各國銀行業可能由於法規限制、經營管理能力與文化傳統上的差異，修正前期成本的調整速度未必完全一致。因此，本研究將Ahn et al.(2000)的生產函數模型延伸為成本函數，利用Translog成本函數衡量東西歐銀行生產成本的調整速度與長期成本效率，比較其成本效率之動態過程。採用一般動差法，分別估計1994到2005年歐洲29個國家，合計262家銀行之成本函數與技術效率。 實證結果得知，在西歐具有成熟的資本市場以及健全金融環境、管理經驗下，生產成本的調整速度，確較東歐各國銀行為快。在技術效率方面，不論在長短期，西歐各國銀行的相對效率值皆高於東歐。此外，東西歐銀行體系皆具有規模經濟與多元經濟之特性。

就地保育被認為是保育生物多樣性的重點工作之一，而設置保護區是最常見的就地保育做法。本文的研究重點在於如何提昇保護區規劃的效率，內容可分為兩大部份。第一部份為回顧用於保護網絡規劃的保護區選擇問題理論相關研究，將研究演進方向分為保育目標、保育成本與限制條件、演算法、空間配置及有效棲地四類進行探討。第二部份為兩個個案分析。個案一為台灣保護網絡規劃研究，利用三種不同的規劃方式來尋找不同水準保育經費限制下，能使保育目標（受保護物種數）極大化的保護區組合。結果發現以OSL演算法配合互補性原則的規劃方式最佳，無論在何種保育目標水準之下其成本均是最低的。個案二為陽明山國家公園北部保護網絡規劃研究，比較考慮保護區以外土地使用類型對保育的貢獻與否，對物種存活率總和－保育成本間的關係的影響。結果發現在保育水準（物種存活率總和）很低時，兩者達到相同的保育水準所需的成本相差很多。比較保護所有棲地和將所有棲地作為農地兩種情況，假設農地對物種保育有所貢獻時，保護所有棲地能使物種存活率總和提高約1.1；若假設農地對物種保育沒有貢獻，則保護區棲地能使物種存活率總和提高約5.2。

在改革開放以前,中國的退休養老制度一直是由國家和用人單位負責，職工基本上是不需要負擔任何養老保險費用，且採取的是現收現付的養老金籌資發放模式。此種情勢至80年代中國的經濟改革後才有所改變，一方面是起因於經改後企業變成自負盈虧、獨立核算的單位，這對養老保險體制產生很大的衝擊，因為此乃一改過去“養老金在企業營業外項目列支”的模式，而使得新舊企業間養老負擔不均衡，老的企業往往因為職工隊伍太過攏長，養老負擔過重而無力支撐。中國自90年代所確立的社會統籌與個人帳戶相結合的養老保障制度，事實上並不是完全的現收現付制或完全的完全積累制，而是部分現收現付和部分完全積累相結合的制度。在此制度下，職工與企業均須按一定的比例繳納養老保險費用，此費用被分為兩部分，分別記入社會保險經辦機構的統籌基金帳戶以及歸職工個人所有的個人帳戶，職工退休後則從此兩部分領取養老保險金。以中國現有的養老保險體制來說可謂是兼顧「公平」與「效率」。一方面，社會統籌基金是按養老金統籌地區上一年社會平均工資的20%發放給退休者的，此乃經由政府機構調配發給，用來抵銷因個人收入差異所造成的差距，因此是社會公平的體現；另一方面，個人帳戶部分除企業劃入的約佔四分之一的部分外，其餘的是退休者個人在其就職期間按規定的繳費比例，以個人工資為基數繳費並積累起來的基金，，基本上此部分的累積基金是與個人在職期間所繳交的養老保險基金相關，從而也是與個人的工資成正比，因此，這部分所反映的乃是市場效率原則。 中國自90年代確立了社會統籌與個人帳戶相結合的養老保險制度，對中國來說，這是其養老保險體制上的重要改革，雖然此制度改革至今仍有不少缺失，但亦有其可取之處以及可作為其他國家改革的參考價值。再者，有鑑於國內外雖有不少學者對於中國的養老保險制度頗有論著，但對於將其與其他國家的制度相比較的統整性分析則著墨較少。因此，筆者乃是希望以中國養老保險制度的改革為出發點，並將其與其他國家的養老保險體制放在一個比較的脈絡下，以期能使我們對中國的體制有更進一步的了解，所以基本上本文可以說是一個從「比較」觀點出發的個案研究。

論文題目：影響網路書店消費者忠誠度形成因素之研究 校所：國立政治大學國際貿易系碩士班國際企管行銷組 論文摘要別：九十學年度第二學期碩士學位論文摘要 研究生：吳雅琪 指導教授：邱志聖博士 論文摘要內容： 隨著網際網路的興起，企業應用網路行銷的趨勢已是必然，消費者越來越能接受網路商店概念，網路商店間的競爭相當激烈，公司要真正獲利，必須建立顧客對網站的品牌忠誠度。因而本研究最主要探討影響消費者所認知網路書店的產品服務屬性滿意度、服務品質與信任度對消費者網路書店整體滿意度的影響關係，了解滿意度與消費者態度忠誠間的關係，並從交易成本構面的「消費者信任度」與「資產專屬性」來了解可能影響消費者滿意度、態度忠誠、行為忠誠度間的因素，以及研究態度忠誠與行為忠誠的關係為何，而兩者會如何受交易成本的構面影響。整合以上架構，本研究構建一整體模型，以網路書店消費者為研究對象，對各個構念進行分析。 由本研究實證結果顯示網路書店產品屬性的滿意度對於其整體滿意度有顯著影響，而產品屬性滿意度與服務品質則會對網路書店的信任度有顯著的影響效果，產品服務滿意度、消費者認知到網站的服務品質、及消費者對網站的信任度也會顯著影響網站整體滿意度。消費者整體滿意度與資產專屬性會正面影響顧客的態度忠誠，而消費者整體滿意度的增加也會幫助網路書店與其之間建立的專屬資產，兩者之間呈現正相關。 研究結果顯示消費者對於網路書店信任度與他們的態度忠誠度無關，原因推論為消費者對於購物網站的信任度並不會直接影響其對網路書店的態度忠誠，而是先透過整體滿意度的提升，再經由整體滿意度進而間接影響其態度忠誠。消費者與網路書店所建立的專屬資產與他們的行為忠誠度是呈現不相關，推論原因為網路書店與顧客間所建立的專屬資產並不會直接影響行為忠誠，網路書店必須努力提升消費者態度上的忠誠，加強其心裡認同感，並經由態度忠誠去影響行為忠誠。 關鍵字：顧客滿意度、顧客忠誠度、交易成本理論、服務品質、網路書店

本論文研究軸心，首先探討鐵路事業公司化政策執行過程，並在相關文獻中，歸納公司化政策面臨資產閒置與組織僵化等問題，導致債務與虧損問題日趨嚴重。其中，資產閒置問題，除了受到相關法令限制而無法提升效益之外，對於政府投資鐵路立體化建設而衍生組織龐大與交易成本問題，目前尚未從預算執行面進行檢討與分析。此外，對於行政部門之間及鐵路局內部，因組織僵化而產生公共事務代理問題，依舊阻礙公司化政策執行腳步。故本研究藉由以上問題之歸納，進一步從資產面建構兼顧運輸本業及債務處理之政策架構。 / 國營事業改革的方法之一，即採用公司化方式完成民營化的階段性目標。在法學上觀點，公司化後國家仍擔負各種不同的監督與管理義務，尤其在行政任務完全私化的過程之中，國家仍具各項主管法令之執行角色。因此「國家保留」之各項責任，不管是在公司化的任何過程之中，國家均具有憲法位階所賦予之「影響義務」。然而國家如何決定公營事業公司化的基本政策？而公司化之後的國家管制行為，如何在法律規範與擔保義務之間，建立適度的決策方法？依循代理理論與自償評估方法，可發現「臺鐵公司化基本方案」窒礙難行的主要關鍵為政策不確定性與道德危險問題之應如何妥善解決；而經重新檢討補貼負擔之基本對策後，對鐵路事業民營化之條件提升及相關權利義務之界定確有助益。 / 其次，對於為人詬病的資產閒置與無力更新等問題，政府積極投入鐵路設備更新計畫，以鐵路地下化建設為例，單一建設計畫就預算規劃角度分析，因涉預算制度差異與政治協商等問題，在預算執行中不僅惡化資金缺口並已危及鐵路事業財務體質。本文依據交易成本理論之基礎，分析臺北都會區鐵路地下化建設因涉及公務與事業預算所造成的實施成本擴大問題；並就資金缺口之弭平，提出補貼策略的修正建議。惟資金缺口背後隱含資訊不對稱而產生錯誤決策的政治層面問題，致使實施成本逐年擴增。此觀察引發本文從交易成本政治學觀點進行分析的研究旨趣，並就預算規劃衍生的代理關係，分從資訊不對稱、代理問題、交易成本、認知差距、權益配置與誘因設計等方向進行課題之論述與回應，以探索經濟層面所無法釐清的關鍵決策因素。由此，本文論證了預算制度的差異預留了政治行動者的利益競逐與衝突空間，從而惡化了預算執行與配置的失能無效，也顯現了預算治理制度的重建與策略再造建議的提出，將有效減低鐵路地下化交易成本與政策失靈之風險。 / 最後，我國鐵路事業改革方法，係採用公司化方式完成民營化政策的階段性目標。在公司化之前，鐵路局除了負擔公共運輸責任及龐大現金債務，並管理為數眾多的各項資產，但卻受限鐵路法及國有公用土地不得處分收益等因素，遲遲未能有效開發利用。因此，本文首先探討公司化政策執行過程，在不同政策架構之下，將足以影響鐵路公司資產的持有狀況，續利用資產目標函數進而歸納資產全數移交政府接管將可有助於清理歷史債務並挹注補貼負擔等資金缺口問題。換言之，過去部分文獻雖然論證以「車路合一」模式推動公司化政策仍有累積盈餘之潛力，但本文利用自償率分析資產結構與法令規範之間關係，則推論認為「車路分離」模式更能客觀建構資產、債務、補貼負擔之財政架構，甚至創造較為豐厚的資產報酬，以避免鐵路事業公司化政策轉變成為政府永無止境的財政負擔。 / The axis of this thesis is about the corporatization policy of the railway business corporation. By collection of related literature, this thesis induces that the corporatization policy is facing the idle asset and ossified organization problems and aggravates the debt and loss situation. Among those, the idle asset problem, caused by restriction of related law to enhance efficiency and invest building construction, the mammoth organization and transaction cost problems have not yet been examined and analyzed from the viewpoint of budget implementation. In addition, the public affair agency problem engendered by the ossified organization inside the railways administration and related administrative administrations still hinders the process of the implementation of the corporatization policy. Hence, by summing up the questions above, this research constructs the policy structure considering both the transportation business and resolution of debt problem from the asset perspective. / Corporatization is one of the ways toward privatization in restructuring state owned enterprises. From legal perspective, government should still supervise and monitor the privatized enterprises. Especially, government should carry out regulation regime to protect stakeholders’ benefits during the corporatizating process. In other words, it requires a total state commitment endowed by the Constitution with influence duties. How to manage restructuring processes strategically in ways that will further economic democracy, efficiency and social progress? What are the obstacles which hinder the establishment of a state commitment in corporatization? Drawing perspectives from agency theory and refining self-liquidating evaluation, the author underscores the uncertainties and moral hazards in Taiwan Railway Administration’s corporatization and suggests how government can implement successful strategies to meet goals required by the privatization laws and build up a well-organized subsidy system to reinforce her influential role and regulatory capacity. / The second, the government positively invests the railway equipment to renew the problem of asset idle which denounced regarding the manner. Inspired by the perspectives from transaction cost economics and politics, this paper demystifies the hierarchy and authority relationships between supervising and operating agencies in the budgetary process. We unbound the blanket category of transaction costs into empirically verifiable elements including incomplete and asymmetric information, agency problems, transaction costs, stakeholder redistribution, ideology, incentives, etc. We identify political hazards as crucial determinants of the choice of political governance in budget execution and the transactional attributes that give rise to such hazards. The agencies in our analysis incur costs of providing a comprehensive budget design and tax revenue allocation, and are faced with a trade?off between providing incentives and reducing ex post costly enforcement. Extending transaction cost politics into the budgetary domains suggests that transaction costs in current political market did not lead project’s political stakeholders to move toward more efficient outcomes and result in significant enforcement costs. Framing the issue as a budgetary administration and project delivery problem, this paper highlights the challenges in using separation of power panels when the goals of the panels are uncodifiable. This paper concludes offering ideas for institutional engineering and a special subsidy is proposed. However, reformulating self-liquidating analysis and carefully justifying the authority and obligation relationships between agencies should play important roles in reducing transaction costs, ensuring enforceability of agreements, and achieving more efficient budgeting outcomes. / The final, corporatization is one of the ways toward privatization in restructuring state owned enterprises. In form of Corporatization, even though railway administration authority shoulders public transportation responsibility and huge debt, multitudinous real estate had not been effectively developed because of the limitation from railway act and on the liquidation of public facilities and state-owned land. This article first discourses that different formats of corporation policy affect assets’ efficient utilization, and uses market structure theory to set up asset objective function and learn that hand over all assets to government could clean up historical debts and enhances social welfare and assets’ utilization. In other words, although some literatures maintained that “infrastructure model” have potential of earnings accumulation, based on the use of Self-liquidation ratio to identify the relationship between asset structure and government regulation, the induction of “road model” could restructure asset/debt and subsidy. It even creates a richer property return to avoid railway operation being government‘s unlimited financial burden.

生技產業乃二十一世紀的十大重要產業之第一位，而台灣雄厚電子產業的發展根基，非常適合發展生物科技領域中之醫療器材產業，而電子醫療器材產品與一般電子產品最大的不同處，在於產品開發期較長，尤其在驗證與確效上的作業最為繁複，往往臨床驗證所花費的資源比實際開發設計工作更多，除少數家用電子醫療器材產品外，皆具少量多樣之產品特性，以台灣在電子產業研發技術的實力，加上業界快速應變能力，公、私部門若能投入更多資源，則產業榮景可期。 基於產業特性之不同，歷年來有許多有關作業基礎成本制產業別適用性之研究，但卻少有對醫療器材產業之適用有深入的研究。因此本研究將經由個案實例，建構與導入作業基礎成本制度，確認作業基礎成本制度是否適用於醫療器材產業，並探討醫療器材產業研發部門導入作業基礎成本制度時之相關事項。 本研究擬以國內某一上市櫃之醫療電子廠商為研究對象，以個案研究之方式，探討以下主題: 1. 作業基礎成本制度是否適用於醫療器材產業。 2. 為個案公司研發管理流程建構作業基礎成本制度。 3. 經由建構與導入作業基礎成本制度嘗試分析找出最佳動因之方法與相關應注意事項。 4. 經由建構與導入作業基礎成本制度分析動因選定與資料收集效率之間的平衡取捨。 / Biotechnology is at the apex of the top-ten industries list of the 21st century. The profound foundation of electronics in Taiwan is suitable for the development of medical equipment industry in the field of biotechnology. Long product development time is the trait that separates electronic medical products from electronics (consumer, IT ,etc) , especially, the complicated and lengthy validation and certification process. The process of clinical testing consumes more resources in comparison to actual product development and design. Except for homecare device, medical equipment is small in volume and big in diversity. In addition to R&D capability and quick response to market, Taiwan’s electronics industry will be able to achieve more if additional resources are invested. Each industry is unique in its own way. There are many studies furnished on activity-based costing system of various industries ,but they are lacking for medical equipment industry. It is the attempt of this research to construct and introduce activity-based costing system with a case study in order to confirm whether the activity-based costing system is applicable for medical equipment industry and what the influences of activity-based costing system on medical equipment industry. 1. Whether the activity-based costing system is applicable for medical equipment industry or not? 2. Construct an activity-based costing system for R&D management procedure of the subject in this research. 3. Try to analyze and seek for the best driver by constructing and introducing an activity-based costing system. 4. Try to analyze the balance between driver selection and data collection efficiency by constructing and introducing an activity-based costing system.

鑒於政府業務委外蔚為風潮，政府經費不足及人事組織精簡，為加速辦理地籍圖重測，自民國86年起將重測工作委託民間測量公司辦理，惟推動迄今委外成效始終不彰。影響重測委外制度成效之層面甚廣，本研究嘗試從制度執行面分析，爰由代理理論觀點，以重測委外制度背景及相關規範差異為基礎，探討重測委外制度之內部關係－包含政府委託受託測量公司重測之外部代理，至政府與受託執行官員之內部代理，於該內、外部代理下，各參與者間不同角色互動過程所產生之代理問題，及其對制度執行之影響與關連，以探究何以在內政部93年訂定「重測委託辦理作業規範」，以健全重測委外制度與解決過去推動所遭遇之問題後，至今推行成效仍舊不彰之因，並進而提出本研究之建議。 本研究發現，於缺乏有效誘因與監督衡量執行官員行為、績效之機制下，執行官員未能徹底落實規範內容，致受託測量廠商於重測委外過程中亦便宜行事，換言之，在雙方目標函數衝突下，基於自利與理性選擇，導致政府以消極態度推動重測委外，重測委外計畫始終處於只聞樓梯響階段；在風險態度差異上，受託測量公司於風險分擔、獲利基礎疑慮下，對投標的態度趨於保守，反之，政府為達如期重測公告而對風險忽略，進而影響重測成果品質。此外，因投標廠商不具市場競爭性及無法建立有效濾查廠商資訊機制，於資訊不對稱下，「逆選擇」問題仍舊無法有效解決；加以廠商實際從事重測工作人員依舊良莠不齊或缺乏經驗，不論舊地籍圖描繪及套繪分析、實地進行界址測量或地籍調查，均無法避免「道德危機」之發生。肇因於該等代理問題，導致重測委外相關制度規範與實際執行上有所落差，重測委外成效未彰亦屬可期。 藉由代理問題解決機制運用，本研究建議，在代理人篩選機制上，透過政府建立公私部門測量人力相互派遣管道，增加重測經驗交流學習，並持續推動地籍測量人員培訓計畫，以累積民間重測業者能量，並建立評鑑評等制度，於大環境成熟時，增加選擇性招標方式；在誘因激勵上，應制訂具體長期之重測委託辦理計畫、放寬重測委外期程與區域限制，與釋放地所常態性地籍測量業務委外，並就委外所節省之經費，提撥一部分作為激勵獎金；在監督控制機制上，初期政府應派專人專責進駐工作站輔導及監督，並僅將成果易於檢驗查核之技術性重測工作項目委外，待市場成熟後，配合評鑑評等制度確實落實第三人查核機制以降低監督成本。

This thesis develops a macroeconomic model with monopolistic competition and considers the search cost for consumption in order to analyze how advertising influences the major macroeconomic variables and causes the entry barriers. In the short run, we find that advertising will raise aggregate output. The higher the sensitivity of advertising elasticity of search cost, the greater the rising of aggregate output. Further, whether the price level rise or fall is dependent on the magnitude of the advertising elasticity of search cost. The higher sensitivity of this elasticity on advertising, the higher the price level. Moreover, advertising does not influence the market power in the short run. In the long run, we find that whether advertising causes the barriers to entry is determined by the sensitivity of the advertising elasticity of search cost. When this elasticity is small, advertising will create the entry barriers and further strengthen the monopoly power for firms. Furthermore, how advertising affects the price level and aggregate output depends not only on the advertising elasticity of search cost, but also the sensitivity of the elasticity of substitution on the number of firms.

從2007年發生的「金石堂、凌域事件」到2008年初誠品書店重新制訂和上游廠商的交易方式，都很明顯地顯示出國內出版業大型連鎖書店獨大的情形。另外，數位化隨著科技的進步對於產業的衝擊與影響越來越大，許多公司皆陸續推出數位化的相關服務，以滿足在這波趨勢下消費者逐漸改變的需求。像是圖書出版產業最近面臨電子書所帶來的數位閱讀風潮，正慢慢的在改變消費者的閱讀習慣。反觀音樂產業內，數位音樂的出現逐漸顯示多數消費者從以往購買實體唱片CD，轉變成直接從網路或手機下載歌曲、聆聽音樂；整體而言，兩產業內的廠商可說在先後面對產品數位化所帶來的衝擊，需要擬定轉型策略和未來發展方向。 本研究藉由蒐集圖書出版產業和音樂產業的次級資料瞭解現況，再經由相關文獻理論的探討後擬出訪談大綱，深度訪談兩產業價值鏈中的主要關鍵角色，希望融合第一手的訪談資料與理論文獻，找出存在於兩產業中的問題並加以分析解決，最後提出兩產業的未來發展模式與經營之道。 經由瞭解兩產業於產品流通時歷經的物流、金流與資訊流情況後進行比較分析，並在最後以價值鏈為基礎結合產品流通情況後發現，目前圖書出版產業內最大的問題為逆物流作業成本過高與資訊流不暢通，導致握有資訊流程度高與物流成本低的廠商，得以主導產業走向並擁有高議價力；而實體音樂產業內業者目前遭受最大的困境則為數位化下造成實體產品消費減少，以致廠商利潤降低。此外，現今在兩產業實體部份最具議價力的角色皆為下游大型連鎖零售商，而圖書出版產業中議價力最低的角色為中間商，音樂廠商則是唱片公司。 在兩產業共同面臨實體產業衰退與數位化衝擊下，由於產品本質上的差異，讓音樂產業數位化的腳步較早，因此所採取的因應措施與發展對於具有相同產業結構的圖書出版產業有很大的參考價值，經過整合歸納後，未來圖書出版產業除了物流整合與資訊流順暢的當務之急外，應掌握實體書籍本身產品本質的優勢並藉由口碑傳播效應創造更多商機，同時透過減少廠商家數或縮減價值鏈長度，讓產業內廠商的獲利空間得以提升。 關鍵字：價值鏈、交易成本、物流、金流、資訊流、圖書出版業、音樂產業 / The dispute between the Kingstone Bookstore and its distributor in 2007 and the revision of transaction with upstream firm made by the Eslite Bookstore in the value chain of the industry revised at beginning in 2008 represented the situation that huge chain bookstores obviously had great bargaining power in the book publisher industry. Furthermore, with progressing technology, digitization brought about a big impact and influence on industries. One after another, many companies continually provide services related to digitalization to satisfy the consumers’ changing needs. For instance, the book publisher industry faces the challenge of gradually changing reading habits resulting from the digitalized reading trend brought about by electronic books. Similarly, the music industry is experiencing a comparable situation in which the flourish of digitalized music resulted in consumers directly downloading and listening to music through the Internet or cell phones. These consumers originally bought material music products, e.g. CDs. Overall, firms in the two industries are sequentially confronted with the impact of digitalized products, and they need to make reform strategies and think about the future development. This research collected secondary data to understand the current situation of the book publisher industry and music industry and through relevant literature reviews, interview outlines were drafted so as to capture information on the key roles of the value chain of these two industries. In addition to combining the primary data and literatures to discover and solve the problems in the two industries, this research also suggests the ways of development and business models of the two industries in the future. After understanding and comparing the logistic, cash, and information flow related to product flow in the two industries, this research, based on the value chain theory, discovered that the present most serious problem in the book publisher industry is that the high cost of adverse-logistic and block of information flow result in the situation in which firms who control information flow and firms that have low logistic costs hold high bargaining power and guide industry trends. On the other hand, the most difficult situation faced by the music industry faces now is the declining consumptions of material products under the digitalizing trend leading to the firms’ decreasing profits. In addition, big wholesaler chains hold the highest bargaining power in the brick-and-mortar sections of the two industries, while distributors and record companies hold the lowest bargaining powers in the book publisher industry and in the music industry. Both industries confront the decline in the material industry and the impact of digitalization. Resulting from the intrinsic product differences, the music industry digitalized early. Consequently, the developments and the measures firms took in the music industry have high reference value for the book publisher industry which shares the same industry structure as its predecessor. The conclusion is that the book publisher industry must promptly conduct logistic integration and smoothen information flow, as well as capture the advantages of the nature of material books so as to create more sales resulting from the word of mouth effect. Simultaneously, firms in the book publisher industry must raise profit by reducing the numbers of firms or by shortening the length of value chain. Keyword: value chain, transaction cost, logistic, cash flow, information flow, book publishing industry, music industry

本文從債務契約的角度，調查穩健會計對財務報表使用者的經濟效益，以及編製者提供穩健會計的經濟誘因。穩健會計的最主要受益者為債權人，選擇債務契約係基於，首先，本研究利用當期公司穩健特性預期次期該公司契約是否違約，研究結果發現穩健會計得以使債權人及時偵知債務人倒帳風險，其次，本研究調查編製者的經濟誘因，實證結果未能發現，其中經濟誘因的變數包括銀行貸款利率、異常應計與盈餘反應係數，本文建議未來研究可繼續探求財報提供者報導穩健之誘因，並進行跨國分析比較。 / Perceived from the perspective of debt contract, this paper investigates the benefit of accounting conservatism for users of financial statements and the motivation of financial preparers to provide conservative reporting. I choose this topic because main beneficiaries of accounting conservatism are the lenders. First, I use the measure of conservatism in current period to predict the default risk of borrowers in next period. The evidences show that conservatism benefits lenders through the timely signaling of default risk. Second, I try to discover the motivation of borrowers to provide conservatism accounting through the proxies of cost of capital, abnormal accruals and earning response coefficient but fail. One potential avenue for future research is to find the economic motivation of financial reporting preparers to report conservative accountings and do the cross-country comparisons.