Aging population is becoming the potential social and economic problem for many governments all around the world. These countries including Taiwan are seeking for solutions for the increased healthcare spending. According to the United Nations’ population estimates, we are living in a rapidly aging world. The global share of what we call “senior” or people age over 65 is expected to rise from nearly 8% in 2015 to more than 14% by 2050. The situation in Taiwan is not much different. With increasing life expectancy and a birth rate that continues to decline, the aging population in Taiwan has become more and more obvious. Widespread adoption of Generic and Biosimilar drugs, as opposed to patented or brand name drugs, could help governments reduce healthcare costs and increase the reach of healthcare services. Patented drugs in the prescription drugs segment account for about 70% of total prescription spending in Taiwan. However, the share is set to decline gradually under pressure from government policies promoting the use of generic products and the increasing switches from prescription segment to OTC segment (RX-to-OTC). We expect the penetration of generic drugs in Taiwan OTC drugs segment to increase as the generic drug market has continued to gain prominence within the pharmaceutical sectors in recent years. Despite the fact that OTC generic drug market is a highly competitive market in Taiwan, Genedex Co. still aims to provide good quality generic drugs at a competitive price to meet the generic drugs demands. In addition, Genedex Co. understands the ability to quickly bring new products to the market will play a large role in the future success. Thus, product innovation and differentiation will also be the center focus in the business model. Looking into the future, Genedex Co. expects to see growth at a more rapid pace starting from year 2020 as newly developed generic OTC drugs will be introduced to the market to compete with the branded counterparts and also expects to achieve a more solid presence in the market by year 2021.

本論文由三篇相關的文章所組成，第一篇文章討論勞動能力分配如何影響國際分工的型態，可分割生產技術的採用對所得分配的影響，以及國際貿易在這當中所扮演的角色。第二篇文章分析開放體系下，廠商滿足大眾訴求的核心能力和生產模式間的關係。第三篇文章建構動態的產業調整模型，分析廠商的異質性在生產模式的變遷過程中所扮演的角色，以及國際貿易如何進一步影響產業的調整時徑。 第一篇文章以一般均衡的異質性勞動模型，探討國際垂直分工的比較利益來源，以及從整合生產到國際垂直分工的經濟效果。各財的產出受象徵知識與經驗的勞動能力所影響，異質性最終財的生產涉及勞動能力邊際生產力遞增，與線性技術兩種不同性質的生產任務。在整合生產，兩種任務需一起執行，勞動能力在不同任務間具有模組互補的現象；在可分割生產時，不同的任務可以獨立由不同的生產單位執行，因此可以分地進行生產。第一篇文章的主要結論是：1. 國際垂直分工的比較利益來自於兩國勞動能力的絕對差異，或分配上的相對差異，這與傳統資源秉賦理論的精神相符；2. 當生產技術由不可分割演進到可分割時，兩國的所得分配均更為惡化，國際分工進一步影響兩國的所得分配。 第二篇文章探討最終廠商在消費價值創造上所擁有的核心優勢強弱，與其最適生產模式的關係。最終財廠商將一單位的中間投入，輔以消費價值的創造，才能將所得到的最終財銷售給消費者，而消費價值的創造直接反映在消費的效用水準。對於中間投入，最終廠商需決定整合生產或委外分工，二者均需考慮南北的區位選擇。企業家在決定其生產模式時面臨以下兩難問題：首先，垂直分工的價值來自供應商的專業經營，但除不完全契約問題外，還需要額外的固定成本。其次，在區位選擇方面，南國的工資水準較低，但組織成本要比北國高。本文說明在創造消費價值創造上所擁有的專業能力不同，上述兩難問題的得失輕重也有所不同。此外，關於國際委外的組織成本下降如何影響國際委外活動之進行，以及對各階層所得的影響，本文也提供相當直覺的剖析。 第三篇文章建構動態的產業調整模型，分析廠商的異質性在生產模式的變遷過程中所扮演的角色，以及國際貿易如何進一步影響產業的調整時徑。當中，最終廠商在滿足大眾訴求的專業能力各不相同。廠商可以將生產工序標準化為可交易的中間財，並與專業供應商垂直分工。委外分工可以降低生產成本，但也存在隨時間遞減的調適成本，最終廠商要決定的是最適化的調整時點。這篇文章的主要結論是：1. 對消費大眾愈具吸引力的廠商，調整生產模式的時點愈早； 2. 國際貿易同時具有催化延緩產業調整時徑的作用，開放體系下，外銷廠商的調整時點較封閉體系早，內銷廠商較封閉體系晚；3. 互惠性的降低貿易障礙或技術進步所致的貿易成本下降，將使外銷廠商的調整時點提前，內銷廠商則延後。

我國金融商品之推出一直面臨著賦稅課徵之挑戰，也因而引起徵納雙方之爭議，使得資本市場之流動性受到影響。是以，新金融商品分割債券之推行，其賦稅課徵之合理性及公平性與否，亦會重大影響債券市場之效益。然而國內學者對於分割債券的研究相當少，主要是聚焦於我國制度的介紹及分割前後之附息債券與零息債券課稅方式之差異；國外學者則發現課稅方式的改變使得分割公債交易有巨額成長（Livingston and Gregory, 1989），以及交易方式及課稅方式之差異使得債券分割前後產生套利空間，導致市場無效率（Halpern and Rumsey, 2000）。 　　因此本研究主要係探討台灣分割債券現行賦稅規範，並探討其與利率連動之結構型債券商品，以及其與債券市場效率之相互影響。本研究以參考國外分割債券課稅方式，及引用財會理論及租稅理論為分析原則，且輔以我國最高行政法院及高等行政法院實際案例，探討其賦稅課徵的公平性及合理性；並依據所探討之問題提出建議以供稅務主管機關參考。 / We have been facing the taxation challenge while every new financial product comes out to market. In that case, we find the disputations between tax collector and taxpayer, which also affect the liquidity of the capital market. Similar to the existing disagreements of the taxation for financial instruments, stripped bonds also have same problems and we could see how important it is to evaluate the rationality and fairness. However, prior local researchers on stripped bonds did not focus a lot about its taxation problems. Still, they found the different taxation after the bond is stripped, which may cause some unfair treatments between the coupon bonds and the zero-coupon bonds. On the other hand, the prior foreign studies found out the transaction amount of the stripped treasury bonds increased (Livingston and Gregory, 1989) and market efficiency occurred (Halpern and Rumsey, 2000) when they differentiated the taxation between the coupon bonds and the zero-coupon bonds 　　The main purposes of this research are to study the current regulations of stripped bonds in our country, find out the problems in practical operations, connect the linkage with stripped bonds and structured bonds and realize what is the effect brought to the bond market. For the mentioned purposes, we refer to foreign documents, apply both accounting and tax theories to be our main principles, and review some practical law cases from our high and supreme administrative courts while evaluating the rationality and fairness of stripped bond taxation. Therefore we could provide a reference for the authority in determining the future tax regulations.

我國資訊科技產業自80年代起快速成長，企業組織亦同時朝向大型化及集團化發展，企業併購遂成為當時企業層級策略的主要選項。然而在企業聚焦核心事業以及修正多角化策略的浪潮下，企業分割已成為近來產業進行經營績效以及組織重整的重要策略工具。 分割策略提供企業「一而為多」的組織改造模式，有助企業進行專業化經營或建立退場機制，確立各事業之專業分工更可有使分割公司之價值提升之效果。本研究為補強學術上之論述，由資源觀點出發，擬透過了解新事業成長過程各階段資源發展、累積以及運用的情況，探究宏碁集團在施行企業分割策略時，各種資源流動以及分配的狀態。期待能歸納出企業在進行分割策略時，資源分配、流動以及母企業在後續資源連結之共通點。並試圖找出關鍵的影響因素。提供決策者有別財務績效外於可參考的指標。 / Taiwanese IT industry has grown by leaps and bounds since the 1980s and in the meantime, the entrepreneurs have turned themselves into large-size corporations or conglomerates. Thus, corporation’s merger and acquisition (M &A) gradually has become their major issue of strategy studies. However, while the increasing trend of business strategy is to focus on the corporation’s core business, the corporation’s spin-offs becomes the more important tool for generating profits and organizational restructuring. Spin-offs strategy offers enterprises with the so-called “one for all” model, enabling corporations to focus on their core businesses or divest from dog business. The spin-off strategy also ensures spun-out units can achieve individual performances and effectiveness. In order to complement current academic studies, this research based on resources perspective attempts to explore the status of resources allocation of Acer in the spin-off strategy. This study would like to observe how the resource flows and distributes when a spun-out company grows, in order to conclude similarities that firms might have.

本篇論文以裴氏網(Petri-Net)描述系統，提出一啟發式的演算法則 ， 將此裴氏網分割為數個子系統，以便建構為分散式系統中獨立運作的 伺服器。吾人設計一系列的模擬實驗，以測試此演算法的績效。而後，本 篇論文列出影響分割的變數及各變數間的關係，並分析本演算法之特性。 而根據模擬實驗的結果分析，吾人對分散式環境之應用系統發展提出建議 。 / In this thesis, we use the Petri-Net to model a system, and we propose a heuristic algorithm to partition the Petri-Net into several autonomous servers. We then conduct a series of simula- tion experiments to test the performance of the algorithm and to identify the variables which influence the partition of the Petri-Net. Some factors influencing the properties of a partition are identified and their inter-relationships are shown. Based upon the simulation, we provide some suggestions for the develop- ment of the application in the distributed system environment.

傳統租稅理論忽略了商品的不可分割性對租稅設計造成的影響。有鑑於此，本論文在商品具有不可分割性的情況下，探討各種租稅政策工具 (商品稅制、所得稅制與混合稅制) 下的最適租稅設計問題。 第二章在傳統Ramsey (1927) 架構 (代表性消費者) 的經濟體系下，探討引進不可分割財後對最適商品租稅設計的影響，並與傳統Corlett and Hague (1953) 課稅法則、逆彈性法則以及Sandmo (1974) 單一商品稅率的結果作一對照。研究顯示： (1) 給定稅後消費者會購買不可分割財下，最適商品稅的訂定取決於門檻限制式是否產生作用。當門檻未受限時，最適商品稅的課徵將以不可分割財的課稅為優先，而且對該財的課稅將使得以政府稅收衡量的所得淨社會邊際效用水準等於一，進而使傳統可分割財的租稅工具沒有存在的必要；當門檻受限時，最適稅制應使得工資門檻值受限在代表性個人的工資水準上，因而不可分割財的最適課稅將使得以政府稅收衡量的所得淨社會邊際效用水準小於一，進而使傳統可分割財的課稅會對受補償最適門檻的受限產生放寬的效果，存在福利增進的空間，因此傳統可分割財的租稅工具有存在的必要。 (2) 不可分割財的最適課稅優先於Corlett and Hague (1953) 課稅法則的考量，而當門檻受限時，則需額外考量門檻受限與休閒互補性的相對效果；逆彈性法則仍舊成立；而Sandmo (1974) 最適單一商品稅制模型的穩固性值得商榷。 第三章在連續多人體系的架構下，探討傳統可分割財及不可分割財之商品稅制與消費多寡、消費與否等決策間的交互作用，並決定出最適的商品租稅結構。此外，進一步探討當不可分割財存在兩種品質時對最適商品租稅結構的影響。研究顯示： (1) 最適商品稅制會受門檻消費者的行為反應效果 (同時涵蓋傳統可分割財消費數量多寡與不可分割財消費與否的反應) 的影響，當門檻消費者的行為反應效果為零時，不可分割財的最適課稅應使消費該財的高能力族群之所得淨社會邊際效用的平均水準等於一；當門檻消費者的行為反應效果為負 (正) 時，不可分割財的最適課稅應使消費該財的高能力族群之所得淨社會邊際效用的平均水準小 (大) 於一。換言之，不可分割財的最適課稅只受門檻消費者的行為反應效果的影響，然而傳統可分割財的最適課稅除了會受門檻消費者的行為反應效果的影響外，還包含傳統稅制對可分割財的消費扭曲效果及所得重分配效果之考量。 (2) 當不可分割財存在兩種品質的差異時，消費者購買高、低品質的不可分割財將分別對應高、低品質的工資門檻，除了高品質不可分割財的最適稅制 (只取決於高品質門檻消費者的行為反應效果) 之外，低品質不可分割財與傳統可分割財的最適稅制均會同時受到低品質門檻消費者與高品質門檻消費者之行為反應效果的影響。 第四章係在傳統Atkinson and Stiglitz (1976) 線性商品稅與線性所得稅之混合稅制的架構下，探討引進不可分割財後對最適混合性租稅結構的影響，並重新檢驗商品稅存在的價值性。研究顯示： (1) 假若稅後消費者間對不可分割財存在消費差異性，則最適混合性租稅的課稅法則與工資門檻限制式是否產生作用有關。當門檻未受限時，最適稅制的課徵將以定額移轉性支付政策與不可分割財的課稅為優先，而且該兩種租稅工具的最適水準可將所得重分配到極致，使得傳統可分割財的租稅工具沒有存在的必要，因此最適商品稅制不會是單一稅率；當門檻受限時，最適稅制應使得工資門檻值受限在高能力者的工資水準上，因而使得最適線性所得稅及不可分割財的最適課稅無法達到最佳租稅政策的目標，然而此時傳統可分割財的課稅會對受補償最適門檻的受限產生放寬的效果，存在福利增進的空間，使得傳統可分割財的租稅工具有存在的必要，即使如此最適商品稅制不必然是單一稅率。據此可得，Atkinson and Stiglitz (1976) 最適單一商品稅率的結論未必成立，換言之，差異性的商品稅有存在的必要；傳統可分割財的最適課稅對該財消費抑制指數之決定均與Atkinson and Stiglitz (1976) 所指的所得重分配效果無關。 (2) 假若兩類型消費者稅後均購買不可分割財，且當門檻受限時，最適稅制應使得工資門檻值受限在低能力者的工資水準上，給定最適線性所得稅，傳統可分割財的最適課稅對該財消費抑制指數之決定，除了取決於傳統所得重分配效果外，還受到消費者所得淨社會邊際效用的平均水準與受補償最適門檻的邊界效果之影響，該結果迥異於Atkinson and Stiglitz (1976) 只取決於所得重分配的結論。 第五章係在傳統線性商品稅與非線性所得稅之混合稅制的架構下，先探討引進不可分割財對純粹最適非線性所得稅結構的影響，然後再重新檢驗商品稅存在的價值。研究顯示： (1) 在最適非線性所得稅制以及稅後消費者間對不可分割財的消費存在差異性的情況下，當工資門檻受限時，將得到高能力者所面對的邊際稅率為負的結果，此一結果有別於傳統理論認為高能力者面對的邊際稅率為零的觀念。 (2) 給定最適非線性所得稅制以及稅後消費者間對不可分割財存在消費差異性的情況下，當工資門檻受限時，對不可分割財進行微量補貼，雖然無法放寬模仿者自我選擇的誘因限制，但卻可透過對高能力門檻限制式的放寬，進一步改善柏拉圖效率，因此商品稅有存在的必要；該結果不僅異於傳統『商品稅無用論』的觀點，亦與傳統上商品稅的價值建立在其能夠放寬模仿者誘因限制的功能之結果截然不同。

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京都大学 / 0048 / 新制・課程博士 / 博士(薬学) / 甲第18204号 / 薬博第794号 / 新制||薬||237(附属図書館) / 31062 / 京都大学大学院薬学研究科創薬科学専攻 / (主査)教授 高須 清誠, 教授 竹本 佳司, 教授 川端 猛夫 / 学位規則第4条第1項該当 / Doctor of Pharmaceutical Sciences / Kyoto University / DFAM

本研究主要探討股權重組活動對公司治理的影響，以及股權重組與公司治理程度是否會影響經營績效。多角化原為企業增強經濟效率、發揮綜效的策略，但近年來發現，企業多角化有折價的現象。又諸多折價現象中，發現企業產生了內部價值衝突的狀況。推敲折價現象的發生，可能與管理者能力有關，當組織越廣大而多層下，管理能力不堪負荷企業的經營效率將因為業務種類越廣而降低。 從臺灣的個案訪談中，了解到小股東對分割宣告的態度多為保守而疑慮的，未若歐美文獻所探討的對股東財富具有正面的激勵。因此，本研究探討股權重組所欲達成的目的是否對公司治理有正面的幫助，並進一步以子公司的上市為基準點，討論上市前管理能力、公司治理與股權重組目的之前是否具備關聯性，並研究上市後股權重組目的、公司治理與經營績效之前是否具備關聯性。 主要貢獻如下: 1. 股權重組是企業從多角化走向分權、業務單純化的程序，股權重組有 利於讓外部投資人減少資訊不對稱的困境，在分別評價不同性質企業下，有助於回復多角化折價所失去的價值。 2. 管理能力隨著企業的發展，會提高或降低。管理者表現不佳未必要以撤換管理者為唯一手段，且要提高管理者努力程度也不盡然是以設計良好的獎酬制度，原因可能是內部資源配置不佳，而股權重組是協助企業改善內部資本市場缺乏效率性的重要手段。 3. 股權重組是讓單一實體企業創建兩個獨立的企業個體，他會引進新得股東、外部專家與讓管理者更可直接接受外部市場評價，股權重組是否可讓企業更進一步地改善公司治理結構或減少盈餘管理現象，仍有賴企業分割的真實目的。在臺灣，資產分割對股東財富的影響為負效果，有別於歐美資本市場；權益分割雖為正的財富效果，但反應也不如歐美市場的表現。 4. 管理能力與公司治理表現會影響股權重組的推動，股權重組的目的與公司治理的表現會影響經營績效。 / 1.Ownership Restructuring Relationships Equity Carveouts and Spin-offs were called “Ownership Restructuring Relationships”. Equity Carveouts are usually followed by spin-offs. Spin-offs are more often associated with controlled subsidiaries. In a spin-off, a company distributes on a pro rata basis all the shares it owns in a subsidiary to its own shareholders. Two separate public corporations with the same proportional equity ownership now exist where only one existed before. Equity Carveouts means “ A company sells up to 20% of the stock of a segment to raise funds followed by a tax-free spin-off. Spin-offs are distinguished from equity carveouts, in which some of a subsidiariy’s shares are offered for sale to the general public, bringing an infusion of cash to the parent firm without loss of control. In any cases, management may seek to split the company into small pieces through a series of restructuring techniques. Including initial equity carveouts and subsequent spin-offs. 2.Wants Taiwan listed Companies have incurred on conflict between subsidiaries in recent years. They usually take the step of Restructuring ownership relationship to approach their strategy, we exploring the cause and consequence among financial strategy, corporate governance and performance. The purpose of this paper is to explore the decision whether can impact on ability of manager or not. First, to develop a new path is main contribution in Corporate Governance. Second, to enhance the diversified field referred as Governance. Third, Which can increasing wealth of owner at the issue of spin-offs and carveouts in Taiwan. Fourth, After enacted the decision, What effect are their needs and the relationship between strategy and performance? 3.Literature Review (1)Restructure Several studies have examined the market reaction to the announcement of carve-outs (Schipper and Smith, 1986) and spin-offs (Hite and Owers,1983;Miles and Rosenfeld,1983; and Schipper and Smith,1983) These studies demonstrate that the announcement of a corporate spin-off or carve-out is associated with positive stock price movements in the parents’ stock. The continuity of ownership in a spin-off implies that any subsequent changes in value from the reorganization accure to the existing shareholders of the parent corporation. Galai and Masulis claim spin-offs may erode the position of the bondholders causing a wealth transfer from bondholders to stock holders while leaving the value of the firm unchanged. Schipper and Smith also contend that the creation of publicly-traded firms results in new information sources which enable shareholders to more closely monitor the activities of managers, thereby reducing agency costs and enhancing shareholder wealth. The asset focus explanation has viewed spin-offs as improving the focus of a firm, thus serving to remedy the loss of focus inherent in a diversified conglomerate. (2)Restructure and owners wealth A significant positive stock price reaction was surrounding spin-off announcements. The source of the gains in spin-offs, however, is difficult to identify and validate. Authors have argued that spin-offs:  Mitigate an unwieldy organizational structure by increasing focus.  Enhance contracting efficiency  Reduce regulatory or tax constraints  Reduce information asymmetries regarding the operatons of parent firms  Are possible corrections of acquisition mistake.  Improve managers’ incentives to maximize shareholder wealth in spun-off firms. Allen et al(1995)also document an inverse relation between the gains to spin-offs and losses associated with prior takeovers of those units by the parent firm. Krishnaswami and Subramaniam(1999) find that information symmetries in parent firms are positively related to the excess stock returns around spin-off announcements. While Daley, Methrotra, and Sivakumar(1997)report that focus-increasing spin-offs earn higher announcement-period excess stock returns relative to spin-offs that do not increase focus. Cusatis, Miles, and Woolridge(1993)find that the market for corporate control has historically played a major role in the wealth gains to shareholders of firms involved in spin-offs. The sources of the increasing in shareholder wealth which accompanying the announcement of a corporate spin-off. However, are not apparent. Hite and Owers(1983) and Schipper ;and Smith(1983) document that shareholder gains are related to neither wealth transfer from other financial claimants nor to the beneficial resolution of inefficient legal to regulatory contractual relationships. (3) Information Asymmetry and Restructuring Practitioners and the popular press usually propose an information-related motivation for spin-offs. CEO of most firms involved in spin-offs claim that the spin-off improves the firm’s market value because investors are able to perceive value more clearly after the spin-off. As information asymmetry hypothesis that a spin-offs increasing value. because it mitigates the information asymmetry in the market about the profitability and operating efficiency of the different divisions of the firm. Several studies have empirically analyzed the source of shareholder gains around spin-offs. We may be classified as follow: (i) transfer of wealth from bondholders to shareholders. (ii) tax and regulatory advantages, (iii)restructuring of incentive contracts synergies hypothesis has received broad empirical support. As spin-offs transform a shingle firm into many firms that have separate stock market listings, they increase the number of traded securities and make the price system more imformative. (4) Internal Capital Market The relative efficiency of internal and external capital market transactions is a critical element in defining the boundaries of the firm. Mackie-Mason(1990) says that internal capital markets are an empirically important mechanism by which capital is allocated across and within lines of business. Alchian(1969) and Williamson(1970) argue that internal capital markets are more efficient than external markets because corporate headquarters is likely to be better informed than external suppliers of capital about investment opportunities. Meyer, Milgrom and Roberts (1992), Wulf(1997), Rajan et al(2000) and Scharfstein and Stein(2000) argue that rent seeking by division al managers can distort the functioning of internal capital markets, inducing corporate headquarters to allocate excessive capital to divisions with poor investment opportunities where rent-seeking incentives are strongest. Shin and Stulz(1998) evidence that when capital is reallocated across divisions, it does not seem to go in any systematic way to the divisions with the better investment opportunities. (5) Governance and Restructuring While a well-functioning system of corporate governance and control should contribute to the development of competitive advantage, internal control practices may not always operate effectively. The restructuring of the U.S. economy that followed this century’s fourth merger wave can be seen as inefficiencies associated with firms’ pursuit of financial self-sufficiently and conglomerate diversification. Having said this, the work on internal control is limited in two ways. First, there have been few studies that consider director attributes, as well as the identity and compensation of CEOs simultaneously. Most work considers each as a topic worthy of its own investigation. Of course, these CEO and director attributes all comprise interrelated aspects of internal corporate control. And second, While Walsh and Seward (1990) acknowledged that a voluntary corporate restructuring could be seen as an attribute of internal control. Relatively little empirical work has been done on the topic within a governance and control framework. Our goal is to examine the relationship between a voluntary corporate restructuring and the more traditional internal corporate control mechanisms identifies by Walsh and Seward (1990). 4. Research Design (1)Hypothesis H1: The Goal of Restructuring Ownership Relationship is positive related with enhancing Degree of Corporate Governance; also is positive related with reduce Earning Management. H1-1: A predictable variable is reducing diversification which has positive related with the share-hold-ratio increasing in institutional investor. H1-2: The more forecast error from analysts, the less do add-up share hold-ratio from institutional investor; also the more is earning management from managers. H1-3: Earning quality increasing is positive related with institutional investor add-up their holds; also is positive related with manager decreasing their earning management. H1-4: Capital Expenditure decreasing is positive related with institutional investor add-up their holds; also is positive related with manager decreasing their earning management. H2: Restructuring Ownership Relationship can enforce the structure of subsidiaries’ governance, also loft the ability of top management. H2-1: If Insider Trading Index is lower at the subsidiaries after restructuring, the relationship with reducing agency cost is positive. H2-2: Board is positive related with reducing the agency cost. H2-3: The more influence power index is, the less agency costs are at subsidiaries’ restructuring. H3: Announcement is positive related with wealth effect. H3-1: announcement has positive abnormal return during event window. H3-2: Spin-off has negative accumulate abnormal return during announcement. Carveout have positive accumulate abnormal return during announcement. H3-3: the long-term in wealth effect which after restructure is superior to before restructure. H4: Among governance, restructuring and performance have positive relationship. H5: the performance means after restructure is superior to before restructure. (2)Event study The original sample consisted of 101 firms parent companies had spun-off subsidiary common stock to their shareholders over the period 1990 to 2005, and either sample consisted of 79 firms parent companies had carved-out subsidiary common stock to outsiders. The mean adjusted return approached was used to compute abnormal returns. Recent evidence by Masulis(1994) as well as the more sophisticated market models in detecting abnormal performance when it is present. To determine the adjusted daily returns of a security, the average daily return over specified interval, the comparison period return(CPR), it taken as an estimate of the expected daily return for the period under study, the observaton period adjusted returns are then computed by subtracting the CPR from the daily return over the observation period. The CPR for the current study is based upon the average daily return from day –210 through day –21, the observation period extends from day –10 through day +10 using the following formula: a. Average standard abnormal return:ASR= 。 b. Accumulated standard abnormal return: CASR= 。 (3) Logistical regress model We will test the relationship between goal of restructuring and governance to use the method in logistical model. Because the binary variables can catch add or deduct from institutional investor. Institutional investor may be proxy variable of enforce structure of Corporate governance that is depended variable by us. In addition to proxy of governance, We select another depend variable which is transparency on finance to be a proxy variable of earning management in stead of agency cost. If hold-stock-ratio is adding means the structure is better in the wholly year. And if transparency-on-finance is deducting means the cost is saver in the wholly year. Through binary variable to test the relationship is worse than multi-regression model, we only want to know the meaning whether restructuring of owner relationship is function of corporate governance to find the effect on financial decision. Suppose that the strong relationship is existed between restructuring and governance, hence, we will explore relationships among governance, restructuring and performance in advance. (4) Simultaneous Equation model If ability can impact on financial decision and producing effect indirectly on governance, how do governance and performance can impact on financial decision? There are many papers to discuss the efficient of internal capital market where were related with governance and performance from inference. The evidence-paper is scarcity and also non-suitable on Taiwan. We Seemingly see the consequence is well between variables, their relationship may be interact to display on cause and consequence. 5. Conclusion (1) We get a strong evidence to support the goal can influence on governance. Institutional investors need the sign to adjust their stock and join the better governance. (2) To approve the refocusing hypothesis those improve the performance and manager’s ability. Their purpose of taking the corporate restructure is not only owner wealth but also to modulate the internal resource on conglomerate. (3) Spin-offs is difference from carve out on wealth effect from announcement period. But they also have the common effect is positive on announce day. Spin-offs have negative abnormal return prior to announcement and carve out have positive abnormal return through announce day. Our conclusion is different from west papers. (4) Ownership structure have influence on performance, Suppose that highly controlled parent company get more inflow than lower controlled parent company, in the meaning of controlling shareholder or block holders will influence on performance and ability of manager through corporate restructure.

近年來，對大眾傳播有興趣的研究者集中注意力於傳播過程中認知和資訊獲取的階段 。他們把大眾媒介在閱聽人之間影響認知改變的功能稱為「話題設定」 (Agenda-Set ting) 。六十八年九月十日台大醫院成功的分割了連體嬰張忠仁、張忠義。這個事件 可以說是全由新聞介發動與論所促成的，各媒介驚人地發揮傳播的功能，使這件原本 對社會沒有什么影響性的事件，成為大眾關心的事情。根據「話題設定」功能理論， 它實在是一個很好的研究題材。 本論文共一冊，約七萬字，其章節如下：第一章緒論、第一節前言；第二節媒介效果 研究的演變；第三節話題設定功能理論的產生、第四節話題設定功能研究實例、第五 節朝向話題設定的理論之建立、第六節問題研究之緣起。第二章研究假設與研究方法 ；第一節研究目的及論題 (issue)對本研究的適用性；第二節問題假設；第三節研究 方法 (第一項問卷製作、第二項抽樣與調查) 。第三章資料處理及假設之徵實、第一 節基本資料之統計及分析；第二節問題之假設與統計資料之分析；第三節主要發現。 第四章結論、第一節結果分析與解釋；第二節媒介功能的正常運作；第三節忠仁忠義 別來無恙？第四節本研究之限制及建議。附錄一連體嬰分割事件大事記；附錄二調查 問卷；附錄三參考書目。