本研究主要目的是檢視外資的買賣超資訊是否能為散戶投資人帶來有用資訊，進行跟隨買賣而獲利? 再者，以34家公司樣本為例，觀察外資對某股欲大量買賣超時，經由買賣單的下單積極性分布情形，是否有藉此誤導散戶投資人投資行為的嫌疑?實證結果發現，跟隨外資買進金額買超最大的標的股，確實能為散戶投資人帶來獲利，但若跟隨買超張數最大而買入標的股，獲利幅度會下降。而跟著外資大量賣超而殺出的標的股，不論賣出張數最大或賣出金額最大，散戶投資人未有較高獲利可以獲得。最後，實證發現外資對在欲大量買超或賣超的標的股中，均會以積極性高的下單價格來使其買單或賣單快速成交。但外資大量買超下的賣單比例以及大量賣超下的買單比例下單於積極度最差的價格區間均有高於正常樣本期間的情況發生。 / The main purpose of this study is to examine Taiwan's 34 major companies trading over information for retail investors is to bring useful information to profit following foreign investors’ buy-sell information. Furthermore, this observation of 34 companies to buy-sell ultra -volume, the order distribution of buy and sell would give wrong information to mislead retail investors? The result shows if retail investor follow foreign investors’ step to buy the maximum market share and volume underlying stock can bring abnormal return than market return and industry return, But if retail investors follow foreign investors’ selling behavior not to take extra return from mimic trading behavior. Next, analysis of foreign investors’ trading behavior is consistent or not? We find if foreign investors really want to buy or sell the underlying stock, their buy-order and sell –order will set at the best price to make it a deal quickly , but one the other hand, we find their sell-order and buy-order will set the price which less possible to make this transaction.

公平交易咖啡館商業企畫書:以經濟與社會脈動為基礎 / Fair Trade Café plans to open in spring 2011 and will be located in the Porter Square area of Cambridge, Massachusetts, USA. Fair Trade Café will seek to capitalize on the growing interest in fair trade by selling a complete line of fair trade coffee and tea products to consumers. Fair Trade Café is determined to become the number one choice for residents of the Porter Square area for all their café desires. Fair Trade Café will thus market itself both to the everyday coffee/tea drinker, as well as to progressive consumers who are interested in supporting long-term economically sustainable fair trade business. Fair Trade Café will be a limited liability corporation owned by Nicholas Kanter and Michael Kanter and four private investors. Both Nicholas and Michael have long been interested in working with fair trade products and are extremely enthusiastic about getting into the fair trade café business. Nicholas is a soon to be graduate of the prestigious International MBA program at National Chengchi University in Taiwan with a specialization in Marketing. Michael has over 35 years of business experience serving as CEO of Cambridge Naturals, a natural products store, as well as working as a consultant to numerous successful start-ups. Fair Trade Café will seek to lease a space approximately 300 sq/m in the Porter Square area of Cambridge, Massachusetts. Porter Square is a very busy and urban part of Cambridge that attracts significant foot, car and public transportation traffic both during the week and on the weekends. An initial amount of $180,000 will be required for start-up. Nicholas Kanter and Michael Kanter will each contribute $45,900, and the private investors will contribute $22,050 each.

目前已有國家與地區開始實施溫室氣體總量管制交易，但對汙染排放權交易的會計處理，尚未有一致性的規範。實務上普遍採用美國能源管制委員會設置的酸雨汙染排放權交易系統 (acid rain emission allowance trading system) 的淨額法，或國際會計準則委員會發布的「國際財務報告解釋公告第3號—排放權」 (IFRIC3 emission rights) 的IAS38成本法與IAS38重估法，亦即IFRIC 3。然而，IFRIC 3於2005年3月開始實施後，由於爭議過高，國際會計準則委員會於當年6月撤回。這些會計處理方法，在認列科目與衡量金額均有顯著的差異，因此對於財務報導也有不同的影響。 目前我國積極建置汙染排放權交易平台，會計制度亦為基礎交易平台的一環。對此，本文介紹污染排放權交易的會計處理，並說明不同會計處理方法的特性，可作為主管機關、企業與相關團體的參考。 本文先介紹污染排放權交易的會計處理方法，並說明不同方法對資產、負債與政府補助的認列及衡量的處理以及爭議；然後，透過模擬分析，檢視在不同之廠商規模、廠商生產型態方式及價格波動情況下，在不同會計處理方法對污染排放權、提交義務及淨利的影響。 模擬分析結果指出期末各會計項目的變異程度大於期中各會計項目的變異程度；在淨利方面，美國淨額法變異程度最小，IAS38重估法次之，IAS38成本法最大。透過相關係數分析結果指出，排放量與淨利並無顯著相關。

隨著台灣境內共同基金規模不斷成長及證券市場鉅額交易的比重逐漸擴大，大額的成交量對於台灣證券市場的影響日益值得關注。Perold & Salomon (1991)、Indro(1999)與Beckers & Vaughan (2001)等學者皆提出大規模基金在持股調整及大額交易時，對於市場上資產價格會產生明顯的衝擊，同時，也會導致交易所伴隨而來的執行成本增加。因此，本研究便考慮在鉅額交易的情境下，流動性風險如何反應至執行成本上，並且分析、比較不同的市場情境、規模、產業類別下的執行成本差異。 　　本研究透過Almgren and Chriss(2000)所提出的交易執行策略模型，將市場衝擊、手續費…等因子考慮至交易執行模型中，推導出不同特性之市場參與者的執行成本及變異數。針對不同的市場情境、企業規模大小、產業類別…等進行流動性風險反映執行成本的程度及執行成本期望值、變異數進行分析。 　　本研究得到以下結論：在鉅額交易下，流動性風險藉由對資產價值產生不同程度的衝擊而反映在執行成本上。由買賣價差進行流動性分析得知，規模較小之標的樣本所面臨的流動性風險較大，但規模較大者較易出現大幅波動。在危機發生期間，各標的樣本所面臨的流動性風險皆提升，其中，又以規模較小者及金融產業最為明顯。在危機發生期間，各標的樣本之執行成本反應流動性風險而大幅增加，其中流動性風險較高之金融產業增加較明顯。在執行成本成份裡，規模較小者受永久性衝擊影響較大。在危機發生期間，永久性衝擊對不同規模之標的樣本影響差異較明顯。在危機發生期間，承擔相同風險單位的增額所降低執行成本期望值較低，又以規模較小者變動最大。由於，執行成本受到流動性影響劇甚，因此，應該受到投資人的關注，特別是持有鉅額部位者。

本文源自近年來台灣討論各種「性」產業的相關討論，及主流社會、大眾傳播媒體對性工作者的各種評價性言論而來，啟發了筆者想探討，究竟對台灣社會而言，「性」是怎麼樣的一件事，台灣社會對於「性」的評價是否因為行為者的身分地位而有所差異。本研究係以馬克思對於意識形態的描述及評論，來探究在資本主義的市場下，「性」究竟以何種面貌被看待，尤其在什麼勞動力及商品都可以被販賣的今天，獨獨「性」不可被販賣的理由是什麼？在資本主義的世界裡，可以合法地允許勞動力剝削，從生產線上的工人到服務業裡的店員、服務生，甚至是24小時的幫傭、看護，不管遭遇剝削的情形多嚴重，充其量只是雇主因此受罰，或給予勞工們適當的賠償，絕不會因為「剝削」而成為禁止該職業或商品的理由，然而，反對性交易或性工作者，便係以此做為反對的理由。但從上述各種職業的現況看來，剝削似乎不是禁止性交易的主要理由，因此，「性」究竟有什麼樣的個殊性，使得性交易被禁止，被認為是一種剝削呢？本文即以此問題意識出發，企圖透過馬克思對意識形態的詮釋，找出該問題的蛛絲馬跡，以釐清性交易被禁止的真正原因。 本研究在第一章先較詳盡地介紹筆者的問題發想、問題意識，並說明何以用馬克思在意識形態上所講述的觀點討論性交易這個議題，並闡釋從何種角度連結性交易與馬克斯意識形態理論的關係，並說明本研究主要研究的範圍，係聚焦在台灣過去對於性交易的評斷與論述上。此外，本文係以馬克思對於意識形態的闡述與思考，來看待性交易的問題，檢視究竟前開論述是否符合馬克思所述的意識形態要件。第二章則提到意識形態一詞的起源及發展歷史，探討意識形態最早是如何被使用，及哲學家們在提到意識形態時，對其評價為何？接著再闡述馬克思係在何種脈絡下提到意識形態，並爬梳了解馬克思識如何建構意識形態在他學說中的地位與批判，又是如何看待意識形態在各種社會議題和思想討論上的地位。 第三章則回到台灣對於性交易的論述，因現況下台灣的性交易仍是非法，雖有合法化的討論，但主流論述多半反對之，因此筆者先回顧國內外反對性交易的理由，接著爬梳從台灣廢娼以來，針對不應該使性交易合法的理由又係那些，並初步分析這些理由背後代表著的究係是何種考量，藉此回歸思考到性或性工作的本質究竟是什麼，而這樣的論述背後，究竟代表著什麼樣的意識形態。本文第四章便順著第二章和第三章的脈絡，從馬克思的意識形態理論，去看待台灣在談論性交易時，是否對性有種特別的、神聖的意識形態，在這樣的意識形態下，台灣的性工作者又是被何種角度看待，而在這樣的觀點下，是否存在著如馬克思所說的「拜物」特徵，使性被神秘化了。因此，在徹底剖析性被神秘化、神聖化的內涵後，要如何用唯物的觀點看待性，也是本文主要探討的重點。 最後，本研究仍是希望性交易或其他相類的性工作，能以抽離意識形態後的態度來討論，即回歸雇傭勞動及一般服務業的角度觀之，從社會及經濟層面的唯物觀點來思考所有的勞動關係，在這個意義下，性工作及性交易也就能正常地看待它，最起碼以一般勞務工作的角度看待。誠然，不管非法或合法化底下，性工作或性交易都會有其問題存在，但去除掉性的神秘面紗後，性交易或其他性工作所產生的問題，就可以用一般正常的管制措施去規範它，如此一來性工作者的權益亦將得到保障，而非僅係用單純用意識形態的神秘面紗來反對性交易，使性工作者在現行娼嫖皆罰的制度下，只能更躲藏於黑暗之中，然而檯面下的問題卻始終層出不窮。

在現在的社會裡，「旅遊」已經是人們不可或缺的一部份，若到外國旅遊，我們會先購買旅遊目的地的貨幣，當一趟旅遊結束時，會再將剩餘的貨幣賣掉，買賣的對象皆為銀行。也就是說銀行扮演一個中介的角色，能夠從中賺取匯差。但假設有一個平台，能夠直接在上面找到一位需要該貨幣的人，買賣雙方能根據某種機制得到合適的匯率，並依該匯率直接進行交換，這樣不但能以更好的匯率買到貨幣，也能省下原本應該付給銀行的手續費。然而，當去中介化後，該怎麼建立交易雙方之間的「信任」，就變成了一個很重要的問題。 而區塊鏈是一種不依賴第三方、通過自身分散式節點進行網路數據的存儲、驗證、傳遞和交流的一種技術。其具有去中心化、透明性、開放性、獨立性、安全性及匿名性…等性質。 / In current society, "travelling" is already an integral part of their life. For travelling abroad, we will purchase the currency of the tourist destination first and then sell the remaining currency after the tour: The objects of trading are all banks. That means the bank plays an intermediary role and can earn the exchange difference from this trading. However, if it is supposed that there is a platform which people could directly find a person who needs the currency, both of the buyer and seller can get an applicable exchange rate according to some reasonable mechanism, and then they can directly exchange at that exchange rate. In this case, not only the currency can be bought at a better exchange rate, but also they could save the original fee which they pay to the bank. However, it becomes a very important issue to establish the "trust" relationship during the trade. The blockchain is a kind of technologies that relies on independent nodes to store, verify, delivery and exchange network data without relying on a third party. There are the properties of decentralization, transparency, openness, independence, security, anonymity….and so on. We can use the nature of the blockchain to strengthen the trust between buyers and sellers, in order to increase the security of this platform. This study will explore the feasibility of this platform.

期貨交易法，事實上即為衍生性商品交易法，隨著衍生性商品發展推陳出新，在其高隱蔽與高槓桿的特性下，對於市場之波動甚至更甚於傳統基礎證券商品，而有管制之必要。我國於民國86年間訂定期貨交易法第107條內線交易禁止之規定，嗣又於105年11月9日為首次之修正，惟修正後仍有諸多疑慮，例如就連結至有價證券之期貨交易乙節，是否即已完全排除法規套利之誘因？而不區分連結之商品類型，一概適用期貨交易法是否妥適？又期貨交易法第107條部分體例如獲悉、消息成立等節，係採與證券交易法第157條之1相異之用語，適用上應如何解釋？就此，本論文交互對照證券交易法第157條之1之規定及比較法上美國之立法例，建議期貨交易法第107條在近期修正之目標上，應可就連結至有價證券之期貨交易增訂準用證券交易法內線交易禁止之規定，或將之參諸證券交易法第157條之1規定自期貨交易法第107條抽出獨立規範；另就諸如消息成立時點、定義、主觀要件等體例設計上與證券交易法統一，俾同時解決法規套利、法規漏洞以及規範解釋適用等疑義。 / With the frequent business and finance development, the concealment and leverage of derivative commodities are obviously higher than before. This shows the necessity and importance of the legal governance. Article 107 of the Futures Trading Act regarding the forbidden of insider trading was promulgated in 1997, and revised firstly in 2016. However, is the aforesaid amendment enough to eliminate the incentive of insider trading for the commodities derived from securities? Is the amendment which directly governs all kinds of futures trading without distinguishing by the nature thereof proper?And how to interpret the terms of “knowing”, “the establishment of information” of the Futures Trading Act since they are inconsistent with the Article 157-1 of the Securities and Exchange Act? For those aforementioned doubts, referring to the Securities and Exchange Act and the United States law system, this study suggests that the Futures Trading Act may adopt the following revisions: 1. The futures trading derived from securities and commodities shall be governed respectively. 2. Those terms such as “knowing”, “the establishment of information” which are irrelevant with the nature of futures trading shall be consistent with the Securities and Exchange Act.

京都大学 / 0048 / 新制・課程博士 / 博士(地域研究) / 甲第20021号 / 地博第203号 / 新制||地||72(附属図書館) / 33117 / 京都大学大学院アジア・アフリカ地域研究研究科アフリカ地域研究専攻 / (主査)准教授 大山 修一, 教授 重田 眞義, 教授 伊谷 樹一, 准教授 平野(野元) 美佐 / 学位規則第4条第1項該当 / Doctor of Area Studies / Kyoto University / DGAM

This paper investigates the liquidity and the bid-ask spread components of the Taiwan Stock Exchange Capitalization Weighted Stock Index futures contracts, Taiwan Stock Exchange Electronic Sector Index futures contracts, and Taiwan Stock Exchange Banking and Insurance Sector Index futures contracts traded on the Taiwan Futures Exchange, which switched from an electronic periodic call auction market to an electronic continuous auction market on July 29th 2002. It is a rare opportunity to deeply examine the liquidity and transaction cost components of financial derivatives under different trading mechanisms. Using intraday transaction data of transaction and quotes covering from March 2002 to May 2002 for the old trading mechanism and from October 2002 to December 2002 for the new trading mechanism, liquidity measures and bid-ask spread components are examined before and after the enforcement of the electronic continuous auction mechanism. First, for each type of futures contracts, liquidity measures including bid-ask spread, trading volume, trade number, trade size, volatility, and liquidity ratio are explored to show the multifacet of liquidity. Next, the model of Lin, Sanger, and Booth (1995) is used to decompose the spreads of each product in the two periods. The empirical results show that quote spreads, effective spreads, percentage effective spreads, and dollar-weighted percentage effective spreads of the new system are all significantly lower than those measures in the old system for all of the three types of futures contracts. However, other liquidity measures do not show the same patterns. Overall, improvement of liquidity is found for futures contracts but not very consistent though. Multifacet of liquidity is showed by different measures, although two of these measures, including trade size and trade number, may not be suitable for this study. Moreover, the adverse selection is the most important component in the call auction market, which decreases in the continuous auction market. However, the change of other components, including order processing cost and order persistence, does not demonstrate the same pattern. The results indicate that the electronic continuous auction system protects uninformed traders from being hurt by informed traders. However, we also show that each type of futures contracts has its own specific component structure.

本文所稱之「先購後併」乃係指併購公司或公開收購公司於併購或公開收購消息公開前，於市場上先行購買目標公司之股份提前佈局的行為，亦有以「立足點持股」或「預先持股」稱之。於先購後併之情況下，是否併購方有構成內線交易之疑慮，因我國無論證券交易法或企業併購法對此議題皆無明確規定，故素來即存在爭議，實務上亦不乏收購人因建立投資部位而招致內線交易訴訟之案例存在。 本文試以我國內線交易法規範之根源—美國法作為比較法，分析先購後併的情況下，是否併購人或公開收購人本身為內線交易之主體，以及併購人或公開收購人是否得與他人一同建立投資部位，再加入104年7⽉月8⽇公布之企業併購法第27條第10項⾄至第15項關於併購前建立投資部位之最新修訂說明，以及實務案例研析，並於文後嘗試提出本文見解。