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系統識別號 U0026-1402201905373000
論文名稱(中文) 租稅天堂與債務資金成本之關聯性研究
論文名稱(英文) Tax Havens and the Cost of Debt
校院名稱 成功大學
系所名稱(中) 財務金融研究所碩士在職專班
系所名稱(英) Graduate Institute of Finance (on the job class)
學年度 107
學期 1
出版年 107
研究生(中文) 吳佳蓉
研究生(英文) Chia-Jung Wu
學號 R87051299
學位類別 碩士
語文別 中文
論文頁數 69頁
口試委員 指導教授-周庭楷
口試委員-謝喻婷
口試委員-廖麗凱
中文關鍵字 租稅天堂  債務資金成本 
英文關鍵字 tax havens  cost of debt 
學科別分類
中文摘要 本文旨在就債權人觀點,探討國內企業至海外租稅天堂設立子公司,對企業債務資金成本的影響,債權人若評估企業至海外租稅天堂設立子公司產生的風險高於企業所獲利益,則會要求較高的報酬以為補償,繼而提高貸款利率。本文以1997年至2017年國內上市及上櫃公司為樣本,實證結果顯示,在其他條件不變下,企業於租稅天堂設立子公司,相較於其他企業,其債務資金成本較高;然而,子公司在租稅天堂設籍多寡與其債務資金成本之影響不顯著,顯示子公司在租稅天堂設籍多寡,非為決定債務資金成本高低之主要因素。

關鍵字:租稅天堂、債務資金成本
英文摘要 This paper investigates the link between a firm’s subsidiary incorporation in tax havens and its cost of debt. If debt holders perceive tax haven-induced risks as more salient than the concomitant benefits, they would expect to require a risk premium and therefore charge a higher interest rate for loans. The study provides empirical evidence about a positive relation between tax havens and cost of debt among listed and over-the-counter firms in Taiwan from 1997 to 2017. However, the number of subsidiaries incorporated in tax havens and the cost of debt are statistically insignificant, implying that the number of subsidiaries incorporated in tax havens is not the main factor which determines a firm’s cost of debt.

Keywords: tax havens, cost of debt
論文目次 第壹章 緒論 1
第貳章 文獻回顧 5
第一節 租稅天堂之演進 5
第二節 運用租稅天堂之財務規劃與租稅規避 22
第三節 避稅的債務資金成本 28
第四節 假說發展 30
第參章 研究方法 32
第一節 實證模型及變數定義 32
第二節 資料來源及樣本 37
第肆章 實證分析 42
第一節 敘述性統計 42
第二節 相關分析 45
第三節 迴歸分析 47
第伍章 結論 54
第一節 研究結論 54
第二節 研究限制與建議 55
參考文獻 58
附錄 61
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陳銘淵,2011。《揭露透明度對信用評等及負債資金成本之影響》。國立彰化師範大學會計學系碩士論文。
蔡宗佑,2014。《企業避稅與其負債資金成本間關聯性之檢視》。國立臺灣大學管理學院會計學研究所碩士論文。
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