受控外國企業(CFC)制度對台灣上市櫃公司現金持有行為之影響

Abstract

隨著全球反避稅措施的推動，台灣自2023年起正式實施「受控外國企業（CFC）」制度，旨在強化稅基並防範跨國企業透過在低稅負地區設立子公司進行盈餘避稅。本研究聚焦於CFC稅制改革對台灣上市櫃公司現金持有行為之影響，並進一步分析企業特性與公司治理對政策效果的調節作用。

本研究採用差異中之差法（Difference-in-Differences, DID），以高海外曝險企業為主要研究對象，檢視CFC稅制改革實施前後企業現金持有水位的變化。實證結果顯示，相較於控制組，高海外曝險企業在CFC稅改實施後，其現金持有水位顯著下降，驗證政策對企業資金配置行為的影響。進一步的異質性分析發現，公司治理品質與企業特性對政策效果具有顯著調節作用：治理品質較佳的企業現金調整幅度較小，高科技產業企業對政策衝擊的反應較為穩健，而大型企業與低槓桿企業在面對政策變動時的現金調整幅度較小。此外，雖然企業現金持有量下降，但企業主要將資金用於償還短期負債，而非增加資本支出、研發投入或股利發放，反映企業在政策不確定性下傾向降低財務風險，而非積極擴大投資或股東回饋。

本研究結果對未來稅制改革的設計具有重要啟示。政策制定者在推動相關改革時，應考慮企業治理結構、產業特性、財務彈性及風險管理需求，並針對不同企業類型設計更具差異化與包容性的政策工具，以有效引導企業資金流向實體投資與創新活動，促進產業升級與經濟發展。

With the global trend toward anti-tax avoidance, Taiwan implemented the Controlled Foreign Corporation (CFC) regime in 2023 to strengthen its tax base and prevent multinational enterprises from shifting profits by establishing subsidiaries in low-tax jurisdictions. This study investigates the impact of the CFC tax reform on the cash holding behavior of publicly listed companies in Taiwan, and further examines how firm characteristics and corporate governance moderate the effects of this policy.

Employing a Difference-in-Differences (DID) approach, this research uses firms with high foreign exposure as the treatment group to examine changes in corporate cash holdings before and after the implementation of the CFC regime. The empirical results indicate that, compared to the control group, firms with high foreign exposure experienced a significant decline in cash holdings following the CFC reform, confirming the policy’s influence on corporate cash management strategies. Further heterogeneity analyses reveal that corporate governance quality and firm characteristics significantly moderate the policy’s effects: firms with stronger governance and those in high-tech industries exhibit smaller adjustments in cash holdings, while large firms and those with low leverage are less sensitive to policy shocks. Conversely, highly leveraged firms display greater changes in cash management behavior. Moreover, although corporate cash holdings declined, most firms primarily used cash to repay short-term debt rather than increase capital expenditures, R&D investment, or dividend payouts—reflecting a tendency to prioritize risk mitigation over aggressive investment or shareholder returns under policy uncertainty.

The findings of this study offer important implications for future tax policy design. Policymakers should consider differences in corporate governance structures, industry characteristics, financial flexibility, and risk management needs, and tailor policy tools accordingly. Such targeted policy design can more effectively guide the allocation of corporate funds toward real investment and innovation, thereby promoting industrial upgrading and economic development.