中國大陸自1978年改革開放以來經濟不斷朝市場化方向邁進，近年來小微企業逐漸成為中國大陸經濟結構轉型的因素以及經濟發展的動能。然而計畫經濟時期資源分配集中在大型國有企業使得小微企業資金取得困難，小微企業在現階段帶動中國大陸經濟轉型與發展，但卻面臨資金借貸的資訊不對稱問題。在小額借貸市場失靈現象下，中國大陸新興的小額借貸模式，如P2P網路借貸、小額貸款公司等如雨後春筍般出現。 本論文探討中國大陸小額借貸金融體系的市場失靈問題，以資訊不對稱理論分析微型貸款融資模式與網路金融機構的創新途徑如何解決此困境。並以阿里巴巴集團的螞蟻金服為個案延伸探討。 資訊不對稱理論為本論文之理論基礎，並以文獻分析與統計資料分析兩模式分析中國大陸當前的金融環境。在個案分析部分將阿里巴巴集團的螞蟻金服與P2P網路借貸平台、傳統銀行業小額貸款業務的運作模式以及風險機制等做比較，並以風險機制進一步探討資訊不對稱理論的作用。 本論文最後提出三項看法作為結論，包括：創新的小額借貸模式得以降低資訊不對稱、中國大陸網路經濟迅速發展加快小微企業與金融業創新、小額貸款模式本身缺失。 / Marketization in China began after its economic reforms started in 1978. In recent years, micro and small enterprises have become a factor of economic transformation and a momentum of economic growth in China. While most resources were allocated to large, state businesses in the planned economy period, it was difficult for micro and small enterprises to access relevant resources. Although micro and small enterprises are driving the Chinese economic transformation, they are facing the loan information asymmetry problem. As the micro credit market is malfunctioning, emerging micro credit models, such as P2P internet lending and micro lending companies, are springing up like mushrooms. This paper investigates the malfunction of China’s micro credit market analyzed how of the innovation of micro credit models and internet financial institutions solve this problem with information asymmetry theory. An extended investigation was conducted with Ant Financial of Alibaba Group as an example. Information asymmetry is the theoretical background of this paper. This paper analyzed China’s present financial situation with literature and statistical analyses. This study also compared the operating model and risk control for micro credit between Ant Financial, P2P internet lending, and traditional banks in the case study and further reviewed the effect of information asymmetry in risk control. In conclusion, this study found that (1) innovative micro credit model could reduce information asymmetry; (2) the rapid development of China’s internet economy has accelerated the innovation of local micro and small enterprises and the financial industry, and (3) the problems in current micro credit models.

本研究探討董監事暨重要職員責任保險(簡稱：董監責任險)與資訊不對稱之間的關係。過去文獻關於購買董監責任險所獲得的利益以及所需付出的代價有許多的辯論。其中一種觀點認為購買董監責任險可以提供公司治理的監督機制以降低資訊不對稱程度，因此對股東有利。但是另一種觀點認為購買董監責任險會以減少董監事面臨訴訟時自己必須負擔的損失，因而可能會出現管理者機會主義行為而導致更多的道德風險問題。本研究採用股票市場中的優勢資訊交易機率(probability of information-based trading，簡稱PIN)當成企業資訊不對稱程度的直接衡量，以了解購買監責任險與資訊不對稱之間的關係。以2008年至2013年台灣上市公司為樣本之實證結果發現，整體而言，有購買董監責任險的公司，有較低的PIN值(也就是資訊不對稱程度較低)，基本上支持購買董監責任險確實可以提供公司治理的監督機制。然而在進一步比較有購買董監責任險公司以及沒有購買董監責任險的公司之後，結果顯示可能不太需要購買董監責任險的公司(以迴歸模型估計購買機率較低者)但實際上卻有購買時，相較於需要購買且實際上也有購買董監責任險的公司，會有相對比較高的PIN值(較高的資訊不對稱)。此結果顯示股票市場的PIN值確實會反應企業的投機行為，因此支持購買董監責任險依然會有出現道德風險問題的可能。本研究提供的證據顯示整體而言購買董監責任險具有公司治理的監督機制功能，但是道德風險問題還是可能會出現在某些購買董監責任險的企業。

本文嘗試以訊息理論中的代理模型來探討台灣在今年(2005,民國94年)將承銷舊制改為新制，對國內初級市場以及當中參與者(包括初次上市公司、公司原大股東、投資人以及承銷商四者)的影響。 經過本文從模型建立、推導和結果之比較分析後發現，事實上，金管會所欲解決國內初級市場的許多不合理問題，最後可以歸納成為兩大問題：一、如何讓承銷商解決公司與投資人之間資訊不對稱的問題？該問題表現在承銷價被低估，或是公司欺騙投資人其真實獲利類型來取得額外之獲利上。二、如何讓公司可以在上市時，真正拿到所募集之資金並且做妥善運用？該問題表現在承銷價被高估，或是原大股東在公司上市時賣老股所能得到之獲利上。 透過本文模型證明，藉由觀察新舊制下承銷價、原大股東以及公司獲利來源的變化可知，新制實施的各種長短期措施，例如短期下強制公司必須以新股承銷(解決問題一)、要求承銷商運用專業審核監督公司的營運概況(解決問題二)，長期下則透過承銷商分級管理制度(解決問題二)等，只要金管會確實執行，的確能讓初級市場最主要的兩大問題得到解決，最終還可達到完全資訊狀態。 但是，本文觀察發現，上半年整個初級市場的概況只能以「冷清」兩字來形容，因此繼續從新制實施的短期角度來看，考慮初級市場四種參與者所增加的各項成本，包括發行成本、資訊揭露成本等，以及其在適應新制時所造成新的衝擊與影響，包括公司額外募得之資金運用不當、每股盈餘遭稀釋之衝擊等等之後，本文發現經過初級市場四種參與者的交互影響，則最壞情況為發生「短期獲利低類型公司被逐出初級市場」的現象，並導致初級市場失靈而失去其所能帶給公司作為籌資管道之功能，這便可解釋為何初級市場近來會有如此冷清的情況。 因此本文建議，未來新制應做適度修正，例如降低公司上市時的成本、提供更大的誘因讓承銷商願意承做上市案件，避免初級市場發生失靈的可能；最後若再加上金管會確實長期下來公平客觀的執行承銷商分級管理制度，解決承銷商過度競爭之情況、讓投資人有信心願意相信承銷商會替其解決資訊不對稱的問題，則新制對整個初級市場以及參與者而言，將可帶來正面的效果與助益。 事實上，本文在研究過程中發現，國內承銷制度變革多著重於增加消極外部監督力量，並強調解決投資人與公司之間資訊不對稱的問題；但是本文以為，未來承銷制度還可走向實施能夠創造積極且為內部自發性監督力量的措施，且亦應設法解決承銷商與投資人、承銷商與公司之間資訊不對稱的問題才是，因此本文提出：一、在讓承銷商恢復專業方面，除了先前所提減少消極外部監督力量之衝擊，應設法再擴大承銷商的獲利來源和增加其本身積極內部監督之力量，例如培養出特有的服務項目尋求專業化或是選擇提供多種服務達到範疇經濟效果，以及品牌建立等；二、在解決公司與投資人之間資訊不對稱的問題方面，除了透過承銷商，本文認為還可藉由公司本身品牌之建立創造出自我監督力量，以及讓國內投資人從以散戶為主體到組成團體，形成類似法人之概念創造另一個外部監督的力量。三、在讓公司可以真正拿到上市時所募集之資金並做妥善運用方面，除了新股發行，本文建議，公司在使用新制上市時應了解到不能再沿用舊制的思考模式，須事先規劃如何降低新制帶給公司的衝擊，至於上市後，尚須透過完善的公司治理制度，來健全整個公司資金運用情形，因此金管會在對承銷制度進行改革的同時，也應考慮是否亦須適時修改出更完善的公司治理制度，藉由同時對公司上市前後之行為做完善的規範，相信能讓承銷制度的改革達成更顯著的效果。 藉由以上三方面之建議，本文希望能夠更迅速有效的解決國內當前初級市場所存在的不合理問題，並讓其在未來朝著更健全的方向發展，進而使得國內整個資本市場達成質與量皆提升的目標。

專門職業人員資格之取得，依憲法規定必須經過依法考銓之程序，此等對人民營業自由所設之規範，目的固在維護人民生命、身體及財產安全，為增進公共利益所必要，但也因此造成專門職業服務市場之參進障礙，形成供給面之限制。再者，由於專門職業服務具有資訊不對稱之特性，造成市場失靈現象，使得該市場中存有管制之必要性。然管制有其功效、亦有弊病，最明顯者是阻礙創新與進步。因此於管制的運用及競爭法之介入二者間，有必要尋求一適用之界線。 於外國實務上，如美國，歐盟和日本等，競爭法是否適用於專門職業已無疑義。除了在特殊情況下（如美國的州政府行為豁免原則）可能豁免競爭法之適用外，並不能僅因行為涉及專門職業即認為不適用競爭法。雖專門職業服務業與一般商業服務在性質上有所不同，惟此僅意味著在專門職業服務市場中之競爭狀況可能有所不同，故應以合理原則，於個案中具體考量產業特性、市場結構、行為效果等因素，始能作出是否違法之判斷結論。 99年開始我國公平交易法適用於專門職業服務業之問題開始發生爭議，短短5年內即可見行政法院之見解有明顯變化，而公平交易委員會歷經數案爭訟過程後，亦開始省思及加強如何論述其認定違法之依據，以尋求行政救濟機關之支持。本文即針對專門職業服務業於公平交易法上之適用關係與規範問題，進行深入之探討，並期能藉由法律與經濟等不同角度之觀察與分析，對未來公平交易法就此議題之具體適用方法，提出建議供參。 / Professionals are required to be registered through examination under the Constitution. Although such requirement is considered necessary to enhance public interests and to ensure the safety of the people and their properties, it also results in the barrier of entry into relevant market. Simultaneously, professional regulation is often addressed to a perceived “market failure” in the market for professional services due to its characteristics of information symmetry. Regulation of professional services can protect vulnerable consumers, but it can also prevent innovation and other competition. The conflict between regulation and free competition therefore exists and the boundary should have to be found. In US, EU and Japan, whether the competition law should apply to the professionals is no longer a question. Although professional services by their nature may differ significantly from other business services, that only means the nature of the competition in such services may vary and should be judged by the Rule of Reason under the competition law. Only in very specific situations (such as the “state action doctrine” in US) would there be an exemption. Similar discussion occurred in Taiwan since 2010, and just during 5 years could we see the obvious change of opinions expressed by Administrative Courts. Taiwan Fair Trade Commission faced numerous challenges through the petitioning procedure in cases related to professionals, and tried hard to strengthen the economical analysis in late cases. This study discusses the related issues of professional service under the Fair Trade Act through legal and economic analysis, and try to make recommendations on handling relevant cases.

本次採取個案研究方式，針對一家經營堅果原料出口貿易的中間商，藉著全球強勁的買方需求開始進入堅果原料市場。此公司座落在原料的產地，容易取得第一手的價格與產業情報，讓他們擁有資訊不對稱的優勢，來進行原料的銷售。 針對該中間商從銷售基本單位、銷售八大步驟、採購小組中心、4C架構、垂直整合等五個方式進行探討。此中間商成功進入台灣堅果原料供應鏈，主要在於能與上游供應鏈簽訂短期商品合約，保有原料價格的競爭力，並且能在其他競爭對手無原料時，適時提供客戶商品。在開發台灣市場發展的前期，由堅果原料供應鏈的下游開始，一路往上游尋找台灣的潛在客戶。此中間商取得下游廠商的信任後，運用彼此的關係取得上游買家的信任，加快銷售程序，以及減少採購單位的疑慮。個案中，該中間商曾試著透過策略聯盟的方式，與台灣小型網購業者進行堅果銷售，最後卻以失敗收場。 實際訪談個案公司與蒐集資料後，透過理論架構分析發現，一家企業公司要進入市場的前期，若花費精神調查供應鏈的結構來發掘潛在買家對象，且瞭解實際的需求與市場的競爭狀況後，再借助企業本身優勢，可成功取得代表性的客戶，容易成為此供應鏈的一員。但，隨著外部環境改變，企業的優勢是否會跟著改變，也是其個案企業未來尚須解決的議題。 / This research takes a tree nut exporting company, the Z Company, as case study to evaluate how the company took advantage of both strong international tree nut raw material demand and first-hand industrial and price information to enter the tree nut exporting industry. By facilitating its location advantage, which the company is located in the tree nut farm, the Z Company is able to hold first-hand information to create information asymmetry as advantage to sell the tree nut raw material. In the beginning stage in developing Taiwanese market, Z Company started and earned trusts from customers located in downstream tree nuts supply chain, and then took further steps to move upstream by exploiting the established trusts as references to gain trusts from the customers located in the upper stream of the supply chain. By doing so, Z Company was able to speed up the purchasing process and minimize the doubts for purchasing managers. In addition to this, Z Company also formed strategic alliance with a small Taiwanese online store to penetrate the market but did not receive much result. This research uses the concepts of basic sales unit, 8 steps to establish sales and customer relationship management, 4C framework of strategic marketing, and vertical integration to evaluate the developing path of Z Company. The research found that the reason why Z Company can successfully enter the tree nuts supply chain in Taiwan is that Z Company is able to sign shirt-term merchandise supply contract with the suppliers to ensure the competitiveness in price and secure the product supply, while on the other hand offers timely supply of material to the customers when other competitors fail to fulfill the product demand. This research discovered that in the beginning stage of market entry, it is ideal to utilize the company’s resources to discover who the potential buyers are and what the real market demand and the degree of competitiveness is. Then, the company should take its interior strength to acquire customers with industry influence as representative case so that it can easily become one of the members in the supply chain. However, as the external environment changes, the company’s advantages in the industry are very likely to change as well, therefore how to respond to such change will be the future development issue for the company.

Abstract In this paper, we examine the relation among different information asymmetry measures in Taiwan Stock Exchange and exploit the ability of the microstructure measures to measure asymmetric information. We also investigate the role of information asymmetry measures in affecting stock returns. With a random sample of 180 firms, we find that the market microstructure measure is significantly correlated with most of the corporate finance measures that should shed lights on the level of information asymmetry in advance. We also find that the analysts’ forecast measures have no relation with the microstructure measure. One main result is that the adverse selection risk does affect the stock returns. For the whole sample period, the adverse selection component has a significant impact on the stock returns and dominates all other variables except for the number of analysts following. Other significant measures include the volatility, firm size, leverage, and market to book ratio of equity. Although these information asymmetry measures act as competent determinants in the whole- period regression, they do not have consistent performance across quarters. The inconsistent result suggests that these measures may have diverse performance with regard to different periods.

中文摘要 對於資本市場來說是外國公司的買賣價差的三個成分：逆選擇成分、交易成本成分及存貨成本成分相對於本國公司的買賣價差三成分構成有可能不同。 此篇論文中比較相同股票在不同市場所發行股票，其買賣價差三成分。根據本篇實證結果，相同一支股票在美國NYSE或是NASDAQ的逆選擇成分顯著的高於在TSEC發行的逆選擇成分，這暗指著資本市場中有很多不一樣的地方值得探討，像是流通貨幣的不同、或是法規治令的不同以及取得非公開資訊的難易程度也不同。另外，根據之前的研究的顯示，買單接著買單、賣單接著賣單的機率趨勢也很強，我們也發現了這種現象在TSEC很明顯，根據此篇論文的結論，這大部分的原因很可能是因為TSEC有「限價」規定的緣故。 / Abstract The three components, adverse selection component, order processing component and inventory holding cost, of companies which regarded as foreign companies in terms of the capital market are different from those in domestic capital market. In this paper, the adverse selection components of the stocks we choose in NYSE or NASDAQ are significant higher than those in TSEC. It implies the differences of capital markets, such as currency ,regulation and easy or not obtaining the private information of the company. Furthermore, similar to previous studies, there are strong tendencies for buys follow buys and sells follow sells. We find that the most part of proportion of order persistence derives from price limit in TSEC.

由中央與地方之間財政關係中權力不對等與對利益要求的目標不一致以及委託代理結構中委託人與代理人同樣存在著資訊不對稱與目標不一致的特性。是以中國大陸中央與地方之間必然存在著委託代理問題，代理人常常只會追求著自己的目標，甚至會損害整體利益，中國大陸中央與地方之間的一切矛盾與問題起源自中央權力大過地方，因此中央動輒使用「決定」與通知這類的行政性指令，取代應該經由制度或是法制的模式來調整諸如財政管理體制等政策，造成地方擁有較多的資訊，但在權力上卻無法脫離中央而獨立。換言之，地方在某些程度上仍受中央所控制，在分稅制實施之後，中央與地方雖然各自有其所屬的稅種，但中央與地方共享稅的分成比例以及何種稅種屬中央抑或地方，這些事項縱然不致於全盤由中央決定，但未來中央與地方定會共同協議與決定財政資源的分配比例。 是以由委託代理理論來驗證中國大陸中央與地方之間的財政關係，本論文發現中央與地方之間所產生種種問題，乃是因為缺乏制度化以及法制化所致，中共中央以行政性指令來達到其分權、集權的目的，這些措施卻不能真正解決問題。制度變遷與經濟發展係為促進中國大陸經濟成長及中央、地方之間財政資源配置產生變動的重要誘因。在此前提下，制度變遷促成市場機能逐漸恢復，以及經濟發展使得生產、就業結構改變。是以由中國大陸的財政收入結構產生根本的改變、中央與地方對於財政資源的配置仍未訂定合理的比例，以及中央政府仍然能夠主導資源配置這三方面觀之，未來只有在中央主導下與地方協調共同決定財政資源的分配比例，這是本論文研究的發現。

本文以 GJR-GARCH 為分析模型，針對所選八家台灣上市公司股價所計算之每日對數報酬率(daily log returns)，對於各種不斷到達的新增訊息所引起的波動反應。所納入條件變異數方程式的訊息到達(解釋變數)分別為：(1)同日成交數量(2)成交量變動率(3)星期一與星期五之日曆效應(4)不同權值規模(size-based)投資組合間的波動外溢效果。研究結果發現(1)同日成交量對於台股權值較低的小公司，有能力捕捉其波動性，但是對於權值偏高的大公司，其解釋能力顯有不足(2)成交量變化普遍會導致公司報酬率的波動(3)臺灣股市波動性並不具有星期五效應，至於星期一效應也只出現在部分的小公司(4)不同規模的投資組合間雖然互有波動外溢現象，但其不對稱性非常明顯， 亦即訊息到達後，先造成大公司股價的波動，此波動再進而影響到小公司，引起小公司股價的波動。 / Applying the GJR-GARCH model to the daily returns of eight selected firms from Taiwan stock market, this paper examines response of variance volatility to various information arrivals which separately include (1) concurrent trading volume (2) change in trading volume (3) calendar effects, especially Modnay and Friday effects, and (4) asymmetric volatility spillover between two sized-based portfolios. The results find that concurrent trading volume as a proxy of information arrival dramatically reduces volatility persistence of the small firm's conditional variance, but has little influence on large firm's, and change in trading volume cause significant change in conditional variance. Although there is a conjecture that the volatility in stock markets may be higher on Monday and Friday, it can't be found in this study. The results also strongly support that the volatility spillover effect from larger to small portfolio is more significant than that from smaller to large portfolio.

強制汽車責任保險自1998年1月1日實施至今，立法精神及施行成效深受社會大眾肯定。隨著社會安全制度的持續發展，持續進行全盤檢討，並於2005年2月5日公布新修正強制汽車責任保險法，3月1日正式實施。 由於強制汽車責任保險風險分類直接反應於費率計算，資訊不對稱容易形成道德風險，被保險人與保險人產生顯著資訊落差，保險人無法合理歸類被保險人風險特性，保費計算上易受外界雜訊所影響，產生嚴重道德風險。為降低資訊不對稱的成本增加，保險輔助人成為被保險人與保險人間資訊傳遞的重要中介機構。如何健全保險輔助機構的執業規範及分工定位，以降低資訊不對稱所造成之負面影響，成為強制汽車責任保險的重要監理議題。 本研究主要檢視現行強制汽車責任保險制度，如何有效規範保險輔助人，強化保險作業與交通監理作業降低資訊不對稱成本，討論具體措施諸如設立保費查詢中心、確保理賠損失資料之正確性、各項財務資訊揭露透明度與落實保險人之差異化管理政策，並歸納具體建議如下： 一、 建立強制汽車責任保險專屬網站，強化資訊揭露； 二、 交通監理作業投保查詢應整合保險查詢，減少代理成本； 三、 落實保險人內部稽核，建立承保及理賠標準流程； 四、 建立保險輔助人評等制度，維護市場公平競爭； 五、 車種分類及費率精算宜朝簡化為原則，避免道德風險。 / The Compulsory Automobile Liability Insurance Law has been enforced since January 1, 1998, the spirit of the law and the goodwill lay behind it were highly praised by the general public. However, as the social security system continuously has developed and evolved, the law was deemed insufficient and inadequate. Therefore, experts and scholars proceeded to review the law and finally in February 5, 2005, a revision of the law was announced to the public and officially enforced in 1st March the same year. Since the risk classification of Compulsory Automobile Liability Insurance directly reflects on rate calculation, information asymmetries can easily cause moral hazard. As the insured and insurers have significant information gap, insurers cannot categorize reasonably the characteristics of insured's risks, the premium calculation therefore can be affected by external noises that leads to serious moral hazard. To reduce the cost of information asymmetry, insurance brokers or agents becomes the insured and insurers' important intermediary for transmitting information. How to build sound operating norms, share the work, position insurance brokers or agents and reduce the negative impact on information asymmetry have turned out to be very important supervisory topics of Compulsory Automobile Liability Insurance. This study is mainly examining the existing Compulsory Automobile Liability Insurance system; regulating insurance brokers or agents effectively; strengthening insurance and traffic supervision operations to decrease the cost for information asymmetry; discussing specific measures such as the establishment of premium check center so as to ensure the accuracy of claim information, the transparency of financial information; in addition, implementing the differentiation management strategies of the insurers. The specific recommendations are summarized as following five points: 1. Establish official website for Compulsory Automobile Liability Insurance and strengthen the disclosed information; 2. The insurance check in traffic supervisory operations shall be integrated with premium check center so that agency costs can be lowered; 3. Put into effect the insurers' internal audit to build up the standard of processes of underwriting and claims; 4. Establish the rating system for insurance brokers or agents so as to maintain fair market competitions; 5. Simplify the classification of type of vehicles and rate calculation to avoid moral hazard.