作者
陳香梅^* (國立政治大學財政學系)
黃庭欣 (國立政治大學財政學系)

Authors
Shinemay Chen^* (Department of Public Finance, National Chengchi University)
Ting-Hsin Huang (Department of Public Finance, National Chengchi University)

中文摘要
簽署租稅協定有助於增加對外投資的主張在實證文獻上並未得到一致的論斷。會有如此不一致的結果，文獻大都會歸因於租稅協定內容涵蓋了減輕重複課稅及防杜逃稅與避稅兩個同時存在但又互相衝突的目的。本文以 2000 年至 2013 年臺灣上市公司在 79 個國家所設立之 6,960 家海外關係企業的財務資料，首度探討租稅協定的資訊交換條款對臺灣上市公司海外子公司營運活動的影響。透過固定效果模型進行估計，結果顯示較嚴格的資訊交換規範就是降低海外營運活動的重要因素之一。

Abstract
Tax authorities often emphasize the role of tax treaties in promoting foreign investment through double taxation relief. This paper adds to the literature by examining the impact of tax treaty and exchange-ofinformation clauses in foreign affiliate activity (measured by affiliate sales) of Taiwanese listed companies. Using 2000-2013 financial data of 6,960 subsidiaries located in 79 countries, we find that the foreign affiliate activity in countries that have tax treaties with Taiwan decreases. Higher standards of exchange of information for tax purposes play a vital role for this negative and significant result.

中文關鍵字
租稅協定；資訊交換；直接投資；漁獵協定；跨國公司

Keywords
Tax Treaty; Exchange of Tax Information; Foreign Direct Investment; Treaty Shopping; Multinational Company