The Long-Term Performance of the Taxation Policy of Rewards in Headquarters：A research of measure of financial performance and Stock Abnormal Returns

[[abstract]]摘要 我國自2002年開始實施企業營運總部之政策活動，以鼓勵國內外企業在台灣設立營運總部，也相繼推出了營運總部相關租稅及行政優惠，係為達成深耕台灣、佈局全球的經濟發展目標，然而經過四年多的努力與實施後，是否為設立企業營運總部之公司本身經營績效帶來更大的經濟效益，及營運總部租稅優惠之獎勵誘因是否又能對公司股東帶來超額報酬，本文以財務會計實證中常見的事件研究法及統計檢定方法，來探討公司股價對於營運總部租稅優惠發佈之反應，及對營運總部租稅優惠發佈前後年度公司績效之影響。 本文也介紹了台灣、新加坡、香港、上海市及馬來西亞等地區關於營運總部政策及其租稅優惠之異同，並以學者對此項政策之評論，以得出我國營運總部租稅優惠政策相對於各國之優劣之處。當我們檢驗這個議題時，使用了依2002年度已核准設立企業營運總部政策之上市、上櫃公司為樣本，發現公司之股東在租稅優惠發佈後的兩年期間，股東財富有顯著地減少，且在分類樣本上，也分別支持了這實証結果。我們也檢驗市場反應租稅優惠發佈訊息是否為緩慢的，而實證結果發現市場反應租稅優惠發佈的訊息與效率市場假設相互衝突。 而在設立營運總部租稅優惠發佈前後年度公司財務績效之檢定上，發現公司成立營運總部後之總資產報酬率較設立前有顯著之正向關係，表示對資產的經營效率能有所提升。但在營收成長率與稅後純益成長率方面，由於資源配置及整合上的問題，對公司營業績效較無太大之幫助。[[abstract]]ABSTRACT Since 2002 Taiwan's government has developed the Operational Headquarters Development to encourage enterprises both inland and overseas to locate their operational and decision-making center in Taiwan Also put it in practice the taxation preference and administrative incentives related to the operational headquarter policy if realize our vision of national economic development for the goal And more four years of effort people often question about if the running of operational headquarter will enhance the operation performance and bring business shareholders better stock returns In this paper the event study methodology commonly adopted in financial accounting case study is used to understand the result of company's stock prices when operational headquarter taxation preference policy are announcing We also use statistic method to test the company's financial performance of the year before and the year after the year of operational headquarter taxation preference policy are announcing This research will introduce that the different of qualification requirements and taxation preference of the headquarters in Taiwan Singapore Hong Kong Shanghai and Malaysia And also use scholar's statements to analyze Taiwan's advantages and disadvantages When we examine this issue using a sample of Taiwan's listed firms by the operational headquarter policy are setting which issued on 2002 We find that stockholders of firms suffer a statistically significant loss over the two-year operational headquarter taxation preference policy are announcing period And subsamples also suggest the evidence We also examine whether the market is a slow adjustment to the iii taxation preference Our results do not consistent with the efficient market hypothesis When we test the company's financial performance of the year before and the year after the year in operational headquarter taxation preference policy are announcing We find the rate of return on total asset that after set operational headquarter were all better than before This can explain that the companies can improve their asset's operation performance But in the revenue growth rate and after tax net income growth rate because the questions of resource deploy and consolidate so it is not good for firm's operation performanc