全球化發展及產業結構轉型，造成都市計畫工業土地需求降低，導致工業土地閒置。再者，因都市地區快速發展，都會區住宅需求增加，房價高漲，致引發開發商對取得成本相對較低之都市計畫工業土地開發動機。土地開發過程中，自土地取得、規劃、興建等一連串交易行為所衍生之交易成本不容小覷。當交易成本為零的情況下，財產權得被清楚界定，故賦予財產權予任何人，資源分配結果均不會受影響，此時透過私下協商即可達最有效率之使用，無需政府干預。然在現實生活中，交易成本大於零，使得財產權界定困難度增加。土地使用分區管制界定了土地財產權，致開發商為尋求更大租利，而藉由尋租行為改變土地使用管制環境，進而影響土地使用分區管制決策與財產權結構。 　　本研究從交易成本理論探討開發商就都市計畫工業土地轉變使用開發架構選擇，藉由就新北市都市計畫工業土地轉變使用與交易成本分析，瞭解開發商就該等土地進行開發時，採取合法或違規轉變使用開發架構選擇及其交易成本暨交易特性。再自土地開發過程、財產權界定、尋租及交易成本理論等相關文獻回顧及所蒐集之新北市都市計畫工業土地轉變使用建案資料中，選取適當變數，建立Logistic迴歸模型。經實證測試結果，影響開發商就都市計畫工業土地轉變使用開發架構選擇因素為建案規模之戶數、總樓地板面積、交易特性中資產特殊性之開發時機及時間之存續時間。最後，依據本研究成果，提供政府機關於管制都市計畫工業土地轉變使用之參考。 / As a result of the development of globalization and the industrial restructuring, the demand of urban industrial land decreased, leaving the industrial land unused. Moreover, because of the rapid development in urban areas, the housing requirements in metropolis increased and the price rose highly, triggering off the motive for developers exploiting relatively low cost urban industrial land. During the process of land development, the transaction cost deriving from a series of trade behaviors including the acquisition of land, planning, construction is high. When the transaction cost turned zero, the property right should be defined obviously; therefore, the property right endued with anyone and the resource-allocation consequence won’t be influenced. Under this circumstance, it can reach the most efficient using via private negotiation, without the government’s intervention. However, the transaction cost is greater than zero in the real life, leading the definition of property right too difficultly. Zoning defined the land property right. In order to obtain more benefits, the developers change the regulatory environment of land use by rent seeking and then affect the decision of zoning and the structure of property right. This study discusses the developers’ choices for converse structure of the urban industrial land based on the transaction cost. According to the New Taipei City conversing use of the urban industrial land and the transaction cost, we could analyzed the developers adopted legal or illegal choices for conversing the exploitative structure and its transaction cost of trade characteristic. Furthermore, the study selects the appropriate variables to establish logistic regression models from the related literature reviews such as the process of land development, property right definition, rent seeking and transaction cost theory and the collected data of the New Taipei City. After actual proof, the factors influence developers’ choices for conversing the use of urban industrial land including the household scale of building project, total floor areas, the development timing and durations of asset specificity for trade characteristic. Lastly, this study will be a reference to provide government in controlling conversion the use of urban industrial land.

我國國立大學預算制度，從過去公務預算時期政府「全額補助」，到目前校務基金預算制度下政府「部分負擔」，歷經極大的變革。什麼樣的壓力導致這樣的變革？變革的結果如何？本研究嘗試利用制度經濟學財產權和交易成本的分析架構，分析台灣國立大學從公務預算制度到校務基金預算制度，制度變革的過程及其成果。 首先，經由探究政府遷台之後，高等教育法規的重要沿革及教育政策的演進，建構出形塑整個高等教育發展的正式和非正式規則：從正式規則觀之，面臨外在環境的壓力，高等教育法規不斷地修正或制定；從非正式規則觀之，「經濟性的再製功能」與「意識型態方面的再製功能」，長久以來主導整個高等教育政策的演進。 對於整個外部環境脈絡有所瞭解之後，本研究進一步從「財產權」及「交易成本」的觀點切入。從財產權三要素（排他、可移轉、憲法的保證）觀之，公務預算制度下國立大學的經費特性均不符合，校務基金預算制度下則明顯較為契合，過去對於公務預算制度下經費使用的質疑，由此可得到新的詮釋觀點。從「交易成本」的角度觀之，本研究比較國立大學預算制度變革前後，國立大學運作成本（包括監督和管理成本）及制度變革成本（主要為設立成本及利益團體互動成本），發現採行校務基金預算制度之下，甚為可觀的交易成本在進行績效評估時，相當程度地被忽略了，這樣的忽視會造成在評估新制度的績效時的過度高估。 透過國立大學「財源結構」及「相關教育品質」的統計分析，證實在校務基金實施之後，國立大學的財源結構確實產生了顯著的改變，「多元、彈性、自主」的目標有所達成。然而這樣的成果付出怎樣的代價？相關的教育品質並不全然正面回應，也就是說，目標的達成很可能是以品質的犧牲為代價，本研究認為，這樣的後果相當程度是忽視交易成本所致。 本研究從制度經濟學的分析架構，檢視我國國立大學預算制度變革的過程及成果，雖然在分析中未能賦予交易成本一個「真正的數值」，藉由突顯交易成本的具體存在，彰顯在評估制度變革的成果時，交易成本扮演的重要性，以及忽視交易成本可能造成過度樂觀的後果。

工業自動化硬體製造商的產品提供，未來會往「硬體原件銷售」（Component Products）與「整體解決方案」（Solution Products）兩大方向去經營發展，工業自動化硬體製造商若想要推廣含有其硬體原件的「整體解決方案」時，面臨的一個『Make』（自製策略：硬體製造商專精硬體的研發，而SI和VAR專精於軟體知識與整合技術）與『Buy』（外包策略：即硬體製造商專注於硬體效能提升，軟體及整合部分交給SI、VAR和軟體廠商）之選擇。本研究即以此為出發點，以研華科技為個案研究的對象，使用邱志聖博士的四C架構，分析探討工業自動化硬體製造商的不同通路合作方案對其與通路商之間交易成本的影響。 本研究以探索性研究的方式，透過實際個案公司的人員訪談，輔以文獻佐 證，進行工業自動化硬體製造商自己直接接觸最終使用者（即自製策略，Make）或使用通路商去接觸最終使用者（即外包策略，Buy）的4C分析；工業自動化硬體製造商採取的通路策略對「工業自動化硬體製造商與通路商關係」交易成本之4C分析與工業自動化硬體製造商採取的通路策略對「工業自動化硬體製造商與最終使用者關係」交易成本之4C分析。此外，考量工業自動化硬體製造商面對的顧客是來自不同產業和不同國家，因此本研究把國家差異因素納入考量作一討論，發展了六項相關命題，並給予工業自動化硬體廠商對通路商採取的通路策略之建議。總結而言，未來工業自動化硬體製造商除了繼續加強硬體原件的性能，也可以與SI和VAR一起合作提供整體解決方案，並且針對不同種類的通路商，設計不同合作方案，給予不同的激勵制度；加強建立與SI、VAR之間的專屬資產，使專屬陷入成本提高；並且也要努力下降最終使用者的道德危機成本。此外工業自動化硬體製造商應該多舉辦可以同時與「通路商」與「最終使用者」建立關係的活動，最後，工業自動化製造商在進入國際市場時，也應多善用通路商來了解當地特色，選擇最適通路經營策略，獲取利潤。

確定提撥制是現今退休金制度潮流的趨勢，而在這個制度下，勞工最後所能累積的退休金總額及每月所能領到的月退休金額度和個人帳戶的投資結果有很大的關係，所以個人帳戶的投資績效成為勞工退休生活安全性最重要的因素。 本研究的目的在提供一個方法以評量投資績效，使得在每月提撥一定金額到個人帳戶的情形下，對於投資期間的經濟環境以隨機投資模型或情境分析模型加以考量後，可以在不同的投資策略及起始資產配置下，找到適合投資人的最佳投資策略及起始資產配置。在本研究中考慮了股票和長期債券兩種投資標的，而投資標的之投資報酬率變化則以隨機投資模型(Stochastic Investment Model)及情境分析(Scenario Analysis)兩種模擬方式為之，其中在隨機投資模型模擬的部分，不同的隨機投資模型對於經濟環境有不同的設定，也因此將得到不同的投資結果，本研究採用在英國學術上廣為研究的Wilkie投資模型(1986)及黃泓智等人於2005年證券市場發展季刊所推導之台灣投資模型，並利用蒙地卡羅模擬的方式來建構投資標的之報酬率。而在情境分析模擬的部分，則設定三種基本的投資報酬率趨勢，並假設三種投資報酬率趨勢服從均勻分配，而後考慮投資期間分成前後兩個時期，搭配而得九種情境。 本文將觀察不同的起始資產配置(股票資產配置之權重考慮由0%~100%，間隔為1%，共101組；債券資產的權重則為1-股票資產配置之權重，也就是100%~0%)，並以投資組合保險中三種常見的投資策略：買入持有(Buy & Hold；BH)、固定比例混合法(Constant Mixture；CM)及時間不變性投資組合保護(Time-invariant Portfolio Protection；TIPP)，作為投資策略。 在三種投資策略及每種投資策略有101個起始資產配置下，將可以得到303組不同的投資結果，而每一組投資結果中，都可找到個人帳戶於退休時的累積金額、在一定目標所得替代率下之破產機率，以及平均投資報酬率和投資報酬率之標準差，並將所得之投資組合報酬率之平均值為縱軸，標準差為橫軸作圖，找出效率前緣；也就是說，可以依個人帳戶持有人的風險，在其所能忍受的風險下，找到最適的起始資產配置及投資策略，及依這樣的起始資產配置和投資策略下所能得到的平均報酬。另外，更進一步以Sharpe ratio及Reward-to-VaR ratio、Reward-to-CTE ratio三個指標來衡量投資表現，找出在這三個指標下的最適起始資產配置和投資策略。 在前述中，都未考慮到交易成本對於投資結果的影響，但在現實的環境中，交易成本對於投資結果是有影響的，所以本研究也會在考慮交易成本下，找到情境分析和隨機模型下的投資結果及效率前緣，並找出三個投資指標的值來衡量投資表現。 / The defined contribution plan is the trend of retirement pension funds management, but under this plan, the total account values accumulated and the retirement benefits paid each month that labors can get are great related to the investment results of the individual accounts. That's why we said that the investment result of the individual accounts is the most important factor the labors care about. In this article, we will focus on the measure of investment results. We consider bond and stock as our holding assets, and set the investment rate of return in two methods, including scenario analysis and stochastic model. In the scenario analysis method, we set fourteen scenarios to reflect the changes of the investment returns of stocks. In the stochastic model method, we take use of Wilkie investment model to set the investment return rate of stocks and bonds and simulate enormous data to find the average investment rate of return. In each method, we will consider 101 different initial ratio of stock value and three different investment strategies: Buy & Hold(BH)、Constant Mixture(CM) and Time-invariant Portfolio Protection(TIPP). After setting the investment rate of return and investment strategies, we can find 303 different investment results under three investment strategies and 101 initial ratios of stock values. In each result, we can get the accumulated amounts, the income substitute rate and the average rate of return, and use the average rate of return as y-axis, standard deviation as x-axis to find the efficient frontier. That is, we can find the optimal investment strategies and initial ratio of stock value under the risk we can tolerant. We will also use Sharpe Ratio、Reward-to-VaR ratio and Reward-to-CTE ratio to measure the investment results, and find the optimal investment strategies and initial ratio of stock value basic on the three ratios. In practice, the transaction cost is an important factor that will affect the investment results, so we also find the investment results under different situations which had considered the transaction cost.

自從2002年國泰金控合併世華銀行後，創造金控雙引擎模式，該模式無論在資金運用及獲利效率上都有可行之處，引發同業仿效。 國內泛公股金控公司中不乏擁有壽險子公司者，但因規模太小尚未構成雙引擎模式。鑒於國泰、富邦及中信等三家金控雙引擎公司發展成功經驗，使其資產規模及財務績效均名列前矛，反觀泛公股金控單引擎公司相形見拙，若再不改變策略調整結構，恐將喪失競爭優勢及生存空間。 金控雙引擎策略議題之相關資料較少，因此採用個案研究法，藉由文獻回顧探討總體策略及多角化經營相關問題，運用杜邦分析法凸顯金控單引擎與金控雙引擎差異之處，應用交易成本理論提出併購壽險公司策略方案，建議個案公司發展金控雙引擎策略。 本研究發現：個案公司集中資源聚焦本業使稅前純益率較高，但因總資產週轉率及權益乘數較低致稅前ROE不如三家比較公司；個案公司以利息淨收益為主，在低利率環境下應變能力較差，因此財富管理業務尚有補強空間；個案公司沒有壽險子公司，缺乏資產匯集能力與資金投資動能，成長速度相對遲緩；個案公司具國際競爭潛質，轉型發展金控雙引擎策略可強化競爭優勢，避免遭入主。

本論文主要在探討外商投資，特別是與國有企業合資，對國有企業經營機制轉換及其經營績效的改善有何影響。新制度經濟學者，Williamson(1991)認為，當制度環境變化時(這些環境的變化包括:產權、政治、法律、及不確定性等)，會降低組織結構的轉換成本，因而會改善企業經營機制。本論文把外商與國有企業的合資看成產權結構的變化也就是制度環境的變化，外商投資可以降低國有企業改造(建立公司治理結構或企業現代化)的成本，因而會導致國有企業經營機制的轉換。另外，國有企業和外商合資之後，會援用較先進之外商的管理方式來建立對其經營績效改善有益的企業治理結構。本文應用的就是組織再造理論來探討其問題。 雖然相關的研究發現，外商投資對國有企業的經營機制轉換有影響，但是用一些具體的理論來說明其內涵的研究並不多。因此，本研究想對此問題進一步利用計量方法，研究外商投資對國有企業經營機制的轉換有何影響，即外商與國有企業合資之後，國有企業產權的變化對其企業組織形式有何改變，探討中外合資企業中外資對其經營績效改善的影響程度。 從實證模型的迴歸分析結果發現，有外資投入的國有企業的經營績效比沒有外資投入的國有企業的經營績效高；國有企業與外商合資經營企業的經營績效比未利用外資的國有企業經營績效高，因此可推論合資企業的經營機制較佳。這表示，外商投資使國有經濟達到以產權明晰化為條件的資源最優配置，有助於解決國有企業綜合低效益問題。 本文研究得到的結論為外商投資對國有企業經營績效之改善有顯著的效果，究其原因主要有三，一是國有企業有龐大的社會負擔，二是國有企業冗員太多，人力資源運用效率較差，三是國有企業的經營機制不佳。外商投資帶給國有企業現代企業管理知識、技術，建立較佳的企業經營制度，因而合資企業經營績效較好。 關鍵字：中國大陸、國有企業、經營績效、外資投入、外商投資、新制度經濟學、交易成本、組織再造 / This study mainly discuss about foreign direct investment (FDI) in mainland China, especially the influence of the joint venture (JV) of FDI and state-owned enterprises (SOE) on the change of management mechanism and management performance of SOE. New Institutional Economist Williamson (1991) said, when the institutional environment (including property right, politics, laws and uncertainty) is changed, the transaction cost of organization will be reduced. In this study, consider JV of foreign enterprises and SOE as a change of the property right which is the change of institutional environment. FDI can reduce the cost of enterprises’ reform and it causes the change of management system of SOE. After SOE and foreign enterprise’s JV, Chinese company will adopt a relatively advanced foreign company’s organization structure to build its’ organization structure that is effective for the management performance. And Reengineering theory is used to explain their adjustment of organization structure. The result of regression analysis shows that the management performance of JV is much better than SOE without foreign investment. Therefore, we can infer the management system of JV is better than SOE’s management system. It shows that foreign investment can make property right of SOE more clearly and effective resource allocation which is helpful for resolving SOE’s low economic effectiveness. The conclusion of this study is that FDI is remarkably effective for the improvement of SOE’s management performance. There are three reasons to this: first, SOE has a great amount of social responsibility; second, SOE has too much labor, so it has low effectiveness of human resource management; third, SOE has a bad management system. FDI can bring modern knowledge of management, new technology, and can build an effective management system, therefore we can say the management performance of JV is relatively good. Key words: mainland China, state-owned enterprise (SOE), management performance, foreign direct investment (FDI), New Institutional Economics, transaction cost, Reengineering

軟體元件電子市集突現：以代理人為基礎之計算經濟研究途徑 摘 要 軟體發展與演進過程中，產生軟體危機問題，而軟體再用是解決軟體危機的重要因應之道。軟體元件電子市集的興起是軟體演進史上一個重要里程碑，提供軟體再用的核心基礎建設。 本文探討軟體元件電子市集突現的本質原因和信任關係的發展過程，以遺傳規劃法(Genetic Programming, GP)為主的代理人基礎的計算經濟 (Agent-based Computational Economics, ACE) 研究途徑，整合軟體元件特性、交易成本、滿意和信任關係建立模擬模式。藉以觀察和分析底層買賣雙方連續滿意交易與信任關係發展，和上層軟體元件電子市集行為突現(emerge)動態過程。 結果顯示：在市場力量下，具標準化軟體元件，電子市集行為突現過程中，謹慎型交易策略將會勝出，進而主導整個市場。當元件功能特殊性程度低時，電子市集行為的購買率將比元件功能特殊性程度高者更為顯著。如果考慮交易態度滿意與否，記憶型滿意者市集行為的購買率將顯著低於高滿意型，而顯著高於低滿意型。若考慮不同信任程度函數，高信任型電子市集購買率顯著高於低信任型，低信任型其電子市集購買率顯著高於不信任型，對於目錄型市集行為和忠誠目錄型市集行為，上述信任函數的形態亦依序顯著影響購買率的高低。 同時，在不同信任型之間，高信任型大多數有連續累積交易行為；而低信任型則同時採用連續和臨時交易行為；不信任型大多數是臨時交易行為，要花費更多時間的演化，以建立彼此信任關係才會出現連續交易乃至於連續累積交易行為。 關鍵字：軟體元件電子市集、交易成本、遺傳規劃法、代理人基礎計算經濟、信任、突現 / The Emergence of Software Component Electronic Marketplaces: Through An Agent-based Computing Economics Approach Abstract Software reuse plays a vital role in response to software crises in software evolution. An emergence of software component e-marketplace is one of the great milestones providing a core infrastructure for software reuse. The objective of this study involving features of s/w components, transaction costs and satisfaction-trust relations intends to understand why s/w component e-marketplaces emerge as well as demonstrate how they do. The model allows agents to develop their trust in the market as a function of continuation of a satisfied relation through an agent-based computational economics approach with genetic programming. The findings show that the agents with prudent strategies tend to dominate the market in evolution of e-marketplaces under the market power. In addition, the lower level the functional particularity of component is, the higher the buying rate is. As the satisfaction attitude is taken into consideration, the buying rate of recall-satisfied agents lies between that of low-satisfied agents and that of high-satisfied agents. Moreover, when the comparisons are made among the three types of trust function, the buying rate of the high-trust agent is higher than that of low-trust agents. And the buying rate of the low-trust agent is bigger than that of not-trust agents. Similarly, the sequences of the buying rate are strongly influenced by different type of trust function at the catalog market and the loyal catalog market. Meanwhile, almost all high-trust agents have continuous and loyal trade behavior. Either continuous or temporal trade behavior is usually found in the low-trust agents. The tentative trade behavior is seen among almost every not-trust agents. In another words, it is well obvious that it takes more time for the not-trust agents to accumulate trust from their possible trade partners. Keywords: Software component electronic marketplaces; Transaction costs; Genetic programming (GP); Agent-based computational economics (ACE); Trust, Emergence

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.

客服中心在顧客量龐大的產業中扮演非常重要的角色，為企業與顧客互動的一個重要環節。近年來，客服產業快速成長，企業紛紛藉由客服中心的建置來提升顧客滿意與經營績效，然而建置客服中心所需投入的精力與成本，對企業而言卻是一個不小的負擔，因此有了承接客服中心委外業務的專業客服公司出現，成為企業建置及運作客服中心時的另一個選擇。 本研究的主要目的即在進行客服中心委外決策的探討，從委外利益與成本的角度出發，釐清影響客服中心委外決策的關鍵考量因素，一方面做為企業制定委外決策時的參考依據，一方面也有助於專業客服公司瞭解企業客戶之真正需求，提升委外客服產業之服務水準，使最終顧客因此受益。 由於國內這方面的研究尚在起步階段，因此本研究採個案研究法進行探索性的研究，分別訪談了五個產業別的十三家企業機構，進行個案的分析探討。本研究發現企業機構在制定委外決策時的考量因素可分為兩大類：「委外利益」與「交易成本」方面的考量；「委外利益」的考量因素包括降低成本、提升服務品質以及專業化的人力與設備；「交易成本」的考量因素則包括客戶資料外洩、代理問題、管理監督不易以及不能主動快速因應。企業機構在制定委外決策時，會同時考量「委外利益」與「交易成本」的考量因素，而研究發現「委外利益」的考量對委外決策有正向的影響，「交易成本」對委外決策則有負向的影響。 本研究亦發現不同的組織特性也會影響客服中心的委外決策，這些組織特性包括產業類別、客服中心規模、業務內容、主事者的態度、本土或外商公司、公私部門等。分析發現：(1)產業類別會影響客服中心委外決策的制定，且不同產業類別所著重的委外考量因素有明顯差異；(2)中型規模客服中心委外的可能性較大型與小型客服中心高；(3)客服中心的業務內容愈單純委外的可能性愈高。(4)主事者的態度在客服中心的委外決策中具有關鍵性的影響；(5)外商公司委外的可能性較本土企業低；(6)公部門委外的可能性較私部門高，且公部門在進行委外決策時，主要集中在「委外利益」的考量上；而私部門則集中在「交易成本」的考量上。 客服中心扮演著企業與顧客間互動的橋樑，若能運作順暢，對企業而言等於是累積了一份長久的資產，因此，企業應該認真思考客服中心的定位以及企業所賦予的使命。此外，專業的委外客服公司在客服產業的經驗與能力，仍然可供許多企業借鏡與學習，企業應採取更為開放的心胸，將外部資源納入企業運作時的策略性思考中，增加運作的彈性與籌碼。 / Call center plays an important role in the industries where the population of existing and potential customers is enormous. In recent years, call center industry grows rapidly. In order to raise customer satisfaction and improve business performance, many corporate devote to establish their own call centers. Nevertheless, the cost needed to build a call center represents a large burden for many of these corporate. This has lead to the emergence of many call center outsourcing companies recently and become another option for the corporate who wish to establish their own call centers. The main purpose of this study is to analyze the elements which influence the outsourcing decision of call center. From the angle of both the benefit and cost of outsourcing, the research wants to clarify the issue on how do the critical elements affect the call center outsourcing decision. However, research of this particular field in Taiwan is still at its infant stage, therefore this explorative study adopts the case study research method. The research interviews thirteen cases in five different industries, including corporate and institutions. The finding of this study suggests that the elements which affect corporate consideration on whether to outsource or not could be categorized into two groups: i) Benefit gained from outsourcing; ii) Transaction Cost. Benefit gained from outsourcing may include reducing cost, raising service quality, and seeking professional agents and equipments; Transaction Cost includes disclosing customer data, agent problems, supervise difficulty, and unable to respond automatically and rapidly. The corporate would consider both the benefit gained from outsourcing and the transaction Cost when making the outsourcing decision. Our finding suggests that the benefit gained from outsourcing has the positive effect on outsourcing decision, while the transaction Cost has the opposite effect. In addition, this research also finds that the characteristics of an organization which include the industry categories in which an organization belongs to; the scale of call centers, business contents of call center, the attitude of the decision maker; the differences between local and foreign firms; and the differences between private and public sectors, would also have certain degree of influences on the outsourcing decision of call center. Different industry categories make different influences in both outsourcing decisions and outsourcing considerable elements. (1) The middle scale of call center is more possible to be outsourced than the large and small ones. (2) The simpler of business contents of call center, the more possible to outsource the call center. (3) The attitude of decision maker has the critical effect in outsourcing decision of call center. (4) The foreign company is less possible to outsource the call center than the local company in the same industry. (5) The public sector is more possible to outsource the call center than the private sector.

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.