台灣的中小企業一直以來都是台灣經濟發展不可或缺的基石之一，不論是在穩定社會民生或是在促進總體經濟成長上可謂功不可沒。然由於企業體規模小，無法如一般大型企業得以發行股票、公司債等直接金融方式取得資金，大多數仍仰賴金融機構授信方式取得融資。相關文獻與調查顯示，中小企業最需政府協助者首推融資，尤其是在取得資金週轉的部分。本研究主要探討台灣中小企業融資之問題，分析我國對中小企業融資之措施及成效，並介紹美國、日本、及韓國之中小企業融資之情形，及新巴塞爾資本協定的實施對中小企業融資之影響。 本研究發現，中小企業向金融機構申請融資困難，主要原因為金融機構與中小企業間存在資訊不對稱的現象，而企業所編製的財務報表嚴重失真，使得金融機構在融資審核上產生不信任感，無法提升融資意願；國外如美國、日本、及韓國為因應國內外經濟環境的變化，推出信用評分模型、貸款證券化、信用保險制度、及設立技術信用保證基金，以解決中小企業融資問題為最大職責。 依據研究結果，對政府機關的建議為：制定適合中小企業使用的會計制度，建立完整的中小企業資料庫，推行中小企業評等制度，充實信保基金的資金及對創新、知識經濟產業加強融資，政府應持續鼓勵金融機構對中小企業融資的措施；對金融機構的建議為：加強行員對中小企業及新興產業的融資訓練，銀行應積極推動誘因型融資契約以拓展中小企業之授信，建立信用評分模型，並推行中小企業貸款證券化；及對中小企業的建議為：中小企業應編製正確財務報表，應維持主力銀行的關係，中小企業應充分瞭解金融機構的授信制度。 / The small and medium enterprises (SMEs) in Taiwan have played an indispensable role in the nation’s economic development. However, given their small size, most of SMEs rely on the financial institutions to get loans by credit facilities in stead of raising funds directly like large enterprises through issuance of stocks or corporate bonds. Related surveys show that the most critical issue requiring government’s assistance for SMEs is financing, particularly obtaining revolving capital. This study mainly examines the financing problems of Taiwan’s SMEs, analyzes the government’s financing measures for the SMEs and the effects, introduces the financing conditions of the SMEs in U.S., Japan and Korea, and provides suggestions based on the compiled and analyzed data. This study finds that information asymmetry between financial institutions and SMEs is the major reason explaining why SMEs have difficulties in obtaining loans from financial institutions. Also, serious distortion of the financial statements prepared by SMEs raises financial institutions’ distrust when examining SMEs’ applications for financing, which consequently lead to the unwillingness of loan approval. In other countries, such as the U.S., Japan and Korean, to cope with the change in the domestic and foreign economic environments, the credit rating model, loan securitization, credit insurance system and the technology credit guarantee fund have been applied to solve the financing problem of the SMEs. The results of this study suggest the followings: 1)For government agencies: design an accounting system suitable for SMEs, build an intact database of SMEs, promote the SME rating system, enrich the capital of credit guarantee agencies, reinforce financing to the knowledge economy industry, and continue to encourage financial institutions to provide loans to SMEs. 2) For financial institutions: enhance the personnel training pertaining to the financing for SMEs and emerging industries, promote the incentive-based financing contracts to expand credit business, establish a credit rating model, and introduce the SME loan securitization. 3) For SMEs: provide true and correct financial statements, deal with their major banks, and understand the credit system of financial institutions.

董事會是公司治理的重要機制，過去對於董事會的研究多著重在董事會對公司價值的影響，較少有研究解釋何種因素影響董事會結構。本研究以Linck, Netter, and Yang(2008)的研究為基礎，假設董事會的規模與獨立性是考量董事會成效的利益與運作成本間之抵換關係，為了有效回應企業所處的環境及公司特色。本研究分析集團企業內核心公司與分子公司的董事會決定因素，並以非集團企業加以對照。 在探討集團影響前，本研究先進行所有資料董事會決定因素的時間序列混合橫斷面實證分析。實證結果顯示公司營運複雜度愈高、成長性愈低、經理人獲取私人利益的可能性愈高時，董事會的規模愈大。當家族持股比率愈高董事會規模愈小；當機構投資人持股比率愈高董事會規模愈大。董事會獨立性方面，公司總資產愈多，董事會獨立性愈低。但由於法令影響使企業年齡愈長，獨立性愈低。董事會獨立性並未反應利益與運作成本間抵換關係的影響，反而成長性愈高的企業，獨立性愈高。 進一步研究集團影響力，本研究將所有樣本分為核心公司、子公司與非集團企業。在控制所有變數後發現非集團企業的董事會規模最大。核心公司家族持股比率愈高董事會獨立性愈低，即愈可能出現代理問題。且非集團企業的董事會獨立性最高，核心公司次之，子公司獨立性最低，顯示子公司董事會獨立性容易受到集團內核心公司或其他成員的影響，較可能出現公司治理上大股東侵害小股東權益的問題。 / Corporate board is an important mechanism in corporate governance, yet there is relatively little research discussing about the determinants of board size and board independence. Our research premises that considering the benefits and costs of board functions, board size and independence are efficient response to corporate characteristics and operating environment. We use 13-year Taiwanese company data to analyze the determinants of board size and independence among core enterprises and subsidiary companies in business groups. The result shows that firms with more complex operations, lower growth opportunities, and greater chances to extract private benefits, tend to have larger board size. But firms with larger size have less independent directors. As the effects of the law, the older firms, the less independent directors. Besides, board independence doesn’t reflect a tradeoff between board benefits and costs. Instead, firms with higher growth opportunities have more independent boards. We also find that if family members have more shareholdings in core enterprises, they tend to hire less independent boards, which means core enterprises may have worse board monitoring. Besides, the proportion of independent directors is the lowest among subsidiary companies, which shows that the board in subsidiary companies is easier to be influenced or controlled by core enterprises or other members in business groups.

企業集團在台灣經濟發展的過程中，一直扮演著相當重要的角色，而企業 集團的一大特色就是往往伴隨著許多多角化事業體系，然而不同企業集團 多角化的程度不一，因此本研究嘗試以實證模型為主，並且列舉台南紡織， 中國鋼鐵，明基電通三個個案為輔來，探討企業集團多角化的原因，我們 主要以西元2000 年的資料實證並且發現以下結論: 1.台灣的企業集團將隨著規模越大，多角化程度越高。 2.台灣的企業集團的經營績效若越高，則多角化程度越低。 3.台灣的電子產業相較於其他的產業而言多角化程度較低。 4.台灣的家族企業和多角化程度的高低無關。

無論個人所持對「國家」、「政府」治理的觀點是官僚節制、社群主義或是自由經濟市場理念，其企求個人、家庭、社會、國家能伴隨著時空遞變，演進成為更優質（明天會更好）的生活環境，則是全世界各國人民所共同殷切期盼的。 有鑑於此，本研究重在融合（新左、右）理論與實務作深入探究，期能以私領域「企業精神」之理念挹注於公部門中來，藉由全民質、知、智素養的提升，以及政、經、民的互動轉化所產生之「善性優質螺旋遞升」的種種效應，如：民眾多元需求，勢將帶動組織的變革轉型，導引政府之治理型態、職能、角色重新定位。本文意在深入以動力機制與設計涉入其間質化變遷的遞移過程與關係，及政府如何持續維護社會公平、正義、平等、道德…原則，使市場經濟展現生機活絡，讓質優素養的人民之各項需求均能獲得滿足，並進一步使政、經、民之良性互動穩態成長（或回授），此應是挹注企業經營理念的政府之「演化過程」目標。 企業精神政府的演化過程約可區分為：挹入階段（Innovation）、區分轉化階段（Differentiation）、濡化階段（Acculturation）、穩態振盪區域（stable oscillation）等四個階段，本文試運用新公共管理之策略支點，模傚先進民主國家成功的革新策略措施以及企業界創新、改造的革新理念，作機制設計動力，深入探討全民「觀念的創新、變革」，以及政經「質化變遷過程」如何克服面臨種種限制與困境、迎接新環境挑戰的策略，期以如此構築之「螺旋遞升」的精構性機制設計原則與模式，能帶給政、經、民優質的「合作三贏」結果，藉資提高人民的生活水平，市場經濟的穩定成長、優質活絡以及政府的新治理典範。 文分九章，逐次深入探索相關議題，期對整個機制設計的演化過程，能作全方位的辯證、省思及檢視。惟以學淺，疏誤之處，敬請方家賜正。

在全球資本市場逐漸趨於整合，直接金融工具不斷推陳出新的金融環境裡，如何從資本市場籌措資金，以滿足企業在投資、營運與理財活動上的需求，並作為企業策略上的競爭武器，已是國內企業必須面臨的一項重大課題。本研究主要之目的包括： (1)以國內企業發行新直接金融工具之個案為樣本，探討產業類型、金融工具與融資金額間的相互關係。 (2)以四家個案公司為例，探討企業界在融資實務上的作法是否吻合財務管理理論，若有差異其中可能的因素為何? (3)探討企業發行新直接金融工具的決策模式，並比較不同類型公司融資政策的異同點。 (4)透過對企業、銀行、主管機關之訪談，探討企業發行金額、幣別、時機、上市地點、選擇主辦銀行等實務，以提供企業發行決策之參考。 本研究首先根據所蒐集的次級資料，利用二因子變異數分析的方法，探討新直接金融工具、企業特性與發行金額之間的關係。其次遴選曾多次發行新直接金融工具的上市公司，與承辦經驗較豐富的投資銀行進行實地深入訪談，探討企業界在融資實務上的作法是否吻合財務管理理論，若有差異其中可能的因素為何?研究結果顯示： (1)發行新直接金融工具企業的資本額平均數顯著大於全體上市公司資本額平均數。 (2)發行新直接金融工具企業的營業成長率平均數與全國前一千大製造業營業成長率平均數並無顯著不同。 (3)大型企業與中型企業發行金額之間有顯著差異。 (4)成長型企業與成熟型業發行金額之間並無顯著差異。 (5)融資工具特性（權益相關或純負債）與發行金額之間無顯著差異。 (6)海外直接金融工具籌資每筆發行金額顯著高於國內直接金融工具每筆發行金額。 (7)四家個案公司的目標資本結構，融資政策與投資政策配合、外幣融資政策、發行時機、投資銀行之選擇等實務大體上與財務管理理論相吻合。

本研究探討在眾多影響台灣聯貸案件利率加碼之因素中，借款企業之信用評等是否在金融風暴前後對利率加碼之決定存在顯著變化，同時驗證主導銀行保留額度之多寡是否對台灣聯貸市場案件利率加碼有認證效果(Certification Effect)存在。 研究結果發現，借款企業之信用評等不論在金融風暴前後均對利率加碼存在顯著影響，且金融風暴後影響程度更為顯著，而主導銀行保留額度比率則是在金融風暴後方對新台幣聯貸案件利率加碼存在顯著正向關係。實證結果充份反映出國內銀行在金融風暴後歷經授信策略及行為轉變下，導致借款企業信用評等及主導銀行保留額度多寡對利率加碼之影響程度在金融風暴後明顯有所不同。 金融風暴前，國內資金充裕之環境使聯貸案多能圓滿籌組完成，故主導銀行保留額度比率低；而在金融風暴後，銀行一方面採取緊縮授信政策，但另一方面在須配合三挺政策增加放款之壓力下，轉而在授信審核上更趨嚴格，使借款企業信用評等成為決定聯貸借款利率之更關鍵因素，聯貸市場上形成信用評等良好借款企業之聯貸案利率加碼偏低且獲大幅超額認購，主導銀行保留額度低；但連年虧損、產業前景差或瀕臨紓困企業之聯貸案件，利率加碼偏高且主導銀行須保留極大額度以求順利完成額度募集之現象，故不論金融風暴前後，台灣聯貸市場並無存在主導銀行對利率加碼之認證效果，借款企業本身之信用評等才是決定利率加碼高低之最重要因素。

The intention of this business plan is to outline the creation of an internationally recognized education institute through its franchise of a world class set of chain schools that specializes in both supplementing a host country's national curriculum (cram school) and providing foreign language courses (language center). The consumer-side of this education institute will focus on the provision of its curricula, programs, products and services to pre-university ages and levels (PK-Grade 12) through the development of kindergarten, elementary, and middle schools and junior and senior level high schools. The franchiser-side of the business will focus on the provision of everything needed by a school to ensure that a franchisee can be customer centric with the consumer-side running at optimum efficiency and the lowest possible cost structure. Abraham Academic Academy is the Brand name of this education institution. It will function as the head-office and be responsible for the franchising obligations; franchising, curriculum and network development; and consultation, customer relation and student services development. All businesses and schools that operate within the franchise will adopt a portion of the name. For example, Abraham Academic Academy Kindergarten, Abraham’s Elementary Language Academy, Abraham Academic Academy Junior High School, Abraham’s Senior High Language Academy, Abraham Academic Academy Consultation Services and Abraham’s Student Services. Abraham Academic Academy plans to own and operate some of its own schools as well as sell franchises. In terms of the chain's local growth and expansion plans, Abraham Academic Academy has organic and aggressive models that are interlaced. A point of interest is the Abraham Academic Academy view on education in this chain school era, which explains their focus on acquiring bankrupt and struggling schools and bringing into the brand small, local, independently run schools with the promise of a brighter tomorrow through our network. Local for Abraham Academic Academy means Taiwan. We are going to begin our focus on Asia by starting operations in Taiwan. Our flagship school is to be located in a suburb of Taipei and will initially consist of kindergarten and elementary grade (1-6) school programs. The local curriculum of a specific school will be based on the public and private schools that exist in the vicinity of that Abraham Academic Academy school, which the majority of our students are expected to attend. Initially, our language program will only focus on the English language and its curriculum will parallel the Western K-12 systems used in Canada, America, and Australia. Our language curriculum will also embrace elements of the British and European education system encompassed in the international baccalaureate program. By having our language program focus on the Western K-12 system, we are in essence providing a service that is only available in a few of the elite schools in a Non-native English speaking country. The current vision of English as a second language (ESL) that is embraced by most language schools is very limited to a recreational sense of the language and is missing two important and practical applications that are crucial to a student’s development. First, to support a student, who in the future might make the transition to an overseas school through the provision of important knowledge already taught to local students there. Second, to provide a unique international view of the world to a student through subject matter that is neglected in both non-native English speaking national curricula and standard language school programs. Internationally, Abraham Academic Academy plans to expand from its base of operations in Taiwan by proceeding to China. From China we plan to begin going south into Vietnam and north into South Korea. By this time we expect to bring the Chinese Language into our language schools curricula. The world already recognizes that China will be an economic powerhouse by 2030, and trends already exhibit that Chinese language acquisition will become important in the future. Our intention is to utilize the schools in our network in Taiwan and China to obtain Chinese teachers and managers. We will provide our Chinese teachers with an exchange program and groom managers to either own or temporarily run schools in the new countries while implementing the Chinese language programs there. For the purposes of this business plan we intend to go over the long-term aspects of building the Abraham Academic Academy franchise, but focus on the immediate short-term opening of the kindergarten school.

併購已經成為企業長期發展壯大的最重要途徑。企業從事併購是為了構築、強化和拓展核心能力，而核心能力是企業在瞬息萬變的市場環境中能以明顯的競爭優勢持續經營的保證。 本文探討個案通信科技公司所實行成功與失敗併購的因素，公司如果選對了發展方向，就能以較小的投入，獲得較大報酬，並能得以持續的高速發展。個案公司的優勢在於資本運作與整合，劣勢在於從未涉足的行業與地區。如何利用優勢、規避劣勢、充分利用被整合的資源，是個案公司併購關鍵所在。 本文共分四部分：第一部分介紹本文研究的背景和目的；第二部分透過國內外大量豐富的文獻了解企業併購的意義，包括企業併購的含義及其動因，以及併購成功與失敗的原因；第三部分介紹研究方法；第四部分介紹兩個併購案例，一個成功一個失敗，分析了導致企業併購成功與失敗的原因；並提出了防止企業併購失敗的對策。充分瞭解導致併購成功與失敗的原因及有針對性的採取措施去防止併購的失敗，對每一個有此意向的企業都是至關重要的。 / M&A has become one of the most important strategy for enterprise longtime development. By restructuring resource and competence of two enterprises, the core competence will be cultivated and intensified. At the premise of longtime management of enterprise, the purpose of M&A is to construct, intensify and extent core competence. This study gives a complete look back on the successful and failed merger cases of a communication technology company. If the company has chosen the right direction, it can gain a larger repayment by smaller input, also, it can achieve a continuous and rapid development. The advantage of case company is the operation and combination of capital, the disadvantage is that case company has never set foot on that industry and geographic area before. The paper consists of four parts: the first part is to introduce the background, purpose of this paper; the second, through sufficient literature review to expose the current situation of merger and acquisition, including its meanings, causes and factors of success and failure; the third, research method used; the fourth: introduce two cases, one for successful another for failure. We analyze the causes of success and failure and provide the suggestions against the failure. It is very important to learn the causes of failure fully and take effective measures against the failure.

企業社會責任從1980年開始就已經在西方國家廣為討論，隨著經濟自由化與全球化，加上聯合國秘書長安南的推動，國際間越來越多的企業也開始把企業社會責任結合公司營運策略運行。台灣從2000年起由政府、企業、民間組織提倡CSR宣導，讓企業除了經營行為之外，也在公司治理、環境保護、企業承諾、社會保護各方面推動企業社會責任。 石化產業是發展國家經濟最重要的產業，對社會責任中的環境與社會保護面影響最大。如何在面對企業社會責任落實，同時做好石化業永續經營，提升企業價值，是這些國際大型石油公司一直以來所努力的目標。 在本次研究中，我們可以觀察到，企業的發展和企業社會責任是非常密切的，企業唯有積極的作為，把企業社會責任與企業經營策略和目標結合，才能為企業的永續發展創造更佳的經營環境、建立良好的企業形象，最終提升企業價值。另外也發現到國際大型石油公司都把永續經營的經營理念作為企業發展策略的重要組成部分，在永續發展方面對企業社會責任的投入範圍相當全面，從企業內部的核心事業到企業外部的環境、社會、經濟等層面。 在台灣，石化業的產業特性對環境及社會的衝擊重大，以致石化業的擴大規模投資非常困難，進而影響國際競爭力。中油積極想成為世界前150大企業，可以好好借鑒國際大型石油公司對石化業的前瞻性、對企業和組織的經營管理經驗、對社會和環境的永續的投入，加快公司的經營改革、全面的企業社會責任作為。相信在不久的未來，中油邁向國際大型企業應可期待。

台商中小企業在大陸的轉變：以寰虹實業股份有限公司為例 / As China is still a highly political region and experiences rapid economic growth with full of opportunities it often means hidden crises. Therefore, to avoid any future traps or disputes Taiwanese Investment Company should take risk management into account. By applying a fully automatic production line, would ease the tension of new labor laws and lower the wage expenses and recruitment resources for any company who is labour intensive. Due to environmental issues, the PLA material should become a future trend in the packaging industry. Overall, companies should invest in PLA as it’s biodegradable and therefore it will become a long-term solution.