本研究經過分析台灣股市中三大法人的持股率與買賣超對於公司財務變數與市場變數的的關係，藉由法人的持股選擇觀點，進而組成具有法人選股特性的投資組合，並驗證其是否具有較佳的績效表現與是否具有擊敗大盤的能力。實證結果發現，外資偏向投資於較大報酬波動率與規模的公司，以及較低負債比率與股利殖利率的公司；投信具有偏好較高的股利殖利率、股東權益報酬率、移動平均報酬率之標準差與規模的公司，以及淨價市值比較低的公司；自營商喜歡較高的負債比率、淨值市價比、移動平均報酬率與規模的公司，以及報酬波動率較低的公司。在驗證經由法人的投資特性組成之投資組合表現中，發現投信之投資組合雖具有較高的平均報酬率，但是考量風險因子後，自營商的績效表現較佳，而且都具有擊敗大盤的績效表現。 / The study analyzed the relationship between Taiwanese institutional investors’ shareholding ratio or net buy-and-sell and the company's financial variables and market variables. Using the result of regression to compose a portfolio with the characteristics of institutional investors, and verification whether it has a better performance than the stock market index. The empirical results show that foreign investors tend to invest in the company with larger volatility and size, and also lower debt ratio and dividend yield; Investment trust investors with a preference for high dividend yields, return on equity, the long-term volatility and size of the company, and tend to invest in lower book-to-market ratio of the company; Dealers like high debt ratio, book-to-market ratio, size and momentum, and also preference for the company of lower volatility. The performance of the portfolio with institutional investors’ characteristics, we found that the investment trust's portfolio had highest average rate of return, but after consideration of risk factors, dealers had better performance. Both of the portfolio beat the stock market index’s performance.

本文蒐集1995年到2014年共計39家航空公司的避險數據，旨在檢視燃油避險、外匯避險和利率避險對於公司價值的影響。實證結果與多數文獻的結果一致，燃油和外匯避險對於公司價值多有顯著的正面影響。北美洲地區是唯一外匯避險有顯著負面影響的子樣本。至於利率避險在總樣本和多數的子樣本中對公司價值有顯著負面的影響。因此，本文認為避險與公司價值無絕對的關係，主要仍是取決於公司所面臨的風險。另外，經理人持股對於隔年燃油避險比率有正向關係，但不顯著。而不論燃油和外匯避險對於聯貸利率皆無顯著的關係。 / Using a sample of 39 airline companies around the world over period 1995 to 2015 to examine whether jet fuel hedging, currency hedging and interest rate hedging increase the firm value of airline companies. We find that jet fuel and currency hedging is significantly positively related to their firm value holds in various sub-samples and total sample, but North American area is only one sub-sample which have negative relationship between currency hedging and firm value. However, interest rate hedging have significantly negatively impact on various sub-samples and total sample. Based on our result, there is no absolutely negative or positive relationship between hedging and firm value, it depend on which risk the firm faced and should be hedged. Furthermore, CEO shares holding have non-significant positively relationship with hedge ratio. Our result also show there are no effect of hedging on reducing interest rate of syndicate loan.

We investigate the trading strategy of the insider and propose two models to describe the insider’s behavior. Comparing with previous studies, we add insider stockholdings as a variable to the extension of information asymmetry. In our setting with information asymmetry between outside investors and the insiders, the insiders could obtain more inside information via increasing their stockholdings. When the insider with large stockholdings purchases more shares, outside investors would take this as a positive signal that the insiders regard the performance of the company in the future as optimistic. On the other hand, when the insider stockholdings is large, outsiders would worry that inside trading may become more. The insider would deliberate upon the quantities traded at period one and two, which have different impact in stock price. If the insider buys more stocks at period one, he could improve his information precision. However, if the insider buys large stocks, the market makers would take into account the insider’s function of information precision and thus the insider may impact on the stock price. Therefore the insider would evaluate market makers’ pricing rule. Since increasing stockholdings enhances precision information, intuitively, earlier stage the insider submits a large order. Nonetheless, our study shows that when the insider stockholding is extremely large, then the increasing of information precision is limited because the information precision is increasing with insider stockholding at a decreasing rate. Besides, when the insider stockholdings is large enough at period one, he would place a small order at period two.

本研究以民國86年至90年之54檔投資台灣開放式一般股票型之共同基金為研究對象，探討財務資訊與股票型基金持股間之關聯。主要實證議題包括：（一）在不同的產業之下，共同基金經理人從事持股決策所重視的財務屬性是否有差異及（二）公司之財務表現與共同基金對該公司平均持股比例之關聯性。 本研究分別針對建築、食品、塑化、紡織、電機、資訊電子及服務銷售類等七個產業，首先利用因素分析將16項財務比率萃取出數個具代表性之財務屬性，並加入股票週轉率、淨值市價比、本益比與每股股價等控制變數進行迴歸分析，以探討財務屬性與共同基金平均持股比例之關聯性。 實證結果發現，償債能力、經營能力、投資報酬、經營績效、固定資產資金之安全與效率和現金支應能力六個財務屬性最能代表建築產業之財務表現；償債能力、經營能力、應收帳款週轉率和獲利能力四個財務屬性最能代表食品產業之財務表現；償債能力、利息保障倍數、經營能力、和獲利能力四個財務屬性最能代表塑化產業之財務表現;償債能力、利息保障倍數、經營能力、獲利能力和財務結構五個財務屬性最能代表紡織產業之財務表現;償債能力、資金適足率、經營能力、獲利能力和財務結構五個財務屬性最能代表電機產業之財務表現；償債能力、經營能力和獲利能力三個財務屬性最能代表資訊電子產業之財務表現；而償債能力、經營能力、獲利能力、負債比率和固定資產資金之安全與效率五個財務屬性最能代表服務銷售產業之財務表現。各個產業所萃取出之財務屬性因素不盡相同，顯示彙總公司財務狀況及經營績效的財務屬性確有產業別之差異存在。在所探討的財務屬性構面中，償債能力、經營能力、獲利能力為各產業共同強調之財務屬性。 就基金經理人所做的持股策略來看，不論針對何種產業，償債能力、經營能力及獲利能力均是基金經理人最為重視的財務屬性指標。研究結果另外也顯示，除了服務銷售業、食品業與建築業外，其他產業之償債能力屬性表現越好，基金持股比例愈高。塑化業、紡織業、電機業、資訊電子業和服務銷售業之經營能力屬性表現愈好，基金持股比例也相對愈高。至於獲利能力屬性則在紡織業、電機業、資訊電子業和服務銷售業顯著地對基金持股比例有正面的影響。 本研究之發現顯示，不同的產業在不同的經營環境下，反映公司狀況的財務資訊會因產業別而有所不同，即使在相同的財務比率下，彙總公司財務狀況及經營結果之財務因素屬性仍有所差異，並進而影響基金經理人的持股決策，尤其是償債能力、經營能力和獲利能力，更是投資各產業時廣泛參考的基本財務屬性指標。 關鍵字：股票型基金、財務屬性、基金持股比例 / The primary object of this research is to exam the relationship between financial information of a firm and its share held by mutual funds, based on 54 mutual funds of general stock investments in Taiwan over the period of 1997 to 2001. Two major research issues are investigated in this thesis. The study first explores whether the managers of mutual funds emphasize on the same attributes abstracted from financial statements across different industries for their share-holding decisions. The study then examines the relationship between financial performance of a company and its average invested percentage by mutual funds. This thesis focuses on architecture, foods, plastic, textile, electrical machinery, information electronics, as well as service and sales industries. Based on a factor analysis approach, the thesis is able to obtain several representative dimensions of financial attributes out of 16 financial ratios. Then, the use of multiple regression models enables the study to investigate the relationship between financial attributes and average shareholding percentage of the mutual funds across industries. The empirical results indicate that financial attributes extracted are not exactly the same across industries. It implies that industry differences do exist in financial attributes that summarize the financial conditions and operating performances of companies. Among others, attributes that characterize the performance of liquidity, operating efficiency, and profitability of a firm are found important for share-holding percentage across all industries examined. The research findings show that with exceptions in the service and sales, foods, and architecture industries, liquidity has found to have a significant and positive relation with the share-holding percentage of mutual funds in all industries examined. Operating efficiency has also found to be significantly and positively associated with the share-holding percentage in the plastic, textile, electrical machinery, information electronics, as well as service and sales industries. In addition, a significant and positive relation is found between profitability and the share-holding percentage in the electrical machinery, information electronics, textile, as well as service and sales industries. The finding of this study implies that difference in financial conditions of firms may result in difference in financial attributes across industries; even the analysis is based on the same financial ratios. Further, the liquidity, operating efficiency and profitability are the most essential indicators shared by mutual funds managers in making investment decisions. Keywords: stock-type mutual fund, financial attribute, share-holding ratio

本研究探討盈餘反應係數 (盈餘之評價功能) 與盈餘酬勞反應係數 (盈餘之監督功能) 相對大小與公司治理之關聯性。 實證結果發現，公司規模越大與董監持股越高的公司，會計盈餘的評價角色重於其監督的角色。 相反的，當資訊不對稱以及席次偏離倍數越大時，公司的會計盈餘之評價功能越弱。 / Earnings have two important roles, valuation and stewardship. The relative importance valuation and stewardship has not been examined closely by existed studies. The purpose of this study is to fill this gap. My findings show that larger firm size and greater amount of stock held by the board increase the relative importance of the valuation role of earnings. In contrast, more severe information asymmetry and larger control deviation increase the relative importance of the stewardship role of accounting.

我國公股銀行民營化後，對於經營績效的影響目前未有定論，然而我國政府對於已完成民營化公股銀行更衍生出後續之政府持股管理問題。因此本研究整理相關文獻，希望可以透過資料包絡分析法，客觀評估銀行經營績效，並且研究政府持股如何影響公司經營效率。並且考慮資產品質會對銀行經營造成壓力，因此將備抵呆帳是為銀行投出的一部分，希望可以更廣泛的討論銀行經營績效，並且可以對政府持股管理問題提出可能觀點。主要研究結果如下： 一、 公股銀行平均技術效率値顯著優於民營銀行，主要來自於純粹技術效率的優勢。而資產品質主要對民營銀行產生規模效率之減損。 二、 100%公股銀行在純粹技術效率與技術效率，無論是否有考慮備抵呆帳皆顯著最佳，民營化銀行次之，民營銀行最差。然民營化銀行在無論有無考慮備抵呆帳的情形下，規模效率皆不如100%公股銀行或民營銀行。 三、 我國政府不同的持股比例對於公司經營效率之影響，可能並非單純線性關係。若政府低於33%，則持續降低政府對於經營之影響力，可能有助於公司經營效率。 四、 Malmquist生產力指數顯示100%持股公股銀行生產力因為生產技術的提升，累積後較民營化銀行為大，此與三類銀行間t-test之檢定結果相同。顯示政府持股較多的銀行可能有助於提升技術效率與純粹技術效率。

金融自由化、國際化與大型化潮流，使金融的傳統分工經營觀念逐漸被排除，政府為改善金融機構之經營績效，積極推動金融改革，引進金融控股公司制度，期促成金融機構大型化，以經濟規模改善金融機構之經營績效，鼓勵跨業經營，讓金融機構具業務多樣化，以達範疇經濟之利益。 　　我國金融控股公司法傚法美、日兩國制度，共同的重點乃在朝股權集中化，組織大型化，經營多角化，監理透明化發展。但因各地有各自不同之金融體制，歷史背景及金融體系淵源，各國對金融控股公司規範及意義也各有不同內涵。美國金控公司源自銀行控股公司，而以銀行業等存款機構為必要條件。日本以鬆綁證券，銀行及保險之隔離及控股公司之解禁為主軸，因此並未規定銀行為設立金控之必要條件，但金融機構仍以銀行為重心，因其業務廣泛，對消費者影響大，因此實際運作上仍以銀行為主要核心。美、日兩國以修改既有法令配套因應社會需求，而成立金融控股公司制度。台灣則單獨立法，檢視美、日法令適合國情者，一次立法以因應申請者需求，因此在法令適用上沒有時差，例如日本引進會社分割法及租稅優惠法，於2001年及2002年才分別立法，法令適用即有時間落差。 　　比較美、日、台三地相關金融控股公司，找出各自優缺點，作為他山之石，台灣金融機構特性為，規模小，家數多，競爭激烈，關係人交易，利益衝突盛行，產生高逾放。金控法規定之最低資本為200億元，因此金控法實施後申請者眾，造成金控公司林立。就個別金控公司之成立，提昇了其公司競爭力，與國外金融機構比較，台灣金融控股公司之競爭力，不論在資本額，可運用資產或產品設計，IT使用效率及交叉銷售的綜合效果，仍有相當大的努力空間。 　　因此，第二波金控公司的合併勢必進行，國內金控公司之跨業經營項目極需齊備，國外金控公司的架構大都具備保險、銀行、證券及資產管理等四項主要產品。國內金控公司的國際化，有迫切性需求，以應付國人理財及資產組合國際化趨勢。金控公司欲快速狀大規模，加強市場行銷，建立風險控管，取得良好信評，應尋求海外大型金控的合併或結盟，以提昇競爭力。 / Liberalization, globalization and expansion trend of the finance industry has gradually expelled traditional division of labor business model. In order to enhance financial institutions' business efficiency and advocate financial reform, the Government has introduced financial holding company system with an aim to enlarge financial institutions, improve business efficiency, encourage cross-industry business, and diversify operation so as to achieve the scale and scope economic benefits. 　　Taiwanese Financial Holding Company Act takes reference of American and Japanese systems. Although the common focus is on shareholding control, organizational enlargement, business diversification and crystal-clear compliance, each country has its own economy system, historical/financial background and resources, and therefore each country has different regulations and definitions for financial holding companies. American financial holding companies are derived from bank holding companies with primary conditions on deposits institutions of banks whereas Japanese systems focus on liberating securities brokers, separation between banks and insurance companies, and lifting of holding companies,. As such, Japanese financial holding companies system do not regulate that banks are the necessary component for forming financial holding companies. Neverthetless, banks are still the center of financial institutions as their broad business scope has immense impact on consumers and therefore banks are still the core of actual operation. U.S. and Japan's systems are derived from revising existing regulations to meet the actual demand of the society. Taiwan examine the American and Japanese systems and take whatever suitable for the Taiwanese society and legislate the financial holding companies system at one time and therefore there is no time difference. in regulation implementation Japan introduced Companies Separation Act and Preferential Tariff Act and legislated these two acts separately in 2000 and 2001 and as such, there is time difference in regulation adoption. 　　We try to identify pros and cons of each individual system comparing U.S., Japanese and Taiwanese bank holding companies. The characteristics of Taiwanese financial institutions are: small in size, large in numbers, tough in competition,, transaction of connection party, and conflict of interest which lead to high no-performance loan. The minimum capital requirement for Taiwanese financial holding companies is NT$20 billion at present. Ever since the opening of financial holding companies act, numerous applications were submitted and several holding companies have been established. In terms of each individual financial holding companies, the formation sharpens its competition. Nevertheless, in comparison with overseas financial institutions, there is still room for improvement on capital amount, effective asset or product design, IT application and combined effect of cross selling. 　　I therefore view that second merge of financial holding companies will be in place. Taiwanese holding companies are required to increase cross-industry products well in time. The structure of overseas financial holding companies mostly consist of four major components, i.e. insurance companies, banks, securities brokers and asset management companies. It is imperative for Taiwanese financial holding companies to globalize as soon as possible to meet the increasing international portfolio demand of local investors. In order to further increase its competition, financial holding companies are required to enlarge its size quickly, strengthen marketing ability, establish risk management system, receive good credit rating and seek strategy alliance of large overseas holding companies.

Anand M. Goel and Anjan V Thakor 於最近的財務學刊中提出理性且風險趨避的經理人會放棄部分正報酬但風險高的投資，造成投資不足問題，使得公司價值未能極大化。然而，極端過度自信的經理人投資正負報酬皆有的計畫，造成過度投資，使得公司價值遞減。只有中度自信的經理人能為公司價值帶來極大化效果。本篇研究採用台灣上市櫃公司近二十年資料，以公司經理人對公司持股的變化來衡量其過度自信的程度，探討公司經理人自信程度對公司獲利能力與公司價值的影響。實證研究發現，極端過度自信的經理人與極端保守的經理人使公司的績效與成長性減少，降低公司價值。此研究增加我們了解經理人自有特徵對公司價值的影響，並為公司理財課題帶來新的貢獻。 / Former literature theorized that excessively overconfident CEOs and excessively diffident CEOs reduce the firm value for underinvestment and overinvestment problems and moderate overconfident CEOs willing to take risky but positive NPV projects increase the firm value. This paper conducts an empirical research by using the change of purchase and sale on own company stocks took by CEOs to measure CEO overconfidence level in Taiwanese listing companies and find that the profitability and stock performance of firms led by excessively overconfident CEOs and excessively diffident CEOs decrease compared to by moderate overconfident CEOs. The result contributes to the understanding of the impact on firm valuation by CEO idiosyncratic characteristics and offers new evidence to behavior finance on corporate management.

過去相關文獻從公司治理的角度、股權結構的角度、所有權與經營權分離及代理問題的角度等等來探討董監事持股對公司經營績效的關係，而與其他研究不同者，本研究係從董監持股成數差異數的角度，分析董監持股與公司經營績效的關係。 本研究以2005年到2011年在台灣證券交易所上市之一般產業公司為研究樣本，在控制公司治理與公司特性相關變數，以資產報酬率、股東權益報酬率、每股盈餘EPS衡量公司績效，探討董監持股與規定持股成數之差異數對公司績效之影響。實證結果發現，董監事持股成數超過規定持股成數之公司，其公司經營績效較佳。分析結果可能表示，董監持股比例高，因為其自身的財富與公司財務運作之結果關係密切，監督管理者的動機會較強，而使得公司表現較佳，支持董監事持股比例高於公開發行成數規定之公司，其經營績效較佳之研究假說。換言之，本研究發現符合立法者期望透過較多之董監持股，增強其對公司努力經營及監督管理之動機，以達到提升公司經營績效之目的。 / Most previous studies focus on the effect of ownership structure on firm performance. Different from studies from other countries, the institutional setting in Taiwan concerning minimal board members shareholdings required by the “Rules and Review Procedures for Director and Supervisor Share Ownership Ratios at Public Companies (the Rules henceforth)” provides a unique research opportunity to examine the effect of the Rules on firm performance. Based on a sample of general industry firms listed in Taiwan Stocks Exchange over the period of 2005 to 2011, this study investigates whether companies with board members holdings more shares than required shareholdings by the Rules have better firm performance. This study employs return on assets, return on common stockholders’ equity and earnings per share as measures for firm performance, and difference in shareholdings over the required shareholdings as the primary explanatory variable. After controlling for governance related and firm characteristic related variables, the empirical results indicate that firms with positive differences in board ownership from the required shareholdings by the Rules have better performance. This empirical evidence implies that the legislative purpose of the Rules—enhance firm performance through the alignment of ownership interest— is supported.

以往的策略聯盟的研究多以跨產業的個案分析以提供通用的管理建議，希望本論文透過深入特定產業中的特定形式的聯盟個案，若能發現不同的聯盟動態發展型式，則可讓我們更進一步瞭解策略聯盟此一策略工具的複雜性與困難度。本論文資料主要來自對以往文獻的整理分析及歷年聯盟相關報章探討、並輔以日產與豐田的企業訪談，個案分析後本研究得到以下結論： 一、 持股性跨國策略聯盟有助於合作公司進行原企業模式的再思考。 二、 跨國聯盟選擇伙伴時應選擇具核心價值觀不抵觸、並具有誠意進行文化調和的公司。 三、 策略聯盟可藉由跨公司中階管理團隊的由中至上決策模式，來確保聯盟的設計與執行不會產生落差。 四、 即使是同一產業內的聯盟，也會因公司本身能力、管理風格的相異而使聯盟作法呈現不同樣貌。 五、 汽車產業的策略聯盟廠商所追求的綜效，傾向由追求規模經濟帶來的成本效益轉而追求產品競爭能力的提升。