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The Effects of Economic Substance Act on Offshore Investment Structures and Tax Avoidance

H4-1：經濟實質法案實施後，企業之當期有效稅率將顯著提高。

H4-2：經濟實質法案實施後，企業之現金有效稅率將顯著提高。

參、研究方法

一、實證模式
（一）經濟實質法案對股權結構調整措施之影響
本文實證控制變數之選擇主要參考 Fama and French (2001)、Chang and Rhee
P (HSETi,t = 1)
logit(p)i,t= ln ( ) = α0 + α1ESt + α2LAYERi,t-1 + α3DEBTi,t-1 + α4SIZEi,t +
1–p (HSETi,t = 1)
(1990)、Rozeff (1982)、Jensen (1986)、Myers and Majluf (1984) 及 Michel and Shaked
α5ROAi,t-1 + α6RDi,t-1 + α7CAPEXPi,t-1 + α8ESTYi,t-1 + α9TAXRi,t-1 +
(1986)，並加入研究變數－經濟實質法案實施後期間，測試經濟實質法案實施後，
α10INDEPi,t-1 + α11INSTi,t-1 + α12PETRi,t-1 + α13TPi,t-1 + α14TCOSTi,t-1 +
是否影響企業執行股權結構調整措施，以此而建構本文之實證模式。
∑ INDj。
本文檢測經濟實質法案所影響之企業股權結構調整措施 (HSTR)，包括企業是否
新設租稅天堂子公司 (HSET)、是否裁撤租稅天堂子公司 (HPUTOUT)、是否遷冊租
稅天堂子公司 (HMIGRA)，並建立多元 Logistic 迴歸模型，分別測試經濟實質法案
P (HSETi,t = 1)
logit(p)i,t= ln ( ) = α0 + α1ESt + α2LAYERi,t-1 + α3DEBTi,t-1 + α4SIZEi,t +
對前開三項變數 (HSET、HPUTOUT、HMIGRA) 之影響如下：
1–p (HSETi,t = 1)
α5ROAi,t-1 + α6RDi,t-1 + α7CAPEXPi,t-1 + α8ESTYi,t-1 + α9TAXRi,t-1 +
P (HPUTOUTi,t = 1)
logit(p)i,t=ln ( ) = α0 + α1ESt + α2LAYERi,t-1 + α3DEBTi,t-1 + α4SIZEi,t-1 +
1–p (HPUTOUTi,t = 1)
α10INDEPi,t-1 + α11INSTi,t-1 + α12PETRi,t-1 + α13TPi,t-1 + α14TCOSTi,t-1 +
P (HSETi,t = 1)
logit(p)i,t= ln ( ) = α0 + α1ESt + α2LAYERi,t-1 + α3DEBTi,t-1 + α4SIZEi,t +
1–p (HSETi,t = 1)
α5ROAi,t-1 + α6RDi,t-1 + α7CAPEXPi,t-1 + α8ESTYi,t-1 + α9TAXRi,t-1 + α10INDEPi,t-1 +
∑ INDj。
α5ROAi,t-1 + α6RDi,t-1 + α7CAPEXPi,t-1 + α8ESTYi,t-1 + α9TAXRi,t-1 +
α11INSTi,t-1 + α12PETRi,t-1 + α13TPi,t-1 + α14TCOSTi,t-1 + ∑ INDj。
α10INDEPi,t-1 + α11INSTi,t-1 + α12PETRi,t-1 + α13TPi,t-1 + α14TCOSTi,t-1 +
∑ INDj。 (1-1)
P (HPUTOUTi,t = 1)
logit(p)i,t=ln ( ) = α0 + α1ESt + α2LAYERi,t-1 + α3DEBTi,t-1 + α4SIZEi,t-1 +
1–p (HPUTOUTi,t = 1)
α5ROAi,t-1 + α6RDi,t-1 + α7CAPEXPi,t-1 + α8ESTYi,t-1 + α9TAXRi,t-1 + α10INDEPi,t-1 +

P (HPUTOUTi,t = 1)
logit(p)i,t=ln ( ) = α0 + α1ESt + α2LAYERi,t-1 + α3DEBTi,t-1 + α4SIZEi,t-1 + (1-2)
α11INSTi,t-1 + α12PETRi,t-1 + α13TPi,t-1 + α14TCOSTi,t-1 + ∑ INDj。
1–p (HPUTOUTi,t = 1)
α5ROAi,t-1 + α6RDi,t-1 + α7CAPEXPi,t-1 + α8ESTYi,t-1 + α9TAXRi,t-1 + α10INDEPi,t-1 +
P (HMIGRAi,t = 1)
logit(p)i,t=ln ( ) = α0 + α1ESt + α2LAYERi,t-1 + α3DEBTi,t-1 + α4SIZEi,t-1 +
1–p (HMIGRAi,t = 1)
α11INSTi,t-1 + α12PETRi,t-1 + α13TPi,t-1 + α14TCOSTi,t-1 + ∑ INDj。
α5ROAi,t-1 + α6RDi,t-1 + α7CAPEXPi,t-1 + α8ESTYi,t-1 + α9TAXRi,t-1 + α10INDEPi,t-1 +
α11INSTi,t-1 + α12PETRi,t-1 + α13TPi,t-1 + α14TCOSTi,t-1 + ∑ INDj。 (1-3)

P (HMIGRAi,t = 1)
96
logit(p)i,t=ln ( ) = α0 + α1ESt + α2LAYERi,t-1 + α3DEBTi,t-1 + α4SIZEi,t-1 +
1–p (HMIGRAi,t = 1)
α5ROAi,t-1 + α6RDi,t-1 + α7CAPEXPi,t-1 + α8ESTYi,t-1 + α9TAXRi,t-1 + α10INDEPi,t-1 +
P (HMIGRAi,t = 1)
logit(p)i,t=ln ( ) = α0 + α1ESt + α2LAYERi,t-1 + α3DEBTi,t-1 + α4SIZEi,t-1 +
α11INSTi,t-1 + α12PETRi,t-1 + α13TPi,t-1 + α14TCOSTi,t-1 + ∑ INDj。
1–p (HMIGRAi,t = 1)
α5ROAi,t-1 + α6RDi,t-1 + α7CAPEXPi,t-1 + α8ESTYi,t-1 + α9TAXRi,t-1 + α10INDEPi,t-1 +
α11INSTi,t-1 + α12PETRi,t-1 + α13TPi,t-1 + α14TCOSTi,t-1 + ∑ INDj。