在全球化的趨勢之下，國際分工不可避免地成為跨國公司運作的趨勢。2013年2月，OECD發布《處理稅基侵蝕及利潤移轉》的報告表示，跨國公司利潤移轉策略的採取被認為是稅基侵蝕的主要原因。基於BEPS已經成為各國非常重視的議題，世界各國也為了保全稅基及防杜利潤移出，紛紛訂出反制措施。這些反制措施是否能遏制利潤不當的移動，是一個值得重視議題。惟目前學術文獻上並未有一篇全面盤點這些反制措施及地主國租稅制度對利潤移轉的影響。 故本篇研究以2005年至2012年台灣電子工業作為研究對象，利用橫斷面及時間序列的追蹤資料 (panel data) 之隨機模型做估計，探討台灣跨國公司之電子業海外子公司的利潤移轉是否會受到租稅規避行為的影響。結果顯示，利潤移轉會受到以下四種國際租稅規避工具所影響，分別是地主國是否有移轉訂價的規範、是否有預先移轉訂價規範、是否有反資本弱化條款以及地主國是否為租稅天堂。

本研究探討選擇權交易量之大小對於波動度預測之效率性所造成之對偶效果(dual effect)，驗證〝正常的高交易量〞與〝異常的高交易量〞對於波動度預測能力是否有不同的影響。本研究採用panel data之資料型態，以LIFFE上市的個股買權為對象，資料長度為三年左右。主要欲探討之假說為： 1.一般而言，交易量大的選擇權，其波動度估計誤差較交易量小的選擇權來得小。 2.相對於平日水準而言，某日交易量異常高的選擇權將有較大的波動度估計誤差。 本研究所使用的波動度預測模型為隱含波動度(ISD)，採用的是最接近到期月份及最接近價平的合約。實證以組合迴歸、固定效果模型、隨機效果模型分別估計之，加以比較。結果發現固定效果模型為較佳之解釋模型，然而結果顯示交易量的對偶效果並不明確影響波動度預測誤差，故推測有某種影響公司間差異的因素，即公司間之異質性，比相對交易量更容易影響波動度預測之誤差。另外，透過組間與組內效果之分析，發現不論是長期還是短期，由於公司間的異質性存在，使得相對交易量對於波動度預測誤差均無明顯影響。 / The purpose of this research is to study the dual effect on the efficiency of volatility forecasting which is caused by the volume of option market, with the intent to test whether〝normal high volume〞and〝abcdrmal high volume〞cause different results on the ability of volatility forecasting. The data used is in the form of panel data. It is drawn from LIFFE, and has a length of about three years. The hypotheses to be examined in this study are：1. High-average-volume options have smaller volatility forecasting errors than low-average-volume options; 2. Options have larger volatility forecasting errors on abcdrmally-high-volume days than on normal-volume days. In this research, volatility is forecasted by implied standard deviation (ISD) which is implied in the at-the-money and the nearest expiry month options. Pooled regression、fixed effect model、and random effect model methods were applied. The results show that the fixed effect model made the best analysis amongst the three models. However, the result does not support the hypotheses made above, which means that volume does not have much influence on volatility forecasting error. It is inferred that there exists some other factors which could cause the difference between firms, namely heterogeneity, and these factors have much more powerful influence over volatility forecasting error than volume. Finally, it was found that no matter for long run or short run, because of the existence of heterogeneity, relative volume doesn’t have obvious influence on volatility forecasting errors when analyzing the difference between the between-individual effect and the within-individual effect.

人類慾望無窮而資源有限，所以如何將資源做最有效的使用一直是經濟學所追求的課題。有關效率的規範分析中，巴瑞圖最適（Pareto optimality）為接受度最高的準則。基於巴瑞圖效率的觀點，不論是營利組織或非營利組織其經營之基本理念皆是希望以最少的投入獲得最大的產出，因此衡量投入與產出間之相對表現即為效率的評估。非營利組織及公共部門因為有許多產出、投入不易量化，故其效率不易評定。此一情況一直到DEA（Data Envelopment Analysis；資料包絡分析法）發展才逐漸改善。另外，有關DEA的運用幾乎都集中在個別決策單位的效率衡量，將之應用在衡量總體經濟的表現上非常少見。所以論文第肆章是按傳統方式以DEA衡量我國地方政府的效率並分析造成效率差異的原因，第參章則將DEA的概念應用於經濟成長上，探討使經濟成長達到極大化之租稅負擔及租稅結構。又效率的追求為經濟學的主軸，但中央政府的效率目標與地方政府並不相同，由於目標不同，因此彼此所訂的租稅政策亦不相同。本文第伍章試圖提出一理論模型說明中央政府在面對異質地區的垂直外部性下如何有效率的訂定其租稅政策。 / The human desires are infinite but resources are scarce. Using resources effectively is the topic of the economics. In efficient analyses, the Pareto optimality is the highest criterion to accept. Based on Pareto efficiency, the basic idea is to obtain the most outputs by the least inputs. Therefore the efficiency measurement is to calculate the relative performance of inputs and outputs. The nonprofit organization and the public agencies have many outputs and inputs not easy to be quantified; hence, their efficiency is not easy to evaluate. This phenomenon doesn’t improve until DEA (Data Envelopment Analysis) was developed. However, the application of DEA concentrates nearly on the efficiency measurement of individual policy-making unit; the application is be rarely used in measuring the performance of the macro-economy. Chapter 4 of this dissertation measures and explains the variation in cost efficiency of the local governments in Taiwan area. Chapter 3 deals with the application the DEA to economic growth, estimating a combination of the tax burden(the ratio of tax revenue to GDP）and the tax structure(the ratio of indirect taxes to direct taxes)which would maximize the rate of growth of GDP of Taiwan. Efficiency is the core of economics, but the national government’s efficient goal is not as same as the local government’s. Because their goals are not consistent, thus the tax policies are different. Chapter 5 attempts to propose a theoretical model to explain how a national or federal government decides its tax policy in the vertical externalities happening in heterogeneous states.