半導體製造活動價值鏈中，半導體測試是重要的一環。半導體整合元件製造大廠為各種策略考量，於是漸提高向專業測試廠商尋求代工的比例，加上Design House產業蓬勃發展，也因此造就全球測試產業快速成長，甚至表現比整體半導體產業還優異。台灣半導體測試業為全球專業委外測試產業龍頭寶座。然而全球外在競爭環境威脅，而且在產業進入障礙低、競爭對手不斷增加、競爭日益強烈的情況下，終將直接衝擊台灣半導體產業在全球的地位。本研究欲從交易成本理論對測試委外服務品質和委外滿意度加以探討，以提供業界持續發展參考。 回顧過去委外相關研究發現，主要集中在：(1)企業是否應該委外或自製；(2)如何在統御結構下進行委外管理；(3) 採用討論或提出觀點說明的方式，少數真正採用實徵性研究驗證理論架構。因此，本研究專注於半導體測試委外的範疇，對委外進行探討，本研究架構乃為探討交易成本對服務品質和委外滿意度之影響，針對半導體測試產業型態及測試委外的需求建立研究架構與假設，並據以定義研究變數及制定問卷，經調查回收後做資料整理與統計分析。 經過資料分析，本研究在半導體測試委外產業的主要研究結果有三：一、在半導體測試外包產業中「交易成本」對於「服務品質」有顯著影響；二、「交易成本」對於「委外滿意度」未有顯著影響；三、「服務品質」不但對「委外滿意度」有正向的影響，同時亦扮演「交易成本」對於「委外滿意度」正向影響的「媒介變數」(mediator)。 根據上述的研究結果，本研究提出三點建議給予實務界參考。包括：一、以產能外包模式轉為整合模式外包，以降低不確定成本，提升服務品質；二、對於資產獨特性與不確定性質越高的委外案，承包商應提升對服務品質各方面的重視； 三、企業往後應慎重考量交易成本的影響。 / IC testing is a critical part of the semiconductor manufacturing value chain. In response to a variety of strategic considerations, large-scale IDM semiconductor manufacturers have increasingly sought the service from the professional testing firms. This, plus the rapid development of external IC design houses has created conditions for a global testing industry growing even more rapidly than the semiconductor industry as a whole. Taiwan’s specialized IC testing firms lead the global testing industry, but this dominance is increasingly threatened by external competition and low barriers to entry, and may eventually have a direct impact on the outlook of Taiwan’s IC industry. This study investigates transaction costs in terms of quality and customer satisfaction for external IC testing operations, and aims to provide the industry with a reference for sustainable development. Previous research in outsourcing has primarily focused on whether a company should outsource or keep operations in-house, or how to manage outsourcing within existing command structures, while a small number of empirical studies have used theoretical or case study methods to validate the use of theoretical frameworks. Therefore, this study focuses on the outsourcing of semiconductor testing operations to investigate how the structure and characteristics of transaction costs affect outsource service quality and satisfaction, with an aim to establish a research framework for investigating the semiconductor testing industry and outsourcing requirements. Towards this end, relevant variables have been defined and incorporated into a questionnaire which was used to source data for statistical analysis. Through statistical analysis, this study arrives at three primary conclusions regarding the outsourcing of semiconductor testing: (1) in the outsourcing of semiconductor testing, transaction costs have a significant impact on service quality; (2) transaction costs do not have a significant impact on outsourcing satisfaction; and (3) service quality is positively correlated with outsourcing satisfaction, and also plays transaction cost property in the positive correlation of outsourcing satisfaction and mediator. Based on these findings, this study raises three suggestions as a reference to practitioners: (1) move from a production outsourcing model to an integrated outsourcing model to reduce uncertainty costs and improve service quality; (2) for outsourcing cases with a higher degree of asset specialization and uncertainty, the contractor should focus especially on raising all aspects of service quality; and (3) enterprises should carefully consider the impact of transaction costs.

隨著資訊科技與生產技術大幅進步，以及全球化及自由化下瞬息多變的競爭環境，經營者除了關注企業內部的議題外，亦需了解全球經濟發展趨勢與產業脈動，在競爭者與客戶回應之前，提出有效對策因應，如此才能在激烈的競爭中存續與發展，維持競爭力及提升經營績效。因此，現今企業勝出的核心關鍵不再單純依賴規模與效率，而是如何發揮創意，找出新的競爭定位，並藉助資訊快速運算及不斷增強的商業智慧功能來改善企業本身的經營條件，甚或尋求新的商業模式。 個案公司是一家電子零組件製造與銷售公司，主要產銷連接器、軟性排線及線材組件。和大多數公司一樣，個案公司目前正面臨全球化競爭帶來的挑戰。處於原物料及人力成本持續上漲的壓力，以及面對客戶少量多樣客製化的產品需求與愈趨繁複的出貨要求下，個案公司之產品毛利愈來愈低。為解決這些經營上的問題，個案公司期待運用ERP資訊系統客製「商品計價作業」來反映成本上漲對產品報價的變動，並藉此快速且適度反應到對客戶的報價上，以期提升經營彈性，因應市場變化。 本研究從個案公司為了因應市場變化而建置資訊系統，以期快速且正確的反映產品報價的需求出發，首先針對個案公司，應用企業流程資訊有機體(Process-Wide Information Organism, PWIO)分析模式，重現及檢視個案公司銷售流程，並結合時間導向的作業基礎成本制求算出客戶最終毛利，據此重分類客戶屬性，並提出對應之銷售策略及對資訊系統需求之反思與建議。 關鍵字：企業流程資訊分析模式、顧客利潤分析、時間導向作業基礎成本制度 / Information technology and manufacturing techniques are greatly improved by days. The globalization and liberalization make industrial competition fierce and ever-changing. Under such circumstances, the company managements can not only focus on internal topics but should observe the global economic development trend and also the commercial and industrial variety. They should put forward solution strategies to deal with the responses of competitors and requests of customers. Only then can they keep competition power and enhance the operation profit to continue sustainable operation and development in the sharp competition. Therefore the key success factor today is not to depend on operation scale and efficiency only but to bring creativeness into full play to find the competition advantage of the company. In addition, they should improve management conditions by means of rapid information operation and ever-growing business intelligent features or to create new business model. A case company is a component manufacturing and sales company. Its main products are connectors, flexible flat cable and wire harness. Facing the severe global competition as the others, the company is challenged by margin issue due to increasing cost of raw material and labor, customized products requests with high-mix/ low-volume. To conquer this business issue, the case company plans to utilize ERP to build up the “Product Pricing Program” to re engineer the pricing methodology by reflecting the increased cost in the quotations to customers. The pricing process can enhance the operation efficiency to respond to the variety market changes. To deal with the market changes, the case study is aimed to establish effective information system for the purpose of responding rapidly and precisely to pricing decision. The research reviews and inspects the sales flow of the case company by Process-Wide Information Organism (PWIO). It also combines the time-oriented activity base costing (ABC) to forecast the final gross profit of customers. Based on this, the case company could re-categorize the customer segmentation and put forward related sales strategy and enhancement on the demand of information system. Key words: Process-Wide Information Organism (PWIO); Customer profitability analysis; Time-Driven Activity-Based Costing

University of Macau / Institute of Chinese Medical Sciences

University of Macau / Institute of Chinese Medical Sciences

University of Macau / Institute of Chinese Medical Sciences

企業的競爭，不再完全取決於企業規模，而是取決於如何對市場、客戶與競爭對手作出最佳及最快速的回應。迅速精準的決策以及執行力，是企業致勝的關鍵。因此，企業如何利用現有的資源，達成最有效率且具高價值之決策應用，以更進一步深化企業競爭優勢，符合企業e化追求的終極目標，為現代企業經營管理的重要課題之ㄧ。 個案公司之業務性質具有客戶集中、產品多元化、產品週期短、部分客戶採日式及時（Just in Time）存貨系統、訂單張數多但數量少（因為多數量產訂單均須經過少量的試產作業）等特性。在受限於客戶有較高議價能力的情況下，作業流程的效能與效率決定個案公司生存、成長與優勢競爭能力。個案公司在迅速回應及服務客戶之需求下，深度仰賴資訊系統處理相關業務的進行，e化程度並不低。但個案公司之員工已疲於應付日常的工作，而管理績效仍不彰。還有，高階主管認為內部提供之財務資訊無法作為報價參考及進行經營管理決策之基礎。 個案公司所面對的管理議題與作業流程有密切的關係，故本論文運用PWIO模式，從重現及診斷個案公司的作業流程為起點，於分析流程之實作後，一方面提出作業流程改善之建議，另一方面同時納入流程目標及衡量各項目標之績效評估指標，連結目標與指標間之因果關係至個案公司之平衡計分卡及策略地圖，以作為未來建立績效管理架構之參考。 此外，本論文嘗試將PWIO模式之分析結果與作業基礎成本制度之概念作結合，透過實作表之作業分析，辨識作業中心及成本動因，再於資訊系統裡擷取相關資源及成本動因資訊後，試算並比較傳統與作業基礎成本制度下之客戶別損益報告，提供高階管理人員對作業如何耗用資源有進一步的瞭解。本論文期望透過瞭解成本發生的真正原因以及對無效作業的辨識，協助個案公司強化成本的規劃與控制，進而改善企業運作之績效，增強企業的競爭能力。 / Nowadays, the completion between enterprises is not subject to the size of company but the way and lead time of response to the markets, customers as well as your competitors. The key successful factors are actually how prompt and accurate on decision making and execution. Therefore, one of the most important strategies is how to maximize the existing resources to build up the competition and reach the end goal of e-business. The business natures of the Company are specific customers, diversity of products, short product life cycle, Just in Time customer ordering process and numerous purchases with low quantities (prior to mass production requires test run with low quantity). Under the circumstances of buyer market and high negotiation power, the development and competition of the Company relies on the return of production as well as efficiency on process control. In order to response and serve customer needs, the Company has relied on the IT to handling business in depth. As such, the Company is highly e-businessness. However, the employees are exhausted on dealing with daily work as to poor efficiency. Further to that, high management believes that the financial information provided internally can‘t be neither the quotation base nor operating decisions. The management challenges of the Company are close relationship to the process control, therefore, in this article; I started my researches from review and analysis existing process via the Process-Wide Information Organism, PWIO model, to provide the suggestions to the process flow at the same time put in place the targets and evaluation indicators. Mapping the targets with said indicators to conclude the Balanced Score Card as well as the Strategy Map for the references to the Company on structure the efficient management in the future.

投資者面對到期日相同的ㄧ序列不同履約價格的選擇權，已有許多文獻提出如何建立選擇權最佳投資組合，但模型中均未考慮交易成本。選擇權在實際市場的交易過程中，投資者所支付的手續費與賦稅即為選擇權的交易成本。本論文針對買賣到期日相同但不同履約價格的買權與賣權如何組合，提出考慮交易成本的整數線性規劃模型，建立選擇權最佳交易策略。我們不考慮股價變動的機率分配型態，延伸楊靜宜 (2004)所建立之整數線性規劃模型和Liu與Liu (2006)的大中取小模型，建構考慮比例制、固定制與混合制交易成本之整數線性規劃模型。最後，我們以台指選擇權(TXO)為例，驗證模型的效能。 關鍵字：交易成本，選擇權交易策略，整數線性規劃，選擇權套利機會。 / There are many researchers focus on constructing the optimal strategies and propose integer linear programming (ILP) for a series of options which are on the same maturity date with different strike price, but they neglect transaction costs in their models. The transaction costs of options are the handling charge and taxes which investors should pay for trading in the market. The thesis proposes an ILP with transaction costs to construct the optimal strategy for an option portfolio of call- and put- options on the same maturity date with different strike price. We leave the distribution of the variety of stock price out of consideration and extend Yang’s (2004) model and Liu & Liu’s (2006) min-max regret model to construct ILP with proportional, fixed, and mixed transaction costs. Finally, we take the trading data of TXO as an empirical study to test and verify the efficiency of our models. Key words: transaction costs, option trading strategies, integer linear programming, option arbitrage opportunities.

過去文獻大多使用Lerner指數來衡量銀行業之市場競爭度，但在計算過程中有可能出現其值為負之問題。為解決上述問題，本文運用關聯結構函數建立聯立隨機邊界模型，它由銀行成本邊界與兩條產出價格邊界所組成，可以同時衡量放款市場及投資市場之市場競爭度與成本效率。另外，為比較西歐五個國家的銀行市場競爭度與成本效率，本文進一步採用Huang et al. (2014)所提出的新隨機共同邊界模型，此模型除使用共同成本邊界計算技術缺口比率外，還透過產出價格共同邊界衡量潛在Lerner指數，進一步拆解成Lerner指數與MC gap ratio (MCGR)兩部分，可以比較不同國家間的市場競爭程度。 / This paper proposes the copula-based simultaneous stochastic frontier model (CSSFM), composed of a cost frontier and two output price frontiers for the banking sector, in order to measure cost efficiency and market power in the markets of loans and investments. The new Lerner index can be estimated by relying on the simultaneous equations model, consisting of three frontier equations, which avoids obtaining negative measures of the Lerner index. We then apply the new meta-frontier model to simultaneously estimate and compare cost efficiency and market power across five countries over the period 1998-2010. The salient feature of our proposed approach is that it allows for calculating the technology gap ratio on the basis of the cost frontier, as well as evaluating the potential Lerner index from price frontiers, which can be decomposed into the country-specific Lerner index and marginal cost gap ratio.

本研究係探討關係人交易雙方是否委任相同會計師進行查核，對企業負債資金成本之效果。本文以企業利息費用除以平均帶息負債衡量企業之負債資金成本，企業之關係人交易部分則分成關係人銷貨交易、關係人進貨交易、關係人應收款、關係人應付款等四類型交易，來討論關係人交易與企業負債資金成本之關聯，接著將各類型關係人交易再細分成由相同會計師查核關係人交易雙方與由不同會計師查核關係人交易雙方兩類，以檢驗相同會計師查核對於企業負債資金成本之影響。 研究結果發現關係人交易與企業負債資金成本之關聯並無統計上之顯著性。然將關係人交易進一步拆分為是否由相同會計師查核關係人交易雙方後，關係人進貨交易與關係人銷貨交易等兩類型交易若由相同會計師查核交易雙方，其相較於不同會計師查核能夠有效減緩企業負債資金成本增加之情形。 / This study examines the effect of same auditor auditing both sides of related party transactions (RPTs) on cost of debt. In this study, cost of debt is measured using interest expenses divided by average interest bearing debt and we hand collect from annual reports the data of the four common types of RPTs: sales to related parties, purchases from related parties, accounts receivable from related parties and accounts payable to related parties. For the four types, we further split RPTs into RPTs whose involved sides are audited by the same auditor and RPTs whose involved sides are audited by different auditors. We do not find any evidence that RPTs are associated with cost of debt. However, we find that for sales to related parties and purchases from related parties, RPTs whose involved sides are audited by the same auditor are associated with cost of debt less strongly than RPTs whose involved sides are audited by different auditors. Our results suggest that same auditor auditing can mitigated the detrimental effect of RPTs on cost of debt.

本文建立一公司稅、累進個人稅、非債稅盾和破產可能之不確定經濟模型，探討公司的投資理財決策行為。和以前文獻最大的不同點，在於公司風險債利率水準明顯且完全的內生化處理，此內生化利率不僅受公司舉債額度的財務決策影響，也會反應公司現行投資或資本存量的實質決策，模型中的財務和實質決策具有完全互動之特性。 累進個人稅下，只要存在一組投資人間的邊際稅率結構，能排除套稅資產配置，則市場無套稅價格和競爭均衡便存在。此一結果，使本文模型中的資產評價得以建立於競爭財務市場均衡的基礎。市場均衡下，公司債利率會隨公司舉債額度而同向、投資額度而反向調整，此時股東與債權人間的代理成本問題完全消失、市場具有公平保護債權人的機能。如果公司債利率外生而無法依市場均衡評價，則由於代理成本問題存在，使公司最適投資相對低於、舉債額度則高於利率內生之最適水準。另外，傳統一些稅制分析法的資本結構決定理論，只是本文之特例。 稅盾變化，如投資減免率或定額減免等，對公司最適投資和舉債的影響，除以前文獻之結果外，還包含一利率回饋效果，後者可能改變以前文獻之結論。例如，本文發現獎勵投資之折舊率或投資扣抵的政策美意，可能反而造成抑制投資的結果，本文這部分之結論，或可提供有關公司資本結構決定之實證研究新的詮釋，另外在稅制設計上亦具政策上的含意。