過去認為賣家評價對於價格是正、統計上顯著地影響價格，但是這影響卻不大，我們建立一個模型去解釋是兩種正負關係互相抵消，造成觀察到的結果是很小的情況。具體的說，賣家需要高評價分數去銷售高單價商品，而累積評價分數快速又低成本的方法就是利用低單價商品，利用降低低單價商品價格，讓銷售量增加的更快，銷售量增加快，評價就會增加快速。所以評價對於低價商品是一種負的關係，對於高單價商品才是正的關係。 / It has been recognized empirically that in internet auctions, seller's reputation has a positive, statistically significant, but small impact on the price. We construct a model on internet auctions and delineate this small impact with two opposite forces. To be specific, it needs higher reputation for sellers to sell high-price goods and a cheap way to achieve this objective is to lower the price of low-price goods. By this way one can raise the sale volume of low-price commodities to increase reputation score quickly, which benefits the sale of high-price goods. Therefore, reputation imposes positive impact on prices of "expensive" goods and negative impact on prices of "cheap" ones.

論文摘要 我國新版承銷制度的要旨，在藉由市場供需法則與法人專業判斷的兩大機能運作，來改善我國過去股市中新上市股票蜜月期的種種不合理現象。本研究目的在實証這項制度立意，是否經過四年多來的實際運行，得以實現。 本研究從兩方面展開；首先，構建迴歸模式，並透過不同樣本分群的處理，找出在全體樣本不分組、非競價拍賣組、競價拍賣組等三群樣本，其各自影響承銷價合理性的因素，再以實証結果分析其成因。其次，針對法人參與競價拍賣的競標過程加以分析，以法人投標率代表其參與市場的深度，以法人得標佔投標百分比代表其參與競價的積極程度。利用T檢定檢視法人和一般投資人在競價市場中究竟由誰主導價格的形成，以及何者在競價過程中態度較為積極。 經實証研究發現，在全體樣本和非競價拍賣組中，負債比低的公司其承銷價格越合理，而現金股利宣告越多、蜜月期正處於市場狂飆期、並為新興電子業者，其承銷價格越不合理。但是同樣的模式並不適用於競價拍賣組的承銷價格合理性推論；因此可知新版承銷制度的施行的確對於承銷價格合理性的因素有所影響。至於對法人參與競價拍賣制的實証結果發現，機構投資人參與市場的深度尚不及一般投資大眾，且其競價的態度亦較保守，不過法人的參與市場的確有助於更合理的承銷價格的形成。 最後，本研究對新版承銷制度的施行提出建議，除了誘導法人更積極參與市場，協助合理承銷價格的形成之外，更應把焦點延伸至股票上市後的股價穩定與維持，而不只是侷限在上市時單一時點的股價而已。以上兩點建議可供主管機關作為制訂相關決策時之參考。 / Abstract The main object of the new systems of underwriting in Taiwan, is to improve the unreasonable price performance during the honeymoon period by market decision and professional judgements of the institution investors. The purpose of this research is to exam whether the object if the auction procedure has been realized after the four years execution. Hence, the regression models are built, and the samples are classified into three groups: auction group、non-auction group, and the total sample group, to individually test the implicated factors that will influence the reasonability of the price performance on the common stock new issued under the three treatments of sample groups. Then, the behaviors of the institution investors in the competitive bidding process are analyzed to test the role who play in forming the price. According to this study, it is found that in the total sample group and the non-auction group, the company with lower liability ratio will lead to a more reasonable IPOs underpricing; and the one with higher cash dividends、the new issued stock of which published when the market is in the bull position, and belonged to electronic and information industry, will lead to a unreasonable underpricing.but the same model used to expect the reasonability in the non-auction group and the total sample group is not subject to the auction group, according to this we can draw a conclusion that the new systems of the underwriting, auction procedure, do effect the reasonability of the underpricing. As to the research on the behavior of the institution investors, it is found that they are less positive than the other investors in the price forming process, but it is true that the participation of the professional institution investors helps in forming more reasonable underpricing. According to the conclusion made above, this study command that in addition to promoting institution investors to participate the market positively, we should also focus on the price stability and maintenance after IPOs rather than the price formed at the time the stock first published. The results of this research can be taken into consideration when making relative decisions.

Lucking-Reiley (2000) 提到eBay 是全世界最大消費者導向拍賣之 一。Bajari and Hortacsu (2004) 指出線上拍賣存在資訊不對稱， 本研究觀察eBay 拍賣網站潛在競標者對DVD 標的的出價行為，亦即，觀察 得標價如何被決定及競標者的出價策略為何。 本研究結論如下：起標價格、賣方聲望回饋、出價次數對得標價 為正向影響且顯著，拍賣天數對得標價為正向效果但不顯著。賣方聲 望回饋愈高，愈有經驗競標者的出價策略是愈晚出價。競標者出價策 略為晚出價， 採取自動出價並出價一次。

不動產銷售模式可區分為兩種：議價銷售和拍賣銷售。關於兩種銷售模式間的價格差異，國內外已有不少研究，但在研究對象的選擇上集中在住宅市場，於商用不動產市場之討論則相對匱乏。而近年來在國內的商用不動產市場，拍賣銷售之使用已越來越廣泛，其交易量不但超過議價銷售，且銷售價格亦有屢創新高的現象。尤其商用不動產往往具有大面積、高總價的特性，如銷售模式不同對於商用不動產價格確有影響，則銷售總價就可能產生巨大的落差，對賣方之收益影響甚巨。此外，對不動產估價師而言，拍賣銷售案例因取得容易而經常被使用，但如不能區分銷售模式對不動產價格之影響，並給予合適的價格調整率，則可能導致對不動產價格之誤判。因此，了解不同銷售模式對於商用不動產價格是否有影響，實有其必要性。 本研究以台北市辦公室為研究對象，探討銷售模式對商用不動產價格之影響，以及不動產特性和拍賣競爭因素對拍賣價格的影響。實證結果顯示，採用拍賣銷售之辦公室，價格較議價銷售辦公室溢價約8.59%。而區位較佳、屋齡較新及全棟成交之辦公大樓，拍賣溢價效果則更為明顯。另外，標單數量對拍賣銷售價格亦具有顯著的影響；標單數量每增加1封，拍賣銷售價格將增加1.28%。故對賣方而言，在市場景氣階段或持有不動產品質較佳的情況下，可採用拍賣銷售以增加獲利；並可委託專業商仲公司協助行銷，以促使更多的潛在購買者參與投標。買方可視拍賣不動產的條件提高競標價格以增加得標機率，但亦應注意投資報酬率要求，避免落入嬴者詛咒之陷阱。最後，對不動產估價師而言，在採用拍賣案例時應考量市場景氣變動、不動產產品特性及拍賣過程中的競爭情況，決定適當的情況調整率，以避免估價結果之誤判。

Past studies have confirmed the importance of reputation in online auction. However, the marginal return to sellers’ feedback rating may be declined after some point in which many sellers have been cumulating certain feedback, and the diagnostic role of reputation for buyers to diminish asymmetric information may lessen. Therefore, besides reputation signal, what potential signals that bidders tend to rely on making purchasing decision in online scenario may need further exploration. Moreover, the heterogeneity of auctioned items may strengthen information asymmetry therein, bidders may perceive higher value for the signals provided by sellers which efficiently reduce transaction risk and facilitate their bidding decision. The purposes of our research are then to investigate the formation process of sellers’ auction strategy and the impacts of four types of signals delivering on the web-page on auction outcomes. The data sets used for empirical estimates were coded from eBay auction site United States and Taiwan. Results show that signals such as sellers’ reputation, auction format, product condition, and arguments presented on the web page are significantly related to three outcome variables: number of bids, possibility of auction success and willingness to pay. In addition, we also exhibited that the formation of bidders auction strategy depends upon how many value signals that they possess. Finally, there is evidence in support of the degree of signals on bidders’ need for information is different under product usage status classified. Bidders are inclined to reward more for the signals when being an auction for the used products which have greater uncertainty on its actual performance. We conclude with a discussion of the practical implications of our research findings for online auction and suggestion of future study.

網際網路的普及性與便利性，促使了網路拍賣此一新興商業模式日益的成長，因此為維持租稅的公平性，2004年起網路拍賣之課稅問題隨即引發了相當大的討論：2005年5月財政部正式公布「網路交易課徵營業稅及所得稅規範」，詳細規範出網路營業人必須遵行的相關規定，稅捐機關所抱持的立場乃是營業人不管是透過實體通路或網路商店販售貨品或勞務，其課稅原則均保持一致；然而由於網路拍賣相較於實體通路具有匿名性、無實體店面以及資訊不易掌握等種種特性，因此網路拍賣課稅在實施初期必然會面對不小的困難。另外，尚有鑑於過去探討電子商務課稅之相關理論文獻，均未對於加值稅部分多加探討，因此本研究除希望能為電子商務加值稅部分的探討開啟另一面的思考方向外，尚希望藉由賽局理論策略互動的模型來分析我國現行網路拍賣課稅之制度與此一制度可能產生的問題，在此研究主要焦點著重於營業稅部分的探究，因為當營業稅之課稅問題一旦獲得解決，所得稅層面之課稅問題同樣能一體適用。 本研究所得出的結論大致可歸納如下：在現行規範下，若政府希望促使網路拍賣的賣方均能主動去申辦營利事業登記，則所訂出的查核率不僅必須夠大，且應隨著不同賣家營業額的高低，採行不同的查核率水準，此時勢必需付出較大的查核成本。然而，若政府乃是希望網路拍賣市場更能蓬勃發展，則此時採行課徵零稅率的政策方為適當；因此無論從以極大化稅收為目的，或是以極大化整體網路拍賣使用者的福利為目的，現行網路拍賣課稅草案中，所訂定的制度其執行成效，均須仔細思考是否合宜。有鑑於此，最後本研究則提出「勾稽機制」以及「獎勵機制」的設計，希望能藉由此兩項機制的配合能使得我國網路拍賣的課稅制度能更加順利的施行。

許多研究認為客戶在網路上消費時考慮再三的問題，最後都可歸因於消費者缺乏對於電子商務的信任感。在C2C 電子商務中目前最熱門的交易方式─拍賣網站上，消費者在購物時必須同時與賣家和拍賣網站進行互動，然而綜觀過去的研究對有哪些因素影響買家對賣家的信任與對拍賣網站的信任，以及此兩種信任分別帶來哪些價值的研究仍嫌不足，因此本研究希望就以上仍不足之處提供解答。 研究結果顯示「互動經驗」、「賣家聲譽」對於「買家對賣家的信任感」有顯著的影響，特別是「互動經驗」影響的程度最大，這表示賣家應特別注重交易過程的互動情形，才可提升買家對賣家的信任感。「互動經驗」、「拍賣網站聲譽」、「隱私安全」對於「買家對拍賣網站的信任感」有顯著的影響，特別是「拍賣網站聲譽」影響程度最大，這代表拍賣網站經營者應特別注重拍賣網站本身聲譽，值得注意的是屬於賣家因素的「互動經驗」對拍賣網站信任感的影響力僅次於「拍賣網站聲譽」，這顯示追求拍賣網站信任感的提昇也可藉由改善拍賣網站上買賣雙方的互動情形來著手。「買家對賣家信任感」對於「賣家的價值」與「買家對拍賣網站信任感」對「拍賣網站的價值」皆有顯著的影響，值得注意的是「買家對賣家信任感」也助於提升「拍賣網站的價值」，因此拍賣網站可藉由協助賣家提升買家對賣家的信任來獲得自身的價值，這顯示了協助買賣雙方建立信任的過程並非對拍賣網站是毫無利益可言的，相反的，這是另一條創造價值可行的路，值得拍賣網站經營者深思。「信任傾向」、「風險承受」、「產品型態」、「產品種類」等干擾變項均無明顯的干擾能力，這顯示賣家與拍賣網站無須考慮買家信任傾向、買家風險承受度、產品型態、價格的差異，只要專注於提升買家對賣家的信任與對拍賣網站的信任即可獲得價值。

摘　要 電子商務行動化已變成趨勢，而消費者個人間的C2C交易市場也越來越受到注目，尤其是讓使用者輕鬆上架商品、簡化繁複流程的新型態行動拍賣App，更是熱門議題。本研究欲了解台灣目前C2C行動拍賣App中，最具話題性及代表性的「蝦皮拍賣」之顧客體驗流程，研究方法採半結構式深度訪談法，以使用網路購物經驗超過五年以上且使用蝦皮經驗滿三個月以上、同時具有買家跟賣家雙重身分之使用者為研究對象。 本研究主要發現如下：1.使用蝦皮的正向使用經驗在於有清楚直觀好用的使用者介面、擁有即時性及雙向互動並保有使用者隱私性的即時通訊「聊聊」功能、採用可降低風險的第三方支付、因免運費帶起的方便性物流選擇-超商寄貨取貨、讓賣家寄件步驟簡化的整合寄件物流以及使資訊透明的物流追蹤。2.初次使用動機則是受到免運費吸引及社群口碑推薦影響。3.持續使用因素除了涵蓋正向使用經驗因素外，還包括常有免運費或運費補助的促銷活動、同時身兼買賣家身分、因平臺上商品及賣場多而選擇性高及免費的商品置頂推廣功能。4.蝦皮的待改進項目則在於商品上架過程從簡易變複雜、評價多為制式評價因此參考價值有限、推播通知字數多易遭使用者忽略。本研究並且透過「顧客歷程地圖」來綜觀傳統網路拍賣流程的問題，並以訪談內容對照以往流程上的階段，檢視蝦皮是如何提升顧客體驗。 最後，根據訪談發現，提出蝦皮可思考之改善建議為： 1.加速刊登功能及改良照片上傳便利度。2.提供誘因讓使用者填寫真實評價並改進評價機制。3.推播通知精簡及圖像化。4.從後勤面降低物流成本。5.透過推薦系統提升使用者黏著度。本研究以使用者角度出發，建議企業應站在使用者的角度來思考使用者需求，才有機會提供更好的顧客體驗，持續吸引使用者，本研究之發現希望有助於行動電商平臺往後策略發展時的參考。 / Abstract E-commerce has become a universal sales trend that has spread from consumers shopping on their home computers to shopping on their mobile phones through the use of various shopping apps. Much attention has been placed on consumer C2C transactions, especially with respect to consumers’ access to store goods. Simplifying this access, which can be a complicated process, through a new mobile auction app is a highly relevant issue. This study aims to understand the customer experience flow of the most current representative C2C mobile auction app in Taiwan from Shopee Taiwan Co. Ltd. This study adopts a semi-structured depth interview method for users that have over five years of Internet shopping experience in total, and at least three months of experience with the Shopee Mobile Auction App. Both buyers and sellers are classified as users in this study. The main findings are as follows. 1) Positive experiences with the Shopee Mobile Auction App are due to its clear and intuitive user interface, instant messaging two-way interaction availability, high degree of user privacy, third-party risk reduction payment systems, and convenient logistics through the availability of free shipping. Consumers have the option to pick up their goods at local convenience stores, which simplifies the shipment process for sellers, and leads to a clear and streamlined logistics process. 2) The initial motivation for consumers is the reward of free shipping and public recommendations. 3) The factors behind the continuous use of this mobile auction app service include the positive experience, the free shipping or freight subsidy promotional activities that are often included for both the buyer and seller, the wider product selection than what is offered in physical stores, and the offers for promotional free products with the purchase of related goods. 4) The Shopee Mobile Auction App still leaves something to be desired, including: (a) The processures of putting the items for sale have become time-consuming due to more and more requrements. (b) Standardized evaluations and rating systems may limit reference values. (c) Current promotional messages sent via app notification are easily ignored by users. This study uses the customer journey map to take a broad view of issues related to the traditional online auction process, and uses customer experience-based interviews to examine how the Shopee Mobile Auction App improves on these issues. Finally, based on conducted interviews, several suggestions for improvement of the Shopee Mobile Auction App include the following: 1) increasing the speed of new feature releases, and improve the convenience of the photo upload process; 2) providing promotional incentives for users to complete the evaluation, thereby improving the evaluation mechanism; 3) streamlining push notifications and images; 4) reducing logistical costs; 5) improving user loyalty through implementing a recommendation system. This study simultaneously considers both sides of C2C commerce (i.e., the sellers and buyers). It focuses on the user point of view, as selling platforms need to be aware of the opportunity to provide a better customer experience, which will in turn attract more users. The findings from this study can assist mobile platform creators with their future development strategies.

ebay拍賣在去年(2006)退出台灣與PChome成立露天市集，相較於收取刊登費和3%交易手續費的Yahoo 拍賣，露天的不收費政策是否能夠掀起賣家的搬家風，追平與Yahoo拍賣人氣的差距呢？賣家都是跟著買家走的，買家對網路拍賣行為的整體評價來自於—1.網站使用經驗2.賣家交易經驗，本研究主要是從上述兩個角度探討哪些因素會影響買家的滿意度，進而產生與拍賣網站和賣家的專屬資產？一旦建立專屬資產後，是否又會影響買家的忠誠度，而持續的與賣家交易，或繼續使用某特定網站？最後，「網站忠誠度」與「賣家忠誠度」兩者的相互關係，又會如何讓買家在拍賣網站和賣家中作選擇？ 本研究以路徑分析得到實證結果，主要發現如下： （一）買家對拍賣網站的滿意度，會讓他們願意投入更多專屬資產，進而建立忠誠度；對賣家的滿意度卻不會促使買家與之建立專屬資產。 （二）網站拉力大於賣家拉力：若買家對網站有高忠誠度，則不會因為賣家任何優惠等誘惑隨之遷移到其他網站，表示對賣家忠誠度低；但買家若對賣家的忠誠度高，則會更喜歡使用該網站與原賣家進行交易，進而提升對網站的忠誠度。

近年來銀行逾期放款總額劇增，連帶使銀行產生處理龐大不動產擔保品之難題。本文目的希望能幫助銀行事先對擔保品進行分類並選擇適當處理方式，以減輕銀行處理不良資產擔保品之損失。文中以法拍屋個案財務分析模擬方式之結果將擔保品分成三類：一為二拍前拍定者，此類擔保品仍可採法拍處理；另一為第三拍拍定者，此類擔保品銀行可改採銀行自行委託拍賣處理；最後為四拍後拍定者，則可考慮讓售給資產管理公司處理。 實證結果發現，二拍前拍定擔保品之特徵屬性傾向較顯著者為有增建使用，建物持分面積為中坪數者，或建物類型為普通公寓，或位於市區，或有可點交之屬性者。第三拍拍定擔保品之特徵屬性傾向為位於五樓以上，或位於郊區，或有較多競標者參與。四拍後拍定之擔保品特徵屬性傾向為位於一樓，或有多層或多號使用情形，或建物持分面積為小坪數者，或建物類型為一般大廈，或位於舊市區，或有不可點交之屬性者。因此未來銀行可對不良資產依特徵屬性分類後，再採適當方式處理，較能減少損失並達成促進資金流通與健全金融機構之目標。 關鍵字：不良資產、資產管理、法拍屋、銀行拍賣 / Recently, the non-performing loans have become serious problems due to the trouble of the real estate collaterals faced by the financial institutions. This research aims on helping the banks to deal with the collaterals and reduce the loss of banks. According to the financial simulation, the collaterals are divided into three groups: 1.for the collaterals sold before the second bid, the financial institutions could take the way of legal auctions.2.for the collateral sold on the third bid , the financial institutions could take auction by themselves.S.for the collateral sold after the special bid, the financial institutions may consider to sell the AMC. From the empirical result, we found that the obvious characters of the collaterals sold before the second bid include EXFL, MBUSPACE, INCITY, and GIVE. The characters of the collaterals sold on the third bid include UPFL, rural areas, and more bids. The characters of the collaterals sold after the special bid include SBUSPACE, API 2, OLDCITY, and without GIVE. Thus, in the future, the collaterals could be separated by the above three categories and the financial institutions can make the better decision to reduce the loss so that the internal economics structure is well established. Keywords: collateral ' AMC ' foreclosure ' auction