依現行所得稅法規定，只要受控外國公司盈餘未匯回，即可享有「租稅遞延」的效果，由於近十年臺灣利用受控外國公司，對大陸間接投資金額占全部對外投資總額比重超過五成以上，又因上市公司投資金額較大且具有代表性，因此本論文以國內上市公司利用受控外國公司，間接投資大陸子公司為研究對象，探討國內上市公司是否有透過「受控外國公司」不分配盈餘，藉由稅法「漏洞」以產生遞延課稅之效果，及我國若是建立受控外國公司課稅制度，對我國上市公司投資大陸子公司其損益稅負之影響。 　　本文研究結果，發現國內上市公司利用受控外國公司投資大陸子公司，普遍存在有盈餘卻不分配且不匯回之現象，我國有建立受控外國公司課稅制度之正當性及必要性；且我國如建立受控外國公司課稅制度，以產業別而言電子產業受影響最大，以研發強度而言，研發強度在5%~7%及9%以上之企業有較大之影響。又雖然實施受控外國公司課稅制度後，對於中等規模(資本額50億至100億)之有效稅率增加幅度最大，但受影響而應繳納稅負之金額仍以大型規模之企業為最高。 　　因此我國建立受控外國公司課稅制度，能拉近不同特性企業間適用有效稅率的差距，對舉債投資得扣除利息費用，境外投資收益卻能遞延課稅，以及在台灣享有研發投資抵減利益，卻有高額境外所得保留在海外未匯回台灣課稅之公司，有一定衡平作用，則我國建立受控外國公司課稅制度，實已非僅財政收入之考量而已，相對而言，改善租稅公平才是具有更大的意涵，因此有其正當性及必要性。文末提出幾點建議，期能作為政府研擬受控外國公司課稅制度之參考。 關鍵詞：受控外國公司、租稅庇護所、多國籍企業 / According to the current provisions of the Income Tax Act, Taiwanese companies will benefit from the "tax deferral" by not unremitting overseas earnings of their controlled foreign corporations (CFCs). Since the last decade in Taiwan, many companies have been increasing investments in Mainland China via their controlled foreign corporations, the investment in Mainland China have accounted for over half the Taiwanese total foreign investments. Therefore, this study focuses on the Taiwanese listed companies which invest indirectly in Mainland China. Furthermore, the controlled foreign corporations have become a tax loophole; this study examines whether those listed companies leverage the tax loophole to gain the tax benefit through the "tax deferral of Chinese subsidiary earnings." Besides, this study estimates the potential impacts on the profit and tax costs of the mainland subsidiaries of Taiwanese listed companies, if the controlled foreign corporation (CFC) tax system will be established in the future. 　　The results of this study show that the majority of Taiwanese listed companies do not fully distribute and remit the Chinese subsidiary earnings back to Taiwan. Hence, it is necessary for Taiwan to establish the controlled foreign company tax system to close the tax loophole. As to the impacts on industries, the electronics industries will be most affected by the CFC tax system, if established. In addition, companies whose R&D intensity range from 5% to 7% and over 9% will also be significantly influenced. Although the effective tax rates of medium-sized companies will have the highest increase in effective tax rates, but large companies will have the highest increase in the amount of CFC tax. 　　Therefore, the establishment of CFC tax system will contribute to narrowing down the gaps in effective tax rates between different firm characteristics of companies. Moreover, the new tax system can help prevent companies from shirking their fair shares of tax payments. The establishment of CFC tax system is not just for fiscal revenues, but also for the improvement of tax fairness—the latter being more important. Finally, this study concludes with suggestions that may be the useful references for the government to design CFC tax system in the future. Key words：Controlled Foreign Corporation, Tax Haven, Multinational Enterprise

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我國自民國80年開放外資直接投資股市至今已達5年，尤其外國專業投資機構最受矚目，本研究之目的係藉由分析外國專業投資機構投資策略與行為，及其有無適切運用會計資訊，來探討外國專業投資機構的角色。據此，本研究所欲討論的問題可分為兩大部分，其一為探討外國專業投資機構投資型態，亦即了解其投資有無百分比、月份、產業別與類別之偏好；另一為探討其投資行為與會計資訊之關係，亦即探討外國專業投資機構對會計資訊宣告前後有無不同策略。 　　本研究期間為民國83年10月至84年10月止，以每日外資個股持股變化為研究對象採用單變量分析、Scheffe比較法及成對t檢定之統計方式；經實證分析，本研究所獲得的結論彙述如下： 　　第一部份　外國專業投資機構投資型態研究 　　1. 在投資百分比方面，以佔當日個股成交數20%以下為最多，故外國專業投資機構不偏好大進大出。 　　2. 就投資時點而言，以第三季為最頻繁，乃為因應年底結算績效之故。 　　3. 就投資產業而言，以電子股與金融保險股為最多，因其在84年度為明星產業。 　　4. 就投資類別而言，以第一類股為主要投資標的，顯見大型績優股為外國專業投資機構所青睞。 　　以上結論均支持外國專業投資機構為理性投資者之角色。 　　第二部份　外國專業投資機構投資行為與會計資訊之關係 　　此部份所探討者為當會計資訊公佈為好消息或壞消息時，是否外國專業投資機構投資策略有所變化。經由實證分析，並不能支持假說，亦即不能證明外國專業投資機構做投資策略時，對會計資訊有即時反應。

近年來，我國政府大力推動海外企業來台上市，成效亮眼。在這股熱潮下，為了解海外企業第一上市新股和第二上市台灣存託憑證於我國資本市場掛牌後的表現，本研究針對2009年四月至2010年十二月間，外國與本國發行人在台灣證券交易所新上市之股票和台灣存託憑證進行實證分析。除檢定其是否存在異常報酬外，並綜合過往文獻、相關法令規範及迴歸分析結果，探討影響其異常報酬的可能原因。本研究主要發現如下： （1）國內外企業在台新上市股票及台灣存託憑證均具有顯著的期初異常報酬，其高低依序為－海外企業第一上市新股、國內企業新上市股票、海外企業第二上市台灣存託憑證。 （2）台灣存託憑證期初異常報酬的成因並非來自於承銷價格的低估，而是來自於投資人對於蜜月行情的過度反應。其主要證據為－平均達3%的發行溢價、蜜月期結束後顯著為負的累積異常報酬、及對期初異常報酬最具影響力的示範效果因子。 （3）國內企業在台新上市股票期初異常報酬的成因主要來自於承銷商與發行公司資訊不對稱所造成的承銷價格低估。其主要證據為－新股上市後穩定且接近1.5%的累積異常報酬、及對期初異常報酬最具影響力的折價幅度因子。 （4）海外企業來台第一上市新股異常報酬的成因可能部分來自於發行公司與投資人資訊不對稱所造成的承銷價格低估；部分則可能來自於投資人對蜜月行情的過度反應。其主要證據為－蜜月期結束後為負的累積異常報酬、及海外企業來台第一上市新股與國內新上市股票的合併資料迴歸中，群體效果、中籤率與海外第一上市名目變數等顯著影響因子的間接支持。 / This study attempts to investigate the different patterns of the abnormal returns of Taiwan listings by foreign issuers and IPOs by domestic issuers, for the period from April, 2009 through December, 2010. Of particular interest is to examine the determinants of the abnormal returns. The major findings of the study are as the follows: (1)Empirical results indicate that all Taiwan listing stocks, including IPOs by foreign and domestic issuers and TDRs, have significant abnormal initial returns. Among them, IPOs by foreign issuers show the highest abnormal initial returns while TDRs show the lowest. (2)Evidences like the negative CARs, the average 3% premium of TDR issuance and the demonstration effect suggest that investor overreaction could be a major factor contributing to TDRs’ significant abnormal initial returns. (3)Evidences also suggest the under-pricing by the better-informed underwriters may cause significant abnormal initial returns of IPOs by domestic issuers. The IPO discount is discussed as an in-depth demonstration. (4)The study assumes that the significant abnormal initial returns of IPOs by foreign issuers partly result from the under-pricing as a signal to attract investors, and partly result from investor overreaction.

金融業健全與否對於一國之經濟發展關係密切，近年來本國銀行積極朝海外市場發展。本文從金融全球化的角度探討國際化對我國銀行業經營績效之影響，首先，根據統計資料分別檢視我國銀行業國際化程度與外資銀行進入程度，其次，利用多元迴歸分析法探討2005-2013年本國銀行國際化與外資銀行進入程度對我國銀行整體財務績效之影響，最後，進一步分析國際化策略之不同是否會造成銀行間之績效差異，以下為本文研究結果： 分別從海外分支機構占總機構比例、海外資產占總資產比例、海外收益占總收益比例三個面向檢視我國銀行業國際化程度，可以發現除了海外收益比率呈現先下滑後上升之外，基本上近十年來是呈現穩定成長的趨勢，至2014年底為止，我國銀行之國際化程度分別為10.4%、17.5%、19.3%。在外資銀行進入程度方面，同樣從外資銀行分支機構占國內銀行總機構比例、外資銀行資產占總資產比例、外資銀行收益占總收益比例三個面向檢視，至2013年底為止，外資銀行進入程度分別為4.7%、14%、13.5%。整體而言並不算太高。 在本國銀行國際化方面，研究結果顯示三種國際化變數FSTS、FATA、OSTS對於ROA、ROE皆呈現顯著正相關；外資銀行進入程度方面，FATA2、OSTS2對於ROA、ROE皆呈現顯著正相關。表示國際化確實對於我國銀行之財務績效有正面助益。最後進一步分析國際化策略差異之影響，發現採用攻擊型國際化策略之銀行績效顯著高於防禦型國際化策略之銀行，唯邊際效果並不顯著，因此建議銀行業可積極採取至具高成長潛力的海外國家設立據點的國際化策略。 / The robustness of the financial sector is usually closely related to a country’s economic development. In recent years, domestic banks have proactively expanded into overseas markets. This study investigates the influence of internationalization on the performance of Taiwan’s banking sector in terms of financial globalization. First, the degree of internationalization of Taiwan’s banking industry and the extent of foreign bank entry will separately examined on the basis of statistical data. Next, the effects of the domestic banks’ internationalization and foreign banks entry on overall financial performance of Taiwan banks from 2005-2013 will be evaluated by applying the multiple regression analysis. Finally, a further analysis on whether the various internationalization strategies will lead to different performance among the banks will be conducted. The results of this study are as follows: The degree of internationalization of Taiwan’s banking sector is explored from the following aspects: the proportion of oversea branches, the ratios of oversea assets, and the percentage of oversea revenues. The results show that there has been a steady growth of oversea branches and assets in the past decade except oversea revenues that declined initially but rose later. The degree of internationalization of Taiwan’s banking sector was 10.4%, 17.5%, 19.3% respectively by the end of 2014. Similarly, the degree of foreign bank entry is inspected from the following aspects: the proportion of foreign bank branches, the ratios of foreign bank assets, and the percentage of foreign bank revenues. The percentage of foreign banks entry was 4.7%, 14%, 13.5% by the end of 2013. Overall, this rate is not too high. When it comes to domestic banks’ internalization, the results demonstrate that three variables FSTS, FATA, and OSTS are significantly positively correlated with ROA, and ROE. As for the foreign bank entry level, FATA2, OSTS2 are significantly positively correlated with ROA and ROE. This indicates that globalization does have a positive effect on the financial performance of Taiwan’s banks. Finally, as far as the further analysis of internationalization strategies is concerned, it is found that banks with offensive approaches have significantly higher performance than those with defensive approaches. However, the marginal effect is not significant. Thus, it is recommended that the banking industry can adopt an aggressive internationalization strategy to establish overseas branches in countries which have a high growth potential.

由於印尼為世界上人口最多的國家之一，因此憑藉著此一優勢印尼成為了勞工輸出大國，但是非常多的印尼勞工在外國工作時面臨虐待，因而產生了不少問題，另一方面，台灣是印尼勞工們選擇工作的優先地，主要原因有三個，第一為較高的薪水，第二為較好的生活品質及良好的工作環境，第三不公平對待相較於他國較少發生，儘管如此台灣政府仍面臨著管理外籍勞工的問題，特別是逃逸的外籍勞工的問題，而在台灣的逃逸外勞比例中，印尼勞工占了最高比例。 先前的研究主要在於分析台灣的逃逸外勞現象，並且把此一現象歸因於台灣的移工政策所造成，但是現有的研究主要是針對菲律賓的勞工而不是印尼勞工，因此對於印尼逃逸勞工現象研究則相較較少。 考慮到外籍勞工議題涵蓋的層面多元，如多方的參與者，因此本篇論文將專注於闡述與探討負責輸出勞工及輸入勞工國家的角色及政策。本篇論文主要分為兩部份，第一部分，由於台灣的移工政策對於外國勞工非常嚴格，因此台灣的移工政策造成了印尼勞工過多的負擔，第二台灣和印尼政府無效率的配合，兩國政府只專注於表面並無徹底了解並從其根本解決勞工問題，這兩項因素造成了高比率的逃逸印尼勞工問題，除此之外，本篇論文亦將包含清楚的台灣政府和印尼政府的勞工政策發展，為了更清楚了解此一議題，本篇論文也向移民署收容所作問卷調查，訪問避難所的逃逸勞工，和研究台印勞工現象的專家學者們進行團體討論，本篇分析結果來自問卷調查及訪問，並將此一結果與現有的印尼及台灣政府的政策與合作進行分析。 / As one of the most populous country in the world, Indonesia’s predominance is sending its human resources to work abroad. However, many Indonesian overseas workers encounter mistreatment during their work time which leads to several arising problems. On the other hand, Taiwan has become one of the preferred destination countries due to three reasons; higher salary, better living and working conditions, and low mistreatment cases compare to other destination countries. Despite that, Taiwan government still encounters issues in managing foreign workers. Runaway foreign worker is a major issue in Taiwan’s labor market and Indonesian workers are accounted as the highest runaway foreign workers in Taiwan. Previous researches have been conducted to analyze the phenomenon of runaway foreign workers in Taiwan and most of them addressed Taiwanese guest worker policy as the major reason. Research on runaway Indonesian workers in particular is very limited as most of the existing researches focused on Filipinas workers. Taking into account that foreign workers issue is a multi-faceted phenomenon which involves various actors, this thesis acknowledges the roles and policies from both sending and host states. Therefore this thesis delivers two arguments. First, Taiwan’s guest worker policy has put excessive burden on Indonesian workers as Taiwan employs highly restrictive policy towards foreign workers. Second, Indonesia and Taiwan’s ineffective cooperation is unable to address the existing runaway Indonesian workers issue as it emphasizes more on scratching the surface than dealing with the root causes. These two variables have inadvertently contributed to the high number of runaway Indonesian workers. In addition, this thesis also delivers a clear labor policy development in Indonesian and Taiwan government to understand each institution’s in-take related to labor issues. In order to provide comprehensive findings, this thesis conducts survey with the Indonesian runaway workers in Detention Center, interview with the runaway Indonesian workers in shelters, and focus group studies with Indonesian and Taiwanese experts who are dealing with such phenomenon. The analysis is drawn from the results of survey and interview, and then is connected to the current Indonesian and Taiwanese policies and cooperation in addressing particular issue.

在國際金融蓬勃發展的現況下，國際間的租稅協定與租稅政策如何吸引投資者進行外國證券投資，為各國促進國際金融與經濟的發展的重要議題。本研究探討的問題為國際間的租稅協定與個別國家的租稅改革是否影響投資人在進行外國證券投資的投資決策。 本研究以中國為例，探討於2008年中國實施新企業所得稅法後，與中國簽有租稅協定國之境外投資人，是否因其適用的股利所得稅率較非租稅協定國低，而有較大誘因與動機增加其對中國的外國證券投資金額。而實證結果顯示，於中國2008年的租稅改革後，與中國簽有租稅協定國的境外投資人明顯增加其對中國的外國證券投資額。此結果證明，租稅協定與租稅政策對外國證券投資者的投資之決策有其影響力。 / Since Global Financial has grown rapidly, how countries develop their financial markets and economics by abstract foreign portfolio investment (FPI) through international tax treaty and tax policy has become an important issue. And this study examines the relationship between tax treaty and tax reform to FPI, in order to see how taxation effects foreign investors’ investment decisions. This study derives the hypothesis that Enterprise Income Tax Law of the People’s Republic of China of 2008 should lead to a portfolio reallocation by foreign investors toward equities in tax-favored countries. An analysis that compares foreign equity holdings in treaty and un-treaty countries with China finds a substantial portfolio reallocation toward the former. The empirical results of the study indicates that after the tax reform of 2008 in china, treaty countries have more incentive than un-treaty countries to increase their FPI toward equities due to their lower dividends tax rates. And this result suggests that tax treaty and tax reform have an impact on FPI investors’ decisions.

本文以《文壇》為研究對象，嘗試說明文學光譜上傾向官方的文學刊物，支持官方文藝政策的立場，如何影響刊物的經營與文學實踐的傾向，基本上我認為支持官方立場的刊物帶給戰後台灣文學環境的影響，不全然是負面的，正是借用官方的資源，《文壇》的影響力才得以開展。論文以《文壇》史料的整理與閱讀為主軸，先概述刊物發行各時期的發展狀況與經營策略，說明支持主導文化的習性，使經營獲得利用官方資源的優勢，再加上以讀者為導向的行銷策略，拉攏各界寫作人才的努力，使《文壇》在50、60年代有辦厚大刊物的實力，也有持續經營的條件。但傾官方的習性也讓編者抗拒過度商業化，難以適應商業機制的挑戰，促成此刊60年代後期之後，影響力逐漸式微，顯現支持主導文化的習性，對《文壇》既有正面也有負面的影響。其次，由《文壇》的中外文學介紹，可發現《文壇》為了解決反共困境而介紹中外文學，但意識型態不完全主導傳播效果。支持主導文化的習性，造成對外國文學側重技巧面的學習，抗拒現代主義批判的面向，限制心理分析技巧表現尺度，但所介紹的外國文學暗藏批判的火種，雖然因當時文學環境的禁制力量，無法完全發揮力量，但給讀者留下了文學暗示。《文壇》的中國文學介紹亦然，著重文學脈絡和知識的介紹模式，以及用「匪情描寫」的框架詮釋三十年代文藝，皆和《文壇》文學位置有關，甚至《文壇》致力於寫作教育，也為了培養反共文學寫手。但其文學教育卻不限支持反共者才可享受，而向任何有志於創作者開放。在創作實踐方面，雖然《文壇》反共立場鮮明，但反共懷鄉和台灣書寫始終是《文壇》並存的書寫趨勢。本文著眼當中的台灣書寫，發現《文壇》的台灣書寫，一方面如同范銘如討論50年代女作家的作品般，有關注家台灣困與樂的傾向，但反共活動的支援，亦為《文壇》台灣書寫的一部分，作家們並未因為關注台灣生活，就完全放棄書寫反共或懷念原鄉，此現象給予我們補充「家台灣」論述的機會。過去，「家台灣」論述提醒研究者注意「反共之外的異聲」，但由《文壇》的個案差異，可發現家台灣書寫不一定是反共之外的異聲，而可能是反共內外作家們同時關注的課題。從不同作家書寫台灣的差異，也可發現刊物雖有特定立場，但編者極力傳播反共立場之餘，也努力實踐開放園地給創作者的初衷，盡量容納不同觀點的創作，使《文壇》中的創作彼此有對話空間，而不只是服膺官方文化政策而已。

面對全球化浪潮的衝擊，外國直接投資(Foreign direct investment, FDI)對於國家經濟與區域發展所扮演的角色越來越重要，此些FDI跨國企業所採取全球生產網絡(Global production networks, GPNs)佈局的投資行為，影響國際間不同區域的產業發展與消長，同時也牽動著台灣地區的產業生態，特別是在中國崛起後對台商所產生磁吸效應的壓力下，如何吸引廠商植根或回流台灣，便成為相當重要的課題。 新竹工業區於開發之初即劃設僑外專區，近幾年來園區的總產值居國內各編定工業區之冠，且區位鄰近新竹科學園區，其產業群聚現象正可作為分析全球生產行為的重要對象。基此，本研究一方面以FDI理論為基礎探討新竹工業區內外資廠商的演進變化，另一方面以GPNs理論建立本研究之分析架構，對工業區內的廠商進行深度訪談並輔以問卷調查，探討工業區內廠商的全球生產營運情況，以及全球生產網絡影響下之投資決策及區位變化。 研究結果發現，外資廠商在1980年代大量聚集在新竹工業區周邊，但在全球化浪潮影響下逐漸撤離台灣或轉進大陸，而之後進駐工業區的外資廠商受到先行廠商的影響，在投資產業類別乃至於資金來源都相當類似，一些未撤離的廠商，則是進一步從生產中心的角色轉化為以知識密集為主的研發中心。 另外，工業區內廠商在全球佈局的投資策略下則是將新竹工業區視為第二鏈(2nd tier)的生產與代工者，以圖像化(mapping)分析的方式(Henderson et al., 2002)發現工業區內廠商(如錸德集團)在價值的創造、增強與獲取上雖然比較低，但在全球與跨界的生產網絡中，其決策的權力卻具有極高的地位，而在地方鑲嵌上則與地區機構與同異業廠商建立一定程度的關係。 / Facing the globalization trend, foreign direct investment (FDI) plays an important role in national economic and regional development. Global production networks (GPNs) of transnational corporations (TNCs) have influence over worldwide industry and the circumstances of Taiwan. Hsin-chu industrial park planned foreign zone at initial phase of development, and is now with the highest manufacture productivity than other industrial parks in Taiwan. Owing to its proximity to Hsin-chu Science Park, the industry cluster of Hsin-chu industrial park and their production networks shouldn’t be examined with traditional industrial parks. Therefore, this research based on the concept of FDI and GPNs to build a framework for analyzing firms’ changing, globalization decision making and the relocation behavior by using questionnaire and interview. Research results find that the foreign firms can follow up the firms who had left Hsin-chu industrial park, and those who stayed changed their operation type from labor-intensive in1980s to knowledge-intensive at nowadays. Besides, firms in Hsin-chu industrial park play key producers, OEM and ODM in global production networks (2nd tier). By mapping analysis, this research also finds that flag firms (ex: RITEK) have lower value added, enhancement and capture, but have higher power of decision in GPNs and cross-border production networks and embedded deeply in local.

本論文分五章探討，第一章為緒論。 第二章為中國大陸企業所得稅法的立法沿革介紹及發展史。在此，介紹了中國從1950年開始至今50多年來中國稅制的演變。 第三章開始探討企業所得稅制的發展歷程，由於過去中國急於發展，稅制主要目的在於吸引資金，對外資企業設立許多租稅優惠，但在這樣的大環境之下，卻產生了許多不公的情況。內外資企業所得稅分立並行，兩套稅制在稅基、稅率、稅收優惠等方面都不統一，且外資企業享有大量租稅優惠，相較之下，內資企業成為弱勢，不利市場公平競爭，為納稅人避稅和偷稅提供相當大的誘因。另外，在第四節的部分，談的是新企業所得稅法的改革重點及內容介紹，並對新舊制度做出比較。 第四章談的是新企業所得稅法施行的問題點。本章將新法規定較模糊或是較晚公布細則的地方做出釐清，並談論在新法之下，有哪些合法的避稅管道可供使用。在第二節的部分藉由數據證明，新企業所得稅法雖然取消了許多外資企業的租稅優惠，但在2008年一整年的稅收比2007年來得要多，這說明了，修法只是一個國家制度的完善與健全，資金流向中國的原因並不全然是租稅優惠的關係，而是由於中國擁有資源及良好的投資環境等因素。 第五章為結論與建議。