目前文獻上對於市場競爭與經濟成長之研究僅侷限在研發市場的競爭，而非產品市場的競爭，本文目的則在於探討產品市場的競爭程度對經濟成長的影響，本文將產品市場結構設定為寡佔市場，並設定技術進步的方式為不完全的創造性毀滅，得到產品市場的競爭對經濟成長的影響，須視市場結構參數的大小而定。本文模型顯示，當廠商的家數增加時，同時會產生兩種方向不同的力量，一方面是廠商利潤的下降及技術的障礙，使得競爭不利於經濟成長；另一方面為廠商的家數增加時，被淘汰的機會也隨之增加，因此必須投入更多的資源在研發上面，進而促進經濟成長。兩股力量的相對大小決定競爭對經濟成長的影響。

多年來，台灣報業穩定的市場生態，於2003年5月《蘋果日報》正式創刊後，進入了一個全新的階段。《蘋果日報》是台灣首次以零售通路為主體，成功打開長期由三報所壟斷的市場通路，全新的版面風格及大膽的報導角度，不僅帶給本地讀者新的閱讀感受，更進一步促成台灣本土報業生態的重組，在《蘋果日報》的衝擊之下，台灣傳統報業所面臨的挑戰，除了同業之間的競爭，更可怕的是本土報業整體市場的萎縮。《蘋果日報》加入台灣當地讀者的資訊取得通路，憑藉本身強大的產品競爭力，對台灣本地的報業市場造成了嚴重的威脅。 / 有鑑於此，本研究將《蘋果日報》發行後的市場稱為台灣報業的「新競爭時代」，針對六位具有代表性的資深報紙從業人員，分別從市場環境、通路型態、通路控制、業務推廣策略以及報業未來挑戰等觀點，進行深度訪談，同時結合研究者親身參與觀察所蒐集的資料，以行銷學4P中的行銷通路（place）作為主軸，研究新競爭時代，台中地區四家主要報紙行銷通路的型態與作為，並分析未來所能採取的行銷策略。 / In the recent years, the stable marketing ecology of newspaper industry in Taiwan entered a brand new stage with the publication of APPLE DAILY in May, 2003. By the way of retails, APPLE DAILY succeeded to break the marketing channel which monopolized by three newspapers for a long time. Its brand new layout and content not only brought lots of fun to local readers but caused the reorganization of newspaper industry in Taiwan. Under the impact of APPLE DAILY, the newspaper industry faced the competition from the same business. Moreover, the whole market became atrophy. It had posed serious threat to the newspaper industry.Therefore, the market was called “the new competition age of newspaper industry” in the thesis. In view of six representative senior newspaper jobholders, the researcher will carry on the depth interview separately from marketing environment, channel state, channel control, promotion strategy as well as the future challenge of newspaper industry and so on. Simultaneously, the researcher would unify the information collected by his participation and observation. The thesis would take the “Place” in 4P of Marketing Theories for the main axle to study the marketing channel state and conducts taken by the four newspaper agents in Taichung. Finally, the thesis constructed the marketing strategy which would be able to adopt in the future.

本文引援Peretto(1998b)的研發模型，假設人口數固定的情況下，進一步延伸設定知識外溢性分別處於研發、生產技術，探討不同技術設定對於經濟成長率及廠商家數的影響，亦即經濟成長率及市場競爭程度間的關連性。 在本文的模型內，可同時決定經濟成長率與廠商家數。模型顯示：（1）當生產與研發技術皆具有外溢性時，其對應的經濟成長率高於其他情況，而廠商家數與只有研發技術具外溢性時相同，（2）生產或研發分別具有外溢性時，經濟成長率與廠商家數相對於其他情況而言，皆須視外生參數而定，（3）生產與研發技術皆不具外溢性時，其對應的經濟成長率低於其他情況，而廠商家數則與只有生產技術具外溢性時相同。 就單一產業而言，外生參數變動導致廠商家數與經濟成長之間具有抵換關係，亦即市場競爭程度與成長率間具抵換關係。若從跨產業的角度來分析，當經濟體系內存在許多不同技術型態的產業時，其經濟成長背後的動力亦會隨著技術型態的相對比重而有所影響。

本研究以日本國內產物保險公司作為研究對象，研究期間為1986年至2010年，共25個年度。本研究應用固定效果之GMM（一般化動差法）模型，以Lerner index衡量市場獨占力（競爭度），檢驗對日本產險公司之市場獨占力（競爭度）對於公司的財務穩定度以及各種風險之影響，包括總風險、核保風險以及投資風險。本研究發現日本國內產險公司獨占力與各風險大多存在負相關：越高獨占力（越低競爭度）的公司其總風險及核保風險越低。然而，越高獨占力（越低競爭度）的公司容易面對越高的投資風險。本研究結果亦顯示，獨占力對於風險之影響於1997至2010之研究期間有顯著效果，惟其於1986至1996之研究期間效果不顯著。 / This paper chooses Japanese domestic general insurance company as the objective and the research period is from 1986 to 2010, 25 sample years in total. We apply fixed-effect in the GMM (Generalized method of moments) to examine the impact of the market power (Lerner index) specifically in insurance market on financial stability and different risks of insurance company, including total risk, underwriting risk and investment risk. The result suggests in general, negative relation exist between market power and risks in Japanese domestic general insurance industry: We find that the higher the market power (the lower competition), the lower the total risk and underwriting risk. On the other hand, higher marker power (lower competition) leads to higher investment risk. Our finding also shows that market power has an impact in the period 1997-2010 but not for the period of 1986-1996, which confirms that Japanese financial reform in 1996 might have influence on risks and financial stability.

我國在2002年正式成為WTO 之成員，為開放保險市場與國際金融保險市場接軌，同年我國開始實施三階段的產險市場費率自由化。 然而，費率自由化實施，市場競爭更甚以往，時有所聞產險業者的惡性價格競爭與保險經紀人影響商業保險市場價格。 而本文以「台灣產險市場費率自由化下之市場競爭研究」為題，試圖瞭解我國產險公司在市場激烈競爭下卻未如國外市場(例如日本)大規模進行同業合併以降低營運成本，壯大經營規模以增加競爭力的原因，並分析保險經紀人如何影響市場價格造成市場競爭加劇的原因與實務上保險經紀人對商業保險安排承保能量架構的費率操作說明；最後就現行相關監理法條之可行改進方案做一建議與結論，希望對國內產險業有所助益。 / In 2002, Taiwan became a member of the World Trade Organization. In keeping with the spirit of this organization the government has devoted itself to building an open financial and insurance market which implemented deregulation of non-life insurance rates by three phases in the same year. Under deregulation, the rates reduction of Non-life insurance creates more competition within the industry; we often hear that non-life insurers do destructive competition and non-life insurance brokers influence commercial insurance market price deeply. The title of this paper “A study of under deregulation, market competition of Taiwan non-life insurance” is aimed to understand the reason why under deregulation, there is no series of mergers or alliances among Taiwan non-life insurance industry for reducing cost, enlarging scale to enhance competitiveness like those taking place overseas such as Japan. This thesis also analyzed how non-life insurance brokers use influence on market premium rates which caused market competition even severely and illustrated non-life insurance brokers using capacities to control commercial property insurance rates by practice experiences. Lastly, conclusive remarks and recommendations are made to the related regulation. Hopefully these suggestions would be helpful to the industry.

本論文探討台北市連鎖式便利商店的市場進入決策。研究發現在便利商店的產業裡，相較於多重市場接觸(亦即是否已同時出現在其他市場)的考量，與競爭對手門市的距離對廠商的進入決策有較大的影響。此外，上期競爭對手存在與否，也是廠商是否進入該市場的重要衡量依據。大型連鎖店會進入前一期競爭較激烈的市場，這些市場競爭對手的門市已有一家以上；而小型連鎖店通常不會依據對手的門市數目來決定其進入的決策。最後，利用不同的落後期變數設定，本文發現廠商的進入決策具有一致性。這表示在台北市，便利商店已經是相當成熟的產業了。 / In this paper we study entry decisions of the convenience store chains in Taipei. We find that the distance between store pairs is more relevant to firms' entry decisions than the multimarket contact (i.e., firms encounter each other in multiple markets) in this industry. In addition, the presence of a firm's rivals in the previous period plays an important role in the entry decision. The large convenience store chains are more likely to enter more competitive markets, such as markets consisting of more than one rivals' store. On the other hand, the small chains are indifferent to their rivals' presence when making their entry decisions. Lastly, firms' entry decisions are consistent when different measurements of lagged variables are used. We interpret that the convenience store industry may have reached a stable state in Taipei.

研究對象為我國最大五百家民營企業。各章內容概述如下： 第一章：「緒論」分五節，說明研究動機、目的、範圍、方法、限制、與理論架構等 。 第二章：「文獻探討」分三節，從事有關文獻之探討，以明瞭高級主管的個人經驗背 景及其對組織環境的知覺如何影響到組織內部所採之各項措施。 第三章：計三節，就實地研究資料，探討高級主管的個人特性、過去的經驗及其組織 信念與節約能源工作之關係。 第四章：分三節，就實地研究資料，探討高級主管對市場競爭環境、政府立法動向之 看法，與節約能源工作之關係。 第五章：分三節，探討組織的產業特性、規模等變數如何影響節約能源工作。 第六章：分二節，總結上述研究，並針對節約能源應予改善之處提出建議。

第一章導論：討論研究動機及研究目的，並解釋本論文所運用之研究方法；其次就資 料來源加以說明。 第二章中共對外貿易體制與政策的演變：從經濟制度理論分析中共經濟制度，並討論 三十年來。中共對外貿易體制與對外貿易政策的演變。 第三章中共對外貿易與經濟發展：首先從輸入需要觀點，分析中共經濟建設；其次研 究出口貿易與就業及所得的關係。 第四章中共對外貿易商品結構與國際收支：分析對外貿易商品結構和市場競爭力，並 討論中共的外匯和國際收支的狀況與策略。 第五章中共對外貿易方式與法規：討論對外貿易的實際做法及方式，分析有關商品檢 驗、海關、保險與運輸等貿易業務和貿易法規。 第六章結論與建議。

本論文包含二篇與公司財務相關之文章，第一篇文章嘗試在考量總體經濟條件和公司生產力衝擊下，建構一個簡單結構式模型以探討公司之資本結構決策。特別的是，由該模型可得到公司最適負債比率與總體經濟條件衝擊之報酬波動性呈反向關係，惟公司最適負債比率與公司生產力衝擊之報酬波動性呈正向關係。第二篇文章係利用對稱寡占產業均衡模型，以探討產業內經理人薪酬決策之異質性。即使產業內所有公司皆為同質，在模型均衡下存在有些公司會採取激勵性薪酬，而其他公司則不採取激勵性薪酬。該模型預期當市場競爭性增加時，產業內公司經理人薪酬決策會更具異質性。此外，上述二篇文章皆分別以美國製造業資料進行實證，並且實證結果均符合其模型之預期。 / This dissertation proposes two essays about corporate finance. Essay one develops a simple structural model to investigate a firm’s capital structure choices in consideration of macroeconomic conditions and firm-level productivity shocks. The model particularly generates the implication that the optimal debt ratio is negatively correlated to the return volatility of macroeconomic conditions, but positively correlated to that of firm-level productivity. Essay two is contributed to explore the heterogeneity of the compensation decision within the industry by employing a symmetric oligopoly industry equilibrium model. Within the equilibrium some firms will adopt incentive pay while others will not, even though all firms are ex ante identical. The model predicts that there is more heterogeneity in the compensation decision as the intensity of market competition increases. Both of the two essays further provide empirical evidence of the US manufacturing industry to support the model implications.

本研究旨在探討公司治理與動態資本結構之間的關係，以及產品市場競爭對此關係的影響。 第一篇文章探討公司治理品質如何影響動態資本結構。本篇文章同時考慮負債的「接管防禦」與「懲罰」效果，對最適資本結構調整速度的影響。我們的實證結果發現，雖然低負債(underlevered)和高負債(overlevered)公司，皆呈現公司治理品質愈差，調整速度愈慢的結果，但原因並不相同。以低負債且弱治理的公司來說，因負債所扮演的懲罰角色帶來的成本，高於使用負債作為接管防禦工具所帶來的利益，因此公司傾向減少負債的使用，並以較緩慢的速度朝向目標資本結構調整。但就高負債弱治理的公司而言，因面臨較嚴重的接管威脅，為了驅逐潛在的掠奪者，公司選擇增加負債的使用，而不願調降其負債水準至目標值，因此也降低了資本結構的調整速度。 第二篇文章主要探討產品市場競爭在公司治理品質與動態資本結構關係中所扮演的角色。文獻中已有許多研究探討市場競爭對經理人的怠惰行為的影響。然而，到目前為止，仍然沒有文獻研究產品市場競爭程度的高低如何影響公司治理與資本結構調整速度之間的關係。我們的文章因此補足目前研究文獻不足之處。實證結果顯示，公司在競爭的狀態下，更願意以追求股東財富極大化為其目標，此舉也因此提升公司資本結構朝向最適目標值調整的速度。除此之外，我們的實證結果亦發現在一個高度市場競爭的環境下，弱治理與強治理公司之間調整速度的差距會縮小。 / This study contains two essays on the relationship between corporate governance on capital structure dynamics, and how production market competition affects this relation. Essay 1: Corporate Governance and the Dynamics of Capital Structure: New Evidences The effects of corporate governance on optimal capital structure choices have been well documented, though without offering empirical evidence about the impact of corporate governance quality on the adjustment speed toward an optimal capital structure. This study simultaneously considers two effects of debt originating from agency theory—the takeover defense and the disciplinary effects of debt—on the speed of adjustment to the optimal capital structure. Corporate governance has a distinct effect on the speed of capital structure adjustment: weak governance firms that are underlevered tend to adjust slowly to the optimal capital structure, because the costs of the disciplinary role of debt outweigh the benefits of using debt as a takeover defense tool. Although, overlevered weak governance firms also adjust slowly, they do so because they are reluctant to decrease their leverage toward the target level to deter potential raiders, especially if they face a serious takeover threat. Therefore, this study finds that both overlevered and underlevered firms with weak governance adjust slowly toward their target debt levels, though with different motivations. Essay 2: Corporate Governance, Product Market Competition, and Dynamic Capital Structure The importance of product market competition for analyzing managerial slack or the impact of corporate governance on capital structure decision has been widely discussed. However, prior studies pay little attention to center on the impact of market competition on the relationship between corporate governance quality and capital structure dynamics. This paper thus fills this gap in the literature. Our study finds that competition makes firms with weak governance have stronger incentive to maximize shareholders’ wealth and thus increase their adjustment speed toward their target leverage. Moreover, the difference in the adjustment speeds between weak and strong governance firms become smaller when firms operate in highly competitive industries.