因為美國之出口在過去二十幾年來有顯著比例是中間財之貿易。所以，Rangan 、Lawrence(1993) 和Hung(1997) 對於多國籍企業出口中間財至它的子公司的探討方向就特別有趣。因為前二文的解釋沒有探討到商品在廠商和它的子公司之間交易時有外部市場之情況。再者，前二文都未分析稅在匯率傳遞中之效果，故Hegji(2003) 特別就此二點加以探討。但是Hegji (2003) 之稅率結構之設定有瑕疵，故本文擬對此一瑕疵提出修正。並探討此修正對中間財之匯率變動之傳遞彈性之影響。 本文首先修正Hegji(2003) 之兩國模型，利用更符合實際情況之課稅計價結構來探討兩國相對匯率變動之中間財傳遞彈性，雖然所得結果其中間財之傳遞彈性如同前文所言的結果，但其均衡之國內外定價兩模型所得結果並不相同，且匯率變動之中間財出口傳遞彈性之式子亦不相同。可見不同的租稅結構會應影響到中間財出口之價格，及匯率變動之中間財出口之價格傳遞彈性，且其效果一般而言小於一。 在本文擴充Hegji(2003) 至三國模型下，假設母公司在母國生產並由兩子公司分別出口至另外第二及第三國，則第三國貨幣與母國貨幣之相對匯率會影響第二國匯率變動對該公司之第二國子公司進口中間財之移轉價格彈性，這結果可能是因為在國際企業利潤最大化之情況下，母國與另兩子公司所在的國家之貨幣相對匯率早已是該國際企業之決策因子之一，故會進入此式子中。另外，以課稅與未課稅情況比較，在三國模型中，雖然所得到的匯率變動之中間財出口之匯率變動傳遞彈性一般而言皆小於一，符合實際情況，但兩者之式子不同，可見租稅稅率會影響匯率變動之中間財出口價格彈性。

Because a significant fraction of the dollar volume of U.S. exports over the past two decades has been generated through trade in intermediate goods, Rangan and Lawrence’s (1993) and Hung’s (1997) explanation are particularly interesting. But neither explanation allows for an external market for the good transferred between the firm and its subsidiary. And neither author analyzes the impact of taxes on exchange rate pass-through. Hegji’s (2003) allows for such an external market and studies the impact of its structure on the exchange rate pass-through elasticity of a domestic firm with a foreign subsidiary. But Hegji’s (2003) had some trouble in his paper, so this study modifies its problem, then we expand this new two-countries model to a three-countries model. And the new model is used to explain the responses of foreign prices to changes in the exchange rate between the country of the parent affiliate and two foreign subsidiaries. This paper also analyzes the impact of taxes on exchange rate pass-through.