本論文計一冊，共分六章十九節，全文約六萬餘字。 本文乃以個案研究法探討國內三家關係企業——台塑、國泰和台南紡織關係企業的企業策略與組織結構間的關係。第一章為緒論。說明本論文研究動機與研究目的、研究範圍、研究設計與研究方法以及研究限制，以期對本研究在觀念上與研究的過程有一個較明確的認識 第二章首先將關係企業有關的定義加以說明，其次探討學者在企業策略與組織結構方面的學說與研究，以作為本研究的學理依據，同時建立研究的觀念性架構，並進一步提出本研究的研究假設。 第三章簡單描述了三家關係企業的組成分子企業、組織演變過程及其目前的業務情況，俾有助於瞭解該關係企業的一般性概況。 第四章以台塑關係企業為例，闡述該企業 於成長遇程中所採取的幾種不同的多角化經營策略以及組織結構上的安排與作法，並歸納出存在於兩種之間的關係。 第五章也是在探討企業多角化經營策略與組織結構間的關係，不過，研究的對象則換成國泰和台南紡織關係企業。 第六章乃根據上述章節的說明，歸納出研究結果，初步證實了本文的研究假設：若企業採取不同的多角化策略，則組織結構會有所不同。同時並提出對進一步研究企業界和政府當局的建議。

關係人交易與公司績效之關係，在過去文獻上並未獲得絕對一致的結論，惟過去文獻並未考慮集團內進行關係人交易的公司，不同公司特徵所誘發進行關係人交易不同之交易動機。因此，本文利用Sharma et al.（1981）及 Le et al.（2006）之調節性多元迴歸分析方法（moderated multiple regression；MMR），考慮集團內個別公司不同特徵下之關係人交易與公司績效之關聯性。基於本文實證結果，發現在集團內不同公司特徵之關係人交易與公司績效的確有不同的關聯性，並且發現集團內具有以下三項特徵的公司，所進行的關係人交易有利公司績效，分別是：1.較高的董監持股 2.較高的機構投資人持股 3.較高的流動比率。而集團內具有以下六項特徵之公司，所進行的關係人交易不利公司績效，分別是：1. 經理人兼任的董監席次較多 2.金字塔股權結構 3.集團的核心公司 4.較高的負 債比 5.較高的長期負債比 6.較低的利息保障倍數。 / The relationship between related party transactions and company’s performance in the past literature has not reached absolutely unanimous conclusion, but the past literature has not considered the different characteristics of individual company in the group and different related party transactions’ motive induced by those characteristics. Therefore, moderated multiple regression（MMR）that adopted by Sharma et al.（1981） and Le et al.（2006）is employed in this study in order to discuss the relationship between the transactions made by individual company with different characteristics in the group and the individual company’s performance. According to the empirical results in this paper, there are indeed different relationships between the transactions made by individual company with different characteristics in the group and the individual company’s performance. On the one hand, the results indicate that there is a positive relationship between the related party transactions made by the individual company with the three characteristics in the group and the companies’ performance. The three characteristics are as follows: 1. higher board shareholdings. 2. higher institutional investors’ holdings. 3. higher the current ratio. On the other hand, the results show that there is a negative relationship between the related party transactions made by the individual company with the six characteristics in the group and the companies’ performance. The six characteristics are as follows: 1. managers as more seats in the board. 2. pyramidal ownership structure. 3. the core companies in the group. 4. higher the liabilities ratio. 5. higher the long-term liabilities ratio. 6. lower the time interest earned.

The aim of this thesis is to find out the answer to the question whether the state authorities influence the employment of debt financing of companies. First part of the work briefly summarizes the main economic theories engaged in the research on capital structure. Further are depicted approaches to thin capitalization in the European countries with focus on the Czech republic tax law dealing with the subject. The final part of the thesis demonstrates on the financial data of Czech companies from the period 2003-2008 that the state authorities influence the employment of debt in Czech companies by means of tax laws and so affect the capital structure of the companies.

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.

Vad gäller reglerna om tidigare års underskott utgör koncernbidragsspärren en spärregel till den annars gällande huvudregeln att tidigare års förluster får kvittas mot framtida vinster. Koncernbidragsspärren inträder vid ägarförändringar och innebär förenklat att ett underskottsföretag är förhindrat att, under en period om fem år, kvitta kvarstående underskott mot koncernbidrag som underskottsföretaget mottar från företag som inte ingick i koncernen före ägarförändringen (nya företag). Underskott som uppkommer efter ägarförändringen får dock kvittas mot koncernbidrag från nya företag. Uppsatsen syftar till att analysera och granska reglerna om koncernbidragsspärren ur ett företagsperspektiv, vilket innebär att uppsatsen ser till reglernas bakomliggande syfte och till hur reglerna fungerar vid en praktisk tillämpning. Uppsatsen har ett särskilt fokus kring i vilken turordning koncernbidrag ska beaktas vid avräkning mot befintliga underskott när ett underskottsföretag mottar koncernbidrag både från gamla och nya företag i en koncern. I RÅ 2008 ref. 69 ställdes frågan på sin spets och Högsta Förvaltningsdomstolen befäste en ny turordningsprincip där koncernbidrag från gamla företag ska beaktas före koncernbidrag från nya företag i koncernen. Det har genom uppsatsens analys av reglerna om koncernbidragsspärren påvisats att reglerna är svåra att tillämpa och i många fall råder det osäkerhet om hur reglerna ska tolkas. Det kan konstateras att problematik kvarstår avseende frågan om i vilken turordning koncernbidrag från så kallade gamla respektive nya företag ska beaktas vid avräkning mot befintliga underskott även efter RÅ 2008 ref. 69. En rådande osäkerhet om hur reglerna ska tolkas kan inte anses tillfredsställande ur ett företagsperspektiv och en översyn av reglerna vore välkommen. / According to the Swedish legislation tax losses can normally be carried forward and settled against future profits in the same company unlimited of time. However, a restriction of losses being carried forward may occur in situations where change of ownership is at hand. The restrictive rule prohibits offsetting tax losses in an acquired loss-making company against group contributions received from other group companies. The restrictive rule applies up until, and including, the end of the fifth year after the year when the restriction occurred. However, losses that occur after the change of ownership are possible to offset against group contributions from other group companies. The thesis aims to analyze and review the restrictive rule from a business perspective which means that the underlying purpose of the restrictive rule and how it works in practice is examined. The thesis has a particular focus on in what order group contributions should be considered when being offset against existing deficits when the deficit company receives group contributions from old and new companies in the corporate group. In the Swedish case law RÅ 2008 ref. 69 the Supreme Administrative Court laid down a new principle of order where group contributions from an old company should be regarded before a group contribution from a new company. Through the analysis of the restrictive rule it has been demonstrated that the rule is difficult to conform to and that there is an uncertainty regarding the interpretation of it. Through the analysis of this thesis it is established that, even after RÅ 2008 ref. 69, the complexity of problems remains concerning in what order group contributions from old respectively new companies should be considered when being offset against existing deficits. A such prescribed uncertainty regarding the interpretation of the restrictive rule cannot be considered satisfactory from a business perspective and a review of the rules would be preferable.