自民國71年來，癌症一直是台灣十大死因的首位。罹癌不但造成醫療費用的增加，也降低了病患的工作意願及能力。本文透過健保資料庫分析罹患肺癌及直腸、結腸癌對就業和薪資的影響。我們首先透過重大傷病檔選取公保和勞保人口中，新罹患肺癌和直腸、結腸癌病人為實驗組，再以配對估計法（prosperity score matching）從健保歸人檔中選取所對應的對照組；為了控制實驗組和對照組間難以觀察差異，本文進一步以「差異中之差異」（difference in difference），分析全職工作者（勞保、公保）罹患癌症對其就業及所得的影響。結果顯示癌症確對就業產生負面影響，在繼續存活的病患中，肺癌罹癌後兩年的平均就業率下降10.9％，大腸癌下降7.2％；其中女性的就業減幅約高於男性1.6~2.4倍，但公保和勞保的就業影響並無差異。在薪資上，罹癌後繼續就業者，與未罹癌者其薪資水準上並無顯著差異。

產業組織理論中，企業的結合行為，可能產生嚴重的反競爭效果，故在反壟斷法規有關於結合的反競爭分析中，結合模擬（Merger Simulation）是結合審查過程中常用的工具，作為評估結合適當性的經濟證據。而模擬的方法，是利用結合前的資料，預測結合後的經濟後果，但結果是否失真，還需運用事後實際市場資料，回顧模擬預測的結果，而這長期效果之評估，將有助於增加判決的品質。本研究將以結合模擬的回顧分析方向出發，以中國汽車市場為例，分析以實際資料衡量的結合效果是否與模擬預測有異。 模擬預測之結合效果，本文以Hu, Lu, and Zhu（2013）之結論為主要參考：結合行為會使得結合企業的產品價格提升，增強結合廠商的市場能力。實際資料衡量的結合效果，本研究以 2009 年 1 月至 2011 年 11 月中國汽車 295 個車款的混合資料，運用自然實驗（Natural Experiment）法的差異中之差異法 （Difference in Difference，DID）分析 2009 年 11 月中國三家汽車公司發生結合對價格的影響效果。然而，由於結合模擬諸多的假設上以及未考量企業結合後的綜效，例如靜態模型估計設定、成本協同（Cost Synergy）效應、產品進行重新定位（Reposition）等，導致結合模擬預測結果與實際資料估計出之實證結果並不完全相符。

本研究首先針對台灣上市公司宣告買回庫藏股後之長期營運績效表現作探討，藉由公司宣告買回後之長期績效表現來探討公司宣告買回庫藏股之主要動機以及資訊意涵，究竟為傳遞公司價值受到低估之訊號或是將多餘現金還給股東，以降低代理成本。接著探討公司宣告買回庫藏股前之盈餘管理行為，發現宣告公司宣告前存在顯著負的異常應計，且與宣告後之營運績效表現呈現負相關。盈餘管理之程度隨著公司買回比率以及宣告前經理人持股增加。宣告前之異常應計數與宣告後之營運績效表現呈現顯著負相關，同時也發現公司宣告買回庫藏股後之長期營運績效表現成長，受到宣告前盈餘管理行為之影響，並非宣告公司真實的營運績效成長。 因此本研究發現台灣上市公司宣告買回庫藏股整體而言雖有宣告後之績效成長，尤以買回意圖強烈之宣告公司成長幅度最明顯，但是並非代表宣告公司之真實成長，而是受到宣告公司宣告前盈餘管理行為之影響；買回意圖低之宣告公司，其宣告後績效表現並無進步(甚至退步)，表示從長期營運績效之角度而言其宣告動機並非價值受到低估。且無論買回意圖為何，宣告前均存在顯著負的異常應計。綜合上述本研究推論，就長期營運績效的角度來看，台灣上市公司宣告買回庫藏股並非主要以傳遞公司價值受到低估為主要目的。就宣告後之長期績效表現以及宣告前之異常應計變化而言，宣告動機較可能符合現金流量假說、盈餘管理動機假說以及經理人動機假說。 / This study examine the long-term operation and stock performance after open-market repurchases of Taiwan company in order to find out the information content of open-market repurchase decisions.We also examine the earning management behavior before open-market repurchase, and find that the average firm report significantly negative abnormal accruals prior to open-market repurchases. The extent of the downward earnings management increases with the volume of the company repurchase and CEO ownership.The pre-repurchase abnormal accruals are also significantly associated with future operating performance. We find that the operation performance of the company improve after open-market repurchase program,especially the companies with actual buyback behavior. The post-repurchase performance of the firm that don’t have buyback intend does not improve,even regress.This study provide evidence suggesting that the post-repurchase long-term operation performance improvement is partly driven by pre-repurchase downward earnings management,rather than genuine grouth of the company. Thus,we provide evidence suggesting that the motive of the Taiwan companies to repurchase stock is not consist with the information signaling hypothesis.The results of this study support implication of free cash hypothesis、earnming management incentive hypothesis and management incentive hypothesis.

先前文獻在探討有關三聚氰胺事件時多為分析食安事件之影響因素、政府對於食品安全法規定訂之不足以及探討食安事件對於股價變動之影響。而本研究欲藉由公司財務指的變化來探討食安事件對乳製品產業之影響，因此利用差異中之差異(Difference in Difference, DID)方法，探討在食安事件發生後被爆出有參入三聚氰胺之毒奶粉公司相對於未出問題之奶類公司及豆類公司，其營業收入，營業成本及利潤等三項財務指標為相對上升或相對下降之趨勢。因此將樣本分類為三組，一組以毒奶粉公司作為實驗組，其他兩組以為未出問題奶類公司以及豆類公司作為控制組。 本文以2001年至2011年中國規模以上上市以及非上市公司之追蹤資料(Panel Data)進行分析。實證結果指出，毒奶粉公司相對於未出問題公司在食安事件之後，其營業收入為相對增加，營業成本亦相對增加，而利潤則為相對減少。雖然營業收入之估計結果與預期不相符，但是本研究認為可能與毒奶粉公司在樣本資料當中原先就佔有較高之市場佔有率有關。營業成本之增加，本研究認為與事件發生後法規及監管成本之增加有正向關聯。利潤減少之實證結果與預期相符，說明毒奶粉公司在三聚氰胺事件下，就實證結果而言公司會有虧損之情況發生，代表食安事件對乳製品產業有負面之影響。 / Most of the previous researches of the Melamine Incident focused on analyzing the impact on food safety event, the shortage of the governmental food legislation, and the discussion about the food scandal effect on the enterprises’ stock prices. In this paper, we used the variation of the company’s financial indicator in income statement to observe the impact of the food scandal on the dairy industry. In order to do so, we used the method called “Difference-in-Difference” to estimate the impact on the operating revenues, operating costs and profits of the scandal companies after the food safety scandal broke in 2008. In this study, we set our sample into three groups, the group of the scandal dairy companies as the experimental group, while the group of non-scandal dairy companies and the group of beans companies as the control group. The panel data we used in this paper included listed and unlisted companies in China from 2001 to 2011. The empirical results indicated that after the scandal, in contrast to the non-scandal companies, the operating revenues and the operating costs of the scandal companies were both higher, and the profits were lower. The empirical results of the operating revenues didn't meet the expectation of this paper, we supposed the reason was that the scandal companies had much higher market share comparing to the non-scandal companies. In our opinion, the increase of the operating costs was due to the newly released regulations and supervision costs. At the same time, the decrease of the profits was consistent with our expectation. It meant that after the Melamine incident, the scandal companies would suffered financial losses which proved that the food scandal event would have negative impact on the dairy industry.

企業名稱是企業重要的無形資產，但是在1925年至2000年間名列美國證券市場資料庫的企業中，卻有超過三成的比率在公開上市後曾經更改過企業的名稱，因此本研究基於管理者及投資者的門檻心理，使用實證模型，探討企業更名後，管理者為了吸引投資者的注意，是否較可能去迎合各個盈餘門檻。 本研究以1994~2006年在美國三大證券交易所交易之具更名事件的企業為觀察樣本（實驗組），並依企業規模大小、產業及年度配對出非更名企業（對照組），比較更名企業與非更名企業在門檻心理之下的盈餘管理程度差異，探討企業更名後擊敗或達到盈餘門檻的機率是否大於更名前，研究方法兼採獨立樣本t檢定、綜和橫斷面分配法、分群樣本之羅吉斯多變量迴歸及差異中之差異法。實證結果發現獨立樣本t檢定下，企業更名後會迎合前期盈餘門檻；在綜和橫斷面分配法下則沒有發現迎合盈餘門檻的跡象；多變量迴歸及差異中之差異法則發現企業更名後會迎合前期盈餘門檻及分析師預測盈餘門檻。 / The name is an important intangible asset of the corporate. But over the 1924~2000 period, on the CRSP tapes, over 30% corporates had changed corporate names. Based on the earning thresholds behavior, I examine whether executives would try to meet or beat different earning thresholds in order to attract investors’ attention. In order to investigate the effects of name change, I use the corporates which had changed names over the 1994~2006 period to be the target groups, and then pair comparison groups by the same firm size, industry, and name-changed year. The results indicate that corporates would try to sustain recent performance when using t test. On the other hand, there is no evidence for executives to exceed thresholds under pooled cross-sectional distribution approach. Finally, corporates would sustain recent performance and meet analyst’s expectations when using multivavariate logit regression and difference - in - difference methods.

本研究以2005年勞退新制為例，探討資遣費對資遣率之影響。在勞退新制實施之後，資遣費的給付額度不僅大幅減少，還多了上限，因此，基於資遣費往往被視為雇主所直接面對的資遣成本，資遣率是否會受到勞退新制中資遣費改變的影響，為本研究欲探討分析的議題。本研究資料來源為人力運用擬-追蹤調查資料庫，研究方法使用差異中之差異法(difference in differences)，並依據員工是否適用於勞基法，將樣本劃分為實驗組與對照組進行分析。實證結果顯示，資遣費對於資遣率並無顯著的影響力，因此政府若希望資遣費制度能有預防雇主任意資遣員工的效果，則現行的資遣費制度可能無法達到此目標，而未來是否需要針對資遣費進行修法仍有討論空間。 / This study uses the 2005 Labor Pension Act (LPA) in Taiwan as the quasi-experiment to analyze the impact of severance pay on the layoff rate. After implementation of LPA, severance pay is reduced significantly and constrained by an upper boundary. Since severance pay is often considered as the firing cost, whether the layoff rate is affected by the largely reduced severance pay is what this study expects to analyze. Data used in this study are drawn from the Manpower Utility Quasi – Longitudinal Survey (MUQLS). In order to apply the difference in differences method, the observations are divided into the treatment group and the reference group according to the coverage of the Labor Standards Act (LSA). The empirical results suggest that severance pay has no significant impact on the layoff rate. Therefore, if severance pay is expected to prevent the arbitrary layoff, the current severance pay system might not achieve this goal and some modifications of this system might be necessary.

本文旨在評估所有本國銀行自 1999 年至 2011 年的績效，以檢驗我國兩次金融改革的成效。研究方法主要採用 Olley and Pakes (1996) 的三階段模型，再者運用差異中之差異法 (Difference in Difference，DID)。有別於相對於過去文獻中使用非計量的方式，或是以計量方式評估但卻未考慮到銀行進出的情況，本文考量因新設或是合併而解散所造成的銀行家數變化影響，並試圖歸納金融改革對於整體本國銀行之成效，以及對於同一本國銀行的生產力提升是否有所助益。

過去已有諸多研究證實位於明星國中學區之住宅相較於普通學區之住宅擁有較高的價格。然而，我國於103 年(2014 年)起實施十二年國教政策，其最大變革即是提供免試入學，則該政策是否會動搖明星國中之優勢，進而衝擊明星國中學區的房價應有探討之必要。本文取自實價登錄資料庫之資料，並以2012年8月至2016年底台北市明星學區及其周遭普通學區為地理範圍，建立特徵價格理論之傳統迴歸模型、空間迴歸模型與分量迴歸模型，探討以額滿學校與高升學率之不同定義下明星國中學區對房價之影響，再結合差異中之差異法，觀察十二年國教實施後是否會打破臺北市明星學區的溢價迷思。 根據實證結果顯示，額滿學校與高升學率學校將分別使學區住宅每坪價格上升1.9%-5.3%與5.3%-14.2%，顯示消費者對於高升學率學校有較高之偏好。然而，隨著住宅價格上升，明星學區的溢價卻隨之下降。而十二年國教實施後，僅對位於明星學區2 的住宅產生顯著負面影響，每坪價格下跌1.6%-2.4%；而對明星學區1 之住宅價格則未有顯著影響。本研究推測原因應為十二年國教對於高中職入學篩選標準之改變對高升學率學校有較大之影響，而額滿學校因多數為完全中學國中部，有特殊之直升管道，故受政策影響不大。此外，本研究也發現使用升學率高低作為明星學校之標準比是否為額滿學校更符合消費者之認知且與國外定義較相近。 / In the past, many studies have confirmed that the house in the popular school district has a higher price than the ordinary school district. However, since the implementation of the 12-Year Compulsory Education Policy in 2014, it provided the exam-free admission, and whether the policy will impact the housing prices of the popular schools districts should be discussed. In this paper, we use the full-school and the high enrolment rate school as the popular school, and analysis the popular school district of housing price by using hedonic price theory OLS, spatial and quantile regression as model, and selecting the sale price of real estate in Taipei city from August 2012 to December 2016 as sample. Besides, we also applied Difference-in-Differences method with spatial regression to analyze whether the 12-Year Compulsory Education Policy will reduce the Popular School premium of Taipei. According to the empirical results, housing price in the full-school district has 1.9%-5.3% premium per floor, and high enrolment rate school has 5.3% -14.2% premium per floor, showing that consumers prefer high enrolment rate school. However, with the rise in housing prices, the premium of the popular school district has fallen. In addition, after the implementation of the 12-Year Compulsory Education, only a significant negative impact on the housing price in the school district of high enrolment rate school, the price fell 1.6% -2.4% per floor; and the housing prices of full-school district were not significantly affected. We speculate that the reason should be 12-Year Compulsory Education of entrance examination of high school changes, resulting high enrolment rate schools have a greater impact. On the contrary, the majority of the full-school is affiliated junior high school, it has a special way to enter a higher school, so little impact on the policy.

近年臺北市政府試圖藉由興建品質良好的公共住宅，解決住宅價格高漲影響人民居住的問題，然附近居民往往認為公共住宅會造成周圍住宅生活環境品質低落及房價下跌，反對其於住家鄰近興建。過去國內缺乏以實證方式計算公共住宅對周圍住宅價格之影響，亦尚未針對新推出的公營出租住宅個案深入分析；而國外相關研究雖有利用量化實證公共住宅與周圍房價關係，然多針對個別公共住宅社區為研究對象，對不同類型公共住宅及其對不同高低房價住宅之影響與差異，缺乏更全面的探討分析，且亦未釐清住宅價格的空間自相關特性及公共住宅設立的不同階段等，對周圍房價影響效果的差異。 本文應用特徵價格理論傳統迴歸模型、空間迴歸模型及分量迴歸模型，以2012年7月至2015年9月之臺北市不動產實價登錄交易資料為對象，研究整建住宅、出售國宅、出租國宅、公營出租住宅等四類不同時期公共住宅，於100~300公尺不同影響範圍下，分別對周圍住宅價格的影響效果。另外並選取興隆公共住宅作為個案研究對象，以臺北市文山區不動產實價登錄交易資料為對象，應用差異中之差異法結合空間迴歸模型，分析興隆公共住宅的興建完工與住戶入住對於周圍住宅價格之外溢效果。實證結果顯示，附近有早期興建之整建住宅及出租國宅者，其住宅總價皆呈現顯著下跌現象，分別下跌約1.7%至8.9%及1.5%至7.7%；附近有出售國宅之住宅總價漲跌情形不顯著；而近期興建之公營出租住宅則造成周圍住宅價格顯著上漲約1.7%至7.7%；又前述影響程度皆隨影響範圍擴大而隨之減輕。進一步分析不同影響範圍下對周圍高低房價住宅的影響，公營出租住宅對周圍低價住宅正向提升效果為6.2%至7.1%，皆大於高價住宅之無顯著影響至3.2%。而興隆公共住宅的興建完工確實能使周圍住宅價格較外圍地區多提升約6.5%至15.8%，惟住戶入住興隆公共住宅則未具顯著正向的價格外溢效果。由新興辦的公營出租住宅對周圍房價造成正面影響的實證結果，應可釐清公共住宅外部性之正向效果，有助後續公共住宅的興建。 / In recent years, government has tried to build the public housing with high quality to solve the living problems caused by the soaring of the house price. However, residents beside the public housing often regard them as Nimbys that will detrimentally affect property values and oppose public housing to be built nearby. There were short of empirical studies that focus on the effects of public housing on nearby property, as well as the case study of social housing newly built in Taiwan. Besides, the empirical studies in foreign only select a specific public housing as their subject, which few of them analyze different effects caused by different types of public housing, ignore different effects on nearby property with different values, and have not clarify whether the spatial autocorrelation of property values as well as the construction and operation of the social housing leads to different results. This study analyzes the effect of social housing, resettled tenement, public housing for rent and for sale on nearby property values in different ranges separately by using hedonic price theory OLS, spatial and quantile regression as model, and selecting the sale price of real estate in Taipei City from July 2012 to September 2015 as sample. Besides, Xing-Long Social housing and sale prices of real estate in Wenshan district of Taipei City are also selected for case study applying Difference in Difference method with spatial regression, in order to analyze the nearby property values changes after the construction and the move in of the residents of Xing-Long social housing. The result shows that although resettled tenement and public housing for rent detrimentally affect the property values by 1.7% to 8.9% and 1.5% to 7.7% separately, public housing for sale does not affect the property values significantly, and social housing positively affects the property values by 1.7% to 7.7% on the contrary. In addition, these effects decline with distance from public housing. With regard to the impact on high and low priced property in different ranges, social housing has positive effect on low-priced property by 6.2% to 7.1% and no significant effect to 3.2% on high-priced property. The construction of Xing-Long social housing has positive spillover effect by 6.5% to 15.8%, however, the move in of the residents does not. Empirical results show that social housing newly built are able to enhance the property values nearby, which is contributed to the follow-up construction of the public housing.

本文旨在評估中國國有資產監督管理委員會的成立，是否對中國國有企業的生產力造成影響。我們利用中國國家統計局2001年至2007年「製造業規模以上企業年度調查」的數據，先使用Olley-Pakes三階段模型估計企業的生產力，再運用差異中之差異法，把結果分成使用所有樣本、用傾向分數配對法篩選樣本和分成37個行業別三步驟來檢視中國規模以上的國有製造業，其生產力是否因國資委成立(2003年)而有明顯的變化。本研究結果顯示，除了對石油和天然氣開採業為顯著的負面效果，對化學原料及化學製品製造業為顯著正面效果外，整體而言，國資委成立對國有企業的生產力沒有顯著影響，也因此未能達成有效提升國有企業生產效率的預期目標。