本文旨在探討通貨膨脹下，現行租稅制度對於資本形成的影響與廠商及個人投資行為 的效果。 第一章：旨在說明研究動機、範圍及限制，並提出論文之架構。 第二章：旨在說明通貨膨脹與租稅法則的交互作用如何影響資本財型態的選擇。 第三章：旨在討論在不同考慮基礎下，通貨膨脹與租稅法則對於淨實質資本成本的影 響效果。 第四章：旨在提供不同的租稅改革方案，以避免通貨膨脹對於投資行為的扭曲效果。 第五章：乃就本文分析結果予於總結。

30年來，台商對中國經濟發展產生極大的貢獻，但兩岸官方所公佈的統計數據皆難以瞭解台商在中國發展的實際狀況。透過文獻彙整、統計數據分析與適當的估算公式，本文有系統地估計台商直接投資對中國經濟發展的貢獻。 本文估計：(1)、自1979年至2008年，累計台商在中國直接投資金額高達1,222.85億美元，佔同時期累計外商對中國直接投資金額的14.34％。(2)、自1980年至2008年，累計台商在中國國際貿易的總額為1兆4,458億美元，佔同時期中國國際貿易總額9.89％。(3)、2008年底，台商在中國雇用的就業人口數為1,443.41萬人，佔同時期中國勞動就業人口數的1.86％。(4)、自1992年至2007年，台商在中國繳納的稅賦總額約為878億美元，佔同時期中國財政稅收總額2.69％。 　　另外，根據以上的估計成果，本研究繼續以資本形成、國際貿易、勞動就業及財政稅收四個指標，估計台商對江蘇省、廣東省及上海市經濟發展的貢獻。本研究發現，以直接投資金額來看，江蘇省為台商在中國直接投資最高的省份，但若以進出口總額、雇用就業人口及繳納稅賦總額來看，則廣東省才是最高的省份，上海市除了繳納稅賦總額相對較高以外，其他指標都是三個省市中相對最低的。 　　最後，本研究以國際貿易及勞動就業兩個指標，衡量深圳鴻富錦精密工業有限公司、上海達功電腦有限公司及蘇州名碩電腦有限公司三家台商對中國經濟發展的貢獻。本研究發現，深圳鴻富錦精密工業不僅是中國最大的出口企業，也是台商在中國雇用勞動就業人口數最多的企業。此外，上海達功電腦有限公司及蘇州名碩電腦有限公司，不僅對中國國際貿易與勞動就業產生極大的貢獻，亦分別是上海市及江蘇省規模最為龐大的台商電子資訊製造業。 / For 30 years, Taiwan Businesspeople provide immense contribution towards the economic development of China, yet the official statistical figures published by the cross-strait officials are difficult to understand the actual circumstances of Taiwan businesspeople’s development in China. Via compilation of literature, analysis of statistical data, and appropriate formula for estimation, this paper systematically estimates contributions of Taiwan businesspeople via direct investment towards the economic development of China. This paper estimates: (1). From 1979 to 2008, Taiwan businesspeople’s total direct investment amounted to USD 122 billion, accounted for 14.34% of China’s same time total direct foreign investment. (2). From 1980 to 2008, Taiwanese businesspeople in China’s total international trade amounted to USD 1,445.8 billion, accounted for 9.89% of China’s same period total trade volume. (3). By the end of 2008, Taiwanese businesspeople employed 14,434.1 thousand workers in China, accounted for 1.86% of China’s same period labor population. (4). From 1992 to 2007, Taiwan businesspeople contributed an approximated total of USD 87.8 billion in tax payment to China, accounted for 2.69% of China’s total same period fiscal revenue. In addition, based on the estimated results, the study continued assessing the contribution of Taiwan businesspeople on the economic development of Jiangsu Province, Guangdong Province, and Shanghai City with four indexes, capital formation, international trade, employment of labors, and fiscal revenue. The paper found that, in terms of the direct investment, Jiangsu Province has the largest amount of direct investment invested by Taiwan businesspeople in China. However, in terms of total volume of imports and exports, employment of working population, and total taxes paid, Guangdong Province has the largest amount of investment. Besides having relatively more total taxes paid, the values of other three indexes of Shanghai City are the smallest relatively. Finally, this paper used two indexes, international trade and employment of labors, to evaluate the contribution of three Taiwanese enterprises, Hong Fu Jin Precision Industry (Shenzhen) Co., Ltd., Dagong (Shanghai) Electric Appliance Co., Ltd., and Maintek Computer (Suzhou) Co., Ltd. to the economic development of China. The results showed that Hong Fu Jin Precision Industry (Shenzhen) is not only the enterprise with the largest export volume in China but also the enterprise hiring the largest number of working population. In addition, Dagong (Shanghai) Electric Appliance Co., Ltd. and Maintek Computer (Suzhou) Co., Ltd. are not only enterprises which make great contributions to the international trade and employment of labors in China, but also are the largest-scaled Taiwanese electronic information industry in Shanghai City and Jiangsu Province, respectively.

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.