毒品泛濫情形日益嚴重，舉世皆然，毒品不僅直接侵害人體健康，更連帶影響一國的政治、社會及經濟環境。有鑑於重大之毒品犯罪常具跨國性、隱密性與組織性，非經由國際合作及運用特別之偵查方法實不足以達到有效打擊與防制之目的。因此，「聯合國毒品和犯罪問題辦事處」（United Nations Office on Drugs and Crime；UNODC）於西元1988年訂頒「聯合國禁止非法販運麻醉藥品暨精神藥物公約」（United Nations Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances of 1988），並於該公約中明定「控制下交付」（Controlled Delivery）之條文，鼓勵各國可運用「控制下交付」此特別偵查方法，進行國與國之間的合作，共同聯手將跨國販毒集團活動在各該國家同時予以偵破瓦解，以澈底打擊跨國販毒集團組織，有效遏止國際販毒活動。 　　我國雖非該公約之締約國，惟鑑於毒品犯罪係國際公罪，爰參考日本「麻藥特別法」之相關規定，於2003年修正「毒品危害防制條例」條文，增訂第32-1條、第32-2條有關「控制下交付」之法源，俾供查緝毒品犯罪機關遵循，使反毒工作可充分與國際接軌，發揮全球緝毒的整體功能。而此種特別偵查方法，在近年我國偵查實務上雖已有運用實例，但相較於日本等國之運用情形，仍有很大的檢討進步空間。此外，我國關於「控制下交付」之相關規定似僅限於「境外控制下交付」，對於毒品犯罪偵查實務上最常實施之「境內控制下交付」並未規範，甚至連可否以實際毒品進行之「有害控制下交付」或完全抽換毒品後進行之「無害控制下交付」、部分抽換毒品後進行之「少量控制下交付」等規定亦付之闕如。 　　基於「控制下交付」之實施目的，乃是對正在運送中的毒品暫予扣押，使得執法人員可以完整知悉販毒過程與未知的犯罪嫌疑人，以期將整個販毒集團一網打盡的偵查方法，其本質上是一種參雜、結合多種任意偵查要素與強制偵查要素之偵查手段，不僅有強制力的介入，尚會侵害到相對人之權益，因此本論文認為「控制下交付」之本質係「強制偵查」手段，應有法律明文規定其要件及實施方式，更要遵循比例原則，如此方能落實保障人權及程序正義之理念。 　　本論文除先就毒品犯罪現況與控制下交付之基礎概念為論述外，主要探討「控制下交付」此一特別偵查方法在國際公約之實踐與各國規範作法，相較我國對控制下交付之法制規範與法院判決實務運作情形，並置重點於刑事程序法與刑事實體法之檢視，同時以執法第一線司法警察（官）之角度，研析我國實施控制下交付之實務困境，最後提出總結說明及建議，冀能有助我國的毒品犯罪偵查法律制度能益臻完善，不僅可以降低毒品犯罪率及減少毒品對社會所造成之危害，亦能兼顧平日在第一線衝鋒陷陣，暴露在危險環境中與狡猾販毒集團周旋的執法同仁之權益。

研究顯示，家族企業之數量與經濟影響力在全球企業環境中迅速成長並占有一席之地，成為具競爭力的存在，本研究以我國2001至2008年的上市（櫃）公司為樣本，探討財務分析師針對家族與非家族企業在預測行為上之差異，本研究之迴歸模型以分析師預測誤差、追蹤意願及預測離散程度三種特性分析財務分析師的預測行為，研究顯示相較於非家族企業，分析師對家族企業之預測意願較低，追蹤數量明顯較少，在預測結果上，家族企業會使分析師的預測產生較大的誤差，且各分析師間預測結果的差異程度也較大，本研究藉此結果推論家族企業中控制股東與其他股東代理問題的存在，及家族成員擔任管理者或董事等重要職位導致董事會喪失監督職能，在資訊揭露的數量與品質上表現較差。 / Prior research shows that family firms have grown rapidly and played an important role in the global corporate environment. This study examines the relation between family firms and financial analysts’ earnings forecast behaviors in Taiwan from year 2001 to 2008. I use several analysts forecast attributes: forecasts error, number of analysts following, and forecast dispersion. The results indicate that family firms generally have less analysts following, greater analysts’ forecast errors and greater forecast dispersion. These findings support the argument that the existence of conflict between majority and minority shareholders and that family members serving as managers or members of the board may weaken the disclosure of the quantity and quality of firm-specific information.

本研究旨在探討沙氏法302條款（Sarbanes-Oxley Act Section 302，以下簡稱SOX302）、沙氏法404條款（Sarbanes-Oxley Act Section 404，以下簡稱SOX404）與管理當局盈餘預測之關聯性，係美國S&P500之公司為研究對象，研究期間為2002年至2009年，主要檢測：(1)相對於SOX 404而言，在SOX 302規範下揭露無內部控制缺失之公司，其管理當局盈餘預測準確度是否會較低。(2)在SOX 404之規範下揭露有內部控制缺失之公司，公司層級的內部控制缺失相較於會計層級的內部控制缺失，是否會導致管理當局盈餘預測準確度較低。 本研究之實證結果顯示：(1)在無內部控制缺失情況下，相對於SOX 404而言，在SOX 302規範下，管理當局盈餘預測準確度會較低。(2)在SOX 404之規範下揭露有內部控制缺失之公司，公司層級的內部控制缺失相較於會計層級的內部控制缺失，會導致管理當局盈餘預測準確度較低。 / The main purpose of this thesis is to investigate the relation among SOX302, SOX404 and the accuracy of management earnings forecasts. Using a sample of S&P listed companies during the period 2002-2009, I address the following issues: (1) whether companies with effective internal controls under SOX302 have lower earnings forecast accuracy, compared with those under SOX404; (2) in the SOX404 context, whether companies with firm-level material weaknesses have lower earnings forecasts accuracy, compared with those with account-specific material weaknesses. As predicted, my empirical results show that: (1) compared with those under SOX404, companies with effective internal controls under SOX302 have lower earnings forecasts accuracy; (2) compared with those that disclosed account-specific material weaknesses under SOX404, the companies with firm-level material weaknesses have lower earnings forecasts accuracy.

本研究以2004至2010年國內之上市公司為研究樣本，探討內部控制缺失對公司經營績效之影響。對於內部控制缺失之判斷，不同於以往，僅限以公司自行揭露或遭主管機關裁罰之資訊為對象，本研究廣泛蒐集公司負面新聞，將內部控制缺失依事件發生原因分類，並依照COSO報告架構將內部控制缺失依五大要素及五大目標予以分類。 實證研究結果顯示，內部控制缺失與企業經營績效間呈顯著負相關，重大之內部控制缺失對經營績效影響之程度較大。依發生原因分類內部控制缺失之分析結果顯示，違反金管會規定、管理階層操守與價值觀有偏差及發生會計錯誤而重編財報之公司，其經營績效較差。至於內部控制缺失涉及內部控制要素及控制目標者，分析顯示，各項缺失要素及目標皆與經營績效呈顯著負向關係，且缺失要素及缺失目標較多之公司，其經營績效較差。其中，控制環境、風險評估與監督三項控制要素缺失，以及財務報導目標缺失對經營績效有較顯著之負向影響。 / Based on a sample of 724 Taiwanese companies listed in Taiwan Securities Exchange over the period of 2004-2010, this research investigates the impact of internal control weaknesses on firm performance. Different from prior studies that identified internal control weaknesses only from voluntary disclosures made by the firm and releases regarding firm’s violation of regulations issued by the Finanical Supervisory Commission, Executive Yuan, ROC (FSC). This study extensively collects news related to events resulting from internal control weaknesses as an additional data source. A further classification of internal control weaknesses is performed based on the nature of the events and the internal control framework proposed in the COSO report. The empirical results indicate that firms with internal control weaknesses are significantly underperformed. It is also found that material weaknesses have greater impact on firm performance. The results show that firms associated with FSC regulation violation releases, the integrity and ethical values of management is biased, and had restated financial statements accounting errors have significantly lower performance. The internal control weaknesses classified by the elements and objectives of internal control based on the COSO framework, are found to be significantly and negatively related to the firm performance respectively and collectively. In specific, the weaknesses associated with control environment, risk assessment, monitoring, and financial reporting objective have greater impact on firm performance.

首先針對目前國內產物保險公司有關作業險管理尚未有完整之監理規範或管理實務，但是，因作業風險所導致之損失金額卻與日俱增，實為不可忽視之風險，故藉由探討產物保險公司建構作業風險管理機制，同時分析其中理論與實務之運作，盼能有助於國內產物保險公司在未來不論是主管機關的監理制度，或是與全世界風險管理趨勢的結合上，提供具有參考性之建議及方向作為研究的目的設定。 本研究透過文獻回顧及探討，對於國內外金融機構作業風險管理執行情況，可知作業風險管理與內部控制之關係應是互補的概念，不能單以內部控制取代作業風險控管，而唯有作業風險與內部控制相互充實，才能更能提昇作業風險管理之功能及能力。另對於產物保險相關之作業風險損失事件之收集彙整，瞭解作業風險損失可能產生重大的財務損失，或是影響公司之正常業務營運，由於作業風險與產險公司日常營運活動息息相關，且作業風險管理並非一全新之風險管理觀念，面對產險市場瞬息萬變，主管機關監理強度趨於嚴格，包括頒布保險業之風險管理實務守則，內容規範即可看出作業風險以結構化之管理，已成為潮流。如何透過管理流程，及輔以各項管理工具，與現行之內控、法令遵循等機制加以整合，將過去的被動轉換為主動的管理，不論是發生頻率低、損失幅度高的事件，或是發生頻率高、損失幅度低的事件，皆應平等重視。 個案研究則以作業風險管理之理論為基礎，逐一探討研究之標竿保險公司作業風險管理執行情形，可以得到下列四個結論：(一)落實風險管理之企業文化是關鍵成功因素、（二）作業風險管理專責單位或人員的建立應是有必要性、（三）建立完整之作業風險管理架構、（四）作業風險管理與內部控制制度是互補的、（五）無缺失不代表無風險。本研究最後提出以下建議：（一）師法目前Basel II銀行之作業風險管理經驗、（二）積極專業人才培訓是作業風險管理之成功要件、 (三)保險業者應儘速建立內、外部損失資料庫、(四)應設置隸屬董事會之風險管理委員會、(五)法令遵循自行評估之調整。以作為未來台灣產險業如何建制作業風險管理機制及有效控管作業風險之參考。 / Despite of the increasing exposure and loss due to operational risk to Taiwanese Non-Life insurance companies, an intergrated coorporate self-regulation or practical guidelines for operational risk management within financial institutions have not yet been developed. Therefore, through seriously study, discuss, and analyze the mechnisms on how to implement a thorough corporate operational risk management guidelines and a balanced operational point between theory and practice, I hope that this paper could give our local non-life financial institutes, regulators, and compliances some aspects on the regulatory governence development. Numerous articles and literature reviews on foreign and domestic businsses and financial institutions regarding operational risk management operations stated that interal control and operational risk management have substitutional effect. Therefore, only if both interal control and operational risk management simutaneously develop, will operational risk management’s functionality and ability be most effective. Massive information on opertaional risk loss event have been collected and compiled to study its impact to Non-life insurance companies, including the loss it may bring to the financial institution or the effect on daily business operation. Driven by legal changes and forever-changing business market, the local goverment have becoming tougher on regulatory governance, including promulgate the code of practice for operational risk management guildance, which we would see that structured operation risk management is the newfound trend. The intergration of current compliance, internal control and other mechanisms through management process in order for operational risk management corresponds to a much wider trend of “responsive” or “active”, not “passive” management is what we ought to act on. Also, we should treat low-frequency, high-magnitude events and high-frequency, how-magnitude events equally. This paper came up with five conclusions 1. implementing the enterprise culture of operational risk management is the key to success. 2. developing operational risk management response team is an ought to do 3. implementing thorough operational risk management structure 4. substitutional effect among operational risk management and internal control system 5. no merit does not mean no risk. At last, this conceptual paper gives some recommendations for future operational risk management development 1. take operational risk management experiences by Basel II as a model 2. cultivate ORM professionals actively is the key to success 3. develop internal and external risk loss database 4. The risk management committee should be subordinate to the board of director 5. adjustment of compliance’s interal accessment.

University of Macau / Institute of Chinese Medical Sciences

University of Macau / Institute of Chinese Medical Sciences

University of Macau / Institute of Chinese Medical Sciences

隨著無線網路環境的普及，越來越多行動工作者可以透過隨身的手持設備進行網路漫遊，即時地存取不同的服務。另外亦可以經由公司的虛擬專有網路來存取企業內部資料、電子郵件及其它應用程式。不論是針對企業或是網路服務業者而言，為了要能夠確保網路環境上的安全性，眾多的行動工作者在進行漫遊時，身分必須被驗證，進而才能被授予各項服務的存取權。此外，還必需根據使用者服務使用的情況進行計費，來提升服務提供者的收益。 因此在無線區域網路中，結合一套認證、授權、計費的架構(Authentication, Authorization, Accounting Architecture, AAA Architecture)，使得網路服務業者能夠有效地來管理龐大行動工作者的跨網路漫遊服務。 本研究提出一個以情境知覺運算(context-aware computing)為基礎的AAA架構。以情境來設計資源存取政策，因此系統偵測到行動工作者情境上的改變，根據已定義好的存取政策，動態地進行身分驗證及調整授權服務，最後再依不同的服務使用等級、連線時間與網路使用量等來計費。本論文以漫遊服務與企業虛擬專有網路為例，說明在此架構下如何針對不同的情境進行身分認證、與服務授權。 / With the popularity of the Wireless LAN, mobile workers are able to access various services or resources with seamless roaming, as well as mobile VPN, just via their handheld devices. Not only for the corporations but the Internet Service Providers(ISP), a secure and trusted remote access is required. User identity should be authenticated in advance, and the service providers grant or deny mobile users the access to resources according to their statuses. Besides, a usage-based accounting and billing is crucial to provide commercialized services within WLAN, and to benefit those service providers. As a result, a AAA architecture designed for coordinating the authentication, authorization and accounting between different administrative networks is required with urgent need. The objective of this research is to provide a context-aware based AAA architecture which adopts context as the design principle to define access control policies. So the system can detect the changing contexts of mobile workers, re-authenticate user identity, adjust dynamically service permissions in the light of context-based access control policies, and bill the user taking into account the contexts efficiently. In this research, we take examples of roaming services and VPN to describe how the architecture works.

本研究之主要目的在於探討公司自由現金流量與其過度投資之關聯性，並設法瞭解內外部機制是否有助於減緩公司過度投資之代理問題。此外，本研究亦探究公司自由現金流量與債務控制之關聯性，以及債務控制與公司之其他監督機制間之關聯性。本研究發現，公司自由現金流量愈大時，愈可能有過度投資之現象，且此種現象較集中於自由現金流量為正之公司。此外，相較於高成長公司，低成長公司自由現金流量之代理問題較為嚴重，更傾向於過度投資。而在減緩代理問題之機制上，管理階層及機構投資人之持股並無法有效減緩代理成本，或抑制公司過度投資之現象，但或許可藉由債務控制減緩過度投資之問題。再者，本研究推論過度投資之公司可能會傾向於提前適用資產減損之會計處理，以認列其投資損失。最後，公司代理問題愈嚴重時，並不一定會藉由債務控制方式減緩過度投資。而在降低代理成本的作用上，管理者持股、機構投資人持股與債務控制之間具有明顯的互補關係。 / The main purpose of this study is to examine the association between a firm’s free cash flows and its overinvestment. In addition, I also examine the interrelationships between free cash flow, managerial ownership, institutional investors, and debt .The empirical results suggest that overinvestment is concentrated in firms with higher levels of free cash flows and lower opportunities for growth. Further tests find that a firm’s managerial ownership, institutional investors’ ownership may not effectively mitigate its overinvestment. However, debt appears to control overinvestment. Besides, I infer that firms with overinvestment may choose to adopt the accounting standards for asset impairment earlier to recognize their investment losses. Finally, I find evidence that firms may not be using debt control to mitigate their overinvestment, and a firm’s managerial ownership, institutional investors’ ownership and debt may serve as substitutes in controlling its agency costs.