由於都市內資訊流通迅速，有助於創新的觀念產生或交換；因此，大部分的知識或技術擴散發生在都市內，而區位上的接近性，促進創新的觀念的交換。此隱含著技術擴散之外部性效果，能促進產業聚集經濟的發展，及間接帶動都市經濟的成長。產業技術創新之外溢效果，將提高該產業的生產力或促進其他產業的創新，並增加該類產業員工數或產業產出的成長；進而促使該產業所在的都市成長。 然而，對於技術創新外部性的性質，Glaeser et al (1992)提出有兩種主要看法， 一為Romer（1986）之Marshall-Arrow-Romer（MAR）模型，其主張都市內一產業的集中，有助於該產業內廠商間技術擴散，產業地方性的專業化因創新外部性效果的內部化，有益於該產業所在之都市成長，而都市多樣化不利於都市成長。 二為Jacobs（1969）則認為技術擴散大都發生在產業間，鄰近的相關產業促進彼此間的創新和成長，地方競爭將使產業加快技術的研發。亦即競爭和多樣化有助於產業成長，而專業化聚集則妨害產業成長。 針對上述技術創新之外溢效果議題，由以往國內相關文獻歸納得知，大都偏重於橫斷面靜態的研究分析，而本研究係以都市結構的動態歷史分析都市聚集經濟型態之動態MAR專業化外部性或Jacobs都市化外部性對於台灣產業成長之影響。亦即分析台灣長期動態的專業化（地方化）或都市多樣化經濟，是較有利於臺灣地區產業成長之聚集經濟型態。 經由本研究之都市歷史結構實證分析結果，得知某類產業應配置在多樣化的都市，某些產業較適合在專業化的都市。本研究發現人力資本之替代變數基期高等教育人口有助於部分產業之成長，即人力資本符合於強調技術外溢效果的MAR外部性或Jacobs外部性的理論。

本文將設定一 Translog 多產品成本函數模型，以估計台灣旅行業之規模 經濟 (Economies of Scale) 及多樣化經濟 (Economies of Scope)程度 。在 Translog 多產品成本函數模型中，係以廠商所經營之四項業務，包 括來華觀光、出國旅遊、國民旅遊及代辦業務等，當作四種不同的產品， 而要素投入則為勞動與資本租賃。實證結果顯示，台灣旅行業普遍存在規 模經濟的現象。此結果可能導致：第一，所謂``靠行''的形成；第二，規 模較小的廠商可能根據本身的競爭優勢與經營特色而採取市場區隔化策略 ，以服務某特定之顧客群；第三，現有旅行業廠商之間的合併，或是來自 產業外的廠商藉購併進入旅行業市場，以從事多角化經營。另外，就產品 生產效率而言，我們以多樣化經濟存在與否認為，來華觀光與出國觀光之 間、來華觀光與國民旅遊之間，以及出國觀光與國民旅遊之間，因其業務 關聯性不大，而無法發揮資源共用共享的效果，因此不適合聯合生產。而 出國觀光與代辦業務之間，因業務關聯性大，因此若能聯合生產，則必然 能夠產生綜效。至於來華觀光與代辦業務之間，以及國民旅遊與代辦業務 之間，雖無明顯之證據顯示其具有聯合生產之優勢，但若存在閒置產能， 或是因某種業務之專業性不高，致使人力資源之轉換成本不大時，亦不排 除聯合生產之可能。

Most indexes use a cap-weighted strategy as the asset allocation method. Many researchers suggest that although the cap-weighted strategy often serves as an appropriate surrogate to the market portfolio, it cannot consistently outperform other portfolio weighting strategies. The main reasons behind it would be related to the market movement and the underlying volatility. It is possible to narrow down the scope of the research by focusing on an industry index as was done in this research. The focus would be on the mining index of Indonesia. Comparisons will be done between the established index to other portfolio weighting schemes, namely the equally weighted portfolio and the minimum variance portfolio. The results of the research was that the index was not quite efficient, both on the returns and the Sharpe or information ratio aspect. There are many possible reasons behind this, but the most possible reasons would be that the stocks included do not contribute to diversification, over focus on the coal industry, lack of rebalancing or restructuring, in addition to the market itself. The implication of this research would be that stock exclusion might also contribute to risk minimization.

University of Macau / Faculty of Education

本研究旨在探討研發取得策略，情境因子，研發人力資本，與公司績效之間的關聯性。藉由理論模型的推導與實務訪談研發中心主管來發展假說，進而以混合資料模型(pooled data models)與橫斷面資料模型來進行實證分析。主要結果為：當公司的研發多樣化程度較高，專利權數目較少，公司較可能採取內外部研發並進策略(R&D hybrid strategy)，而非完全內部研發策略(make strategy)。最重要地，過度/低度的外部研發取得(under-/over-external R&D sourcing)對於公司績效有負/正向影響。相較於會計績效，此效果對市場績效的影響尤其顯著。同時，研發取得策略對於公司績效的影響，取決於公司的研發人力資本。相較於採取完全內部研發策略的公司，為了吸收外來的異質技術，採取內外部研發並進策略的公司較可能聘任不同研發種類的研發人員；而如此的研發取得策略與研發人力資本契合將進而改善會計與市場績效。本研究的發現與交易成本理論與supermodular理論一致。如同預期，相較於橫斷面資料模型，本研究的實證分析在混合資料模型較為顯著。 / The association between performance and R&D sourcing strategy in relation to contextual variables and R&D human capital is determined by the analytical model coupled with field interviews with directors or managers in R&D centers. Capitalizing on a unique database of the 2001-2003 Taiwan Industry R&D Investment Survey containing more detailed information available on the R&D activities to verify this association, the researcher tests the empirical results by cross-sectional and pooled data models. The findings are that an innovating firm will prefer to implement the R&D hybrid strategy when the higher degrees of R&D diversity and fewer counts of patents are exhibited. Perhaps most importantly, this study shows compelling evidence that over-/under-external R&D sourcing affects negatively/positively a firm’s performance. This effect is more significant in the market-based performance (Tobin’s q and average two-year Tobin’s q) than accounting-based performance (ROS and ROA). Moreover, the associations between R&D sourcing strategy and a firm’s performance are contingent on the use of R&D human capital. Innovative firms with the R&D hybrid/make strategy are more/less prone to employee diverse types of R&D experts to absorb the coming external knowledge, and such alignment between R&D sourcing strategy and R&D human capital thus improves both accounting- and market-based performance. The results are consistent with both transaction cost paradigms that discriminating alignment of transactions with strategy leads to more efficient outcomes, and the supermodularity model that a firm’s performance is a function of coherent alignment between strategy and structural elements of an organization. As predicted, these effects are noticeable and more pronounced in the pooled data model than in the cross-sectional design.