本研究以1997至2001年國內高研發密度之上市上櫃公司為研究對象，探討高研發密度公司揭露非盈餘以及智慧資本相關資訊之行為。首先探討企業揭露資訊之偏好及趨勢，再分析影響企業揭露非盈餘及智慧資本資訊頻率之因素，並探討企業股價與帳面價值間之差異及股票週轉率與企業揭露智慧資本相關資訊之關聯性。 實證結果發現，公司主動揭露與盈餘有關資訊之頻率有逐年下滑的現象，而揭露非盈餘及智慧資本相關資訊的頻率則有逐漸升高的趨勢。以分組檢定結果而言，未預期盈餘為正且幅度較大的公司在揭露智慧資本資訊方面顯著較未預期盈餘為負且幅度較大的公司積極。就影響企業揭露非盈餘以及智慧資本相關資訊之因素而言，未預期盈餘、員工每人營業利益、研發密集度，以及每人配備率與揭露非盈餘及智慧資本相關資訊之次數均呈顯著正向關係，而董監事持股比率以及用人費用率則與兩項資訊之揭露次數呈顯著負相關。 此外，屬於資訊電子業以及規模較大的公司，揭露非盈餘及智慧資本相關資訊之意願較強。就企業股價與帳面價值之差異以及股票流動性而言，資訊電子業之股價淨值比及股票週轉率均較非資訊電子業為高，策略聯盟（流程資本）資訊揭露次數與股價淨值比呈顯著正（負）向關係，新產品及策略聯盟（人力資本）資訊揭露次數則與股票週轉率呈顯著正（負）相關。 關鍵字：自願性揭露、智慧資本、市價淨值比 / Based on a sample of firm listed on TSE, this thesis investigates the voluntary disclosure behavior ofR&D intensive companies in Taiwan over the period of 1997 to 2001. With an emphasis on non-earnings and intellectual capital-related disclosure policies, we first explore the disclosure behavior in terms of frequency and type of information revealed by management. We then examine whether price-to-book (P/B) ratio and stock turnover ratio reflect the disclosure of non-earnings and intellectual capital-related information. The empirical results suggest a declining trend in disclosing earnings information, with an opposite tendency in non-earnings information over the period examined. In addition, unexpected earnings and variables proxy for intellectual capital determine the disclosure behavior of non-earnings and intellectual capital-related information. Firms with operating performance far beyond market's expectation tend to disclose more intellectual capital-related information than firms with operating performances far worse than market has expected. Variables such as operating income per employee and cost of human resource (proxies for human capital), R&D intensity (proxy for innovation capital), equipment per employee (proxy for process capital) as well as the ratio of directors' shareholding are found to be significantly related to the disclosure frequency of non-earnings and intellectual capital-related information. The findings also indicate that electronics and software industries are more likely to disclose more non-earnings and intellectual capital-related information and have higher price-to-book and stock turnover ratios as compared to other industries in the sample. Firms disclose more (less) strategic alliance (process capital) information is found to have higher price-to-book ratios. Firms disclose more (less) strategic alliance and new product (human capital) information is found to have higher stock turnover ratio. It appears that more disclosure on intellectual capital-related information does not necessarily and monotonously explain the variation in both price-to-book and stock turnover ratios. Key words: voluntary disclosure, intellectual capital, price-to-book ratio, stock turnover ratio

金融服務業的跨業經營讓保險業監理制度面臨新變革，而2008年金融海嘯重創國際金融以及全球經濟更讓金融服務業監理出現更多未可知的變數，歐盟在體解現行保險業清償能力制度（Solvency I）不足下著手於新清償能力制度（Solvency II）之建立，惟透過風險的角度作全面制度的基礎著眼點是否真能適切反映監理需求、達到保護保單持有人的最終目標，並成為帶領保險業駛離本次金融海嘯的諾亞方舟？ 本文從歐盟現行保險業清償能力制度談起，逐步進入Solvency II計畫的實質內涵，兼論該制度設計可能存在的問題，並對於新制在未來趨勢上對國際保險業監理所可能造成之影響作初步探討。最後，從歐盟Solvency II計畫的角度出發、反視臺灣現行保險業清償能力監理架構，從而對於未來制度之設計給予相關之建議，並期盼本文能以投石問路之姿，在全球金融籠罩在一片動盪不安的此時，就臺灣保險業清償能力監理制度這一塊，提供另一種可能的思維方向。

Although a substantial body of research exists on gender differences in Computer Mediated Communication, relatively little empirical attention has been directed toward the special case of CMC - Instant Messenger (IM) and the area of self-disclosure. This study analyzes gender differences and relationships in self-disclosure in the away message of MSN of 329 male and female Taiwanese university students. Applying the five subscales of self-disclosure by Wheeless and Grotz (Wheeless, 1978; Wheeless & Grotz, 1976) and the six topic areas of self-disclosure by Jourard and Lasakow (1958) revealed the following results: Findings show that males and females often do not show the gender differences anymore, which were previously found in face-to-face communication on certain aspects of self-disclosure e.g. frequency, depth, breadth, honesty or accuracy and valence of self-disclosure. However, findings pointing out the different motives and the use of self-disclosure on IM are similar to face-to-face communication, such as females prefer discussing their “personality” while male MSN users prefer “work or studies” especially the more buddies they have. Also males disclose with awareness and intention suggesting the make use of selective self-presentation (Walther, 1996) for rather males than females. Female MSN users write more impulsively in their away message, however they are found to be more selective than males in to whom they chose to disclose or not by blocking buddies. The number of buddies on the buddy list seems to have hardly any effect on males’ and females’ self-disclosure. The gender of buddies on the buddy list as a moderating factor showed that males feel more comfortable (honest and less understated) when disclosing to females. Extra findings include that for both gender self-disclosures on IM is not less honest and not exaggerated, rather understated. Previous findings in face-to-face communication on preferred topics of self-disclosure of both genders of Asian background were confirmed on IM. On IM, self-disclosure by males and females seem to be free of the importance of the degree of social distance within Chinese society as hardly any primary groups and secondary groups but almost only mixed groups of buddies on buddy lists were found.

非營利組織的資源直接間接來自於社會大眾，本應就其財務運用的狀況對社會大眾交代，而財務報表乃是表達任何組織的經營結果，與資源分配是否有效的重要資訊。在台灣的非營利組織，超過33,000家，其中超過9,000家均採內政部所提供的財務報表範例編製自己的財務報告，惟該範例卻有瑕疵。因此本研究在探討什麼樣的財務報表格式可供內政部所屬的非營利組織參考。 本研究設計二套財務報表，一套依一般公認會計原則，一套依內政部範例改編，以問卷探詢非營利組織與營利組織的財務人員及管理階層，是否支持非營利組織公開其財務報表？如支持，財務報表的名稱及格式內容應為何？不同服務領域，對於贊成公開的財務報表是否不同？對財務報表的名稱及格式內容之偏好是否有差異？不同財務報表的格式，對於報表所呈現的完整性及報表間的關聯性是否不同？且對報表的信任度及理解度是否有影響？最後，財務資訊揭露是否為影響捐款的重要因素？ 本研究之結果顯示，超過94%的受測者支持非營利組織公開其財務報表，且財務資訊揭露是影響捐款的重要因素。至於應公開的財務報表，則有「資產負債表」、「收支餘絀表」、「現金流量表」、「淨值變動表」，營利組織贊成公開的財務報表，為上述四表；非營利組織的意見雖較為分散，但仍集中在「資產負債表」、「收支餘絀表」。對於報表名稱及格式內容，營利組織與非營利組織也明顯不同，且不同財務報表的格式，對報表的信任度及理解度，以及報表的完整性和報表間的關聯性，是有影響的。 本研究並根據以上結論，編製一套財務報表格式以供內政部所屬的非營利組織參考。

「公益揭發行為」係指將組織內部的不法資訊，透過內部通報機制、相關權責機關、媒體或其他訴諸社會大眾之管道來揭發其可疑之不當或違法行為。其相當類似於國外的「吹哨行為」概念。此等問題起因於近年來各國重大的企業舞弊頻傳，經由員工進行吹哨行為揭弊後，對社會公益具有高度貢獻，惟吹哨者揭弊後，卻往往換來公司無情的解雇或不利益對待，此等「犧牲小我，完成大我」的不合理現象，已逐漸受到世界各國的重視並亟欲調整。 我國近年來「爆料文化」盛行，尤其以立法委員收到線報後利用政論節目或記者會對外揭弊的景象最令人印象深刻，然而，為何背後真正的揭弊者總得躲躲藏藏採取間接爆料，不敢直接挺身而出？就此，不難體悟出我國似乎沒有一套令社會大眾「信服且得以親近」的公益揭發體制。勞動基準法第74條及勞工安全衛生法第30條設有公益揭發保護之規定，惟其僅就勞動之相關事項做規範，保障顯然不足，其他與個人生命或身體、消費者之權益、環境之保護及其他公眾利益等相關之揭發保護，更是亟待立法保障之。 正因我國現行法欠缺相關規範，故本文將援引與我國鄰近且風俗民情較近似之日本法律政策與制度，加以觀察並討論公益揭發保護法制於我國之可行性，及其可能衍生之相關問題與對策。因此，本文將對日本公益通報者保護法作詳細探討，並於重要之處再輔以美、英兩國之公益揭發保護規範作附帶說明。 除此之外，本文亦會廣納我國其他相關之公益揭發事例，藉此一窺我國公益揭發之輪廓，甚且再進一步針對我國近年司法實務上幾個重大公益揭弊判決如新海瓦斯林子文案、陽信商銀陳政峰案、華航機師甘國秀案、年代新聞導播穆光中及盛奇玉案、中環公司曾建煥案等等作深度討論。最後，本文將對我國未來公益揭發之制度建立提出相關立法政策芻議。

隨著非營利組織之數量及規模日益擴大，以及任務之多元化，要求非營利組織提升其責任及透明度之呼聲亦日益增加，但台灣非營利組織仍缺乏完善之資訊編製準則，導致非營利組織間揭露之資訊難以相互比較，且外部人也不易窺視該組織真實狀況，故本研究以台灣公益團體自律聯盟內之成員為對象，透過文獻分析及比較分析之方法，探討台灣非營利組織網頁資訊揭露之狀況。同時藉由研究問題瞭解台灣公益團體自律聯盟成員如何揭露財務報告與業務報告之資訊，再與世界各國非營利組織之資訊揭露規範及目前世界第一的慈善基金會-比爾蓋茲與梅琳達基金會網站揭露之資訊相互比較，得出研究結論與建議，進而提供台灣公益團體自律聯盟資訊揭露之建議，並進一步期許其成為台灣整體非營利組織網頁資訊揭露規範之領導者。 / When non-profit organizations play a much more important role in the 21st century, information on Taiwan's non-profit organizations still remain completely private. There is still lack of rules to make these non-profit organizations disclose their information to public. It results in not only the difficulties in comparing information among these organizations but also the perplexity in knowing the information for outsiders. Nowadays, since stakeholders such as government, donators, creditors and generals, demand much more reliable and transparent information, the establishment of the well accounting standards for nonprofits is essential for the reliability and comparability of nonprofits' external reports. Therefore, it is urgent to promote the accountability and transparency of these nonprofits' information. This study, which is undertaken by means of literature analysis and comparative analysis, aims to provide advices for the information disclosure of the Taiwan NPO Self-Regulation Alliance. This paper uses the members of the Taiwan NPO Self-Regulation Alliance as samples, to observe the information disclosure level on the internet, including financial reports and annual reports information. Furthermore, we offer advice to the Taiwan NPO Self-Regulation Alliance by using, comparing and analyzing different countries' financial reports format and Bill & Melinda Gates Foundation's website as benchmarks of information disclosure.

本研究探討台灣於 2013 年接軌國際會計準則（IFRS）後，上市公司對於關係人交易揭露情形之改變。整體而言，財務報表附註之關係人交易段落中揭露的文字大幅減少，透過檢視公報規範及 2013 年實務上之揭露情形，可發現揭露方式的改變是導致關係人資訊驟減的主要原因，大部分上市公司不再提供個別重要關係人之交易資訊。 另外，本文實證研究發現，股權的偏離、負債比率及公司的規模，會讓揭露字數衰減的幅度更為嚴重，但是獨立董事比例愈高的公司，衰減的幅度會被減緩。進一步迴歸分析則指出，就交易事項而言，造成揭露字數下降最關鍵的因素是關係人銷貨和關係人應收（付）帳款票據。具體言之，國內採行 IFRS 並未提升關係人交易揭露品質，且公司各層面的因素對其品質有所影響，主管機關應該加強上市櫃公司關係人交易之審查以及個別重要關係人資訊之揭露。

本文旨在探討投資人情緒與法人說明會之關聯性，即公司如何經由召開法人說明會，策略性地回應投資人情緒反應，以企圖影響情緒所導致的預期偏差。實證發現：管理當局策略性地改變其自願性揭露政策，以反映投資人情緒。當投資人情緒愈低落時，公司將傾向於召開法人說明會，且公司召開法人說明會之頻率亦會增加。相反的，當投資人情緒高昂時，公司則愈不會召開法人說明會。再者，當投資人情緒愈低落時，法人說明會所揭露之公司資訊將愈樂觀。此研究亦顯示公司自願性揭露政策的選擇，反映管理當局渴望維持樂觀之評價。 / In this paper we explore the association between investor sentiment and the likelihood of holding conference calls. In other words, this paper investigates how firms react strategically to investor sentiment via their conference calls in an attempt to influence the sentiment-induced biases in expectations. We show that managers strategically vary their voluntary disclosure policies in response to prevailing sentiment. We find that during low-sentiment periods, the firms are more likely to conduct conference calls and conduct them more frequently; while during periods of high sentiment they decrease the frequency of conference calls. In addition, during low-sentiment periods, the conference calls disclose more optimistic information. Overall, this study provides evidence that company’s voluntary disclosure choices reflect managers desire to maintain optimistic valuations.

智慧資本研究可分為策略流派（strategic stream）與評量流派（measurement stream）。前者主要研究如何創造與運用智慧資本，以及探討智慧資本與價值創造的關係；後者著重如何對智慧資本進行衡量。 　　本研究依評量流派之觀點，以民國91年度資訊電子業上市公司為樣本，探討智慧資本資訊對於企業價值的影響。本文採用內容分析法對各樣本公司進行揭露程度評比，採用Ohslon (1995)模型進行實證研究，結果顯示智慧資本之資訊揭露與企業價值攸關，揭露程度與公司價值成正向關係。就分項智慧資本而言，流程資本以及關係資本之揭露程度與公司價值有顯著關係；然而，人力資本與創新資本的揭露程度與公司價值之關係均不顯著。 / The research in intellectual capital (IC) can be divided into two streams focusing on strategic aspect and measurement aspect, respectively. The former stream investigates how to create and use IC and concentrates on the relation between IC and the value creation. On the other hand, the measurement stream is more concerned with the IC reporting and measurement. 　　Basing on the view of measurement stream, this study selects 177 listed companies in Taiwan electronic industry in 2002 as a sample and investigates the effect of IC information on firm value. By using content analysis method to score the degree of IC disclosure for each sample firm, the empirical result shows that the comprehensive disclosure of IC has significant and positive effect on firm value. When we further look into the decomposition of IC disclosure, both relation capital and process capital are found to have positive and significant effect on firm value while the human capital and innovation capital do not have such a significant relationship.

本研究探討國際財務報導準則採用後對英國上市公司財務報告揭露品質之影響，選取高科技產業公司於國際財務報導準則轉換年度、轉換年度前後兩年之年報，並根據IAS 38, Edvinsson and Malone (1997), Lev (2001), and Sveiby (1997)編纂智慧資本字典，與先前研究之差異處在於本研究採用文字探勘技術之分類演算法以探討智慧資本揭露品質是否和國際財務報導準則之採用有關，結果顯示智慧資本揭露品質和國際財務報導準則之採用有關，接著本研究運用迴歸分析，進一步了解那些智慧資本項目之揭露於採用前後有顯著差異，結果顯示在國際財務報導準則採用後，高科技公司增加智慧資本項目之揭露，符合本研究之預期，有顯著差異之智慧資本項目如:電腦軟體、顧客名單、顧客忠誠度、顧客關係和專利，研究結果也指出在國際財務報導準則採用後，高科技公司增加智慧資本項目之揭露之現象較常發生在上市時間較早之公司、總資產較大之公司。 / This study investigates the impact of the quality of disclosures of financial reports of the listed companies in the U.K. with International Financial Reporting Standards (IFRS) adoption. I select the annual reports of companies in the high-tech industry sectors in the IFRS transition year and two years before and after the transition year. The dictionary for intellectual capital according to four sources, IAS 38, Edvinsson and Malone (1997), Lev (2001), and Sveiby (1997) is compiled. In contrast to prior studies, I use classification algorithm of text mining techniques to explore whether the quality of intellectual capital disclosures is related with the adoption of IFRS. Results show that the disclosures of intellectual capital items are related with the adoption of IFRS. To further realize which intellectual capital item disclosures are significantly different between pre-adoption and post-adoption, the regression analysis is applied. Evidence is promising, in the post-IFRS period, high-tech firms may increase the intellectual capital item disclosures, such as computer software, customer list, customer loyalty, customer relationships and patents. Evidence also indicates that, the evidence that high-tech firms may increase the intellectual capital item disclosures in the post-IFRS period is more pronounced in older and larger companies.