本文的研究意旨在於探討企業所投入的研究發展支出及資本支出對經營績效及股價報酬產生何種影響，希望能提供給企業經營者在決定研發政策或資本支出決策時參考。 本論文以國內上市櫃公司（除金融服務業外）作為研究樣本，並以2001年至2011年間為實證期間，進行迴歸模型分析，探討研發支出、資本支出等重大支出對於公司經營績效及股價報酬所產生的效果，並探討國內電子次產業如半導體產業、光電產業、電腦周邊產業及電子零組件產業在研發與資本支出對經營績效與股價報酬的影響差異度；本論文在公司經營績效及市場價值的衡量指標，係以公司之資產報酬率、股東權益報酬率、營業毛利率、營業淨利率、營收成長率及公司Tobin’s Q值與股價報酬等作為衡量指標。 實證結果發現： 一、 就全體產業而言，研究發展支出對於企業之營業毛利率、營業淨利率及Tobin’s Q值有顯著正相關，但對於企業之營收成長率、資產報酬率、股東權益報酬率以及公司股價報酬率等項目並未出現顯著相關性；資本支出對企業之資產報酬率及股東權益報酬率則出現顯著負相關，同時資本支出對企業Tobin’s Q值及股價報酬率出現顯著負相關，但對於企業之營收成長率、營業毛利率、營業淨利率等未出現顯著相關性。 二、 針對電子次產業實證結果： 1. 針對半導體產業實證發現，研究發展支出對於公司資產報酬率出現顯著正相關，資本支出對於公司Tobin’s Q值及股價報酬率則呈現顯著負相關。 2. 針對光電產業的實證發現，研究發展支出對於企業經營績效指標包括公司營收成長率、營業毛利率、營業淨利率、資產報酬率及股東權益報酬率等，全數呈現顯著正相關；而資本支出對於公司Tobin’s Q值或股價報酬率呈現顯著正相關，但對於營業毛利率、營業淨利率、資產報酬率及股東權益報酬率等則呈現顯著負相關。 3. 針對電腦週邊產業的實證發現，研究發展支出對於公司營收成長率、營業淨利率、資產報酬率、股東權益報酬率及公司Tobin’s Q值等皆呈現顯著正相關；而資本支出則對於公司營收成長率出現顯著正相關。 4. 針對零組件產業的實證發現，研究發展支出對於公司營收成長率、營業毛利率、營業淨利率、資產報酬率、股東權益報酬率、公司Tobin’s Q值及股價報酬率等全數呈現顯著正相關；而資本支出對於公司營業毛利率、資產報酬率及股東權益報酬率等出現顯著負相關。 / This research mainly examines the related effect of R&D expenditure and capital investment on corporate performance and company’s stock price. The results of this study are trying to offer reference opinions to corporate executive officers that will make R&D or capital investment decisions. In this study, the database includes the listed companies in Taiwan Stock exchange except the finance industry from 2001 to 2011. We adopt R&D expenditure and capital investment as the independent variables of evaluating of corporate performance and company’s stock price, and also choose the growth rate of sales, the operating margin ratio, the net profit margin ratio, the return on total assets, the return on equity, Tobin's Q Ratio and company’s stock price as the dependent variables. The results of this investigation could be summarized as follows: 1. For all targeted industries, R&D expenditure had positive, significant influence on the operating margin ratio, the net profit margin ratio and Tobin's Q Ratio. Capital investment had negative, significant influence on the return on total assets, the return on equity, Tobin's Q Ratio and company’s stock price. 2. For Semiconductor industry, R&D expenditure had positive, significant influence on the return on total assets. Capital investment had negative, significant influence on Tobin's Q Ratio and company’s stock price. 3. For Optoelectronics industry, R&D expenditure had positive, significant influence on growth rate of sales, the operating margin ratio, the net profit margin ratio, the return on total assets, the return on equity. Capital investment had positive, significant influence on Tobin's Q Ratio and company’s stock price. 4. For Computer peripheral industry, R&D expenditure had positive, significant influence on growth rate of sales, the operating margin ratio, the net profit margin ratio, the return on total assets, the return on equity, and Tobin's Q Ratio. Capital investment had positive, significant influence on the growth rate of sales. 5. For Electronic components/material industry, R&D expenditure had positive, significant influence on growth rate of sales, the operating margin ratio, the net profit margin ratio, the return on total assets, the return on equity, Tobin's Q Ratio and company’s stock price. Capital investment had negative, significant influence on the operating margin ratio, the return on total assets and the return on equity.

戰後台灣中小企業的歷史源頭為何?其跟戰前台人資本存在什麼辯證關係?可以說是本土化研究興起以來台灣經濟史主要課題之一，已有不少學者嘗試從中小工廠領域切入，一方面跟矢內原忠雄與凃照彥等兩位重量級學者對話，一方面則試圖挖掘出五大家族以來之一般中小地主或商人在資本主義化的脈絡之下資本積累的過程。不過，也並非所有研究者都同意戰後台灣中小企業能夠蓬勃發展，乃是以戰前台人資本之積累為基礎。 　　本文同樣以此問題意識出發，但有別於既有研究成果主要以中小工廠為作為分析對象，從而強調台人資本積累過程「自主性」的一面，並普遍以政權遞嬗為研究斷限。本文則擬以較具經營規模且位於近代部門的交通業為個案，就台人資本積累過程如何跟國家權力連結展開論述，並側重於台人資本如何學習殖民者所引進的資本主義制度、特別是以資本核算(盈餘保留跟固定資產折舊)為主軸之近代企業經營概念。同時，本文還將採取跨政權研究途徑(approach)，就戰前台人資本所進行之資本積累與養成之近代企業經營能力，如何成為渡過戰後接收期乃至投入中小企業的重要憑藉提出一理論性分析。 本文首先發現所謂台/日資或殖民者/被殖民者等二元對立框架，不足以解釋戰前台灣經濟結構，台人資本積累過程乃存在跟殖民者有所連結的一面。此一跟國家權力的連結，也延續到戰後。 基本上，交通業作為特許行業本應由國家經營以避免被獨佔壟斷，但作為後進資本主義國之日本，從明治維新以降即在國家力量不足的前提下，透過強烈監督與保護手段讓民間資本代行國家發展交通，官方與交通業者間存在特殊互動模式。日本領有殖民地台灣後更由於本國資本主義尚未確立，因此持續仰賴民間資本經營作為地方交通主力的民營鐵道與公路運輸，不過此時被仰賴的對象主要為台人資本，該業台人資本也就在台灣總督府協助之下進行資本積累。 台人資本透過交通業也廣泛運用了殖民者所引進的近代企業制度。由於交通業本來就具有資本密集性(capital-intensive)與固定資本(fixed capital)比重高之特徵，必須採行較具規模的經營型態，台人資本在交通業乃高比例的運用股份有限公司(日文稱株式會社)，從而交通業跟既有前人研究成果主要關懷之中小民營工廠(主要業種為農業、農產加工業與輕工業)就存在本質上的差異。 在交通業台人資本高比例運用近代企業制度的前提之下，本文進一步發現單純從文化面角度來檢討台人資本為何存在優異企業經營能力恐怕有所不足。也就是說，移民社會特質與發達的合股組織固然是台人資本參與資本主義的基礎，但能否落實以資本核算(盈餘保留跟固定資產折舊)為主軸之近代企業制度，或許具備更關鍵的地位。因為移民社會特質雖然能讓台人企業展現出冒險、進取的一面，清代以降發達的合股組織則讓台人資本較容易習慣近代市場經濟的運作，但台人企業要能展現出「永續經營」的特質，還是必須建構出建全的資產結構與財務狀況。 最後，本文主張戰後台灣中小企業仍然是以戰前台人資本為基礎。雖然既有研究成果亦多持一學術見解，但他們未能充分論證台人資本如何渡過1937年中日戰爭以降至1949年國民政府遷台為止這段政經局勢激烈動盪的時期。相較於此，交通業台人資本則能一定程度填補此一空白。首先，台人資本在該業不僅未全面從屬於日資或被其消滅，反而基於交通統制讓原本散落各地的台人資本獲得整合、經營規模獲得擴張，從而增強其資本力量。這些以州廳為單位並仍由台人資本所主導的交通統制企業，在戰後更直接轉型為地方客貨運業，從而存在非常直接而明確的延續性。 其次，近代企業制度落實乃至交通業關聯產業開啟，都在這一階段獲得實現。就前者而言，即如上述，日本乃是後進資本主義國，資本核算制度發展腳步緩慢，這導致戰時體制成為其確立的關鍵階段，亦即國家利用各種統制手段強迫企業採行標準的商業會計(特別是固定資產折舊的計算)。尤其，交通業作為重點統制產業之一，該業資本核算制度是否確立也就更受到殖民政府重視。再就後者而言，交通業本質上跟傳統部門不同已如上述，在歐美與日本皆扮演著推動產業革命的重要角色，台人資本也就有可能透過該業往近代部門移動，這一方面表現在機械動力的接觸；另一方面則是以該業為媒介，往工業部門邁進，特別是伴隨戰時體制與軍需工業化所開啟的車輛維護、修繕產業等關聯產業更具指標性意義。 總而言之，戰前到戰後台人資本積累過程乃存在一連鎖機制，即「非機械力的輕便鐵道→嘗試蒸氣動力與電力(並投入電力部門) →機械力的汽車運輸→新興機械製造與化學→地方客貨運業→中小企業」。這中間當然不會是一線性發展姿態，毋寧經歷諸多波折，但基本繼承關係仍然可以被尋得。 / What were the historical sources of the small and medium-sized enterprises in Taiwan after the war? What was the dialectical relationship between them and the capital existence in Taiwan before the war? It has been one of the main topics in Taiwanese economy history since the rise of the research of localization, and a few scholars tried to cut in through the small and medium-sized factories. On one hand, they opened the conversation with two key prominent scholars, Yanaihara Tadao and Chao-Yen Tu, and on the other hand, they tried to dig out the capital accumulation process from the general small and medium landlords or businessmen under the sequence of ideas of capitalism after Taiwanese five key families. However, not all of the researchers agreed that the reason why the small and medium-sized enterprises in Taiwan could be rising and flourishing after the war was because of the foundation of the capital accumulated by Taiwanese people before the war. This research started with the same question concepts, but with different object of the study from the past research results, which was only used small and medium-sized factories as the study object, and emphasized the “independence” side of Taiwanese capital accumulation process; they generally cut the time of the research period when there was any state power changed or transferred. Instead of that, this study planned to use transportation industry as the study case, discussed from how Taiwanese capital accumulation process linked to national power, and then laid special emphasis on how Taiwanese capital accumulation process learnt from capitalism that the colonialists brought in; especially, the operation concept of the modern enterprises which gave priority to capital accounting (retained earnings and assets depreciation). Furthermore, the study adopted cross-political power research approach and discussed how Taiwanese capital accumulation before the war and the management capacity development of the modern enterprises became the important basis of passing through the take-over period to throw into the small and medium-sized enterprises. A theoretical analysis was addressed here. The study first found the binary opposition framework of so-called Taiwanese investment/ Japanese investment or colonialists / natives was not sufficient to explain economy structure in Taiwan before the war. Taiwanese capital accumulation process was existed on one aspect which linked to the colonialists, and this linkage to national power lasted to postwar. Basically speaking, transportation industry as a franchising sector should be run by the nation to avoid monopoly; Japan, as a later emerging capitalism country, allowed private capital to develop the nation’s transportation industry though intense supervision and protection by the government because the insufficient national power after Meiji restoration; there was a special interaction model between the official and transportation dealers. After occupying Taiwan, Japan continued relying on private capital to develop local transportation such as privately-run railway and road transportation due to it hadn’t established its capitalism firmly. Nothing but Taiwanese capital was the subject which was dependent on at that moment, the capital accumulation of the Taiwanese capital for this industry proceeded under the assistance of Taiwanese Governor General’s Office. Through transportation industry, Taiwanese capital widely applied modern enterprise system brought into by the colonialists. Transportation industry featured high proportion of capital-intensive and fixed capital, and it needed to run in large-scaled operation types. Taiwanese capital used high-proportion of limited liability companies ((ka bu si ki gai sya in Japanese), and it showed the essential difference from the small and medium-sized factories (mainly agriculture, agriculture product processing and light industry) that pervious research focused on. Under the precondition that Taiwanese capital highly used modern enterprise system in transportation industry, the study further revealed that it was not enough to only examine why Taiwanese capital existed excellent enterprise management capacity from cultural aspect. That was to say, the social characteristic of immigration and the prosperous cooperated organizations were the foundation of Taiwanese capital joining capitalism, but whether it could fulfill modern enterprise system which gave priority to capital accounting (retained earnings and assets depreciation) played an even more significant role. Although the social characteristic of immigration presented the adventure and aggressiveness of Taiwanese enterprises, the prosperous cooperated organizations after Ching Dynasty helped Taiwanese capital get used to the operation of modern market economy easily. However, only when constructing sound assets structure and financial status, Taiwanese enterprises could show the quality of “sustainable operation”. In the end, the study claimed that the small and medium-sized enterprises in Taiwan after the war were still based on the Taiwanese capital before the war. Though the current research results mostly held the same academic view, they couldn’t fully approve how Taiwanese capital passed through the war of resistance against the Japanese in 1937 to National Government retrieved to Taiwan in 1949, the intensive political turbulent period of time. Compared to this, Taiwanese capital in transportation industry could fill the gap in a certain level. First, Taiwanese capital in transportation industry instead of subordinating to or being eliminated by Japanese investment, it integrated the Taiwanese capital spread out in different places and expanded the operation scale on the basis of transportation governing system; its capital strength increased as a result. The transportation governing enterprises which were managed by states but guided by Taiwanese capital directly transformed into local transportation carriers, and it showed extremely direct and clear continuity. Second, the fulfillment of the modern enterprise system and the starting of the relevant industries of transportation industry were implemented during this stage. In terms of the former, as what mentioned above, Japan was a later emerging capitalism country, and its development of capital accounting was slow; this led the system used during the war become the key stage of the development establishment, which meant that government used different governing methods to force the enterprises followed the standard business accounting (especially the calculation of assets depreciation). Moreover, transportation industry was one of the important governing enterprises, and it drew more colonialist government’s attention on whether the capital accounting system had been established in the industry. As for the latter, we talked about the essential difference between transportation industry and other traditional industries, and the transportation industry played an important role in pushing industry revolution in Europe, America, and Japan so that it was with great possibility that Taiwanese capital moved towards modern industries through transportation industry. This could be seen on the contact with mechanical kinetics on one side, and on the other side, it marched towards industry. The indicative meaning of this was presented on the relevant enterprises, especially the vehicle maintenance and repair incident to the system during the war and the industrialization for Army. In conclusion, the chain mechanism existed in the Taiwanese capital accumulation process from prewar to postwar, and it was “non-machinery light railway the attempt on steam powered and electricity (also invested electricity industry) machinery vehicle transportation new and developing machinery manufacture and chemistry local transportation carriers small and medium-sized enterprises”. Of course, the development was not a straight line process, and there were some obstacles in the way; however, the basic successive relationship could still be tracked.

本文以象徵「非獨占」公營企業－臺灣省農工企業公司作為檢視其「非獨占」公營事業的進行。在研究材料上，主要利用該公司1957～2001年歷年的《董監事會議紀錄》、《常務董事會議紀錄》與1978～2001年歷年《決算書》資料，並且大量運用各期《臨時省議會大會專輯》、《省議會公報》、《省政府公報》，再加上《臺灣銀行季刊》、《經濟參考資料》從該公司的經營分析來探討戰後政府對此種公營企業的掌控、經濟發展政策對其影響、在臺灣戰後經濟是否仍擔負起公營企業的責任及效果評估等問題。 本文結果發現，戰後臺灣的經濟發展經由「日產」的接收延續戰前的體制，1953年耕者有其田政策後，由於民股挑選剩下的廠礦所成立臺灣省農工企業公司，承接日本人中小企業、農林及工礦而組成，致使該公司在先天上的不足，預留了諸如土地資產糾紛、資產處分、生產設備更新及面臨民營競爭的問題，這些問題成為臺灣農工經營困境的歷史約制。 臺灣農工歷年的虧損主要是該公司業務體質所致的因素佔較大的成份，在公司業務種類繁多且相關性甚低，彼此間又不具備綜效，互補性亦不高，所以到後期常常依靠賣公司資產來挹注資金。又因為是應政府政策成立的公司，在經營體質上難脫政府機關之習氣，同時面臨國際化與自由化的市場劇烈競爭，受制於本身成本過高，產銷無法大幅成長。該公司自1993年度開始的虧損每年持續擴大，此情形便反映在每年營業報告書都會提及「因公司先天條件不良，經營倍極艱困，致歷年虧損累累，幾至岌岌可危」。再加上，省政府的態度搖擺多變，使得該公司數次暫緩民營化的腳步，最後於2003年1月1日起進入解散清算階段至今。

受到全球化的影響，人類的生活環境和模式與過往出現了很大的不同，國與國之間無論是文化、經濟、資源的交流方便且頻繁。在商場上，企業要面對的不再只是國內的競爭對手，而是來自全球各地的挑戰。彼此的競爭和合作不再受時空條件限制，規模也不可同日而語。對此，企業要擁有能夠幫助自己建立優勢地位的關鍵性資源，打造出自己的核心競爭能力和差異性，才能脫穎而出，而「品牌」是當前產、官、學界公認有力的武器之一，是企業重要的無形資產。 　　代工製造利潤式微，兩岸目前在整體產業環境和政府政策上，都出現產業轉型、建立自有品牌、打造國際品牌的產業升級意識，但品牌自創難度和成本極高，是一段漫長且有風險的道路。加上亞洲國家在品牌行銷能力上相對較弱，以及國際對亞洲國家的刻板印象等劣勢因素，亦不利兩岸自創之本土品牌的建立與國際推廣。故近幾年，向外併購歐美知名品牌逐漸形成趨勢。 　　本研究試圖觀察以併購作為經營發展策略的兩岸企業，在併購活動中所帶有的品牌佈局策略性思維，探討以品牌資產之取得作為併購動機與標的。並以個案研究方式，選擇「安邦保險收購紐約華爾道夫酒店」與「晶華酒店併購麗晶品牌」進行個案分析，從中瞭解併購後如何整合運用該品牌資產，讓品牌權益得以發揮並提升主併企業之核心競爭力，幫助主併企業立足全球市場、永續經營。最後根據分析結果，給予企業關於品牌併購及品牌經營的相關建議。 　　研究顯示，被併購標的的品牌權益確實會成為主併企業的優勢競爭資源，甚至帶動主併企業本身價值和企業品牌之權益增值。而要收併購綜效，最重要的是必須擁有與經營核心目標相符的品牌策略，並以此帶領整個品牌併購活動的規畫到執行，才能借力使力獲得市場力量。同時，也建議有意發展品牌之企業，除了有品牌專責經營團隊，也要將品牌策略傳遞組織各部門，落實到產品或服務提供的每個環節，以打造成功而強勢的品牌。

長期以來，商業交易多半是單純為取得某種物品或權利，由交易雙方協商並訂立合約，如買方為取得房地而願給付價金，賣方為取得金錢乃願出售房屋。然而二十世紀之後，經濟型態的轉變為交易的內容帶來了重大的轉變，智慧財產權的讓與或授權交易漸趨熱門，在商業經營中時時刻刻上演。如同典型的交易一樣，就取得權利者而言，其願意將所有的專利、商標、著作權等權利加以利用，以獲取金錢利益；反之，欲利用者則透過與權利擁有者訂立合約的方式，將之利用於所生產的商品或服務，增加其邊際效用，獲取更大的利潤。 在此背景之下，智慧財產的讓與或是授權，其交易的型態與方式漸行複雜，對於企業的經營更是有著決定性的影響，加上智慧財產權，可說是法律所創設出來的權利，其異於傳統財產實體的特質，更難以令習慣傳統交易的我們加以掌握，因此有深入研究的必要，本論文即基於此背景，開始關於智慧財產諸多活動中的一個課題-「授權」活動展開研究。 因此，本篇論文研究有以下的目的： 一、 從高科技產業獨特的環境去瞭解智慧財產授權所扮演的角色。 二、 智慧財產授權對於高科技企業經營策略之影響與作用，反之，高科技經營策略之擬定後，是否可以傑由授權達成其目的。 三、 高科技企業在面臨智慧財產授權契約談判時，應如何爭取最佳利益。 四、 高科技企業營運策略中，關於簽訂授權契約可能引發的法律相關議題應如何面對。 本研究即基於上述目的，從法律面及商業管理的角度去探討智慧財產授權活動所引發企業經營的策略意涵，以三個層次分別來說明：一、企業經營層次；二、授權契約談判層次；三、相關法律議題層次。透過三個層次的分析與歸納，本研究針對高科技企業之經營與智慧財產權授權的策略運用提出下列數點之建議： （一） 智慧財產授權是一個複雜的領域，涉及法律、管理、技術等面向，因此我國高科技企業必須走出權利金追索與授權的泥沼中，重新架構授權與企業的經營策略。 （二） 我國高科技企業若欲藉由授權活動予以獲利，則最重要的是將企業轉型為真正的知識型企業，持續研發，蓄積優質的智慧財產權，如此才能將智慧財產授權活動的功用發揮到最大。 （三） 企業應培養相關智慧財產權授權相關人才，並考量是否建制一個獨立的智慧財產授權部門。 （四） 授權契約的簽訂將會影響企業未來研發的發展方向，因此建議企業於簽署授權契約時，必須考量企業本身是否可以自行研發該技術，或是其他替代性技術的可行性，切勿因為被國外的企業一警告，即簽署智慧財產權的授權契約。 （五） 反之，既然專利訴訟需耗費大量的人力、物力、時間與金錢，因此面對專利侵權訴訟時，應考量接受授權的可能性，授權所付出的成本與進行訴訟的成本相較後取其較低者。但是需注意的是，縱使獲得他人授權，然亦不代表會侵害第三人之專利，換言之獲得一家企業的授權，並不表示已經一勞永逸的無侵權可能性。故建議企業在接受專利授權時，必須詳細的評估該專利的範圍。 （六） 授權與智慧財產的保護與執行有緊密的關係，因此企業應加強智慧財產的保護與執行，才可以降低授權活動所面臨的風險。 （七） 智慧財產授權，基於智慧財產的無形性的特性而生，與傳統的有形財產有迥然不同的性質，善加利用智慧財產權的特性，將可使企業擺脫傳統的營業模式，邁向新的獲利境界。建議企業應重新的審視自己所有的智慧資產，加以稽核與評估，結合本研究所提出的授權策略架構，重新思索企業的營運方向與智慧資產的利用是否完善，有效的提升企業的競爭地位，創造更多的經營優勢。

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懲罰性賠償金係透過課予加害人超出被害人損害之賠償，達成制裁加害人，並嚇阻加害人以及其他行為人從事相類行為。該制度係源自於英國，並自英國傳遞自美國，並於美國廣泛盛行。懲罰性賠償金制度具有懲罰、嚇阻、設立典範之功能、執行法律等功能，惟其係私法下之概念，卻帶有懲罰目的之公法性質，跨越兩種領域使其極具爭議性。 消費者保護法第51條將英美法之懲罰性賠償金制度引進，致使我國民刑分立之法體系產生模糊地帶。關於我國實務對於懲罰性賠償金之態度，得以自其就消費者保護法第51條要件之解釋觀察。然實務就要件之解釋未盡統一，如此將導致當事人無所適從。 2015年6月17日修正之消費者保護法第51條，明確將「重大過失」納入規定，顯見立法者對於企業經營者採取更為嚴格之態度。如此修正固解決長久以來「過失」是否應限縮於「重大過失」之爭議，惟關於消費者保護法第51條其他要件之解釋，仍有尚未解決之問題。 觀諸消費者保護法第51條之要件，「依本法所提之訴訟」於「本法」及「訴訟」即存在寬嚴不同之解釋。另關於該條文之責任主體，企業經營者是否就其受僱人之懲罰性賠償金責任負責，又企業經營者間之責任關係為何，皆有釐清之必要。請求權主體之部分，消費者保護法第7條規定之「第三人」並未出現於第51條懲罰性賠償金之規定中，產生消費者以外之「第三人」是否為請求權主體之爭議。另外，被害人死亡時懲罰性賠償金之歸屬，亦為立法者制定該條文規定時，未審慎思考致生之法律漏洞。究竟被害人死亡時，應由間接被害人抑或繼承人請求懲罰性賠償金，無論如何結論之擇採，皆有賴縝密之法律邏輯推演。最後於懲罰性賠償金之計算，2015年6月17日明確懲罰輕過失行為以及提高倍數上限之修正，其妥適性為何；又消費者保護法第51條規定之計算基礎「損害額」之意義、計算時酌定之因素、與有過失之考量等，皆有待解決。本文以整理消費者保護法第51條懲罰性賠償金適用上之爭議，並嘗試透過學說及實務見解之分析歸納出合理之結論，並就結論之推演，參考部分日本法學說，期能對於消費者保護法第51條要件之解釋提供另一種思考方向。 / Punitive damages are extra monetary burdens which make the offender to pay more than those the injured has lost, in order to deter the offender and other offenders from behaving the same. The doctrine of punitive damages is originated from England and swept America. Punitive damages have the functions of punishment, deterrence, setting examples to the society, law enforcement and so on. However, it is controversial that the doctrine of punitive damages is the concept under civil law, but with the function of punishment, which makes the doctrine in the borderland between public and private law. Article 51 of the Consumer Protection Act is the doctrine of punitive damages in Taiwan, which causes a gray area among the separation of civil law and criminal law, and makes Art. 51 controversial. It is not difficult to know the attitude of the judges toward punitive damages by understanding the explanation of Art. 51. But there is no consistency in the explanation of each element of Art. 51, which makes the Article bewildering. On June 17, 2015, gross negligence has been added to the amended Article 51 of the Consumer Protection Act, which shows the strict attitude of the legislators toward the business operators. This amendment solves the problem that whether negligence should be limited to gross negligence or not, but there still are other issues about Art. 51 Which should be solved. Among Art. 51, “this law” and “litigation” in the element of “in a litigation brought in accordance with this law” are explained in both strict and easing ways. About the subject of the legal responsibility of Art. 51, whether the business operators should be responsible for the act of their employees, and whether business operators should be jointly and severally liable for punitive damages are issues should be discussed. About the claimers of Art. 51, comparing Art. 7 to Art. 51, we can find that “third party” isn’t showed in Art. 51, which brings up to the issue that whether third party other than consumer can claim for punitive damages. Also, who can claim for punitive damages when the victim dies is an important issue. The legislators did not think of this kind of situation, which caused legislation imperfection among Art. 51. Whether the indirect victim or the successor should be the claimer of punitive damages in this kind of situation should be explained carefully and logically. Last but not least, in related to the calculation of punitive damages, the amendment of Art. 51 in June, 17, 2015 specifies that objective negligence and subjective negligence should be punished and the maximum limit on the amount of damages has been raised. Whether the amendment is proper or not, and whether “the amount of damages” should be confined to “property damages” should be clarified. It is also necessary to figure out the considerations of determination of the amount. Whether comparative negligence should be considered while deciding the amount of punitive damages is also controversial, which should be investigated prudently. This thesis will focus on Article 51 of the Consumer Protection Act and the issues about it. This thesis will analyze those issues according to the theories and opinions of practice in Taiwan. American theories and Japanese theories will also be discussed in this thesis in order to solve the problems, and to provide a different view of Article 51 of the Consumer Protection Act.

2008 年擁有158 年歷史的美國投資銀行，雷曼兄弟控股公司( Lehman Brothers Holdings Inc. )的破產，掀起全球性的金融風暴，進而促使全球經濟同時性大衰退。 曾經是美國、甚至全球最大的企業的通用汽車也蒙受嚴重波及，而宣告破產重整。 百年歷史的GM 公司的倒閉，使得『企業規模越大，越不會倒閉』的傳統觀念破滅 了！根據統計，一般企業的壽命，約在30 年，而世界上仍有許多維繫超過百年甚至 更久遠的企業。促使那些擁有百年歷史的企業，永續經營特質是什麼? 回顧1990 年，普拉哈(C.K. Prahalad) 和蓋瑞‧哈默爾 (Gary Hamel) 於「哈佛商 業評論」上發表了企業核心競爭力（Core Competence）模型的論文以及唐納．薩 爾 (Donald N. Sull) (2003) 在「成功不墜」所闡述企業永續經營模型。還有，日本 京都大學經濟學研究所的末松千尋教授於2002 年提出京都企業經營模式研究論 述。三者構成本論文研究的理論模型基礎架構。藉由NEC 的個案，以質化個案研究 的方式，對照這個模型架構，探討NEC 公司永續經營的特質，印證本理論架構基礎 的實用性與完整性。研究成果將可提供國內企業，邁向國際化、全球化、永續經營 上策略思考之參考。 本研究從NEC 個案中獲得企業永續經營準則、永續成功經營模式為： 一、 擬訂企業策略發展意圖，建構企業願景。 二、 藉由不斷創新，建構企業核心競爭能力。 三、 認識企業存在的意義，重視顧客滿意。 四、 建立開放平台，與供應商的水平分工。 五、 隨著經營環境變遷，勇於適時變革。 關鍵字：永續經營特質，企業核心競爭力，企業經營模式，成功經營模式 / A 158- year-old firm, the 4th largest investment bank in the USA, Lehman Brothers Holdings Inc. announced its bankruptcy in 2008.Rapidly stirred up a global financial credit crisis and became to a worldwide economic recession concurrently. The ever being biggest company in the USA and even in the world, General Motors Corporation was engulfed seriously and finally also sank into bankruptcy protection by the economic recession. Even having hundred years history company like GM Corp. was forced to reorganize by bankruptcy protection. The traditional concept, 「The larger of the scale of a company the less possibilty of the company will collapse」,was ruined！According to some statistics a company can last for about 30 years for average. But there are still many firms lasting for more than hundred years in the world. What is sustainable managerial essence of those firms? Let us review their theses of core compentence of the corporation in the article of Harvard Business Review in 1990 by Mr. C.K. Prahalad and Mr. Gary Hamel. and the theses of company`s sustainable managerial model in the book of「Revival of the Fittest」in 2003 by Mr. Donald N. Sull. Also let us review the theses of 「Kyo-siki strategic business model」in 2002 by Mr. Chihiro Suematsu, Professor of Kyoto University Graduate School of Economics. These three above expounding form the basic model of theory of this research. By the case study of NEC Corporation, taking antithesis of these expounding, a case study of qualitative research oriented, tries to find sustainable managerial essence of NEC and to prove the practicality and the completeness of the basic model of theory of this research. The research thesis is trying to offer some strategic references to the company in Taiwan during creating its sustainable managerial essence for company on the way of internationalization and globalization of company. From this research of NEC case study it has found some conclusions about company`s sustainable managerial priceples or company`s sustainable successful business model as the followings： 1. Implementing strategic intents and setting up visions for the company. 2. Building core competencies for the company by constant innovations. 3. Realizing the meanings of company`s existence and taking customer satisfaction as the first priority. 4. Constructting an open platforms for business collateral integration with vendors and partners. 5. Being brave in timly transfoming for the company fitting changes of the business environment. Key Words：sustainable managerial essence，core competence，managerial model，sustainable successful business model

根據經濟部中小企業處的統計，至民國102 底止，台灣共有1,363,393 家登 記在案的公司，其中，約有97%的公司屬於中小型企業，也就是說，台灣要創造 下一波經濟成長，提升台灣的整體競爭力，勢必與「中小型企業」的管理有很大 的關係。如何推動中小企業成功，中小企業該如何管理，才是台灣最需要重視的 議題。 因此，本研究藉由策略行銷分析架構與«隱形冠軍»一書中所發展之中小企業 成功模式，以質化的個案研究方式，透過密集的訪談了解台灣某一中小型企業－ W 公司之經營模式，並據以分析中小型公司如何制定策略、累積內部競爭力，如 何處理與顧客間交易所衍生的策略成本－外顯單位效益成本、資訊搜尋成本、道 德危機成本、專屬陷入成本，找出W 公司所必頇處理的關鍵問題，並給予營運上的建議。本研究也詴圖將隱形冠軍的內容與策略行銷架構結合，歸納成一整合的 中小企業經營模式，希望能對中小企業的經營發展做出貢獻，並作為中小企業制 定策略、檢視營運之參考。

從轟動全球的鴻海與夏普併購案、安謀與英特爾兩個直接競爭者間的晶片架構授權、蘋果與三星纏身多年仍難分難解的設計專利訴訟，再再都顯示智慧財產的重要性，及妥適的規劃與運用企業智財策略管理，能為企業帶來 的競爭優勢與經營彈性，可惜的是相關文獻不僅相當少，既有策略管理文獻，對智慧財產層面之策略管理，又鮮有論述。為期許自己能夠對實務及學術領域皆盡棉薄之力，並推廣相關知識，本研究選擇企業智財策略管理為研究標的，以有無積極採取此面向策略管理之利弊分析為主軸，分別涉及之具體考量為核心，再輔以國際案例說明，以應證智財管理與企業經營整合之趨勢。 　　為完整探討企業智財策略管理，本研究前兩章先思考廣泛認知的策略管理面向，並套用至智慧財產層面，說明智財策略管理為何及其重要性，與企業應將其導入日常經營；於第三章與第四章，倚賴客觀嚴謹之文獻解讀與專家訪談，搭配靈活之商業邏輯分析，試圖拉近古今中外類似策略思維，說明此概念實非前所未聞，毋寧係吾人未善加利用之競爭策略，並由具體事項整理欠缺企業智財策略管理之危機與積極採取企業智財策略管理之國際趨勢，以充分說明欠缺注意之問題與徹底落實之好處，本研究更利用柯達和全錄，說明企業是如何從默默無聞到高度成功，後續又為何日漸衰敗，並以波音與安謀，描述其係如何日益壯大，與善用智財策略管理更上一層，應證前述分析，係實質可期之策略應用；於第五章嘗試歸納、分析與整合相關資料，經過多次思考、討論與修正，提出企業宜進行之內部組織調整及12步驟之企業智財策略管理，給予企業一套有具體步驟的策略指引，嘗試協助企業成就更上一層，維持高度競爭力，並永續經營；透過深入探討企業智財策略管理議題，亦希冀能夠達到拋磚引玉之效，激發更多討論，補充本研究之不足。 / From recent Foxconn-Sharp merger, licensing deal among ARM and Intel, and dogfight be-tween Apple and Samsung; the importance of intellectual property (IP) is self-evident. Enterprises could gain competiveness and flexibility if strategic IP management is carefully planned and applied. Generous IP activities remained, but only a handful of scholarships dedicated to the topic; more likely than not, these papers focused on traditional perspectives, rather than strategic IP management. This research intends to provide an account broadly discuss relevant issues, including, what strategic IP management is, how it should be treated by enterprises, and guidelines of integrating it to business management. Hope the thoughts provided could benefit current practices as well as academics. Chapter I & II described how the research is done, delved into traditional perspectives of strate-gic management, and construed strategic IP management to show the necessities of proper integra-tion for enterprises. Banked on resources and professional insights, Chapter III & IV carefully drew connections between strategic IP management and ancient Chinese wisdoms, and shown threats, benefits, and trends on why enterprise should incorporate strategic IP management into business. Further, it used famous corporations including Eastman Kodak, Xerox, Boeing Company, and ARM Holdings to show how successful businesses have failed due to careless on strategic IP management, in contrast to businesses indeed can benefited from proper integration of such instrument. Chapter V scrutinized materials, and integrated different opinions and perspectives, then provided adjustments to organizations within corporations and formulated a 12-steps strategic IP management intended to provide enterprises a guideline that would lead to further success. Lastly, Chapter VI provided a ret-rospect of the research, and wished to set an example and to stimulate more discussions.