我國證券商辦理離境證券業務與海外子公司業務之比較：以個案銀行券商為例

由於金融業務在臺灣受到管制，個案公司欲透過海外子公司進行更多元化之業務，因此於1997年5月至香港成立子公司。本研究以個案公司所成立香港子公司為研究對象，探討個案公司在臺灣地區境內設立國際證券分公司後，對個案公司在香港子公司的業務影響，並探討其臺灣地區境內國際證券分公司與香港子公司的異同點，以及所產生的角色扮演與經營策略關係之改變。研究發現，在業務範圍方面兩者在經紀、自營與承銷等業務是雷同的；在交易對象方面，兩者因資金結構不同而有所不同，目前國際證券分公司較個案子公司狹隘；在稅賦方面，對於境外所得皆免稅，境內所得則依各國相關稅法規定課徵。兩者唯有在交易幣別方面是一致的，商品交易都是以外幣計價，避免涉及外匯操作。綜合本研究之結果，建議臺灣政府對於業務與金融商品審核機制放寬、及研擬成立特定交易免稅規則，期望以此增加吸引各地投資人來臺灣投資，並特別選擇以臺灣地區境內公司來開戶進行交易。如此可吸引海外資金回流，擴大境外金融中心業務版圖，提升證券商國際金融業務競爭力。

關鍵字

離境證券；證券經紀；證券自營；證券承銷；財富管理

並列摘要

As the financial services of the case study corporation are restricted by local regulations in Taiwan, in order to provide more diversified business through an overseas subsidiary, the financial corporation established a securities subsidiary in May 1997. This study explores the influence on the business of the securities subsidiary of the case study financial corporation in Hong Kong when an international securities subsidiary had also been established in Taiwan. In addition, this study compares the differences between the two subsidiaries, as well as their roles in the business strategies of the financial corporation. The results of this study demonstrate that both subsidiaries have similar administration strategies in terms of foreign currency brokerage, proprietary trading, and underwriting services. Regarding transaction subjects, the subsidiaries have different subjects due to their capital structures being different; the international securities subsidiary in Taiwan has fewer transaction subjects than the securities subsidiary in Hong Kong. In terms of taxes, offshore incomes are tax-free in both subsidiaries, and onshore incomes are levied according to the tax regulations of the country in which the subsidiary is established. Only the currency type is the same, as the trading in both subsidiaries is priced in foreign currency, which can avoid involving foreign exchange operations. In conclusion, the findings of this study suggest that the government authorities in Taiwan should loosen the control mechanism for financial services and products and develop regulations for tax exemption for special transactions. This will help to attract more investors around the world to invest in Taiwan and will increase business in financial corporations in Taiwan, in turn increasing the competitiveness of Taiwan in the international finance business and the repatriation of overseas funds and expanding the territory of Taiwan as an offshore financial center