各國政府規定多國籍企業必須實施常規交易制度，目的是要將未從事移轉訂價的非關係企業之獨立交易與有從事移轉訂價嫌疑的關係企業作識別比較。目前多國籍企業有關移轉定價選擇最適常規交易方法大部份都包括在經濟合作暨發展組織(Organization for Economic Cooperation and Development)所發行的「跨國企業移轉訂價指導與稅務管理原則」(Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations)中，著重於移轉訂價可比較性分析和經濟性分析的方式，以取得常規交易原則的範圍，比較納稅人在與關係人公司交易時所得的報酬是否在常規交易範圍之內。目前學術界亦積極開發相關之模型以詮釋企業移轉訂價之行為，或衡量企業移轉訂價之利潤，本研究以此為出發點，利用嚴謹的模型詮釋實務上企業進行移轉訂價行為，並用此模型衡量台灣上市上櫃企業中電子產業的移轉訂價利潤，再進一步探究影響企業移轉利潤高低之主要影響因素。由本研究透過分量迴歸分析之實證發現，企業材料費用比率之高顯著影響企業移轉訂價利潤，且其影響程度會隨著企業移轉訂價利潤之高低不同分配位置而有所異，建議各國稅捐機關可藉由企業材料費用比率之高低，來偵測企業移轉訂價之行為。

Governments around the world have regulated multinational enterprises to adopt arm’s length transactions to facilitate identifications and comparisons between non-transfer pricing transactions with independent, non-related enterprises and transactions with related enterprises that are suspected of transfer pricing. Currently, most of the optimal transfer pricing methods for establishing arm’s length principles for multinational enterprises have been addressed in Organization for Economic Cooperation and Development's "Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations". These guidelines emphasize the establishment of a range of arm’s length transactions through the comparability analysis and the economic analysis of transfer pricing transactions; a taxpayer's returns from transactions with related companies are then compared to the range of arm’s length transactions. Currently the academic world is taking the initiative in the development of relevant models to describe corporate transfer pricing decisions or to measure the net income of corporate transfer pricing transactions. This research stems from these purposes and attempts to describe transfer pricing decisions in real practice through stringent modelling; this model is then used to measure the net income of transfer pricing transactions that took place among electronic industry participants who are publicly listed in the TSE or OTC in Taiwan. We further investigated the main factors that affect the levels of net income transferred by enterprises. Based on the empirical results of this research, we discovered that the impact of raw material costs is highly significant to the corporate transfer pricing decisions, and the magnitude of impacts vary depending on the allocation of net income from transfer pricing. We recommend that the tax administration detect corporate transfer pricing decisions by monitoring the weight of raw material costs in a company.

Table of Contents

Abstract II
1 Introduction 1
2 Literature Review 4
2-1 The Hirshleifer transfer pricing model 5
2-2 Tabeta transfer pricing model 7
2-3 Centralized decision making: 8
2-4 Decentralized decision making: 10
3 Transfer pricing by Offshore Companies of the Operational 13
Headquarters of a Multinational Enterprise 13
3-1 General function tax exempt 13
3-2 Tax reduction of offshore companies with lower tax burden 14
3-3 Defense of offshore company with limited liability: 14
3-4 Un-limited deferral of profit 14
4 Multinational transfer pricing detection method 15
5 The most effective multinational transfer pricing detection model 38
5-1 Transaction flow 38
5-2 Net Income Model for the Taiwanese Company 38
5-3 Net Income Model for the Singaporean Subsidiary 39
5-4 Model for the Offshore Bermuda Company 40
5-5 Combined Net Income Model for the Group of the Taiwanese Corporation 42
5-6 Comparative static analysis 43
6 Data and Methodology 45
6-1 Data source 45
6-2 Empirical model 46
6-3 Method of estimation 47
7 Empirical Results 49
8 Conclusions and suggestions 57
References 59


Appendix A：Investment Commission, MOEA, Taiwan ROC 65
Appendix B：Investment Commission, MOEA, Taiwan ROC 66
Appendix C：Investment Commission, MOEA, Taiwan ROC 67
Appendix D：Investment Commission, MOEA, Taiwan ROC 68
Appendix E：Investment Commission, MOEA, Taiwan ROC 69
Appendix F：Investment Commission, MOEA, Taiwan ROC 70


List of Tables
Table 4 1 Income statement of Media Tek Inc. for year 2008 22
Table 4 2 Transaction Net Margin Method 26
Table 4 3 Comparable Profit Method 31
Table 4 4 Comparable Net Operating Profit of Comparable Uncontrolled Reseller 32
Table 4 5 Comparable Net Operating Profit of Comparable Uncontrolled Reseller for 2008 33
Table 4 6 Comparable Net Operating Profit of Comparable Uncontrolled Reseller for 2008 34
Table 4 7 Comparable Net Operating Profit of Comparable Uncontrolled Reseller for 2008 35
Table 7-1：Estimation result of Model 1 50
Table 7-2：Estimation result of Model 2 53
Table 7-3：Estimation result of Model 3 54
Table 7-4：Estimation result of Model 4 55


List of Figures
Figure 2 1 Hirshleifer transfer pricing model 6
Figure 2 2 Tabeta transfer pricing model 8
Figure 4 1 Resale Price Method 18
Figure 4 2 Cost Plus Method 20

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