1 /304
1
臺大管理論叢
2018/4
第
28
卷 第
1
期
1-42
DOI:10.6226/NTUMR.201804_28(1).0001
公司避稅與金字塔結構
Tax Avoidance and Pyramidal Layers
摘 要
本文探討公司金字塔結構的投資層級多寡與公司避稅活動的關聯性。本文預期，當
投資層級愈多，公司與金融市場之間的資訊不對稱及代理問題愈大，公司愈容易透
過投資層級進行避稅，降低公司的有效稅率。因台灣公開交易公司依法需揭露其所
有的關係企業，故本文以台灣公開交易的非金融公司為樣本，實證發現，投資層級
的數量與公司避稅活動（有效稅率）呈現正向（反向）關係。此外，當公司較多的
關係企業設立在避稅天堂時，此正向關係更為明顯。整體而言，實證結果支持以下
論述－當公司投資層級愈多，母公司愈容易透過關係企業之間的交易來進行避稅活
動並避免檢查。
【關鍵字】
金字塔投資層級、企業避稅活動、有效稅率
Abstract
This study investigates whether the span of corporate pyramids (as measured by the
number of ownership layers) is associated with a firm’s tax avoidance activities. Using a
unique sample of publicly traded non-financial firms of Taiwan, which are required to
disclose information on all of their affiliates, we measure the span of corporate pyramids
using the number of layers in them. Consistent with corporate pyramids generating higher
agency costs and information asymmetries, we find that firms with a large number of
layers engage in more tax avoidance activities, leading to lower effective tax rates.
Furthermore, we find that the well-documented positive association between the level of
tax avoidance and having investees in tax havens becomes more pronounced as the
number of layers increases. Overall, the results support the argument that the length of
pyramidal layers allows the parent firm to conduct intercompany transactions to prevent
inappropriate tax avoidance activities from detection.
【
Keywords
】
pyramidal layers, tax avoidance, effective tax rate
許文馨
/
國立臺灣大學會計學系教授
Wen-Hsin Hsu
, Professor, Department of Accounting, National Taiwan University
劉心才
/
國立臺灣大學會計學系助理教授
Hsin-Tsai Liu
, Assistant Professor, Department of Accounting, National Taiwan University
Received, 2014/1, Final revision received 2015/6