隨著時間的發展，基金的種類與數量成倍數增長，導致投資人在挑選基金時，亦面臨了選擇股票時的窘境：投資標的數目過多、複雜度高，身陷其中，而不知如何挑選理想的投資組合。目前由於人們對於退休金的相關規劃愈益重視，遂有基金商品針對此概念來設計。 生命週期基金基本上符合這樣的概念，生命週期基金基本上是屬於一種組合型基金，但是並不一定要以組合型基金的型態來顯現，美國80只生命週期基金中將近半數為基金的基金。生命週期基金是為了滿足某個年份左右退休投資者的退休投資目標的基金，如FidelityFreedom系列、FrankRussell Life Points系列、T.Rowe PriceRetirement系列、Vanguard LifeStrategy系列等。例如FidelityFreedom2020是針對2020年左右退休的投資者設計的，為實現投資者退休的投資目標的基金，主要投資在Fidelity旗下股票型基金、債券型基金和貨幣市場基金等各類基金。我們便想要了解此種商品的投資型態下具有何種特色。 我們首先要探討基金在不同投資策略其表現如何，而我們衡量的方式---簡單的說是以是否能夠達到投資人的要求報酬率為基準，以投資報酬率來建構出年金終值，最後以各種投資策略所得到的最終價值之差距做為成本的衡量，之後我們則根據生命週期基金的樣態，自行設計出兩種投資模式同樣來探討不足要求資本的相關概念。 再來以投資聚集效果(pooling effect)為主題，因為在基金存在著不同風險容忍程度的投資人，所以我們希望探討在不同投資策略下所建構的效率前緣對於不同風險忍受程度的投資人是否具有超額報酬。 首先我們就兩種投資標的(股票、債劵)之投資報酬率變化以下列方式作設定---利用隨機模型(Stochastic Model)：並利用蒙地卡羅模擬的方式來建構投資標的之報酬率。 我們觀察不同的起始投資比重(股票資產權重考慮由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。在完成對投資標的之報酬率變化及投資策略的設定後，就可以在三種投資策略及每個投資策略有101個起始權重下，得到303組不同的投資結果，如此我們就可以得到帳戶的最終價值，就可以針對是否符合投資者要求的報酬率做相關的研究。 同樣的我們可以就個別的投資策略建立個別的效率前緣。之後我們就不同風險容忍程度的投資大眾，以Harry M.Markowitz等人所提出的optimal frontier的概念加以設定風險點(risk point) ，各種不同風險程度的投資人即代表不同的風險點，如此我們便可以就不同的投資模型來探討基金的投資聚集效果(pooling effect) 。 最後我們想探討的部分則是希望讓投資大眾知道如果其處於何種經濟體之下，應該採用何種投資方式，或者是在投資人的不同要求之下，可以知道採取何種投資策略，以求學術上的操作可以應用到實務上，並求取更佳的效果。 / With the development of time, the kind and quantity of the fund become multiples to increase, cause investors to face the awkward situation while choosing the stock when they select funds: There is too much figure of the investment object marking investment complexity more diffcult , and does not know how to select ideal investment combination. Nowdays, people put emphasize on retirement plan more and more. so some mutual funds are designed for this concept. Lifecycle fund is identical to this concept .Lifecycle fund is a kind of Fund of Funds basically, but might not appear like the Fund of Funds , 80 Fund of Funds in U.S.A. nearly half appear like Fund of Funds . Lifecycle fund is for the fund of retired investors' retired investment needs which is different from age-changed , such as Fidelity Freedom series, Frank Russell Life Points series , T.Rowe Price Retirement series , Vanguard Life Strategy series ,etc.. For example Fidelity Freedom2020 is designed for pensioner's investor to retire about 2020 year, the fund that in order to realize the goal of investors when they retired, make an investment in many objectives, such as stock fund ,bond fund and money market fund ,etc. under command of Fidelity mainly. I want to know the characteristic of lifecycle fund and based on this concept to design mutual fund. I will discuss behavior of fund in different investment strategies, and the way which we measure ---It is to set the rate of returns by meeting investor's requirement as the datum, build and pay the end value of the annuity to construct by investing in the rate of returns, for the measurement of " bankrupt " with the disparity of the final value got of various kinds of investment strategies , later I designed two kinds of investment ways according to the concept of lifecycle fund and also discuss the concept of " bankrupt ". This research will also make emphasize on pooling effect , There are a lot of investors of different risk tolerance in the fund ,so I hope to discuss investor of different risk tolerance will have abcdrmal return under different efficiency frontier which are derived by different invest model and strategies. First, two kind investment target (stock, bond) Investment rate of returns by way of the following to settle ---Utilize Stochastic Mode: Wilkie investment model, Taiwan investment model and the rate of returns of the one that make use of simulation that build and construct investment terms. 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).According to theses investment combination, I can construct different efficiency frontier under different investment models and strategies. Such final value of the account that we can receive so I can do relevant research to the rate of returns according with investor's request . Later, according to investor of different risk tolerance , set some risk point with the concept of optimal frontier published by Harry M.Markowitz, the investors of different risk degrees represent risk point, I can discuss pooling effect in fund under different investment model and strategies. Finally, the topic I want to discuss is let the investor know at which kind of economy , should adopt the investment strategies , or under investors' different requests, can know which kind of investment tactics are adopted , so that the operation on academy can be applied to the practice , and ask for better result.

本文旨在探討台灣流動性交易需求對於股票報酬之波動性（變異數）與共移性（共變異數）的解釋能力。我們仿照Greenwood and Thesmar (2011) 的作法，完全利用共同基金的資料來近似股票的流動性交易需求（共同基金增加或減少其持有某支股票的部位）以及股權分佈，並據以推導出股票的脆弱性以及共脆弱性來預測股票報酬的變異數以及股票間的股票報酬共變異數。根據這個理論模型，當股票投資者面臨流動性衝擊，如果股權高度集中，或是散戶投資者間的流動性交易需求具有高度相關（即同時買進或同時賣出）時，流動性交易需求對股票報酬變異數以及股票間的股票報酬共變異數會產生顯著的影響。本文利用台灣2002年至2011年50家共同基金的資料，得到以下的結果：一、由股票流動性交易需求所推導出來的股票報酬波動（即股票之脆弱性）與利用股價所計算出的股票報酬變異數有明顯的正相關。二、股票的共脆弱性以及股票之間的共移性呈明顯正相關。三、小公司股、成長股、歷史表現好的股票均具有高脆弱性。以上實證結果指出，流動性交易需求對股票報酬有顯著的影響力，因此可利用股票之脆弱性預測股票報酬之波動。

邇來，數家壽險公司，包含2009年之國華人壽、2014年之國寶人壽與幸福人壽以及2016年之朝陽人壽，陸續遭主管機關金融監督管理委員會（下稱金管會）宣布接管，並委由保險安定基金辦理國華人壽、國寶人壽與幸福人壽之標售退場程序。上開問題壽險業之資本適足率未達法定標準或淨值為負時，金管會與相關單位未立即積極處理，甚而遭監察院糾正金管會未正視問題保險業退場法制之缺失並加以修正改善。面對問題壽險業失卻清償能力之窘境，立法機關在問題保險業退場法制上有幅度甚廣之修法，先後自2014年6月4日公布調整安定基金之權限與問題保險業之監理措施，以及參照外國立法例增訂過渡保險機制；2015年2月4日則修正公布資本適足率標準之分級，進而明確制定主管機關得採取之監理措施與其效果。 　　然而，其中有關過渡保險機制之立意雖屬良善，相關法制架構，付之闕如。考察美國、加拿大與日本等國家之保戶保障機制，有以過渡保險機構處理問題壽險業之經驗與制度，為貫徹有效維持保戶保障之處理原則，若我國保戶保障機制除承接問題保險業之保險契約外，另設過渡保險公司承接問題保險業之資產、負債與營業，具有重大實益。參酌他國之實務經驗與制度，本文建議《保險法》第149條之2第3項規定，對於所謂過度保險機制應提高位階，修改為以保險法明訂或以保險法明確授權之法規命令立法方式，授權主管機關得就過渡保險機構之具體內容與範圍加以明訂相關辦法。另考量我國保險法制與監理環境，且實務慣例上多委託保險安定基金擔任接管人，由其發揮過渡機構之功能而自行承接問題保險業之保險契約，實乃治絲益棻。本文建議未來管理辦法應應以保險安定基金透過設立過渡保險公司承接問題保險業之資產、負債與營業為宜。

從亞里斯多德問題，團體就成為學者研究的焦點之一。歷來有關利益團體的研究即備 受爭議，特別是在利益團體的源起部分，學說層出不窮，至今仍未有定論。公益性團 體的興起，更使得團體理論愈加複雜。 近年來，我國政治情勢及社會環境的變遷，人們參與團體活動的趨勢有增無減，特別 是一些新興的公益性團體，除了消費者文教基金會，另外最惹人注目的該是一些以環 境保護為訴求反公害團體了。我們所感興趣的是，用什麼理論來解釋這些團體的發展 呢？ 本文企圖由複雜的團體理論分析中，歸納出一個適合解釋反污染團體源起及維持的分 析架構，並以彰化縣公害妨治協會為個案分析對象，希望獲得一個初步的了解。 全文共分五章，計六萬餘言。 第一章緒論部分，將就本文的研究目的、研究方法、名詞界定分別闡述。 第二章理論探討，抱括杜魯門（David Truman），奧爾森（Mancur Olscn），哈定（ Russell hardin），薩利伯瑞（Rcbert H．Salisbury ）等人的理論要點闡述，並就 各項之優劣點予以評估而提出本文之研究架構。 第三章源起分析，就整體社會變遷、政治企業家，約定俗成及道德理性等因素探討彰 化縣公害防治協會的源起。 第四章維持分析，就組織目標、向心力、資源等方面探討彰化縣公害防治協會的維持 狀況。 第五章結論。檢討及建議。

由於近年來國內金融環境丕變，「微利時代」來臨，在面對金融控股公司跨業平台整合行銷的競爭環境時，銀行組織也為此因應經營策略之改變而面臨調整，手續費收入也變成銀行獲利的另一項重要來源。也因為金融控股公司跨業銷售平台之建立，銀行貴賓理財服務便成為「財富管理」銀行極重要的一環，共同基金也躍居金融百貨化重要的金融商品，對於共同基金之商品屬性與各理財投資人行為之關聯性研究，則成為金融整合性行銷成功之關鍵要項。 本論文採用問卷調查法為工具，進行探索性研究。藉由對銀行貴賓理財客戶之問卷，瞭解其個人理財屬性及與商品屬性之關聯程度，用以對客戶之市場區隔、目標市場選擇，並提供業者制定行銷策略之參考。本研究透過問卷方式以理財投資人個人基本資料背景，了解每一不同理財投資人對購買共同基金的資訊來源、購買動機、選擇種類考慮要素與基金型態、及對理財專櫃認同度等看法與傾向。 經由本研究分析後發現以下主要結論： 1、影響購買共同基金的資訊來源，無論整體投資人或區分不同背景交叉 分析結果，主要以經由銀行行員介紹為主。 2、決定購買共同基金的動機，無論整體投資人或區分不同背景交叉分析 結果，主要為因存款利率太低，希望能有較高收益之替代性金融商 品。 3、選擇基金種類考慮因素，銀行顧客無論整體投資人或區分不同背景交 叉分析結果，主要多選擇風險較小的全球型基金，其次則為選擇以按 月固定配息的基金商品。 4、認為投資所得高低與經濟景氣同步關係程度，普遍多認為具有很大關 係，尤其教育程度愈高者愈能認同投資收益與景氣狀況具有關聯性。 5、購買共同基金投資型態優先順序，銀行之理財客戶，較多願選擇債券 型基金；女性投資人較偏重於債券型基金，男性投資人則略偏重於股 票型基金；年輕投資人有較高比率會選擇股票型基金外，隨著年齡增 加，購買債券型基金的比率相對提高。 6、銀行設立理財專櫃對個人理財投資影響性，多持有非常正面影響之看 法；年齡愈大的投資人，財富能力愈大，其愈需要理財專櫃的服務方 式；所得愈高者或家庭投資理財金額愈高者，對理財專櫃的需求亦愈 大。 7、購買理財商品時，可以討論及研究的對象，以銀行理財專員為最主要 諮詢對象；經由交叉分析結果，女性客戶多較願意與銀行理財專員保 持良好互動關係，做投資決策時會尋求銀行理財專員討論。

非營利組織對社會來說，象徵著社會善的一面，因此不是被蒙上善良、公益的面紗，就是被視為擁有較高的自我道德要求。非營利組織是社會正義、道德的維護者與實踐者，所以非營利組織被認為是不會做壞事的。在台灣非營利組織中，社會福利基金會在數量上是各類別基金會第二位，多數具有具體輸送的服務，以及多數資源來自組織外部的捐助與社會資源，因此本研究以台灣社會福利基金為為主要研究對象。事實上，台灣從過去1987年「彭昭揚社會福利基金會」事件 、1988年的「溫暖雜誌事件」 、到1999年的921大地震事件，都曾陸續發生以社會慈善之名誘發大眾善心，卻危害社會公益的弊案，在在都影響著公民社會中的信任資本。 企業界在2001年11月底，安隆（Enron）破產的消息震驚了一項深受美國投資人信任的華爾街。世界通訊（WorldCom）、泰科（Tyco）等投資者及分析師眼中的頂級企業陸續發生危機。虛構交易、浮報營收、竄改收支等，接二連三的企業醜聞讓投資人的信心盡失。在收拾殘局的同時，各國有識之士咸認為，重塑及強化「公司治理」是為斧底抽薪的根本療劑，經濟合作與發展組織（OECD）因此簽署了「治理原則」以為各國公司治理的標準與指南。本研究試圖以同樣的實務工作者的觀點將企業「公司治理」之原則，以跨界類比方式，探索以初步探討台灣「非營利組織之治理原則」。 本文結合理論與實務的面向分析，在分析過程中，結合質化與量化資料。探討台灣社會福利基金會的治理現況以及對治理原則的態度，研究方法並以質化為主，佐以量化方式，質化部份以立意抽樣七個社會福利基金會為對象，每個基金會深度訪談董事（長）及執行長，並對台灣基金新台幣一千萬元以上之426家社會福利基金會，以問卷調查方式收集資料。再將訪談資料作整理、歸類與分析，問卷資料則經過除錯、登錄，再以SPSS做統計。之後將訪談資料與問卷資料作對照、整理、歸類與分析解釋。 本文的研究價值為：本研究係以企業公司治理原則跨界類比至社會福利基金會之研究，在研究價值上是以跨界運用，並且是運用企業公司治理原則較周延的考量，突破過去台灣對基金會治理研究的以董事會或董事會與執行長的研究範疇，第三是研究者本身係跨社會工作與管理兩界，因此本研究雖為探索性研究，但是價值上已跨出原來社會福利與企業管理結合的研究。 本文在研究的貢獻上，計有對政策的、理論的以及實務上的貢獻：對政府的政策而言，台灣在推動基金會治理之時，由於是由近33各業務主管單位分別管理不同目的事業的財團法人，因此政府需要透過治理原則建構一個良好基金會發展的法規環境。對基金會治理的理論則可以跨界運用企業的公司治理之理論和責信的理論，唯企業公司治理，以吸收社會大眾資金的上市上櫃公司為重要對象，其責信的對象的利害關係人是具體的股東、員工、顧客、供應商等，但是基金會的治理則不限規模大小都需要治理，責信的對象也擴及不特定的社會大眾；因此透過治理原則共識利害關係人所重視的責信，卻是相似的。在實務上的貢獻是發現目前談基金會治理，在概念上已有認知，但是在落實建構機制與執行，則尚有一段差距，加上基金會的多元性，因此建議目前在實務上應開始先探討治理原則，同時倡導和教育，再邁向治理機制的建構。 / Nonprofit organization symbolizes bright side of the human society. Nonprofit organization always be covered with kindhearted yashmak and regarded as high moral standards. Nonprofit organization is the preserver of social justice and morals, bust also the practicer. Nonprofit organization won’t be regarded as law-breaker. The welfare and charity foundations are the second large of Taiwan’s all foundations. Most of them have direct service programs and lots of resources from outside. My research will focus on the welfare and charity foundations in Taiwan. In facts, there were some social events in Taiwan that encouraged people kindness and endangered public welfare at the same time, such as “Pong Chou-Yang social welfare foundation event in 1987”, “nice and warm magazine event in 1988” and “921 earth quake in 1999”. They were endangered the trust capital of Civil Society in Taiwan. Profit sector on November in 2001, the news about Enron went into bankruptcy shocked the well street which always be trust by American investors. There are some reliable and top firms which faced crisis one after another, such as World com and Tyco. A lot of enterprise scandals were reported continuously, such as fictitious business transactions, faking up profit and income, falsify income and expense report. The investor lost their confidence finally. During the recovery period, most of advisers and consultants think the best way to resolve these problems is rebuilt and reinforce the “Company Governance”, and OECD has signed the “OECD Principle of Corporate Governance” for the standard and guideline of the member state’s company. This research try to use the same perspective of workers in practice, the “Company Governance” concept and method, and try apply in the nonprofit sector by analogy. The research will try to explore and built the “Governance Principle of nonprofit organizations in Taiwan”. This research combined theory and practice for analysis. It is include qualitative and quantitative data in the analyzing process for discussing Taiwan’s social welfare foundations’ reality and attitude of the governance. Except for content analysis, this research used the qualitative method for the most part and quantitative method is in secondary. This research also used “Purposeful sampling” method to choose seven social welfare foundations in Taiwan. The researcher interview with the board chairman and executive director for each foundation and send the questionnaire to the 426 foundations which fund were over ten million dollars. Next step is generalizing and analyzing the interview data, then use SPSS software for statistic analysis. Final step is comparing, generalizing, analyzing and explaining. The value of this research is: Try to revise the governance model of the profit sector and apply to the social welfare foundations. It’s the first time to apply the governance model crossing two sectors and use the conscientious model. It was broken through the focus on the governance of the board committee and executive director. Because of the researcher was crossing social work and business management, this research is not only a simple exploring research. It also have more plus values. There are policy, theory and practical contributions of this research. Because there are 33 Departments in Charge to manage different foundations for different purpose, government need to construct the environment for the development of foundations through the principle of governance. The only suggestion about the law is “in principle”, “in directly” and “in good time”. Beside this suggestion, the category of the management should be classified for different level by size and mission. For the theory purpose, this research can apply governance and accountability theory for crossing two sectors. The company governance is mainly suit for entering the market company. The main accountability target is for stakeholders, staff and customers. There is no size limitation for the governance of foundation. The accountability target is all public. The practical contribution is discovering the present situation that already had the governance concept, but not to carry out the constructive mechanism, the executing stage. We should encourage Taiwan’s nonprofit organization to explore the principle of governance in practice. At the same time, they should propose and educate the construction the mechanism of governance.

我國證券市場自設立共同責任制交割結算基金以來，大型證券商迭有反應，其凍結大量資金於防範市場違約，影響其資金運用之靈活度，筆者除了解上開情事之真實現況外，擬參酌國外之相關作法, 就共責制基金設置之適法性及基金運用之靈活度、流動性等構面,加以研議分析共同責任制交割結算基金之一定金額以保險方式取代現行以現金繳納方式之相關可行性意見，俾供 主管機關卓參。 本研究透過整理國內歷年來證券商違背交割之案例模式，探討證券管理潛藏疏漏之處，用以提昇市場管理之層次，面對市場不斷的挑戰與變化，另從我國「共同責任制交割結算基金特別管理委員會」發展之沿革，分析其效益及其部分金額以替代方案加以取代之可行性。再者，藉由探討基金之運作，演化出新種商品開發之可行性，希冀為國內產險業者製造商機之餘，亦嘗試為國內證券業者製造更多創造財富之邊際效果。 本研究可歸納出下列四項結論: 一、大多數證券商業者對於市場潛在之風險意識，仍存有普遍認知之程度，亦即市場潛在之風險，仍需藉由現行「交割結算基金」之規模及運作機制，來捍衛現行證券市場交易交割之安全。 二、「共責制基金」之現金孳息仍歸屬證券商所有，乃是大多數證券商對於「共責制基金」繳存方式之最佳偏好，亦即證券商最終仍可保有原始所繳存交割結算基金「本金」及固定收取「利息」之雙贏優勢。 三、現階段以「保險」方式取代「現金」繳存方式，雖然仍屬未臻成熟，惟若在適法性、即時性等因素都能加以克服之情況下，未來「共責制基金」以「保險」方式替代，被認為是可以被考慮接受之選項之一。 四、以「共責制基金」運作現況觀察，在未尋找到或發展出更加且更具效率運作模式之前提下，現行「共責制基金」相關管理規範，包括「基金之計提規定」、「基金繳存方式之規定」、「基金管理運用之方式」等法制面規定，尚稱完備。惟不可忽視的是，未來發生證券商違約之機率、違約金額之規模，尚屬未知。故可未雨綢繆的將是，落實各證券商各項風險控管機制，諸如確實執行證券商之內部控制制度，並輔以自有資本適足率制度的有效掌握，配合公司治理制度具體而微的運作，以及證券商風險管理實務守則等基礎規範的扎實遵守，雖無法奢言絕無證券商違約發生之可能，惟藉由上述各項防範措施，應可將對證券市場之負面衝擊程度降至最低。 本研究另提出二項建議: 一、適法性建議:現行「共責制基金」以「現金」繳存之型態，如欲以其他方式譬如:「全部」保險、或「部分現金、部分保險」等方式加以取代，其先決條件應為修訂相關法規，例如:各證券商依據「證券交易法」第108、132條、「證券商管理規則」第10條之規定須向臺灣證券交易所繳交交割結算基金，另依據臺灣證券交易「營業細則」第118條之規定，各證券商向臺灣證券交易所繳存交割結算基金，以繳存「現金」為限，故若「共責制基金」之一定金額以保險方式或其他方式取代時，首先即應修改「營業細則」第118條中有關「以繳存『現金』為限」之規定，俾以達到適法性之要求。 二、研究潛在風險值之建議:現行「共責制基金」之規模大小，亦即彌補市場因證券商違約所造成資金缺口之能力大小，究係應較現行規模增加或減少，因該項議題牽涉的因素甚廣，例如:全體及個別證券商經營風險之涉險程度不同而產生差異;再者，個別證券商可以接受委託買賣之額度，因個別證券商之可動用資金淨額倍數不盡相同，亦即一般淨值達二億元之證券商每日得接受委託買賣之額度最多僅達四十億元(公司本身淨值之20 倍)，然而大型證券商淨值達一百億元之證券商每日得接受委託買賣之額度最多幾可達二千億元(公司本身淨值之20 倍)，故估算全體市場真實交易潛在之風險值，應有進一步研究的空間，用以重新衡估「共責制基金」之最適規模，俾有效率的運作「共責制基金」，發揮最大效能之餘，又能兼顧「共責制基金」安全性、流動性及變現性等之訴求，亦為本研究最終之期許與建議。

1987年國父紀念館女性員工因懷孕而遭到雇主解雇的事件發生，促使婦女新知基金會檢討台灣女性的工作權益，並於1989年草擬完成一部專屬勞動婦女的「男女工作平等法」草案。但從法案的提出到三讀通過卻歷經了12年之久，因而誘發作者想瞭解到底是國家部門刻意忽視女性的權益，或有其它的結構性因素的操作延宕法案的通過。 過去國家機器與資本家是建立在「共謀」關係上，因此，法案的提出勢必影響兩者的「共謀」關係。丙國家如何在不傷及資本家又能顧及女性勞動利益下，制訂出「兩性工作平等法」。國家尋求哪些不同的解決途徑？資本力量又是如何鑲嵌在政治勢力中對法案產生嚴重的阻撓作用？法案的通過是否代表婦運團體對於國家機器與資本主義運作的挑戰成功？ 本文目的在於釐清婦運如何挑戰國家機器與市場機制，而制定出保障婦女的法令政策，同時在整個推法過程中，新知如何逼使國家提出相對法案。文中也將呈現資本家如何透過在立法院的代言人影響法案的通過與制定，以及在整個立法過程中，婦運團體如何顛覆父權思想與資本主義體系的運作邏輯。因此，除了探究職場中存在哪些性別不平等的結構事實外，還必須剖析這些現象的產生是因結構、制度因素而成的，或是婦運變遷的結果。以及到底是國家部門刻意忽視女性的權益，或是因為其他的結構性因素的操作而不能完成立法。 在資本主義下女性除了面臨職場內兩性不平等的對待外，更要擔負沈重的家務責任。但對於這些不平等的對待，過去並未有學者深入分析研究。第二章即說明女性因料理家務未就業、因懷孕生子退出勞動市場等行為何以稱為是「就業歧視」。經濟學觀點、社會文化觀點又如何看待女性勞動，女性主義觀點對於父權及資本主義叉提出哪些批判？ 第三章將論述80年代末期台灣政治結構轉型加速了社會運動的發展，其中社會運動的特質、運動方式及策略有哪些？婦女運動與社會運動有何不同之處何在？本章主要論述社會運動與婦女運動問的關係以及婦女運動中的「兩性工作平等法」的出現，與台灣政經脈絡及社會結構有何種關係。 第四章將陳明國家與資本家如何回應婦運團體的立法？此外，並論述婦運團體如何推法，運用哪些運動策略以及如何將女性主義實踐在法律條文中，便其成為體制或制度的一部分。最後，本章將側重國家在法案推動過程中角色的扮演。國家在法案推動過程中，是否一如過去馬克思主義所言是資本階級的代言者，或是國家在法案中另有其政策考量？為何國家態度從原先的拖延到主動提出相對版本，甚至有轉為積極的態度？ 第五章則在於論述「兩性工作平等法」如何挑戰資本主義市場運作？而它的出現又是如何制衡資本主義市場對女性勞動者的過度剝削或歧視行為？女性主義如何將其理念實踐在法條中，對資本主義與父權進行更進一步的挑戰？如第四章所論，國家過去與資本家關係密切，所以在不願得罪資本家的態度下一直拖延法案審查。資本家透過哪些管道間接或直接影響法案本身的推動？運用哪些方式阻撓法案的通過？婦運團體又運用哪些策略與戰術逼使國家正視法案且最終通過三讀。 關鍵字：國家機器、父權、資本主義、婦女運動、女性主義、「兩性工作平等法」、婦女新知基金會 / In 1987, female employees who worked in Sun-Yet-Sen Memorial Hall, were laid off because of their pregnancy, thus promoting the Awakening Foundation to look back to the bill regarding female labor in Taiwan, and the draft belongs to laboring women-The Men and Women Equal Employment Bill was finished In 1989, but it took 12 years from the lift to the passing of the three-read, so this induced the author to want to understand if the government ignored the rights of women on purpose or are there other constant factors which caused the delay of the passing of the draft. In the past, the state apparatus and the capitalists were built on collusion; thus, the lifting of the Bill must affect the relationship of the collusion of the two. Therefore, the state must decide on the Equal Employment Bill without hurting all capitalists while caring for the interests of women. What solution is our government seeking? How is capital power embedded in the political power frustrating the effect to the law? Does the passing of the Bill successfully present the women group to challenge the operation of state apparatus and capitalism? The aim of this article is to clarify the women movement challenging the state apparatus and marketing organism, to make relative laws of state guarding the women while promoting the laws how Awakening stops our government to offer relative laws. This article shows how the capitalists have affected the passing and making of the law through legislators, and in the whole process of making the law, how the women group overthrow the operating logic of patriarchy and capitalism. Thus, aside from discussing what unfair structural facts exist in the working field, we must dissect whether the producing of phenomenon belong to structure or institutional factor or the outcome of the change of women movement, and is the state ignoring women's right purposely or there are other institutional factors that prevents the Bill from being passed. Aside from facing the unfair treatment in the working field under capitalism, women also need to bear the heavy burden of a caring for the family. In the past, no scholars analyzed and researched these unfair treatments. The second chapter informs us how women quit working because of family duty or pregnancy, either of which is considered a discrimination, how the economical opinion or social-cultural opinion looks at women labor, and what is the opinion of feminists opposing and criticize patriarchy and capitalism? The third chapter discusses the political transformation of Taiwan by the end of the eighties, which accelerated the social movement development, discussing what character, ways and tactics of the social movement, and the difference between women movement and social movement. In this chapter, we'll talk about the relationship of the social movement and women movement, and the appearance of the Equal Employment Bill in the women movement? What kind of relationship is there between the political and economic contexts, and social structure in Taiwan. The forth chapter talks about how the state and capitalists respond to the women group pushing the Bill? Even more, I will discuss how women group was able to complete the bill, what actions they used and how feminism was realized the law, promoting these to become part of the apparatus or the institution. In the end, this chapter will focus on the role-playing of the state in this Bill. In the process of pushing the Bill, according to Marxism: is state the spokesman of capital class, or are there other considerations in the policy? How come the attitude of the state from originally delaying the passing of the bill to actively offering relative solutions, even turning to aggressive attitude? The fifth chapter discusses how the Equal Employment Bill challenges the work of capitalism, and how its appearance balances capitalism's work over women labor to exploit or discriminate them too much? How does feminism, realized in the Bill, challenges capitalism and patriarchy? As what we have discussed in the fourth chapter, state and capitalists are very much related in the past, so the state constantly delays the examination of the Equal Employment Bill so as not to offend the capitalists. Through what do the capitalists frustrate the Bill directly or indirectly? What ways do they use to frustrate the completion of the Bill? And what ploy and tactics do women groups use to make our state facing up to the Bill and eventually pass the three-read. How did feminism challenge capitalism and patriarchy, thus improving or advancing the practice of law? Key Words : state apparatus、patriarchy、capitalism、women movement、feminism、Equal Employment Bill、Awakening Foundation

新經濟體系的來臨，以技術為基礎的新創科技公司如雨後春筍般的出現，這些新創科技公司的價值已非過去龐大的有形資產，取而代之的是無形資產，如專利權、商標權、著作權、授權契約或公司的研發團隊等，然而傳統的財務報表係儘反映公司過去的財務狀況和經營成果，對於自行研發而非外購的智慧財產權，卻無法認列在財務報表上，使得公司的價值被嚴重低估，有潛力的公司無法獲得所需資金而功敗垂成，十分可惜。 本研究係以實際經營管理的觀點切入，探討以智慧財產權做為融資擔保標的時所會遭遇到的困難為何？再經由所得知的實際困難找出智慧財產權融資所需營運機制和可行之營運模式。 由於智慧財產權融資大部份的風險都處於資金供給方，因此融資可行與否大致上都決定於資金供給者必須在那些條件具備的情況下才願意接受以智慧財產權做擔保的融資模式，因此本研究主要探討的問題從資金供給者的角度出發，主要研究的資金供給對象為國內銀行和創業投資公司。 透過次級文獻蒐集、集體焦點訪談、個別訪談和郵寄問卷等方法得到主要發現如下： 一、國外智慧財產權融資尚在起步階段，且西方國家與東方國家有關智慧財產權的營運模式皆不盡相同。 二、國內缺乏智慧財產權融資實際個案，雖然有關智慧財產權融資擔保有其基本法源可茲適用，但相關配套法規欠缺。 三、國內創業投資公司多以整體性評估新創科技公司，除少數新創科技公司（如生物科技公司）外，智慧財產並非單一關鍵性考量因素。 四、智慧財產權融資模式對創業投資公司有其間接性影響，其中有關鑑價機制和技術交易市場為創業投資公司所關切重點。 五、國內傳統銀行以利差為主要獲利來源之營運特性使智慧財產權融資高風險之融資形式不易為銀行所接受。 六、銀行本身缺乏智慧財產權鑑價能力和管理能力，此為銀行承做智慧財產權融資首要解決之務。 七、銀行傾向以政府保證的方式來進行智慧財產權融資，以降低本身所承擔風險。 八、以目前整體的環境而言，智慧財產權融資在智慧財產權觀念上、鑑價機制、管理能力、交易市場和法令規範等方面有著許多實行上的困難有待解決。 由以上可知智慧財產權融資以目前各方面的環境而言具有高風險性，其可行性的營運模式建議分為短期和長期來看： 一、初期營運模式： 1、初期政府可用保證基金的形式來分散資金供給者的風險。 2、初期可先透過國外的鑑價機制和交易市場來進行。 二、遠期營運模式： 建立具有國際化的鑑價機構和交易市場，根據「契約自由化」原則，只要交易雙方對於契約內容達成一致性的決議，則交易即可完成，以促進自由市場高流動性的運作。 關鍵字：智慧財產權融資、新創科技公司、創業投資公司、銀行、鑑價機制、技術交易市場、信用保證基金、關鍵要素。 / By the coming of the new economy, high-tech start-ups are mushrooming like bamboo shoots after a spring rain. The value of high-tech start-ups does not base on hard assets, but of their principal assets. The principal assets contain both the intangible assets and intellectual property right (IPR), such as patent, trademark, copyright, license contract as well as R&D team. However, traditional financial statements record only the past financial profile and operating results of companies. They've invested large amount of money on R&D, and therefore, to obtain the IPR. But the right obtained can not be shown on the financial statements. As a result, a large number of high-tech start-ups are underestimated, and unfortunately, most of the potential high-tech start-ups were not able to survive due to the inability to find the fund needed. From the view of the practical operating management, this study discusses problems that should be confronted when operating the financing IPR. Moreover, according to the problems found, the study anticipates by offering the operating mechanism and feasible business models for financing IPR. As we know, the majority of risk lies in the fund suppliers when financing IPR, so mostly the feasibility of financing IPR depends on fund suppliers that will receive IPR as collateral under a certain number requirements possessed. Thus, the study will then offer suggestions mainly in terms of fund suppliers, and the focus will be on domestic banks and venture capitalists. Based on the literature review, group focus interview, individuall interview, posted survey and so on are conducted for the study. Some of insights are derived as bellow: 1. For overseas countries, the financing IPR is just at the beginning period. There are differences in the business models of financing IPR between western countries and eastern countries. 2. There are few real cases about financing IPR in Taiwan although there are some basic laws to apply for financing IPR. Nevertheless, more related regulations are needed. 3. Most of the venture capitalists evaluate high-tech start-ups in an overall way. Hence, excluding a small numbers of high-tech start-ups such as bio-tech companies, IPR is not the only key evaluation factor. 4. The model of financing IPR has an indirect influence to venture capitalists. They emphasize more on the valuation mechanism and the technology marketplace. 5. The profit of traditional banks in Taiwan comes from the interest. From the conservative operating system, these banks are hard to accept the financing IPR that is with high risk. 6. The domestic banks are in short of the IPR valuation and IPR management capabilities. Thus, these problems should first be solved, and then the financing IPR will be able to be taken into action. 7. The domestic banks are in favor of reducing risk by getting guarantee from the government. 8. In terms of the whole financial environment in Taiwan, there are lots of difficulties in the concepts of IPR, valuation mechanism, management capability, technology marketplace, laws and decrees and so forth to be confronted. Above all, financing IPR has high risk in Taiwan at the moment. Therefore, this paper recommends that feasible business models of financing IPR should be divided as follow: 1. Short-run business model: (1) Diversify the risk of the fund suppliers from the guarantee fund offered by the government. (2) Finance IPR by foreign valuation mechanism and technology marketplace. 2. Long-run business model: First, more efforts should be put to set up our own international valuation institutions and technology marketplace. Second, the financing IPR should be taken by contract liberalization principle in compliance with the mechanism of the free market. When both sides agree to the contract, then the deal will be done. By doing so,the IPR financing will be highly promoted at the same time. Key words: Financing IPR, High-tech Start-ups, Venture Capitalists, Domestic Banks, Valuation Mechanism, Technology Marketplace, Credit Guarantee Fund, Key factors.

隨著企業經營規模日趨複雜、專業化，股東因人數眾多、股東意見不一，在面臨公司所有與經營分離所產生的代理成本控制上，實有困難。一般小股東因持股過低，對於公司經營事務只能消極以待，若對公司經營成果不滿意，只能選擇華爾街準則(Wall Street Walk or Vote with Feet)，而賣掉股票，甚難對管理階層進行更進一步的影響。相較之下，機構投資人基於其人力及資源優勢，能深入參與公司治理、監督管理階層，進而提昇公司經營績效，增進股東投資價值，此即為機構投資人積極主義。 本篇論文探討機構投資人行使股東權以促進公司治理發展。首先討論機構投資人積極主義之兩大基礎支柱－其一，良好公司治理確能對公司績效表現有所助益，其二機構投資人促進公司治理乃其善盡受託義務之體現。 由於美國機構投資人主義高度成熟發展，而國內機構投資人積極主義仍屬起步階段，本篇論文即以比較研究法，探討美國機構投資人行使股東權如股東提案、委託書投票、直接與管理階層溝通、發布黑名單、團體訴訟與股東提名董事草案等，及分析說明我國公司治理相關條文與機構投資人行使表決權時所會遭逢之困境。 此外，本論文經由案例研究，深入蒐集資料並訪談兩個在促進公司治理領域夙負盛名的退休基金-美國威斯康辛州投資委員會與加拿大安大略省教師退休計畫，從而細膩地觀察美國及加拿大機構投資人積極主義之發展、瓶頸與挑戰。 最後，本論文提出促進機構投資人提出公司治理及表決權行使政策、鼓勵機構投資人於股東提案權與表決權等議案進行合作及建置對機構投資人餐與公司治理友善之法規環境等建議，期能對於我國機構投資人積極主義之發展有所助益。 / The increase in institutional funds has been extraordinarily rapid. Comparing with the minority shareholders, the institutional shareholders’ size and expertise can minimize the collective choice problem and agency costs. Their resources enable them to investigate and monitor management in corporate governance field. This is the “Institutional Shareholder Activism“. This article discusses the institutional shareholder’s enhancement of corporate governance. It explores from the two backbones of the Institutional Shareholder Activism: Firstly, the correlation between corporate governance and corporate performance, and secondly, fiduciary duties of the Institutional Shareholder. It makes two conclusions: Good corporate governance certainly helps protect shareholder interests, and contributes to superior long-term economic performance, and institutional shareholders can comply with fiduciary duties by enhancing corporate governance. Furthermore, due to America institutional shareholder activism is highly developed, while Taiwan institutional shareholder activism is not developed. This paper compares America institutional shareholder activism with Taiwan’s. It discusses America institutional shareholder activism in many aspects, such as shareholder proposal, proxy solicitation, vote, direct negotiation with the corporate management, focus list, class action, security holder director nominations bill etc. Then, it analyses some of Taiwan’s corporate governance related articles such as shareholder proposal and security holder director nominations, and some difficulties which the pension fund and the security investment trust fund face when they vote as shareholders. Moreover, through case study, this paper analyses two prestigious pension funds: State of Wisconsin Investment Board (SWIB) and The Ontario Teachers’ Pension Plan (OTPP), and investigates their stages of development and current operation and future challenges in the corporate governance field. At last, this paper provides some suggestions and inspirits the institutional shareholder activism in our country.