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.

隨我國經濟發展與產業結構變遷，從經濟管制到市場自由，自勞力密集之製造出口至技術密集之產業升級，期間有不同階段之稅捐優惠作為引導。 研究發展活動具有外部正面性，同時有市場失靈之可能，私部門可能因此而不願投入、或投入不足之資源，進行研究發展活動。為獲得整體社會之最大利益，稅捐除作為財政工具，作為經濟目的之政策誘因之正當性也獲得承認。政府為促進民間投入研究發展，可能以直接補貼或提供租稅優惠方式給與鼓勵，以協助企業進行研究發展，降低跨足新興產業之進入障礙及營運風險。 但稅捐優惠之提供，乃對具相同負擔稅捐能力者，課以不同之稅捐負擔，以引導特定之作為或不作為，無可避免的違反量能課稅原則下的平等原則。何以相同負擔稅捐能力者，有不同之稅捐負擔，應有實質之說明理由。其成效與影響如何，是否達成制度上犧牲量能課稅原則所欲追求之目的，應與直接補貼接受相同程度之公開之監督與績效衡量。 就研究發展投資支出可抵減之稅額，未分配盈餘加徵百分之十部份乃為縮減營利事業所得稅與個人綜合所得稅之之實現時間差距，而研究發展投資抵減，則為分擔企業研發風險，鼓勵知識之累積，提升附加價值，兩者制定之精神互不相同，以研究發展投資抵減未分配盈餘加徵百分之十之「營利事業所得稅」，似有扞格，但兩稅合一後，營利事業所得稅在公司此一法律主體之稅捐負擔意涵已大幅下降。是以，就研究發展投資抵減未分配盈餘加徵百分之十之稅額部分，衝突程度亦獲得一定程度之解決。另外，所得基本稅額條例規定營利事業及個人皆需有一定之基本稅額負擔，此即所謂最低稅負制。所得基本稅額條例明確將研究發展投資抵減之金額計入營利事業基本稅額之計算，對之課以基本稅額，符合所得基本稅額條例施行之精神，乃合理之設計。 本文以表格方式整理方式，對照獎勵投資條例、促進產業升級條例與產業創新條例對稅基、稅率、稅額與時間歸屬之影響；針對投資抵減實務施行爭議，本研究則整理相關判決以供參考。 以上述三條例之演進趨勢而言，稅捐優惠之給予範圍已逐漸縮小，而改以直接補助或金融協助；技術開發補助與輔導；提供資訊管道、建構交易平台、整合業界、規劃工業區等行政協助，應用多元方式協助產業發展。 研究發展投資抵減之適用範圍、申請期限、申請程序、核定機關、施行期限、抵減率及其他相關實體事項，若立法之技術與資源已有相當累積，以法律位階就投資抵減作較具體之規範，應為立法機關所考慮。 / Abstract With the economic development and the changing in industry structure, from economic regulation to an open market, and from labor-intensive to technology -intensive, the government is guiding the market by tax incentive and other kinds of tool. Because R&D has positive externalities, barriers to entry and the possibilities of market failure, private sector may not willing to input resource for R&D. For social welfare maximization, the government may use tax incentive to encourage private sector to do R&D. By provide R&D Tax Credit or subsidy , the government can encourage the private sector to do more R&D. But providing tax credit will unavoidably conflict with Principle of Ability to Pay. There should be a reason for why people have the same ability to pay the tax pay different tax. The same supervise and performance evaluation must be done for tax credit and subsidy. For 10% surtax on Retained Earnings is to narrow down the time difference between the realized of corporation tax and individual income tax, and the R&D credit is for sharing risk of failure, encouraging research and development, and rising EVA, the tax which can be credited should not include surtax on Retained Earnings. But with the applying of Integrated income tax system, the conflict has been partly solved. For Alternative Minimum Tax, R&D expense can’t be credited is a reasonable design. This paper mainly focus on comparing the differences of tax base, tax rate, and income tax payable etc. in the Enactment of Encouragement Investment, the Statute for Upgrading Industry, and the Statute for Industrial Innovation. Also sued cases were collected to report any violations of existing R&D policies for future amendment concerns. The range of tax credit is shrinking, and is replaced by subsidies, industrial technology development programs, and the setting of science parks etc. And for principle of taxation under the law, The Statute for Industrial Innovation should be ruled in law by the legislative.

2009年底促產屆滿後，立法院於當年5月將營所稅由25%調降至20%，隔年5月再由20%調降為17%；接續促產的產創條例大幅取消各項投資抵減，期望能改善產業間租稅負擔公平，並藉由營所稅減免來提升員工就業與薪資。本研究使用2006~2013年TEJ資料庫上市櫃公司資料，發現高科技產業的有效稅率在營所稅改革後明顯上升，傳統產業則明顯下降，其他產業幾乎沒有變動。我們因而以其他產業做為控制組，高科技產業和傳統產業分別為兩組實驗組，採DID模型檢驗稅制變動對兩實驗組員工薪資和就業影響。研究結果發現，在薪資方面，高科技產業沒有顯著變化，傳統產業則呈現顯著的下降；在雇用人數上，高科技和傳產雇用皆為不顯著。整體而言，此次政策施行縮小了產業間租稅負擔的差距，但對於增加員工薪資水準及創造中小企業就業機會上效果並不顯著。 / After the termination of Statute for Upgrading Industries at December 31th, 2009, Taiwanese government has reduced the Enterprise Income tax rate from 25% to 17% and, subsequently, kept only R&D tax credit and provided grants to small and medium enterprises that recruit additional employees in the Statute for Industrial Innovation. Using the financial reports of listed companies from 2006-2013, this study examines the impact of enterprise income tax reform in 2010 on the number of hiring and employed wages. Our study first indicates that ETR of high-tech industry gets higher, traditional industry becomes lower, and the remaining industries almost stays the same after the reform. Therefore, we employ companies in the remaining industry as the control group, those in the high tech and traditional industry as the treatment groups, and conduct the analysis using the difference-in-difference estimation method. Our results show that, for the employee’ wage, there’s negative response on traditional industry and no significant change on high-tech industry. In addition, this reform didn’t increase the employee number of small and medium enterprises. This paper points out that, reform of the tax system can change the tax rate of industries, but can’t achieve the expectation of increase in wage and employment of small and medium enterprises.