臺大管理論叢 NTU Management Review VOL.28 NO.1

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公司避稅與金字塔結構
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Guang (layer 2), Pacific China Holdings (HK) Corporation (layer3), and Pacific China
Holdings (BVI) (layer 4). The parent can control several subsidiaries within the pyramid
indirectly through layers of intermediate subsidiaries simultaneously.
Parent
Company
Far Eastern
Department Stores
Pacific
Current
Investment
Pacific Chong
Guang
Pacific China
Holdings (HK)
Corporation
Shanghai
Pacific
Department
Stores
Pacific China
Holdings
(BVI)
Lian Qing
Investment
Beijing Xidan
Pacific
Department
Stores
Tai Chong
Investment
Others
Others
Layer 1
Layer 2
Layer 3
Layer 4
Layer 5
10%
84%
60% 50% 100%
100%
73% 55%
Figure 1 Pyramidal Firm Structure of Far Eastern Department Stores2
2 The chart is based on Far Eastern Department Stores annual financial report 2002.