中文摘要 對於資本市場來說是外國公司的買賣價差的三個成分：逆選擇成分、交易成本成分及存貨成本成分相對於本國公司的買賣價差三成分構成有可能不同。 此篇論文中比較相同股票在不同市場所發行股票，其買賣價差三成分。根據本篇實證結果，相同一支股票在美國NYSE或是NASDAQ的逆選擇成分顯著的高於在TSEC發行的逆選擇成分，這暗指著資本市場中有很多不一樣的地方值得探討，像是流通貨幣的不同、或是法規治令的不同以及取得非公開資訊的難易程度也不同。另外，根據之前的研究的顯示，買單接著買單、賣單接著賣單的機率趨勢也很強，我們也發現了這種現象在TSEC很明顯，根據此篇論文的結論，這大部分的原因很可能是因為TSEC有「限價」規定的緣故。 / Abstract The three components, adverse selection component, order processing component and inventory holding cost, of companies which regarded as foreign companies in terms of the capital market are different from those in domestic capital market. In this paper, the adverse selection components of the stocks we choose in NYSE or NASDAQ are significant higher than those in TSEC. It implies the differences of capital markets, such as currency ,regulation and easy or not obtaining the private information of the company. Furthermore, similar to previous studies, there are strong tendencies for buys follow buys and sells follow sells. We find that the most part of proportion of order persistence derives from price limit in TSEC.

各國視生技產業為未來發展的關鍵產業，並積極推動各項政策，使生技產業能快速成長，而生技醫藥市場是促成全球生技產業成長的主要動力，為了增加我國的競爭力，希望藉由與鄰近國家醫藥產業的比較，能更了解台灣生技醫藥產業經營績效。 本研究採用Battese and Coelli (1995)隨機成本邊界法，針對2002-2007年間，日本、南韓、中國、印度與台灣等五個國家，共61家生技醫藥廠商進行實證分析，研究結果如下：(1)研發密集度增加使成本效率降低，五個國家裡，日本最具成本效率。(2)產業平均成本效率值為0.855，且有逐年惡化的趨勢。(3)整體產業平均處於遞增規模報酬階段。(4)整體而言，總要素生產力(TFP)的提升主要是因為規模成分的貢獻，其次為技術的進步，而技術效率變動率對TFP成長率為負影響。(5)各國間雖然TFP變動率不存在顯著性差異，但在規模成分、技術變動率與技術效率變動率等方面存在著顯著的差異。 / Many countries regard biotechnology as a key industry for the future development. Governments often implement a variety of policies to help it grow rapidly. The biotech pharmaceutical industry is the main momentum for the growth of the global biotech industry. The objective of this paper is to measure the productivity and efficiency of the industry among Asian countries, and investigates the sources of the performance changes, and then hope to give some insight into the enhancement of the industry’s productivity. To pursue our goal, we adopt Battese and Coelli’s (1995) stochastic frontier approach to assess 61 biotech pharmaceutical firms during 2002-2007. The main empirical results can be summarized as follows: (1) The R&D intensity is negatively related to cost efficiency; in five countries, Japan has the highest cost efficiency. (2) On average, the cost efficiency is about 0.86, and has become worsen year after year. (3)Most of time, the industry is characterized with the increasing returns to scale. (4) The growth of total factor productivity (TFP) is mainly attributed to the scale efficiency change, and technical progress accounts for a minor source. However, technical efficiency deteriorates over time. (5) Among countries, the TFP growth rates have no significant differences, but the components show apparent differences.

本研究的目的在於探討企業的財務結構決策是否攸關市場價值。根據加權平均資金成本與企業評價模式相關文獻基礎，產生下列三個假設：(1)資本結構與平均資金成本存有關聯性；(2)最適資本結構必須存在，以使平均資金成本達到最低；(3)平均資金成本與企業價值也存有關聯性。故本研究之實證議題探討：(1)平均資金成本與資本結構的關聯性以及最佳資本結構是否存在(2)加權平均資金成本、權益資金成本與企業價值的關聯性(3)資本結構與平均資金成本之關聯性對企業價值的影響。 本研究使用民國80年至88年台灣證交所股票上市公司作為樣本資料，主要的實證結果如下。財務結構與平均資金成本具有顯著的負向關係，故實證結果並不支持M-M 的槓桿無關論。在十八個產業中，大約半數的產業存在最適資本結構。此外，相對於平均資金成本而言，權益資金成本與股價報酬呈現顯著的負向關係，且具有較高的解釋力；這個結果強調了權益資金成本在解釋股價報酬上的重要性。 本研究亦發現，企業經理人無法透過財務結構的調整來極大化企業的價值，經理人應該考量其他方式來極大化公司的價值。 / The purpose of this thesis is to investigate whether financial structure decisions of a firm are relevant to its market value. Three assumptions underlie the literature on weighted average cost of capital and firm valuation models. First, the linkage exists between the capital structure and the average cost of capital. Second, in order to minimize the average cost of capital, the presence of optimal capital structure is required. And third, the relationship exists between the average cost of capital and firm values. The empirical issues explored in this thesis therefore include: (1) The relationship between the average cost of capital and the capital structure and the presence of optimal capital structure; (2) The association between weighted average cost of capital, cost of equity capital and firm values; and (3) The influence of capital structure-average cost of capital relationship on firm values. Using the listed companies on Taiwan Stock Exchange over the period of 1991 to 1999 as the sample, major empirical findings are as follows. The empirical evidence indicates that financial structure is significantly negatively associated with the average cost of capital, which in turn may imply the M-M leverage irrelevance proposition is not supported by the sample firms examined. About half of the 18 industries examined in this study suggest the presence of optimal capital structure. Furthermore, compared to the average cost of capital, the cost of equity capital is found to be significantly and negatively associated with stock returns and has better explanatory power. This emphasizes the importance of the cost of equity capital in interpreting the behavior of stock returns. In addition, this thesis also finds that managers’ influence of maximizing firms’values through adjusting their firms’financial structures is limited. Managers may have to find avenues other than financial structure decisions to maximize the values of their firms.

由人類學家所定義的互惠經濟之交易行為與我們所認知的市場交易相較之下有幾個特殊之處，如，強調交易雙方的關係、主觀的價值判斷等，近來經濟學家也嘗試以各種不同的角度（如：訊息經濟學、賽局理論、實驗經濟學、制度經濟學）來探討此一耐人尋味的交易行為， Kranton 的文章就是其中的一個代表。 Kranton 認為互惠經濟與市場經濟制度的差異僅是一些人們的心理偏好如：對財貨多樣性的偏好、對未來消費偏好上的程度大小之選擇問題，另外制度本身有一種「自我延續」的機能，任一種制度越被人們所青睞也就更確認其普行於社會的地位。他認為制度與制度之間存在著一種「競爭」的關係，社會最終只能容許一種制度存留，而結果取決於上述的偏好因素以及某制度開始時的起始值大小。 惟我們認為 Kranton 的模型有許多不完美之處，根據他的缺失，我們有了以下的補充及發揮。首先，從交易關係來瞭解交易行為，可以將兩種制度「互相競爭」的單一思考角度擴充到有「互補」可能性的思考空間。我們認為一項交易的完成不僅是客觀上財貨的交換，其他相關的事項如交易雙方藉由交易互動來達成訊息探測的目的及交易雙方的關係因為一連串的交易所發生的變化等都是值得我們注意的。我們會看見兩種不同的制度（互惠經濟與市場經濟）在同樣一項交易上運作乃是因為這兩種制度所詮釋的功能及範圍有所不同，彼此相互輔助而不一定有衝突發生。 第二、我們分別推演了「貨幣」、「法律制度」、「物品交換知識累積」等因素對互惠經濟轉變成市場經濟的可能性。我們發現「貨幣」的出現影響了因為以物易物所無法避免的一種「跨期交換」的人情債，但是貨幣也僅是影響其中一個「交易互動」的機會而已，新的互動機會可以不因為貨幣的出現而受到影響。法律制度對交易細節的強力背書，可省去交易雙方為了交易過程中可能發生的不確定性所額外必須做的「關係功夫」，但是真正令雙方滿意的交易仍需要交易當事者主動探尋求得。物品交換知識的累積代表人們將一些彼此之間的共識客觀成熟化，所以通常互惠經濟成熟後，市場經濟就會跟著出現。 最後我們認為「訊息」是互惠經濟能步入「市場經濟」的一個重要關鍵。一個人面對市場經濟多樣化的選擇時必須擁有充分的訊息作為選擇的依據，惟市場本身能衍生出另一種「訊息市場」來。在訊息提供上不僅要考慮到訊息的「廣度」也要考慮到「深度」，互惠經濟所形成的人際網路能透過「瞭解」的機制來傳遞及過濾「適當」的訊息，但是人際網路一樣會有「遞移成本」及「維護成本」的問題，另外訊息在消費上的不具敵對性會減低訊息市場上供給者的提供誘因，我們將以上的所有考慮因素具體化為一個簡單的模型，並試圖找出在訊息上提供上，互惠經濟與市場經濟之間的「分水嶺」。 / Reciprocal economy , compared to the familiar market economy,is characterized byseveral features such as gift giving,social structure patterns,subjective valuesRecently,economists try to explain such ambigious behavior by means of game theory, experimental methods,and institutional views.Kranton's paper is oneexample. From Kranton's point of view,reciprocal economy differs with market economyonly in poople's preferences such as preferences for diversity of goods,preferences for future consumption. In addition,institution itself has mechanisms of self-sustaining which guarantees its pervasion. That reciprocal economy is competitive with market economy means that only one institution can survivewhich is dependent on social preferences and institution's initial value. Not satisfied with Kranton's model, we try another way to handle the probleminto three parts. First,in views of transaction relationships,we may say that each institution'ssurvival is dependent on the other's persistence. Second, "money", "laws", and "transaction knowledge" are all important factors influncing the transition from reciprocal economy to market economy.Third,"information completeness "is a key factor of the market economy and the provision of information is another choice problem between reciprocal economy and market economy.

TFT-LCD（薄膜電晶體液晶顯示器）是台灣全力發展的重點產業。TFT-LCD 產業特徵是專業分工產業，LCD產業價值鏈可分成上游材料廠商、中游面板廠商、下游應用廠商。主要的上游零件及材料包括玻璃基板(glass substrate)、彩色濾光片(color filter)、偏光板/膜(polarizer)、背光模組(backlight module)、驅動IC(Driver IC)、配向膜(alignment layer)。 LCD面板生產所需要的這些原材料占面板生產總成本的70％以上。對面板製造商來說，透過整合減少成本成為一個重要的議題。許多面板的關鍵零組件是設計導入(design in)的產品，對於面板設計，需要配合製造商的要求和規格。所以面板廠商和關鍵零組件廠商之間的快速溝通和反應是非常重要。 目前部分材料是從國外進口的，其中配向膜是日商擁有90%的市佔率。雖然LCD面板成本結構中的比重不高，但是液晶配向膜是決定液晶顯示器面板品質的關鍵材料。主要的配向膜廠商分別是日產化學和JSR。雙方都是日商的化學公司。JSR是2005年投入台灣市場，設立JSRmicro(台灣捷時雅邁科股份有限公司)，日產化學則是2010年才進入台灣市場。而且日產化學是液晶配向膜的先鋒者，10年前的市占率大約80%，但是今年降低到50%。日產化學進來台灣時，透過日系綜合商社來交易。而JSR在台灣則是透過台灣的中間商(華立通路商)來交易。 本研究以日系液晶顯示器關鍵材料配向膜廠商「台灣日產化學」為實例，進行專業訪談。探討台灣日產化學之中游面板廠商的產業鏈，並希望運用邱志聖(2010)之策略行銷4C架構分析，進行深入探討日產化學在台灣市場中，如何降低台灣LCD面板廠商的交易成本包含外顯單位效益成本、資訊搜尋成本、道德危機成本、專屬陷入成本，進而了解此公司的競爭優勢，繼而進行跟競爭對手的4C成本比較分析，提供個案公司建議。 本研究目的為了解： 1.日產化學跟客戶之間的4C關係 2.日產化學與通路商之間的關係 3.日產化學跟競爭對手(JSR)的作法比較 研究結果發現： 1.中間商的選擇、數量、提供的產品種類多寡，以及中間商提供的服務都會影響到日產化學對面板廠商的交易成本。 2.相同產業內供應商提供的產品種類多寡會影響到對面板廠商以及中間商的交易成本。 3.製造商之知名度的高低會影響到中間商的選擇權力。 / TFT-LCD (thin film transistor liquid crystal display) is one of the key industries in Taiwan. TFT-LCD industry is characterized as a specialization industry. The LCD industry value chain can be divided into upstream materials manufacturers, the midstream panel manufacturers, and downstream application vendors. Upstream material parts include glass substrate, color filter, polarizer film, backlight module, the driver IC, and alignment layer. These essential components needed in LCD panel production account for more than 70% of the total cost in panel production. Therefore an important issue for panel makers is to reduce costs through integration. As many of the key components of the panel is the “design in product”, which need to be designed according to manufacturer's requirements and specifications, rapid communication and response between panel manufacturers and key components manufacturers is very important. Some materials are imported from abroad; Japanese companies have 90% market share in the alignment film market. Although the proportion of the cost structure of the LCD panel is not high, but the alignment layer is the key material to determine the quality of liquid crystal display panel. Two main alignment film makers are Nissan Chemical and JSR. They both are Japanese chemical companies. JSR devotes into Taiwanese market in 2005, and established JSRmicro. Nissan Chemical started its business in Taiwan at 2010, by establishing Taiwan Nissan Chemical. Nissan Chemical is the pioneer in liquid crystal alignment film and once had approximately 80 percent of market share 10 years ago, but it has declined to 50% as of now. Nissan Chemical transact through Japanese Sogo Shosha in Taiwai. JSR transact through Taiwanese intermediaries (Wahlee distributor) in Taiwan. In this study, Japanese liquid crystal alignment layer manufacturer Taiwan Nissan Chemical were professionally interviewed, then explored between Taiwan Nissan Chemical and the panel manufacturers’ industry chain. This study will also apply strategic marketing 4C framework for analysis, then conduct an in-depth investigation on how Taiwan Nissan Chemical reduces transaction costs for Taiwan LCD panel manufacturers, illustrate the company's competitive advantage through the transaction costs analysis, including buyer utility cost, information searching cost, moral hazard cost, and asset specificity cost, and lastly compare with the competitor’s transaction cost. The purposes of this research are: 1. The 4C relationship between Nissan Chemical and the client 2. The relationship between Nissan chemical and the distributors 3. The 4C comparison between Nissan Chemical and the competitor (JSR) The results of study show that: 1. A choice of intermediaries, the number of intermediaries, the number of product that intermediaries offer, and the services intermediaries provide will affect the transaction costs of Nissan Chemical for panel makers. 2. The product range provided by the suppliers within the same industry would affect the transaction costs of panel makers and intermediaries, 3. The well-known level of the manufacturer will affect the power of choice for intermediaries.

我國庫藏股制度於民國八十九年開始實施，當上市櫃公司宣告買回庫藏股後，造成了公司資產的重分配，其股東、債權人等利害關係人會以預期心理來評估自身權益所受到的影響，並將其反應在所要求的必要報酬率上，因此公司對股東所負擔的權益資金成本及對債權人所負擔的負債資金成本都將產生變動。 當公司宣告買回庫藏股後，實證結果顯示：(1)其負債資金成本將上升，而權益資金成本將會下降。(2)預定買回股份佔資本比愈大時，其負債資金成本增加愈多。(3)買回前獲利能力之不同，並未發現其會對宣告買回公司之負債資金成本有顯著影響。(4)依目的三買回將使該公司負債資金成本增加數小於依目的一或目的二買回之負債資金成本增加數、並使權益資金成本減少數大於依目的一或目的二買回之權益資金成本減少數。(5)公司內部人持股比率於宣告前一年淨增加愈多則權益資金成本降低程度愈大。(6)資訊愈對稱的公司其權益資金成本下降的程度愈少。 / Share repurchase system was formally implemented in Taiwan in 2000 , when the TSEC & OTC listed companies announce that they will repurchase shares , it changes the composition of assets held by the firm , revising the ownership proportions of each of their shareholders and interests of each of their creditors. Thus, their cost of equity capital and debt capital may change . When companies announce to repurchase shares , results show that : (1)their cost of debt capital will increase and their cost of equity capital will decrease. (2)the more percentage of shares companies expect to repurchase , the more their cost of debt capital increase. (3)the different profitability before announcement has no significant effect to companies’ cost of debt capital. (4)repurchase in order to conserve companies’ credibility and shareholders’ equity will increase less cost of debt capital and decrease more cost of equity capital than that in order to reach other two purposes .(5) the more increase of percentage of shares companies’ insiders’ hold before announce, the more their cost of equity capital decrease. (6) the more symmetrical information companies obtain , the less their cost of equity capital decrease.

本研究旨在分析影響自住型預售屋客戶滿意度的關鍵因素及探討有效提高自住型預售屋客戶滿意度的作法。內容主要分成三個部份：第一、從過去的文獻中探討顧客滿意度的定義，並在房地產市場中找出能夠有效提升顧客滿意度的方式；第二、以需求為導向，藉由H建設公司的問卷調查資料中，分析出能夠有效影響自住型預售屋客戶滿意度的關鍵因素；第三、以策略行銷分析的觀點探討能夠有效提升上述關鍵因素的作法。 研究結果指出，經由因素分析萃取出的「重視外觀與設計」、「重視交易過程的觀感」、「重視基本設備的品質」、「重視事後相關服務承諾的兌現」以及「重視高檔周邊設備」等五個潛在因子中，交易過程的觀感對於四個評估客戶滿意度的影響最為顯著，其次則為事後服務承諾的兌現和外觀與設計。根據邱志聖 (2010)之策略行銷架構，業者若要有效提高現今顧客的滿意度，首先要注重的就是外顯單位效益成本以及道德危機成本的改善。 最後，本研究依據策略行銷分析架構所整理出的研究結論，提出了若干實務操作上之建議，以改善自住型預售屋客戶的外顯單位效益成本與道德危機成本，使得顧客滿意度能夠達到有效的提升。 / This study aims to analyze the impact of the key factors of self-used presale house customer satisfaction and to find out effective ways to improve self-used presale house customer satisfaction. The context would mainly be divided into three parts: first, to discuss the definition of customer satisfaction from the literature from the past, and to find out that the real estate market can effectively improve the way of customer satisfaction; Second, the demand-driven by one construction company in the questionnaire survey data, the analysis can effectively influence the key factors of self-used presale house customer satisfaction; third, use the analysis of strategic marketing point of view to discuss these key factors which can effectively enhance the practice. The study results indicate the following five potential factors which are "pay attention to the appearance and design" extracted by factor analysis, "pay attention to the feeling of the transaction process, "pay attention to the quality of basic equipment", "great importance after the related services promised to honor" and "emphasis on high-end peripherals.". The perception of the transaction process for the four assessment of the impact of customer satisfaction, the most significant, followed by subsequent pledge to honor, as well as appearance and design. According to Pro.Jyh-Shen Chiou (2010), strategic marketing framework, if the industry expects to improve current customer satisfaction, the most two important things are to pay attention to C1（buyer cost/buyer utility）and C3（the cost of moral hazard）. Finally, the basis of the research is to use strategic marketing analysis framework to sort out the conclusions of the study. Furthermore, it presents a number of practical operating recommendations to improve the effectiveness of self-used presale house customer's buyer cost/buyer utility and the cost of moral hazard, making customer satisfaction can achieve effective upgrade.

本文引用Zhang(1996)和Suen and Yip(2005)提出的貨幣具有降低交易成本的特性，建構封閉經濟體的貨幣內生成長模型，分別探討在投資有或沒有調整成本的情況下，政府採取釘住通貨膨脹目標政策對於經濟成長的影響，以及經濟體系的安定性。 本文的結論可以歸納為：(1)當投資不具有調整成本時，政府調高目標通膨率會使得經濟成長率下降，且經濟體系呈現確定性；(2)當投資調整成本時，政府調高目標通膨率也會使得經濟成長率下降，但經濟體系卻呈現不確定性。 / This thesis sets up a monetary endogenous growth model for a closed economy, in which monetary authorities implement a monetary policy of inflation rate targeting. The main feature of the model is that, in line with Zhang (1996) and Suen and Yip (2005), money plays a role to facilitate transactions of output, and hence holding money can lower the transaction cost. This thesis then uses the model to investigate whether the economy’s growth rate and the dynamic stability are closely related to the implementation of inflation rate targeting. Two main findings emerge from the analysis. First, when investment does not involve adjustment costs, a rise in the inflation rate lowers the balanced economic growth rate and the equilibrium is characterized by local determinacy. Second, when investment involves adjustment costs, a rise in the inflation rate lowers the economic growth rate and the equilibrium is featured with local indeterminacy.

近年來，台灣有不少自創化妝品牌逐漸做出口碑，不但在本土市場廣受消費者的青睞，在海外市場也擁有眾多粉絲，還成為出口亮眼的隱形冠軍，尤其是面膜，更與鳳梨酥、茶葉等產品並列觀光客來台灣必買的伴手禮。 台灣一直以來都擁有扎實的製造能力，但卻常常淪為價值鏈最低的代工階段，然而，在眾多崛起本土保養品牌當中，卻有一個品牌能在法國的美妝通路上架，並且成為法國市佔率第一名面膜品牌，便是來自臺灣的TT面膜。 藉由探討TT面膜可以得知，品牌歷經了電視購物台時期的興衰、品牌轉型的陣痛期、貴人相助的轉捩點以及最後由國外紅回台灣以後的通路操作選擇，在每個時期都碰到不同的問題，透過每一個挫折的成長才有今日的成就，TT面膜靠著不落入價格戰的拓展決心走出台灣、接軌國際，透過提昇產品效益來降低外顯成本，爾後陸續增設的國際優良規範 ISO22716規格廠房、無塵室以及頂尖實驗室的有效性數據報告和產品資訊檔案等獨特能力削弱了原本很高的道德危機成本，在努力多年後，成功打敗眾多品牌取得法國上架的機會，更是一舉打開了品牌知名度，將資訊搜尋成本降到最低，最後靠著有趣、有靈魂的社群行銷能力緊緊抓住消費者的心，打造和粉絲間的專屬陷入成本，成功建立行銷4C架構，成為在全球40幾個國家上架的MIT面膜領導品牌。

近年來，服務業佔據台灣的 GDP 比例已超過一半以上，成為支撐台灣經濟的重要支柱。隨著服務業競爭越來越激烈，許多企業尋求提高顧客忠誠度以創造並維持其競爭優勢。 從 20 世紀末開始，許多針對轉換成本的研究都證明了轉換成本是影響顧客忠誠度的重要原因之一，轉換成本可分為主構陎和次構陎，主構陎分別是程序性轉換成本、財務類轉換成本與關係類轉換成本，而主構陎之下又可分為八個次構陎。在提高顧客忠誠度上，此八個次構陎可歸納為正向轉換成本與負向轉向成本，而這兩種轉換成本又分別影響著組成顧客忠誠度中不同的因子。本研究運用轉換成本與顧客忠誠度作為研究框架，並選定台灣服務業中具有代表性的企業作為研究對象，透過文獻、深度訪談、線上資料收集等方式收集資料，整理出個案公司執行轉換成本的方式後，透過檢視其執行方法提出參考建議以提高顧客忠誠度。 本研究訪談來自零售業與餐飲業的三家台灣本土龍頭企業，透過訪談了解企業在轉換成本上的實務做法，並經由受訪者了解受訪企業顧客在再購意願、主動推薦和價格容忍度上相較於競爭對手的比較。 在分析企業的轉換成本執行與其顧客忠誠度以後，本研究發現，個案企業在顧客忠誠度上皆有進步的空間。而在影響顧客忠誠度的正負向轉換成本中，個案企業都應以正向轉換成本的執行作為提高顧客忠誠度的方法，因此本研究在給予個案企業的建議上以正向轉換成本為主軸。 最後，本研究也歸納出以下研究發現：1.個案研究企業著重於經濟風險成本的建置 2.個案研究企業認為評估成本非首要考量 3.個案研究企業皆未使用金錢性損失 成本 4.個案研究企業皆認為流動率影響個人關係損失成本的建立 5.關係類轉換成本 與服務-產品連續性有關 6.個案研究企業在三大類轉換成本上皆有著墨。