隨著國際化及全球化的時代來臨，政府為鞏固臺灣成為企業決策中心及價值創造基地，推動跨國企業及國內企業在臺設立營運總部，達到「深耕臺灣、佈局全球」的國家經濟願景。究竟企業設立營運總部整體經營績效如何？本文以2002年至2008年設籍於台北市取得營運總部之72家上市及上櫃公司之資料，以追蹤資料分析法探討企業設立營運總部之經營績效，實證結果顯示：一、就全體樣本而言，海外投資收益率、海外淨免稅所得率及公司規模呈顯著正向關係；負債比率呈顯著負向關係；二、就製造業與服務業而言，影響經營績效因素完全不同，在製造業方面，海外淨免稅所得率、公司規模以及經濟成長率呈顯著正向關係；負債比率呈顯著負向關係。在服務業方面，則以海外投資收益率呈顯著正向關係；速動比率呈顯著負向關係。所以企業設立營運總部對公司經營績效有助益。

如何吸引台商回台上市，讓台商根留台灣，是目前政府最關切的議題之一。目前與台商根留台灣機制中最具體的措施就是，根據促進產業升級條例所訂定之「企業營運總部租稅獎勵實施辦法」。另外，台商全球佈局已成為趨勢，如果能以營運總部的租稅誘因吸引台商在台灣成立營運總部並以投資控股公司形式上市，將會因為合併報表的使用而使資訊更透明化，有利投資者保護及證券主管機關的監管。但就目前營運總部及投資控股公司的相關規定，要吸引台商回台設立營運總部並以投資控股公司上市仍有些障礙。本文主要在探討營運總部及投資控股公司申請上市的相關法規，並以Prosonic集團為例，探討該集團如何規劃以投資控股公司回台上市及其他相關問題。 □ 經由個案分析及法規探討，本文認為，營運總部的門檻過高、投資控股公司註冊地的限制、在台灣募得資金不得投資中國大陸、企業投資中國大陸的上限、申請上市的時間過長等問題，都是營運總部及投資控股公司相關法規中必須剷除的障礙。另外，鑑於企業國際佈局的趨勢，我國應該如同新加坡、馬來西亞等國，強制要求所有申請上市的公司必須採行投資控股公司的組織型態。最後，為了方便台商的租稅規劃，我國應該開放投資控股公司可採用連結稅制。

摘要 本研究探討民國九十一年開始實施之企業營運總部政策對股市之影響，分為三部分。第一部份採用法令分析及文獻探討方式，分析我國與鄰近國家關於營運總部政策及其租稅優惠之異同，並佐以各界對此項政策之評論，以得出我國營運總部政策優劣之處；第二部份以敘述性統計檢視各產業符合營運總部申請要件比率及各要件達成之難易程度，以做為建立迴歸模型之基礎；第三部分則利用事件研究法與迴歸分析探討股市於營運總部政策演變期間股價異常報酬情形，並檢測股價異常報酬率與各要件間的關連性。 在我國營運總部申請要件方面，實質控制海外關係企業、員工人數和學歷、國內年營收淨額、國內年營業費用及國外關係企業年營收淨額等均較新加坡、上海和馬來西亞嚴格，『實質控股』、『員工學歷』和『國外關係企業年營收淨額』更為他國所無之要件。而雖然我國之租稅優惠較此三國優渥，但如無相關配套措施，優惠效果也會大減。在符合要件分析方面，本文針對458家上市公司進行分析，整體符合要件比率為29.85％。在各申請要件中，以國內年營收淨額、年營業費用和員工人數為企業較易達成之要件。但就國外關係企業佈局國家數及其年營收淨額而言則較不易達成，可謂企業欲獲得此項租稅優惠之最大障礙。而就各產業別觀之，以塑膠、電子和水泥業之符合比率最高，機電、電線電纜、塑膠、百貨、玻璃和造紙業次之。而紡織、化學和食品業則因無法達到國外關係企業佈局國家數與其年營收淨額此兩項要件導致符合比率相當低。另外汽車、營建、運輸、觀光與金融保險業中無一家公司達到符合營運總部設立要件。此結果顯示傳統產業在獲取營運總部租稅優惠上仍趨於劣勢，可能造成產業別租稅不公平之現象。 營運總部政策演變過程中，股市普遍給予其正面評價，包括在經濟部起草規劃、經發會通過、經濟部與行政院增訂促產條例，以及立法院三讀通過等六個事件日，皆出現顯著為正之股票異常報酬。而在分析企業申請營運總部獲准日之股市反應方面，在通過日之次一交易日也有顯著之正值異常報酬。 以迴歸模型檢視影響股價異常報酬之因素，在全體上市公司樣本方面，股市對電子業仍給予最高的顯著股價異常報酬，不過，實證上並無發現設立要件有顯著影響股價異常報酬之結果。就73家核准公司樣本分析則顯示遞延所得稅負債科目金額之大小對累積股價異常報酬率有顯著之正值影響。 / Abstract In January 30, 2002, the legislative Yuan passed the Chapter VI-1 of the Statute for Upgrading Industries to encourage companies to utilize worldwide resources and set up the operational headquarters in Taiwan by providing preferential tax interests. Using 2001 corporate financial statement data and regression analysis, this study explores the influence of the Operational -Headquarter policy on the reactions of the stock market. The results of this study are as follows: 1. Regarding the qualification requirements, Taiwan has a more strict qualification than those of Singapore, Shanghai and Malaysia, especially in the specification of “control over the foreign affiliates,” “the net revenues and expenses of the operational headquarter,” “the quantity and quality of employees,” and “the net revenues of the affiliates abroad.” 2. The statistical analyses show that there is 29.85% companies meet of requirements of operational headquarters. Among the qualifications, the requirements of “foreign affiliates” are the most difficult criteria to achieve than others, causing the traditional industries cannot qualify for applying the approval. 3. During the event period of this study, the stock market reacts to the proposal by significant positive stock abcdrmal returns. It shows the stock market favors the new policy. The regression results indicate that investors give the Electrical industry higher evaluation than other industries.

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.

自1988年開始中華民國政府推動「整廠輸出推動輔導」專案至今，針對台灣整廠輸出產業之輔導創造中小型整廠輸出之商機逐年增加。 為因應產業外移所造成產業空洞化之危機，除政府極積推動之「企業營運總部」政策外，輔導廠商進行產業轉型，以填補台商製造業全球佈局所造成的產業空洞，即更具有積極開創之意義。鑑於二十一世紀本是強調創新，以「知識服務」為競爭核心的時代，「知識」己成為生產力提昇與經濟成長的主要驅動力，故台灣產業之轉型，即無法忽視此種以知識資本為主要生產要素，透過持續不斷的創新，並善用資訊科技力量以提昇產品附加價值之「知識經濟」型態之影響。 而以往台灣之產業政策一向集中於製造業，並未重視服務業之發展，因之，政府於輔導廠商產業轉型時，即順應知識經濟時代之潮流，妥善利用台灣是世界重要的資本輸出國、台商海外資產總值名列前茅、台商擁有全球接單、各地製造的運籌能力等優越條件，以發展「高附加價值」的「知識型」服務業為重點。 鑑於「整廠設備輸出」的概念即為發展「高附加價值」的「知識型製造業」。其牽涉眾多環節及技術，個別廠商多無法獨立克服，故為企業之整廠輸出行為提供整體解決方案之整廠輸出技術服務業，因具有以專門知識為基礎，提供「高附加價」的「知識型」服務之特性，應值得政府部門重視。此外，倘業者能將其技術服務(不以傳統之機器設備整廠輸出技術服務為限，尚可包括工程技術服務業(Engineering Service Industry)、農業技術服務業(Agricultural Service Industry)，予以整體包裝，賦予品牌，並將其以整體國際行銷之技術服務商品型態對外輸出，應亦屬「整廠輸出」之一環(按傳統意義所稱之「整廠輸出」向以機器設備之硬體為主，以技術服務之軟體為輔，而技術服務之整廠輸出，係以技術服務為核心，而以硬體之機器設備為輔)，是值得政府部門重視。 按整廠設備輸出係一項整合性的產業活動，需要整合工程顧問、工程設計、進出口貿易、機械設備製造供應、技術服務、營建工程、市場行銷、融資服務等多面向之工作項目及問題，且不論企業之整廠輸出活動，對企業之整廠輸出行為提供整體國際行銷之整廠輸出技術服務業，或以技術服務為商品之技術服務型整廠輸出業，均與整廠設備輸出之產業活動相關。 準此，本研究擬以「整廠輸出」之產業活動現況為基礎，探討企業之整廠輸出活動，整廠輸出技術服務業，或以技術服務為商品之技術服務型整廠輸出之經營現況，及整廠輸出業者在大陸地區之營運情況及目前所遇到之事實或法令之障礙、期望中華民國政府可以提供之扶助獎勵措施等等事項，進行瞭解並提出檢討，以期對未來整廠設備輸出產業之發展策略，提供參考之興革建議，並做為中華民國政府主管機關推動「整廠輸出輔導專案計畫」之佐證。 / The Current Analysis and Future Strategies on Taiwan’s Turnkey-plant Export Industry Taiwan government has promoted and assisted “Turnkey-plant Export” project for the island’s small- and medium-scale enterprises since 1988. Since then, this assistance has created many turnkey-plant-export opportunities for small- and medium-scale enterprises. In addition, these opportunities have also increased year by year. In order to cut down production costs, many Taiwan manufacturers have moved their plants overseas, and some of the industries are empties around the island. Therefore, Taiwan government has promoted the policy of “enterprise’ operating centers”, and has assisted manufacturers to transfer their traditional industries to high-tech ones. This could cover the empties after Taiwan manufacturers’ global manufacturing policy. The 21 Century emphasizes innovation, and core competition is based on knowledge services. Knowledge has become the driving force for upgrading productivity and economic growth. Taiwan’s enterprises can’t neglect knowledge capital is the major factor for manufacturing and production. Through continuous innovation and the use of information technologies to upgrade the value added products. This is knowledge economy. Previously, Taiwan’s industry policy has centered on manufacturing, and hasn’t emphasized on the development of service industries. Therefore, when government assists manufacturing industries to transfer their lines, must follow the trend of knowledge economy. Taiwan is one among the world’s capital-export countries. Taiwan enterprises’ offshore production values have ranked the top. In addition, they accept purchase orders around the world, and have global manufacturing sites. These are the important factors to develop high-value added and knowledge-type service industries. The turnkey-plant-export concept is to develop high-value-added and knowledge-type manufacturing. This export provides the total solution, and is technology service business. It needs special knowledge for the base to provide high-value-added and knowledge-type technologies for the character of service business. The government should aware the importance of these knowledge and technology. In addition to traditional technology serviced for the traditional turnkey-plant exports, if enterprises could add more and advanced technology services such as engineering service industry and agricultural service industry. Enterprises could have turkey-plant exports as a package and a brand name and using international marketing and sales for the exports. This will be the new turnkey-plant export. The traditional turnkey-plant exports are focus on the exports of hardware (production equipment), and the technology services are the minor. On the other hand, the government should aware that. the technology-service turnkey-plant exports are focus on technology services, and production equipment is the second. The turnkey-plant exports are integrated industry. It should integrate engineering consultations and designs, import and export trading, equipment and facilities manufacturing and supply, technology services, construction engineering, marketing and sales, financial loans. The turnkey-plant exports, international marketing and sales as well as technology services, or based on technology services for turnkey-plant exports are related to turnkey-plant exports. Therefore, this research will base on the turnkey-plant-export industry to discuss enterprises’ turnkey-plant exports; the turnkey-plant exports technology services; the activities of based on technology services for turnkey-plant exports; and turnkey-plant-export enterprises’ activities in mainland China and law and other barriers there. The expected assistances and encourages from the government to proceed understanding and discussion. Hope this research will provide suggestions for the reference for the strategy development for future turnkey-plant exports. In addition, this could for the reference for the government to promote “turnkey-plant exports special plan.”