網際網路的發展加上行動裝置的普及，導致人們觀看影音媒體的方式逐漸數位化，資策會2015年報告指出，72%台灣民眾每週至少觀看一次線上影音平台。4G時代的來臨，使得網路直播成為一種新應用，世界各地也逐漸興起一股網路直播平台的風潮，多數的直播平台雖然擁有很高的用戶流量，卻沒辦法成功的把這些用戶流量轉化為金流，高額的頻寬成本造成直播平台連年虧損。然而，Twitch卻能脫穎而出，以專攻遊戲直播市場，2015年營收高達13.6億美元，更被亞馬遜以9.7億美元將其收購。究竟直播平台應該如何獲利？如何驅動營收的成長？為本研究欲探討之問題。 本研究挑選專攻遊戲直播市場的Twitch 為個案，運用多邊市場結構的概念分析Twitch的獲利模式；運用社群遞增動態循環四構面-內容、忠誠、輪廓和交易活動，分析Twitch如何驅動營收成長。 本研究發現，Twitch多元的獲利模式依賴其平台所連接之多邊市場，並且對不同的市場採取不同的獲利模式。Twitch多元的獲利模式歸納為：訂閱、廣告和交易模式。另外，直播平台想要驅動營收的成長，則需專注於核心領域、提升平台內容質量和平台成員之忠誠度，才能夠有效驅動平台多元的營收成長。 / The way of people watching media are changing to digitalization. According to Taiwan Institution for Information Industry’s report in 2015, 72 percent of population in Taiwan watch media through online video platform at least one time in a week. Also, the fourth generation of mobile telecommunications technology (4G) makes the application of online streaming popular, which leads more and more online streaming platforms came out all over the world. In fact, many online streaming platforms are losing money year after year, due to the huge cost of the Internet Bandwidth and without a successful profit model to transform the high volume of users into revenue. However, Twitch, which focus on game live streaming market, are very successful nowadays. Twitch claims 43% of market share in the gaming content industry and earned $3.8 billion in 2015. Also, Twitch was bought by Amazon for $970 million in 2014. Therefore, this research chooses Twitch as a research target, and focus on analysis of Twitch’s profit model and how Twitch increases its revenue through theoretical method This research finds that Twitch’s successful profit model is due to its multi-markets. Twitch uses different profit strategies on different markets. Twitch’s multiple profit models can be categorized into Subscription, Advertising, and Transaction Models. In addition, Twitch increases its revenue by focusing on core market, increasing the quality of platform contents and the loyalty of platform users.

P2P個人網路借貸(Peer-to-Peer Lending)平台，即為媒合個人對個人借貸的網路平台；有閒置資金者，可透過網路平台，挑選自己願意資助的對象，將資金借給資金需求者，以獲得報酬；資金需求者，則可利用此網路平台，尋找願意提供資金者，以滿足借款需求。其中，借款利率由P2P借貸平台業者依據其計算方式評估訂定；因此，對投資人來說，P2P借貸平台成為另類的理財管道；對借款者來說，則成為新興的融資方式。2016年可說是台灣P2P網路借貸元年，LnB信用市集、鄉民貸等P2P借貸平台相繼成立，設計差異化的營運模式，提供台灣大眾新型態的借貸與投資服務。 本研究以個案式的實務分析及驗證，運用平台策略的相關理論為基礎，並以商業模式之要素作為分析架構，探討個案公司LnB信用市集、鄉民貸及FundPark創辦人創建平台時的動機與目標，如何增進平台參與者互動，替用戶解決問題，並共同創造價值。因此，本研究之研究問題總結如下： (一)台灣P2P借貸平台發展之可能性。 (二)個案公司P2P借貸平台營運模式於台灣發展遇到的問題及比較。 / The Peer-to-Peer lending platform (P2P lending platform will be used as the abbreviation in the following section) the practice of lending money to individuals through online services that match lenders with borrowers. Investors holding idle capital can choose the target on the website to lend money and gain higher returns; while the borrowers’ funding needs can be satisfied by the mechanism of the P2P lending platform. Thus, the P2P lending platform has transformed the traditional idea that finance has to be handled through financial institutions. The P2P lending industry in Taiwan have been developed since 2016, the first and second P2P lending companies: Lend & Borrow(LnB信用市集) , Lend(鄉民貸) were founded during 2015 and 2016, which were devoted to offering reasonable interest rates for lenders and borrowers. Based on the concept of platform strategy and the factors of business model, this study investigates the object and the motivation of the founders when they founded the P2P lending companies, and discusses how they increased the interaction of the players in the platform ecosystem, with the case study of P2P lending companies--Lend & Borrow(LnB信用市集) , Lend(鄉民貸) and FundPark. Therefore, the research questions of this study are as follows: 1.The practicability of the P2P lending platform in Taiwan. 2.The comparison of the business model, and the obstacles that the P2P lending companies faced in Taiwan.

資訊服務業為知識經濟下的代表性產業,其企業價值的創造可以說完全來自 於智慧資本的累積與影響,而對於台灣經濟而言,資訊服務業亦是新興的成長動 力來源。伴隨著網路科技的發達,近期資訊服務業中亦產生異於過去單方向進行 軟體開發及推廣的平台商業模式(Platform Business Model),舉凡電子商務、 線上遊戲、社群網站及通訊軟體皆在此範疇內,而根據 Chesbrough(2006)的開 放式創新理論,平台型企業是最能適應環境變化,亦能最快、最有效率達到創新 的公司,擁有更強的競爭優勢。 因此,本研究主要探討在資訊服務業中,平台型商業模式如何影響企業在智 慧資本上的投資,以及如何影響企業價值。本研究以台灣上市(櫃)資訊服務業 近 2012-2014 年的資料為樣本,利用追蹤資料迴歸模型(Panel Regression), 控制公司成長面、獲利面、風險面及公司規模,並固定年份所帶來的時間效果, 探討在產業當中平台商業模式對智慧資本投資以及企業價值的影響。 實證結果分為三個部分,(1)選擇平台作為商業模式,能帶來更高的企業價 值,並且顯著異於其他非平台資訊服務同業。(2)資訊服務業的關鍵智慧資本為 人力資本,然而資訊服務業中的平台模式更強調結構資本的重要性,相較之下非 平台的資訊服務同業在顧客資本的投資能帶來更高的企業價值。(3)對於平台模 式而言,人力資本與結構資本之交互作用,能為企業價值帶來顯著性的綜效,但 非平台模式在各個智慧資本間則沒有綜效產生。 / As a representative industry of knowledge economy, all the value creation of Information Service value is from the Intellectual Capital(IC). Besides, for the economy of Taiwan, the sector is also the new engine of economic growth. With the development of the Internet, information service industry in recent years has produced a different business model, transformed from “single direction software development” to “multi-sided market platform”, which included e-commerce, online games, social media and instant message service. According to the theory of Open Innovation by Chesbrough(2006), this kind of platform business is the most able to adapt to environmental changes, also the fastest, most efficient achieve innovative company, and has a stronger competitive advantage. This study focuses on the platform business model and IC of Information Service Industry, and tries to decode how platform business model affects investment in IC, and how it affects corporate value. The study collected the listed Taiwan Information Service companies in 2012-2014 for data sample, uses Panel Regression Model with the control of the company's growth, profitability, risk and size, and fixed the year Effect, to investigate the effects of the platform business model for IC investment and the impact on corporate value. The evidence can be divided into three sections: (1) In the industry, platform business model can lead to higher corporate value, which also significantly different from other internet information services peers; (2) Human Capital is key IC for Information Service Industry. However, platform business emphasizes more on the importance of Structural Capital, compared with other peers of the industry which investment of Customer Capital would lead to higher corporate value; (3)The interaction of Human Capital and Structural Capital can bring significant synergy on corporate value for platform business, compared with other peers of the industry which have no synergy between ICs on corporate value.