我國於2011年正式增訂所得稅法第43-2條，即反資本弱化條款，目的為防止企業使用過多之關係人舉債融資獲取利息產生之稅盾效果進而規避稅賦。條款實施至今已逾10年，本文研究反資本弱化條款與公司關係人融資決策之關聯，並加以探討法定稅率對公司關係人融資決策之影響。研究結果顯示法定稅率對關係人負債占股東權益比率有正向顯著之影響，反資本弱化條款及法定稅率與反資本弱化條款之交乘項對關係人負債占股東權益比率則無顯著影響，實證結果支持本研究預期。換言之，反資本弱化條款之實施對關係人舉債融資決策無實質效果，其原因在於條款規定之比例限制可能過於寬鬆且不容易違背門檻，顯示反資本弱化條款可能要制定更為嚴格才能發揮影響。

In 2011, Taiwan officially updated Article 43-2 of the Income Tax Law, which is called the Anti-Thin Capitalization rule in this article. The purpose of this rule is to prevent enterprises from using excessive debt financing of related parties to obtain the tax shield effect of interest and tax avoidance. This rule has been implemented for more than 10 years. Therefore, this paper investigates the association between Anti-Thin capitalization rule and corporate financing decisions through related parties, and to explore the association between statutory tax rates and corporate financing decisions through related parties. Empirical results show that the statutory tax rate has a positive and significant impact on the ratio of related party's debt to shareholders' equity. The Anti-Thin Capitalization rule and the interaction of statutory tax rate and anti-thin capitalization rule has no significant impact on the ratio of related party’s debt to shareholders’ equity. The empirical results support the expectations of this study. In summary, The implementation of the Anti-Thin Capitalization rule has no obvious effect on the ratio of related party's debt to shareholders' equity. The reason is that the proportion restrictions stipulated in the terms may be too loose and it is not easy to reach the threshold, indicating that the anti-thin capitalization rule may have to be formulated more rigorously to provide a greater effect on corporate financing decisions through related parties.

摘要 I
Abstract II
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 4
第二章 文獻回顧 5
第一節 台灣營利事業所得稅法 5
第二節 反資本弱化 8
第三節 資本結構理論 16
第三章 研究假說與研究設計 21
第一節 研究假說 21
第二節 實證模型 24
第三節 資料來源及樣本選取 29
第四章 實證結果與分析 31
第一節 敘述性統計 31
第二節 相關係數分析 37
第三節 實證結果分析 40
第四節 敏感性分析 46
第五章 結論與建議 53
第一節 研究結論及貢獻 53
第二節 研究限制 54
第二節 研究建議 54
參考文獻 57
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