D. Admin. (Public Administration)

Sloan（1996）研究指出，投資人無法完全地分辨出應計項目與現金流量間盈餘持續性的差別，導致對應計項目資訊反應過度，而對現金流量資訊則反應不足，因此公司擁有相對較高（低）的應計項目使用金額，預期會有負（正）的未來股票異常報酬率，此種存在於應計項目與未來來股票異常報酬率間之負向關係，即本文所稱之「應計項目異常現象」。 投資人方面，本研究依資訊取得優勢，區分為內部關係人、機構投資人（外資、投信、自營商）與自然人；投資人持股行為則分別以持股比例與持股比例變動代表。此外，並將應計項目分別以總應計項目與總應計項目組成要素下之個別營運資金應計項目（應收帳款變動數、存貨變動數與應付帳款變動數）作衡量。首先測試應計項目異常現象是否存在於我國，再利用應計項目異常現象建構之套利投資組合，買進最低應計項目金額的投資組合而賣出最高應計項目金額的投資組合，探討應計項目異常現象與投資人持股行為之關聯性。 實證結果顯示，應計項目異常現象存在於我國，亦存在於個別營運資金應計項目。持股比例方面，外資與內部關係人似乎能利用應計項目異常現象形成之套利投資組合；當總應計項目的金額愈低，持股比例會愈高，但在不同應計項目的衡量方法下會有不同的結果。持股比例變動方面，除內部關係人與自然人稍佳之外，本研究設計之迴歸模型並無對應計項目與投資人持股比例變動間之關聯性有足夠的解釋能力。此外，第二年度的內部關係人持股比例變動雖與總應計項目、存貨變動數有負向的關聯性，惟統計結果並不顯著。 關鍵字：應計項目異常現象、投資人、持股行為、應計項目、機構投資人、內 部關係人、自然人、套利投資組合 / Sloan（1996）results indicate investors failing to distinguish fully between the different properties of the accrual and cash flow components of earnings. This leads to overreaction of the information contained in the accrual components of earnings and underreaction of the cash flow components of earnings.Consequently,firms with relatively high (low) levels of accruals experience negative (positive) future abnormal stock returns. The negative relationship between accounting accruals and subsequent stock returns calls the “Accruals anomaly” in this paper. With repect to the investors, I distinguish them from the advantage of obtaining the information into insiders, institution investors (QFII, mutual funds, security dealers), and individual investors; then use the percentage of the investors’ holding and the percentage of the investors’ holding change to represent the investors’ holding behavior. Besides, I use the total accruals and individual working capital accruals（change in accounts receive, change in inventory, and change in minus accounts payable）to measure accruals. Firstly, I test whether the accruals anomaly exists in our country or not, then exploit the hedge portfolio formed by accruals anomaly,by taking a long position in the stock of firms reporting relatively low levels of accruals and a short position in the stock of firms reporting relatively high levels of accruals generates positive abnormal stock returns to probe into the association between accruals anomaly and investors’ holding behavior. The results suggested that accruals anomaly indeed exists in our country and the individual working capital accruals. With regard to the percentage of the investors holding, QFII and insiders seems to capable of exploiting the hedge portfolio formed by accruals anomaly; when firms with relatively low levels of total accruals experience the percentage of the high investors holding,but there have different results of using dissimilar measurement of accruals. For the percentage of the investors holding change, this paper’s regression model doesn’t have enough capability of explaining the association between accruals and percentage of the investors holding change except insiders and individual investors. Furthermore, although the percentage of the insiders’ holding change in the second year is negatively correlated with total accruals and change in inventory, the empirical results are not significant. Key words: accrual anomaly, investors, holding behavior, accruals, institution investors, insiders, individual investors, hedge portfolio

本篇論文應用Rubin (1973)、Rosenbaum and Rubin (1983、1985a,b)所發展的配對方法(Matching Method)探討兩個議題，其一是評估企業從事社會責任行為是否可以改善績效，另一則是探討銀行加入金控後對其績效的影響。 / 針對第一個議題，我們將FTSE All-share 指數中被收錄於英國FTSE 社會責任指數的成份股定義為社會責任企業，未被收錄者定義為非社會責任企業，應用配對方法，根據特性變數是否相近為依據進行樣本配對。實證結果發現，不論使用配對前或是配對後的樣本進行分析，皆找不到社會責任企業的平均績效優於非社會責任企業的證據；相反地，部分的證據顯示社會責任企業的財務績效相對較低，因此我們的分析結果傾向支持焦點移轉假說，社會責任行為對財務績效的影響效果為負。 / 另外，我們以遠見雜誌於2006 年公佈的企業社會責任調查為基礎，將衡量企業社會責任績效的三個層面－社區參與、環境保護與財務透明，透過投資組合分析與迴歸分析來評估公司承擔社會責任與財務績效之間的關聯性。實證結果發現，第一，平均來說，公司的社會責任評分愈高，在評比結果公佈後的股票報酬愈低，兩者之間呈現負向關係；第二，公司在不同層面的社會責任行為對於股價報酬的影響具有差異性；第三、透過公司的長期財務資料發現，社會責任評分高的公司其長期平均會計績效相對較佳，但長期平均的股票報酬相對較低，表示社會責任型公司不一定是一個好的投資標的；最後，我們找不到支持社會責任行為可以做為公司績效保險的證據。本文使用各別層面的評比指標，更廣泛地評估社會責任行為對財務績效的影響，改進既有文獻中僅使用單一指標的不足之處。 / 就第二個議題而言，同樣地應用配對方法，根據銀行的特性變數是否相近為依據進行樣本篩選，利用台灣上市上櫃的銀行在2002 年第1 季至2006 年第2季的資料，我們發現在樣本配對前，平均來說，金控銀行在15 個CAMEL 績效指標的表現上皆相對較佳；樣本配對後，金控銀行除了在費用比率之外，其他的評比指標仍相對優於獨立銀行；不論使用配對前或配對後的樣本做分析，皆未出現金控銀行績效顯著較差的證據，因此，我們的實證結果偏向支持綜效假設，銀行加入金控對績效的影響效果為正向。 / 我們的研究架構與方案評估與政策衝擊分析文獻中的方法相一致，而貢獻則在於我們考慮樣本之間特性變數的差異性，進而以樣本配對的方式修正這個差異性，將有效降低既有文獻中在檢驗上述兩個議題上的選擇偏誤問題。 / In this thesis, we apply several matching methods, develop by Rubin (1973)、Rosenbaum and Rubin (1983, 1985a,b), on examing the effects of Corporate Social Responsibility (CSR) on firm financial performance (CSR-effect) and on evaluating the effects of banks being subordinated to FHC on CAMEL indicators (join-FHC effect). / For the former application, two competing hypotheses, social impact hypothesis and shift of focus hypothesis, are proposed, where the former suggests that CSR has a positive relation with performance and the latter are opposite. To ensure the CSR-effect is not contaminated by other factors or the sample is randomly drawn, we employ four matching methods, Nearest, Caliper, Mahala and Mahala Caliper to match the characteristics of the firms with CSR (CSR-firms) and without CSR (NonCSR-firms) to get rid of sample selection bias. Although the four methods yield slightly different results, to our surprised, firms engaging in CSR activities obtain lower values on the return on assets, return on equity, return on sales and earnings per share. Therefore, CSR at the very least does not improve the firm performance, supporting the shift of focus hypothesis. Engaging in CSR activities lead to more pain than gain, at least in the short run. / On the CSR topic, using a set of disaggregated social performance indicators for community participation, environmental protection and fiancail transparency from the Global Views Monthly, we examine the relationship between CSR and financial performance of TSE listing companies. Our main results show that first, scores on composite social performance indicators are negatively related to stock returns and this relationship cannot be rationalized by multi-factor models for explaining the cross-sectional variation in stock returns. Second, the effects of three disaggregated social performance indicators on stock returns are differenct among industries. Third, aggregated social performance indicator is positively related to long-term accounting performance but negatively related to long-term market performance, and thus implies that good companies are good in books, but not good investments. Finally, firms with high CSR ratings do no exhibit smaller decline of their financial performance during stagnations and thus not support the view that CSR is insurance of financial performance. / The second application, two hypotheses, synergy hypothesis and specialization advantage hypothesis, are raised too, where the former suggests that FHC-banks performer better and the latter are contrary. Above four matching methods are still used to fix the characteristics of two groups of banks in order to correct for sample selection bias. Based on after-matching samples, most of our empirical results suggest that FHC-banks, on average, outperform independent banks on most of indicators on capital adequacy, asset quality, earning ability and liquidity but not on management ability and being FHC-banks at the very least does not deteriorate the performance of banks, making our conclusion favors the synergy hypothesis and against specialization advantage hypothesis in Taiwan. / Our framework is identical to many applications of matching method such as Persson (2001), Hutchison (2004), Glick, Guo and Hutchison (2006), and are also parallel to standard medical and biological research.

知識經濟時代，智慧財產權已經成為公司經營的策略重點，不再只是著重於法律與科技等構面，觸角更擴張為經營管理、商業競爭、企業併購、財務規劃與驅策新事業的重要工具。新的專利侵權原告（The New Breed of Patent Infringement Plaintiffs）便趁此一熱潮悄然誕生，美國稱之為「Patent Troll」，其不為營運研發、純粹在全球購買專利，以創造利潤與策略佈局考量為主，挾著專利持有人的地位大張旗鼓尋找「交易」對象，以訴訟為手段作為談判的籌碼，到處發警告函以獲取權利金。「Patent Troll」不僅在法律制度上引發爭議，更提高企業在智財管理方面的困難度，其對專利體系上的影響是全面性的。 本文第一章主要說明本論文之研究動機，包含專利訴訟新趨勢、新的商業營運模式，以及順應而生的「Patent Troll」之情形，闡述其所造成與被授權人間議價能力失衡之現象，接著闡述其對交易關係的影響以及美國法上相應適用的法律原則之變化，最後針對台灣的現況做一說明並向企業提出策略上之建議。 第二章蒐集並整理國內外與「Patent Troll」相關問題的爭議及探討。首先針對智慧財產服務業(IP Service Corporation)及智財控股公司(IP Holding Company)等名詞作一基本介紹。次對「Patent Troll」之名詞、定義、由來及分類做一整理介紹，接著說明「Patent Troll」之特徵、功能及商業模式。最後則針對各方文獻對於專利管理流程以及企業營運策略等建議做一整理分析。 第三章針對「Patent Troll」此一名詞做全面性的介紹與探討。首先對「Patent Troll」的定義、名詞爭議、發展歷史及與類似名詞的區辨為一概括式的介紹，本文將「Patent Troll」定名為「專利地痞」，並認為分析特徵可歸納為下列七項，只有當七項特徵都符合時才是本文所指涉之專利地痞：（一）為專利權人的個人、獨立發明人或公司；（二）藉由購買專利（如MercExchange）或進行技術創新(如Lemelson)；（三）不製造生產產品；（四）非提供專利服務；（五）鎖定目標公司（Target Company）：該目標公司必須是獨立發明製造技術，真正使用該專利，欠缺專利授權，在商業上成功，並且出現且已投入不可回復的損害；（六）以訴訟與禁制令作為要脅；（七）以達和解授權以獲取權利金等創造利潤及策略布局。接著說明「Patent Troll」的分類，以掌握其可能存在的不同態樣，本文將專利地痞分類為「發明型」專利地痞」，以及「購買型」專利地痞。然後就其特徵、優勢及商業模式加以闡述，歸納出一些共通的特徵，本文認為專利地痞的商業模式可以分成下列幾個步驟，第一階段為累積專利期，第二階段為授權協商期，第三階段則為專利訴訟期。各階段之間有其前後順序，並且環環相扣，除了第一階段需投入成本外，另外兩個階段均以創造利益為最終目的。最後再就全球各主要國家關於「Patent Troll」的現況進行討論並提出結論，以此部分的撰寫與結論作為第四張及第五章關於法律面與管理面相關議題批評檢討的基礎。 第四章探討「Patent Troll」在美國法上涉及的相關法律爭議問題，期以此觀察緣起環境變遷的方式了解國內外法制環境的差異，並定位台灣在此一進程中所處之發展位置，以解析台灣關於「Patent Troll」此議題重視之必要與否以及應該採取的態度與方法。首先以美國法上針對「Patent Troll」此一議題在行政、立法和司法的變革為引，帶出此一議題影響層面的全面性。次專注於美國法上關於立法上「專利改革法案」對於解決「Patent Troll」問題所做的努力，如前已提及之專利先申請原則、專利侵權損害賠償計算基礎、惡意侵權損害賠償、專利核可後非經訴訟程序的異議制度（Post-Grant Opposition）和專利侵權訴訟管轄權等。接著以法院判決的變化演進，如前述主要提及之2006年eBay v. MercExchange一案中對於禁制令核發原則的確立、2007年KSR v. Teleflex一案中對於可專利性原則（Patentability）的解釋運用，2007年MedImmune,Inc. v. Genentech一案對於確認判決（Declaratory Judgment）行使範圍的解釋。2007年Microsoft v. AT&T 針對域外效力（Extraterritorial Impact）的確立，以及2007年In re Seagate一案對於惡意侵權(Willful Infringement)的認定等。最後針對個別修正法案或法院判決的變遷對專利地痞的影響做一說明。 第五章提出企業面對「Patent Troll」此一威脅時所能採取的因應策略。將以第三章所分析之專利地痞商業模式三步驟為本，針對專利地痞行使各該步驟時，企業可能採取的因應策略。第一階段的累積專利期，包含有專利資訊管理、專利購買與公司併購、延攬IP專業人才、保險分擔機制與提撥準備金、技術創新設計、專利交叉授權、專利策略聯盟、契約條款規劃和其他新型態的因應策略等；第二階段的授權協商期，包含有專利評估、和解授權，確認訴訟；第三階段的侵權訴訟期，則有專利訴訟程序、侵權認定程序、善用迴避設計、提出異議制度、提出專利再審查、慎選繫屬法院，以及採取團體訴訟以資因應等。期以一相關流程使企業得以瞭解其現階段落在何種情況時應採取何策略始得降低風險並妥善因應。 第六章為本論文之結論建議，結論部份，將前述第三章、第四章和第五章所提出之觀點作一概括性的總結。建議部分，即就我國產官學各界及現行法制面對「Patent Troll」問題可能適用之解決方式加以檢討並提出建議。 / In the knowledge-based economy era, intellectual property has become the focus of business management strategy. The concerns of intellectual property management extend from law and technology to management, market competitions, mergers and acquisitions, financial plans, and start-ups. The trends also bring forth a new breed of patent infringement plaintiffs, Patent Troll, who do not undertake R&D and purchase patents worldwide as their main profit and business strategy. Those patentees utilize litigation as measures to bargain with their “clients” to obtain loyalties. The issue of Patent Troll is influential in the Patent system. It rouses controversy in legal system and increase difficulty for industry in intellectual property management. Chapter I describes the main concern of this thesis, including new trends of patent litigation, new business model, and “Patent Troll.” The chapter will elaborate an imbalance of bargaining power between licensors and licensees cause by patent troll, the influences of patent troll to IP transactions, and the changes of legal principles under U.S. patent law and judicial decisions. The chapter will outline the current situation in Taiwan and propose some strategy to industries. Chapter II involves relating issues on "Patent Troll" in Taiwan and abroad. First, the chapter will introduce the definition of IP Service Corporation and IP Holding Company. Then the chapter will elaborates and discuss patent troll from the name, definition, classification, origin, features, functions and business models. At last, this chapter will analyze the patent managerial process and operating strategies for the industries. Chapter III focuses on a comprehensive introduction towards patent troll. First, the article elaborates the disputes on the definition, the term, the history and the differences between similar terms of patent troll. A Patent troll should meet all the following seven characteristics, (a) patent owner/independent inventor/company; (b) Compare purchase of rights (MercExchange for example) vs. invention (Lemelson for example); (c) Does not Make, Use, Sell, Offer to Sell, Or Import Patented Article/ Does not Use/Practice Patented Method; (d) no IP Service; (e) Target company (infringer): The target company must be an independent inventor of the technology, has real use of the patent, lacks of patent license, has successful business and devotes substantial investments; (f)Threat of litigation & Injunction; (g) Demand for licensing fee. Then the article describes the classification of patent troll in order to grasp the potential types of it. Patent troll in this chapter will be classified as "inventor" one and "purchaser" one. The business model of patent troll can be divided into three stages: (a) cumulative period ;(b) licensing and consolation period and (c) patent litigation period. The three stages are of time sequence and closely linked together. The “Patent Troll” needs to invest money only in the first stage and take profit creation as the ultimate goal in the other two stages. Finally, the chapter describes and discusses the developments and current status of patent troll in some major countries in the world. The observation and discussion will be served as the foundation for further discussion in the following chapters. Chapter IV focuses on the legal principle changes under U.S. patent system in three dimensions: administration, legislation and jurisdiction and illustrates the effects that occur to patent troll. The changes of administration focus on three parts: the limitation of continuation application, the limitation of divisional application and the limitation of claims. In legislation, the changes focus on “Patent Law Reform Act”, including the first-to-invent to first-to-file principle, the calculation basis of damages, enhanced damages, post grant review procedure, and venue and jurisdiction. The changes of jurisdiction focus on five verdicts and cases, eBay v. MercExchange, KSR v. Teleflex, MedImmune, Inc. V. Genentech, Microsoft v. AT & T, and In re Seagate. The chapter will elaborate the influences of those changes and decisions on the business model of patent troll. Chapter V proposes some possible solutions and strategies to industries when they are confronted with the threats of patent troll. This thesis takes the three stages of patent troll’s business model as a foundation and proposes the strategies for industries against patent troll during different stages. The strategies for first stage are IP information management, patent purchase, mergers and acquisitions of companies, IP professionals recruitment, insurance mechanism, technology R&D, patent cross-licensing, patent alliances, contract planning and other new types of strategies and so on. The strategies for the second stage include patent evaluation, authorization of reconciliation and declaratory judgment. The strategies in the third stage are patent litigation, infringement procedures, patent design around, patent re-examination, choose of venue and jurisdiction and group litigation. The thesis expect to enable industries to understand what stage they fall on and what strategies they can adopt, with the proposal of management procedure. Chapter VI will be the conclusions of this thesis and will include suggestions on the issue of patent troll to industries, government and academia.

過去許多企業，將企業原本擁有的智慧財產（例如：專利、商標、營業祕密…）與企業的其他資產、負債，分離出來，成立智慧財產控股公司，並透過智慧財產供股公司的經營管理，獲取大量的租稅利益。此一租稅規劃工具雖然已引起稽徵機關的注意，但運用得當，仍可為企業創造可觀的利潤。 智慧財產控股公司的設立架構，母公司通常會在低稅率的國家或州，設立一完全控股的子公司，由智慧財產控股公司自行創設、或自母公司繼受智慧財產。智慧財產控股公司授權的對象，可能是母公司、亦可能為不相干的第三人。 智慧財產控股公司的租稅效益，來自智慧財產控股公司通常選在低公司稅率（甚至零稅率）的地區設立，對於權利金收入予以免稅的地區。母公司付給子公司的權利金費用，母公司可作為費用扣除，藉以降低母公司的所得稅。智慧財產控股公司可透過發放股利，或對母公司融資等方式，解決母公司的資金需求。 透過智慧財產控股公司進行租稅規劃，最重要面臨『移轉定價』與『避免濫用租稅協定』，因此智慧財產控股公司進行的關係人交易，不能是純為獲取租稅利益的假交易，必須有商業實質。 / Over the last decade or so, many businesses generating significant revenue from intellectual property such as patents, copyrights, trade names and marks, software and know-how (the IP Assets) have organized intellectual property holding companies (IPHCs) to reduce federal and state taxes while separating valuable IP Assets from other corporate liabilities. Recently, states have started to aggressively challenge this tactic. However, substantial state and federal tax savings can still be realized if IPHCs are organized and operated correctly. The structure of an IPHC is fairly simple. The parent corporation typically creates a corporate subsidiary in a state or in a foreign country where little or no taxes are imposed . IP Assets are created by or transferred to the subsidiary. The subsidiary enters into license agreements under which the parent corporation and non-related corporations agree to pay the IPHC royalties in exchange for an exclusive or non-exclusive right to use the IP Assets. Since most IPHCs are organized in jurisdictions with no income tax, the royalties received by the IPHC are generally tax-free. In addition, the parent corporation that paid the royalty typically can deduct the payment as a deductible expense, thereby reducing the parent's income or franchise tax liability. In some circumstances, IPHCs can make tax-free dividend distributions or loans to the parent corporation. The key issue IPHC should consider is “Transfer Price Issue” and “Anti Treaty Shopping Issue”. Transactions between related parties can’t be shame transaction, business substance is required.

隨著經濟全球化的時代來臨，國與國之間的界線漸趨模糊，全球的產業及資源都不斷地加速整合，本研究嘗試以不同角度出發，分別以「全球化浪潮下之現代集團公司」、「境外控股公司的靈活機制」及「以股權規劃為中心的思考模式」三大核心為主題，先從全球佈局的觀點來定位企業，取代傳統緩慢演變逐漸拓展的方式，選擇在企業創立的最初，就以全球化的眼光來設計企業的組成架構，跳脫國界的藩籬；再經由比較英屬維京群島、開曼群島以及美國德拉瓦州設立境外公司的相關規定，闡述境外控股公司的各種優勢與操作機制；接著探討企業從設立到赴國際資本市場上市的籌資過程中，如何以股權規劃為中心，運用靈活的持股架構及特別股的概念，就公司的股東結構、董事會結構與組織制度，以及員工認股權各面向做出細緻的設計，來募集所需資金並鞏固未來發展。 最後，本研究以中芯國際集成電路有限公司與富士康國際控股有限公司兩家赴香港上市之台資企業個案，討論其上市前之集團架構、歷次資本形成與股權規劃等過程，一方面與本研究之分析作對照，另一方面亦闡述香港資本市場躋身國際資本市場之原因，並對台灣目前資本市場的法令與政策提出期許。 / In the coming era of globalization, boundaries between countries are blurring, and the global integration of industries and resources speeds up. This thesis tries to look into the phenomenon from three perspectives: group companies under the globalization trends, the flexible mechanism of offshore holding companies, and equity planning-centered thinking model for modern enterprises. By pointing out that, instead of expanding gradually, modern enterprises tend to arrange its organization from a global viewpoint on the first day it is established, this thesis interprets group companies with a new angle; second, it presents the respective criteria for setting up offshore companies in British Virgin Islands, Cayman Islands and the State of Delaware along with the advantages and flexibilities of using offshore holding companies; and third, it introduces the concept of equity planning during the developing course of an enterprise from startup to listing company, including the formation of its capital structure, shareholder structure, board of directors, organization, and employee incentive plans in order to raise enough funding and secure the basis of future prosperity. At last, this thesis takes two Taiwan-based, Hong Kong listed companies, Semiconductor Manufacturing International Corporation and Foxconn International Holdings Limited, as examples and studies their respective pre-IPO group structure, the capital formation and the equity planning course to reflect the analysis contained herein on the one hand, and also discuss the reasons why Hong Kong can become one of the most-favored international capital markets and finally proposes suggestions to the laws, regulations as well as policies with respect to the current capital market of Taiwan.

自從美國於1999年11月通過金融現代化法案（Gramm-Leach-Bliley Act），排除銀行不得兼營證券及銀行控股公司不得兼營保險業務之規定，准許原銀行控股公司可申請改制為金融控股公司，並以此金融控股公司來經營銀行、證券及保險業務後，我國為尋求國內金融機構能與國際接軌，順應國際金融集團跨業經營之趨勢，遂於2000年通過「金融機構合併法」及「銀行法部分條文修正案」，隨後再於2001年6月26、27日通過包括「金融控股公司法」等之金融六法，期望透過金融機構間之合併與成立金融控股公司，整合銀行、證券、保險、票券等金融相關產業擴大金融機構之規模，透過金融控股公司之跨業平台來滿足客戶之需求，發揮金融資源整合之綜效(Synergy)，進而得以提升競爭力與獲利能力。 然而，本國金融控股公司自成立以來發展至今，有關金融控股公司之風險管理之組織、功能與執掌，除了金管會發布之「金融控股公司內部控制及稽核制度實施辦法」之第11條、第12條及第13條，規範金控須訂定適當之風險管理政策與程序，建立獨立有效風險管理機制、應設置獨立之專責風險控管單位，並定期向董事會提出風險控管報告及風險控管機制應包括之內容等原則性規範外，並未有其他較為詳盡之法令或可遵循之規範。 本論文以個案金融控股公司之實務運作為探討，期望可提供國內金融控股公司風險管理之運行之參考，吾人從此次2007及2008次貸風暴所形成之2008世紀金融大海嘯，亦可深知風險管理之重要性，金融機構之風險管理就如同蓋一棟大樓一樣，風險管理之制度與機制是該大樓之鋼樑與鋼柱，每個樓地板是金融機構之各項業務，而串連各樓層之樓梯或電梯為風險管理與各業務部門間之溝通管道，但要大樓不倒，重點在於地基的扎實與穩固，而此大樓之地基即是所謂的「風險管理文化」，透過該地基穩固的支撐每個鋼樑鋼柱及樓地板，才能有效防止並保護大樓能夠屹立不搖。因此，重視風險管理文化之深耕，建立金融機構全員之共識與確實遵循，乃是保有地位與安全之不二法門。

Made available in DSpace on 2016-04-28T20:39:28Z (GMT). No. of bitstreams: 1 Angela M M Harary.pdf: 622182 bytes, checksum: 1ed656f7ae92a8e7c4af98310faac04a (MD5) Previous issue date: 2007-06-01 / Conselho Nacional de Desenvolvimento Científico e Tecnológico / The purpose of this paper is to discuss what happens during a psychoanalytic experience, when something with a potential for change and growth is generated and what kind of linking favors it. Also, it runs through a fundamental psychic phenomenon of a specific symbiotic quality, capable of a high degree of regenerative and/or constitutive parts of the self. This paper is justified by the fact that more and more the psychoanalytic process has been seen as a result of the pair s interpenetration (transference/ countertransference) and for what is stimulated in the analyst as knowledge about his/her patient psychodynamics. Some clinical hypotheses have been put forward to explain the occurrences of phenomena that are analogous to a kind of immersion in affectionate dimensions of low awareness but necessary to achieve a deep affectionate interaction that would keep symbiotic fusion fantasies. Seven topics are highlighted in order to corroborate to the institution of a link that could support this symbiotic process and the intensity of the emotions present on it: comprehension, love, confidence, loss, truth, companionship and closeness X distance. Results of this research related to clinical aspects are the maternal holding function, as an integrating experience that follows and supports moments of turbulence, a kind of safety net under the trapeze offering security and also the phenomenon of a symbiosis as a fundamental constitutive part of the psychism. This development of the libido previous to the PS ↔ D oscillation could be part of the same dynamics and then, would be turned into a three-part circulation process: symbiotic, disintegrated, integrated / O objetivo do trabalho é discutir o que acontece na experiência do encontro analítico, na qual gera-se algo com potencial de mudança e crescimento e qual o tipo de ligação que o favorece. Discorre, também, sobre um fenômeno psíquico fundamental, de uma qualidade definida, simbiótica, capaz de um alto grau regenerador e/ou constitutivo do self. Justifica-se por ser o processo psicanalítico, cada vez mais, entendido como o produto da interpenetração do par (transferencial/ contratransferencial) e daquilo que é suscitado no analista como forma de conhecimento sobre a dinâmica do analisando. Levantaram-se hipóteses clínicas, sobre a ocorrência de fenômenos análogos a uma espécie de imersão de determinadas dimensões afetivas, pouco conscientes, porém necessárias a uma interação afetiva profunda que guardaria aspectos de fantasias fusionais simbióticas. Destacam-se sete tópicos que corroboram para a instauração de um vínculo que dê sustentação a esse processo e à intensidade das emoções presentes: compreensão, amor, confiança, perda, verdade, companhia e proximidade X distanciamento. Como resultados dessa pesquisa, evidenciou-se no caso clínico a função de holding materno como experiência integradora que acompanha e suporta momentos de turbulência, uma espécie de rede armada sob o trapézio a oferecer segurança e, também, o fenômeno de uma simbiose fundamental a fazer parte da construção do psiquismo. Esse desenvolvimento da libido anterior à oscilação PS ↔ D, poderia, então, fazer parte da mesma dinâmica que se transformaria em uma triangulação: simbiótico, desintegrado, integrado

本研究主要探討日本企業於90年代面臨泡沫經濟、金融風暴、全球化、資訊經濟以及服務經濟的變革。許多大企業過去因為追求成長而組織逐漸膨脹，使得面臨外部環境快速變遷時，發生反應遲鈍、人員創新力不足、資源過度分散的現象。在這一波變革當中，日本企業一方面要重整組織，一方面要踏入新的事業領域，使得變革格外艱困。90年代的泡沫經濟，正好提供日本企業深思反省的機會，也讓研究學者提供了企業變革的最佳樣本。 由於日本政府正式將獨占禁止法的純控股公司禁令解除，預計2001年進一步更改稅法為連結經營的模式，因此被禁止五十年的控股公司經營模式將被許多大企業多所採用。本研究藉由三大綜合電機廠商－株式會社日立製作所、株式會社東芝、三菱電機株式會社－的探討，逐步了解日本企業這一波組織變革的手法，以及控股公司組織架構在企業變革上所扮演的角色。 本研究從策略思維、組織架構、經營系統著手探討，發現在各個環節上都是企業變革的重要考量。日本企業的經營策略逐漸轉型為以中期規劃為主；原本製造導向轉變為以服務為導向；80年代過張造成的的資源分散，現在則努力執行選擇與集中企業資源；面對著資訊時代的來臨，投資網路與通訊新事業；隨著全球化的變化，企業不只有著重於日本市場，更以策略聯盟的方式以拓展全球市場。 由於控股公司架構的施行，可以幫助企業易於事業重組與進入新事業、企業轉變成為以策略為重點、權力分配朝向大幅授權與分權自主。就管理制度而言，為了適應mega-competition的競爭環境，反應速度是重要的考量，因此除了維持生產效率之外，經營效率亦是訴求重點。強調創新精神、加速決策過程、採用績效制度、藉助資訊系統等，以搭配控股公司的組織架構，期待能創造出另一波為人稱道的日本式經營。 本研究的結果，正是吾人探索二十一世紀經營之典範。對於台灣企業而言，台灣企業一直和日本企業保持著亦師亦友的角色，日本企業所面臨的大小問題，似乎都是台灣企業未來極有可能遇見的狀況，透過日本企業的深入了解，不但給予台灣企業警惕，也提供台灣企業良好的教材。 / The research studies Japanese firms' changes in face of bubble economy, financial crisis, and globalization as well as digital and service economy. Due to rapid growth in the 1980s, while facing the fast changes of business environment in the past decade, most of Japanese companies suffered from slow responses, insufficient innovation, and over diversified resources. To revitalize the organizations, they are willing to invest in new businesses on the other hand. Because of the lift of pure holding company and reform of consolidated tax system, many Japanese companies are announcing that they will transform themselves to new organizations in form of holding company that had been banned for fifty years. Through the search of three giant general electric firms- Hitachi, Ltd., Toshiba Corporation, and Mitsubishi Electric Corporation, the research discusses how the Japanese enterprises change and how the holding company structure plays in organizational changes. In terms of strategic rethinking, organizational adaptation, and managerial revitalization, Japanese companies are transforming from long term planning to midterm, from manufacturing orientation to service, from diversified resource to selection and focus, and from general electric businesses to network and communications. Not only is Japanese market emphasized, but international markets also are exploited by numbers of global strategic alliances. The introduction of holding company structure helps companies enter new businesses easily, focus efforts on strategies rather than on operations, and delegate more authorities to lower levels. Under the new structure, management system should be changed simultaneously. To survive in new business environment called mega-competition, fast response and managerial efficiency are points. Moreover, entrepreneurship, speedy decision making process, performance-based evaluation, and information system are adopted to fit both strategic rethinking and organizational adaptation. Scrutinizing Japan's adaptation to environment can give Taiwanese companies more understandings of new Japanese business operations. What the research reveals can warn Taiwan of falling into the same path as of Japan.

University of Macau / Faculty of Law