本研究在探討非法人團體買賣有價證券涉有證券交易法第155條第1項之禁止操縱市場行為時，民事及刑事責任之處理問題。在民事責任上，雖民法學說及實務均認為非法人團體未具權利能力，惟本研究發現，非法人團體有獨立財產，若經法院判決有該條文之賠償責任時，動產得透過交付，不動產得以代表人名義並註記非法人團體名稱之方式登記，履行賠償義務。至於刑事責任則必須遵守罪刑法定主義，不論是刑法學說或司法實務，僅例外於法有明文規定時，非法人團體始具有犯罪能力。又我國刑事訴訟法並無非法人團體之起訴規定，若以非法人團體為起訴對象屬起訴程序違反規定，法院不予受理。故由於證券交易法並無明文規定非法人團體犯罪時之處罰，當非法人團體違反證券交易法之禁止操縱市場行為時，將無法對其起訴追究刑事責任。有鑑於非法人團體在經濟活動中扮演之角色益發重要，本研究建議立法者宜儘速於證券交易法中增訂非法人團體違反證券交易法時之處罰規定，以符合罪刑法定主義，使得司法機關得以依法起訴。

本研究以中國大陸2013年至2015年的A股上市公司為研究對象，探討總、分所審計對審計品質之影響。審計品質則以審計意見與可操縱應計盈餘衡量。研究結果發現，本土八大會計師事務所總所比分所出具非標準無保留意見的概率更高，被審計公司的可操縱應計盈餘更小。本研究藉此結果推論，本土八大會計師會計師事務所總所比分所提供更好的審計品質。另外本研究也用Heckman 模型和PSM 模型來克服回歸式的自選擇問題。另外研究進行了的敏感性測試和增額測試，實證結果是穩健的。 / The objective of this thesis is to examine the association between headquarter office auditors and audit quality. This paper uses audit opinion and discretionary accruals to proxy for audit quality. Using a sample of firm-year observations in China during 2013-2015, I find that headquarter office auditors of local “Big 8” is positively associated with higher audit quality. More specifically, the empirical results indicate that firms audited by headquarter office auditors of local “Big 8” experience lower discretionary accruals and are more likely to issue modified audit opinion than branch offices of local “Big 8”. The results are robust after controlling for self-selection bias issue, alternative measures of headquarter office auditors and alternative proxies for audit quality. In sum, this paper provide strong evidence on the notion that head office of local Big8 audit firms have better audit quality than branch office.

第一章緒論：內容討論研究動機、研究目的、研究假設、研究方法及研究限制等。 第二章為企業所得平穩化之理論背景。內容討訥財務報表之目的與編製基礎；資訊使 用者導向理論，資本市場效率性假設，及會計政策等與所得平穩化之間的關係。 第三章為使用者決策模式與所得平穩化。內容討論報表使用者之決策模式，管理人員 的報酬與報酬與企業所得平穩化間之交互相關。 第四章為所平穩化之目的與方法之研究。內容討論所得平穩化之目的、標的、層面與 方法等。並結論相關的研究報告。 第五章為我國上市公司操縱損益潛在性之研究。內容係借用相關研究報告之思考架構 以探討我國上市公司操縱損益之潛在性之基礎。 第六章檢討與建議。

「強制性財務預測」不但規範在何種情況下須發布財務預測，同時也規範在何種狀況下須作財務預測更新。不論第一次預測或更新均需經會計師核閱。因此，「強制性財務預測」比自願性揭露要審慎得多，但其資訊成本也高。盈餘預測的準確性為其是否有用的先決條件。一個高成本的規範，如其所產生資訊的準確性不高，則其必要性便存疑。本研究首先對此一問題加以探討。實證結果顯示， 「強制性財務預測」規範下的第一次盈餘預測和 「天真模型」(Naive Model)下的盈餘預測比較，其準確性較高。由此可推論「強制性財務預測規範」對盈餘預測資訊約有用性應有助益。 　　「財務預測更新」會增加資訊成本，而「財務預測更新與否」係依據「預測盈餘」與將來「公告盈餘」的差距來決定。「財務第一次預測準確性」影響「預測盈餘」，而「盈餘操縱」則影響「公告盈餘」。因此，「財務第一次預測準確性」、「盈餘操縱」均與 「財務預測更新與否」有關，而且「盈餘操縱」的需要性亦受「財務第一次預測準確性」的影響。本研究以單因子多變量變異數分析對此一問題加以實證。結果顯示，「財務預測未更新組」的「財務第一次預測準確性」較高，但其「盈餘操縱」情形亦較嚴重。 　　受規範公司的「盈餘操縱」會影響「預測更新」成本，因而其經濟實質。投資人投資這類股票，其投資報酬的影響因素為何？本研究以「行業別股價指數變動」代表總體面及行業面因素，以「當期盈餘」代表個別公司面因素，以「盈餘操縱」代表「財務預測成本」，並以迴歸分析探討各因素對股票投資報酬的影響。實證結果顯示，「行業別股價指數變動」、「當期盈餘」、「盈餘操縱」與「股票投資報酬」均呈正相關。 　　「盈餘操縱」除與「財務預測更新」的資訊成本有關外，尚可能影響其他契約成本。本研究懷疑「盈餘操縱」會因「財務預測曾否更新」而有不同的目的。本研究以虛擬變數迴歸分析為工具，探討「盈餘操縱」對股價變動的影響力是否會因「財務預測更新與否」而不同？實證結果顯示，「盈餘操縱」對股價變動的影響力並不因「財務預測更新與否」而不同。 　　此外，「使用一般公認會計原則的經驗」應有助於相對準確性的提升。本研究實證「盈餘第一次預測準確性」的同時，額外針對這個問題加以實證，結果顯示「非新上市年度樣本」的盈餘第一次預測準確性優於「新上市年度樣本」。此一結論應能給證管會若干鼓舞，只要持續推動「強制性財務預測規範」，「盈餘預測準確性」將因受規範公司經驗的累積而提升，預測資訊約有用性會因而加強。

資訊化社會是未來發展的趨勢﹐它不僅可提高生產力與競爭力﹐且可提升 生活品質與增進社會褔址﹐銀行業務電腦化即為典型之一例。然而在享受 電腦化利益之同時﹐卻也存在著電腦化環境之各種危險威脅。如電腦軟硬 體設備遭受毀損滅失之實體危險﹐人為利用電腦系統獲致不法財務利益之 舞弊危險﹐內部人員或外部人員利用電腦遂行詐欺等各種犯罪行為﹐此等 危險均威脅著銀行之經營安全。本文之研究﹐先就銀行之經營危險作一分 析﹐其次就電腦應用衍生之相關問題加以探討﹐如電腦犯罪之定義、類型 、特質及電腦化環境之各項安全威脅為何﹖再者蒐集國內外曾發生過之電 腦犯罪案例加以檢討﹐剖析電腦系統之弱點及可能發生電腦犯罪之方式。 而就電腦犯罪危險之管理﹐除經由各種內部防弊措施、稽核控制與安全查 核的方式來預防外﹐對於事故發生後所致財務損失彌補方式上﹐亦可運用 保險之適當安排以為保障。要有效防範電腦犯罪﹐達到電腦安全之目的﹐ 首先須建立從業人員之安全管理﹐再者須配合各項電腦系統安全查核措施 加以防範。其次有關電腦犯罪危險之管理及各項應變計劃與備援措施亦須 事先妥善安排。此外﹐與電腦犯罪行為有關法令之訂定﹐獨立客觀稽核制 度的建立與電腦專業人才之培養等﹐皆有助於電腦犯罪之防範。而金融監 理主管機關若能以專責單位來偵察、處理電腦弊案﹐亦有助於電腦犯罪行 為遏阻之功效。

一般而言，股東會議程所有議案資訊必須事前揭露給全體股東，提供股東充分資訊，其方能在充分瞭解下作成投票決定。惟我國公司法長久以來承認股東有臨時動議與議案修正之權利，允許出席股東就第一七二條第五項規定除外事項之其他一切事項，在股東會現場提出臨時動議或原議案之修正，此舉不但將形成股東會議程資訊之漏洞，復以實務一般認為只要未違反第一七二條第五項之規定，股東可以在現場以臨時動議提議召開股東臨時會針對法定除外事項進行決議，或在同一議題下，可以提出任何修正案，而架空第一七二條之一股東提案權制度所寓有之資訊揭露功能。在無法獲得充分資訊之下，股東應當如何行使表決權，尤其未出席股東以書面或電子方式事前行使表決權時，更是需要充分資訊，否則一旦面對臨時動議或議案修正時，其表決權將依法視為棄權，更進一步衍生出表決權操縱和應否親自出席之問題，橫生枝節，臨時動議與議案修正之突襲性問題，亟待解決。 因此，參考美國、日本、德國、英國、香港、韓國和中國大陸公司法制，公司法應明文要求將股東會議程之主要內容或要領記載於召集通知中，股東會不得就召集通知所未記載之議案進行決議，股東如欲發表任何意見，應循事前提案權提出，而非在現場提出臨時動議或議案修正突襲其他股東。因此，本文建議禁止在現場提出任何臨時動議或議案修正。 / Generally speaking, the agenda of general meeting, including all motions, should be disclosed to all shareholders of the company in advance of a general meeting to provide them with sufficient information to vote (informed voting). However, according to Taiwan Company Act, shareholders have right to move extemporary motions or amendments all but any items as set forth in §172(5) hereof at the meeting. This will not only come to be a loophole resulting from blank statements in a notice of a general meeting, but also sideline the information disclosure function by implication of shareholder proposal in §172-1, because the court hold that the shareholder are entitled to move an extemporary motion to call a meeting to make a resolution on exclusion items in §172(5), or any amendment under the same subject. Thus shareholders are unable to vote without sufficient information, especially who cast their vote through writing or electronic transmission without participating in person in advance of the meeting. In case of extemporary motions or amendments, shareholders who cast vote through writing or electronic transmission shall be deemed to withhold their voting power. This result would bring some issues of manipulation of voting power and whether shareholders who have cast their vote through writing or electronic transmission should participate in person afterwards or not. However, extemporary motions and amendments with surprising nature shall be or shall not be, that is the question. In order to deal with this problem, the main component or general nature of items in the agenda of a general meeting shall be stated in the notice, and only the items stated in the notice could be validly passed at the general meeting by referring to the Company Act of the U.S., Japan, Germany, U.K., Hong Kong, South Korea, and Mainland China. If shareholders are willing to express their opinions, they should propose to ask to put in the agenda in advance of the meeting, instead of moving extemporary motions and amendments to surprise the others. This study suggests that no extemporary motion or amendment shall be allowed to move at the general meeting.

能源是攸關人類生存的一大課題，它提供熱能、照明和運輸，而且是經濟發展不可或缺的帶動因素。國家的經濟成長需仰賴充足可靠且價格合理的能源供應。對外政策重大議題尤其需要依賴安全可靠且價格合理的能源供應，像是民主、貿易、替代能源發展、消弭貧窮和環保等等相關發展支援計劃。 東北亞是具有高度經濟與政治價值的重要區域。在此區域內約有17億人口以及世界第二、第三大經濟體，不論在政治、經濟和文化上皆有莫大影響力。 俄罗斯是世界上碳酸氫化合物與鈾的主要出口國，也擁有名列前茅的核能發電廠運作技術。中國和日本不論在東北亞與世界都佔有重要地位，且高度依賴能源進口。而俄罗斯鄰近中國和日本，可以快速有效提供石油和天然氣等能源。故而俄罗斯與中日兩國在能源供應合作上顯然具有極高的發展潛力。 掌握能源供應的俄罗斯可以鞏固其東北亞的地位，進而成為該區域的超級強權。 研究目標在於解讀俄罗斯對中日兩國的能源關係以及對東北亞情勢的影響。筆者將採用地緣政治學中的「策略性操縱」理論和「區域安全複合體」的概念作為主要假設，分析俄罗斯與中日兩國能源關係的內容與後續走向，以及對區域情勢所造成的影響。 研究架構如下：第一章是本研究的背景、目標及方法；第二章詳細分析俄罗斯的石油、天然氣與核能燃料蘊藏量、該國的能源策略及其理論上的影響範圍；第三章的焦點為中國的能源需求、能源政策和外交，俄罗斯與中國能源供應合作的內容、發展與問題以及理論方面的評估；第四章探討日本的能源需求、能源政策和外交，俄罗斯與日本能源供應合作的內容、發展與問題以及理論方面的評估；第五章就俄罗斯對中國及對日本的能源關係進行比較分析，以ESPO的建設為例，探討其結果及影響；第六章則是回應研究目標、評估俄罗斯與中日兩國的能源關係，並且對俄罗斯在東北亞的能源政策提出建議。 / Energy is one of the most important factors for the survival of humanity. It provides the fuel of the economy, heat, light and mobility. The country’s economic growth depends on adequate, reliable and affordable supplies of energy. Key foreign policy objectives, including support for democracy, trade, sustainable economic development, poverty reduction and environmental protection rely on the provision of safe, reliable and affordable energy supplies. North East Asia is an important region in terms of its economic and political value. With a population of 1,7 billion people, and containing the world's second and third largest economies, it is a region of enormous political, economic and cultural significance. Russia, a major exporter of hydro carbonates and uranium, is one of the world’s leaders of nuclear plant operating technology. China and Japan are the main actors in NEA and highly depend on the import of energy resources. Moreover, Russia’s close proximity to China and Japan enables a fast and a reliably efficient supply of oil and gas. These attributes highlight and emphasize the excellent opportunities for energy cooperation between these countries. Russia’s strength in this field allows them to fortify their position in NEA as it aspires to become a regional super power. The goal of this research is to study Russian energy relations with China and Japan and how it affects the positions of the country in the region. The author would adopt the main assumptions of the Geopolitics, theory of “Strategic manipulation” and the concept of “Regional Security Complex” to analyze the content and consequences of Russian energy relations with China and Japan and its impact on the situation in the region. The framework of the research is illustrated as follows: chapter one gives the background, goals and methodology of the research; chapter two provides the detailed analysis of Russian oil, natural gas, nuclear power reserves, the country’s energy strategy and its theoretical implications; chapter three focuses on energy demand, energy diplomacy and strategy of China, the content, development, problems of Russo-Chinese energy cooperation and its theoretical evaluation; chapter four focuses on energy demand, energy diplomacy and strategy of Japan, the content, development, problems of Russo-Japanese energy cooperation and its theoretical evaluation; chapter five is devoted to the comparative study of Russian energy relations with China and Japan at the example of ESPO constructing, its results and implications; and chapter six concludes with responses to research goals, evaluation of energy relations between Russia, China and Japan and recommendations for Russian energy policy in North East Asia.

此論文包含三大部分。第一部分探討董監事暨重要職員責任保險(D&O保險)的需求因素與公司治理等企業特徵間的關係，配合2003-2007年台灣上市上櫃公司的資料，研究影響公司是否購買D&O保險、保險限額與保險費的決策因素。實證結果證明，大型公司較需要D&O保險保障，且公司的董監事與利害關係人間存在代理成本問題。本文亦發現董監事獨立性等公司治理因素，對D&O保險購買行為有顯著影響，再則，公司的成長性及經理人風險趨避態度，都會影響保險限額的決定。本文結論進一步顯示訴訟風險對保險限額的決定有正向顯著的影響，而財務風險對D&O保險需求亦有若干影響力。第二及第三部分則進一步探討董監事暨重要職員責任保險對公司的行為或策略是否有影響。實證結果顯示D&O保險確實會影響公司風險承擔策略及公司財報方法的穩健性。 / This thesis is comprised of three essays on directors’ and officers’ (D&O) liability insurance, one interesting but little explored research area. Based on an unbalanced panel data set of public Taiwanese corporations in years 2003-2007, the first essay investigates the relationship between directors’ and officers’ (D&O) insurance demand and firm characteristics, especially corporate governance. The results suggest that large firms are more likely to purchase D&O insurance, and that there exists agency cost between directors/officers and stakeholders. The findings indicate that corporate governance, such as board independence, has an important impact on D&O insurance demand. Besides, the results show that growth opportunity or managerial risk aversion can affect the D&O insurance coverage amount. The litigation risk also has a positive and significant impact on the D&O insurance amount, and bankruptcy risk weakly influences the D&O insurance demand. In the second essay, I provide evidence regarding corporate business strategy by investigating the relation between directors’ and officers’ (D&O) insurance and risk taking behavior. This essay tries to test (a) whether firms are more active to adopt risk-taking strategies when their directors and top managers are covered by D&O insurance coverage; (b) whether the quality of corporate governance has influence on firm’s risk-taking behavior; and (c) whether insurers can distinguish D&O insurance purchases decision driven by managerial risk-taking behavior and charge adequate premium rate for such behavior. The empirical evidence suggests that D&O insurance coverage has a positive impact on firm risk-taking behavior. In addition, the results indicate that board composition may remarkably influence corporate risk-taking behavior. The preliminary findings also show that insurers can assess the induced risk-taking behavior ex ante and charge adequate premiums rate accordingly. In the third essay, I investigate whether the legal liability coverage result in the propensity of less conservatism and aggressive managerial behavior/strategy. More specifically, this study tests managerial opportunism behavior by examining whether the purchase of D&O insurance coverage is associated with more aggressive financial reporting strategy (i.e., less accounting conservatism). The empirical evidence suggests that D&O liability insurance purchase decision is positively associated with accounting conservatism. That is, firms with insurance coverage tend to recognize bad news in a timely manner, i.e. more earning conservatism. However, there is no significant relation between accounting conservatism and D&O insurance amount. In addition, the evidence shows that firms with strong board structure recognize good news faster than those with weak governance structure.

金融犯罪近年來日益受學者與實務界之重視,而我國證券交易 法既以「發展國民經濟、保障投資」為目的,證券市場是否依自然 供需法則自由運作,而不受人為操縱行為破壞價格決定機制,顯得 至為重要。 我國證券交易法明文禁止操縱市場行為,違反者除民事損害賠 償責任外,尚有刑事處罰,且刑度非輕。操縱市場雖屬於相對抽象 之一種禁止類型,但法院實務上已經累積為數不少之判決,然而因 案件內容繁雜、法條構成要件不夠明確......等因素,造成法律見解難 以統一之現象,進而使得辯護工作難度增加。 本文擬從比較法上,參考外國法對操縱市場行為禁止之類型及 方式,檢視我國證券交易法中關於操縱市場之立法過程與構成要 件,並蒐集大量法院判決,整理分析被告提出之各式抗辯,回顧法 院判決中之見解、判斷,期待能更深入問題之核心,裨對實務工作 者能有所助益。 / Financial crimes are increasingly valued by academics and practitioners in recent years. Securities and Exchange Act in Taiwan is securities market operate freely in accordance with the law of natural supply and demand without undermining the mechanism of price determination by human manipulation so important. Securities and Exchange Act in Taiwan expressly prohibited for market manipulation and penalize who breach of regulation. They must bear civil liability for damages and seriously criminal penalties. Although market manipulation may be very abstract sometimes, court practice has accumulated a large number of judgments. However, it’s still a big challenge for attorneys due to the different opinions in practice. The relevant provisions of this order the United States, England and China on different types of legislation about manipulation, in order to find the difference of among the Securities and Exchange Law of Taiwan, as a reference to amend acts of manipulation. By studying cases selected our Court and trying to analyze how the various defenses affect the court decision.

我國興櫃股票之交易方式係由推薦證券商（即興櫃股票之造市商）之報價主導交易進行，屬於報價驅動（Quote-driven）之交易方式，與我國上櫃股票採取「等價交易」及上市股票採取「競價交易」等均屬委託單驅動（Order-driven）之交易方式迥然不同。 按我國證券交易法第155條第2項準用同條第1項規定之適用結果，「於證券商營業處所買賣有價證券」者，仍應有第1項所揭反市場操縱條款之適用。惟有關興櫃股票交易在成交對象之選擇、成交順序、成交價格決定，乃至於成交後之給付結算作業方式等，均與我國現行上市（櫃）股票之交易及交割方式具有明顯之差異，致應如何適用證券交易法反市場操縱條款之規定，乃成疑義。 本文鑒於興櫃股票市場規模已呈穩定成長之勢，不難想像興櫃股票交易與市場操縱行為之間終將有擦出爭議火花之時，故以比較法學研究之觀點，歸納並分析興櫃股票與上市（櫃）股票交易方式之差異及其癥結所在。另蒐集瀏覽世界各國主要證券市場之交易規制，包括美國OTCBB市場、歐陸Alternext市場及英國AIM市場，分析其他採用報價驅動交易模式之先進市場當中有關造市商義務之規範，以掌握造市商義務之核心意涵。進而以造市商義務範圍及報價驅動市場之交易特徵為基礎，逐一檢測興櫃股票適用我國證券交易法所揭「違約不交割」、「相對委託」、「連續交易」、「沖洗買賣」、「散布流言或不實資料」及「其他直接或間接操縱市場」等各款反市場操縱條款規定可能引發之爭議，並提出本文意見。 / The trading mechanism of Taiwan Emerging Stock is based on quote-driven model, which is very different from the order-driven model of the Taiwan OTC securities market and Taiwan Stock Exchange market. By the Taiwan Securities and Exchange Act Article 155 paragraph 2 permitted that paragraph 1, the anti-market manipulation provisions, shall apply mutatis mutandis to securities transactions conducted on the over-the-counter markets. However, lots of Taiwan Emerging stock trading rules such as allowing the participants to choose their counterparty, the matching sequence rules, the price decision rules, and even the rules of payment and settlement practices after transaction, all have significantly differences between those of Taiwan Emerging stock market and listed stock market. Therefore, how should Taiwan Emerging stock apply to the Securities Exchange Act under the terms of the anti-market manipulation is into doubt. Taiwan Emerging stock market has shown a steady growth trend, hence, it is easy to imagine that Taiwan Emerging stock trading and market manipulation issues will eventually rise to controversy. This thesis is to study from the point of view of comparative law, by means of analyzing the emerging stock markets of the advanced countries, including the U.S. OTCBB market, the European Alternext market and the UK AIM market, to conclude the crux of the difference between the quote-driven and order-driven market models. Then, to understand the characteristics and core obligation of the market maker under quote-driven market model, furthermore, to detect the disputes may lead for adapting the anti-manipulation provisions to Taiwan Emerging stock, including the terms of "breach of contract non-deliverable", "improper matched orders ", "continuous trading", "wash sale", "spreading rumors or false information" and other direct or indirect behavior of manipulation". And this thesis proposed its discovery at the end.