雖自1978年開始，但是從1992年鄧小平的南方談話後，中國大陸才正式進入改革開放時期，並持續20年至今。如今，中國已成為一個小康社會。"私有"的概念取代"國有"的概念是社會的一個巨大驅動力。 隨著市場經濟的腳步，保險業加入市場，並成為社會上一個穩定的力量。在這二十年中，壽險業是中國發展最快的行業之一。因為了解這股社會穩定力量的重要性，中國政府制定並頒布了許多法規，並推動保險業積極參與整個金融體系。 　　在全球化環境以及WTO的架構下，中國政府透過完善法制，加速開放腳步以吸引外國投資。如今，中國的保險市場已達到一定的規模。銀行險保為中國壽險市場帶來持續性的增長，並且對於保險公司的保費收入發揮重要作用。 　　我們建議，中國政府應注意仍然存在的壟斷局面，風險管理，以及利率的變化，以避免在未來的利差損問題。現在外資保險公司只佔較小的市場份額，如果情況持續存在，這並不利於金融體系的發展。跨業之間風險互相影響傳遞的可能性，將一天一天增加，因此，政府應創造良好的金融環境，也應對於風險控管持續關注。 / Started in 1978, but after Deng’s Southern Speech in 1992, Mainland China officially entered an evolution and opening year, which last 20 years till now. Nowadays China is a moderately prosperous society. The change of the concept "private" replaces "state-owned" is a huge driven power for the society. Following the market economy step, insurance industry joins and become a stable power to the society. In the two decades, life insurance industry is one of the fastest developing industries in China. Understanding how important the stable power for the society, the Chinese government enacts many regulations and pushes insurance industry to actively join the whole financial system. Under globalization environment and WTO structure, Chinese government accelerates the open steps by perfect legal system and attracts foreign investment. Nowadays China’s insurance market reaches a certain scale. Bancassurance brings continuous growth of China’s life insurance market and keep playing important role for insurer’s premium income. This study suggests that the Chinese government should pay more attention on monopoly situation, risk management, and the changes of interest rate to avoid negative spread problem in the future. Foreign insurers nowadays only accounted for minor market share which is not good for the development for the financial system if the situation exists continuously. The probabilities of risk transmission across industries will increase day by day; therefore, the government should create a sound financial environment and also keep their eyes on risk control.

自1978年中國開始經濟的改革開放政策以來，吸引外資便成為其推動經濟成長的重要手段之一。1992年鄧小平南巡，再一次宣示建立「社會主義的市場經濟體制」後，由於開放的經濟政策更為明朗，使越來越多的國家到中國直接投資。自此，中國成為全世界最受歡迎的外資投資國之一。甚至在2002年超越美國，成為全世界最大的外資接受國。如此多的國家對中國展開大規模的投資，其投資的規模與投資地區的選擇卻有相當大的差異。因此，本文的研究目的，將以1993至2003年世界各國對中國投資的追蹤資料（panel data），搭配固定效果模型（fixed-effect model）與隨機效果模型（random-effect model）的估計，並以目前中國沿海發展具代表性的北京、上海與廣東三個省（市）之比較，探究影響世界各國對中國直接投資的決定因素。 實證結果發現影響外商直接投資北京、上海與廣東的決定因素中，顯著影響的變數為相對工資率、對中國貿易依存度、相對匯率以及相對借貸成本。而其餘的變數，如相對國內生產毛額、相對每人國內生產毛額和相對國家風險等皆不顯著，反映了其皆非外商直接投資中國時所考量的決定因素。 / Since 1978, China has adopted the so-called “open door policy”, attracting foreign direct investment (FDI) has become one of the most important methods to facilitate its economic growth. However, foreign countries didn’t invest large amount toward China until Deng Xiaoping’s southern trip in 1992. The purpose of this study is thus to investigate the determinants of FDI from different foreign countries to different regions in China after foreign countries started to invest tremendous amount toward China. This study adopts fixed-effect model and random-effect model to investigate the determinants of FDI in China with panel data of Beijing, Shanghai and Guangdong during the period of 1993-2003. The result shows relative wage rate, trade dependence to China, relative exchange rate and relative borrowing cost are the most important factors in attracting FDI in Beijing, Shanghai and Guangdong during 1993-2003. Finally, in order to reduce the mistakes occurred in positive models and enable the study more rigorous, then uses more methods to test the models and the result.

在中國大陸的法律環境中，外商私募股權基金是較新的議題，它同時牽涉了「外商投資」與「私募股權投資」兩個領域。因此，就外商私募股權基金而言，其為中國大陸在國外法律繼受嬗變後，再於法律雙軌制下的二次嬗變。 外商私募股權基金，是指由外國投資者注資或者外國投資者管理的私募股權基金。因此，它的市場屬性為「外國直接投資」、「國際金融服務」。 由於中國大陸對外商採取「外資法群」進行規範，而並沒有一部外商法典做集中、統一的規定。因此，彼此間存在一定程度的分散、重複、衝突等問題。再加上中國大陸對外商、內資採取雙軌制立法，故法律規範雖有創新但也常有彼此扞格或不足之處。也因此造成運作上的幾個問題：外匯管制、投資待遇、雙軌制、地方政府隨意的政策、實務操作的衝突(投資協議、有限合夥)、及優先股的欠缺。 財經法律因應經濟市場而生，惟經濟市場逐年改變。外商私募股權基金既是經濟市場的產物，就無法透過行政力量加以限制，也無需透過偏頗政策揠苗助長。僅需創造一個平等的法治環境，讓市場自行運作。 本文探討中國大陸對外商私募股權基金相關法規的發展現狀、投資障礙與內外資衝突等議題。除對如何完善立法略盡棉薄之力外，並希冀能提供台灣投資者於前進中國大陸時有所參考。 / In the legal environment of China, the foreign private equity fund is a relatively new issue, it involves two areas of "foreign investment" and "private equity investment” simultaneously. Therefore, with respect to the foreign private equity fund, it is subject to transmutation of foreign laws and subsequently the second transmutation under the dual system of laws in China. The foreign private equity funds refer to the private equity funds injected by foreign investors or managed by foreign investors. Therefore, its market attribute to the "foreign direct investment", "international financial service." Although China has adopted a series of laws to regulate foreign enterprises, there is not one foreign investment code as centralized and unified regulation. Thus, there exists a certain degree of dispersion, overlap, conflict problems among them. Along with the duel system of legislation adopted for foreign enterprises and domestic investments, there are often discrepancies or deficiencies between the legal requirements, although they have been innovated. This resulted in several operational problems: foreign exchange controls, investment treatments, duel system, arbitrary policies of local governments, conflict in practices (investment agreement, limited partnership), and the lack of preference shares. Financial laws are established in response to the market economy, but the economic market changes every year. Since the foreign private equity funds are the production of the market economy, they cannot be restricted only by the administrative power, and they don’t need partial polices to pull up. They only require creating an equal legal environment to make the market operate under its own mechanism. This paper discovers the issues with respect to the current development status of related regulations on the foreign private equity funds, foreign investment barriers and conflicts between domestic and foreign investment in China. In addition to make a little contribution to improve the legislation, it’s also expected to provide reference to Taiwan investors for developing business in China.

本研究係利用經濟部投資審議委員會2007年「華僑及外國人投資事業營運狀況調查表（非服務業）」問卷資料，以1,013家僑外資在台非服務業廠商為分析對象，運用Probit Model進行實證分析，由廠商規模、行業分類、廠商成立年數、國際化程度、技術來源、在台設立區域營運總部、業務種類多樣化、兩岸經貿政策進一步鬆綁及降低關稅，儘速與他國簽署FTA等各個面向，探討兩岸經貿關係更加緊密後，影響僑外商在台子公司運籌中心地位之決定因素為何。經實證結果發現，國際化程度、技術來源、在台設立區域營運總部、業務種類多樣化及兩岸經貿政策進一步鬆綁等變數為影響僑外商在台子公司運籌中心地位之決定因素，除技術來源為在台自行研發之變數呈負向關係，傾向於採行降低及不變之營運策略外，其他變數皆與僑外商在台子公司運籌中心地位呈正向關係，傾向採提升之營運策略。 / This research made use of the 2007 Ministry of Economic Affairs Investment Commission survey entitled "Chinese and Foreign Investment Enterprises Operating Conditions Survey (non-service)" and targeted 1,013 non-service industry overseas foreign manufacturers in Taiwan as research subjects. The Probit model was used to carry out an empirical analysis based on the firm size, industry classification, the year the manufacturer was established, the degree of internationalization, technology source, established regional operational headquarters in Taiwan, business type diversity, steps taken to relax and lower tariffs and promptness in signing FTA and other oriented documents, with other countries. This study discusses why there were influencing factors in the decisions of overseas foreign investment subsidiaries in Taiwan logistics center positions after cross-strait economic and trade relations became closer. The empirical results show that the degree of internationalization, sources of technology, the establishment of the regional operational headquarters in Taiwan, business type diversity and further relaxation of cross-strait trade policy variables are the impacts of overseas subsidiary of foreign logistics center’s factors in determining status. In addition to the fact that the variables of technology sources developing on their own in Taiwan showed a negative relationship and tend to adopt reduced and unchanged operation strategies, other variables are compatible with overseas business subsidiaries in Taiwan logistics center position and showed a positive relationship and tend to enhance the operational strategies adopted.

順應國際會計準則發展趨勢，我國於2008年12月發布財務會計準則第40號公報「保險合約之會計處理準則」，並自2011年1月1日施行。面臨第40號公報與過去截然不同的會計處理程序與財報揭露要求，本國保險公司是否已有足夠的準備與專業足以應付這項保險會計作業轉換所帶來的衝擊？ 　　本研究透過問卷調查從業務執行者之角度分析第40號公報對本國外商保險業者之影響。研究發現本國外商保險公司雖然已具備依據IFRS 4或US GAAP編製財務報表之經驗，但受訪人員一致認為第40號公報的實施將導致整體作業成本增加，而相關法令及緩衝配套措施未及時修訂係導入作業面臨的最大障礙。此外，IFRS 4第二階段以公平價值衡量保險負債的要求影響重大，風險資本適足性及增資壓力成為適用該號公報首要挑戰，業者甚至考慮變更保險商品的設計以因應之。 　　據此，本研究建議保險業由董事會高層授權成立專案小組統籌導入計劃及委任外部專家協助，並且進行全面試算與分析供決策參考。主管機關將保險財務與監理會計分離並及時修訂相關法令及緩衝的配套措施，以減緩保險業者所受之衝擊；並及早評估第二階段的影響，以緩和漸進的方式達到IFRS 4第二階段之要求。 / Vow to adapt accounting standards with IFRS, Taiwan issued GAAP No.40, the Accounting Standards for Insurance Contracts in 2008, which will be effective starting from 2011. With different accounting and disclosure requirements GAAP No.40 requires, are Taiwan insurance companies capable and ready to implement the new standards without any impact? 　　This research tries to study and analyze survey from staffs of foreign insurers in Taiwan regarding impacts of adopting the new accounting standards, although almost foreign insurers in Taiwan are capable of compiling their financial reports in accordance with IFRS or US GAAP requirements to their parent company. The questionnaire results indicate that all respondents agree that overall costs will increase due to adopt the new standards and lacking of the related regulations and supporting measures to the new standards will be a major challenge in operating levels. Furthermore, using fair value to measure insurance liabilities in phase II of IFRS 4 will cause huge impact for all insurers. The critical challenges of the new standards are the adequacy of Risk-Based Capital and additional capital requirements, which might even force the insurers to resign the products in order not to fail to comform RBC ratio. 　　Therefore, this research has 3 suggestions for insurers and 3 suggestions for authorities, respectively: 1.to be fully authorized by Board of Directors to set up IFRS 4 project team to implement the stardard as soon as possible; 2.to look for outside experts supports; 3.to make pre-test of the impact of the new stardard as the reference for insurers’ business plans and strategies; 4.to separate insurance financial accountings with insurance regulatory requirements; 5.to provide supporting policies or amend regulations to mitigate negative impacts from the new standards; 6.to make an overall study and analysis on phase II of IFRS 4 to ensure insurance companies can implement phase II smoothly and successfully.