本研究主要係探討財務比率資訊對外國專業投資機構投資決策之資訊內涵。主要實證議題包括：（一）探討不同產業下，影響外資投資策略之重要財務屬性為何？（二）前述財務屬性與外資持股變動之關係；及（三）財務比率資訊對外資持股變動之解釋能力是否因產業別之不同而有所差異？ 本研究以民國84年至88年間之台灣上市電子業、紡織業、塑膠業、食品業公司為樣本，首先運用因素分析將十八項財務比率萃取出獲利能力、償債能力、經營能力、帳款變現性及財務結構等五個不同構面的財務屬性，並加入公司規模、本益比及產業加權指數變動作為控制變數，以迴歸模式進行產業別分析。 實證研究結果發現，就整體而言，獲利能力為外資持股最具決策攸關性之財務屬性。就個別財務因素觀之，獲利能力、經營能力、帳款變現性及財務結構屬性均符合本研究假說預期與外資平均持股比例呈正向關係。償債能力屬性在電子業、紡織業及食品業均與預期相符呈正相關，僅在塑膠業與外資持股呈現負相關，與預期假說相違。由於負債比對償債能力屬性之影響為負向，故負相關之研究結果表示負債比相較於其他財務比率對塑膠產業樣本公司之償債能力屬性具更明顯的影響力。如併考量塑膠業之流動比及速動比均較其他產業為高之情形，此發現可能意謂，外資基於塑膠業之產業特性，並不希望塑膠業公司積壓過多資源而導致喪失投資獲利的機會。 此外，實證結果亦顯示，迴歸模式之解釋力在不同產業下確實存在產業之差異性，故產業性質對財務比率分析具有重要影響力。 / By examining whether the detailed financial ratios are informative about subsequent changes in Qualified Foreign Institutional Investors’(QFII) shareholdings, this thesis investigates the usefulness of accounting fundamental signals in the QFII investment decisions. Using a sample of firms listed in Taiwan Stock Exchange from electronics, textile, plastic and food industries over the period of 1995 to 1999, this thesis explores three empirical issues: (1) What are the important financial attributes for QFII’s investment decisions, measured in terms of changes in QFII shareholdings of specific companies? (2) The relationship between the shareholding change and the financial attributes. And (3) Would such relationship differentiate across industries? Based upon a factor analysis approach, this thesis first extracts 18 financial ratios into five dimensions of financial attributes: profitability, operating management, account receivable turnover, liquidity, and financial structure. By incorporating these five financial attributes with company size, price-earning ratio and industrial stock price index into a multiple regression, the relationship between financial attributes and QFII shareholdings is then investigated. The empirical findings indicate that profitability is the most relevant factor that affects the QFII shareholdings. The evidence also shows that consistent with the hypothesis, profitability, operating management, accounts receivable turnover, and financial structure are significantly and positively associated with QFII shareholdings for all industries related. With the exception of the plastic industry, liquidity is negatively related to QFII shareholdings. There is cross-industry difference in explanatory power of regression models used. This result might thus imply that industry factor plays a role in the usefulness of financial ratio analysis.

本研究探討外國機構投資人交易行為及其對股票市場的衝擊，參考 Chan and Lokonishok(1995)的交易期間(trading package)觀念，分析外國機構投資人的持股內容及易行為，以了解其選股決策，並驗證其交易行為是否存在正向回應現象；及研究外國機構投資人的交易行為所產生的市場衝擊，以了解外資進出對國內股票市場穩定性的影響，並進一步研究交易完成後的股價回復現象及短期績效表現。 本研究的樣本期間為包括民國 84 年至民國 86 年底，樣本資料包含每日股價資料、每日外國機構投資人的持股明細、以及所有上市個股的財務資料。經實驗後發現，可能是基於風險控管和模擬臺灣股價指數的考量，外國機構投資人傾向買賣大型績優個股；在相同交易行為上，通常有持續十日的現象，且每一次交易的張數並不大。此外，明顯存在著正向回應情形、顯著的市場衝擊和短暫的股價回復現象，如同國外相同的研究結果，本研究亦發現外國機構投資人在買和賣不同的交易行為上，存在著不對稱的影響。 / The study is to Investigate the trading behavior of foreign institutional investors and its market impact on stock prices. The purposes of the study are as follows: First, to analyze the holding characteristics and trading behavior of foreign institutional investors in order to understand their stocks selection decisions and test if positive feedback behavior exists. Second, to analyze the market impacts on Taiwan stock market stability. Finally, after finishing each trading behavior, to observe the trend of stock prices in order to test if price reversion exists and how their short-term performance are. Form empirical studies, foreign institutional investors tend to hold stocks of large-size firms probably because of controlling investment risk and simulation Taiwan stock index. Besides, analyzing their trading activities, positive feedback bahavior, market impacts and price reversion really exist and are significant. According to our study, we found that buying and selling activities have asymmetric impact on stock prices. The conclusion is the same as foreign studies.

在公司法上，公司是作為一種制度而存在，它是一種形式定型化行為準則化，運行規範化的企業組織。兩岸均採公司法作為規範市場經濟主體的法律。然兩岸由於政治制度、經濟結構的不同，而存在著各自的特色和相互的差異。公司法制亦然。 　　本篇論文先就兩岸公司法制個別的發展沿革與變遷背景作歷史觀察；繼之，分別從其法典、法條之形式與實質內容，比較分析兩岸公司法制之體系、制度、規範之異同，及其異同之原因。除了實體法之探究，亦對此分析兩岸公司法制中各個經濟發展與社會環境作用於公司法中的聯繫及影響。尤其是大陸在一九七九年後經濟體制改革到十四大確立社會主義市場經濟體制建立現代化企業的轉換對公司法制的影響及呈現不同風貌。 　　經由本篇論文所獲致之研究經驗及理解，對於兩岸公司法制之探討將具意義，並以此作為研究兩岸法律體制的基礎與準備。

在知識經濟時代下，智慧財產作為企業乃至國家國家競爭力之根本，已成為定論。然而學界對於智慧財產之管理運用的研究，多集中於智慧財產本身之管理而鮮少觸及管理智慧財產之組織。管理智慧財產之組織可以內建於企業內部，也可以外置於企業外部，也就是智慧財產控股公司。藉由對智慧財產控股公司之組織架構進行研究，便可了解將智慧財產之所有權自原企業中分離，能為企業帶來何種管理上的效益，效益又有多大？智慧財產控股公司如何為企業帶來稅務上之效益，其所面臨之挑戰為何？ 由於美國最早對於智慧財產控股公司所生之相關稅務問題進行規範，規範之內容也堪稱廣泛與細緻，故美國之稅制深具比較、對照、參考之價值。 此外，企業之稅賦除所得稅之外尚包括營業稅等稅目。但是本文就智慧財產控股公司相關稅賦問題之研究範圍，限於營利事業所得稅及所衍生之個人綜合所得稅。 在理清智慧財產控股公司之管理及稅務上效益後，本文便能為我國政府及企業提出建言，使政府能了解新型態的跨國企業智慧財產管理架構以確認合法節稅與違法的逃漏稅之界線，又能使我國企業得以藉由智慧財產控股公司架構來促進管理及稅務效益。 / In the knowledge economy era, intellectual properties, without doubt, are the foundation of competitiveness of enterprises and countries. However, studies regarding management of intellectual properties usually focus on intellectual properties themselves rather than the organizations managing intellectual properties. The managing organizations can be built in the enterprises or out of the enterprises, i.e., the intellectual property holding company (IPHC). By studying the organization structure of IPHCs, we can understand what and how huge the management benefits are to separate the ownership of intellectual properties from the enterprises, how IPHCs bring tax benefits for the enterprises, and what the challenges are in front of IPHCs. Since the United States of America is the first one who stipulates the relating tax issues of IPHCs and is probably the broadest and the finest, the tax system of USA is of great value for comparison and reference. This thesis will thus explore the USA tax system. In addition, beside income tax there are still other tax items such as business tax can be levied on enterprises. But this thesis only focuses on business income tax and thus derivated individual income tax. After clarifying the management and tax benefits of IPHCs, this thesis then is able to advice Taiwan Government and enterprises so that the government can realize the new intellectual properties managing organization structure of multinational enterprises to differ legitimate tax saving from illegal tax evasion while the enterprises can obtain the management and tax benefits through the IPHC management structure.

本論文為結合政治史、外交史及禮儀史的著作。以學界對晚清外交的研究為基礎，聚焦於「外國公使覲見禮」的制訂，並利用晚近整理出版的多國檔案、日記、回憶錄，及藏於中央研究院近代史研究所的總理各國事務衙門檔案、外務部檔案等資料，重新討論清代賓禮體制的原型、變體及其過渡到西式外交禮儀的過程，分析中、西禮制的衝突根源，進而探討「天下秩序」與中國近代政治文化的關聯。經本論文的考察，研究成果有四。 本論文先概論清代「賓禮體制」的運作過程，並說明康熙、雍正年間的「賓禮體制」具有相當大的彈性空間，其制禮原則不只是「朝貢禮」，還有用於不稱臣納貢者的「客禮」，作為「朝貢禮」的補充。 其次，說明咸豐君臣在《天津條約》的約束下，不得不允許公使駐京等條款。但總理各國事務衙門的設立，不完全是清政府因應對外交涉的新局面，更多是出於維護「賓禮體制」的考量，並延續過去「督撫外交」的成例，由三口通商大臣、五口通商大臣作為對外交涉的第一線。 再者，總理各國事務衙門援引康熙、雍正年間款待俄國使節團之事，重新提出「客禮」，讓「鞠躬禮」與「跪拜禮」不再是絕對的對立，反而有變通的空間，讓外國公使得行「鞠躬禮」。清政府利用「客禮」概念，以「天下秩序」包容歐美各國與中國的政治關係，再將外國公使定位為皇帝的「客臣」，並將「外國公使覲見禮」解釋為皇帝優禮外使的恩典，遂得到中國官民的認同，維護皇帝作為「天子」的至尊地位。 第四，《辛丑和約》簽訂後，清政府雖透過擯者轉譯的方式，讓外國公使仍是皇帝的「客臣」，不致出現君臣逆位的狀況，但清政府只能在形式上維持皇帝的權威。外務部不能再像過去那樣用「名分秩序」，作為涉外禮儀的制禮原則，「西禮中用」已是不可避免的趨勢，表示清政府無法再以「天下秩序」包容歐美各國與中國的關係，只能藉由「國際法」的慣例，利用條約去約束外國官民的行動，以挽回中國的利權。 最後，經本論文對「外國公使覲見禮」的考察，得知「賓禮」到「禮賓」的改變，並非一蹴而成的，也不是全出於外國公使的逼迫。清政府面對外來刺激時，自有其內部轉換的機制，不僅有外在形式上的變革，更有內在觀念的調整，故清政府提出「客禮」概念，作為中禮與西禮的過渡禮儀，也是「天下秩序」與「國際法」的思想銜接。當「客禮」無法再解釋公使請覲，清政府廢除禮部，「賓禮體制」宣告結束，「天下秩序」也不再是清政府對外關係的中心思想。

University of Macau / Faculty of Law

融入臺灣：外國人使用智慧型手機為整合工具的經驗 / Expats living in East Asian nations have a distinctly fresh view of the burgeoning cultures around them. The field of media ethnography has largely ignored this view in favor of domestic perspectives, focusing on virtual ethnography, digital observation, and the collection of empirical data within these local populations. Taiwan is a fast-evolving nation state, with an ever-increasing foreign community and a mobile phone penetration rate of 98%. This study, recounted from the eyes of an American expat living in Taiwan, examines the successes and pitfalls Western nationals face when using their smartphones to overcome cultural barriers, maintain social relationships, and build an identity overseas. The research itself takes shape through a series of one-one-one interviews, concentrating on five subjects of differing age, gender, travel background, language level and locale. The second focus is on in-depth, on-site participant observation of these individuals interacting with Taiwanese locals and attempting to build a life for themselves away from home. Observations of their daily lifestyles, combined with interview content, sheds light on the intentions and contradictions they face in using their smartphones to traverse their environment. The goal of this study is to draw a detailed and nuanced picture of the expatriate experience and image in Taiwan, as well as analyze the ability of Westerners to use technology to integrate into Taiwanese culture.

引用文獻分析法可觀察學科研究特性與歷程、未來發展趨勢、學科與跨學科關係，並建構知識地圖，但較少被應用在人文學領域的研究。而文學作品包含著豐富意涵，具有多種探討面向，正可藉引用文獻分析法來觀察其被引用的情形，而發現其多元內涵。本研究透過引用文獻分析法，以1950至2008年間台灣高度翻譯的西方外國文學作品為對象，觀察其在國外被引用的次數，以及年代、語言、主題分佈情形，以了解文學作品在台灣被翻譯次數與在國外被引用次數之差異與相關性、在不同年代、語言、主題領域中的不同影響性，以及被研究與引用的分佈情形。 研究結果如下：1.西方外國文學作品被引用次數概況：(1)整體而言，文學作品被翻譯次數與被引用次數相關程度為低度正相關；(2)西班牙文學分區之作品與莎士比亞的作品在台灣被翻譯次數與在國外被引用次數皆成高度正相關；(3)被引用次數前三名的文學分區為英國、古代西洋、法國文學；(4)被引用次數前三名的文學作品為《伊里亞德》、《奧德賽》、《神曲》。2.被引用之年代分佈情形：(1) 各文學分區最高被引年代多集中在1990年代；(2) 各年代區段皆以英國文學分區被引次數最高；(3) 1970、1980與1990三個年代區段皆以《伊里亞德》被引次數最高。3.被引用之語言分佈情形：(1) 各文學分區皆被引用在英語文章中最多；(2) 各語言文章中所高度引用的文學分區與文學作品多與該地區所使用之語言相符。4.被引用之主題分佈情形：(1) 各文學分區除了古代西洋文學，皆被引用在文學主題領域文章中最多；(2) 各主題文章所高度引用之文學作品多屬古代西洋、英國、義大利、法國與德國文學作品。 本研究結果可應用於圖書資訊界在規劃館藏發展、進行參考服務及舉辦閱讀推廣活動時之參考。外文學門研究者可藉由不同文學分區之文學作品被引用的多寡與分佈情形，觀察各文學分區與文學作品被研究的狀況與範圍，進一步探討學術研究與發展史、觀察文學作品在不同語言國家與主題領域的影響力，並發現跨科際整合研究的契機，探掘文學作品更多元深沉的內涵。 / Citation Analysis reveals research characteristics, research development, scholarly communication, and helps to construct knowledge map. However, little research devoted to the cited situation of humanity discipline. This study aims to investigate how literary works were cited. Through Citation Index, the Western literary works highly translated in Taiwan during 1950 and 2008 were examined in terms of their cited times and cited distribution in foreign papers. The findings are as follows. Correlational analysis of translated times of Western literary works in Taiwan and cited times of which in foreign research was lowly positive. Nevertheless, the translated times of Spanish literature in Taiwan and cited times of which in foreign research were highly positive correlated, and also the case in Shakespeare’s works. English literature was the most highly cited literary division in five year period, and Iliad was the most highly cited work in 1970s, 1980s, and 1990s. In all literary divisions, more than half of the citing papers were in English. On the whole, the language of citing papers corresponded to the language of their highly citing literary division and works. Except for Classical literature, all literary divisions were highly cited by papers of literature subject area. In different subject areas, most highly cited works belonged to Classical literature, English literature, Italian literature, French literature, and German literature. The results of the study may assist in Collection Development, Reference, and reading promotion. On the other hand, foreign literature researchers can further observe research progress, review literary theory, and proceed interdisciplinary research to explore the abundant and diverse connotation of literary works.

本文之目的在於分析台灣與中國雙邊貿易之主要決定因素，並深入探討造成台灣對中國長期出現大量順差的主要原因。本文之實證模型與過去文獻主要差異在於分別就進出口供給與需求建立聯立方程式，推導成縮減式，分析進出口供需的相互影響。在台灣出口供給方面，本文考慮了國內投入、進口中間投入、台灣外人直接投資(FDI)及研發創新等因素。在台灣進口需求方面，除了考慮實質所得、雙邊匯率，本文也考慮了第三國匯率及雙向FDI之影響。 本文實證分析採用自1996年1月至2009年12月期間月資料。實證結果顯示雙邊實質所得、台灣對中國直接投資與台灣研發創新的確皆造成台灣對中國進出口之增加。然而，各國對台灣直接投資，卻造成台灣對中國進出口的減少。至於實質匯率的結果，在台灣對中國之出口方面，當新台幣相對於人民幣貶值，確實造成對中國出口增加。在中國市場，第三國價格相對中國價格上揚，造成台灣對中國出口有負向影響，此顯示台灣出口財與第三國出口財為互補關係。在台灣自中國之進口方面，當新台幣相對於人民幣貶值，的確造成自中國進口減少。在台灣市場，第三國價格相對於台灣價格上揚，造成台灣自中國進口有正向影響，表中國出口財與第三國出口財為替代關係。此外，本文發現，進口中間投入的相對價格上揚，將造成台灣自中國進口減少。 總而言之，本文研究結果顯示，除了實質所得以及雙邊匯率之外，第三國匯率、雙向FDI以及研發在兩岸進出口貿易上也扮演相當重要角色。此結果有助於瞭解台灣對中國持續順差之背後原因。 / The objective of this study is to analyze the main determinants of bilateral trade across the Taiwan Straits with a view toward exploring the causes of the Taiwan’s persistent large trade surplus with China. Our empirical model differs from most previous studies in the following aspects: we construct a system of equations to examine the demand-supply relationship ; on the supply side, the effects of inward FDI, the cost of intermediate imports on Taiwan’s production and R&D innovation are considered ; on the demand side, in additional to bilateral real exchange rates and real income, this paper also considers the indirect effects of exchange rate of third countries and bilateral FDI. The data covering January, 1996 to December, 2009 are used in our empirical analysis. The empirical evidence indicates that the bilateral real income, Taiwan’s real direct investment to China and R&D innovation have positive effects on Taiwan’s exports towards and imports from China, however, the inward FDI to Taiwan presents negative effects. As for real exchange rate, it appears that Taiwan’s export to China would increase along with the real depreciation of the NTD against the RMB. In addition, the rising relative price of the third country against the price of China would result in a negative effect of Taiwan’s export to China, representing that the goods of Taiwan and the third country are complements. On the other hand, Taiwan’s import from China would decrease along with the real depreciation of the NTD against the RMB. In addition, the rising relative price of the third country against the price of Taiwan would bring about a positive effect of Taiwan’s import from China. This reveals that the goods of China and the third country are substitutes. Moreover, a negative effect on the import of Taiwan from China appears when the cost of intermediate imports of Taiwan increases. In sum, this study illustrates that, in addition to real income and bilateral exchange rates, the exchange rates of third countries, FDI inflows and outflows and innovation have also played an important role in determining bilateral trade across the Taiwan Straits. It will help understand the driving forces behind Taiwan’s persistent trade surplus against China.

近年由於資訊社會快速變遷，相關產業不斷改革，個人資料侵害事件頻傳，個資議題逐漸受到重視。為了修正難以跟上社經發展腳步之「電腦處理個人資料保護法」，民國99年5月26日公布了新修訂的「個人資料保護法」，卻引起極大的爭議，至該法公布至今已逾兩年卻尚未施行，造成電腦處理個人資料保護法的闕漏遲遲無法獲得填補。個人資料保護法所牽涉者，不僅為個人資訊權的保障，由於個人資料保護意識已在國際間抬頭，若個人資料保護水準未合乎適足標準，我國在蒐集外國個人資料時會受到限制，恐怕會危及我國在國際間資訊傳遞的便利性，如此資訊傳遞將成為我國企業於國際競爭上的劣勢，是我國個人資料保護法制的確立實至關重要。 　　本文嘗試先就「個人資訊自決權」的角度，申論本次電腦處理個人資料保護法的修法內容之利弊，並以歐盟之「個人資料保護指令」、經濟合作發展組織之「隱私保護與個人資料跨國交流指導原則」以及亞太經濟合作組織之「隱私保護架構」所揭櫫之個人資料保護原則，探討「告知原則」、「同意原則」、「選擇退出制度」以及「敏感性個人資料之保護」等議題，論其對個人資料保護法相關規定之影響。最後，再針對個人資料保護法施行窒礙之相關爭議規定，提出修正或配套意見，期盼我國個人資料保護法制得以完善。