近十年來，國內外電子支付業者積極推展，顯示行動支付市場商機無限，從金融業到科技業，人人都想分一杯羹。經手龐大的金流，是否有更多運用的空間？話題正熱的行動支付，面前其實還有哪些阻礙？而在這樣的趨勢下，台灣的行動支付又該怎樣走出自己的路？在金融科技的發展浪潮中，各國政府與業界都在想方設法引誘消費者改變習慣，以付款方式區分，行動支付可分為虛擬信用卡 (或虛擬金融卡) 和儲值後支付兩種。 本研究以儲值後支付之國內電子票證為主要研究對象，並以國內外行動支付及電子票證發展歷程作為參照及標竿及台灣現行四大電子票證產業分析，以了解產業的動態及競爭情況後，再運用競合理論中改變賽局的五個要素PARTS來分析iCASH在面對其他電子票證業者如何改變賽局。 針對個案公司的分析後了解個案公司針對改變賽局的五個要素的因應做法提供其他要進入業者的參考，同時也對個案公司面對未來競爭給予建議1.可以參考香港八達通或其他行動支付業者發展二維條碼支付增加使用便利性及降低特約商家進入障礙2.個案公司最大競爭者並非電子票證面對其他行動支付例如LINE PAY/信用卡小額結帳，因此電子票證業者直及早進行下一階段的轉型。

現行全民健保制度造成了醫療支出快速上漲及實際運作上的資源扭曲，要解決這樣的現象，除了必須要瞭解造成醫療支出上漲的原因外，更應該進一步探討型塑此現象背後更深層的因素，除了民眾不當使用醫療資源外，醫療專業浮濫申報費用、舞弊造假、濫用醫療資源、提供不適當的診療等行為，不但造成保險體系的財務危機，也腐蝕了醫療專業的道德基礎。醫療費用支付制度創造了誘因結構，塑造醫療提供者行為，影響醫療成本與品質，對醫療保險體系運作的重要性不言可喻。因此，本研究目的首先針對現行全民健康保險所採取之醫療費用支付制度內涵進行瞭解，並分析醫療費用支付制度與全民健保醫療費用上漲之間的關聯性；其次探討現行醫療費用支付制度下的哪些不當誘因，將引發醫療專業產生代理問題的現象。 經由文獻檢閱與深度訪談等研究方法，本研究發現：（一）全民健保費用支付制度設計的不當確實導致了醫療費用上漲，此現象的出現可歸咎於醫療提供者誘發醫療需求，與民眾不當就醫文化而導致醫療資源浪費；（二）現行醫療費用支付制度引發醫療專業代理問題的不當誘因，經作者歸類如下：（1）支付制度的不完善塑造了醫療專業自利行為、（2）現行支付制度使醫療提供者不必承擔民眾健康之責、（3）醫療「專業門檻」間接造成專業代理問題的產生。 最後，針對醫療費用支付制度設計以控制醫療費用上漲的問題，作者認為支付制度的改革必須朝向大幅降低使用論量計酬方式，並且贊同總額支付制度漸進實施、貫徹落實。就醫療費用支付制度誘因結構改進方面，作者則建議可從尊重醫療專業、加強醫療倫理教育，及在健保制度中適度引進市場機制等面向上著手。期待藉由全民健保醫療費用支付制度的「再造」改善醫療專業代理問題，輔以強化醫療專業倫理精神，成為修正整體制度的動力來源，使全民健保更趨完善。

本研究運用質性研究方法，加以個案研究方式，對於第三方支付模式和實體信用卡虛擬化之非第三方支付模式進行個案分析，以探討在超競爭下，行動支付業者如何透過競爭以及合作策略，形成行動支付生態系統發展模式。本研究所得結論如下： 一、中國和肯亞等開發中國家之金融體系尚不發達，交易雙方出現信任缺口，銀行服務並不健全，金融資源分配不均，因此透過破壞傳統支付體系架構，發揮網路外部性之雙邊市場效應，打造出第三方支付模式之行動支付生態系統，以達到普惠金融發展目標。 二、歐美日等已開發國家之金融體系已臻健全，金融匯兌服務普及，金融監理重視市場公平與金融穩定，因此未破壞傳統支付體系架構，而是透過跨產業競合方式修改現有支付面前端程序，型塑出實體信用卡虛擬化支付模式之行動支付生態系統，以達到優化金融服務目標。 綜合上述結論，可歸納出二項管理意涵：第一項為在金融服務普及率較低的體系，傾向於發展填補信任缺口之第三方支付模式，而在金融服務普及率較高的體系，則傾向於發展提高安全性之實體信用卡虛擬化支付模式。第二項為企業藉由競合策略，既爭取價值也創造價值，其中爭取價值的本質是競爭，而創造價值的本質則是合作，以達到雙贏。 台灣傳統金融服務與超商密集度高，客戶需求被高度重視及滿足，銀行、超商與第三方支付業者形成跨產業競合關係，發展出多元支付方式，因此建構使用單一裝置即可提供多元支付功能之行動支付平台，可做為台灣行動支付生態系統健全發展之解決方案。具體建議為尋求跨產業競合，金融監管持開放態度，培訓金融科技人才，加強資訊安全，以建構完善的行動支付生態系統。 / In the view of hyper-competition, sustainable competitive advantage does not exist, and only by constant innovation in order to obtain a series of short-term competitive advantage. However, business ecosystem could clarify the competition and cooperation relationship between businesses. In this study, qualitative research and case study methodologies are used to find the adoptable mobile payment ecosystem. The third-party payment would fill the trust gap between the parties. Therefore, developing countries should adopt third party mobile payment ecosystem, in order to achieve financial inclusion. The non-third party payment would improve the security of cardholder transactions and reduce the risk of banking. Therefore, developed countries should adopt non-third party mobile payment ecosystem, in order to optimize financial services. The above conclusions can be summarized as two management implications: First, low penetration of financial services tends to develop third-party payment, and high penetration of financial services tends to develop non-third party payment. Second, business co-opetition strategy has the nature of value creation and value capture to achieve win-win situation. Taiwan’s financial service-intensive, customer needs are met, banks, stores can be formed with the third-party payment industry co-opetition relations, the development of a diverse payment methods, and therefore the construction using a single device to provide pluralistic payment function of mobile payment platform, will be suitable for robust development of Taiwan’s mobile payment ecosystem. Suggestions include cross-industry co-opetition, open-minded financial supervision, training financial technology professionals, and strengthen information security.

隨著科技進步，支付工具越來越多元化，第三方支付在中美已發展成熟。面對第三方支付平台的崛起，並由主管機關主導開放非銀行業辦理代收代付及儲值業務。本研究以文獻分析法及制度比較法，從台灣金融業者的角度比較第三方支付中信託及履約保證機制所產生的影響，發現信託較履約保證機制為佳；而就制度而言，我國對第三方支付平台儲值款項在消費者權益保障最為嚴謹。銀行在承擔第三方支付業者倒閉風險的同時，亦可選擇自行發展第三方支付業務。 由於國內線上交易市場競爭激烈，為活絡網購市場，網購業者以引進中國網友至台灣網路特約商店消費為目標。本研究分析我國發展跨境代收轉付金流服務之方向，並以玉山銀行為案例，認為在國際第三方支付市場上，以合作取代競爭是值得採行的策略。同時結合台灣優質廠商，應是台灣未來金融業者與第三方支付業者可搶進的利基。 再者，第三方支付產業市場競爭激烈，與金融業產生競爭關係，尤其第三方支付平台所提供理財與放款服務十分具有市場競爭力。但是基於法規要求及各項互補產生的附加價值，產生合作關係，金融業者應審慎選擇與第三方支付業者競爭或合作。根據本研究調查目前我國銀行與第三方支付業者競爭或合作概況，同樣發現為競合關係。 最後，為提升金融業之競爭力，建議應強化電子商務技術能力，善用目前據點優勢，重視客戶反饋及增加創新服務，並積極爭取具有綜效之異業結盟，以爭取賽局有利條件。另建議主管機關為進一步保障消費者，短期宜修改《電子支付機構管理條例》相關子法，中長期宜研擬修改《信託法》。為解決跨境交易監理及課稅問題，則可利用跨境支付管理業務。 / As technology advances, payment systems grow diversity. Third-party payment has matured in China and USA. Facing the rise of third-party payment platform, and opening lead by the authority, what stategies should Taiwan's financial industry choose? The research has analyzed and compared Trust with Escrow in third-party payment, and found that Trust is a better way. As far as legal system is concerned, Taiwan values most on consumer protection. Since banks bear the risk of third-party payment company bankruptcy, they can also choose to develop their own third-party payment services. Due to fierce competition in the domestic online market, online shopping companies dedicate to attract Internet users in China. The research has illustrated the development of cross-border payment managing service, and taken E. Sun Bank as an example. The research explored that financial institution and third-party payment company should cooperate rather than competite in the international market. Combined with high-quality manufacturers, Taiwan's financial institutions and the third-party payment companies could get more profit. In addition, third-party payment industry is a highly competitive market, resulting in a competitive relationship with the financial industry . In particular, financial managing and loan services provided by third-party payment are very attractive. However, financial institutions and the third-party payment companies are forced to cooperate because of regulatory requirements and the value added by complement. Financial institutions should evalute carefully. According to the result of present study, it is co-opetition in this relationship. To enhance the competitiveness, the research suggests that financial institutions strengthen the ability of e-commerce technology, make good use of the advantages of the branches, pay attention to customer feedback, establish innovative services, and actively seek alliance which makes synergy. On the other hand, the research recommend authority amend law. In order to supervise cross-border transactions and taxation, authority could use cross-border payments managing service.

大額支付系統係銀行間清算之重要金融基礎設施，除可降低整體商業與金融交易成本外，並作為中央銀行傳遞貨幣政策操作效果之管道，我國大額支付系統成交值為國內生產毛額之數倍，且逐年增加，說明大額支付系統之於經濟活動的重要性，但大額支付系統成交值與國內生產毛額之間是否具有同向變動的關係，少有相關實證研究。 大額支付系統具有促進貨幣交易媒介之功能，透過貨幣所得流通速率（Income Velocity of Money）影響貨幣需求，並與中央銀行貨幣政策公開市場操作密切相關，本研究由總體經濟因素、中央銀行貨幣政策因素、支付系統制度性與結構性因素及重大事件等建立迴歸分析模型，探討各解釋變數與大額支付系統成交值變動之關聯性。實證結果發現，名目國內生產毛額、通貨比率及持有貨幣的機會成本、新臺幣兌美元匯率、全體銀行法定準備金、中央銀行定期存單淨釋出金額及大額支付系統週轉率等解釋變數，均與大額支付系統成交值變動具有正向之統計顯著性，顯示大額支付系統與相關總體經濟因素有關。 大額支付系統伴隨一國經濟成長、支持相關經濟活動，且與中央銀行貨幣政策操作有關，具中央銀行傳遞貨幣政策操作效果之功能，此外，本研究發現，大額支付系統週轉率與大額支付系統成交值變動呈正向相關，中央銀行藉由提升大額支付系統效率措施，促使貨幣需求減少，進而降低貨幣供給，應有助於降低貨幣發行成本。 / Large value payment system (LVPS) is an important financial infrastructure for interbank clearing, which can reduce the overall business and financial transaction costs, and could help transmitting the central bank’s monetary policy effect to the market. Taiwan's LVPS transaction value increasing yearly is several times of its GDP. It shows the importance of the LVPS to domestic economic activities. There is little empirical research about the relationship between the LVPS transaction value and GDP. The LVPS could promote the function of the medium of exchange, which affects the demand of money through the Income Velocity of Money and is closely related to the central bank monetary policy. This study’s regression analysis is based on the macro economic factors, the central bank monetary policy factors, payment system institutional and structural factors and major events. The empirical results show that the GDP, the currency ratio and the opportunity cost of holding the currency, USD/NTD exchange rate, the reserve of the whole bank, the net central bank's negotiable certificates of deposit and LVPS turnover, those variables have positive relationship and statistically significant with the LVPS transaction value changes. The LVPS is accompanied by the economic growth of a nation, supporting the relevant economic activities, related to the central bank's monetary policy, and served as the conduit of the monetary policy effect. The study also found that LVPS turnover and its transaction value’s changes are positively related. The central bank would decrease the cost of money issuance by introducing some institutional measures to strengthen the efficiency of the LVPS, then could help reducing the money demand and supply.

隨著科技不斷地進步與網際網路的日益普及，消費者手中的智慧型手機似乎早已不限用於傳統的通話功能。作者在十幾年前就曾幻想過，如果將來出門在外身上可以只攜帶一支手機，那該有多好。沒想到當初天真爛漫的想像，轉眼幾年後便已幾乎實現。隨著相機、手電筒、地圖、筆記本、隨身聽……等等逐一被我們放進智慧型手機裡，手機已經不再只是手機。而近年來大眾開始把「錢」放進手機，許多企業也紛紛推出「結合手機與錢」這種概念的各式產品與服務。當供給端與需求端都已出現時，行動支付產業就此產生。 行動支付有許多應用與模式，本研究主要針對兩個以即時通訊應用程式為初始業務的案例―微信以及LINE進行探討。兩家案例公司都是在原有業務成長至一定規模後，開始發展新興行動支付業務，分別為：微信發展微信支付，LINE發展LINE Pay。本研究不僅透過資料瞭解這兩個案例之發展歷程、營運模式以及現況；同時藉由策略行銷4C理論架構，逐步分析這兩個案例是如何各自處理交換關係中的四個成本。 研究結果發現，歷經了差不多的光陰，兩個案例所呈現出的現況卻是天壤之別。儘管兩者因為政治環境、市場規模，以及所面對之消費者習慣上的差異，導致經營成效有所落差。不過排除這些先天因素，微信支付相較於LINE Pay，確實於各階段將4C策略執行地更加完善，並因此推動4C良性循環。LINE Pay本身對於4C架構仍有許多進步空間，本研究最終建議LINE Pay可以參考微信支付部分作法，並針對台灣市場適度調整，期許LINE Pay能順利啟動4C良性循環，為自己創造長期競爭優勢。 / With the advances of technology and the popularization of the internet, nowadays smartphones can perform several functions besides communication (e.g., camera, flashlight, map, notebook, Walkman). Moreover, people begin “putting” the money on their smartphones in recent years. Many corporations have also launched new products or services featuring the combination of mobile phone and money. As the growth of both supply and demand in the market, the mobile payment industry has gradually formed. There are many kinds of application and models in the mobile payment industry. This thesis concentrates the attention on two instant messaging companies―WeChat and LINE. Both companies began expanding mobile payment business―WeChat Pay and LINE Pay―after their original business grew mature. This thesis not only reviews the development history and business models of two companies, but also uses the 4C analysis framework to analyze how they dealt with the four transaction costs. The study shows that the operating results of WeChat Pay and LINE Pay are very different. There is still room for LINE Pay to grow. Although WeChat Pay and LINE Pay face quite distinct political environment, market size, and consumers, the thesis suggests that LINE pay can refer to the strategies and methods of WeChat Pay, and make some adjustments so as to successfully create the positive 4C cycle and long-term competitive advantage.

隨著國際競爭壓力增加及國內金融環境開放，國內企業運用併購策略已成為企業成長之重要方法。其中併購支付方式決策由於受到許多企業內外在因素左右，諸如稅法規定、法令限制、外部監督力量要求、企業的資本結構及股東結構等因素，而對企業財務結構及股價有重大影響，進而牽動併購的效益。本文乃欲檢驗併購支付方式的各項決定因素，以及支付方式對股價的效果，以供企業作為決策之參考。 本文之研究係以民國86年至95年間宣告併購的國內上市櫃企業為對象，同時排除行業性質特殊之金融業，以Logit模型及複迴歸模型從事實證模型分析。 本文研究議題有二： 一.探討影響併購支付模式之決定因素為何?本文以支付方式之虛擬變數為應變數，以每股現金流量等為自變數。 二.探討併購支付模式對公司股價之影響為何? 本文以累積異常報酬率為應變數，以支付方式之虛擬變數為自變數。 本研究實證結果發現，支付方式之決定因素方面，相對規模、併購地點、外資持股比例、併購宣告時間及負債權益比達到顯著水準。其中作為風險分攤因素之代理變數中負債權益比及相對規模之實證結果，均顯示與預期相符，即併購風險愈大，主併公司傾向選擇以股票支付，而併購地點卻與預期相反；另外資持股比例越高，傾向採現金支付，亦與預期相符。又併購宣告時間在企業併購法公布以後者，併購企業傾向採用股票支付。在支付方式對公司股價影響方面，實證結果雖與預期相符，即現金支付之累進異常報酬較股票支付方式佳，但其結果並不顯著。 / With the increasing pressure from international competition and opening domestic economic environment, the strategy to Business Combinations has become a more and more important way to promote enterprise and economy progress. The strategy of payment for Merger & Acquisition depends much on the various internal and external enterprise factors, and it has an significant impact on the capital structure of enterprises and the price of Stock. It also influences the effectiveness of merging. The present study was designed to investigate the possible deterministic factors of the mode of payment for Merger & Acquisition and how the mode of payment affected the price of stock, which might provide a good reference for planning enterprise strategies. The data were collected from the domestic enterprises which declared to merge other enterprises between 1997 and 2006. The financial industry with special marketing characteristics was excluded. The Logit and multiple linear regression models were used for the analyses. The aims of the present study were: 1. To investigate the possible deterministic factors of mode of payment for Merger & Acquisition. A dummy variable regarding mode of payment was used as the dependent variable, and variables such as per cash flow were used as the independent variables. 2. To determine how mode of payment for mergers affected the price of stock. Cumulative abnormal return ratio (CAR) was used as the dependent variable, and a dummy variable regarding mode of payment was used as the independent variable. The results showed that RS, CROSS, FRG, Dyear and DE significantly determined the mode of payment. The results were in accordance with the concept of risk-sharing. The higher the risk of merging, the more tendencies that the main enterprise chooses to pay by stocks. The higher percentage of FRG, the more tendency that the main enterprise chooses to pay by money or cash. The main enterprise also tends to choose to pay by stocks when the time of merging was declared after the publication of the law. For the results of the effect of mode of payment on the stock price, the results were also under expectation. The CAR for payment by cash or money is better than that by stocks. However, this result was not statistically significant.

《電子支付機構管理條例》自2015年2月實施後，陸續有相關子法作為補充。2015年底，金管會目標台灣非現金支付要在5年內達到52%，因此2016年被稱為｢支付元年｣。推廣線上支付最重要的除了市場動向外，莫過於法規的設置，因此本文探討目前的法制是否足以因應如此新興產業的需求，從進入門檻監理、消費者保護與產業發展三大個面向討論現行法規，並剖析是否有檢討之處。 由法制面審視我國對支付產業進入門檻的規定，反映了產業的競爭與發展的機會。而消費者的使用經驗是支付產業最佳的廣告，尤其支付系統多由小額且龐雜的交易組成，一旦紛爭發生，使用者大多自認倒楣，因此具有完備的防止糾紛或詐騙機制、資訊安全規範，產業才能永續發展。 / Since the implementation of the《Law on the Administration of Electronic Payment Institutions》in February 2015, the related regulations have been supplemented one after another. By the end of 2015, Financial Supervisory Commission set the target for non-cash payments in Taiwan to reach 52% of the total transaction within 5 years. So 2016 is called "the first year of payment". The most important thing promoting online payment is not only market trends, but also the establishment of legal system. Therefore, this article examines whether the current legal system is sufficient to meet the needs of such emerging industries, From entry barriers and supervision, consumer protection, industrial development, the three-oriented discussion of existing laws and regulations. From the legal point of view of Taiwanese payment industry entry barriers, it reflects the competition and development opportunities. The consumer experience is the best advertisement of payment industry. Especially the payment system is composed of small amount and complex transactions, once the dispute occurs, most users claim to be unfortunate. So there is a comprehensive mechanism to prevent disputes or fraud, information security norms, industry will be sustainable.

本文試圖由一宏觀角度，對第三方支付平台的發產歷程、運作模式、分類、優勢與風險進行探討。另外，也由經濟學角度分析了第三方支付平台作為解決電子商務市場中買賣雙方訊息不對稱的工具，來自什麼原因，又有什麼樣的特性。其次，透過雙邊市場這一近代產業經濟學重要的概念，對第三方支付由另一個角度進行分析，以期強化對其之理解。最後，針對第三方支付的未來展望，提出相應的建議。

根據世界上大多數實施全民健保國家的經驗，設計良好的支付制度是控制醫療費用不正常成長的重要方法之一。我國的全民健康保險亦有利用論病例計酬支付制度來控制醫療費用於合理的範圍內。唯因國內較缺乏有關於論病例計酬實施後財務績效之實證研究，因此本研究乃嘗試就個案醫院實施論病例計酬支付制度後，分析其財務績效與經營績效之關聯性。 本研究以某醫院三個院區，自民國83年1月到民國88年11月，共71個月的每月住院資料進行實證分析，獲致研究結果如下： 1.在不同階段（論病例計酬支付制實施前、論病例計酬支付制實施初期、論病例計酬支付制實施後期）的經營績效方面，在論病例計酬支付制實施後，佔床率及病床週轉率有顯著的上升，平均住院日顯著的下降。再從迴歸實證結果發現病床週轉率之增加及平均住院天數之減少與論病例計酬支付制度的實施有顯著之相關性，而佔床率的增加則無法推論是因論病例計酬支付制度的實施，故整體而言，論病例計酬支付制對大部分的經營績效仍是有顯著的改善。 在不同階段的財務績效方面，淨利率與資產報酬率在論病例計酬支付制實施前到實施初期是變差的，但到了實施後期有改善的情況。至於每日平均住院成本是顯著的上升。 2.在財務績效對經營績效關聯性之研究方面，本研究結果顯示，淨利率及資產報酬率與佔床率有顯著的正相關，但與平均住院日呈不顯著的正相關，但與平均住院日則無顯著的相關。論病例收入百分比對淨利率與資產報酬率亦無顯著的相關。