本論文以國內2001-2005年之上市櫃公司為研究對象，針對其轉投資層數與股權結構型態進行台灣集團企業股權結構複雜度與企業經營關聯性之研究。有別於集團企業之實證研究，一般均以比較集團與單一企業經營績效與公司價值，來間接推論集團化相關理論之合理性。本論文嘗試直接從形成集團企業之經濟因素著手，探討股權結構複雜度對於企業交易成本、融資成本與決策控制力等經營層面之影響，以期能更深入瞭解集團企業之成本與效益。實證結果顯示，集團企業股權結構複雜度之效益無法反映於較低之交易成本，但可反映於較低之融資利息成本。本論文之實證發現，集團企業形成複雜股權結構主要係基於財務而非營運之考量。最後在決策控制力方面，分析結果顯示，複雜股權結構與股份控制權有顯著的正向關係，為「東亞國家之最終控制者，傾向於透過金字塔結構或交叉持股，以較低現金流量極大化控制權」之說法，提供實證證據。 / We explore the relationship between the complexity of a business group’s ownership structure and operation by using a sample of Taiwanese companies listed in Taiwan Stock Exchange and Over the Counter during 2001-2005. Instead of using Tobin’s q or ROA, we begin with the economic background of business group directly and discuss how the complexity of ownership structure influences the benefits and costs of business operation, such as operation cost, financing cost and ultimate control. Our empirical analysis indicates that the influence of complexity of ownership structure in operation cost is uncertain. According to related research in Taiwan, the main purpose of complexity of ownership structure is not for operation but for financing or restrictions of laws. This may be result in the insignificant effect on operating cost. Second, we find a positive and significant effect on financing cost. This result also supports the arguments about the purpose of complexity of ownership structure. Finally, our analysis offers empirical evidences that control is typically enhanced by pyramid structures and cross-holdings among firms in East Asian countries.

壽險業作為經營風險的特許行業，承擔著穩定社會、資金的聚集和供給，以及促進經濟成長等重要功能。近年來由於低利率、匯率變動及國內外經濟環境日益惡化，保險業的本業利潤逐年降低，壽險業的經營面臨重大的挑戰。 保險公司倒閉在國外並不是新鮮事，根據統計，1978～1994年，不到20年間，全球共有648家保險公司破產。導致保險公司破產的原因很多，其中美國在2000～2001年破產的公司大部份是準備金不足；日本保險公司的破產原因則多為投資損失。此外，一些無法意料的天災及人禍之理賠，例如美國911恐怖事件以及卡翠那風災，使得各國保險公司對於企業風險管理更加重視。標準普爾信用評等公司於2006年起，正式將企業風險管理（ERM）制度列入保險業的信用評等項目，更加速保險公司執行企業風險管理的速度。目前國內保險業風險管理制度之實施，則仍屬於起步階段。 保險業屬於高度競爭及高度監理之行業，因此，如何在保持領先的競爭地位及提供優質的客戶服務的同時，亦能恪遵法令、落實內部控制制度及企業風險管理制度，進而創造出屬於自身的藍海策略，以期追求穩定持續成長的獲利，實為壽險業者必須重視的議題。 本研究探討目前保險業所面臨的風險及挑戰，分析金管會對保險公司重大裁罰之種類，並描述及探討個案公司實施內部控制、沙賓法案及企業風險管理制度之狀況與歷程，以及其可能遇到的瓶頸與障礙。本研究結果對於國內保險業實施內部控制、沙賓法案及企業風險管理的過程，可提供助益。 / Life insurance industry conducts business that requires approval from its regulatory authority. The industry provides an array of functions, such as managing risks, maintaining social stability, pooling and supplying funds, etc. In recent years, life insurance industry has faced with serious challenges due to its decreasing operating profit margin caused by low interest rates, volatility of foreign exchange rates, and deteriorating economic environment around the globe. The bankruptcy among insurance companies is nothing new over the world. There were as many as 648 companies going bankrupt during 1978 to 1994. The causes of the aforementioned bankruptcy were many. For example, Japan companies became insolvent mostly due to investment losses; those in the U.S. were caused by insufficient reserves. Huge insurance claims for unpredictable natural or man-made disasters, such as 9/11 terrorist attack, hurricane Katrina, and the subprime mortgage crisis in the U.S., have attracted most companies’ attention worldwide to “enterprise risk management (ERM)”. Hence, Standard & Poor’s started in 2006 to apply the ERM analysis to its credit rating for the insurance industry, and this measure propels insurance companies into the implementation of ERM. Nonetheless, Taiwanese insurance companies are just at the inception of ERM. Insurance industry must comply with stringent regulations while confronting keen competition. An insurance company must take a lead in competition, provide quality services to its customers, abide by regulations, and implement internal controls and ERM in an integrated fashion. In doing so, an insurance company can develop its own blue ocean strategy and maintain sustainable growth and profit. This research probes into the risks and challenges faced by Taiwan insurance industry in dealing with various risks and challenges, including the serious sanctions by the Financial Supervisory Commission. We present a case study of local life insurance company with respect to its process of integrating internal control systems, compliance to Sarbanes-Oxley Act and implementation of ERM. A number of deficiencies, bottlenecks and obstacles were identified and analyzed, followed by related suggestions. Our results provide insights and helpful suggestions to the integration of internal controls, Sarbanes-Oxley compliance, and ERM for Taiwan insurance industry.

即時通訊（Instant Messaging）盛行之今已十年，新聞產製也因引進新科技逐漸產生質變。鑑於即時通訊相關研究目前尚未觸及「新聞產製」領域，本研究嘗試初步探討即時通訊對新聞產製工作的影響，並希望藉此研究發現，提供新聞產業未來改進與檢討的參考。本研究描繪新聞記者於新聞產製過程中，如何運用即時通訊彼此溝通，以及如何對新聞產製過程造成影響，與出現哪些利益與弊端。 本研究採質化深度訪談，輔以圈內人記者身份，透過參與觀察，融入研究對象群時間一共四年，研究發現：(一)記者使用即時通訊的動機是基於完成新聞採訪任務、（二）記者新聞採訪工作仰賴即時通訊、(三)新聞室控制藉由新科技工具延伸、(四) 記者與消息來源之間的訊息傳遞，仍傾向使用傳統的「面訪、電訪」管道、尚未積極運用即時通訊、（五）用於新聞職場的即時通訊工具，仍具有個人私密領域的特性、(六) 新聞記者使用即時通訊交換訊息，出現新聞觀點同質化現象、（七）新聞產業精簡人力下，新聞圈默認同業間複製新聞與改寫現象。 本研究建議：(一)重新定位即時通訊工具於新聞產製過程的價值、(二)新聞界須正視新聞複製與觀點同質化現象、(三) 即時通訊納入新聞正規作業體系將成趨勢。 / Instant Messaging (IM) has been popular for a decade, and news production has changed due to IM. Since the research of IM does not reach out to the area of news production, this thesis is going to explore the influence of IM toward news production. The thesis will describe how journalists communicate with each other by IM through the news production process, and discuss the advantages and disadvantages of using IM. This study is a qualitative research methods with deep views. Through participant observation of a inside journalist, it took 4 years to discover the results, which are (1) Journalists use IM is based on the motivation of complete news covering task, (2) Journalists rely on IM to complete the task of newsgathering, (3) "Social control in the news room" extends control by IM, (4) The communications and interactions between Journalists and the news sources is still traditional, which are interviewing, or by telephone, not IM, (5) Using IM in newsgathering is still has personal and private, (6) Journalists use IM to exchange information, news reporting appears the same point of view, (7) under the condition of downsizing manpower in the news industry, the press tacitly agreed to the phenomenon of “news copy and news rewrite”. The thesis recommended: (1) re-positioning IM in the process of news production value, (2) the Press must face up to the phenomenon of “news copy and the news viewpoint homogenization”,(3) IM into the news operating system will become a trend.

本研究主要目的在探討哪些因素會影響台灣電視新聞的正確性、以及記者報導新聞錯誤的原因，除了探討傳統認知新聞性質、新聞取得方式、記者本身專業程度對新聞內容影響外，本研究也嘗試分析媒介組織常規、意識形態如何影響記者新聞報導的正確性。本研究採用個案研究及深入訪談兩種研究方法，選擇科學、生活、司法三種新聞類型之三則新聞報導為個案，深入訪談六位撰稿記者以及三位消息來源，深入了解哪些因素可能影響電視新聞正確性以及記者報導錯誤發生的原因。 研究主要發現如下： (一)不論何種類型新聞，電視新聞主觀錯誤多於客觀錯誤。 (二)對新聞觀點的不同及電視新聞篇幅限制，造成消息來源與記者對錯誤認知歧見嚴重 (三)媒介組織機構常規與政策影響新聞「正確性」最嚴重。 (四)影響新聞正確性因素，隨著新聞類型不同，影響程度亦有所不同。 / This research mainly conducts the causes to influence the news accuracy of television news in Taiwan, and the reason why journalists make mistakes while reporting. Besides the influence of news content caused by traditional acknowledged news, the methods to obtain news, professionalism of journalists, this research also try to analyze how the ideology and the policies of media organization impact on the news accuracy of individual journalists. This research adopts case study method and in-depth interview method, choosing three reports from science, leisure, and juristic categories as study cases, and interviewed six journalists and three sources, to figure out the causes to influence the news accuracy of television news and the reason why journalists make mistakes while reporting. Findings of this research： 1.Despite of the type of news, television news has more subjective errors than objective errors. 2.Difference of viewpoints toward news and the time limitation of television news result in different opinions of misapprehension between journalist and source. 3.Rules and policies of media organization are most influential to the news accuracy. 4.The causes to influence news accuracy are different due to the type of news, the degree of impact also differs.

本研究針對我國1996年至2006年之上市櫃公司，以最終控制集團發生異動之公司作為經營權異動樣本，探討經營權異動之決定性因素，與異動後經營績效表現與公司治理機制間之關聯。 實證結果顯示，董監事持股比率愈低、最終控制者無超額持股、經營控制權與所有權偏離愈大、董監事持股質押比率愈高之公司，其經營權發生異動之可能性愈高。獨立董監事之設置雖與經營權異動之可能性呈正向相關，惟其關聯性未達顯著水準。經營權異動之公司，其財務績效在異動前後並無顯著差異，表示經營權異動之目的可能不在取代無效率之管理當局，也可能表示併購的綜效需要較長的時間才得以顯現。其中，董監事持股比率較高之公司，其經營績效在經營權異動後表現較佳。本研究顯示董監最低持股可發揮利益連結的效果，對於近期金管會擬取消董監最低持股規範之提案，本研究認為有作更深入討論之需要。 / Using companies listed on Taiwan Stock Exchange Corporation and GreTai Securities Market over the period of 1996 to 2006, this study empirically investigates the determinants of change in corporate control and the subsequent period performance after the change. The change in corporate control is measured in terms of change in business group of a specific firm. The empirical results show that companies with less shareholdings owned by their board members, inadequate shareholdings to support their control, larger deviation in cash flow right from voting right, and higher ratio of shareholding pledged by their board members, have higher probabilities of occurrence of change in corporate control. However, the result doesn’t support that independent directors play a role in corporate control change. With respect to the firm performance in the period subsequent to the corporate control change, there exists no significant difference as compared to that of prior period. The evidence thus suggests that the replacing unqualified management may not be the primary purpose of corporate control change, or simply that the synergies take more time to show. In addition, this study also finds that firms subject to corporate control change tend to perform better if their board members hold a larger fraction of shares. This result lends itself to the proposal recently discussed by the Financial Supervisory Commission, Executive Yuan Taiwan on abolition of requirement of minimal shareholding by the board members. It appears that shareholdings by the board members can have interest-alignment effect.

近年來無線網狀網路(Wireless Mesh Networks)備受矚目，無線網狀網路繼承原有的ad hoc networks的特性並提供階層式及多網卡的網路存取架構。在multi-hop networks下，傳輸功率的控制和網路路由的選擇是重要的議題，因為不同的傳輸功率產生不同的網路拓墣連結性和干擾。此外，在不同網路卡間的路由選擇也會產生不同程度的intra/inter-flow 干擾。這些特性對網路效能有密切的影響，過去相關的路由協定設計也大多未同時考量傳輸功率控制與多網路卡的特性。 在這篇論文中，我們提出了跨網路協定層的路由協定，稱作M2iRi2，同時考量傳輸功率的控制並將Intra/Inter-flow的干擾導入到路由路徑的選擇。節點上的網路卡在物理層(Physical layer) 計算目前對潛在可容忍的新增干擾，並將此訊息送到網路層(Network layer)和鄰居節點作交換。透過此資訊的交換，在路由發現時控制路由請求封包的傳輸功率，當路由建立後，封包根據路由表的記載，選擇所對應的路由路徑和傳輸功率。經由NS-2模擬結果顯示，我們所提出的跨網路協定層路由協定可同時兼顧網路的吞吐量和平均點對點的延遲。 / In recent years, WMNs (Wireless Mesh Networks) technologies have received significant attentions. WMNs not only accede to the advantages of ad hoc networks but also provide hierarchical multi-interface architecture. Transmission power control and routing path selections are critical issues in the past researches of multi-hop networks. Variable transmission power levels lead to different network connectivity and interference. Further, routing path selections among different radio interfaces will also produce different intra/inter-flow interference. These features tightly affect the network performance. Most of the related works on routing protocol design do not consider transmission power control and multi-interface environment simultaneously. In this thesis, we proposed a cross-layer routing protocol called M2iRi2 which coordinates transmission power control and intra/inter-flow interference considerations as routing metrics. Each radio interface calculates the potential tolerable added transmission interference in the physical layer. When the route discovery starts, the M2iRi2 will adopt the appropriate power level to evaluate each interface quality along paths. The simulation results demonstrate that our protocol can enhance both network throughput and end-to-end delay.

財富管理源起於私人銀行，服務對象為高淨值資產之客層。金融監督管理委員會為促進國內金融環境發展健全，於2005年2月間頒布「銀行辦理財富管理業務應注意事項」、2005年7月間頒布「證券商辦理財富管理業務應注意事項」、2006年1月核准「人身保險業辦理財富管理業務」。規範人身保險業從事財富管理業務之範疇，歸納為人身保險業針對高淨值客戶，透過人身保險業務員，依據客戶需求，提供資產配置或財務規劃等服務，而高淨值客戶之條件，由人身保險業自行依據經營策略訂定。 隨著人口老化、財富愈趨集中、經濟環境之變遷，金融控股公司資源整合與金融監理相關法規逐漸完備等因素，人身保險產業由擅長提供人身保險商品，延伸至理財規劃及資產管理諮詢服務，也延伸經營管理相關問題，本研究就國內人身保險業經營財富管理業務，針對人壽保險公司實施財富管理業務提出建議： 1、加強財富管理業務之風險管理：應加強經營財富管理相關業務的經營風險辨識，進而提出有效的風險管理制度與政策。 2、強化內部稽核制度有效性：在兼顧經營效率下，建立有效稽核制度，使企業成為一個有機體。 3、確實瞭解客戶並落實客戶風險告知：一套瞭解、認識、接近客戶並取得客戶信任整合流程，是發展財富管理業務的關鍵。 4、提升業務人員教育訓練及專業培養：專業知識、教育訓練、管理規範及資訊系統輔助，使人員服務品質提升，更可以有效傳遞並確保客戶權益。 5、強化保險商品創新與財富管理市場定位：以人壽保險產業深入服務優勢，搭配商品服務及通路創新，以獨特性及附加價值，奠定財富管理定位。 同時亦探討現行保險監理機關監管財富管理必須重視的議題，如何明確定義人壽保險業者經營財務富管理業務檢查要點，修正財富管理業務需有獨立權責部門規定及開放投資型商品設計及管理費議題。本文同時評估現行人身保險業者經營財富管理業務之效益評估，並作為監理機關監管財富管理業務時參考。 / The “Wealth Management” service was created by private bank. It is designed to serve the customers with high net worth. In order to improve the financial environment to be well managed and to be wealthy developed, the Financial Supervisory Commission Committee announced the terms of “The Notice of Wealth Management Business for Banks” in February 2005, “The Notice of Wealth Management Business for Securities” in July 2005. The “The Rules for Life Insurance Companies Hosting Wealth Management Business” had been permitted to be announced in January 2006. It defined the business scope for life insurance companies to promote the wealth management business. The purpose of the wealthy management service sold by life insurance companies is targeted to serve the life insurance customers with high net worth. Through the life insurance sales, the life insurance companies can offer the capital allocation, financial planning based on customers’ request. For the criteria of “High Net worth” customers, it can be defined by each life insurance company. Due to the average age of population is becoming higher, wealth is becoming to be concentrated, economic environment situation is changing intensively, the financial holding companies integrated the resources, the rules of financial supervision is becoming completed, such kinds of change offer the opportunity for life insurance companies to extend their business scope to the territory of the consultant service for financial planning and wealth management. Such kind of change creates some administration and management issues. So the purpose of this study is to survey the current situations of wealth management business of life insurance to try to find the suggestions for the below topics. 1.Empower the risk management for wealth management business: How to empower the risk identification capability to propose the effective rules and policies for risk management. 2.Improve the internal audit mechanism to be more effective: How to establish or improve the internal audit mechanism without affect the business and company operation. 3.Learn more about the customers and solid executing the risk notification to customers: How to establish an effective SOP for realizing the customers’ exact requirement, approaching the customers and getting the customers’ trust. 4.Enhance the sales education training to enhance the service quality and empower the business competition ability: By integrating the IT resources and business management to establish an organized/effective sales education training package for improving the sales knowledge and business domain know how. 5.The enhancement for life insurance product creativity and clear marketing positioning ability/core competence for wealth management business: Taking the advantage of the existing sales network, combining the creative product, service and channel profile to establish the specialty and core competence. Meanwhile, this study tries to highlight some key issues like “the important topics shall be focused by the insurance supervision institute”, “the definition of the check points for the wealth management business of life insurance companies”, “how to revised the relative rules to request the wealth management business must be performed by the independent department”, “release the permission for the designation of Investment-oriented merchandise and management fee”. This study also makes the performance evaluation for the wealth management business of life insurance companies. It would be the valuable reference data for the relative supervision institute of government.

於日益嚴峻之企業營運環境下，企業內屬輔助性質之服務部門角色功能便顯得日益重要。然服務部門於企業內多歸類於費用中心，多屬被動提供服務之性質，往往較缺乏創造收入與協助組織策略達成之思維。 虛擬利潤中心概念為將非屬利潤中心特質之單位，採利潤中心之管理與績效衡量概念，以發揮激勵部門提升自身價值的效果。 個案公司於實施平衡計分卡架構下，於服務部門導入虛擬利潤中心制度。本研究採個案研究方式，針對制度導入時，管理控制系統所扮演的角色功能進行研究，並探討服務部門實施虛擬利潤中心制度過程可能產生之問題、特質與效益。 本研究發現，服務部門導入虛擬利潤中心制度時，以提供「資訊回饋之溝通與激勵」最為重要。此制度增加了員工顧客導向之思維，並提升其收入創造與成本之認知。然服務部門之性質差異，會影響虛擬利潤中心制度之導入。 / As the operating environment for businesses is becoming harsher, the role and functions of businesses’ shared service unit, which provide assistance for businesses, are appearing to be more and more important. However, internal service sector of businesses are often cost centers, which mostly provide services passively and lack the cogitation about making profit for the businesses and assisting the businesses’ strategies to be successfully practiced. The concept of pseudo-profit center is to manage non-profit center by adopting profit center’s way of management and its concept of performance measure for the purpose of inspiring each sector to promote its own value. The company in the case manages its shared service unit by introducing the system of pseudo-profit center under the scheme of balanced scorecard. The thesis is a case study about the function of the management control system during the course of introducing the pseudo-profit center system. Furthermore, the thesis also discusses the special features, the benefit, and the problems that might happen during the course of introduction. The study reveals that when introducing the system of pseudo-profit center into the shared service unit, the most important factor is the supply and the feedback of information. The system triggers the employees to be customer-oriented and to be more aware of making profit and saving cost. However, the different nature of the shared service unit affects the introduction of pseudo-profit center system.

本文主要分別探討家族控制、負債與高階經營團隊薪酬的關係。實證結果發現，根據利益一致效果，家族企業通常會發放較少變動薪酬給高階經營團隊。然而，當家族企業偏離問題較嚴重，且由家族成員擔任高階經理人時，則會支付較高變動薪酬給家族高階經營團隊，此種現象在非電子業中尤為明顯。本文亦探討負債與薪酬的關係，結果發現，負債與高階經營團隊薪酬呈非線性關係，再將負債進一步細分，發現長期銀行負債對薪酬的監督效果高於短期銀行負債及一般公司債。本文也發現相較於非家族企業，負債對高階經營團隊薪酬的監督效果在家族企業中較弱。 / This paper investigates the variable compensation of top management teams. Prior literature suggests that compensation policy can help firms reduce the agency problem between principals and agents. Most of these studies, however, emphasize the agency problem between shareholders and managers, and only a few examine those between controlling and minority shareholders and between shareholders and debtholders. This study investigates the effects of family control and debt on top management compensation, respectively. The empirical results show that, on average, family-controlled firms are associated with a lower proportion of variable compensation, which is consistent with the alignment effect. However, family-controlled firms with greater control divergence and whose CEO is a family member, which gives rise to a central agency problem, pay higher variable compensation to family top management, as evident in the non-electronic industry. Furthermore, the empirical results find a U-shaped relationship between debt and top management compensation. In addition, the monitoring effect of long-term bank debt on top management compensation is greater than that of short-term bank debt and common bond. Finally, the monitoring effect of debt on top management compensation is weaker in family-controlled firms than in non-family-controlled firms.

本研究描繪目前台灣電視新聞界一個普遍存在、但不能說的秘密，即業配新聞的存在和產製、相關活動。研究者新聞本科出身，跨入業配新聞製作的專題組，面對置入性行銷對新聞採編的衝擊，也曾經內心衝突與質疑，「業配新聞」算新聞嗎？「業配新聞」是假新聞嗎？ 「業配新聞」報導的對象，多因為沒新聞點、名氣小、特色不足或是沒有報導價值，因此無法被納入一般新聞採編程序，卻非憑空捏造或虛構不實的報導。「業配新聞」經過包裝，仍要編製成突顯商品特性與優點所產製的新聞內容，所以受訪業配記者多認為，業配新聞雖然具有商業目的，但不是無中生有、以虛報實的假新聞。而電視新聞以簡明方式播報新聞的特性，加上視覺的優勢，適合作為業配訊息的傳達。另外業配記者也認為業配新聞充斥，主要是組織和主管的要求，業配新聞基於真實，對社會無害，也包含重要訊息，仍然能為觀眾服務。 本研究認為在當下結構的困境中，個人的主體性雖然蘊含重大的突破能量，也有施展空間。就受訪者經驗來看，個人以專業及善盡查證職責，據理力爭新聞的正確性，仍有機會為自己開拓一些迴旋空間。而媒體組織在廣告主的強勢要求下，也並非只能一味讓步，讓對方予取予求，主事者若能在新聞的專業基礎上轉換思維，也可能化被動為主動展現相對積極的作為。 研究發現，廣告主和記者都清楚業配新聞不但影響編輯台的新聞自主，影響新聞公信力，也影響工作者自我的專業認同，雖然廣告主認為業配新聞和他們是共生共存，這類新聞確實有宣傳效果，有廣告主也認為他們對新聞可信度確實受到影響，「因為新聞經過包裝了」。然而，公眾一旦察覺某些新聞背後有「金錢利益」操控，不但媒體將失去公信力，媒體工作者也失去自我專業尊嚴，其結果更是短多長空。 / Product placement in TV programs has become increasingly common in the two decades in Taiwan. Although it arouses huge controversies over media credibility and marketing values, up to date, there have been very limited empirical studies focusing on how journalists handling product placement messages, particularly in television news programs in which product placements were usually forbidden in use. Instead of using content that directly promotes the brand, product or service through traditional marketing tactics, product placement journalism focuses on building stories and other informational content that highlights value from a different point of view. The current study examined a unique program genre in Taiwan’s TV news programs, in which product placements are still in use. Based on in-depth interviewing, this study canl shed some light on how we define the boundaries of news and marketing information. Product placements are proven to be quite effective in television news programs. However, the effectiveness is built right on the cost of news credibility and integrity, which is ironically distinguishing product placement and advertising and is believed to be the magic power of product placement in news. Although companies that build trust with the content they produce can maintain their presence as reliable media sources for their audiences. The origins of the ethical problems and their implication for product placement research are explored.