傳統財務理論中均假設市場為效率市場，然而不動產市場並非效率市場，投資者對於市場資訊之反應並非完全理性。若投資者忽視自身擁有之資訊，選擇追隨其他人的投資決策，將使投資人間存在相互牽制之行為，因而產生行為財務學中之「從眾行為」，其決策結果將無法完全反應市場資訊，並造成投資人集體買進、賣出之行為，使市場價格與交易量存在不正常之波動。由於台灣不動產市場長期以來存在有價格漲幅波動超越合理範圍之現象，因此本研究探討台灣不動產市場是否存有從眾行為，使得投資人具有非理性的投資傾向。 有鑑於過去關於從眾行為之研究仍以股票市場中報酬率或交易量驗證為主，對於台灣運用交易量進行不動產市場之從眾行為驗證則付之闕如，而從眾行為對於不動產市場之影響，首先將反映於交易量之波動，因此本研究運用自我迴歸分配落遲模型對於台灣不動產市場是否存在從眾行為進行驗證，並比較不動產報酬率波動不同之交易市場，其從眾行為存在情形之異同。 模型結果顯示台灣三大都會區（臺北市、臺中市與高雄市）與臺北市分區（分為市中心、郊區與郊外）中，僅臺北市整體與臺北市分區之住宅市場明顯存在從眾行為現象。結果顯示當該住宅市場存在從眾行為時，當期交易量將受到當期持有成本與前期市場報酬率之影響。此外，交易量除受從眾行為之影響外，尚受到經濟成長率、營建類股股價指數、物價指數租金年增率、營造工程物價指數等之正向影響，而購屋貸款利率與通貨膨脹則和交易量呈反向變動現象。 本研究以探討從眾行為、交易量與總體經濟因素之關連性，進一步釐清影響住宅市場交易量波動之因素，使購屋者於決策時參考前期市場交易情形能更加理性，避免盲目跟隨下的從眾行為產生。 / Base on the Efficient Market Hypothesis, the traditional financial theory assumes the market is efficient. However, the real estate market is not. For this reason, investors could not react to market information entirely. If investors ignore their own information, they may choose to follow other peoples’ investment decisions. Therefore, this situation will lead to herding behavior of behavioral finance that may cause price volatility and unusual transactions. On account of the real estate market exists unreasonable price fluctuations for a long time in Taiwan, this thesis examines whether the herding behavior exists in Taiwan real estate market or not. Although many researchers study the herding behavior in the stock market by using the transactions and the returns on investment, few attempts have been made to discuss the herding behavior in Taiwan housing market by using the housing transactions. Hence, this study examines the herding behavior in Taiwan housing market by establishing the Auto-regressive Distributed Lag (ARDL) model with housing transaction data. Results found the herding behavior of real estate market do exist in the whole Taipei city and the three region of Taipei city (downtown, suburb and outskirt). And it shows the transactions in the housing market with herding behavior may be affected by user cost of housing and pre-market returns. Furthermore, the study finds some macroeconomic factors affecting the housing transactions positivity, such as economic growth rate, construction stocks index, consumer price index of house renting and consumer price index of construction engineering. On the contrary, loan interest rate of housing and consumer price index has negative influence. To conclude, this study aims to examine the influential factors on the volatility of housing transactions though clarifying the relationship between the herding behavior, the transactions in housing market and the macroeconomic factors. It may help investors follow other peoples’ investment decisions more reasonable, and avoid blind herding behavior in real estate markets.

不動產由於具有異質性、不可移動性與昂貴性等特性，相較於其他資產而言，最獨特的風險為「流動性風險」(liquidity risk)，也因此其銷售期間比其他標的較長，議價空間也較大。以往探討不動產流動性的研究大都以在市場上的銷售期間(time on the market, TOM)為主，然本研究認為銷售期間和賣方的表價（listing price）與買方心中的價格（offer price）密切相關，買方決策的過程勢必受到賣方表價與本身心中價格之影響，進而決定該不動產在市場之流動性。故本研究則嘗試以賣方表價與最後成交價(transaction price)間的議價空間，探討不動產市場之流動性。議價空間愈大，表示不動產標的在當時市場之流動性愈低，致使賣方愈能接受低於表價的買方出價及成交價。 本研究透過搜尋理論建立住宅不動產議價空間模型，並以實際市場交易資料進行實證分析，探討房屋本身的屬性、總體市場因素、賣方持有的成本、區位因素與賣方定價因素等，對於買賣雙方議價空間之影響，藉以觀察理論與實證是否相符。其中以房屋總坪數與屋齡代表房屋屬性，以房租成長率與經濟成長率代表市場情況，並以利率代表賣方持有成本。實證結果顯示，屋齡太久或賣方定價過高的不動產，其議價空間愈大，流動性愈差；房租成長率和經濟成長率皆與議價空間呈負相關，表市場景氣愈好，議價空間愈小，賣方在議價過程中較能堅守其表價；又利率與議價空間呈正相關，表賣方持有不動產的成本越高，越能接受較大的議價空間；而總坪數愈大及區位較佳之不動產，其議價空間越小，可能受豪宅市場效應以及區域抗跌性有關。此實證結果與過去利用銷售期間衡量不動產市場流動性的搜尋理論相符，也驗證議價空間實可為衡量不動產市場流動性的新指標，並可降低利用銷售期間分析的研究困境。本研究成果不僅可供不動產賣方定價策略、買方議價時機之參考，亦希望透過本研究對議價空間與不動產市場流動性之研究，期望政府儘速建立與公開不動產交易平台，俾利增進不動產市場之流動性，更能牽動不動產市場與整體經濟市場之成長。 / The study suggests that not only time on market (TOM) but also price concession between the listing and contract prices could measure housing market liquidity. Departed from past studies, this paper develops theory and constructs a model named Residential Housing Price Concession Model to examine whether key factors influenced housing market liquidity significantly from past studies would have the same effect on price concession. The model includes the listing price of house, the macroeconomic data, the cost of the search and other housing characters in empirical model. Results show that listing price, cost of search and age of house have the predicted positive coefficients, and macroeconomic data , squares of house and location factor are found to be negatively related to the price concession. The corresponding conclusion with time on market (TOM) examined by past studies explains that the price concession also could measure housing market liquidity.

近年來台灣房屋仲介市場可說發展的相當快速，許多賣方和買方常基於成本的考量，而透過仲介公司來買賣房屋。當然，委託給仲介公司來買賣房屋。其中可能主要因素即著眼於縮短交易的時間或者是提高成交的機率，本研究的整個重心將圍繞在賣方的訂價高低(底價)賣屋動機與房屋的屬性來解釋銷售期間和成交機率的高低，並且本文擬得用搜尋理論和代理人理論來詮釋房地產仲介市場的交易行為。 本研究主要分成六章，第一章為緒論。第二章從搜尋理論的觀點來研究訂價與成交價和銷售期間的關係。我們從賣方決定訂價之後，買方會依據訂價要求折扣率，而賣方也會決定一願意給買方的最小折扣率的角度出發，來建構房屋搜尋模型。由理論得知，賣方折扣率底線愈大，則預期銷售期間愈長；銷售期間愈長，則預期賣方折扣率底線愈低；搜尋成本愈大，則預期賣方折扣率底線愈小；買方要求折扣率分配的平均數愈大，則預期賣方折扣率底線愈大。在實證研究上，利用信義房屋仲介公司所提供的資料(1990－1993)，以銷售期間和訂價相對於成交價的比例為應變數，採用聯立方程式的方式來估計分析。實證結果發現上述幾項論點皆獲得驗證與支持。 第三章模型同時考慮賣方和仲介業的行為，一方面說明賣方搜尋成本和買方所要求折扣率分配對銷售期間和成交機率的影響，另一方面提供未來修正理論模型的基礎。利用存活分析法(survival analysis)來估計銷售期間。一方面，我們要探究影響房屋交易之銷售期間的可能原因為何？另一方面，我們也想了解銷售期間是否具有時間相依性(time dependence)，是否銷售期間越長者，越不易賣出？或越容易賣出？ 第四章利用logit模型來估計房屋成交的機率，由於危險模型為純粹之計量模型，而非由理論模型所導出，所以分配之假設將限制其估計模型與理論的關連性，而logit模型則無此問題，因此本研究亦嘗試用logit模型來做估計。 第五章利用代理與搜尋模型來分析賣方和仲介業間的行為關係。不同的仲介收費制度--固定百分比收費(fixed-percentage commission)、定額制(flat－fee)、代銷(consignment sale)，對雙方利益衝突的衝擊為何，是否潛藏著嚴重的道德危險(moral hazard)。透過本篇的分析，可瞭解何以固定百分比收費制度是台灣房屋仲介市場的收費趨勢。最後一章為結論與未來研究方向。 / This paper employs search theory to study the re1ationships between the list price, the transaction price,and marketing duration in the Taiwan real estate market. Theoretically, buyer uses the a set of criteria together,with the listing price to develop an offer which is based on a (guest) minimurn discount rate guideline form the listing price to determine a price that will be acceptable to the seller. We attempt to describe the impact of pricing strategies (seller's minimum discoun rate) and marketing duration by incorporating the minimurn discount rate in a search model. The derived search model indicates the presence of a positbive retalionship between the minimurn discount rate and marketing duration;an inverse relationship beteween marketing duration and munimurn discount rate; an inverse relationship between searching costs and mininurn discount rate; and a positive relationship between the buyer's average discount rate of distribution function and minimum discount rate. The study uses data collected during the l990-1993 time period and provided by Hsin Yi Realty Co., with the dependent variables being the marketing duration and the ratio of the listing price to the transaction price. A simultaneous equation is developed and used to analyze the following hypotheses: firstly, the higher the ratio of the listing price against the transaction price, the longer it takes to reach the marketing duraion; secondly, the longer it takes to reach the marketing duraion, the higher the ratio of the listing price against the transaction price; thirdly, the longer the period of consignment, the longer it takes to reach the marketing duration; and the fourth,if the seller is not in a hurry to sell,then the marketing duration becomes longer. Our empirical findings verify and support all the above stated analyses.

台灣產險公司正面臨日趨多樣的核保風險，新興風險的不確定性促使保險公司經理人高度的依賴再保險機制。既然保險公司高度的依賴再保險機制，或許有人會質疑，再保險機制是否為最適的風險管理策略？ 隔離資產型風險防護公司(Protected Cell Company, PCC）之運用，乃是近年來企業風險理財的重大變革之一，本文之目的即是要探討PCC之架構以及分析PCC運用於台灣產險業之可行性。 本文將分析重點放在PCC運用在租賃性專屬保險（rent-a-captive）的可行性分析上，藉由分析其風險成本，來探討PCC作為租賃性專屬保險時，是否比商業再保更具有成本效益。 藉由實證分析結果，本文發現除了巨災風險、尖端風險（peak risks）及其他具高損失幅度可能性之業務外，PCC作為租賃性專屬保險時，PCC會比商業再保更適合於產險公司。本文亦發現PCC運作的時間愈長，愈能節省其風險成本。此外，本分析亦指出在PCC為純粹專屬保險的前題下，符合監理機關的最低設立資本要求會是PCC之最適設立資本。 / Because Taiwan’s non-life insurance companies now face an increasing array of underwriting-risks, the high uncertainty may cause insurance company managers highly depend on reinsurance mechanism. One may doubt that whether reinsurance mechanism is the optimal risk management strategy although it is the most frequently utilized approach. The purpose of this paper is to explore the structure of PCC and analysis the feasibility of PCC for Taiwan’s non-life insurance industry because the use of Protected Cell Company（PCC）structure is one of the most significant developments in the world of corporate finance and risk management during the recent years. This paper will focus on the feasibility of PCC when it is used as Rent-A-Captive, based on the analysis of cost of risks, to study whether PCC has better cost efficiency than reinsurance mechanism. The finding of this research shows that PCC as rent-a-captive is more suitable than commercial reinsurance for non-life insurance company except catastrophe risks, peak risks, and high loss severity business. It also finds the longer we use PCC as rent-a-captive, the more we can save its cost of risks. Besides, the analysis indicates that paid-up capital of PCC which just meets the minimum capital required by the regulation will be optimal in case PCC is a pure captive.

廣受日式企業採用之目標成本制，提早於產品設計、開發時即檢討成本降低的可能性，並以產品生命週期為考量，有效降低成本。不但為一有效降低成本之技法，更為企業利潤規劃之利器。 有系統、具彈性的新產品開發流程是影響產品獲利的重要關鍵，目前大部分企業已不再採取傳統的接力賽式新產品開發流程，而偏向於橄欖球之方式運作，因此跨功能團隊之合作極為重要，而在目標成本制之下，會計人員更為團隊中之重要成員，其所從事之作業將影響目標成本制之順利實施。為深入了解採行目標成本制之不同公司其新產品開發流程以及會計人員作業之差異，本研究以裕隆與中華兩家汽車企業為個案對象。 研究結果如下： 一、裕隆與中華兩企業之新產品開發流程其基本架構上相同。惟兩家公司 偏重的策略有所不同，故在概念發想者、可行性分析、目標成本控管 情形有所差異。 二、目標成本制下，會計人員於新產品開發流程所從事之作業包含「目標 成本之訂定、展開與控管」、「對策略之了解與跨功能團隊合作」、 「資本支出分析、相關法令與匯率資訊之提供」、「成本資訊之提供 」以及「編製相關財務報表」等五個因素構面。 三、兩企業認為會計人員於新產品開發流程從事之作業有相同亦有不同之 處，其會受到兩企業所偏重的策略所影響。 四、會計人員與非會計人員對於會計人員所從事之作業無太大歧見，皆達 成共識，有助於目標成本制之順利運作。 / Target costing is widely adopted by Japanese enterprises. It advances the time of cost-down evaluation to the product design and development stage. By considering into the product life cycle, it lowers the cost effectively. Therefore, for enterprises target costing is not only an effective means of cost reduction but also an useful method of profit projection. A systematic and flexible new product development (NPD) process is the key of profitability of the product. Most enterprises have abandoned the traditional sequential phases of NPD for overlapping phases of development. In overlapping phases of development, cooperation between cross-functional teams is important. Among all, accountants are especially essential because their work affects the practice of target costing. In order to further understand the differences of NPD process and accountant’s activities in different companies, this study has conducted case studies of Yulon and China-motor. The conclusions of this study are: 1.Yulon and China-motor basically adopt the same NPD process. However, the strategies emphasized are different, which cause differences in the idea generator generating, feasibility analysis and the management of target cost. 2.Under target costing, the accountant’s activities in the NPD process include “setting, allocating, controlling and managing the target cost”, “understanding the strategies and cooperating with other participators in cross-functional team”, “analyzing the capital expenditure and providing related law and foreign currency information”, “providing the cost information” and “preparing related financial statements”. 3.The defined roles of accountants in NPD in both enterprises are influenced by their selected strategies. 4.The consensus of accountant’s activities between the accountants and other team members is helpful to the practice of target costing.

全球暖化已成為大多數國家近幾年所關心的議題。雖然臺灣政府於2010年5月所核定的「國家節能減碳總計畫」之中，儘管減量目標及原則業已確立，但未充分探討各別產業的面臨碳排放管制時所造成的影響，因此，臺灣各產業或次部門究竟應承擔多大的減量責任仍是混沌不明。 為了更清楚瞭解碳排放管制對於臺灣工業部門之各產業的影響，本文以方向性距離函數，估算工業部門中14個產業367家上市櫃、興櫃和公開發行公司於2005年至2010年，在不同電力消費所產生的CO2之責任歸屬情況下之生產效率及汙染減量成本，以反映各產業於管制下的機會成本，便於鎖定某些產業或公司，來賦予減量責任。結果發現，各產業在實施碳排放管制後的效率水準，會高於未實施碳排放管制時的效率水準，且各產業的平均總汙染減量成本與每噸二氧化碳減量成本相差甚大。而臺灣尚未通過相關法規以規範各產業二氧化碳排放水準，若各產業節能技術或政府相關配套政策未改善，倉促實施碳排放管制，除了對管制對象的產生影響外，也可能間接衝擊未管制對象。政府除了加強輔導各種產業從事節能技術外，也需要適當的公布各產業各公司的各種汙染排放量資訊，以供各界研究碳排放管制或其他汙染排放管制對社會的影響。 / Global warming has become the topic of most countries which concerns things in recent years. Government sets up CO2 reduction objectives and principle in “General National Plan for Energy Saving and Carbon Reduction” in 2010, but the plan doesn’t probe effect of CO2 regulation which different industries. Therefore, it is unknown that different industries should be responsible for the abatement of CO2. In order to clearly understand effect of CO2 regulation for Taiwan industrial sector, this paper use directional distance function to estimate production efficiency and pollution abatement cost of 367 public companies in 14 industries in industrial sector from 2005 to 2010, and to reflect different industries’ opportunity cost under CO2 regulation. Production efficiency of different industries after the implementation of CO2 regulation will be higher than before the implementation of CO2 regulation. On the other hand, different industries have a variety of average pollution abatement cost and pollution abatement cost of CO2 per ton. However, Taiwan has not yet adopted the environment laws to set up industrial CO2 emission level, if the government hurriedly implemented CO2 regulation for Taiwan industrial sector, may be indirectly influence other sectors. Hence, the government should not only urge that industries must be engaged in energy-saving technologies, but also announce companies’ various pollution emission information which provides research institutes to analyze effect of social welfare under CO2 regulation.

市地重劃係依照都市發展趨勢及都市計畫規劃內容，將一定範圍內畸零細碎不規則之土地，依據法令加以重新整理，重劃區內土地除配合公共設施興建後，其餘可建築用地依原位次分配原則、調整分配原則並留設抵費地後，重新分配予原土地所有權人，其最終目的是地權的調整，而地權調整屬於交易行為，有交易便會有成本，而價格是交易成本的剩餘，在市地重劃開發的過程及後續標得抵費地的土地利用行為中存在交易成本，交易成本的降低可帶來抵費地價格的提升。 重劃完成後各宗抵費地的區位條件與個別條件均不相同，傳統地價影響因素研究多著重於宗地的條件，例如宗地面積、公設可及性、使用分區等，對於土地建築利用與產權整合並無太多著墨，本研究從重劃後建築開發的角度切入，探討以公辦重劃方式所留設的抵費地，其宗地個別條件、土地使用管制、區位、規模及相鄰土地整合難易度，對於交易成本及開發績效有何影響，研究影響抵費地標售價格的因素。 本研究蒐集了林口新市鎮第三期市地重劃區抵費地及相關土地資訊，透過是否建築作為條件篩選，並以189筆合併建築之案例為樣本，運用特徵價格模型，以每平方公尺抵費地標售單價作為應變數，選取13個可能影響抵費地標售價格的應變數，進行實證分析研究。實證結果顯示抵費地的容積率、所面臨最大路寬、面臨主要道路面寬、至學校距離及標售時間等5個因素對於抵費地標售價格呈現正向影響；而抵費地的面積、鄰地權屬複雜度、深度、寬深比等4個因素對於抵費地標售價格呈現負向影響。 公辦市地重劃政府具有土地分配的規劃及主導權，在抵費地面積有限的情況下，倘能了解抵費地的區位、規模與效益之關係，在訂定分配原則及抵費地劃設時考量上述影響抵費地標售價格的因素，以降低交易成本，即可望降低地主共同負擔或創造盈餘以留供重劃區內建設與管理維護，提升開發效益。 / A urban land readjustment (ULR) project follows the trend of urban development and the urban planning, it readjusts all fragmental and irregular land in the area. After building the land of public in the area, the rest of buildable land will be allocated to landlords and reserve the cost equivalent land by distribution principle. The final purpose of ULR is to adjust the property of land. That way of adjustment is a transaction which comes with the cost, and the residual of transaction cost is price. There is transaction cost in the process of ULR project and in the use of cost equivalent land. The reduction of the transaction cost will rise the price of cost equivalent land. The area and individual condition of all the cost equivalent land is different after URL project. The traditional research of land price focus on the condition of land, for example, the area of the land, the accessibility of public facilities and the land use zoning , but less attention in the using of building and the conformity of property. In this research, we discuss the cost equivalent land with the point of building development by ULR, and the effect of the transaction cost to develop performance by analyzing individual condition, land using constrain, area, size, conformity of land. We also study on the factor of the price of cost equivalent land. In this research, we gather the cost equivalent land of Lin-Kou New Town URL and other related information of land. We use the data screened by purpose to build to integrate 189 lands for the base of experimental research, and using the Hedonic Price Method to set the model in which the unit price of cost equivalent land (per square meter ) as the dependent variable and thirteen impact factors as independent variables.。The experiment result shows that five factors including the floor area ratio of cost equivalent land, the maximum width of neighbor road, the width of neighbor, the distance from school and the time for sale have positive impact to the price of the cost equivalent land. On the other hand, the four factors including the area of the cost equivalent land, the complexity of neighbor property, the depth of land and the ratio of width to depth have negative impact to the price of the cost equivalent land. The government has dominant and plan of land distribution by URL-led by the government, for a limited area of cost equivalent land, if we can realize the relationship among region, size and efficiency of cost equivalent land which effect the price of cost equivalent land, it can reduce the transaction cost when we set up the rule of land and cost equivalent land distribution. We can reduce average burden of landlords or make surplus for construction and management for URL, and also promote the efficiency of development.

財產稅素來為政府重要財政收入，有關財產稅稅基計算為政府與民眾關心之重要議題。國際上財產稅稅基評估方式，依收益來源之不同，可分為由「租金收入」所得之年租金價值，或由「交易」所得之市場價值。我國財產稅稅基為土地申報地價與房屋評定現值，屬於以成本法評估之市場價值。 本研究經由稅基理論之文獻回顧，並針對臺北市觀光旅館與辦公大樓進行模擬分析與迴歸分析，研究結果發現，國際上財產稅稅基評估方式為市場價值或租金價值，應用於臺灣其實屬於「成本價值」與「收益價值」之爭。本研究認為，基於商業不動產經營獲利特性、交易型態與行政便利，並且符合量能課稅原則，商業不動產宜採用收益面之租金價值作為財產稅稅基；然而，現行制度僅反映不動產成本面，未反映不動產收益面。另外，若以租金價值作為稅基，需扣除無形資產之價值。 最後，若財產稅稅制轉變為以租金價值作為稅基，就旅館而言，於政策上可以鼓勵廠商興建大規模觀光旅館，並對經營初期業者有利，對於旅館產業發展有助益。就辦公大樓而言，於政策上可以鼓勵廠商興建大規模辦公大樓，可以促進開發者整合較大面積土地進行開發。 / Property tax is one of the important tax revenues of the government. People care about how to calculate property tax base. There are two values-based approaches that depends on different revenue sources one is “Annual Rental Value” which is based on rents, the other is “Market Value” which is based on sales. The Taiwanese property tax is based on market value and on cost approach. The study explores the tax base theories and use differential tax incidence and regression model to test the property tax bases of hotels and offices. According to the literature, there are two main ways to assess the property tax bases: Market Value Basis and Annual Rental Value Basis. However, it turns out to be the difference of Cost Value and Income Value in Taiwan. Due to the revenue-generating feature and transaction style of commercial properties, administrative convenience and the ability-to-pay principle, the study suggests that we should use annual rental value as the property tax base of commercial properties. Nevertheless, the Taiwanese property tax base only reflects the cost of properties, not the revenue-generating capacities of properties. On the other hand, the rent value includes the intangible assets such as famous brand names, the additional value which is not from the property should be excluded from the tax base. Nevertheless, if the rental value is substituted for the cost value as a tax base, there will be some possible situations as a reference for policy makers. For hotels, it will encourage firms to construct big scale hotels, and it will be beneficial for the initial operation of hotels. For offices, it will encourage firms to construct big scale offices and it will promote the developers to create more land area as well. Keywords: commercial property, property tax, house tax, cost value, rental value

中國大陸移轉訂價法規起步較晚，但近年來中國積極防堵並加大查核力度，在大部分操作方式都被阻絕的情況下，台商僅剩「保留合理利潤」一途。如何在這個前提下達到利潤最大化並降低稅務風險，是本研究探討的問題。依本研究之結論，獲得以下之結論: 一、透過集團組織重組，建立集中化管理模式，依照各公司功能及風險考量，分配合理利潤。 二、在考量風險下，透過預先訂價協議及成本分攤協議以降低稅務風險。 三、建立符合各國法規之集團訂價策略，掌握各國稽核重點，制定集團統一的溝通及防禦策略，事先做好同期資料及相關文據以供備查。 / The development of regulations with respect to transfer pricing was started late in China, however, China took positive actions to avoid transfer pricing and enforced the rules more strictly in recent years. Therefore, the Taiwanese investors only have the way of “remaining the reasonable profit” in the event of that most of the operating models have been prohibited. How to obtain the maximun benefit and lower the tax risk in such situation are the objectives and questions of this study. According to this research, the conclusion is as below: 1. To allocate the reasonable profit by group restructuring and setting the centralized management mode in accordance with consideration in function and risk of each corporation. 2. To lower the tax risk through advance pricing agreements and cost sharing agreements in consideration of the risk. 3. To build the group pricing strategy which is accordance with the regulations of each filed, controlling the inspection focus of each countries, setting the group strategy for communication and defense, and preparing the same period information and other related documents for future reference.

平衡計分卡（Balanced Scorecard,BSC）被認為是可以解決企業策略執行力不足的最佳良方，藉由與公司策略連結的策略性衡量指標，驅動企業策略之執行。而作業價值管理（Activity Value Management,AVM）為吳安妮教授經過長年對作業基礎成本制度（Activity-Based Costing,ABC）的持續研究及實務運用，進而提出的系統制度，隨著企業營運即時輸出各種回饋資訊及管理報表，確實輔助各管理階層做出營運上的各種決策。平衡計分卡與作業基礎成本制度之結合與應用，在國內外皆有相關研究，而作業價值管理此一嶄新的系統制度尚未有研究探討其與平衡計分卡之結合內容。 本研究係針對國內中小企業中一食品機械製造公司進行個案研究，伴隨個案公司的步伐導入平衡計分卡及作業價值管理，並進一步探討兩者結合後所擬定的策略性衡量指標，如何使得績效管理更有助於個案公司策略之執行，並期盼研究結果可以作為未來中小企業結合兩制度之參考。 / Balanced Scorecard (BSC) is considered the best solution to solve the lack of operating capability within enterprises. By connecting corporate strategy with strategic KPIs, BSC stimulates the operation of strategies. After years of study and practice of Activity-Based Costing (ABC), Prof. Anne Wu has developed the system of Activity Value Management (AVM). With the prompt feedback and management reports generated from corporate operation, AVM assists all kinds of decision making by lower through upper management echelons. Despite that there are domestic and international studies of combination and application of BSC and ABC, there are yet studies combine BSC with the advanced AVM system. This research is based on a case study of a medium-sized domestic food machinery manufacturing enterprise, through tracking the process of which importing both AVM and BSC; meanwhile studying the development of strategic KPIs, and how it benefits performance management which supports the operation of enterprise strategy; longing for that henceforth, the result of this study to be used as reference for small and medium-sized enterprises which combine the two systems.