本研究乃針對建地進行開發之財務分析，土地取得方式以業界最普遍之買斷與合建兩種方式並用探討，找出影響土地開發之變數，先從建立土地開發建築規劃開始，將欲開發之土地作最大之建築面積規劃，按著進行財務分析的變數探討與模型建立，藉著現金流量折現模型運用修正淨現值法(Modify Net Present Value; MNPV)計算出投資個案之稅後淨報酬。並由敏感性分析來研判各種影響土地開發因素之重要性，進一步研究合建分回比例與土地成本、營建成本對開發者的投資報酬之影響、研判訂價政策對開發投資報酬的影響、評估投資計畫的銷售率與投資報酬之關係、分析開發募集資金的來源（融資的狀況）對投資報酬之影響，並研判在不同情境下之土地開發投資獲利性。最後考慮風險狀況下之財務分析模型的蒙地卡羅風險模擬，而加以分析土地開發的自有資金與投資報酬之各種可能風險與報酬之關係。

人口成長與產業結構的變遷，使得土地使用變更行為的產生，成為一種必然而難以避免的結果。針對有些土地由低價值變更為高價值土地，地主未曾對土地進行任何投資改良，卻獲取大部分變更利得，即所謂社會自然增值部分歸於一已之私。因此，本研究對目前台灣地區土地使用變更利得分配方式予以探究，並試圖提出土地使用變更利得分配模式，作為未來政策施行之參考。 　　為改善現況問題，本研究將土地使用計畫過程區分為四階段：1.計畫構想提出階段；2.計畫擬定階段；3.計畫審議通過階段；4.計畫實施開發階段，將法定程序之變更利得界定在第三階段，此一利得應歸屬社會大眾所有，然而由於實際估算變更後地價不易，因此藉由實際土地使用變更行為（包括開發行為），利用整地後地價反推變更後地價，其中同時考慮投資報酬觀點，透過數學模型的建立來說明土地使用變更利得分配。 　　基於對土地使用變更利得分配現況探討，利用二個個案分析現況與本研究所建立模式差異，認為土地使用變更利得分配比例應以彈性方式處理，透過給予地主（或是開發者）一合理報酬方式，計算實際可拿回可建地比例。實際上，所估算地價的不同，將影響土地分配比例。因此，建議未來應建立完善估價制度，並將土地使用變更利得分配模式予以立法加以規範，且擬訂完整具前瞻性之國土資源分派計畫，使土地使用變更利得分配更為公平合理。

近幾年再生能源蓬勃發展，全球新增的太陽能發電裝置量也持續上升，擁有高太陽能技術的台灣，更是在太陽能電池上不停成長及擴張，使台灣在太陽能產業有高度前景。但由於太陽能成本高且產業鏈冗長，許多太陽能源公司紛紛想售出發電廠或尋求投資者。另一方面，國內保險業受到市場趨於飽和及利率偏低等因素影響，獲利難以成長，保險業的另一部份獲利來自於投資，穩定的投資獲利讓保險業者可以脫離低利率的險境，但由於台灣法令對保險業者的投資限制，使保險業者欠缺投資管道。基於營運中太陽能電廠需要資金，而保險業者需要新投資項目的情況下，如何讓保險業者更明白太陽能產業之營運方式及潛在風險，給予保險業者更明確的方向做為評估模式，將是本研究之重點。 投資績效的準確度有賴於評估模式的準確性，而評估模式的準確性則取決於影響因子之準確性。故要算出較為準確的投資績效，理解與抓出適當之影響因子為本研究的研究基礎。最後，本研究將太陽能電廠之營運風險評估方式分為「營收面」與「成本面」兩個面向，「營收面」中包含環境因素、系統因素與太陽光電躉購費率三大類的影響因子；「成本面」則包含投資成本、租金成本、維修與管理成本與清潔成本四類影響因子。由以上影響因子來評估一間營運中太陽能發電廠的價值，並以20年來計算內部投資報酬率(IRR)作為評判基準。 / Due to the rapidly growth in renewable energy nowadays, the quantity of solar power systems rises sustaining. Taiwan, which has high solar technology, is still expending its capability on solar power systems. It makes Taiwan have a bright prospect of solar industries. However, the high cost and lengthy industrial chain of solar industries let solar power companies try to sell out their power systems or find investments. On the other side, based on the domestic saturated market and low interest rates, insurance industries in Taiwan are hardly to earn profit on their operation. Another way for insurance companies to obtain profit is investment. Therefore, a stable investing profit makes insurance companies out of the low-rate situation. But due to the investment restriction in Taiwanese laws, insurance companies are always lack of investment projects. Based on the short of capital funds in solar power system and the lack of investment projects in insurance companies, how to let insurance companies know more on solar industries and their potential risks, and how to assessment solar power system will be the key point in this paper. The accuracy of investment performance depends on accuracy of assessment model, and the accuracy of assessment model hinges on accuracy of impact factors. Therefore, in order to find an accurate investment performance, to realize and choose the appropriate impact factors will be the key process in this paper. Finally, to assess operational solar power station, this paper divided all the impact factors into two main categories: revenue and expense. Revenue includes 3 impact factors: environment factors, systems factors and feed-in tariff. Expense includes 4 impact factors: initial investment cost, rent expense, repair and managing cost and cleaning cost. According to these impact factors, we can assess the value of operational solar power station and evaluate internal rate of return (IRR) in 20 years.

台灣長久以來的補習文化，偏向於填鴨式的傳統教室學習方法，而近年來由於網際網路的發達，web 2.0的技術精進，使得利用網路互動的機率越加頻繁，線上學習成為未來語言學習的趨勢。此研究中，藉由實體語言學習機構與線上語言學習機構之整合行銷組合的不同，了解整合行銷策略與業績表現是否有絕對性的正面幫助，並探討其所創造的品牌價值、溝通效益、服務品質、與顧客忠誠度之間的關係。 而網際網路亦使傳統行銷方式受到衝擊，網路行銷成為現今行銷策略的趨勢，有別於舊有的傳統行銷方式，網路行銷提供沒有國界的資訊交流，便利即時的回覆機制，以及完整的成效分析。現今企業對於網際網路的運用已漸趨成熟，透過網路與顧客溝通，成為最有效率及效能的互動模式。值得注意的是，網路溝通較難依法管理，對於可能產生的負面效益，需要嚴密監督並控管。 主要研究結論為：兩個個案均顯示整合行銷策略經由市場機制不斷產生變換，並直接影響來客率及簽約率。而網路行銷較傳統行銷成本更低，且更容易追蹤並分析每個來源的投資報酬率，媒體置換時間可依照點擊轉換率的表現而縮短，即時性與有效性都增高。網路行銷的溝通語言可依顧客屬性而客製化，針對個人一對一的溝通模式也容易形成較佳的顧客關係，因此品牌忠誠度高，續約率以及轉介率皆同時提昇。 / In this research, through two separate projects, I will expound on the difference between the integrated marketing strategy employed by location-based language institutes and by web-based language institutes, and their positional marketing strategies versus profit performance. I will also examine the brand value, potential clients’communication channels, and customer loyalty maintenance created by traditional and online marketings, as well as the possible ramifications of ever-changing marketing mediums. Can these marketing models effectively and efficiently increase profit, build customer relations and loyalty, and decisively influence the management of brand image? The world-wide-web has not only impacted traditional marketing, but has become the preferred communications, and unlike the traditional, it provides borderless information exchange and real-time feedback for comprehensive performance evaluation. As companies mature in their use of the world-wide-web, they are able to utilize the internet to communicate with customers to foster an efficient and effectual interaction. Main conclusions are as follows: both projects suggest that integrated marketing communications continue to change with market systems, and directly influence the number of customer visits and the rate of conversion. Online marketing is inexpensive in contrast to the traditional, and is much easier to track for return-on-investment analysis, thereby allowing for more rapid change of advertisement slots according to performance, raising the responsiveness and return. Online marketing communication can be customized to appear more personal and achieve better customer relations, which in turn increases brand loyalty and referral rate.

收益還原法，係學習不動產估價者所熟習的「三大估價方法」之一，以學術立場而言 ，因係直接從不動產價值之定義推導而來，深具理論基礎。並有具體之數學公式加以 支持說明，故學者推許其為較符合理論之方法。考諸國外文獻，探討收益還原法(In- come Approach)之著述論文汗牛充棟，據以建立之價格模型亦不勝枚舉。反觀國內， 卻始終將之束諸高閣，少有專論，亦不見實用，其因若何，頗值深究。 目前台灣社會正值轉型期，工商業發達，不動產之使用方式亦有改變，所有權垂直分 割之觀念逐漸形成，因此估價之標的亦隨之多樣化。市價比較法需有同質事例為前提 之要件，使其倍受考驗，且適用必有窮時，需謀求其他解決方法。此時，收益還原法 或許正可滿足此一趨勢的需要，據以評估不動產各項具經濟效益之權利價值。 本研究根據收益還原法之諸項課題，探討其基本結構與實質內容，並針對收益還原法 傳統理論之假設與現實環境背離的現象，藉現金流量折現模型(Discounted Cash Fl- ow Model) 之導入，加以說明、修正，並廓清以往觀念上之偏誤。 經研究發現，現金流量折現模型實即收益還原公式，惟其透過現金流量變動性的顯現 ，去除不必要之假設條件而更具現實性，並經由電腦之強大運算功能，克服了繁複之 計量難題。經由反向之推求，更可掌握不動產投資報酬水準等資訊，提供決策時之參 考依據。

台灣發行量加權股價指數在編製時並未調整現金股利的影響，不僅會低估實際的投資報酬率，以其作為標竿指標，在評估共同基金績效時，亦會產生標竿錯誤的問題。因此，本文將現金股利的再投資報酬納入，重新編製加權股價指數。實證結果發現，若自民國75年起調整現金股利之影響，則在民國89年10月31日時，股價指數由5544.18點調整為6419.83點，約增加1.16倍。以新指數重新衡量基金績效的結果，發現績效排名並無大幅度的改變，而且基金績效是否擊敗大盤的情形，受新指標的影響亦不大，此乃因近年來上市公司配息少，而且基金績效非常極端。但基於理論上的正確性，在計算投資報酬率及評估共同基金績效時，仍應以納入現金股利之加權股價指數為基礎，以降低因標竿指標錯誤所造成研究結果的偏誤，否則未來我國股票配息的情況及基金報酬率的特性若改變之後，以過去的方式評估績效將可能造成極大之偏差。 / The Taiwan Stock Exchange Market Weighted Index (TAIEX) is not adjusted for cash dividend. Since the TAIEX is commonly used for calculating the investment return of the Taiwan’s market and as the benchmark index for mutual fund performance evaluation, the investment return in Taiwan is underestimated and there is benchmark error in the evaluation of mutual fund performance. This paper adjusts the TAIEX by incorporating the effect of the reinvestment of cash dividend in the TAIEX. The beginning date of our adjustment is January 4, 1986. Since then until the end of October 2000, the adjusted TAIEX grew to 1.16 times of the unadjusted index. However, The mutual fund performance evaluated based on the adjusted index is insignificantly different from that based on the un-adjusted index. This is because mutual funds have extreme performance. Due to the small cash dividend paid out by the listed firms on the Taiwan Stock Exchange, the adjustment effect is not enough to overturn the evaluation of

根據歐盟2009 年發布之再生能源指令，定義熱泵系統所擷取之大氣熱能、水熱能以及地熱能為再生能源之選項，熱泵技術不受日夜與天候影響，且具安全、有低耗能、低排碳的優點，可應用在空調、暖氣、熱水等設備，備受歐美日本等先進國家重視，也是歐美各國政府極力推廣的項目之一。本研究針對台灣地區家戶住宅所使用小型空氣源熱泵熱水機組，透過環境資源及能源效率的角度，來探討熱泵熱水系統對於台灣住宅部門的適用性。 在研究方法上，針對國內熱泵個案廠商進行系統盤查分析，並且估算使用運轉過程中所需之能源投入，以計算熱水系統在製造過程與運轉使用過程中之環境影響。選擇生命週期評估軟體SimaPro 7.3做為評估工具，使用Eco-Indicator 95、EPS 2000兩種衝擊評估模式，來以生命週期評估探討熱泵熱水系統對環境之影響。並輔以淨能源分析法中能源投資報酬率與能源回收期，以及估算熱泵熱水系統生命週期CO2排放量，來衡量熱泵熱水系統之能源效率是否具有其效益。並進一步針對不同的再生能源發電比例與提升熱泵能源效率比例，探討不同方案的敏感度分析。 根據本研究分析結果顯示，熱泵熱水系統不管從Eco-indicator 95或EPS 2000衝擊評估模式下，運轉使用階段對環境衝擊較大，主要的衝擊項目為重金屬汙染，是因為熱泵熱水系統運轉所使用的電力消耗所致。使用熱泵熱水系統對環境衝擊程度遠較電熱水系統來得小，雖在Eco-indicator 95之衝擊評估模式下，瓦斯熱水系統較熱泵熱水系統環境衝擊程度較小，但以EPS 2000衝擊評估模式下，熱泵熱水系統對環境是最為友善的熱水系統。以淨效益估算熱泵熱水系統源投資報酬（EROI）值為1.45～5.55，能源回收期約為0.22年至2.16年，表示熱泵熱水系統從生命週期的角度來檢視能源效率是具有效益的。由於目前熱泵熱水系統對環境最大的負擔來源是電力的使用，若未來能提高再生能源發電比例、降低臺灣電能含碳濃度，或者提高熱泵能源生產效率，均能降低熱泵熱水系統對環境的負面影響。 / The purpose of this study is to apply life cycle assessment (LCA) and net energy analysis to explore the environmental impacts of the heat pump water heater in Taiwan. In order to achieve this objective, domestic data inventory was gathered from local heat pump industry in Taiwan through questionnaires including input of energy, product output and waste, etc. The SimaPro7.3 program and two impact assessment methods including Eco-Indicator 95, EPS 2000 were utilized to evaluate the environmental impact of the heat pump water heater. Also, we used net energy analysis such as energy return on investment and energy payback time, and estimated the life-cycle CO2 emissions to see whether if the heat pump water heater has its energy efficiency. In addition, the sensitivity analysis was performed by varying renewable energy generation portfolio and the heat pump energy efficiency ratio. Emprical results of two impact assessment methods (Eco-indicator 95 and EPS 2000) show that the main impact on environment of heat pump water heater is from operation phase. When operating the heat pump water heater, it needs to consume electricity which is generated from fossil fuel and caused the environmental impact. Compared with the electric water heater, the environmental impact degree of heat pump water heater is much smaller. In Eco-indicator 95 method, gas water heater has less influence on the environment than heat pump water heater; however, heat pump water heater is the most environment-friendly system in EPS 2000 method. That is because gas is a kind of nonrenewable resource. From the viewpoint of resource stock, gas indeed influence “Depletion of reserves” of environmental impact. By utilizing net energy analysis, the estimated energy return on investment (EROI) of heat pump water heater is 1.45～5.55, and energy payback time is 0.22~2.16 years. It indicates that heat pump water heater has significant benefit from life-cycle perspective. The main impact to environment by heat pump water heater is essentially derived from electricity input. To mitigation this environmental issue, one can reduce environmental impact by increase the proportion of renewable energy generation, and reducing the electricity CO2 emission. Furthermore, improving the energy efficiency of the heat pump would also helpful.