隨著國內投資環境的惡化、大陸實施經濟改革、以及政府大陸政策的開放 ，中國大陸已經成為廠商海外投資的主要地點。國內上市公司赴大陸投資 至今已三年多，投資的家數有不斷增加的現象，對上市公司而言，大陸投 資似乎已經是一個無法避免的趨勢。在國外，有關海外投資對股東財富的 影響已經不少，而國內則因為大陸投資尚在初期階段，所以目前仍無相關 的論文針對大陸投資對股東財富的影響進行研究，很自然的，將造成公司 管理當局、投資者、以及政府有關單位在決策時缺乏這方面的實證研究可 供參考，所以本研究是以這個角度來探討大陸投資對股東財富產生何種影 響，並且分析投資金額、投資型態、進入時機、經營績效、以及海外投資 經驗等五個變數對財富效果的影響。本研究以事件研究法(event study) 進行實證，實證結果發現，無論以平均異常報酬率、累積平均異常報酬率 、或符號檢定法進行統計檢定分析，結果皆顯示上市公司大陸投資的消息 經宣告以後，該公司股東所得到的是負的異常報酬，這表示公司管理當局 在進行大陸投資的決策時，很顯然的，並非站在增加股東財富的立場去考 慮，此結果與國外的研究恰好相反。在上述的五個變數中，經複迴歸分析 發現，投資金額、進入時機、以及海外投資經驗與財富效果有反向的關係 ，而投資型態則沒有很顯著的影響，不過在採用合資方式進入時，投資者 較偏好低的控股比率，最後，在經營績效方面，此變數與財富效果有顯著 的正向關係，此結果並不支持政府的開放原則，也就是從財務管理的角度 來看，經營績效愈好的公司愈適合到大陸投資。

新藥研發是台灣生技發展的重點產業。新藥研發一般具有高投資、高風險與研發期長的特性。因此，有些公司會透過多角化的策略來分散風險。不過，在有限的資源與人力下，發展多角化的產品通常是個極具挑戰的任務。因此，本研究針對新藥研發公司，就其採取多角化的動機與策略來加以探討。 此外，在知識經濟的時代，知識已成為企業最重要的資產，如何透過有效的知識管理以提昇組織知識的價值，則是企業所重視的關鍵性議題之一。新藥研發屬知識密集產業，知識管理對於公司相當重要。因此本研究亦從知識特性的觀點（路徑相依度、不確定程度與競爭衝擊程度）來探討其對知識管理的影響。 本研究在方法上採取多重個案研究的方式，透過深入個案訪談與次級資料收集，所得到的結論如下： 1. 台灣新藥研發公司選擇多角化策略的動機相當多元。 2. 台灣新藥研發公司多角化的動機與多角化目標領域之路徑相依度有關。 3. 台灣新藥研發公司多角化目標領域技術知識的路徑相依度與競爭衝擊程度會影響其技術知識吸收的方式。 4. 台灣新藥研發公司多角化目標領域技術知識的路徑相依度會影響其組織設計、分工與人員式知識擴散的對象。 5. 台灣新藥研發公司進行多角化產品研發時，其知識蓄積活動上傾向於採取「機械-整合式」的蓄積方式。 / New drug development industry is one of the key biotech development areas in Taiwan. The nature of new drug development involves high investment, high risk and long development time. As a result, some companies develop diversification as a strategy to reduce the risk. However, the scarcity of resource and manpower makes developing diversified products particularly challenging. This study would focus on why these companies choose diversification strategy and which strategies they develop. Knowledge management is very important for companies in research-intensive industry. This study would also explore how the companies practice knowledge management on its diversified projects. In addition, this study uses technological knowledge characteristics (path dependence, degree of uncertainty, and competitive position) to analyze the effect upon knowledge management process. In this study, multiple case study method to take the way through in-depth case interviews and secondary data collection, the conclusion is as follows: 1.The reasons why new drug development companies in Taiwan underwent diversification vary a lot. 2.Synergy motivation of new drug development companies in Taiwan will affect the path dependence of technological knowledge in target areas for diversification. 3.Path dependence and competitive intensity of technological knowledge in target areas for diversification will affect the way of technical knowledge acquired in Taiwan’s new drug development companies. 4.Path dependence of technological knowledge will affect the organizational design, the division of labor and object of personnel-type knowledge diffusion 5.New drug development companies in Taiwan tend to choose 「Mechanical-Integrated」mode of knowledge Storage when the diversification activities.

我國傳統產業的發展由早期台灣經濟的中流砥柱，歷經產業變革、環保意識抬頭打壓後，至今被戲稱為「夕陽產業」，主因為產品生命週期進入低毛利成熟期。大部分傳統產業廠家積極尋求多角化轉型以突破困境，但在無法抽離製造代工心態下，積極投入非核心相關領域，無非是落入另一紅海。目前支撐台灣主要經濟命脈產業仍以資訊科技業為主，傳統產業雖非主流，但改變製造心態，堅持投入核心技術研發仍能伺機尋求切入點。 然而，過去強調創新升級轉型的研究不勝枚舉，但鮮少以國內傳統產業模範廠商為個案進行完整詳細地分析，基於此點，本研究針對我國傳統產業廠商「多角化」進行研究，以企業核心資源為基礎，試圖以較為整體性的架構，探討其多角化之相關議題，期能對「傳統產業多角化」，提供一些實務上與學理上的貢獻。 本研究之研究問題有五：（1）傳統產業廠商多角化的動機為何？（2）傳統產業廠商如何進行多角化？（3）傳統產業廠商企業核心資源為何？（4）傳統產業廠商多角化過程中新產品開發流程為何？（5）傳統產業廠商多角化後的新創組織作法為何？ 透過深度訪談個案公司高階經理人，並配合相關次級資料蒐集與整理，進行彙整及分析之後，本研究獲得以下之主要結論：（1）企業核心資源中之個人專長能力的展現為多角化轉型基礎；（2）創新研發過程中，知識資源的累積是技術發展的原動力；（3）順暢的組織內部溝通有助於新產品或新事業的發展；（4）對新產品開發而言，技術資源的彈性運用與高度整合有利於發展新事業；（5）以創新研發為導向之企業與智慧財產權之管理具高度關聯性。 / The domestic conventional industries were the mainstay of Taiwan economics. Because of the transformation of industries and then suffered from the lift of environmental consciousness. It ultimately turned to be the so-called “Sunset Industries”. The root cause was the low margin profit in mature stage of product life cycle. Most of conventional industries firms strove to break through the hardship by diversification. Not to withdraw the ideology from OEM mindset, the conventional industry firms invested in non-core relevant businesses painstakingly. It was just trapped to another red sea. For the moment, the dominant anchor of Taiwan economics was information technologies not the conventional industries. Nevertheless, just switched the manufacturing viewpoint and persevered to the development of core technologies to look for the niche points. Although, the studies in the past focused on innovative upgrading transformation were too numerous and there was scarcely to portray the leading company elaborately in domestic conventional industries. Based on this concept, the thesis paid attention to the study of diversification of domestic conventional industries. Endeavor to apply the comprehensive framework which was founded on the core resources of enterprises and discussed the correlative issues of diversification. Looking forward to the diversification of conventional industries could facilitate the contributions in practical and theoretical domain. The study aimed to investigate the questions: (1) What were the motivations drove the conventional industry firms to diversify? (2) How the conventional industry firms to execute the diversification? (3) What were the core resources of conventional industry firms? (4) What was the procedure of new product development in conventional industry firms during the duration of diversification? (5) What were the practices to construct the new business unit after diversification in conventional industry firms? This study exerted the deep interview methodology of qualitative researches and secondary data analyses to rearrange. The preliminary research findings included: (1) The performance of individual capability in enterprise core resources was the foundation of diversification. (2) During the innovative R&D process, the accumulation of knowledge resource was the motivation of technology of development. (3) The fluent communication in organization was conducive to develop the new products or new businesses. (4) As far as the new product development was concerned, the flexible exertion and high integration of technology resources was favorable for integrating and exploring new businesses. (5) Innovative R&D oriented enterprises were in high connection with management of intellectual property rights.

近年國內電子代工廠正紛紛面臨轉型的需求，企業成長策略中所探討的多角化策略一直是企業所使用策略管理方法，決策者如何選擇最適當的多角化策略帶領企業成長逐漸成為現今企業轉型過程中熱門的議題之一。 本研究有別於傳統多角化策略中以產品和市場為主要架構為分析，而是結合眾多鑽研多角化策略的學者所慢慢雛型而成的三維度─以資源共通性、價值活動相似性、市場共通性三構面所形成的三維度多角化策略為基礎架構。此架構首先藉由企業本身的資源與能力基礎為分析基礎，找出關鍵成功因素，並訂定出企業的活動價值鏈，以及對於市場的定義。藉由個案研究的探討，首先讓企業區分自身的能力與資源的優勢，並利用此三維度架構下，分析個案公司所發展之多角化策略事業，其創新表現、市場表現及財務表現的效益為何？分析其原因以及預期的發展狀況，希望能提供決策者在執行多角化策略時所訂定之成長目標，以及可能面臨到的成果為參考。

【第一篇論文中文摘要】 集中度風險於結構式商品的量化與分析：以房屋抵押貸款證券為例 "Martin and Wilde (2002)與Gordy (2003)" 針對巴塞爾協定(Basel Accords)中金融機構之投資組合所內藴之集中度風險提出了相對應的微粒化調整(Granularity Adjustment)風險量化準則，然而該模型僅止於單因子架構下探究單一信用標的集中度風險之量化。本文將其架構延用至結構式商品中，允許債權群組內之信用標的具不同區域別，我們採用Hull and White(2010)之跨池違約相關性描述，並結合Pykhtin (2004)中延拓單因子聯繫模型至多因子之方式，進而求取債權群組之單一資產集中度(Name Concentration)與區域類別集中度(Sector Concentration)風險的量化。本文以房屋抵押貸款證券(Mortgage Backed Securities, MBSs)為例，於集中度風險的考量下，藉由檢視不同風險情境下分券之損失起賠點，重新評估房屋抵押貸款證券AAA投資級分券信用評級之合理性。研究結果顯示，AAA評等之分券高度曝險於系統性風險，且於高風險情境下，標的房貸之區域集中現象擴大了違約相關性對債權群組損失分配的影響，致使AAA分券之損失起賠點得以超過其實際擔保額度(subordination)範圍。 【第二篇論文中文摘要】 美國銀行放款多角化對其報酬與風險之影響：相關性與傳染的觀點 本文目的在於分析銀行放款的多角化行為對其報酬與風險之影響。研究發現納入銀行放款投資組合相關性之考量，亦即標的資產之相關性結構以及資產間因契約關係所隱含跨投資組合之傳染途徑，將降低多角化之成效。文中透過因子模型(factor model)建構資產之報酬，同時決定其相關性結構，其中將資產間殘差項相關性作為傳染指標，進一步分析投資組合內標的資產間的平均相關係數、傳染與多角化程度間的關聯性。我們以美國銀行作為研究樣本，分別以赫芬達-赫希曼指數估算投資組合權重分配之集中度、使用組合內標的產業股票報酬資訊來計算投資組合內相關程度，接著利用標的產業與投資組合外產業間的殘差相關性來捕捉產業傳染效果，將此三項指標作為衡量多角化指標，分析其在1987年至2014年間聯貸投資組合多角化情形並試圖分析放款多角化對銀行績效之影響。透過契約關係的界定進而探討顧客傳染如何影響銀行績效。 研究發現於市場處於平穩期間(tranquil period)，所有多角化指標銀行放款均呈現放款多角化程度越高越有助於提高銀行的報酬並降低其風險。然而於危機期間(turmoil period)，銀行應將放款權重集中於部分產業、建構相關性較低之組合或選擇較低之傳染效果之產業作為放款的對象，用以提高銀行績效。隱含在危機期間銀行應該選擇適度之多角化策略，若僅以赫芬達-赫希曼指數作為多角化之衡量將顯示危機期間越集中越有助於銀行的表現，此舉將造成解釋上的偏誤。說明於投資組合多角化的衡量上，不該忽略由相關性結構所引發之集中度風險。 / 【Essay I】 Quantification and Analysis of Concentration Risk in Structured Products: the Case of Mortgage Backed Securities Granularity adjustments, introduced by Martin and While (2002) and Gordy (2003), allow one to quantify the concentration exposures of credit portfolios due to imperfect diversification. However, they focus solely on name concentrations under an Asymptotic Single Risk Factor (ASRF) framework. In this study, by adapting the multi-pool correlation structure of Hull and White (2010) under the multi-factor setting of Pykhtin (2004), we derive quantitative measures of name and sector concentration that facilitate subsequent analysis of the risk profiles embedded in Mortgage Backed Securities (MBSs). Under different stress scenarios, we examine the impacts of concentration exposures on the internal credit enhancements, in particular, the AAA tranche attachment points. We show that, under severe market conditions, the presence of sector concentrations in the underlying mortgage pools can further amplify the effects of default correlation on the portfolio loss distributions. As a direct consequence, the predetermined subordination level determined by the assignment of tranche attachment points can be exceeded. 【Essay II】 How Loan Portfolio Diversification Affects U.S. Banks’ Return and Risk: Correlation and Contagion Perspectives. In this paper we investigate how loan portfolio diversification affects the banks’ return and risk. We argue that, the dependence structure of bank loan portfolios, namely, the correlation structure among loan assets and the presence of contagion channels due to contractual relationships across the border of portfolio, contributes to the costs of diversification. Under the factor model framework, we derive a theoretical model to depict the asset returns and their dependence structure. Based on data of US bank loans collected from 1987-2014, our empirical study employs HHI, intra-portfolio correlation, and contagion as proxies for diversification to examine how loan portfolio diversification affects the banks’ profitability and riskiness. In addition, contractual relationships are identified and we investigate how customer contagion affects the bank’s performance. We find that all diversification measures exhibit a positive effect on the performance of U.S. banks during tranquil periods. However, for turmoil periods, banks with loan portfolios of more concentrated weight distributions, lower intra-portfolio correlation, or lower consumer contagion effects would have improved returns and reduced risk. In other words, during crisis, banks should choose an appropriate concentration strategy rather than focus on selected industries as determined solely by the HHI.