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企業營運總部之股市影響

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.

Identiferoai:union.ndltd.org:CHENGCHI/G0903530301
Creators林必佳, Pi-chia Lin
Publisher國立政治大學
Source SetsNational Chengchi University Libraries
Language中文
Detected LanguageEnglish
Typetext
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