在企業的國際化過程中，跨國投資加重管理者和外部投資者的資訊不對 稱，提高公司的代理問題及盈餘管理現象，故而本研究將探討公司海外投資 區位選擇對盈餘品質之影響。由於台灣上市公司大多為家族企業，且存在著 嚴重的控制股東侵佔小股東利益的代理問題，因而本研究將同時針對家族企 業與非家族企業兩群樣本進行分析，分析家族企業進行海外投資降低盈餘品 質的現象是否有較明顯。本研究以2001 至2010 年之上市(櫃)公司為研究對 象，研究發現當公司海外子公司屬於經濟合作暨發展組織(Organization for Economic Cooperation and Development)所列的「不合作的租稅庇護所(tax haven)名單」比例愈高時，公司盈餘品質愈低，顯示海外投資區位的選擇會 影響公司的盈餘品質；本文同時發現公司在租稅庇護所地區投資造成公司盈 餘品質惡化的情形在公司為家族企業時特別明顯，在非家族企業此種現象較 不明顯，且當控制股東「席次控制與盈餘分配權偏離程度」、和「席次控制 與股份偏離程度」愈高時，公司在租稅庇護所投資惡化公司盈餘品質的情形 也愈明顯。

The purpose of this paper is to investigate the relationships among the local choice of foreign direct investment, family business and earnings quality. The sample includes the public listed companies ranging from 2001 to 2010. The results indicate that international investment leads to complex financial statements and make information asymmetry seriously between managers and outside investors. Our findings suggest that the value-relevance of earnings is significantly smaller for firms that has higher ratio of investing in OECD List of Uncooperative Tax Havens indicating investing location will influence earnings value relevance We also find that the negative impacts of FDI (Foreign direct investment) location choice on earnings quality will deteriorate in family business as well as in the circumstances when there is a greater divergence between board seats control, cash flow rights and voting rights.