本研究探討稅率差異是否會影響台商海外子公司股利匯回。由於台灣目前對於國外稅額扣抵的方法採的是直接扣抵法，與大部分國家所採的國外所得免稅法及間接扣抵法不同，因此對於海外子公司只有在扣繳稅率若高於台灣營利事業所得稅率時，才必須負擔匯回的稅負。本研究將稅率差異的部分，分為海外子公司平均稅率以及扣繳稅率，來觀看在這兩個稅率之下對於股利匯回的影響。研究結果顯示，當國外扣繳稅率高於我國營利事業所得稅率時，其匯回的數目會降低，表示扣繳稅率的確是會阻礙公司股利匯回的一項障礙；但是當海外的平均公司稅率越高，則股利匯回的數目會增加，本研究認為盈餘大部分皆從稅率較高的國家匯回，因此導致這樣的結果。最後本研究將對台灣目前對於股利匯回的稅制進行建議，以健全台灣目前對於企業課稅的稅制。

This study investigates the relationship between the tax rates and the dividend repatriation among the overseas subsidiaries of Taiwanese companies. Due to the adoption of “the direct method” for foreign tax credit, different from other countries, the Taiwanese companies will afford repatriation tax when they repatriate dividends from the countries whose withholding tax rates are higher than Taiwanese corporate tax rate. The difference of tax rates between countries defined in this study consists of
two parts－average tax rate of overseas subsidiaries and withholding tax rates. And the result is the higher withholding tax rates overseas subsidiaries afford, the lower
dividends are repatriated, which means the withholding tax is the barrier of the dividend repatriation. Another result shows the higher the overseas subsidiaries average corporate tax rates, the more dividend repatriates, which suggests that the dividends repatriate from the countries with higher corporate tax rate. Finally, this study also gives some recommendations for the Taiwanese tax policy about dividend
repatriations in order to reform the corporate tax system.

一、中文部分

林智聖，2013，臺灣調降營所稅對資金回流影響之實證研究，國立成功大學會計研究所碩士論文。

林昭儀、陳一姍，2014，國庫十年流失三千億？，天下雜誌540期

蔡振南，2003，台商大陸投資之資金流動與影響，國立成功大學財務金融研究所碩士論文。

陳明進，2008，股東可扣抵稅額對我國企業海外股利匯回之影響研究成果報告，行政院國家科學委員會專題研究計畫成果報告。

陳明進、陳真伶，2010，企業營運總部租稅優惠對境外股利匯回的影響，台大管理論叢(2010-12第21卷第一期)。

許慈美，2014，我國所得稅制度之改革與前瞻─以受控外國公司及實際管理處所為例，財團法人孫運璿學術基金會。

蕭貴珠，2012，反避稅法制變革與衝擊，工業總會產業雜誌2012年11月期。

二、英文部分

Bretschger, L., and F. Hettich. 2002. Globalisation, capital mobility and tax competition: Theory and evidence for OECD countries. European Journal of Political Economy 18 (November): 695-716.

Desai, M. A., Foley, C. F., and Hines, J. R. (2001),“Repatriation Taxes and Dividend Distortions,”National Tax Journal, 54 (December), 829-850.

Fama, Eugence F. and Kenneth R. French (2001), “Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay, “Journal of Financial Economic 60, 3-43.

Foley, C. Fritz, Jay Hartzell, Sheridan Titman, and Garry J. Twite, 2007, Why do firms hold so much cash? A tax-based explanation, Journal of Financial Economics 86, 579–607.

Hines, J. R. 2005. Corporate taxation and international competition. Ross School of Business Paper 1026, University of Michigan and the National Bureau of Economic Research.

Jensen, M. and W. Meckling (1976), “Theory of the firm: Managerial behavior, agency costs and ownership structure, ” Journal of Financial Economic 3, 305-360

Myers, S. C. and N. S. Majluf (1984), “Corporate Financing and Investment Decision When Firms Have Information That Investors Do Not Have, ” Journal of Financial Economic 13, 187-221.

Ronen Palan, Richard Murphy, Christian Chavagneux，2010，TAX HEAVENS─ How Globalization Really Works，Cornell University Press

Rozeff, M. (1982), “Growth, Beta amd Agency Costs as Determinants of Dividends of Dividends Payout Ratios, “Journal of financial Research, 5, 249-259

Winner, H. 2005. Has tax competition emerged in OECD countries? Evidence from panel data. International Tax and Public Finance 12 (September): 667-687.

Wunder, H. F. 1999. International tax reform: Its effect on repatriation decisions of multinational corporations. Journal of International Accounting Auditing & Taxation 8: 337-351.

三、網路資源

趙文衡，2004，全球化與賦稅改革，網：http://www.globalpes.com/global/tax.htm

陳添枝，2004，企業在台設立營運總部的意義，聯合新聞網，http://www.superlogos.com.tw/paper_document/20040829282.htm

Deloitte，2015，Deloitte International Tax Source，Available at: https://www.dits.deloitte.com/

Ernst & Young，2012，The 2012 worldwide corporate tax guide，Available at: http://www.ey.com/Publication/vwLUAssets/Worldwide_corporate_tax_guide_2012/$FILE/WCTG_2012_Worldwide_Corporate_Tax_Guide.pdf

KPMG，2015，Corporate tax rates table，Available at: http://www.kpmg.com/global/en/services/tax/tax-tools-and-resources/pages/corporate-tax-rates-table
.aspx

PwC，2015，Worldwide Tax Summaries Online，Available at: http://taxsummaries.pwc.com/uk/taxsummaries/wwts.nsf/ID/tax-summaries-home