本文旨在就債權人觀點，探討國內企業至海外租稅天堂設立子公司，對企業債務資金成本的影響，債權人若評估企業至海外租稅天堂設立子公司產生的風險高於企業所獲利益，則會要求較高的報酬以為補償，繼而提高貸款利率。本文以1997年至2017年國內上市及上櫃公司為樣本，實證結果顯示，在其他條件不變下，企業於租稅天堂設立子公司，相較於其他企業，其債務資金成本較高；然而，子公司在租稅天堂設籍多寡與其債務資金成本之影響不顯著，顯示子公司在租稅天堂設籍多寡，非為決定債務資金成本高低之主要因素。

關鍵字：租稅天堂、債務資金成本

This paper investigates the link between a firm’s subsidiary incorporation in tax havens and its cost of debt. If debt holders perceive tax haven-induced risks as more salient than the concomitant benefits, they would expect to require a risk premium and therefore charge a higher interest rate for loans. The study provides empirical evidence about a positive relation between tax havens and cost of debt among listed and over-the-counter firms in Taiwan from 1997 to 2017. However, the number of subsidiaries incorporated in tax havens and the cost of debt are statistically insignificant, implying that the number of subsidiaries incorporated in tax havens is not the main factor which determines a firm’s cost of debt.

Keywords: tax havens, cost of debt

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