營所稅稅率自2010年起全面調降為17%，財政部估計稅收減少約新臺幣1288億元。但政府預期透過企業租稅負擔的減輕，可帶動海外直接投資，長期將能促進經濟發展，使企業的盈餘提高達到稅收增加的效果。故本文將運用最小平方迴歸模式，檢測營利事業所得稅調降稅率是否確有增加海外直接投資(FDI)之效。
在2007年至2012年期間，首先針對來自於三十一個來源地區對台直接投資所進行迴歸分析中，本研究發現台灣調降營所稅對不同來源地區的外人直接投資變動金額，具有顯著正向影響;表示調降營所稅後，可增加「各來源地區」的FDI。接下來針對外人直接投資於台灣十七個產業所進行迴歸分析中，發現台灣調降營所稅後，對不同產業的外人直接投資變動金額，具有顯著正向影響;表示調降營所稅後，可增加「各產業」的FDI。進一步針對三十一個來源地區所投資台灣的十七個產業FDI進行矩陣分析發現台灣調降營利事業所得稅率後，「各來源地區」對於「各產業」FDI有顯著增加。
由上述實證結果發現在其他情況不變之下，調降營所稅可吸引外人直接投資增加，符合政府籍由企業租稅負擔的減輕可增加外人對台直接投資的誘因之預期。

Ministry of Finance estimated that reduction in revenue was approximated as NTD $ 128.8 billion since the corporate tax rate was reduced to 17% comprehensively from January 1st , 2010. The government expected to promote the foreign direct investment by reducing the corporate tax burden. It is able to build up economic development for long term and the raise of corporate earnings will affect tax increasing. The use of “Least Squares Regression Model” surveyed the effect of increasing foreign direct investment (FDI) by lowering the tax rate of the corporate tax.
In the period of 2007 to 2012, first in this research, the regression analysis of foreign direct investment (FDI) in Taiwan from thirty- one regions, showed significant and positive influence of the variation amount in foreign direct investment from different areas since Taiwan government lowered corporate tax rate. It refers that lowering corporate tax rate could increase “each different region of origin” FDI. In addition, the positive performance was found from the regression analysis of FDI in seventeen industries in Taiwan, and reducing corporate tax rate by Taiwan Government can raise FDI in “each different industry. Furthermore the regression analysis of FDI in Taiwan seventeen industries from thirty- one regions showed that cutting corporate tax rate has improved FDI in “each industry” from “each region of origin.”
According to the above empirical study, it was found that reducing the corporate tax can increase foreign direct investment under constant condition. It also conforms to the government’s expectation by the reduction of corporate tax burden increases the incentive for foreign direct investment to Taiwan.

一、 中文部份:
王靖瑋，2011，《中國大陸實施新所得稅法後對其FDI的影響》，國立成功大學會計研究所碩士論文。
何翊文，1985，《直接外人投資決定因素與連鎖效果分析─台灣的實證研究》，國立中興大學經濟研究所碩士論文。
吳奇正，2012，《營利事業所得稅稅率調降與企業盈餘管理之關聯》，私立德明財經科技大學理財與稅務管理研究所碩士論文。
呂豐廷，1997，《差別租稅待遇對外人直接投資的衝擊》，國立中興大學財政研究所碩士論文。
李玉如，2012，《營利事業所得稅調降對營建業股價影響之研究》，私立南華大學財務管理研究所碩士論文。
林志誠，1997，<直接外人投資需求面的決定因素─台灣的實證研究>，《東南學報》(第20卷)： 89-98。
邱建俊，2011，《台灣營利事業所得稅調降宣告效果之研究》，國立交通大學財務金融研究所碩士論文。
徐博軒，2012，《調降營利事業所得稅對上市公司股票報酬之效應》，國立中正大學財務金融研究所碩士論文。
殷至宏，2012，《營利事業所得稅率調降對公司財稅差異與分析師預測誤差影響之研究》，私立文化大學會計研究所碩士論文。
張育誠，2012，《營利事業所得稅率調降和盈餘管理之研究》，國立臺灣大學會計研究所碩士論文
張庭瑋 ，2011，《我國營利事業所得稅稅率變動之影響》，私立逢甲大學會計研究所碩士論文。
張淑音，2005，《僑外直接投資台灣的決定因素》，國立政治大學行政管理研究所碩士論文。
張輔仁，2007，《外人來台直接投資之決定因素─就租稅面探討》，國立政治大學財政研究所碩士論文。
連怡欣，1997，《外人對台直接投資影響因素之總體分析》，國立政治大學企業管理研究所碩士論文。
陳拓榮 ，2012，《營利事業所得稅調降對投資人參與除權與除息決策之影響》，國立台北大學會計研究所碩士論文。
陳惠雪，1990，《外人投資、經濟發展與租稅獎勵效果─台灣之實證分析》，國立政治大學財政研究所碩士論文。
陳韻如，2000，《外人來台直接投資的租稅獎勵效果分析》，國立台北大學財政研究所碩士論文。
黃延辰，2012，<營利事業所得稅稅率調降之市場反應研究>，《北商學報》(22期)：1-29 。
楊文榮，2012，《營利事業所得稅之調降對台灣上市IC設計公司資本結構的影響》，私立淡江大學經營管理研究所碩士論文。
劉涵秦，1997，《台灣稅制邊際有效稅率之研究》，國立政治大學財政研究所碩士論文。
鄧佳文，2012，《營利事業所得稅調降對公司股利政策之影響》，國立成功大學會計研究所碩士論文。
二、 英文部份:
Axarloglou, K. 2005. What Attracts Foreign Direct Investment Inflows in the United States. The International Trade Journal 19(3): 285–308.
Bevan, A. A., and S. Estrin. 2004. The determinants of foreign direct investment into European transition economies. Journal of Comparative Economics 32(4) : 775–787.
Billington,N. 1999. The location of foreign direct investment: an empirical analysis. Applied Economics 31(1): 65–76.
Buckley, P. J., and M. Casson. 1976. The future of the multinational enterprise. Macmillan.
Cassou, S. 1997. The link between tax rates and foreign direct investment. Applied Economics 29(10):1295–1301.
Chakrabarti, A. 2001. The Determinants of Foreign Direct Investments: Sensitivity Analyses of Cross-Country Regressions. Kyklos 54(1): 89–114.
Chang, S. C. 2005. The dynamic interactions among foreign direct investment, economic growth, exports and unemployment: evidence from Taiwan. Economic Change and Restructuring 38(3-4): 235–256.
Culem, C. G. 1988. The locational determinants of direct investments among industrialized countries. European Economic Review 32(4): 885–904.
Dees, S. 1998. Foreign Direct Investment in China: Determinants and Effects. Economics of Planning 31(2-3): 175–194.
Dunning, J. H. 1981. International Production and the Multinational Enterprise. Alden Press, Oxford, London, and Northampton.
Edwards, S. 1990. Capital Flows, Foreign Direct Investment, and Debt-equity Swaps in Developing Countries. National Bureau of Economic Research.
Friedman, J., H.G. Fung, D. A. Gerlowski, and J. Silberman. 1996. A Note on State Characteristics and the Location of Foreign Direct Investment within the United States. The Review of Economics and Statistics 78(2): 367–68.
Friedman, J., D. A. Gerlowski, and J. Silberman. 1992. What Attracts Foreign Multinational Corporations? Evidence from Branch Plant Location in the United States. Journal of Areaal Science 32(4):403–418.
Froot, K. A., and J. C.Stein, 1991. Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach. The Quarterly Journal of Economics 106(4): 1191–1217.
Hartman, D. G. 1985. Tax policy and foreign direct investment. Journal of Public Economics 26(1): 107–121.
Hymer, S. H. 1960, The International Operations of National Firms: A Studyof Direct Foreign Investment, Ph. D Dissertation MIT.
Isard, W. 1977. Location Theory, Agglomeration and Pattern of World Trade. The International Allocation of Economic Activity. Holmes and Meier.
Klassen, K., M. Lang, and M. Wolfson. 1993. Geographic Income Shifting by Multinational Corporations in Response to Tax Rate Changes. Journal of Accounting Research 31: 141–173.
Lucas, R. E. B. 1993. On the determinants of direct foreign investment: Evidence from East and Southeast Asia. World Development 21(3): 391–406.
DeMooij, R. A., and S. Ederveen. 2003. Taxation and Foreign Direct Investment: A Synthesis of Empirical Research. International Tax and Public Finance 10(6):673–693.
Mudambi, R. 1995. The MNE investment location decision: Some empirical evidence. Managerial and Decision Economics 16(3): 249–257.
Schneider, F., and B. S. Frey. 1985. Economic and political determinants of foreign direct investment. World Development 13(2): 161–175.
Scholes, M. S., G. P. Wilson, and M. A. Wolfson. 1992. Firms’ Responses to Anticipated Reductions in Tax Rates: The Tax Reform Act of 1986. Journal of Accounting Research 30: 161–185.
Swenson, D. L. 1994. The impact of U.S. tax reform on foreign direct investment in the United States. Journal of Public Economics 54(2): 243–266.
Tsai, P. L. 1991. Determinants of foreign direct investment in Taiwan: An alternative approach with time-series data. World Development 19(2–3): 275–285.
Vernon, R. 1966. International Investment and International Trade in The Product Cycle. Quarterly Journal of Economics 80(2): 190-207.
Wang, M. Y., A. Glass, J. E. Shaff, and L. V. Kochian. 1994. Ammonium Uptake by Rice Roots (III. Electrophysiology). Plant Physiology 104(3): 899–906.
Wheeler, D., and A. Mody. 1992. International investment location decisions: The case of U.S. firms. Journal of International Economics 33(1–2): 57–76.