「獨立董事與獨立監察人制度」對我國而言，為一種因法規強制要求而產生的新現象。2002年2月時，在台灣證券交易所股份有限公司及財團法人中華民國證券櫃臺買賣中心等單位的努力下，正式引進「獨立董事與獨立監察人制度」，規定自2002年2月22日起新申請上市上櫃的公司，需設置獨立董事至少二人，及獨立監察人至少一人，期望以此制度革除積習已久的公司治理弊端。 本研究自選任獨立董事及監察人之事前與事後，從選任席次、素質差異、專業背景差異檢視聘僱事前公司是否有特殊考量，並進一步從盈餘管理的角度，檢視選任事後獨立董事與監察人之預期功能是否對企業整體發揮實際之效用。 實證結果支持本研究認為因監察人得以單獨行使職權，故獨立監察人實際選任席次超過最低法定門檻之比例確實較獨立董事實際選任席次超過最低法定門檻的比例高，且企業所選任的獨立董監素質，因企業之規模大小不同而有顯著差異，另外，亦發現企業確實會考量職能別的差異，進而聘僱不同專業背景之專家。最後，關於獨立董事與獨立監察人在監督管理當局從事盈餘管理行為時之作用部分，未獲得實證結果支持，推測原因，可能係因我國企業於設置獨立董事與監察人後，僅將其視為專業地位崇高的「名譽」董事與監察人，但並未賦予其監督的實際權力，因而造成獨立董事與監察人未能涉入企業核心，致使其無法發揮監督管理當局之預期功能所導致。 / The institution of independent directors and independent supervisors is a new phenomenon arisen from forced enactment made by Taiwan Stock Exchange Corporation and Gretai Securities Market on February 22, 2002. It claims all new listed corporations to employ at least 2 independent directors and 1 independent supervisor in order to enhance corporate governance in Taiwan. This thesis examines if enterprises have special considerations when employ independent directors and independent supervisors from the viewpoints of actual numbers, grade level and governance expertise. Furthermore, this thesis also examines the actual contributions of them to reduce the earnings management behaviors. Consistent with our hypothesis that due to the different way to oversee the management, this thesis finds that besides achieving the minimum standard threshold, it is more likely for an enterprise to employ much more independent supervisors than independent directors. Moreover, empirical results support that the bigger size of the company, the better independent directors and independent supervisors it will employ. Additionally, this study also finds that corporation will employ different kinds of experts owing to the different functions between independent directors and independent supervisors. Finally, as for reducing earnings management behaviors, this study can’t offer proper evidences. It may result from that enterprise views independent directors and independent supervisors as “reputable” experts, so they can’t have actual power to oversee managements. In other words, independent directors and independent supervisors can’t exercise the role well because of lacking actual power.

本研究以交易成本理論與關鍵成功要素之觀念架構，對廣告代理商進行深度訪談，探討廣告代理商為廣告主企劃、執行廣告活動的過程中，為廣告主產生之交易成本、解決之方法，以及歸納廣告代理商之關鍵成功要素。 本研究對四家廣告代理商進行深度訪談，個案客戶跨及消費品、食品與行動通訊商品，結果發現：不同類型之合作關係會導致不同之交易成本；代理商與客戶互動造成之交易成本以協商與監督成本為主；知識基礎差異是雙方互動不良的主要因素；對消費者之了解、精準的策略、有效的創意與優秀的員工為廣告代理商共同之關鍵成功要素。 本研究並對實務界提出以下建議：廣告主與廣告代理商應致力於發展長期關係；在爭取客戶之措施中加入降低搜尋成本之方案；勿使用單一化只廣告效果衡量指標；廣告主應與廣告代理商一同建構廣告效果衡量模式；廣告代理商應致力於提升廣告主之廣告拍攝知識；變動性較高的產業應減少長期計畫制定之時間；人事決策應尊重專業、傾聽中低階工作者之心聲；廣告主應與代理商建立夥伴關係，並以廣告效果做為獎勵標準；廣告代理商應致力於建構、維持一致而穩定的價值信念。

i. 本論文在第一章緒論將介紹研究動機、研究目的、研究範疇及 研究對象。 ii. 第二章將介紹本論文之行銷分析理論。 iii. 第三章將自總體環境、國內證券投資信託產業現況及採用「STP」理 論進行國內證券投資信託業之市場分析。 iv. 第四章將採用「行銷4P」理論說明國內證券投資信託基金及基金市 場現況。 v. 第五章~第八章將分別透過「交易成本4C」理論，逐項檢驗本土與外 資證券投資信託業者在國內基金市場之競爭優劣勢。 第九章將歸納整理第四章~第八章本土與外資證券投資信託業者在國內基金市場之4P與4C競爭分析及建議。

非營利組織(Nonprofit Organizations，簡稱NPO)近年來在國內外蓬勃發展，在某些重要議題，儼然成為社會良心與進步的另一主要推動力。由於大部分的NPO無所謂的財務利潤底線與市場機制，以及缺乏有效的管理辦法，其經營管理很容易出現無效率的狀況，加上大環境急劇變化所帶來的挑戰，是以NPO比營利事業更需要好的管理制度(Drucker，1990)。 『平衡計分卡』(The Balanced Scorecard，簡稱BSC)是一在歐美企業、政府部門、NPO應用多年，且已有許多成功案例的整合性策略管理系統與績效評量工具，其功能足以協助組織整合資源，聚焦策略，以及落實策略，具體改善組織的績效表現。本研究以國內的陽光社會福利基金會為研究對象，設計一含括策略形成、策略規劃到策略執行的BSC應用架構及模式。以下為本研究的發現﹕ 一、在策略形成方面﹕NPO從使命出發，結合BSC SWOT與波特等的策略理論，可協助組織從最重要的四個管理構面上，找出發展的最佳策略。這些策略內容涵蓋最重要的利益關係人，以及營運成功必需考量的完整構面，並具有明確的策略假設與立論邏輯，有助策略的澄清、檢討、改進。 二、在執行策略的規劃方面﹕BSC提供一個完整的策略執行架構，整個架構涵蓋落實策略所有必備的策略元件與管理構面，並以因果邏輯關係互相連結，容易驗證、檢討、與作策略改進，可延伸至員工日常的作業活動，故具有高度的完整性、平衡性、和可行性。大幅度增加NPO策略執行成功的機會。 三、在BSC的應用方面﹕BSC與『作業基礎成本系統』(簡稱ABC)在策略的執行上有互補的功能，BSC提供大的策略與流程架構，ABC則提供正確即時的基礎作業資訊，作為驗證成效以及決策改善的依據。兩者的結合運用，可促成陽光『營運績效』之提升與『資源』之有效運用。 本研究嘗試為非營利部門設計一套BSC的應用模式，希望協助NPO將崇高的理想經由BSC落實，彌補NPO長期以來執行經營較弱的一環。 關鍵詞﹕非營利組織、平衡計分卡、營運績效、作業基礎成本系統 / Nonprofit Organizations, abbreviated as NPO, have been developed vigorously throughout the world in recent years. On such issues as Environmental Protection, Aid to Minority Groups, Education & Culture, Health Caring, and Spiritual Purification, NPO no doubt has become one of the most important driving forces to promote social conscience and the society progressing. Most of the NPO neither have the so-called bottom line on financial profits nor have the market mechanism, plus the lack of proper managerial tools, which easily leads an inefficient result. NPO, like many for-profit organizations are facing many severe challenges from the rapid changes in environment. As Dr. Peter Drucker concluded, it is even more necessary for NPO to have a better managerial system than Profit Organization has (Drucker, 1990). The Balanced Scorecard (abbreviated as BSC) has been implemented into big conglomerates, public sectors, and NPO in Europe and USA for many years, and proved to be a powerful integrating tool for strategic management and performance measurement system through many successful cases. BSC could help the organizations to focus the resources on strategy and execute the strategy properly to enhance the performance of the organizations. This research will design a BSC implementing model for a mid-size NPO, Taiwan Sunshine Welfare Foundation. The model will include strategy formation, planning, and executing. The findings from this research are as follows: 1. The strategic formation: Based on mission, the BSC SWOT and the strategic theories could be great tools for NPO to find out the best and workable strategies in the most important perspectives. These strategies will cover all the important stakeholders and a complete framework that is essential to success. Precise assumptions and logical argumentations characterize the nature of this strategy formation, which could support the clarification and review of strategies as well as the strategic learning. 2. The planning of strategies execution: The framework provided by BSC covers all the necessary elements and managing perspectives required for the successful execution of strategies. These strategic elements are connected each other with logical and cause-and effect relations, so they are easy to be verified, examined, and improved. Having been transferred to the daily activities of the employees, the strategies have great workability as well. 3. The application of BSC: Function-wise, the BSC complements with Activity-Based Costing, abbreviated as ABC, on the execution of strategies. While BSC establishes major execution framework, ABC provides accurate and in-time fundamental information from operation to verify the results of the strategies and improve the decision-making. The integration of these two tools could enhance Sunshine’s operational performance and the outcome of resources. This research has attempted to design an application model for NPO to implement BSC, and expects to assist NPO in transferring the great ideas to a real success and compensate the long-existed weakness in NPO operation. Key words: Nonprofit Organizations, Balanced Scorecard, operational performance, Activity-Based Costing

董監事會為公司治理之核心，本研究以民國87年至民國91年為研究期間，針對我國上市公司探討董監事會特性與權益資金成本之關聯性，而不同於以往國內有關估計權益資金成本的方法，本研究以Ohlson模型來設算權益資金成本。實證結果顯示： 1.董監事會成員持股比率與企業權益資金成本率之關係並不顯著，若觀測兩者間是否存有非線性關係，本研究亦未發現兩者間的不顯著關係是由非線性因素所造成。 2.複迴歸分析顯示，董監事會持股質押比與權益資金成本之關係並不顯著，若進一步區分全體樣本為正、負盈餘樣本，則發現在負盈餘樣本中，董監事會持股質押比與企業權益資金成本呈現顯著正向關係；另外，若以Panel Data分析，本研究則發現在電子業中董監事持股質押比與權益資金成本始呈現正相關。 3.公司是否聘任獨立董監與權益資金成本之關係並不顯著，且不論是在有聘任或無聘任獨立董監之樣本間，或是在自願性聘任與強制性聘任獨立董監之樣本間，其權益資金成本並無明顯的差異。 / This study examines the relations between characteristic of board of directors and supervisors and cost of equity capital. It is unlike previous research to use capital assets pricing model（CAPM）, this research adopts an alternative technique for estimating the cost of equity capital. Specifically, we use Ohlson (1995) model to generate a market implied cost of capital. Our samples consist of all public companies listed on the Taiwan Stock Exchange Corporate over 5 years period 1998-2002. The empirical results are as follows: 1.There is no significant negative relation between the ratio of the stock held by the board and supervisors and the cost of equity capital. Moreover, we don’t find this relation caused by nonlinear specification. 2.There is no significant positive relation between the pledged share ratio of the board and supervisors and the cost of equity capital. When the entire samples are divided into the sub-samples of firms experiencing losses and others, the existence of the positive relationship is found only in the firms experiencing losses. In addition, the relation is further proved in the electronic industry when adopting panel data analysis. 3.There is no significant reverse relation between the independent directors and supervisors and the cost of equity capital. And there is also no significant difference in the cost of equity capital between companies with implementing the independent directors and supervisors and those without implementing the regulation.

本文著重在探討現股放空限制與交易成本對期貨錯價之影響。以門檻自我迴歸與續航門檻自我迴歸模型分析期貨錯價之非線性過程，我們發現錯價有回歸平均(mean reversion)的現象。當期貨錯價為正時(套利策略為買現貨賣期貨)，交易量對錯價影響為負；但若期貨錯價為負(套利策略為賣現貨買期貨)，考慮到昂貴的放空成本(costly short sell hypothesis)，交易量對錯價的影響將是較不明確的。 / This article highlights the impact of short selling restrictions and trading costs on the relation on futures mispricing error. Within threshold autoregression model (TAR) and momentum threshold autoregressive model (M-TAR), the influence of optimal arbitrage trading on the mispricing is analyzed. Results concerning trading volume and level, mean reversion in mispricing error, and the model which describes mispricing process better. The empirical evidence suggests that trading costs and short selling costs are influential factors for the mispricing behavior. Moreover, the futures trading volume affects mispricing level significantly.

民國89年12月13日公布的「教育經費編列與管理法」，不但重新訂定保障政府教育經費額度的條文，並建構了迥異於以往的教育經費編列與分配模式，本研究之目的在檢證該法實施前後不同分配模式下，國民教育經費分配的公平性與適足性。 本研究由公共資源分配的理論出發，探討分配正義的議題，並涉及府際間財政收支與移轉支付體系，以及教育經費補助法制化、公式化的相關學理與實徵研究，以建構本研究之理論基礎，並據以發展立論各異的國民教育經費分配模式。 本研究依循 Berne與Stiefel（1984, 1999）及 Odden與Picus （2004）所發展之概念架構，取87至92會計年度間各相關之財政、教育年報及會議資料進行分析，所採用之衡量量數，計有McLoone指數、Verstegen指數、Gini係數、相關係數、斜率、調整關係量數，以及Odden-Picus適足性指數等；此外，本研究轉換美國各學區採行的補助公式，發展定額模式、基準模式、百分比均等化模式、保障稅基模式、統籌統支模式及結合模式等六個分配模式，以92會計年度的數據資料，檢證並比較不同分配模型間所能達成的公平性與適足性。 本研究主要發現如下： 一、法定模式所達成的政策效果，與美國基準方案相類似。 二、依法定模式編列之國民教育預算，與縣市實際需求仍有落差。 三、法定模式編列一般教育補助，尚能考量到地方的財政能力。 四、不同縣市間國民教育成本指數有相當的差距。 五、就不同年度間的比較而言，教育經費編列與管理法實施後各年度國民教育經費分配達成公平性及適足性的程度較高。 六、就不同模式間的比較而言，法定模式的國民教育經費分配與仍有改進的空間，以更符合公平性及適足性的原則。 依據研究發現，本研究提出對現行國民教育經費分配模式及相關研究之建議： 一、釐清國民教育經費基本需求的成分與單位額度。 二、法定模式的估算應擴大地方政府參與，以適時反應實際需求。 三、法定模式的估算應納入激勵縣市教育財稅努力的因素。 四、發展國民教育成本指數及並建立經費適足標準。 五、對國民教育經費分配的公平性與適足性，進行長期性的評估。 六、依據公平性與適足性原則，修正法定分配模式。 七、配合財政收支劃分法的修訂，調整法定分配模式。 / The Compilation and Administration of Education Expenditures Act (CAEEA) was signed into law by president on December 13, 2000. The new law was an attempt by the legislature to set a minimum guaranteed funding rate for educational budgeting, and to be more equitably and adequately distribute funds for education. The purpose of this study was to analyze how different funding models affect the equitable and adequate distribution of funds for compulsory education. The theoretical and empirical literatures were thus analyzed in this study, including the issues related to public resources allocation, distributive justice, intergovernmental fiscal relations, and school finance formulas. The conceptual framework developed by Berne and Stiefel (1984, 1999) and Odden and Picus (2004) served as the basis for defining and measuring the degree of equalization and adequacy of the financial system. The financial and educational data incorporated into this study have been taken from MOE's and MOF's annual reports and meeting records from 1998 to 2003. A series of measures were selected for assessing equity and adequacy in school finance, including the McLoone index, Verstegen index, Gini coefficient, correlation coefficient, slope, adjusted relationship measure, and the Odden-Picus adequacy index. In addition, in this study the school funding formulas that the various states continue to use to distribute education funds to local school districts in the USA were converted into six different funding models: a Flat Grants Model, Foundation Model, Percentage Equalization Model, Guaranteed Tax Base Model, Full Centralized Funding Model, and Tier Model. This was in order to determine the extent to which these models have improved the equity and adequacy of the system for funding compulsory education. The findings from the data analysis were as follows: (1) The CAEEA Funding Model and Foundation Model have the same impact, as far as policy is concerned, on fiscal equity and adequacy; (2) the results of budget preparation using the CAEEA Funding Model are not commensurate with the needs of counties and cities; (3) in the distribution of general education subsidies, some measure of local fiscal capabilities must be taken into consideration; (4) there is a noticeable difference in the cost of education indices for counties and cities; (5) The full funding and implementation of the CAEEA Funding Model has a positive impact on fiscal equity and adequacy; (6) it is necessary to reform the CAEEA Funding Model in order to satisfy the conditions of equity and adequacy. Based on the policy implications of these findings, it was recommended that: (1) The basic needs of education expenditures be formulated precisely in terms of composition and unit volume; (2) the CAEEA Funding Model be extended to involve local opinions, so as to take into consideration the local educational demands; (3) incentive factors be incorporated into the CAEEA Funding Model, in order to increase the local tax effort; (4) a cost of education index be developed and the adequacy level be identified; (5) a long-term assessment of the equity and adequacy of funding allocation be undertaken; (6) the CAEEA Funding Model be improved according to the principles of equity and adequacy; (7) the CAEEA Funding Model be adjusted to meet the revised provisions of the Act Governing the Allocation of Government Revenues and Expenditures.

本研究定位為探索性(exploratory)研究，所欲探討的問題為「組織中人際信任之形成」。其中包含組織中人際信任如何形成？組織中人際信任在何種系絡(context)下形成？以及組織中人際信任在其所處的系絡中形成之後，呈現出什麼風貌？研究目的在於理解人際信任形成之過程，組織系絡對於形成組織成員之間的信任之影響，以及有助於組織建立適當的人際信任。 本研究從個人與系絡的層次上探討組織中人際信任的形成，理論基礎為社會交換理論與交易成本理論。首先，由人際信任的形成開始探究，討論人際信任形成的過程，而後導出一個人際信任形成的概念架構；其次，將人際信任的形成置於組織成員的人際系絡下探討，藉由理論基礎以發掘出人際信任的型式，並透過探討組織中人際系絡的影響，以說明組織中人際信任所形成的各種型式；最後，於結論中提出本研究的發現：組織中人際信任的形成過程分為預設、預測、及評估三階段，組織中人際信任的形成受到權威系絡與關係系絡的影響，不同的行動值預測導致相異的信任程度，組織中人際信任具有移轉性，且據此提示管理者、一般組織成員、以及人力資源實務工作者，有關組織中人際信任形成所帶來的啟示。 / Designed as an exploratory study, this study attempted exploring the formation of interpersonal trust within organizations, including how and which context is interpersonal trust within organizations formed, and what is it after being formed. The purposes of the study were to realize the process of forming interpersonal trust within organizations, the influence of forming trust within organizational members in organizational contexts, and to wish to be useful to built appropriate interpersonal trust within organizations. The study based on social exchange theory and transaction costs theory explored the formation of interpersonal trust within organizations at individual and contextual level. At first, the study discussed the formation of interpersonal trust , which put emphasis on the process of forming interpersonal trust, and thereby evolve into a conceptual framework of forming interpersonal trust. Moreover, the formation of interpersonal trust were discussed in interpersonal contexts within organizational members, found four types of interpersonal trust through literature review, and then examine types of interpersonal trust within organizations with discussing the influence of interpersonal contexts within organizations. In conclusion, the findings of the study were that (1) presumption , prediction, and evaluation consist of the forming process of interpersonal trust within organizations, (2) guanxi and authority contexts affect the forming process of interpersonal trust within organizations, (3) different action predictions lead to different levels of trust, and (4) interpersonal trust within organizations can be transferred to another specific organizational member. Besides, it had implications for supervisors, usual organizational members, and HR workers.

本研究引用Myers and Read(2001)邊際違約價值相等原則進行資本配置。以金融控股公司為對象，考慮市場資產及負債，將金融控股公司各子公司資產負債之加總。利用Margrabe(1978)交換選擇權評價模型計算違約價值，推導各子公司邊際違約價值公式，利用邊際違約價值相等計算資本配置。由Cummins and Phillips(2005)估計產險公司各個險種之資本成本，利用CAPM及Fama-French三因子模型估算beta值，估計充分資訊下各子公司beta值與資本成本，最終利用風險調整報酬(RAROC)比較配置資本報酬與資本成本，進行績效評估。

都市更新條例於民國87年11月發佈實施至今已九年，但成果有限，其主要問題在於人與資訊不足。都市更新條例規定土地及合法建築物所有權人（下稱地主）得委託都市更新事業機構擔任實施者實施都市更新事業，惟都市更新體系並無完整規範「地主－實施者」委託實施之配套機制，產生委託實施雙方因資訊不完全、不對稱及不確定環境因素，致無法全盤掌握未來整合推動可能發生的狀況下，基於各自利害關係考量，產生投機主義，形成「隱藏與逆選擇」的對立角色，衍生高昂的交易成本，影響都市更新事業整合推展，故亟需就「委託實施」課題加以建構機制規範之必要。 本研究旨就都市更新事業重建「推動方式與實務層面」為主題，以都市更新事業委託發起至實施完成之過程為軸線，經由（1）以交易成本及代理理論為基礎的印證，（2）對都市更新法制程序與規範的認知、（3）對政府、地主及實施者等三個參與主體特性的瞭解、（4）對民間推動實務與現行法制規範存在相互影響造成推動障礙的探討、（5）對實施推動的交易成本內容分析等等相關文獻面、法制面、實務面、個案案例，以及對參與推動都市更新事業人士進行問卷調查訪問之綜合研究可知：地主與政府本身皆存在相關影響都市更新事業推動的問題，以及地主對實施者可能存在疑慮的委託實施代理問題。 本研究針對影響委託實施都市更新事業推動的問題，嘗試建構可為地主提供服務並兼顧實施者利益的「整合代理機制」，包含（1）實施者實施需具備之資格條件規範、（2）地主委託實施內容與實施者作業規範等二項機制，並建議政府從「政策」、「法制」、「資訊」、「推動」、「執行」等五個構面提供配套措施，協助排除推動障礙。 本研究冀期建構「整合代理機制」，強化都市更新體系委託實施機制內涵，提供地主與實施者雙方作為委託實施的推動模式，並透過市場機制促進多元實施者參與機會，公開揭露都市更新資訊，消彌雙方認知差距，降低或消除都市更新事業交易成本及解決代理問題，加速建立都市更新推動共識及委託實施契約簽訂，落實履行與監督控管，以促進民間參與都市更新事業推動。 / It has been nine years since the Urban Renewal Act took effect in November 1998. Except for limited accomplishment, the major problems it encountered are inadequate manpower and insufficient information. The Act requires the owner (landowner for short) of the land and legal buildings entrusting property to an urban renewal business or agency as an enforcer or entrusted agent to carry out the renewal project. Yet, the urban renewal system lacks a complete package of standards or mechanism for the practice of “landowner—enforcer” entrustment relationship; due to incomplete, asymmetric and uncertain supply of information, both sides are unable to have an overall control of any possible incident in future integrated actions. Because of different concern, this entrustment relationship creates opportunism in which produces confronting positions of “concealment and adverse-selection”; as a result of the negative atmosphere in the relationship, the operation needs more transaction cost which has great effect on the integrated development of urban renewal project. Therefore, it is essential to establish a mechanism regulating the issue of “entrusted enforcement”. Based on the subject of “promotion mode and practice level” in urban renewal and reconstruction, this study intends to examine the process of urban renewal from the beginning of entrustment relationship to its completion, including (1) demonstration on the basis of transaction cost and representation theory; (2) comprehending the procedures and standards in urban renewal legal system; (3) understanding the characteristics of three participants, namely government, landowner and the enforcer; (4) investigating the obstacles caused by the conflict between promotional practices in non-government agency and the existing regulations; (5) analyzing the transaction cost of promotion in terms of literature review, legal system, practice, individual case and a questionnaire survey on the person who participate in urban renewal project. Research results show: problems of promoting urban renewal exist on both sides of landowner and government; the landowners also may have doubts for the enforcer regarding the representation issue of entrusted enforcement. This study focuses on the problems encountered when promoting the entrusted enforcement of urban renewal business and intends to construct an “integrated representation mechanism” which provides service to landowner and, on the other hand, also consider the benefit of enforcer, including (1) the qualification, terms and standards of the enforcer; (2) the entrusted task content from landowners, and the operational standards of the enforcer. We also propose necessary measures in five aspects as follows: “policy”, “legal system”, “information”, “promotion”, “implementation” for government so as to eliminate obstacles of promotion. We hope to construct an “integrated representation mechanism” and strengthen the mechanism content of the entrusted enforcement in urban renewal system; this design aims to provide landowner and enforcer a promotional model in entrusted enforcement, increase diverse participation through market mechanism, publicly disclose urban renewal information, eliminate cognitive discrepancy on both sides, reduce or remove transaction cost for urban renewal business and resolve the issues of representation, increase common sense on urban renewal promotion and accelerate the processing of entrusted enforcement contract, implement practically and monitor with supervision for promoting the participation of non-government agencies in urban renewal business.