一個國家在經濟發展初期，通常同時面對兩項難題，一是國內儲蓄不足，投資所須資 金缺乏，無能力購入發展工業所亟需之資本財與中間商品；二是生產技術落後，產品 競爭力薄弱，無力拓展外銷爭取外匯。此其時，若能引進外資，投資於國內產業，不 但可以促進就業、增加國民所得、減緩外匯不足，還能引進較先進的工業技術和企業 管理方法，有效帶動國內相關產業的發展，加速經濟成長。 外資對我國過去二十年來快速的經濟成長有具體而肯定的貢獻，本文將對外資在促進 資本形成、提高國民所得、促進出口、創造就業、引進技術、以及促進相關產業的發 展上作一番探討。 鑑於外資對我國在經濟發展方面的貢獻，我國對外資一向採取歡迎的態度，為達吸收 外資的目的，不惜給予各種特殊優惠，其中尤以租稅獎勵是常用的政策工具。本文將 進一步探討租稅與外資的關係，發現地主國租稅獎勵的效果，必然受到資本輸出國課 稅方法的干擾，租稅獎勵的凈效果是兩國租稅制度交互作用下的產物，片面地由地主 國獎勵程度來分析其效果，無法窺其全貌，甚至可能獲致錯誤的結論。因此，對於既 損失稅收又沒有明確實效的租稅優惠措施，不宜盲目強調，適逢今年( 民國七十九年 )獎勵投資條例即將屆期廢止，於此之際，有關單位亟應對我國租稅獎勵措施進行精 確評估，作為爾後相關決策之參考，以達成資源之最適當配置。 近十年來，僑外投資本身以及國內外的經濟情勢都有很大的變化，累積了大量的出超 ，也就是國內儲蓄大於國內投資，形成國內超額儲蓄及大量外匯存底，此時，吸引外 外資的動機已不在彌補國內儲蓄及外匯之缺乏，加速資本形成，而著重在外資所帶來 的技術移轉和開拓外銷市場，以促進產業結構升級、帶動國內投資、增強國際競爭能 力、加速經濟發展。 惟在吸引外資的政策上，尚須兼顧環促政策、勞工政策與未來產業發展政策，做適當 的調整，尤其應朝向通暢投資管道和簡化行政手續兩方面著手。

由相關文獻發現，地主國市場規模、經濟成長率、勞動成本、借貸及租稅成本、地主國幣值、開放程度等為影響外人投資的因素。本研究除了對這些因素進行實證研究外，尤其針對租稅因素作深入探討，以邊際有效稅率做為衡量投資決策時的租稅負擔，分析台灣的租稅獎勵政策對外人來台直接投資的影響；主要利用經濟部投資審議委員會核准通過之外國人投資資料，觀察期間為1971~2006年，以迴歸方程式分析外人來台直接投資之整體、三大來源國以及四大產業的決定因素。 由研究發現：不論就整體投資、不同來源國及產業別的FDI流入而言，我國市場規模確實為吸引外人直接投資流入的重要因素。就租稅因素的分析結果而言，台灣的邊際有效稅率對於美國、電子電器製造業、批發及零售業以及金融產業的FDI流入有顯著的負向關係，表示若台灣租稅獎勵政策越豐富、外資適用稅率越低，皆可吸引FDI流入。新台幣兌美元匯率則為批發及零售業投資台灣的重要決定因素，若新台幣貶值，則其投資金額將增加，表示在台批發及零售業者的外銷型態多以台灣出貨為主。最後，本研究亦發現政黨輪替對於整體來台外人直接投資與歐洲地區國家FDI流入有顯著的正向關係。 關鍵詞：租稅獎勵、外人直接投資(FDI)、邊際有效稅率。

政府為了提升國家及產業的競爭力，特制定租稅獎勵法規以獎勵投入研發與設備、技術改良之產業與企業，而其中最具代表性的租稅獎勵法規即為「促進產業升級條例」。「產升條例」自施行以來已損失鉅額稅收，尤其「產升條例」中第六條的投資自動化機器設備、研究發展、人才培訓之投資抵減項目，該項目之抵減稅額約占總抵減稅額的百分之三十，堪稱是最重要的租稅獎勵措施，因此本研究特以「產升條例」第六條之投資抵減為研究範圍，以探討政府所提供的投資抵減租稅獎勵政策對於提升企業的經營績效是否有具體影響？ 本研究以民國87年度至93年度之上市櫃電子及電機公司為研究對象，採用資料包絡分析方法計算效率值，再以是否取得投資抵減為分類，運用單變項無母數方法檢定效率值，比較有無投資抵減與經營績效之間的差異，最後以Tobit迴歸控制各項公司特性與總體產業因素進一步探討投資抵減對企業經營效率之影響。 本研究實證結果發現，不論是電子業或電機業，均顯示投資抵減政策確實使得公司降低成本，但是未能明顯提升公司的技術效率。在Tobit迴歸分析中的電子業部分，實證結果顯示投資抵減並不是提升公司經營效率的關鍵影響因素，若公司過於依賴租稅減免，反而不利於改進其成本效率；在電機業部分，實證結果顯示投資抵減獎勵沒有達成政府預期的效果，因此電子業與電機業有同樣之現象：企業過度依賴租稅減免，而未致力於技術水準之提升。 / In order to strengthen the competitiveness of the nation and industries, the government has instituted the related regulations to stimulate the R&D input, equipment investment, and technology improvement of companies. One of the most representative regulations is “Statute for Upgrading Industries,” especially the Article six of which, the most important tax measure, referring to invest in automatic equipment, R&D, and personnel training and resulting in huge number of losses of tax revenue. The number of investment credit against tax in accordance with the Article six accounts for thirty percent of the total investment tax credit. Therefore, the Article six of “Statute for Upgrading Industries” is chosen as the research topic of this thesis. The research goal is to review whether corporate operating efficiencies are influenced concretely by this tax measures. We sample the several listed companies in the electric industry and in the electrical machinery industry as our research targets, and choose DEA to calculate the efficiencies of companies classified by the applicability of investment tax credit. Finally, we utilize statistical methods to research the relationship between investment tax credit and corporate efficiencies. In our empirical study, we find that the companies, in both electric industry and electrical machinery industry, eligible for investment tax credit, have higher allocation efficiency, but those unqualified for investment tax credit have higher cost efficiency and pure technical efficiency. This result indicates that the policy of investment tax credit is able to help companies reduce costs, but is unable to improve their technical efficiencies.

各國政府經常運用諸如租稅獎勵、補助、低利融資等產業政策工具來促進產業發展，然而部分學者認為政府介入市場運作的結果，可能造成資源配置的扭曲，反而不具經濟效益，故呼籲政府應尊重市場運作機制。以台灣長期運用的租稅獎勵政策為例，有人認為台灣經濟奇蹟的背後，租稅獎勵扮演相當重要的角色，但也有人認為，租稅獎勵造成租稅不公平，而且降低產業競爭力。究竟租稅獎勵與產業發展的關係為何，租稅獎勵是否有助產業政策的發展，是一項值得吾人探討的議題。 為了深入瞭解這項議題，本文係以台灣實施經驗為例，分析台灣租稅獎勵的特色與產業發展過程，回顧研究租稅獎勵實施成效的文獻，並比較世界各國如新加坡、日本、韓國等國家運用租稅獎勵工具的情形，最後並對我國的產業租稅政策提出建議。本研究主要的發現為，無論就理論或實證的分析，租稅獎勵是否有助於台灣的產業發展，並無法獲得一致性答案；台灣目前所提供的租稅獎勵項目或優惠程度並不低於新加坡、韓國等貿易競爭國家或日、美等先進國家。就未來台灣整體產業租稅獎勵政策，本文的建議為，多善用其他非租稅獎勵工具，協助產業發展；持續進行租稅改革，合理化稅負環境；適度修正促進產業升級條例，強化租稅獎勵功能。 / In many countries the industrial policy instruments, such as low interest loan, grants and tax incentives are used to assist industrial development. However, some researchers argue that government intervention would always result in recourses distortion and economic inefficiency; and claim for respecting market mechanism. Taiwan’s government for a long period, for example, has provided tax incentives. Some people think that tax incentives play an important role in Taiwan’s economic miracle. But others think that tax incentives result in tax discrimination, and weakness industry’s competitive ability. Therefore, how does tax incentive influence industrial development is a controversial issue. With aims to know how does tax incentives influence industry, this paper takes Taiwan’s experience as an example, introduces the feature of Taiwan’s tax incentives and the process of industrial development. Furthermore, this paper surveys Taiwan’s researches on the effectiveness of tax incentives and compares tax incentives adopted by Singapore, Japan, Korea, and America. This paper also present suggestions to the policies of industries taxation base on the research findings. The main findings are that by theoretic or empirical study, we cannot find consentaneous answer for whether tax incentive is helpful for industrial development；and tax incentives provided by Taiwan government are no less than that by other countries. According to the research findings, we suggest that the government should utilize non-tax instruments more；the government should continue to accelerate tax reforms, and thereby to establish a fair and rational tax environment；and tax incentive is still important for some business activity such as R&D in the knowledge-based economy.

在知識經濟時代下，智慧財產作為企業乃至國家國家競爭力之根本，已成為定論。然而學界對於智慧財產之管理運用的研究，多集中於智慧財產本身之管理而鮮少觸及管理智慧財產之組織。管理智慧財產之組織可以內建於企業內部，也可以外置於企業外部，也就是智慧財產控股公司。藉由對智慧財產控股公司之組織架構進行研究，便可了解將智慧財產之所有權自原企業中分離，能為企業帶來何種管理上的效益，效益又有多大？智慧財產控股公司如何為企業帶來稅務上之效益，其所面臨之挑戰為何？ 由於美國最早對於智慧財產控股公司所生之相關稅務問題進行規範，規範之內容也堪稱廣泛與細緻，故美國之稅制深具比較、對照、參考之價值。 此外，企業之稅賦除所得稅之外尚包括營業稅等稅目。但是本文就智慧財產控股公司相關稅賦問題之研究範圍，限於營利事業所得稅及所衍生之個人綜合所得稅。 在理清智慧財產控股公司之管理及稅務上效益後，本文便能為我國政府及企業提出建言，使政府能了解新型態的跨國企業智慧財產管理架構以確認合法節稅與違法的逃漏稅之界線，又能使我國企業得以藉由智慧財產控股公司架構來促進管理及稅務效益。 / In the knowledge economy era, intellectual properties, without doubt, are the foundation of competitiveness of enterprises and countries. However, studies regarding management of intellectual properties usually focus on intellectual properties themselves rather than the organizations managing intellectual properties. The managing organizations can be built in the enterprises or out of the enterprises, i.e., the intellectual property holding company (IPHC). By studying the organization structure of IPHCs, we can understand what and how huge the management benefits are to separate the ownership of intellectual properties from the enterprises, how IPHCs bring tax benefits for the enterprises, and what the challenges are in front of IPHCs. Since the United States of America is the first one who stipulates the relating tax issues of IPHCs and is probably the broadest and the finest, the tax system of USA is of great value for comparison and reference. This thesis will thus explore the USA tax system. In addition, beside income tax there are still other tax items such as business tax can be levied on enterprises. But this thesis only focuses on business income tax and thus derivated individual income tax. After clarifying the management and tax benefits of IPHCs, this thesis then is able to advice Taiwan Government and enterprises so that the government can realize the new intellectual properties managing organization structure of multinational enterprises to differ legitimate tax saving from illegal tax evasion while the enterprises can obtain the management and tax benefits through the IPHC management structure.