企業債務偏差的嚴重性，在近幾年被各界認定為財務不穩定的風險，此外增加的利息費用也造成國家稅基的侵蝕。為研究地主國資本弱化法規對於台灣跨國企業海外子公司債務偏差的影響，本文以縱橫資料（Panel Data）模型，研究2006至2015年間台灣上市櫃公司海外關係企業（排除金融保險業、F股及TDR）資料。相對於過去探討對於海外子公司資本弱化的文獻，僅著重於子公司負債的影響及其債務移轉行為，本文則研究海外關係企業的資本弱化，且首度加入衡量債務偏差嚴謹程度的指標變數，分別探討目前使用不同資本弱化法規（固定比率法和盈餘減除法）對於債務偏差的影響程度及企業的舉債行為。
本文建構三個固定效果模型以分析不平衡的追蹤資料，模型一單看是否使用資本弱化法規對海外關係企業債務偏差的影響，模型二檢視低於安全港比率之海外關係企業其債務偏差行為，模型三則將重點聚焦在資本弱化嚴謹程度差異對債務偏差之分析。實證結果顯示，目前大部分地主國資本弱化法規的限制無法有效抑制債務偏差的現象。在不同法規的嚴謹程度中，各別使用固定比率法或盈餘減除法的國家無法有效抑制企業的債務偏差；同時使用固定比率法與盈餘減除法時，嚴謹的資本弱化法規方能有效抑制企業債務偏差的效果。

Tax planning favoring corporate debt financing over equity financing (debt bias) are widely recognized as a risk of financial stability. This paper examines the impact of thin capitalization rules that limit the debt bias of the foreign affiliates of Taiwanese multinationals. This study uses a new data that set on thin capitalization rules in 85 countries from Taiwanese listed companies at stock exchange market and over-the-counter market for the period 2006-2015. Recently, more and more papers focus on debt shifting about internal leverage between parent companies and subsidiaries. However, this research focus on how thin capitalization rules impact debt bias in all affiliates. And designs the strictness index of thin capitalization rules to test the corporate debt ratio and debt behavior.
Three fixed-effect models in this paper are constructed by using unbalanced panel data. Model1 is to examine how thin capitalization rules affect debt bias of multinational affiliates. Model2 is to examine the corporate debt behavior that debt over equity ratio of multinational affiliates under the safe harbor ratio in host countries. And Model3 is to analyze how the strictness index of thin capitalization rules affect corporate debt bias. This paper finds that rules targeted at fixed ratio approach or earnings stripping rules can’t limit corporate debt bias effectively. But if the countries use fixed ratio approach and earnings stripping rules simultaneously, the thin capitalization rules have negative significant impact on corporate debt bias.

汪瑞芝(2013)，「中國反資本弱化條款對台商融資決策之影響」，會計審計論叢，第3 卷第2 期: 81-125。
賴家琪(2014)，「反資本弱化條款對台灣跨國公司資本結構的影響」，國立政治大學財政研究所學位論文。
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