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| Title: | 公司治理之探討－以台商投資大陸策略運作為例
Corporate Governance--Refer to the Strategies of Taiwan Company`s investments in China |
| Authors: | 郭宗武
Kuo, Tsung Wu |
| Contributors: | 周行一
Edward Chou
郭宗武
Kuo, Tsung Wu |
| Date: | 2002 |
| Issue Date: | 2016-05-10 16:18:30 (UTC+8) |
| Abstract: | 1980年代，台灣面臨勞力成本上漲及新台幣升值的壓力，加上政府自1987年11月開放國人赴大陸探親，廠商開啟了一波前往大陸投資的風潮，開始帶動兩岸經貿蓬勃發展後，國內產業在大陸投資比重逐年放大。經濟或企業的發展是全球的比較利益，生產外移大陸、著重大陸內銷已經是上市、櫃公司能夠跳躍成長的重要跳板，是產業結構調整的必然現象。
在兩岸經濟互相倚賴，但政治立場鮮明的對峙曖昧局勢下，政府為國家安全、經濟安定考量，陸續制定權宜的管制措施，期待緩和台灣資金外移、產業空動化的速度。這些管制措施和利用在大陸投資以期降低生產成本以追求股東權益最大化的企業目標有時無法配合時，於是產生投資大陸運作權宜措施，如透過第三地迂迴投資大陸、投資金額與母公司淨值上限之限制、保留大陸投資盈餘在境外控股公司等等作法便因應而起，加上台灣法令對投資大陸盈餘課稅認定等其他種種問題，而產生可能的代理問題，使得相關利益人不僅共同負擔代理成本外，這些上市、櫃公司儘管認列投資大陸高比重的業外盈餘，但其相對股價也因上述不透明的權宜作法而被市場嚴重低估，造成國際資本市場、證券投資市場、投資公司等的損失。
本研究便透過代理問題探討及良好的公司治理標準，研究台商投資大陸的策略運作、投資大陸的資金流程、政府的法令規定及大陸投資盈餘調整等作法，加上上市、櫃公司大陸投資訊息的揭露程度，投資人便可以思考其投資策略；而上市、櫃公司除應善盡管理人職掌外，並適當表達大陸投資經營績效，給予投資人信心，投資人進而回報於相對應之股價，達到雙贏局面。
另一方面，政府檢視現階段的投資政策，或加重考量現行市場機制因素，作為兩岸經貿決策時的主要參考，促使兩岸經貿交流正常化，以利企業建構兩岸產業分工與全球佈局。同時政府站在輔導角色，當作上市、櫃公司投資大陸的後盾，建構良好的輔助機制，使所有上市、櫃公司大陸投資資訊和國內現行的管制機制接軌，納入及時公告體系、讓上市、櫃公司增加大陸投資透明度而能得以保障小股東、員工及其他關係人權益，並使他們能被公平對待，達到良好的公司治理，將是本研究的目的。
From 1980, Taiwan has been suffering from the increasing labor cost and the appreciation of NT Dollars. Until the Government released the family visiting policy with China at Nov. 1987, Most of the local companies did not start investing on the production-line in China aggresively. In the following years, the economic activities across the Taiwan Strait were booming faster than expected. The move of production-line of local industries to China has also been getting bigger and faster year after year. Especially, the cost saving of manufacturing in China and the gigantic domestic market of China became major factors of the speedy growth of stock-public companies. This phenomenon was also the inevitable result. It also changed the Taiwan Industry structures completely.
For concerns of the National safety and the stability of domestic economy, our government has issued some expedient operating policies under the current close, but the ambiguous relationship of the economy activities and different political opinions between two parties of the Strait. We expect those policy arrangements will slow down the Taiwan capital moving-out and Industry hollowing. But occasionally, those policies may not match to the target of reaching the max. benefits to stakeholders of those companies investing in China for the manufacturing cost-saving purpose. Then those Companies will apply alternative methods for their Chinese Investment, such as: invest in-directly through 3<sup>rd</sup> party areas, increase the extra capital to investments limited already by the 40% of company net-value, or transfer the profit of Chinese investment to the holding Companies...etc. Even, they also try to avoid levying the taxes to those net profits of the Chinese Investment from Taiwan existing taxing system. Those above activities might cause the agent Problems during their implementation. The related stakeholders not only suffer the extra agent cost, but also their Stock prices will also be discounted or estimated under the real value. Since the financial activities of these Companies in China are not transparent to investors, they still have recognized the big profit margin from Chinese investment. In the case, no one will be the winner, including every Stakeholder.
By applying the 「Agent Theory」 and 「Corporate Governance」, the Major topics in the thesis investigate those Chinese Investing Strategies for those Taiwan IT industries, the investing flow-path, the current Taiwan Act system, and the profit margin tuning for Chinese investment. Then the shareholders will consider what investing rules they should apply with those exposed messages for above events. The top management of those companies should do good jobs in their position, and suitably present their performance for gaining the confidence of their stakeholders. And those Companies will get the reward through their stock price. This will be the win-win situation.
Meanwhile, for the current investing policies issued by Government, we also think they might aggravate the ratio of the market mechanism factors while referring to the current operating strategy for economic activities of both parties between the Strait because they will help the enterprises for the economic activity normalization and the diversified operations of the global business arrangement. As the guide to stock-public companies, our Government should implement the guidance mechanism to lead that Chinese investment information of Taiwan stock-public Companies connected to our local current publishing system to maintain the stakeholders` rights for the message transparence. With those above statement, we can make sure that every stakeholder will get the fair treatment in those related Chinese Investments by following the good Corporate Governance. This is the major purpose of editing this Thesis!
致謝-----ii
論文摘要-----iii
ABSTRACT-----v
目錄-----1
表次-----2
圖次-----3
第一章 緒論-----5
第一節 研究背景與動機-----5
第二節 研究目的-----7
第三節 研究架構-----8
第二章 文獻探討-----11
第一節 代理理論與公司治理-----11
第二節 良好公司治理的特徵-----19
第三節 採用獨立董監制度，減輕代理問題-----30
第四節 董監事結構與投資大陸之代理問題-----36
第五節 台商投資大陸的動機與誘因-----42
第三章 研究方法-----47
第一節 台商在大陸面臨的投資環境風險與控管-----47
第二節 政府對投資大陸規定所衍生之代理問題-----57
第四章 改善方向-----73
第一節 資金投入與退出大陸途徑-----73
第二節 上市、櫃公司經營大陸策略分析-----90
第三節 盈餘管理與重大投資之揭露-----95
第四節 揭露投資大陸資訊與代理問題-----101
第五節 解讀上市櫃公司投資大陸策略及效益減輕代理問題-----109
第五章 結論與建議-----123
第一節 研究結論-----123
第二節 研究限制-----127
第三節 研究建議-----128
參考文獻-----129
一、中文部份-----129
二、英文部份-----132
三、國內外相關網站資料庫-----132
四、新聞資料庫-----134
附錄-----137
表次
表2-1 代理理論概觀-----12
表2-2 上市公司董事及監察人持股比例統計樣本分配表-----37
表3-1 近3年兩岸經濟交流統計-----70
表4-1 表明有意大陸上市的企業-----93
表4-2 台商大陸獲利比較（2001年）-----95
表4-3 2001年上市公司業外收益排行-----109
表4-4 鴻海精密營業外收入-----110
表4-5 鴻海精密在大陸的投資現況-----111
表4-6 最佳公司治理排行-----113
圖次
圖1-1 研究架構圖-----9
附錄：
附錄1：公司法董監責任相關法規（民國90年11月12日修正）-----137
附錄2：第三地「租稅庇護所」(Tax Haven)簡介-----138 |
| Description: | 碩士
國立政治大學
經營管理碩士學程(EMBA)
89932141 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#A2010000543 |
| Data Type: | thesis |
| Appears in Collections: | [經營管理碩士學程EMBA] 學位論文
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