從工業革命以來，科技造成人類社會快速的進步，而從二十世紀至今，科技導入、科技創新等相關的研究，便成為商業、組織管理、科技管理與心理學領域爭相研究的重點議題，許多證據指出，科技所帶來的結果，卻不如管理者或學者原本所預期，產生了許多「非預期的創新」。 本研究認為，非預期創新的產生，是因為過去的研究與觀察，是從一個巨觀的角度分析科技所帶來的影響。本研究架構於漸衍過程(emergent)的觀點，以詮釋型(interpretive)質性的研究，透過使用者工作實務(work practice)微觀層次的觀察，來呈現科技與組織的演化。 透過鼎華科技導入衛星派遣系統成立台灣大車隊的歷程，本研究呈現台灣大車隊中的司機在科技導入前、後的工作方式，以及與科技互動下產生的創新結果。本研究發現，經過七年的時間，台灣大車隊的司機，已經發展出許多不同的創新工作實務，包括預期型工作實務、品牌型創新工作實務與科技型創新工作實務，並且於三種類型的工作創新之中，存在有更豐富、更多元的創新。 而透過個案的觀察，本研究認為，一種科技可以造成如此迥異的科技採用與結果，可以歸因於產業情境所造就的多樣化工作實務。而本研究的研究方法與結論，可以做為組織與企業進行科技導入與轉移時的參考。

教師的專業發展是提昇教師品質的關鍵,它包含職前的師資教育以及在職的教師進修。在臺灣,為了倡導英文教師的終身學習,在職英語教學碩士專班在民國八十八年成立。 本研究旨在探討在職英語教學碩士班對高中英文老師的影響。研究方法包含問卷,訪談及教室觀察。問卷調查部分,所使用的問卷是研究者根據文獻及三所在職英語教學碩士專班課程內容所編製的,目的在於瞭解進修教師對於在職英語教學碩士專班對他們的專業態度,專業知能及教室實務影響的自我認知。問卷調查採全國普查,有九十八所學校回函,有效問卷為一百零九份。教室觀察的部分則對兩組教師的教學進行觀察、錄影、分析及比較。這兩組教師來自同一所高中,第一組的兩位教師有在職英語教學碩士班進修的經驗,另一組的兩位教師則無。 本研究的重要發現為： 1. 在專業態度方面,在職英語教學碩士班增強了進修教師嚐試新教學法的動機, 　提高了他們的專業自信及教學熱忱,並增強了他們參與進修活動的動機。 2. 在專業知能方面,進修教師在本身的讀寫能力及語法、構詞及言談分析等語言 　知識獲益最多。 3. 在教室實務方面,專業知能的充實非常有助於進修教師應用新的教學技巧於字 　彙、語法、閱讀和寫作的教學，並有助於他們採用更多樣的教學資源及材料。 4. 運用進修所得知識於教學中讓具有在職英語教學碩士班進修經驗的教師在教 學上和不具此經驗的教師有所不同。 此研究結果對進修在職英語教學碩士班與改進英文教學方式之間的關係具有豐富啟示,是值得投注更多關注與研究的領域。 關鍵字: 在職進修　　研究所　　高中英文老師　　專業態度　　專業知能 　　　　教室實務 / Teachers’ professional development is the key to teacher quality. It encompasses pre-service teacher education and in-service teacher training. In Taiwan, in an effort to promote English teachers’ continual learning, in-service English teaching graduate programs were started in 1999 in place of what was called "Forty-Credit Program". This study aims to investigate the influence of the in-service English teaching graduate programs on senior high school English teachers. Three methods, questionnaire survey, interview, and classroom observation, were used. In the part of questionnaire survey, a questionnaire was designed to elicit participants’ self-perceptions of the influence the in-service English teaching graduate programs have on their professional attitudes, professional knowledge and classroom practice. Then, a general survey was conducted island-wide. Ninety-eight schools responded with 109 valid questionnaires. Follow-up phone interviews were conducted with seven willing respondents to further explore how they apply their new knowledge to their teaching. Regarding the classroom observation, two groups of English teachers from the same school participated in this part of study. In the first group were two teachers with the in-service English teaching graduate program experience while in the second group were two teachers without the experience. The teaching of one lesson conducted by the four teachers were observed, video-taped, analyzed, and compared. Face-to-face interviews were conducted with each teacher after the observational data were collected. The purpose of the interview was to know the reasons why they adopted current ways of teaching. This study has the following important findings. Firstly, in terms of professional attitudes, the in-service programs affect participants most in their motivation to try out new teaching methods, professional confidence, enthusiasm for English teaching and motivation to partake in in-service training activities. Secondly, in the aspect of knowledge about the English language, participants benefit from the programs the most in their own reading and writing ability as well as in knowledge of syntax, morphology, and discourse analysis. Thirdly, with regard to classroom practice, the enrichment of professional knowledge helps a lot in participants' application of new techniques to their instruction of vocabulary, grammatical structure, reading and writing. It also contributes to participants’ use of varieties of learning resources and materials. Lastly, the application of the new knowledge leads to the differences between teachers who have the in-service English teaching graduate program experience and those who do not. These findings have rich implications for the relationship between in-service English teaching graduate programs and the improvement of English teaching practice of senior high school English teachers, an area well worth more attention and research. Key words: in-service graduate programs senior high school English teachers professional attitudes professional knowledge classroom practice

本論文研究動機係筆者基於近十年於國內創投業之相關工作經驗，感受到國內創投業正面臨急遽之環境變遷，而興起以「評鑑各類型創投業者管理品質」觀點來探討我國創投業目前經營方式，俾供未來發展方向參考。研究目的有三：(1)整理有關創投業管理品質之文獻；(2)瞭解國內績效較佳之創投業者在管理投資案之作法；(3)提出有關創投業管理品質之命題，供後續研究者和業者之參考。本研究方法係將國內創投業者作適當分類，經由對各類代表性業者作探索性研究，綜合歸納影響我國創投業管理品質之主要因素。研究結果，就目的(1)而言，由於國內過去有關創投業之文獻大都偏重於業者之投、融資行為及其影響因素之探討，甚少文獻直接涉及投資後管理之研討及分析影響業者管理品質之主要因素，因此在第二章各節，除說明所蒐集文獻之要點外，另於各節小結中補述國外情況及實務運作經驗，以補文獻之不足；就目的(2)及(3)而言，經對選擇性個案研究綜合分析後，歸納出影響我國創投業管理品質之主要因素有下列八項： 1.具備專業之決策小組，包括：(1)專業董事會；(2)專業領導人；(3)專業幕僚。此結構愈完整，面對高風險之科技事業投資計畫，愈具明確決策及避險能力。 2.配合產業發展潮流，以主流產業為主要投資對象，此投資組合較能因取得政府研發補助等資源挹注而獲致較高成功機會。 3.能提供被投資事業高度附加價值，主要涵蓋以下四項：1.金融網絡（包括後續增資之配合及協助取得融資）；2.產業網絡（包括協助技術引進、市場開發及策略聯盟等）；3.國際化網絡：主要用予協助拓展海外市場及建立國際策略聯盟；4.諮詢輔導（包括協助申請政府研發補助、協助解決計畫推動面臨之技術引進不順利、主力產品之市場需求不如預期、關鍵技術人員流動、計畫資金不符實際需求等問題）。 4.能給予經營團隊具激勵性之獎酬制度，主要包含下列兩項措施：(1)優厚之技術股；及(2)與業績相連結之績效獎金。此激勵措施若能予以公開化、制度化，且激勵之實質內涵愈完備，愈能留住專業人才並激發其最大之效益。 5.公司或經營團隊具聲譽效果，創投業者面對高風險之科技投資，若能因獨特之差異性產生競爭優勢並衍生聲譽效果，相對地較能覓得好的案源，降低其投資風險及經營成本。 6.對被投資事業施予適度之涉入管理，掌握「及時」之管理資訊，此要素功能主要透過以下三方式而發揮：(1)取得董事會席次；(2)參與經營管理會議；(3)設置專案管理人(A/O)，專案追蹤管理。對被投資事業若能掌握「及時」之管理資訊，可提早發現問題、事先防範風險，對提升創投業者之管理品質甚具助益。 7.協助取得政府資源之挹注，在政府選擇性之介入產業科技發展下，投資案若能取得政府資源之挹注，成功率自然較高。 8.聯合投資或策略聯盟之程度，經由與旗下或其他國內外同業間之聯合投資或策略聯盟，創投業者可獲取下列三項效益：(1)分散投資風險；(2)拓展網絡關係，增加產業資訊來源；(3)學習評估及經營管理經驗。聯合投資或策略聯盟之程度愈密切，效益愈高。 本研究根據文獻探討、個案研究及實務經驗而發展出四類命題：(1)創投業者公司特質與投資管理之關係；(2)創投業者投資政策與投資管理之關係；(3)專業團隊與投資管理之關係；(4)投資管理與績效之關係。研究過程中，本論文雖已力求客觀、週延表達我國創投業之經營管理狀況，但在業者經營績效資料不易充分取得之下，本研究存在三項限制：(1)只針對六個選擇性個案分析，雖然其績效均優於同業，本研究之分析結果可能不具有一般性，且除個人經手外，其他案件因係訪談而取得之資訊，可能有誇大情形；(2)國內創投業之發展，相較於美國仍在早期，業者可能仍在摸索階段，目前之作法未必為最佳之作法；(3)由於經營失敗之創投案例，資料不易取得及作歸納分析，本研究並未予以蒐集與探討，這是在詮釋本研究之結果時，應納入考慮的。

當代文獻對知識創生的討論，多集中在知識的有效移轉與管理，較少由組織集體能力的養成觀點，進行探討。然而，隨著全球化與網際網路的興起，跨組織疆界的研發創新，已不能僅單純由知識有效移轉的角度觀察，而必須由分散式組織的管理，由社群實務的觀點，進行討論。尤其，跨領域科學家的專業社群，不但深富高度的知識涵量，更經常能因應環境的動態變化，產生突破性創新成就，而具有重要研究價值。本研究以台灣著名科學社群─「無線奈米生醫團隊」為調查田野，並由這個科學社群特殊的知識能力養成(organizational knowledgeability）著手，分析社群成員的工作脈絡，以掌握社群組織如何持續有效創生知識。 研究發現，科研知識養成的基本功、察覺使用者創新需求的敏銳度、巧妙橋接內外部資源的中介能力、以及持續參與專業社群運作的社群力，構成集體能力養成的重要內涵。從實踐社群（CoP）的觀點來看，這四種能力的養成過程，正是一個科學新手逐步蛻變為創新高手的能力累積；更是他由合法的社群周邊參與，逐步進階到核心社群決策的進程。 創新不是天分，而是養分。當一個科研人才，一個科研團隊，能不斷取得來自專業學術社群的知識養分，他就能源源不絕，產生創新知識。而這也正是所謂頂級發表的內涵。一篇好的專業學術發表，他體現的價值不但是專業學術社群的肯定而已，更是個人或團隊能力累積的極致成就。本研究最後則探討本案例對社群實務的知識創生與研發創新文獻上的啟示，並點出對科學團隊與研發機構的實務意涵。 / Nowadays, product or service innovation often requires highly specialized experts to work closely, such as the design of computer server or performing a cardiovascular surgery. Studies of knowledge creation put more focus on knowledge management and knowledge transfer. However, we know relatively little about how distributed organizations, such as experts communities create knowledge. This study focuses on a top-performing scientific community—the Wireless Health Advanced Monitoring Bio-Diagnosis System (WHAM-BioS) in Taiwan. This team consists of leading scientists from nano-technology, bio-technology, information technology and network communications from different scientific disciplines. This study aims to examine their knowing practices of scientific invention. This research will contribute to theories on knowledge creation through the lens of practice. By analyzing the organizational knowledgeability, this paper suggests organizations reconsider the knowing of cross raining ( or learning by doing)，sensitivity of users’ painpoints, brokering resources and participating in tier one academic communities as the collective capabilities of scientific community. These four elements as five organizing capabilities will contribute to the knowledge creation and community of practices literatures.

Taiwan, an island with outstanding economic miracle, has deeply depended on international trades to increase economic growth and national wealth. There are many successful companies, including listed enterprises and SME, manufacturing and marketing Made-in-Taiwan products all over the world through international trade and commerce. Therefore, undoubtedly the power international trade is one of our strength and plays a key role on stimulating economy as well as elevating the living standard of people. . To compete with other international exporters, Taiwanese exporters must provide not only products with good quality and reasonable price, but also offer competitive payment terms to further strive for new clients and strengthen individual competitiveness. This is a recent trend of International Trade. From the risk-free payment term, such as- T/T Advance to O/A 90 days after shipment, Taiwanese exporters suffered both political risk and credit risk. Not to mention cash flow risk and exchange rate risk that normally appears during transaction. Remembered financial crisis in 2007, market failed and malfunctioned at that time. As for corporate side, individual companies faced difficulties of continuously operation. Some even seriously went bankruptcy during that time. In this circumstance, Taiwanese exporters, even successfully won the orders, could not receive the payment on time from foreign buyers. Some of them may even suffered huge loss because of intentional disputes or buyer’s closedown. Therefore, it goes without saying that risk aversion is becoming an important issue for Taiwanese companies to survive. There would be three major financial tools being introduced for risk aversion with three case studies. Each of them has its special features and functions by different needs. How and why does Taiwanese exporter choose and leverage for risk aversion will be explained and discussed. The purpose of this paper is to find out the solutions for Taiwanese exporters to reduce risk of international trade as well as increase competitiveness in the foreign trade and grow the economy as contribution in the long run.

本研究目的在於探究組織面對外在壓力下所形塑的組織變革能耐內涵，以及智慧資本觀點HRD實務在組織變革過程中所扮演的角色與實質內涵。研究個案來自於1994-2005年天下雜誌所選出的標竿企業，包括9家個案公司與21項變革事件，透過深度訪談與次級資料進行資料蒐集，並採用紮根理論進行資料分析。 研究結果發現，有二種路徑影響個案公司形塑或強化組織變革能耐，不同路徑的走向來自於在組織變革過程中遭遇變革阻力的類型。當個案公司未遭遇變革困境或員工心態衝擊程度小時，採行第一種路徑，即企業平時透過智慧資本觀點之HRD實務扮演的策略性角色所累積的智慧資本，有助於在變革當下轉化為組織變革能耐，並順利推展變革活動。另一方面，若遭遇內外部衝擊的交互作用，產生變革困境，原有的組織能力無法因應時，個案公司會採行第二種路徑自主性的調整與學習，透過促進性角色的智慧資本觀點之HRD實務，持續強化與形塑組織變革能耐，以克服組織困境，並有助於成功推行變革。 二種路徑所形成組織變革能耐內涵包括：穩固人心的企業文化價值、領導者的信任式領導能力、領導者持續性的執行力、專業導向的員工賦權、參與式的變革承諾、管理制度系統化、跨越邊界的系統化溝通、以及開放式的組織學習能力。外在環境壓力僅是引起組織改變的導火線，因為影響組織變革能耐內涵的差異化，同時包括了幾項連結性因素：變革驅動因子、變革行動類型、變革阻力的類型、與組織變革能耐的發展路徑，而外部環境壓力僅是變革驅動因子中的起始點。 在以上二種組織變革能耐發展路徑中，智慧資本觀點的HRD實務扮演了策略性或促進性的角色，有助於培植組織變革能耐，或強化組織變革能耐促使變革成功。除了策略性與促進性角色，智慧資本觀點之HRD實務在變革過程中也扮演維持性的角色，產生作業性能耐協助組織維持每天正常運作的績效。這些作業性能耐包括：員工的工作職能、員工的工作績效、組織成員平時的互動等等。 無論是扮演維持性、策略性、或促進性角色，智慧資本觀點HRD實務的組成內涵包括發展型、建構型與合作型的HRD構形，但是不同角色的HRD實務具有差異化的組成要素。透過發展型、建構型與合作型HRD構形，得以發展人力資本，建構組織資本，培養社會資本，而經由長時間所蓄積的智慧資本，有助於形成組織變革能耐或作業性能耐。本研究依據研究結果推展出10項研究命題，建構形塑組織變革能耐的變革模式，並提出相關的管理意涵。 / This study aims to explore the organizational capacity for change (OCC) under external pressures facing firms and the roles of intellectual-capital HRD practice in the organizational change process. Cases were obtained from benchmarking enterprises selected by Commonwealth Magazine from 1994 to 2005, including nine cases and twenty-one change events. In-depth interviews and secondary data were collected and analyzed by grounded theory procedures. The research findings show that the target companies adopted two paths to develop and shape OCC. Change resistance is obvious to be the influential factor. First, under low-degree of employee resistance, the intellectual-capital HRD practice plays the strategic role to accumulate intellectual capital, which is transformed into OCC during the organizational change. Second, change difficulties are generated from both external and internal shocks during transformation, then the target cases develop or strengthen new OCC to solve problems. And intellectual-capital HRD practice plays the facilitating role in the second path. Eight dimensions forming OCC are derived from the above two paths, including company culture value, trustworthy leadership, continuous execution, employee empowerment based on expertise, participative change commitment, systems management, systems communication across boundaries, and open organizational learning. External environmental pressure only is the fuse in change drivers, and the sequential process of change drivers, change types, change resistance, and the OCC path determine the differential OCC. Intellectual-capital HRD practice plays the strategic or facilitating role in different OCC development path to make change implementation successful. Besides, it is a maintaining role to generate operational capability, including employee competence, employee job performance, and employee interaction, to sustain operational performance. The components of intellectual-capital HRD practice are developmental, constructive, and collaborative HRD configuration, which yield human capital, organizational capital, and social capital, respectively. The long-term intellectual capital accumulation facilitates to shape OCC or operational capacity. Finally, the research proposes ten propositions to construct the change model shaping OCC and derived managerial implications.

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在研究方法部分，首先，本文針對國內現有之文獻加以蒐集，包括相關之教科書、專書、期刊雜誌相關文章、論文，以及一些具代表性的重要外國文獻，目的在整理及分析有關家庭暴力防治法基礎理論之問題，例如為何會有此法的形成、此法的架構及爭議問題何在等等，並進而提出本文之看法。 再者，執行家庭暴力防治法的實務運作機關，最主要為警察機關、社政單位、以及法院。這三個機關間的工作配搭，是否天衣無縫，抑或尚有需改進之處，都是本文中欲探討的對象。筆者並將以能力內所能取得的警察機關筆錄、法院判決書、社工人員意見為資料，一一探討這些實務機關對家暴案件的處理態度，是否切合當事人需要，這些執行人員的性別意識為何、是否有性別偏見，執行人員的性別意識對家暴案件之處理有何影響。至於家暴案件中雙方當事人的觀點，例如受虐者所需救援措施、加害人的處遇計畫，也將藉由理論與實務的文獻資料予以探討。

在知識急速進步與變動的時代，知識共享與共構是未來的新趨勢。傳統師資培育偏重理論與知識傳遞的教學方式，固然有其優點，但面對未來知識社會的挑戰，師培課程也需要不斷進行反思與改進。為了改善傳統偏重知識傳遞的教學模式，本研究嘗試運用知識翻新(knowledge-building)理論於師資培育課程，並使用知識論壇平台(Knowledge Forum©)作為本課程的線上輔助學習環境。研究目的在讓師培生於課堂中實際進行體驗教學，並利用教室與線上知識論壇的學習環境進行大量教學反思，以期能幫助師培生發展更多元創新的教學信念，並且實踐於教學活動中。 研究對象為修習國民小學自然科教材教法的28位師資培育生，以個案研究法進行資料的蒐集和分析，資料包括：(1)整學期師培生在知識論壇平台上的互動與對話--使用知識論壇分析工具(Analytic Toolkit, ATK)計算學生於知識論壇平台進行知識建構的互動次數，亦使用社會網絡分析軟體(social network analysis)分析閱讀與回文訊息的流通情況，最後透過知識論壇學生的實際貼文內容，呈現師培生在平台上的互動情形；(2)師培生試教結束後在知識論壇的教學回饋內容--透過對教學回饋品質與教學回饋信念的質性編碼和兩階段相依樣本t考驗進行分析；(3)期初與期末的自我檢核表問卷--以質性分析軟體Nvivo進行開放式編碼，依據師培生對於問題的陳述內容進行編碼和兩階段相依樣本t考驗；(4)期初與期末的教學本質問卷--以質性分析軟體Nvivo進行編碼，依據師培生對開放性問題的陳述內容進行編碼和兩階段相依樣本t考驗；(5)期末試教反思問卷--計算師培生在試教活動中，教師中心與學生中心活動所佔時間的百分比，進行兩階段相依樣本t考驗，並根據師培生在教學設計、教法、教材和評量的反思內容，以貼文為分析單位，進行編碼和描述性統計。 研究結果顯示：(1)使用知識論壇平台有助師培生進行線上知識分享與自我反思；(2)透過知識翻新學習可以幫助師培生改進教學的回饋品質；(3)經由知識翻新學習讓師培生進行自我反思，可以幫助教學實務知識的發展；(4)經由知識翻新學習可以幫助師培生建立主動學習的教學信念；(5)讓師培生經由實際體驗教學與省思後，需要有更長的時間進行信念的內化，才能有效幫助師培生教學信念的實踐。 根據本研究結果，提出以下幾點建議供未來師資教育之參考：(1)教師可善用數位學習平台（如知識論壇）以輔助教學，促進學生想法的分享和改進；(2)營造開放自主的師資培育環境，可以建構多元的教學信念；(3)師資培育課程應提供更多實際體驗教學的機會，讓師培生檢視自我如何將教學信念付諸實踐；(4)課程革新應進一步思考如何促進教師教學信念與課程理念間的聯結，以協助教師在教學現場有效的落實課程。 / We are entering into a knowledge age, during which knowledge changes rapidly; accordingly, sustained knowledge sharing and constructing is essential. Although the traditional teacher education--that tends to emphasize more of the learning of educational theory than practical knowledge--has its advantage, teacher educators still need to reflect on and improve teacher preparation approaches continuously in order to face the challenge in the knowledge society. To this end, this study employed knowledge-building theory and Knowledge Forum© technology in a teacher education course. The purpose of this study was to help teacher-education students develop more informed science teaching beliefs by guiding them to effectively practice their teaching in classes, and to discuss and reflect on their teaching both in class and online. Participants were 28 teacher-education students who took a course about science teaching. Data sources (and analysis) mainly came from: (1) Teacher-education students’ interaction and discourse on Knowledge Forum (KF) (using the Analytic Toolkit to calculate the students’ frequency of activities on the KF platform; then, social network analysis was used to analyze the betweenness centrality and network density. Finally, examples of teacher-education students’ notes was analyzed to understand the interaction of teacher-education students in the KF platform); (2) Teacher-education students’ teaching feedback posted in Knowledge Forum (based on students’ answers, quantitative analysis was performed by means of paired-sample t tests); (3) An open-ended questionnaire that surveyed teacher-education students’ practical knowledge at the beginning and the end of semester was coded using key concepts as unit of analysis (quantitative analysis was performed via paired-sample t test); (4) A questionnaire with 6 open-ended questions that surveyed teacher-education students’ teaching beliefs at the beginning and the end of the semester was coded (quantitative analysis was performed via paired-sample t tests); (5) A questionnaire that surveys teacher-education students’ reflection on teaching practices (analysis was done by calculating the percentage of time on teacher-centered and student-centered teaching/learning activities using paired-sample t tests; and in addition, students’ texted answers were analyzed qualitatively). The results showed that: (1) using Knowledge Forum was helpful for teacher-education students’ sharing of their knowledge and reflection on their teaching; (2) Engaging in knowledge building could help improve teacher-education students’ teaching feedback quality; (3) Engaging in knowledge building could help teacher-education students’ development of their practical knowledge; (4) After engaging in knowledge building for a semester, teacher-education students developed more constructivist-oriented learning beliefs; (5) It was time-consuming to help teacher-education students develop more informed teaching beliefs. Building on the results, this study made the following suggestions: (1) Teachers should make good use of online learning platforms (e.g., Knowledge Forum) to facilitate students’ idea sharing and improvement; (2) Teacher education programs should help foster an open learning environment, in order to foster the development of multiple teaching beliefs; (3) Teacher education programs should provide teacher education students with more opportunities for teaching practice and for reflection on their teaching beliefs; and (4) Curriculum reform should try to better relate curriculum development and teachers' beliefs development.

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。