一般學者在分析最適關稅及投資稅時，皆以兩國兩財為架構，視國家為一經濟單位 ，以其效用函數為社會福利函數，而政策目標即為追求社會福利函數之極大化，此 隱含者，本國只有一個經濟個體，或所有經濟個體為同質，且具有完全一致的致用 函數，及完全平均的所得分配，而未考慮國內有不同經濟個體，不同所得分配之情 形，因此本研究擬考慮所得分配，修正一般所討論的最適關稅及投資稅，本文概述 如下： 第一章 前言 第二章 有關論文之評介 第三章 所得分配與最適租稅 1.假設與模型 2.最適關稅 3.最適投資稅 第四章 開發中國家之最適租稅 1.最適關稅 2.最適投資稅 第五章 關稅協定下之最適投資稅 1.一般國家 2.開發中國家 第六章 成長與分配兼顧之最適租稅 1.最適關稅 2.最適投資稅 第七章 結論

由於政府呼籲企業南向投資，以分散過度依賴大陸的風險，加上大陸宏觀調控限縮對台商放款、部分地區實施限電等措施，已使台商產生危機感，而轉向越南投資以分散風險。由於越南已成為全球鞋類十大加工及出口國之一，加上美國已於2001年12月10日給予越南NTR優惠法案，帶動另一波的越南投資熱，其中以紡織及鞋類等產業因考量美國給予越南最惠國待遇，可藉由優惠關稅配額進入美國市場，將有助於台商在越南之生產與銷售，因此，紛紛加碼投資越南。由於台商海外投資仍需銀行之融資配合，而海外貸款所涉及之法律、國家、政治等風險較國內貸款複雜，對於海外貸款之利弊及可行性，實有加以探討之必要。 本文個案係以C銀行往來多年之優良客戶-A公司在越南平陽省之鞋廠建廠融資案為例，個案中之C銀行於越南並未設立分行，因此擬請越南當地銀行-F銀行胡志明分行作為擔保品代理行。本論文研究結果為，為規避無法將越南擔保品設定予C銀行之限制，而規劃出『擔保品代理行』作為抵押權人之融資架構，並未獲越南國家銀行認可，主要原因在於F銀行胡志明分行並非實際貸款銀行。而從整個個案之研究當中，不僅是對融資架構之探討，更由包括對越南投資環境、法令規章及授信評估等分析當中發現，承作海外貸款案件，不僅有其利基，亦有其風險存在。主要利基包括承作海外貸款案件可積極拓展銀行業務，滿足客戶海外投資之資金需求，進而提供更多元化之服務；可透過參與海外聯合貸款方式，與世界知名之企業建立往來關係；可分散授信風險於不同的國家及不同的產業上。主要風險包括國家風險較高；法律問題複雜，需透過專業律師來處理相關之合約及設定等法律問題；且不見得有律師出具符合銀行利益之法律意見，就能保證完全沒有法律上之風險，尤其是在一些較落後的國家，法治系統並不健全，通常較保護其國內債務人，至於外國債權人想要獲得勝訴求償，並不容易，故仍有訴訟上之風險存在。 對本文個案之承作方式，建議改以聯合貸款方式，或由越南當地銀行出具保證函或開發擔保信用狀方式或以信用貸款方式承作。另外，由於越南係一新興開發中國家，有其潛在之投資利基，不管是基於越南之投資環境、國家的政策目標、為跨國的台商企業提供更完善的海外服務、或是拓展海外業務以提升銀行競爭力等因素，越南實有開設分行之利基所在。

現階段中國大陸之經濟發展已不存在資金與外匯的制約、整體投資環境的改善、內需市場吸引力的加大及加入WTO後，一些對外開放初期為吸引跨國企業投資的讓利政策，正逐步取消。為使外商投資與產業結構調整政策相結合，中國大陸的引資方向從「招商引資」到「招商選資」、從外資「超國民待遇」到「國民待遇」轉變。中國大陸於2006年11月公佈《利用外資十一五規劃》，未來將更加重視引進具備先進技術、管理經驗、資源節約型、環境友好型等高素質外資項目。近期重大的外資政策轉變，將對在中國大陸台商的營運活動，造成新的挑戰。 本研究參考工總問卷調查結果，同時運用深度訪談，綜合分析歸納中國大陸近期實施內外資企業所得稅合一、調降出口退稅率及《勞動合同法》對台商營運之影響。本研究發現，企業所得稅是企業有盈餘才需繳，因此廠商普遍繳得比較心甘情願。調降出口退稅率政策對於出口產品遭調降稅率，產品附加價值又不高者，影響較大。《勞動合同法》對廠商的影響則較為普遍。儘管中國大陸外資政策轉變，但因其市場發展潛力大，加上台商群聚效應及經營慣性等因素，維持原投資規模及原投資地點者均超過半數，實際上減少規模或結束營業僅約1成。且經營自有品牌者、產品附加價值高者、管理效率高者、內銷市場比重高者、原本即較遵守法令規範者，相較之下，所受衝擊較小。 即使近期中國大陸外資政策之轉變對出口型、勞力密集型企業較為不利，惟對於高新科技、節能、環保及信息等產業繼續給予租稅優惠，相關商機應可掌握。樂觀者從危機中看見轉機，台商應審時度勢，合法經營，重新整合資源，積極升級轉型，才是永續經營之道。 / Economic development in China is no longer bound by restrictions on foreign exchange and capital investment, and the investment environment as a whole has been improved. These factors, along with the increasingly attractive internal market and China’s joining the WTO, have resulted in the gradual cancellation of profit-concession policies established at the earlier stage of the market opening to attract international investments. To ensure that foreign direct investments（FDI） will be fully integrated with the industrial structure adjustment policies of the country, China’s FDI policies have also been redirected from “Attracting Investors” to “Selecting Investors”; and the “Preferential Tax Treatment” granted to foreign investment institutions has been discontinued and replaced by the “National Treatment”. In November, 2006, the Chinese government further announced the “11th Five-Year Programme for Utilization of Foreign Direct Investment”. It is expected that more attention will be paid to the introduction of high-quality foreign investments distinguished by their high technology, management experience, resource-saving and environment-friendly features, etc. Significant changes in China’s FDI policies in recent years will pose new challenges to the business operations of Taiwanese companies in China. This study has referred to the results of a questionnaire survey conducted by the Chinese National Federation of Industries and adopted an in-depth interview approach, so as to analyze and identify the impact on of the various recent policy changes in China on the operations of Taiwanese companies, including the unified corporate income tax rate for domestic and foreign investment enterprises, the reduction of export rebate rate and the implementation of the Labor Contract Law. The findings show that, in general, enterprises are more prepared to pay corporate income tax because it will only be levied when the company has made profits. The downward adjustment of export rebate rate would impact more on companies whose export products are of lower added value, and are subject to the adjusted rebate rate. The Labor Contract Law, on the other hand, would have a relatively wider influence on the companies. In spite of the changes in China’s FDI policies, more than half of Taiwanese companies have determined to maintain their existing investment scope and business presence in China, considering the great market potential, the cluster effects of Taiwanese companies and the organizational inertia. Only about 10% of the companies have physically reduced their business size or closed their businesses. Comparatively, the less impacted companies are the ones which own their own brand names or highly value-added products, those with better management efficiency or a higher percentage of China’s domestic market, or companies which have been relatively more compliant with the regulatory requirements in the past. While the recent changes in China’s FDI policies have turned out to be unfavorable for export or labor-intensive industries, Taiwanese companies should grasp business opportunities in the areas of high and innovative technologies, energy-saving, environmental protection and the information industry, to which tax credits are being continuously granted. With crises come opportunities. It is recommended that Taiwanese companies in China should evaluate the situation and abide by the relevant regulations; and endeavor to achieve sustainable business development through the re-integration of resources and active upgrading or transformation of businesses.