本研究欲探討營利事業CFC制度上路是否影響公司在低稅負國家或地區之投資架構。為瞭解營利事業於CFC制度正式上路前是否會進行投資架構之調整，本研究以2014年至2021年臺灣上市及上櫃公司採權益法之長期投資持股率季資料進行分析，以成對樣本T檢定及Wilcoxon符號等級檢定進行前後期比較。
實證結果發現營利事業在低稅負國家或地區之外國企業之平均持股比率在「營利事業CFC制度通過日」及「境外資金匯回專法實施日」兩時點後顯著降低，可推得營利事業為因應將來CFC制度上路，會進行投資架構之調整，減少在低稅負國家或地區之外國企業長期投資持股比率。

This research aims to explore how the enterprise changes the shareholding of a foreign affiliated enterprise registered in a low-tax burden country, or jurisdiction when the enforcement date of Controlled Foreign Company (CFC) rules approaches. These rules create incentives for companies to move subsidiaries away from low-tax environments and thus change the investment structure. Using 66,971 observations from 2014 to 2021 in Taiwan's TSE listed and OTC companies (excluding the financial industry), we investigate the impact of upcoming CFC rules on investment structure of corporation. This study uses the Paired Sample t-test and Wilcoxon Signed-rank test to analyze the change of investment structure. The results demonstrate the average on shareholdings of subsidiaries in low-tax environments declined as the CFC rules approaching. CFC rules may discourage corporations from establishing subsidiaries in low-tax environments.

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