本研究主要目的為探討境外收益匯回的稅負是否影響臺灣跨國企業現金持有。稅負一向是跨國企業重要關注的議題，各個國家適用的不同稅率將影響公司的營運決策或資金的流向。跨國企業需要面對境外收益匯回稅負，稅負多寡會進一步影響母公司對於境外子公司收益的資金配置，是將收益以現金方式持有於海外子公司，或者從境外匯回子公司收益，而此份研究主要針對稅負多寡與企業現金持有之相關性。研究結果顯示，臺灣跨國企業若面對較高的境外收益匯回稅負，將提高其持有之現金與約當現金，兩者呈現正相關。如果公司所面對的匯回稅負增加，企業將有機會以提高海外現金持有部位，保留跨國子公司盈餘，取代收益匯回母公司以免於稅負的可能性。此外，研究也顯示大多數臺灣跨國企業仍然主要著重於境內業務，因此境內盈餘的提升對企業現金部位的累積，相對於海外盈餘對現金的累積，較為顯著相關。

This paper aims to examine whether the tax costs of repatriating foreign earnings influence the cash holdings of Taiwan’s multinational companies. Tax issues are expected to be important for multinational firms because repatriating tax burdens tend to be significant for firms with operations abroad. Consistent with this prediction, I find that Taiwanese firms with greater repatriation tax burdens hold significantly higher levels of cash and cash equivalents. Tax incentives may affect the decision on higher foreign cash holdings, if increase in foreign cash holdings is a substitute for domestic cash holdings to a firm. The result indicates that rising tax burden will induce cash holdings abroad. Moreover, evidence shows that most of Taiwan’s multinational firms’ domestic business activities are more relevant to the cash accumulation rather than foreign earnings.

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