| 摘要: | 本研究旨在探討台灣中小企業於U銀行進行財富管理之金融投資策略與稅務規劃，對其報酬表現與風險控管的影響。研究依據企業資本結構與財務特性，將樣本區分為境外公司、有貸款公司與無貸款公司三種類型，並透過加權夏普比率、年化報酬率與稅務架構等指標進行系統性分析，以評估各類型企業在資產配置、投資效率與風險調整後報酬之差異性。
研究結果顯示，不同類型公司在資產配置偏好、風險承受度與稅務策略上呈現明顯差異，進而影響其整體投資績效。境外公司在三類型中表現最佳，得利於稅負上節稅彈性佳，且資產配置靈活，整體加權夏普比率為0.712，顯示出優異的風險調整後投資效益。無貸款公司則處於中間位置，加權夏普比率為0.587，其投資策略偏穩健、著重現金流安全，雖然回報有限但表現穩定。有貸款公司整體加權夏普比率為0.483，為三類中最弱，雖有部分公司表現突出，但整體資產配置分歧大、風險效率較低，仍具優化空間。
除此之外，研究亦指出企業的投資決策除受資本結構與營運需求影響外，亦與其稅務規劃能力、金融商品偏好與風險因應策略密切相關。整體而言，能有效資產配置的企業，往往能善用稅負優惠以提升稅後報酬，並藉由多元化投資組合降低市場波動帶來的影響。同時這類企業普遍重視風險控管與財務規劃機制，有助於強化資本配置的穩定性與長期報酬表現。
本研究對中小企業在財富管理實務中提供具體建議，並強調金融機構應依據中小企業屬性設計顧問式資產配置方案，協助企業實現投資效率與風險控管的平衡。建議未來研究可擴大樣本數量、延長觀察期間，並納入總體經濟變數，以強化對中小企業資產配置行為之理解，並提供更具實證基礎之政策建議。
;This study investigates the financial investment strategies and tax planning approaches adopted by Taiwanese small and medium-sized enterprises (SMEs) in the context of wealth management services offered by U Bank, and examines their impact on investment returns and risk control. Based on capital structure and financial characteristics, the sampled companies are categorized into three types: offshore companies, leveraged companies, and non-leveraged companies. The analysis employs key metrics such as the weighted Sharpe ratio, annualized return, and tax framework to systematically evaluate differences in asset allocation, investment efficiency, and risk-adjusted performance across these company types.
The findings reveal significant disparities among the three groups in terms of asset allocation preferences, risk tolerance, and tax strategies, all of which influence overall investment performance. Offshore companies demonstrated the strongest performance, with a weighted Sharpe ratio of 0.712, benefiting from favorable tax treatments and flexible portfolio structures that yield superior risk-adjusted returns. Non-leveraged companies ranked second, with a Sharpe ratio of 0.587, characterized by conservative strategies focusing on cash flow stability and capital preservation. Leveraged companies showed the weakest performance, with a Sharpe ratio of 0.483, largely due to divergent asset strategies and lower overall risk efficiency, although a few individual companies performed well.
Moreover, the study highlights that investment decisions are not only shaped by capital structure and operational needs but are also closely linked to tax planning capabilities, product preferences, and responses to market volatility. Enterprises that are able to allocate assets effectively tend to leverage tax incentives to maximize after-tax returns and reduce market uncertainty through diversified portfolios. These firms also emphasize financial planning and risk management frameworks, which help to ensure stable capital allocation and long-term investment outcomes.
This study provides practical recommendations for SMEs engaging in wealth management and emphasizes the importance of tailored advisory asset allocation strategies by financial institutions based on enterprise characteristics. Future research is encouraged to expand the sample size, extend the observation period, and incorporate macroeconomic variables to further strengthen empirical insights into SME asset allocation behavior and inform policy-making. |
