本研究目的在於探討企業若於租稅天堂設置子公司，藉此隱匿訊息，對股價崩跌風險的影響。本研究認為公司可能利用租稅天堂從事租稅規避，企圖操縱盈餘來掩飾管理階層不佳的經營結果，或藉租稅天堂架構複雜且不透明之交易來隱匿控制者進行不當移轉的不利作為，故預期於租稅天堂設置子公司會增加公司未來發生股價崩跌風險的可能性。研究樣本係以2012年至2017年我國上市、上櫃公司為對象，實證結果顯示，在控制其它影響未來股價崩跌風險與設置租稅天堂的變數後，企業於租稅天堂設置子公司與未來股價崩跌的發生呈現顯著正相關。本研究也發現隨著機構投資人持股比例愈高，企業於租稅天堂設置子公司造成股價崩跌風險的效果會降低。

This study explores the impact of companies setting up a subsidiary in a tax haven on the stock price crash risk. This study suggests that companies may use tax havens to engage in tax evasion to attempt to manipulate earnings to mask management’s poor business results, or conceal the unfavorable actions of controllers from improper transfer with complex tax haven structure and opaque transactions. Therefore, we expect that companies setting up a subsidiary in the tax haven will increase the possibility of the future stock price crash. We employ the companies listed in Taiwan Stock Exchange (TWSE) and Taipei Exchange (TPEx) from 2012 to 2017 in Taiwan as our sample. After controlling other variables that affect the future stock price crash and companies setting up a subsidiary in a tax haven, the empirical results support our prediction. The study also found that the higher the percentage of equity ownership held by institutional investors, the lower the stock price crash risk that companies setting up a subsidiary in a tax haven result in.

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