本文的研究目的為，在一個含有房屋及房屋相關貸款的動態隨機一般均衡模型的架構中，比較貨幣政策、財政政策以及總體審慎政策對於房屋價格及房屋相關貸款的穩定效果。本文建構一個經濟封閉體系，其中包含三種不同家計單位、商品生產部門、房屋建商、資本生產部門，並且由政府部門制定相關政策；此模型的特色為，不同家計單位中的借貸行為、名目價格僵固性以及透過房屋價格抵押貸款的限制來刻劃金融摩擦。我們考慮了一般緊縮貨幣政策、提高財產稅率以及緊縮貸款價值比；本文發現，在三種政策中，對於抑制房屋價格以及降低住房貸款對國內生產毛額的比例，財政政策及總體審慎政策比起緊縮貨幣政策擁有較好的效果。 / The main purpose in this paper is to compare the effect of monetary policy, fiscal policy and macroprudential policy on housing price and housing related loans using a micro-based dynamic stochastic general equilibrium (DSGE) model with housing and housing related loans. We equip a closed economy model with three types of infinitely-lived households (patient households, impatient households and renters), a goods firm, housing and capital producer and a government sector. The model features borrowing and lending between patient and impatient households, nominal rigidity in goods price and financial friction in the form of collateral constraints tied to price of house. We consider the contractionary monetary policy by raising the interest rate, fiscal policy by increasing property tax rate and the macroprudential policy through tightening the loan-to-value (LTV) ratio. We find that among these three policies, in terms of dampening the price of housing and lowering the loan-to-GDP ratio, raising the property tax and lowering the LTV ratio outperforms the contractionary monetary policy.

有關相對價格離散度之研究，最早源於新古典學派二分法則(Dichotomy Paradigm)， 認為實質因素的變動，與名目因素二者截然劃分。但自Mills(1927) 起，即發現相對 價格離散度和名目的物價上漲率間並不獨立，而呈現正相關的現象。由於相對價格的 變動引起生產、消費決策的變動，因而名目外生干擾是否造成相對價格離散，並進而 影響實質變數，乃成為總體理論一項重要課題。 在過去的文獻中，Vining & Elwertowski(1976)，Parks(1978)，Blejer(1981)，He- rcowitz(1981)，Blejer & Leiderman(1982),及Fischer(1982)的實證研究，與Luca- s(1973)，Barro(1976)，Hercowitz(1981，1982) 及Cukierman(1982) 的理論分析， 大都發現通貨膨脹或非預期的通貨膨脹皆將導致相對價格離散度增加。而大部分的實 證研究皆利用各市場間的資料進行分析。近年來 Domberger(1987)及Hoomissen(1988 ) 則強調市場內通貨膨脹與價格離散度的關係。 本文第一部分利用民國59年至78年台灣地區躉售商品物價指數中的各項商品物價指數 ，根據 Domberger的方法，分析各市場內與市場間相對價格離散度與通貨膨脹的關係 。全部的商品共分為二十四個市場，計量方法為 Nonlinear Seemingly Unrelated Estimation。另外，再根據Saxonhouse(1977)提出的二階段迴歸分析步驟，探討造成 各個市場相對價格離散度與通貨膨脹二者的關係是否受到各產業市場集中度，以及市 場內產品數影響。 本文第二部分利用Blejer & Leriderman(1982) 模型，分析台灣地區相對價格離散度 與國外 (美國) 相對價格離散度二者之間的關係，並探討國際間通貨膨脹的傳遞。

由於社會變遷迅速，文化資產保存工作，無論在有形或無形資產方面均面臨了嚴苛的挑戰。許多為保存歷史建物、遺址、文物或技藝之民間組織或政府文化機構無不極力爭取以獲得必要的經費資源，以防止文化資產的快速流逝。近年來政府對文化資源的投入程度受到廣泛關注，在財政緊縮下，政府削減各項支出中有關文化設施之補助，或限縮地方政府的文化預算，引起各界對文化預算資源配置問題的熱烈討論，導致以經濟觀點衡量文化產出或文化設施之評價日顯重要。在俱歷史性之藝術或文化資源領域，由於其價值無法快速藉由市場價格機制訂出來，衡量文化政策之最適資源投資一直引起激烈爭議，在各部會資源競爭之下，為了獲得足夠的預算分配，政府各部門必須彰顯其對整體經濟效益之貢獻，因此近年來越來越多研究針對非市場財貨之公共投資進行經濟效益評估。調查民眾對文化公共財的願付價格，除可顯示民眾對文化公共財偏好強度以進行成本效益分析外，亦可作為該文化機構自行籌措財源擬訂定價策略之參考，並可提供政府當局財政配置及公共投資之依據，本篇研究將以非市場財貨評估中之條件評估法，以文建會所屬文化機構國立傳統藝術中心為例，求算民眾對該機構之願付價格。 / 實證結果，在估計參數值部份，發現文化資產保存重要性認同度、文化資產遺贈價值認同度、文化資產預算擴編認同度、年齡、文化產業消費頻率等變數，對受訪者的支付意願均有顯著影響；第一階段與第二階段的詢價金額係數估計值為負並且顯著，表示當詢價金額提升時，受訪者會傾向於不願意支付。在單界二元選擇問答下，Logit模型估算其值為181.56元，Probit模型估算其值為199.12元，在95％信心水準下區間估計值Logit模型其值為191.56元到171.56元之間，Probit模型其值為205.90元到192.34元之間；在雙界二元選擇問答下以Bivariabe Probit 估算結果得到第一次詢價的願付價格為145.69元，第二次詢價的願付價格為218.42 元，實證結果單界與雙界二元選擇模型願付價格差異不大。 / Nowadays, historic building, monument, and artifacts, facing difficult issue of damaging, are quickly dying away. Agencies and organizations whose mission is to protect and preserve historic and culturally important building, monument, and artifacts from the ravages of weather, pollution, development, and even use by the general public must compete urgently for needed resources. Government funding of the cultural arts has received considerable attention in recent years. Efforts to cut funding to the national endowment for the culture and declining budgets for public cultural organizations and art institution have raised questions about how much individuals value the culture and arts. Measuring the economic value of particular arts policies or public cultural organizations is difficult and important. The hard case for measuring economic value of cultural resources is that they are not captured readily by market prices. The appropriate resources to be allocated in public cultural or art institutions often get heated and considerable debate. Valuing the willingness to pay for cultural public goods, not only can be applied for measuring economic value to be used in benefit-cost analysis of public project, but also more efficient in the selection of investment program if the total value（use value and non-use value）can be estimated. The purpose of this study is using one of the non-market goods valuation method, contingent valuation method, to elicit a willingness to pay from individual for hypothetical changes in some situation, further more to value the use value and non-use value of the“National Center for Traditional Art ”. / The variables such as the IMPO,BEQU, BUDG, AGE, FRE1, have a significant positive effect on the WTP for a cultural public good valuing. The table broadly indicates that as the bid level is increased, the number of willing to pay the amount decreased. The empirical results show that under the single-bounded dichotomous choice model, the estimated WTP for Logit model is NT$181.56 and for Probit model is NT$199.12. Under the 95％ confidence, for Logit mode the estimated WTP is between NT $191.56 and NT $171.56, and for Probit model is between NT $205.90 and NT $192.34. Under the double-bounded dichotomous choice model, Bivariate Probit model was adopted to estimate the WTP. The first-estimated WTP is NT $145.69, and second-estimated WTP is NT $218.42. The estimated WTP under double bounded dichotomous choice model is not much different from the estimated WTP under single bounded dichotomous choice model.

本研究經由兩個系列的實驗設計以探討套票的使用行為與續購行為。其中，實驗一是以虛擬情境檢視套票型式影響消費者的使用意圖，並以受測者的規範導向做為調節變數；實驗二則更進一步地以較接近真實生活的情境來進行操弄，更明確地檢測了消費者對套票的實際使用情形以及續購行為，除仍以受測者的生理規範導向做為調節變數，另探討了套票持有的前期與後期對使用行為的調節效果。 實驗一的結果顯示透過不同套票類型所引發持有者沉入成本上的差異，可能導致受測者在套票的使用意願不同。具體來說，愈是能讓受測者感受到不使用便等同於虧損的套票，受測者的使用意願便會更高。此外，不同規範導向的受測者所重視的目標不同。積極導向動機較強的受測者，行為較易受到努力得到想要結果的動機驅策，所以比較在意結果是否能獲得之前欠缺的東西；反過來說，保守導向動機較強的受測者，行為較易受到努力保持現有結果的動機引導，所以比較在意結果是否會失去之前擁有的東西。以不同動機系統為主的不同類型受測者的行為會有很大的差異。積極導向者比較容易追尋更完美的結果，所以當競爭者推出可能是較佳的替代品時，轉換意願較高；至於保守導向者則較在意持有現有可接受的結果，所以發現可能是較佳的替代品時，則寧願使用手中持有的套票。 至於實驗二的結果則顯示受測者在套票持有的前期較易於使用套票，換言之，隨著套票持有的時間愈久，對未使用完畢套票的沉入成本感受會隨著時間降低，使用套票的可能性也就因此愈低。此外，不同的套票型式對保守導向者的影響比較大，對保守導向動機較強的受測者而言，若所持有的套票型式是較容易感受到當未使用套票時，就意謂著沉入成本無法回收時，使用套票的意願會較高。而當持有的型式是較不容易感受到套票成本的型式時，使用此套票的可能性就相對降低了。但是積極導向動機系統為主的受測者來說，套票的實體型式對使用行為的差異就不太明顯了。不同型式的套票，並不會對積極導向者產生太大使用行為上的差異。 若保守導向者持有的是較容易感受到此套票成本的型式時，在套票持有的前期與後期間的使用差距不太會有明顯的改變，也就是說，他們比較不會因為套票持有的時間較久就明顯地降低使用行為，但若持有的是比較不容易感受到成本的套票時，在套票持有的後期會比前期容易不去使用套票。至於對積極導向者來說，這項因為套票型式上的差別造成在持有套票的前期與後期使用套票上的變化就不太明顯，事實上，積極導向者無論持有何種型式的套票，在後期都會明顯的降低使用套票的行為。 當套票使用完畢後，原持有的是較不容易感受到成本的套票型式受測者，續購意願比較高。而原持有的是較容易感受到套票成本的型式時，相對上的續購意願會較低。這項影響僅對保守導向者有影響，至於對積極導向者來說，就沒有什麼明顯的差異。 研究的結果大致與研究假說一致，因此，對於理論與實務上亦據本研究的結論提一些的建議。 關鍵詞: 沉入成本效果、規範導向論、動機系統、價格組合、套票、認知評估論 / This study utilized two experimental designs in testing consumer behavior in the usage and repurchase of bundled tickets (price bundling). In the first experiment, a traditional context was employed by using respondent regulatory focus as the moderator to test the impact of bundled ticket types on consumer usage intention. In the second experiment, a more realistic context was employed to examine consumers’ real usage and repurchase behavior with the bundle. Here in addition to using respondents’ regulatory focus as pure-moderator, study two also included bundling quasi-moderator—possession phases. The results of the first study showed that the difference in sunk cost effects caused by the two types of bundling would result in different bundling utilization intentions. Moreover, respondents within different motivation systems showed significantly different behavior patterns—promotion focus respondents were more likely to seek better gains, thus when competitors provided better alternatives, these respondents were more likely to make the switch. Prevention focus respondents, on the other hand, cared more about losses, making them more likely to remain with the original service provider. The result of the second study showed that compared with the later phase, bundling usage propensity was higher in the earlier holding phase. Moreover, different forms of bundled tickets had different extent influences on prevention focus respondents. Prevention focus respondents held that separate types caused them to have higher intentions in using bundling, but they would be relatively less likely to use bundling when they were in possession of an integrated one. However, the effect of different types of bundling on the usage behavior of promotion focus respondents was not significant. Among prevention focus respondents who were more sensitive to bundled ticket costs, there is no significant difference in their utilization of bundling from earlier to later phases. However, if the bundled tickets in possession were the integrated type, they were less likely to use the tickets in the later phase than in the earlier one. Regarding promotion focus respondents, the effect of bundled ticket form in the usage of said tickets in the two phases was not significant. In fact, no matter what form the bundling took, promotion focus respondents displayed significantly less use for the bundling in the later phase. Bundling possession forms had the direct impact on repurchasing behavior. In this regard, respondents holding integrated bundling types displayed a higher incidence of repurchase behavior. This was, however, only effective when it came to prevention focus respondents; no significant difference was found regarding promotion focus respondents. The results of this study yielded suggestions for both theoretical and practical areas. Key Words: Sunk Cost Effect, Regulatory Focus Theory, Motivation Systems, Price Bundling, Bundled Ticket, Cognitive Evaluation Theory

論文名稱：公司信用風險之衡量 校所組別：國立政治大學金融研究所 畢業時間：九十年度第二學期 提要別：碩士學位論文提要 研究生：林妙宜 指導教授：陳松男博士 論文提要及內容： 信用風險一直是整體金融環境非常重要的一環，銀行授信、商業交易、投資評估，都會對信用風險做仔細的研究與評估。本論文以台灣的公司為樣本，採用會計財務比率與股票價格，主要兩項反映公司體質的資訊，建構信用風險模型，期望能提供台灣公司信用風險衡量上，公正而有效的指標。 以財務比率為基礎的區別分析模型，選取變數為獲利能力指標的常續性EPS、現金流量指標的現金流量對負債、成長率指標的盈餘成長率、償債能力指標的負債比率，與經營能力指標的平均收帳天數，這五項財務比率涵蓋企業繼續經營與財務狀況的各個層面。區別分析模型在財務危機前一年可達正確分類率91．67%。 以股票市場價格為基礎的選擇權模型，可由每日之股票價格求算出預期違約機率，將市場對公司價值的衡量轉化為信用風險的程度，能即時掌握公司體質的變化，做出適當之因應。 關鍵字：信用風險、財務危機、會計資訊、財務比率、區別分析、股票價格、選擇權模型、預期違約機率 / Title of Thesis: Corporate Credit Risk Measurement Name of Institute: Graduate Institute of Money and Banking, NCCU Graduate Date: June, 2002 Name of Student: Lin, Miao-Yi Advisor: Dr. Chen, Son-Nan Abstract: Credit Risk has been the great concern in the financial market. Before the bank grants a loan or the company makes deals and investment, they first consider the credit risk of the conterparty. The empirical study tries to construct the credit risk models based on the public firms in Taiwan. Using financial ratios and stock prices, the two main sources of corporate financial information, we expect to provide a fair and efficient indicator to measure the corporate credit risk in Taiwan. In the discriminant analysis based on accounting data, the model chooses five financial ratios that cover the corporate operation and financial situation. They are earnings per share, operating cash flow to total debt, equity substantial growth rate, and average days to accounts receivable. The discrimanant analysis model can accurately classify 91.67% of the data as being default or solvency one year before the financial distress. In the option pricing model based on stock prices, the expected default probability can be solved by daily stock prices. In this model, how the market values the firm is turned into the level of credit risk, which can help us catch the changes of corporate soundness and make proper responses. Keywords: Credit Risk, Financial Distress, Accounting Data, Financial Ratio, Discrimanant Analysis, Stock Prices, Option Pricing Model, Expected Default Probability

. / Corporate acquisitions are classified as part of “the market for corporate control” in which management teams are facing constant competition from other management teams. If the team that currently controls a company is not maximizing the value of the company’s assets, then an acquisition will likely occur and increase the value of the company by replacing its poor managers with good managers. This dissertation focus on two issues on mergers, the first compares the strategy between mergers and joint ventures. The second investigate how much liquidity should the acquirer preserve and what is the equilibrium price of the acquired firm in considering the merger strategy. Drawing upon the incomplete contract theory, I examine the criterion of the strategic choice between joint ventures (JVs) and mergers when two firms contemplate vertical integration. The model reaches the following conclusions: (1) some ownership provision to the acquired company after the mergers may prove to be more lucrative to the acquirer than 100% takeover; (2) given the same equity share arrangement for JVs and mergers I conclude that these two firms should choose to merge or be merged rather than JVs; (3) I derive the optimal equity share arrangement in both JVs and mergers when ownership provision is considered as a strategic means. In addition, I also compare the welfare and effort of both companies in JVs and mergers under symmetric cost structures, and find that mergers would provide greater social efficiency and welfare than 50-50 JVs when the acquirer’s equity share is between 30% and 65%. Firms are concerned that they may in the future be deprived of the funds that would enable them to take advantage of exciting growth prospects, strengthen existing investments or simply stay alive. I specifically examine a firm’s liquidity need in order to grasp any future opportunity of mergers and acquisitions. However, a firm’s manager (borrower) can shed his interim wrongdoings (misbehavior) under the pretext of further financial need for mergers and acquisitions because he knows that he can easily raise sufficient cash from lenders to cover any adverse shock. My study derives the conditions that when this soft-budget-constraint (SBC) problem will occur. It happens when the interim income is small. Moreover, I analyze how the purchase price of acquisition is affected by this soft-budget-constraint syndrome. If there is SBC problem, the acquisition price will be raised by the investors when the interim income is small. Besides, a firm with severe moral hazard problem will be merely able to offer a smaller purchase price for the acquisition. On the contrast, a firm with a stronger balance sheet will be able to secure a greater credit line and offer a more attractive price for the acquisition. The empirical study of U.S. firms during 1988 to 2006 supports my conclusions.

本研究以台灣證券交易所1995年2月至2008年所有上市公司的資料為樣本，比較Jegadeesh and Titman (1993)提出的價格動能策略、Moskowitz and Grinblatt (1999)提出的產業動能策略以及George and Hwang (2004)的52週高價動能策略之間的獲利能力。研究分別進行了月平均報酬比較、元月效果檢視、配對比較、迴歸分析以及加入定錨效果的強韌性檢視。 / 結果發現，在持有期為6個月下，只有52週高價動能策略的獲利能力為顯著且報酬率最佳，月平均報酬率達1.12%，且其對報酬率的解釋能力無法被價格動能策略或產業動能策略給替代，然而52週高價動能策略卻能部分替代價格及產業動能策略的解釋能力，顯示52週高價動能策略相較於價格及產業動能策略而言有優勢性。本研究也發現動能策略投資組合的報酬率存在元月效應，無論是哪一種動能策略的贏家或輸家，在一月份的報酬皆大幅顯著的高於其他11個月份，顯示元月效應的確存在且會影響分析的結果。 / 而最後在迴歸分析裡，結果顯示在控制了公司市值、前一期報酬率、各動能投資策略的影響後，無論是全樣本或一月份除外，依然只有52週高價動能策略的獲利能力是顯著的。然而在經過F-F三因子模型風險調整後，各動能策略投資組合的報酬率皆下降，其中價格動能策略投資組合有顯著的負報酬率，而產業動能策略與52週動能策略投資組合則有不顯著的負報酬率，顯示動能投資策略可能暴露在市場風險下，投資人在採用動能投資策略進行投資決策時應謹慎對待。而強韌性的結果顯示加入定錨效果指標後，其對本研究之結果無顯著的改變。

Brigo與Mercurio提出了三種新的資產價格過程，分別是位移CEV過程、位移對數常態過程與混合對數常態過程。在這三種過程中，資產價格的波動度不再是一個固定的常數，而是時間與資產價格的明確函數。而由這三種過程所推導出來的歐式選擇權評價公式，將會導致隱含波動度曲線呈現傾斜曲線或是微笑曲線，且提供了參數讓我們能夠配適市場的波動度結構。本文利用台指買權來實證Brigo與Mercurio所提出的三種歐式選擇權評價公式，我們發現校準結果以混合對數常態過程優於位移CEV過程，而位移CEV過程則稍優於位移對數常態過程。因此，在實務校準時，我們建議以混合對數常態過程為台指買權的評價模型，以達到較佳的校準結果。 / Brigo and Mercurio proposed three types of asset-price dynamics which are shifted-CEV process, shifted-lognormal process and mixture-of-lognormals process respectively. In these three processes, the volatility of the asset price is no more a constant but a deterministic function of time and asset price. The European option pricing formulas derived from these three processes lead respectively to skew and smile in the term structure of implied volatilities. Also, the pricing formula provides several parameters for fitting the market volatility term structure. The thesis applies Taiwan’s call option to verifying these three pricing formulas proposed by Brigo and Mercurio. We find that the calibration result of mixture-of-lognormals process is better than the result of shifted-CEV process and the calibration result of shifted-CEV process is a little better than the result of shifted-lognormal process. Therefore, we recommend applying the pricing formula derived from mixture-of-lognormals process to getting a better calibration.

本文內容包含三個主題相近的議題，首先我們探討在貿易互動的情況下，國際能源價格衝擊所帶來的跨國衝擊效果，接著根據多個年度的資料，延用第一個議題的模型分析跨國衝掔效果的演變，以及這樣的演變與貿易趨勢之間的關係，最後則探討委外代工的貿易活動對經濟體系勞動市場的影響，企圖尋找台灣近年工資不均度逐漸下降的原因。 由第一個議題的分析結果可以發現，若要有效降低原物料價格上漲所帶來的衝擊，可從國內高耗能的產業 (如石油煉製品業) 著手，藉由技術移轉、跨國產業合作或研發投入等方式提升耗能產業的技術，改善生產結構；此外，藉由分散進口來源，可以有效降低進口拉動的物價上漲；最後，在國際能源價格上漲時，公用事業部門的價格管制，可以有效控制物價上漲，尤其對於天然資源缺乏的國家效果較為顯著，且愈多國家採行價格管制策略時，對降低物價衝擊的效果愈好。。 由第二個議題的分析可得知，各國的個別產業在三個不同的年度受到相同衝擊時，當產業的中間投入裡，能源及石油煉製品的占比愈高，則價格衝擊反應便愈大，這樣的影響效果主要反應了直接效果。若仔細檢視國內的各產業委外代工活動對價格衝擊效果的影響，則可以發現在產業別資料時，兩者間的關係並不明顯，但若將分析層級提高到整體國家的話，便可以發現委外代工比例或是國際專業分工程度愈高的國家，其受到的物價衝擊似乎稍微較低，而此一部份則是反應了跨國貿易傳遞效果。 最後，由第三個分析議題可以發現，台灣過去25年來技能與非技能勞工的工資差距逐漸拉近，這樣的趨勢與近年文獻所觀察的結果有明顯的不同，仔細檢視其中的端倪，我們可以發現台灣工資不均度雖然與相對勞動雇用仍為正相關，但工資不均度卻受到委外代工與對外直接投資負向的影響，其中，僅電子電機及機械類別的委外代工對工資不均度具有影響顯著，但民生工業及重工業類別卻不顯著，這樣的結果與近年台灣電子業發展的模式有關，雖然此產業委外生產比例日益攀升，但隨著台灣電子業在全球舉足輕重的地位，產值逐年大幅成長，雖然其中零組件愈來愈多仰賴委由開發中國家生產，但於台灣進行組裝仍需大量非技能勞工，因此委外生產將使工資不均度的情形減緩。另外，從資料中也發現，近年台灣日益減緩的工資不均度情形，主要是由於相對勞動供給的增量大於相對勞動需求所致。 / This thesis contents three approximate subjects for discussion. First of all, we confer the interaction of trades when the rise of international raw material price influences multinational; according to the data taken from many years, we employed the model of the first subject to analyze the development of inter-regional impact, its effect and also the relationship between the development and the trade tendency. Lastly, the influence of outsourcing towards the labor market in the economy will be discussed, in order to search for the reason, which is responsible for the chronicle decrease of wage inequality. The result of the first discussion shows us, to slow down the price impact which is caused by the rise of the raw material, we can undertake national companies with high energy consumption industries (e.g. petrochemical industry); on these excuses: Technique shifting, international industrial cooperation or investment of researches and so on, the technology of high energy consuming industries could be promoted to improve the production structure. Further than that, dispersing import resources could efficiently reduce the price increase caused by import. The price control at public utility could bridle price rise effectively, when international energy price is arising. This is especially obvious in countries with lack of natural resource, not forget to mention the more nations introduce price control tactic, the better it is to reduce the price impact. By the analysis of the second discussion, it is said when each country in each industry at three different years experienced the same impact, the higher the industrial’s usage of energy and petro-products for intermediate inputs, the strong is the reaction of price impact and this influence mainly responded to the direct effect. If we examine the relationship between price impact and proportion of outsourcing, we could notice that the relationship is not very conspicuous in industrial level data. But if we move the analyze level higher to the whole nation, we could discover that the higher the percentage of outsourcing is, the lower is the resulted price impact. And this is because of the transmission effect of the international trade. Last but not least, the third discussion let us know, that in the past 25 years in Taiwan, the wage inequality of high skill and low skill labor was reducing chronically. Such a trend is clearly different from the result which is shown in the recently studies. Even the wage inequality is positive proportioned with the relative labor employed, but it has been negatively influenced by outsourcing and outward direct investments. The negative relationship counts to the most outstanding in electronics and electrical machinery industries, but civil industry and heavy metal industry is not much remarkable. This result is related to the expand model of Taiwan in the recent years. Although, the percentage of outsourcing grows day by day, but with the importance of Taiwan’s electronics industry, the production arises substantially annually, even though more and more of its components is sourcing from development countries, but we still need many non-skilled personnel to fabricate those in Taiwan. That’s why outsourcing will decrease the wage inequality. Further than that, the recent wage inequality decrease in Taiwan is mainly effected by the surplus of relative labor supply.

This research was driven by Theory of Reasoned Action (TRA) to examine the impact of ecological knowledge, ecological concern, and man-nature orientation on green purchasing (including both intention and actual behavior), with the moderating effect of price sensitivity and allowance and/or income. This research surveyed 602 Malaysian university students within the age bracket of 18 to 25, because this specific demographic is a sizeable market and such research is lacking in an emerging economy like Malaysia. The results demonstrated that ecological concern and man-nature orientation influenced purchase intention and actual purchase. The findings also indicated that price sensitivity and allowance and/or income moderated the relationship between behavioral intention and actual behavior. This study has two implications: (1) it extends TRA by exploring the potential moderating variables between behavioral intention and actual behavior, and its findings adds to the body of knowledge in the area of green consumer behavior; (2) marketing managers can formulate their green marketing strategies effectively by consistently driving heart-warming campaigns to create or stir consumers’ emotions. Marketers should keep in mind that Malaysians are highly influenced by man-nature relationship belief, and additionally, marketers need to be careful in justifying pricing difference between non-green and green products for consumers that are sensitive to price.