第五章 結果與建議
第三節 研究建議
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研究於排除屬 OECD 認定屬租稅天堂之樣本國後進行實證測試，而結果顯示租 稅改革與租稅協定對非屬租稅天堂之國家的投資者境外證券投資額有顯著之影 響，此結果支持本研究之預測。
因此，本研究假說：
假說： 於2008年新企業所得稅法施行後，與中國簽有租稅協定國之境外 投資人，有較大的誘因與動機增加其對中國的外國證券投資金額。
在上述實證結果的支持後，成立。
第二節 研究限制
本研究主要受限於無法就世界各國間租稅協定對雙邊外國證券投資決策之 影響一一進行資料收集與實證統計。且由於中國投資人對世界各國之證券投資額 並未有詳細之統計資料，因此僅能就國際貨幣基金組織(International Monetary Fund，IMF)下的Coordinated Portfolio Investment Survey（以下簡稱 CPIS）針對 IMF 之會員國對中國的外國證券投資額統計之資料進行分析。
除上述樣本選擇限制外，雖然 CPIS 資料庫將各國的外國間接投資分為證券 投資、長期債券投資與短期債券投資，然各國對中國的短期債權投資之資料過多 缺漏，故無法將短期債券投資額納入本研究之分析。
第三節 研究建議
根據本研究以中國為例之實證結果顯示，租稅協定與租稅改革對外國證券投 資者對中國的證券投資有顯著之影響，本研究認為國際間的租稅協定與各國的租 稅政策若能提供具國際競爭力的差異化租稅優惠，有效避免重複課稅、降低外國 企業與投資人的所得稅負擔，將有助於企業與投資人於國際間進行證券投資。
Mello (1999)於研究中亦指出國際間的資金流通不僅有助於發展中國家之經濟發 展，對 OECD 之會員國之經濟亦有相當之助益，本研究認為在國際金融蓬勃發 展的現況下，各國對外如何透過租稅協定提升自身租稅環境的國際競爭力，使得 其證券市場更趨國際化與自由化，以吸引世界各國的企業與投資者將資金投注於
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該國之證券市場，進而促進該國的經濟發展是各國應積極面對之議題。
此外，本研究於第一章曾提及原欲以台灣為例進行租稅協定與兩稅合一對外 國投資者對台灣的證券投資決策影響，然而於進行相關資料的收集時發現台灣官 方並未針對各國對台灣的證券投資額分別進行統計，因此本研究改以中國為例，
進行探討。而根據本研究之研究結果顯示，租稅政策對於外國證券投資有顯著之 影響。且謝中琮和李淑麗（2002）於經濟研究中探討國際資金流動對台灣股票市 場之影響中說明，不論外資直接投資生產或間接投資證券實質上對國家的經濟都 有助益，且在自由市場經濟思潮的主導下，金融自由化與國際化已成為世界各國 之重要政策，而台灣資本市場又以股票市場的規模為最大，發展也相對較成熟。
因此本研究認為，既然台灣一直以來皆以成為區域金融中心為目標，且資本市場 中又以股票市場最為成熟，如何吸引外國證券投資者提高其對台灣證券投資之誘 因，為台灣經濟產生助益，是台灣政府應該去思考的問題。
因此，本研究於文末建議台灣官方應積極統計各國對我國於各年度之證券統 計資料，並探討目前台灣應如何對現行的國際租稅政策進行修正，以利吸引外國 證券投資者增加其對台灣的證券投資，提昇台灣的國際經濟競爭力。
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