企业营运总部租税优惠对境外股利汇回之影响-台大管理论丛.pdfVIP

臺大管理論叢 2010/12 - 第21卷第1期 279 308 企業營運總部租稅優惠對境外股利匯回之影響 The Effect of the Tax Incentive of Operational Headquarters on the Remittenace of Foreign Dividends 陳明進∕國立政治大學會計系教授 Ming-Chin Chen, Professor, Department of Accounting, National Chengchi University 陳真伶∕合勤科技公司資深會計 Chen Ling Chen, Senior Accountant, ZyXEL Communications Corporation Received 2006/4, Final revision received 2010/6 摘要 本研究探討我國實施企業營運總部法案對公司境外投資股利所得資金回流之影響，實證 結果發現，在企業營運總部法案實施後，申請設立營運總部之公司，其境外股利所得匯 回比率較其設立營運總部前有顯著的提高，也較未設立營運總部公司的境外股利所得匯 回比率為高。此外設立營運總部公司的長期遞延所得稅負債愈高者，因受惠於可將歷年 保留在境外未分配盈餘匯回的免稅利益愈高，其境外股利匯回比例增加也愈高。最後， 在其他條件相同下，公司發放現金股利愈高、營運資金比率愈低者，其境外股利所得匯 回之比率也愈高，顯示企業的境內資金需求會影響其境外股利所得之匯回。 【關鍵字】企業營運總部、境外股利、資金回流 Abstract To encourage Taiwan-based enterprises to utilize worldwide resources and expedite globalization, Taiwan government advocates the operational headquarter policy, providing tax-exemption on remitted foreign dividends for companies setting up operational headquarters in Taiwan. The stated ploicy objective for the tax incentives of operational headquarters is to increase the remittance of Taiwan-based enterprises foreign dividends, thereby tunneling overseas capitals back to Taiwan. Using data spanning before and after implementation of the tax incentives for operational headquarters, this study examines the impact of the tax incentives on the remittance of foreign investment income. Our results show that ceteris paribus , companies setting up operational headquarters in Taiwan remit more foreign dividends back to Taiwan than their matched-samples without setting up operational headquarters. Further, after setting up operational headquarters, companies appear to incr