、無形資產佔比較高的企業，其有效稅率較低，這些特質與企業進行跨國避稅有重大的相關性。實證發現企業投資在低稅國家或地區有較多子公司數者，2017年移轉訂價查核準則修訂後，有提高有效稅率，即支持對移轉訂價查核的效率。我國企業價值有普遍提升的現象，投資者視企業的租稅費用為企業負擔，故企業租稅費用與企業價值呈現負相關。但是，針對積極避稅群，在2017年移轉訂價查核準則進行修訂後，因加強稽核提高所得稅費用，企業價值反而提升。

This study examines the factors that influence corporate tax avoidance through transfer pricing and the impact of the Amendments to the Transfer Pricing Review Guidelines in 2017 on transfer pricing policy and corporate value of Taiwanese listed companies from 2011 to 2020. This study employs a panel data model in its empirical methodology, taking into account the time series and cross-sectional characteristics of the empirical data.
The first finding is Taiwanese companies with a higher number of subsidiaries in low-tax countries or regions, a higher proportion of operating profit from subsidiaries in low-tax countries or regions, and a higher proportion of intangible assets have a lower effective tax rate. These characteristics are highly correlated with corporate tax avoidance. The second findings indicate that companies with a higher number of subsidiaries in low-tax countries or regions experienced an increase in their effective tax rate after the Amendments to the Transfer Pricing Review Guidelines, supporting the effectiveness of transfer pricing audits. The third finding supports that investors perceive corporate tax expenses as a burden on companies, so there is a negative correlation between corporate tax expenses and corporate value. For the group identified as engaging in aggressive tax avoidance in the study, the negative correlation between effective tax rate and enterprise value was reduced after the 2017 amendment of the transfer pricing audit guidelines. This suggests that firm value for this group increased despite paying more taxes.