過去許多企業，將企業原本擁有的智慧財產（例如：專利、商標、營業祕密…）與企業的其他資產、負債，分離出來，成立智慧財產控股公司，並透過智慧財產供股公司的經營管理，獲取大量的租稅利益。此一租稅規劃工具雖然已引起稽徵機關的注意，但運用得當，仍可為企業創造可觀的利潤。 智慧財產控股公司的設立架構，母公司通常會在低稅率的國家或州，設立一完全控股的子公司，由智慧財產控股公司自行創設、或自母公司繼受智慧財產。智慧財產控股公司授權的對象，可能是母公司、亦可能為不相干的第三人。 智慧財產控股公司的租稅效益，來自智慧財產控股公司通常選在低公司稅率（甚至零稅率）的地區設立，對於權利金收入予以免稅的地區。母公司付給子公司的權利金費用，母公司可作為費用扣除，藉以降低母公司的所得稅。智慧財產控股公司可透過發放股利，或對母公司融資等方式，解決母公司的資金需求。 透過智慧財產控股公司進行租稅規劃，最重要面臨『移轉定價』與『避免濫用租稅協定』，因此智慧財產控股公司進行的關係人交易，不能是純為獲取租稅利益的假交易，必須有商業實質。 / Over the last decade or so, many businesses generating significant revenue from intellectual property such as patents, copyrights, trade names and marks, software and know-how (the IP Assets) have organized intellectual property holding companies (IPHCs) to reduce federal and state taxes while separating valuable IP Assets from other corporate liabilities. Recently, states have started to aggressively challenge this tactic. However, substantial state and federal tax savings can still be realized if IPHCs are organized and operated correctly. The structure of an IPHC is fairly simple. The parent corporation typically creates a corporate subsidiary in a state or in a foreign country where little or no taxes are imposed . IP Assets are created by or transferred to the subsidiary. The subsidiary enters into license agreements under which the parent corporation and non-related corporations agree to pay the IPHC royalties in exchange for an exclusive or non-exclusive right to use the IP Assets. Since most IPHCs are organized in jurisdictions with no income tax, the royalties received by the IPHC are generally tax-free. In addition, the parent corporation that paid the royalty typically can deduct the payment as a deductible expense, thereby reducing the parent's income or franchise tax liability. In some circumstances, IPHCs can make tax-free dividend distributions or loans to the parent corporation. The key issue IPHC should consider is “Transfer Price Issue” and “Anti Treaty Shopping Issue”. Transactions between related parties can’t be shame transaction, business substance is required.

隨著經濟全球化的時代來臨，國與國之間的界線漸趨模糊，全球的產業及資源都不斷地加速整合，本研究嘗試以不同角度出發，分別以「全球化浪潮下之現代集團公司」、「境外控股公司的靈活機制」及「以股權規劃為中心的思考模式」三大核心為主題，先從全球佈局的觀點來定位企業，取代傳統緩慢演變逐漸拓展的方式，選擇在企業創立的最初，就以全球化的眼光來設計企業的組成架構，跳脫國界的藩籬；再經由比較英屬維京群島、開曼群島以及美國德拉瓦州設立境外公司的相關規定，闡述境外控股公司的各種優勢與操作機制；接著探討企業從設立到赴國際資本市場上市的籌資過程中，如何以股權規劃為中心，運用靈活的持股架構及特別股的概念，就公司的股東結構、董事會結構與組織制度，以及員工認股權各面向做出細緻的設計，來募集所需資金並鞏固未來發展。 最後，本研究以中芯國際集成電路有限公司與富士康國際控股有限公司兩家赴香港上市之台資企業個案，討論其上市前之集團架構、歷次資本形成與股權規劃等過程，一方面與本研究之分析作對照，另一方面亦闡述香港資本市場躋身國際資本市場之原因，並對台灣目前資本市場的法令與政策提出期許。 / In the coming era of globalization, boundaries between countries are blurring, and the global integration of industries and resources speeds up. This thesis tries to look into the phenomenon from three perspectives: group companies under the globalization trends, the flexible mechanism of offshore holding companies, and equity planning-centered thinking model for modern enterprises. By pointing out that, instead of expanding gradually, modern enterprises tend to arrange its organization from a global viewpoint on the first day it is established, this thesis interprets group companies with a new angle; second, it presents the respective criteria for setting up offshore companies in British Virgin Islands, Cayman Islands and the State of Delaware along with the advantages and flexibilities of using offshore holding companies; and third, it introduces the concept of equity planning during the developing course of an enterprise from startup to listing company, including the formation of its capital structure, shareholder structure, board of directors, organization, and employee incentive plans in order to raise enough funding and secure the basis of future prosperity. At last, this thesis takes two Taiwan-based, Hong Kong listed companies, Semiconductor Manufacturing International Corporation and Foxconn International Holdings Limited, as examples and studies their respective pre-IPO group structure, the capital formation and the equity planning course to reflect the analysis contained herein on the one hand, and also discuss the reasons why Hong Kong can become one of the most-favored international capital markets and finally proposes suggestions to the laws, regulations as well as policies with respect to the current capital market of Taiwan.

自從美國於1999年11月通過金融現代化法案（Gramm-Leach-Bliley Act），排除銀行不得兼營證券及銀行控股公司不得兼營保險業務之規定，准許原銀行控股公司可申請改制為金融控股公司，並以此金融控股公司來經營銀行、證券及保險業務後，我國為尋求國內金融機構能與國際接軌，順應國際金融集團跨業經營之趨勢，遂於2000年通過「金融機構合併法」及「銀行法部分條文修正案」，隨後再於2001年6月26、27日通過包括「金融控股公司法」等之金融六法，期望透過金融機構間之合併與成立金融控股公司，整合銀行、證券、保險、票券等金融相關產業擴大金融機構之規模，透過金融控股公司之跨業平台來滿足客戶之需求，發揮金融資源整合之綜效(Synergy)，進而得以提升競爭力與獲利能力。 然而，本國金融控股公司自成立以來發展至今，有關金融控股公司之風險管理之組織、功能與執掌，除了金管會發布之「金融控股公司內部控制及稽核制度實施辦法」之第11條、第12條及第13條，規範金控須訂定適當之風險管理政策與程序，建立獨立有效風險管理機制、應設置獨立之專責風險控管單位，並定期向董事會提出風險控管報告及風險控管機制應包括之內容等原則性規範外，並未有其他較為詳盡之法令或可遵循之規範。 本論文以個案金融控股公司之實務運作為探討，期望可提供國內金融控股公司風險管理之運行之參考，吾人從此次2007及2008次貸風暴所形成之2008世紀金融大海嘯，亦可深知風險管理之重要性，金融機構之風險管理就如同蓋一棟大樓一樣，風險管理之制度與機制是該大樓之鋼樑與鋼柱，每個樓地板是金融機構之各項業務，而串連各樓層之樓梯或電梯為風險管理與各業務部門間之溝通管道，但要大樓不倒，重點在於地基的扎實與穩固，而此大樓之地基即是所謂的「風險管理文化」，透過該地基穩固的支撐每個鋼樑鋼柱及樓地板，才能有效防止並保護大樓能夠屹立不搖。因此，重視風險管理文化之深耕，建立金融機構全員之共識與確實遵循，乃是保有地位與安全之不二法門。

本研究主要探討日本企業於90年代面臨泡沫經濟、金融風暴、全球化、資訊經濟以及服務經濟的變革。許多大企業過去因為追求成長而組織逐漸膨脹，使得面臨外部環境快速變遷時，發生反應遲鈍、人員創新力不足、資源過度分散的現象。在這一波變革當中，日本企業一方面要重整組織，一方面要踏入新的事業領域，使得變革格外艱困。90年代的泡沫經濟，正好提供日本企業深思反省的機會，也讓研究學者提供了企業變革的最佳樣本。 由於日本政府正式將獨占禁止法的純控股公司禁令解除，預計2001年進一步更改稅法為連結經營的模式，因此被禁止五十年的控股公司經營模式將被許多大企業多所採用。本研究藉由三大綜合電機廠商－株式會社日立製作所、株式會社東芝、三菱電機株式會社－的探討，逐步了解日本企業這一波組織變革的手法，以及控股公司組織架構在企業變革上所扮演的角色。 本研究從策略思維、組織架構、經營系統著手探討，發現在各個環節上都是企業變革的重要考量。日本企業的經營策略逐漸轉型為以中期規劃為主；原本製造導向轉變為以服務為導向；80年代過張造成的的資源分散，現在則努力執行選擇與集中企業資源；面對著資訊時代的來臨，投資網路與通訊新事業；隨著全球化的變化，企業不只有著重於日本市場，更以策略聯盟的方式以拓展全球市場。 由於控股公司架構的施行，可以幫助企業易於事業重組與進入新事業、企業轉變成為以策略為重點、權力分配朝向大幅授權與分權自主。就管理制度而言，為了適應mega-competition的競爭環境，反應速度是重要的考量，因此除了維持生產效率之外，經營效率亦是訴求重點。強調創新精神、加速決策過程、採用績效制度、藉助資訊系統等，以搭配控股公司的組織架構，期待能創造出另一波為人稱道的日本式經營。 本研究的結果，正是吾人探索二十一世紀經營之典範。對於台灣企業而言，台灣企業一直和日本企業保持著亦師亦友的角色，日本企業所面臨的大小問題，似乎都是台灣企業未來極有可能遇見的狀況，透過日本企業的深入了解，不但給予台灣企業警惕，也提供台灣企業良好的教材。 / The research studies Japanese firms' changes in face of bubble economy, financial crisis, and globalization as well as digital and service economy. Due to rapid growth in the 1980s, while facing the fast changes of business environment in the past decade, most of Japanese companies suffered from slow responses, insufficient innovation, and over diversified resources. To revitalize the organizations, they are willing to invest in new businesses on the other hand. Because of the lift of pure holding company and reform of consolidated tax system, many Japanese companies are announcing that they will transform themselves to new organizations in form of holding company that had been banned for fifty years. Through the search of three giant general electric firms- Hitachi, Ltd., Toshiba Corporation, and Mitsubishi Electric Corporation, the research discusses how the Japanese enterprises change and how the holding company structure plays in organizational changes. In terms of strategic rethinking, organizational adaptation, and managerial revitalization, Japanese companies are transforming from long term planning to midterm, from manufacturing orientation to service, from diversified resource to selection and focus, and from general electric businesses to network and communications. Not only is Japanese market emphasized, but international markets also are exploited by numbers of global strategic alliances. The introduction of holding company structure helps companies enter new businesses easily, focus efforts on strategies rather than on operations, and delegate more authorities to lower levels. Under the new structure, management system should be changed simultaneously. To survive in new business environment called mega-competition, fast response and managerial efficiency are points. Moreover, entrepreneurship, speedy decision making process, performance-based evaluation, and information system are adopted to fit both strategic rethinking and organizational adaptation. Scrutinizing Japan's adaptation to environment can give Taiwanese companies more understandings of new Japanese business operations. What the research reveals can warn Taiwan of falling into the same path as of Japan.

University of Macau / Faculty of Law

在當前競爭態勢下，台灣金融市場的發展，勢必朝向跨業經營的方向前進。我國亦於民國九十年六月二十七日通過金融控股公司法，賦予台灣金融業跨業經營的法源，為國內金融業創造成為金融集團的契機，以達成金融跨業經營現代化、國際化的目標。雖然金融機構業務營運多樣化，但金融機構承擔風險亦隨之增加，金融監理機制在面臨這樣的挑戰下勢必得做一番調整，才能持續扮演健全及穩定國內金融體系的重要角色。 我國主管機關對於金融控股公司要求以合併基礎計算資本適足比率，並訂定了「金融控股公司合併資本適足性管理辦法」，以期能發揮適度的監理功能。然該辦法中僅以簡單的加減乘除運算求得之資本適足率，是否為反映集團資本需求的良好指標實不無疑問。因此，本文除了研究國際監理官組織所發布的相關報告外，並藉由介紹和討論歐盟指令對金融集團的補充監理原則和措施，如：資本適足性、集團內部交易、風險集中等問題，以及美國對於金融控股公司之相關監理規範，加以比較研究後，來探討我國現行規範是否妥當，並提出相關監理制度改善之建議，以期能作為我國建構健全金融市場之參考。 / Under current competitive circumstances, the development of Taiwan’s financial market will be bound to move forward in the direction of cross-sector business. In Taiwan, Legislative Yuan also has passed the “Financial Holding Company Act” in June 2001. With the passage of the act, it not only gives Taiwan’s financial institutions authority to operate cross-sector activities, but also creates a trigger for financial institutions to become financial conglomerates in order to meet the objectives of financial modernization and globalization. Although financial institutions may diversify their business, additional risks may arise. Financial regulatory mechanisms have to adjust their function to ensure the safety and soundness of financial system. Our competent authorities demand financial holding companies calculating their capital adequacy ratio on a consolidated basis, and enact “Regulations Governing the Consolidated Capital Adequacy of A Financial Holding Company.” However, in this regulation, the ratio was calculated in simple aggregated method, and it is doubtful that such ratio is a good index to reflect consolidated capital requirement. Therefore, this thesis not only studies on related publications issued by international supervision organizations, but also introduces EU Financial Conglomerate Directive with regard to some supervisory issues (e.g. capital adequacy, intra-group transactions and risk concentrations etc.) and U.S. framework for financial holding company supervision. After investigating and comparing different models, this study tries to find whether current regulation is appropriate or not, and make some suggestions concerning the supervisory system in order to construct a sound financial market as a reference in our country.