在經濟不斷地快速成長，能源問題之層出不窮，直接間接地影響到各種資源之取得及 其成本。存貨項目一向位居企業資產中之重要地位，故在企業經營管理上可見存貨管 理之重要性，不宜忽視之。在製造業中，存貨項目包含了原料、在製品及製成品三大 類，這三大類成本中均包含一相同因素，即是原料。就廣義而言，對於包含原料、材 料之物料來源管理，即物料採購管理，因（１）物料比現金更為重要，更需要管理； （２）銷售管理、生產管理、財務管理及物料管理為企業四大管理，有賴物料管理來 加以配合與有效地結合與運行，促使企業經營成功；（３）物料成本佔生產總成本之 主要部份；（４）購料支出在總支出中之比重約有半數以上；又（５）存料金額佔資 產總值約四分之一。故採購活動之效率直接影響到企業經營之成果，如何建立良好之 採購部門和採購制度與企業是息息相關的，故所謂「良好之採購，已獲得銷售成功之 一半。」可見采購在企業經營中地位與重要性。 本文是探討屬於企業經營所需生產性之物料采購，因在生產過程中，物料成本扮演了 重要任務，採購所應注意及考慮之基本原則、採購購算與規劃，採購管理決策，存量 控制管理，以及采購之控制與評估，以促使建立良好完善之採購部門與採購管理制度 。 本文共分六章，各章內容略述如下： 第一章：物料管理之概念、物料財購之組織結構、物料採購與物料管理、物料採購與 企業經營，以說明物料管理在企業中所佔之重要性。 第二章：利潤規劃之重要性、物料採購預算在企業預算中所佔之比重、物料採購之政 策、方法與程序、物料採購與管理決策、說明物料採購之預算規劃與管理決策。 第三章：適當之品質、適當之數量、適當之價格、適時之交貨及適當之供應商等基本 之採購原則。 第四章：物料採購與存量控制之關係。 第五間：由控制原則與評估方法、物料採購之內部稽核及對生產成本之影響探討物料 採購之控制與成本之評估。 第六章：結論。

本文撰寫可以概括為六大中心論點，即: 緒論，市場背景探討，消費者訪問調查，皮鞋市場現況論述，成本資料分析與結論。全又共分八章。 第一章「緒論」敘明本研究之問題重心、目的、範圍、步驟方法與所受限制。 第二章「台灣皮鞋業的發展及其市場特徵述耍」，乃有系統地敘述台灣皮鞋市場發 展的歷史與各個別發展時期之市場特徵。 第三章「皮鞋的需要分析」主要在闡明皮鞋產品在消費市場中的特性，並作實地消費者訪問調查，從而研析皮鞋的潛在消費情況。 第四章「台灣皮鞋之製造與生產」簡述台灣皮鞋生產狀況廠商、設備、技術與生產上待決的問題。 第五章「台灣區皮鞋之銷售市場」，鑒於台灣皮鞋銷售市場有集中都市的特性，特將台灣區分劃為六個重要區域敘述之，即: 台北、基隆、新竹、台中、台南與高雄、六大都市，並將親赴各該市調查結果分析目前台灣皮鞋業市場的一股狀況。 第六章「台灣皮鞋外銷市場｜美國之分析」，鑒於皮鞋銷美的前途似錦，故特全力搜集有關英國皮鞋市場有關資料，作最廣泛的推介，俾便有外銷潛力的皮鞋業了解國外市場之一斑。 第七章「皮鞋成本之計算與控制」敘述皮鞋成本之結構及計算方法，並簡介數種成本控制之方法。 第八章「結論」分論今後皮鞋業內銷與外銷應改進之方針與方法。

本論文名為「行政效率測量標準與方法之研究」，除緒言外，共分七章。全文約十二萬字。 在「緒言」中，略述個人研究本文的動機與意旨，以及研究的重點與範圍。第一章「行政效率的概念」，首先闡述行政效率的性質、意義、辨正等。次論行政效率測量的意義，目的及其所遭遇的困難期澄清行政效率的基本概念，以利行政效率測量標準與方法的探討。第二章「行政效率測量標準」，就行政效率的性質，分成三個層次予以討論; 其一為機械性效率，凡行政機關工作屬於機械性者，適用機械性效率測量標準。筆者從各種角度提出七項測量標準，以供參考。其二為組織性效率，凡行政機關組織、人員、管理及運作情況的效率均屬之，適用組織性效率測量標準。筆者亦提出七項測量標準討論。其三為社會性效率，著重行政活動對社會所具的功能與價值等，適用社會性效率的測量標準。筆者提出討論的測量標準有三項。第三章為「行政效率測量方法」，採用統計分析方法與數理公式，論述行政效率測量的方法與技術。其中有的屬於理論性探討，有的則為現行測量辦法，筆者就此些辦法加以論列分析，並舉述實例，俾明其應用。第四章「我國行政效率測量的實施」，略論人事行政局與台北市政府的實施情形，並檢討其利弊，提出建議事項，以供參考改進。第五章「行政效率的測量人員」，鑒於「徒法不足以自行」，「為政在人」，故本章敘述如何遴任及訓練行政效率測量人員。期以人員的優點彌補制度的闕漏。第六章為「我國行政效率測量的展望」，闡明我國目前行政效率測量制度未臻完善，應從速謀求研究改進，加強實施工作簡化，計劃評核術與目標管理等新近管理技術，擬訂妥善的測量標準與方法。最後一章「結論」，綜合全文的研究心得提出報告，強調檢討現行制度缺點，力求改進，健全存政效率測量制度，增進行政效率，實現行政革新。本文研究方式，主要為理論性探討，並佐以若干實例，以求理論與實際相配合，研究範圍包括行政機關的組織、制度、人員及運作等，以求普遍討論效率測量標準與方法。筆者會去信美國當代名行政學者西蒙(Herbert A. Simon)教授，請教有關行政效率測量問題。西蒙教授謙虛表示，最近十幾年來，他的研究工作很少觸及行政效率、測量標準與方法。其主要觀點幾乎已盡括於「行政學士」(Public Adiministration 1956)一書中。但他指出美國這方面的研究趨向於「成本利益分析」(Cost-Benefit Analysis) 。西蒙教授並贈送筆者一書，名為「經由系統分析增進政府效率」(Efficiency in Government through Systems Analysis. by Roland N. Mckean, 1958) 其內容主要敘述利用成本利益分析以抉擇行政活動計劃，但與效率測量亦具有相當密切的關係，故本文會約略論及。

住宅市場是典型的不完全訊息市場，每個市場參與者並不知道潛在交易對象的所在位置、偏好，與保留價格。不完全訊息意涵著，交易者必須透過搜尋才能找到交易對象，因而必須支付搜尋成本，也會形成搜尋市場。不論是住宅交易的買方或者賣方，都可以選擇是自行搜尋交易對象，或者透過仲介業者來協助交易的達成。然而，仲介業者對於住宅搜尋市場之影響，目前仍存在著許多問題是尚待釐清的，而拍賣市場在台灣所扮演的重要性愈來愈高，其市場機制的價格效果也是值得關注的問題： 一、跨區購屋、定錨行為與仲介服務效果 買賣房屋幾乎必然會有議價過程，雙方的議價能力除了受到市場條件的影響外，賣方對於本身所蓋或者所擁有的房屋及附近地區市場等資訊都較買方為多，因此賣方處於較有利的地位。因此，本研究的第一個研究問題即是：就購屋者彼此之間，在地購屋者是否比跨區購屋者具有訊息優勢？參考價格偏誤是否存在？具有訊息優勢的仲介服務能否改善購屋者的搜尋成本與參考價格偏誤？本研究實證結果顯示，基於搜尋成本較高的原因，跨鄉鎮市區的跨區購屋者相對於未跨區者需要多支付3.8%的價格貼水。其次，參考價格愈高的地區，其購屋者會因為定錨效果或參考點偏誤而多支付1%的價格貼水，此外，高價格分配信念的購屋者，平均會支付4.9%的價格貼水。第三，地價上漲率較高地區的購屋者，會誤用自身地區的外推性預期，以為遷入地區也有同等的價格增值空間，而多支付約11.4%的價格貼水。最後，購屋者若尋求仲介服務亦能改善其出價能力，約可降低2.9%的價格貼水，然而，仲介服務在改善搜尋成本與定錨的效果方面則不顯著。 二、仲介服務對於價格分散之影響 本研究利用搜尋成本與價格分散的觀點，檢視具有訊息優勢的仲介服務業者是否真能提高住宅市場的價格搜尋效率。以台北地區的住宅市場資料，指出仲介服務的存在的確可以提高購屋者的搜尋能力。價格分散的估計與檢定結果則顯示：第一，購屋者成交價價格分散小於訂價價格分散；第二，透過仲介服務搜尋者訂價價格分散未顯著異於自行搜尋者的訂價價格分散，可是透過仲介服務搜尋者的成交價價格分散則顯著小於自行搜尋者的成交價價格分散，同時透過仲介服務的價格收斂比率較高。此乃表示，仲介服務業者並未運用其訊息優勢協助賣方進行較有效率的訂價，但是能有效地協助買賣雙方透過配對與議價活動，大幅地降低成交價的價格分散程度。此外，進一步比較國內相關研究結果，目前台北市的住宅市場訊息效率已較過去有顯著的改善，特別是透過仲介服務的改善效果更為明顯。 三、不對稱的仲介服務價格效果 過去有關仲介服務對於交易價格影響的實證結果卻出現許多分歧而不一致的現象，本研究認為過去相關文獻的差異，可能源自以普通最小平方迴歸的方式來估計仲介服務的價格效果時，會忽略住宅價格條件分配的差異。以分量迴歸估計後發現，仲介服務係數在各價格分量呈現很大的差異且顯著，仲介服務的價格效果，在0.10分量約有4.4%的溢價，而 0.75分量以上則約有-5.6%的折價現象。因此，本研究嘗試以高低價格分量的不對稱訂價策略，作為仲介服務價格效果不一致的現象的檢視觀點，並得到實證上的支持。 四、搜尋與拍賣市場機制選擇及拍賣市場績效之再檢視 拍賣市場為購屋者的重要次級市場之一，因此拍賣市場的績效就顯得愈來愈重要。本研究考慮了購屋者的搜尋成本對於市場機制自我選擇偏誤的影響，重新檢視拍賣市場的績效。本研究實證結果顯示，在未考慮自我選擇偏誤下，拍賣市場機制的估計係數為-22.6%，且達1%統計顯著水準。但是，在控制買方與物件的自我選擇偏誤後，我國拍賣市場與搜尋市場間並無顯著的價格差異存在，因而本研究對於過去國內相關文獻認為拍賣市場一定比搜尋市場折價較多的說法，提出了相當的質疑。惟此三年間我國北部地區拍賣市場的拍定率從10%快速成長到30%，而市場條件的快速變化，很可能會造成較大的拍賣價格變異。因此在後續研究上，可以比較拍定率差異較大的時間進行比較研究，以了解本研究結果之穩定度。 / This dissertation employs search theory and behavior theory to study four relative essays. The first essay is to test three questions using a unique data base in the viewpoint of search cost and Anchoring behavior: First, is there anchoring effect or reference price bias on home-purchasing behavior? Second, is there any extrapolative expectation effect of reference price change on homebuyers? Third, can homebuyers reduce price premium from their high search cost or perceived bias? Those answers can help us understand if we can get alternative interpretation to housing price dispersion and if government should provide housing information service. Empirically, we find that out-of-town/district buyers pay a statistically significant price premium in the Taipei area. We also find some evidence consistent with the price premium being driven by high search costs, anchoring effect and extrapolative expectation from heuristics. Finally, homebuyers can lower price premium through real estate brokers in the market. The second essay is to examine the efficiency of housing and brokerage markets in view of price dispersion. We find brokerage service enhance the search ability of homebuyers. We use listing price prices as the prices before search and the actual transaction prices as the price after search, and we also separate the sample into search by homebuyers and search by broker. We find that search by broker decreases the price dispersion compared to search by homebuyers. The third essay is try to explain a number of past and recent studies provided conflicting empirical answers to the effect of real estate brokerage service on housing price. We employ quantile regression to capture the behavior at each quantile of conditional house price distribution and to test the asymmetric effects of brokerage service. An important findings of this paper is that the price effects of real estate brokerage service are significant heterogeneous across the conditional price distribution. The contribution of this paper to the prior literature is to provide empirical evidence by showing that broker might have a positive, negative, or zero impact on the housing prices. The final essay is to discuss the decision making behavior of housing markets mechanism choice. Real estate auction market has been one of main market mechanisms of home purchase. Therefore, the performance of real estate auctions is a very important issue. This article reviews the price premium or discount of real estate auctions by correcting the self-selectivity bias in a view of homebuyers’ search cost. The empirical result shows that the availability of an auction as an alternative has the result of high search cost buyers attending auctions. Next, after accounting for the endogenous nature of this choice and controlling for property and buyer characteristics, prices of properties sold at auction were not lower than those of comparable properties sold in a search market. It is questionable to say the performance of real estate auctions is inferior to that of negotiated sales at Taiwan.

本論文主要在探討外商投資，特別是與國有企業合資，對國有企業經營機制轉換及其經營績效的改善有何影響。新制度經濟學者，Williamson(1991)認為，當制度環境變化時(這些環境的變化包括:產權、政治、法律、及不確定性等)，會降低組織結構的轉換成本，因而會改善企業經營機制。本論文把外商與國有企業的合資看成產權結構的變化也就是制度環境的變化，外商投資可以降低國有企業改造(建立公司治理結構或企業現代化)的成本，因而會導致國有企業經營機制的轉換。另外，國有企業和外商合資之後，會援用較先進之外商的管理方式來建立對其經營績效改善有益的企業治理結構。本文應用的就是組織再造理論來探討其問題。 雖然相關的研究發現，外商投資對國有企業的經營機制轉換有影響，但是用一些具體的理論來說明其內涵的研究並不多。因此，本研究想對此問題進一步利用計量方法，研究外商投資對國有企業經營機制的轉換有何影響，即外商與國有企業合資之後，國有企業產權的變化對其企業組織形式有何改變，探討中外合資企業中外資對其經營績效改善的影響程度。 從實證模型的迴歸分析結果發現，有外資投入的國有企業的經營績效比沒有外資投入的國有企業的經營績效高；國有企業與外商合資經營企業的經營績效比未利用外資的國有企業經營績效高，因此可推論合資企業的經營機制較佳。這表示，外商投資使國有經濟達到以產權明晰化為條件的資源最優配置，有助於解決國有企業綜合低效益問題。 本文研究得到的結論為外商投資對國有企業經營績效之改善有顯著的效果，究其原因主要有三，一是國有企業有龐大的社會負擔，二是國有企業冗員太多，人力資源運用效率較差，三是國有企業的經營機制不佳。外商投資帶給國有企業現代企業管理知識、技術，建立較佳的企業經營制度，因而合資企業經營績效較好。 關鍵字：中國大陸、國有企業、經營績效、外資投入、外商投資、新制度經濟學、交易成本、組織再造 / This study mainly discuss about foreign direct investment (FDI) in mainland China, especially the influence of the joint venture (JV) of FDI and state-owned enterprises (SOE) on the change of management mechanism and management performance of SOE. New Institutional Economist Williamson (1991) said, when the institutional environment (including property right, politics, laws and uncertainty) is changed, the transaction cost of organization will be reduced. In this study, consider JV of foreign enterprises and SOE as a change of the property right which is the change of institutional environment. FDI can reduce the cost of enterprises’ reform and it causes the change of management system of SOE. After SOE and foreign enterprise’s JV, Chinese company will adopt a relatively advanced foreign company’s organization structure to build its’ organization structure that is effective for the management performance. And Reengineering theory is used to explain their adjustment of organization structure. The result of regression analysis shows that the management performance of JV is much better than SOE without foreign investment. Therefore, we can infer the management system of JV is better than SOE’s management system. It shows that foreign investment can make property right of SOE more clearly and effective resource allocation which is helpful for resolving SOE’s low economic effectiveness. The conclusion of this study is that FDI is remarkably effective for the improvement of SOE’s management performance. There are three reasons to this: first, SOE has a great amount of social responsibility; second, SOE has too much labor, so it has low effectiveness of human resource management; third, SOE has a bad management system. FDI can bring modern knowledge of management, new technology, and can build an effective management system, therefore we can say the management performance of JV is relatively good. Key words: mainland China, state-owned enterprise (SOE), management performance, foreign direct investment (FDI), New Institutional Economics, transaction cost, Reengineering

軟體元件電子市集突現：以代理人為基礎之計算經濟研究途徑 摘 要 軟體發展與演進過程中，產生軟體危機問題，而軟體再用是解決軟體危機的重要因應之道。軟體元件電子市集的興起是軟體演進史上一個重要里程碑，提供軟體再用的核心基礎建設。 本文探討軟體元件電子市集突現的本質原因和信任關係的發展過程，以遺傳規劃法(Genetic Programming, GP)為主的代理人基礎的計算經濟 (Agent-based Computational Economics, ACE) 研究途徑，整合軟體元件特性、交易成本、滿意和信任關係建立模擬模式。藉以觀察和分析底層買賣雙方連續滿意交易與信任關係發展，和上層軟體元件電子市集行為突現(emerge)動態過程。 結果顯示：在市場力量下，具標準化軟體元件，電子市集行為突現過程中，謹慎型交易策略將會勝出，進而主導整個市場。當元件功能特殊性程度低時，電子市集行為的購買率將比元件功能特殊性程度高者更為顯著。如果考慮交易態度滿意與否，記憶型滿意者市集行為的購買率將顯著低於高滿意型，而顯著高於低滿意型。若考慮不同信任程度函數，高信任型電子市集購買率顯著高於低信任型，低信任型其電子市集購買率顯著高於不信任型，對於目錄型市集行為和忠誠目錄型市集行為，上述信任函數的形態亦依序顯著影響購買率的高低。 同時，在不同信任型之間，高信任型大多數有連續累積交易行為；而低信任型則同時採用連續和臨時交易行為；不信任型大多數是臨時交易行為，要花費更多時間的演化，以建立彼此信任關係才會出現連續交易乃至於連續累積交易行為。 關鍵字：軟體元件電子市集、交易成本、遺傳規劃法、代理人基礎計算經濟、信任、突現 / The Emergence of Software Component Electronic Marketplaces: Through An Agent-based Computing Economics Approach Abstract Software reuse plays a vital role in response to software crises in software evolution. An emergence of software component e-marketplace is one of the great milestones providing a core infrastructure for software reuse. The objective of this study involving features of s/w components, transaction costs and satisfaction-trust relations intends to understand why s/w component e-marketplaces emerge as well as demonstrate how they do. The model allows agents to develop their trust in the market as a function of continuation of a satisfied relation through an agent-based computational economics approach with genetic programming. The findings show that the agents with prudent strategies tend to dominate the market in evolution of e-marketplaces under the market power. In addition, the lower level the functional particularity of component is, the higher the buying rate is. As the satisfaction attitude is taken into consideration, the buying rate of recall-satisfied agents lies between that of low-satisfied agents and that of high-satisfied agents. Moreover, when the comparisons are made among the three types of trust function, the buying rate of the high-trust agent is higher than that of low-trust agents. And the buying rate of the low-trust agent is bigger than that of not-trust agents. Similarly, the sequences of the buying rate are strongly influenced by different type of trust function at the catalog market and the loyal catalog market. Meanwhile, almost all high-trust agents have continuous and loyal trade behavior. Either continuous or temporal trade behavior is usually found in the low-trust agents. The tentative trade behavior is seen among almost every not-trust agents. In another words, it is well obvious that it takes more time for the not-trust agents to accumulate trust from their possible trade partners. Keywords: Software component electronic marketplaces; Transaction costs; Genetic programming (GP); Agent-based computational economics (ACE); Trust, Emergence

隨著相關管理技術之發展，準確衡量個別顧客所帶來的利潤已非難事，除此之外，亦有越來越多學者發現大多數企業之利潤其實集中於少部分客戶身上，符合80/20法則，因此本研究乃以一個案銀行內部之授信顧客資料為研究樣本，結合公司內外部相關資訊，探討影響顧客授信利潤高低之因素為何，以幫助企業有效配置行銷資源，作為企業實行客戶關係管理之參考。 在研究變數方面，本研究先針對全部樣本探討顧客交易習性、本身屬性(如年數、規模、獲利能力、成長趨勢、創新程度)、銷售人員特質等對顧客利潤之影響，嗣後再將顧客依行業別與往來期間作一區隔，探討不同行業別與往來期間之顧客利潤影響因素是否相同。 本研究研究結果顯示，顧客交叉銷售數、年數、獲利能力、成長趨勢、創新程度等皆會對顧客利潤產生影響。在短期內，僅交叉銷售會對顧客造成影響，然在中長期，除了交叉銷售數外，顧客之年數、獲利能力、成長趨勢、創新程度等皆會對顧客利潤產生影響，由此可知，在短期內，個案公司所採行之交叉銷售策略係增進顧客利潤最有效之方式，然就中長期而言，仍須考量顧客本身的屬性(如年數、規模、獲利能力、成長趨勢、創新程度)與本身銷售人員之特質，因此，就長期而言，選擇正確之顧客與培育適當的銷售人員亦為增加顧客利潤之關鍵因素。然在行業別方面，非高科技業顧客之模式並不顯著，顯示非高科技業顧客利潤影響因素可能仍受其他因素影響，值得後續研究進一步探討。 / With the development of related management technology, it’s easier for business to measure the customer profitability now. In addition, there’re more and more researchers indicate that in most company the profitability are concentrated on a few customers, which is according to the 80/20 rule. Accordingly, this research combines internal and external information from one bank in Taiwan to analyze the factors that affect the loan customer profitability in that bank. The purpose of this research is try to help business allocate marketing resources effectively, and try to provide for business as a reference to implement CRM. In the respect of variables, at first this research tries to analyze the affection of customer trading style, customer attributes, sales person attributes to customer profitability, after that this research will try to analyze whether the affection factors are the same or not when customers are in different industry and have different transaction period. Finally, this research has found that customer cross-selling number, year, profitability ability, growth rate, innovation degree and sales person have affection on customer profitability. In short-term period, only customer cross-selling number will affect the customer profitability, and in long-term period, in addition to customer cross-selling number, other variables like customer year, profitability ability, growth rate, innovation degree and sales person will also affect customer profitability. It indicates that in short-term period, the cross-selling strategy adopt by the research company is the best most effective way to increase customer profitability. But in long-term, selecting the right customer and training adequate sales employers are also very important factors to increase customer profitability. When taking industry into consideration, this research has found that the variables mentioned above also have affection on the customer profitability in high technology industry, but in non-high technology industry, the statistic model is not significant and could be discuss by further researches.

客服中心在顧客量龐大的產業中扮演非常重要的角色，為企業與顧客互動的一個重要環節。近年來，客服產業快速成長，企業紛紛藉由客服中心的建置來提升顧客滿意與經營績效，然而建置客服中心所需投入的精力與成本，對企業而言卻是一個不小的負擔，因此有了承接客服中心委外業務的專業客服公司出現，成為企業建置及運作客服中心時的另一個選擇。 本研究的主要目的即在進行客服中心委外決策的探討，從委外利益與成本的角度出發，釐清影響客服中心委外決策的關鍵考量因素，一方面做為企業制定委外決策時的參考依據，一方面也有助於專業客服公司瞭解企業客戶之真正需求，提升委外客服產業之服務水準，使最終顧客因此受益。 由於國內這方面的研究尚在起步階段，因此本研究採個案研究法進行探索性的研究，分別訪談了五個產業別的十三家企業機構，進行個案的分析探討。本研究發現企業機構在制定委外決策時的考量因素可分為兩大類：「委外利益」與「交易成本」方面的考量；「委外利益」的考量因素包括降低成本、提升服務品質以及專業化的人力與設備；「交易成本」的考量因素則包括客戶資料外洩、代理問題、管理監督不易以及不能主動快速因應。企業機構在制定委外決策時，會同時考量「委外利益」與「交易成本」的考量因素，而研究發現「委外利益」的考量對委外決策有正向的影響，「交易成本」對委外決策則有負向的影響。 本研究亦發現不同的組織特性也會影響客服中心的委外決策，這些組織特性包括產業類別、客服中心規模、業務內容、主事者的態度、本土或外商公司、公私部門等。分析發現：(1)產業類別會影響客服中心委外決策的制定，且不同產業類別所著重的委外考量因素有明顯差異；(2)中型規模客服中心委外的可能性較大型與小型客服中心高；(3)客服中心的業務內容愈單純委外的可能性愈高。(4)主事者的態度在客服中心的委外決策中具有關鍵性的影響；(5)外商公司委外的可能性較本土企業低；(6)公部門委外的可能性較私部門高，且公部門在進行委外決策時，主要集中在「委外利益」的考量上；而私部門則集中在「交易成本」的考量上。 客服中心扮演著企業與顧客間互動的橋樑，若能運作順暢，對企業而言等於是累積了一份長久的資產，因此，企業應該認真思考客服中心的定位以及企業所賦予的使命。此外，專業的委外客服公司在客服產業的經驗與能力，仍然可供許多企業借鏡與學習，企業應採取更為開放的心胸，將外部資源納入企業運作時的策略性思考中，增加運作的彈性與籌碼。 / Call center plays an important role in the industries where the population of existing and potential customers is enormous. In recent years, call center industry grows rapidly. In order to raise customer satisfaction and improve business performance, many corporate devote to establish their own call centers. Nevertheless, the cost needed to build a call center represents a large burden for many of these corporate. This has lead to the emergence of many call center outsourcing companies recently and become another option for the corporate who wish to establish their own call centers. The main purpose of this study is to analyze the elements which influence the outsourcing decision of call center. From the angle of both the benefit and cost of outsourcing, the research wants to clarify the issue on how do the critical elements affect the call center outsourcing decision. However, research of this particular field in Taiwan is still at its infant stage, therefore this explorative study adopts the case study research method. The research interviews thirteen cases in five different industries, including corporate and institutions. The finding of this study suggests that the elements which affect corporate consideration on whether to outsource or not could be categorized into two groups: i) Benefit gained from outsourcing; ii) Transaction Cost. Benefit gained from outsourcing may include reducing cost, raising service quality, and seeking professional agents and equipments; Transaction Cost includes disclosing customer data, agent problems, supervise difficulty, and unable to respond automatically and rapidly. The corporate would consider both the benefit gained from outsourcing and the transaction Cost when making the outsourcing decision. Our finding suggests that the benefit gained from outsourcing has the positive effect on outsourcing decision, while the transaction Cost has the opposite effect. In addition, this research also finds that the characteristics of an organization which include the industry categories in which an organization belongs to; the scale of call centers, business contents of call center, the attitude of the decision maker; the differences between local and foreign firms; and the differences between private and public sectors, would also have certain degree of influences on the outsourcing decision of call center. Different industry categories make different influences in both outsourcing decisions and outsourcing considerable elements. (1) The middle scale of call center is more possible to be outsourced than the large and small ones. (2) The simpler of business contents of call center, the more possible to outsource the call center. (3) The attitude of decision maker has the critical effect in outsourcing decision of call center. (4) The foreign company is less possible to outsource the call center than the local company in the same industry. (5) The public sector is more possible to outsource the call center than the private sector.

This paper investigates the liquidity and the bid-ask spread components of the Taiwan Stock Exchange Capitalization Weighted Stock Index futures contracts, Taiwan Stock Exchange Electronic Sector Index futures contracts, and Taiwan Stock Exchange Banking and Insurance Sector Index futures contracts traded on the Taiwan Futures Exchange, which switched from an electronic periodic call auction market to an electronic continuous auction market on July 29th 2002. It is a rare opportunity to deeply examine the liquidity and transaction cost components of financial derivatives under different trading mechanisms. Using intraday transaction data of transaction and quotes covering from March 2002 to May 2002 for the old trading mechanism and from October 2002 to December 2002 for the new trading mechanism, liquidity measures and bid-ask spread components are examined before and after the enforcement of the electronic continuous auction mechanism. First, for each type of futures contracts, liquidity measures including bid-ask spread, trading volume, trade number, trade size, volatility, and liquidity ratio are explored to show the multifacet of liquidity. Next, the model of Lin, Sanger, and Booth (1995) is used to decompose the spreads of each product in the two periods. The empirical results show that quote spreads, effective spreads, percentage effective spreads, and dollar-weighted percentage effective spreads of the new system are all significantly lower than those measures in the old system for all of the three types of futures contracts. However, other liquidity measures do not show the same patterns. Overall, improvement of liquidity is found for futures contracts but not very consistent though. Multifacet of liquidity is showed by different measures, although two of these measures, including trade size and trade number, may not be suitable for this study. Moreover, the adverse selection is the most important component in the call auction market, which decreases in the continuous auction market. However, the change of other components, including order processing cost and order persistence, does not demonstrate the same pattern. The results indicate that the electronic continuous auction system protects uninformed traders from being hurt by informed traders. However, we also show that each type of futures contracts has its own specific component structure.

隨著台灣加入世界貿易組織(WTO)及國際資本市場進一步地整合，國際融資工具如海外存託憑證及海外可轉換公司債近年來備受企業的喜愛，成為企業進行海外市場擴張的一大利器。尤其近二、三年來台灣更掀起發行海外可轉換公司債的籌資風潮。本研究目的在了解此現象對公司價值的影響及市場投資人相關的反應。 本文針對1993至2001年間台灣上市、上櫃公司成功發行的61檔國內可轉換公司債及35檔海外可轉換公司債進行實證研究，主要結論如下： 1. 宣告發行時的訊息效果方面，ECB發行公司不論是宣告發行前後一週或二週的股價累積異常報酬都顯著為正，但CB發行公司卻不然，前者優於後者。 2. 發行海外可轉換公司債及國內可轉換公債發行公司特性差異方面，不論是二獨立樣本T檢定、Mann-Whitney U 檢定及Logistic檢定，結論皆一致：公司規模愈大，轉換溢價幅度愈高、市場利率差愈高的公司愈易傾向發行海外可轉換公司債。此外，二種發行公司發行前的營運績效並無顯著不同。 3. ECB和CB宣告發行時價格效果的不同，和「與國內籌資相比，發行海外可轉換公司債有較高的融資空間」的假設無關，融資空間假設不成立；但和「與國內籌資相比，發行海外可轉換公司債的融資成本較低」的假設有關，融資成本假設成立。 4. 投資人對公司轉換溢價隱含的對未來股價成長的信心及未來資金成本的降低才是解釋宣告發行時價格效果的因子。 5. 投資人給予海外可轉換公司債相對較高的短期價格反應確實表現在海外可轉換公司債發行公司長期較佳的營運績效上。 / With Taiwan’s entrance to the World Trade Organization (WTO) and further integration among international capital markets, international financing tools, such as Global Depositary Receipt (GDR) and European Convertible Bond (ECB) have become popular. For the past few years especially, companies in Taiwan have heavily used ECB as their leading financing tools. This study focuses on how investors in Taiwan response to the issue of ECB and CB. Using 61 CB and 35 ECB samples from Taiwan companies during 1993 and 2001, this study comes to the conclusions as follows: 1. Companies that issue ECB have higher announcement effects than companies that issue CB. 2. Companies with larger size, higher conversion premiums, and higher interest spreads tend to issue ECB instead of CB. There is no significant difference between the pre-issue performance between ECB and CB companies. 3. The hypothesis that “ECB companies have higher debt capacities than CB companies” is not verified. However, the hypothesis that “ECB companies have lower cost of capital than CB companies” is supported. 4. The conversion premium that signals companies’ confidence for the stock price and lower cost of capital in the future is the main factor to explain the announcement effects of ECB and CB. 5. In comparison to CB companies, ECB companies have better post-issue performance which can be supported by their better announcement effects.