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第五章 結論與建議
數十年來，跨國公司不僅藉由全球化經營來獲取最大利潤，更利用各國稅法 對於跨境所得或收益存在著課稅差異，來進行國際租稅規劃的安排。雖然稅制差 異給予了企業節省或是規避稅負的空間，卻也同時增加國際間雙重課稅之可能性。
為了降低此種租稅課徵之不確定性，因此出現妥善劃分課稅管轄權的租稅協定。
此外，近年為了因應新興的跨國避稅安排、打擊有害的國際租稅競爭，各國不僅 日益重視反避稅措施，更傾向於租稅協定採用較嚴謹的資訊交換以及利益限制條 款。
鑒於國外文獻關於租稅協定對直接投資或海外關係企業活動之看法仍然相當 分歧，且尚未探討利益限制條款及資訊交換規範對海外關係企業營運的影響；而 且國內尚未有利用長期性個體資料來檢視租稅協定效果的研究，因此本文以 2000 年至 2013 年台灣上市公司之海外關係企業的財務資料進行分析。
透過固定效果模型，本文的實證結果可以歸納為以下幾點；首先，企業的銷 售額會受到租稅協定、公司本身特性以及地主國的區位優勢所影響。其次，租稅 協定之生效將使得海外關係企業的銷售額負向變動，其主要原因為租稅協定中資 訊交換和利益限制條款帶來負面效果大於確定課稅管轄權和降低扣繳率帶來的正 向之影響。第三，租稅協定中資訊交換不論按客體、目的和範圍限制之免除區分 等級，均得以歸納出隨著資訊交換規範越嚴格，關係企業銷售額下降的幅度也越 大之結論。最後，在不同產業的條件下，租稅協定帶來的效果並不一致。例如協定 本身與資訊交換規範的詳盡程度對於製造業的關係企業皆有顯著負向之影響，然 而對於服務業的關係企業則不具影響力。
本文雖為國內首篇採用長期性個體資料來檢視租稅協定效果之研究，但礙於 完整的財務報表資料取得不易，未能控制全部的公司特性。倘若未來針對此議題 進行分析時，能加以涵蓋更詳盡的財務資料，將能進行更周全的討論與評估。此 外，我國目前持續朝著建立完善的租稅協定網來努力，並致力於提升國際可見度。
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因此伴隨租稅協定簽署數量的增加，未來進行研究是否會面臨內生性問題也是值 得注意的議題。
最後，期許本文分析租稅協定對於海外關係企業營運活動之效果，以及協定 中的利益限制和資訊交換條款是否為重要的影響因素，能提供學術上一定的參考 價值，並協助政府未來簽屬租稅協定時，朝向更成熟與健全之發展。
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