一、出事銀行的流動性創造 流動性創造是銀行的主要功能之一，但從傳統的存放款到近年來蓬勃發展的表外交易，銀行長期頻繁地使用以短支長的工具，流動性創造最後竟成了次貸危機銀行受傷的一個關鍵原因。本文以次貸危機期間美國和歐盟共18個國家的商業銀行為研究對象，檢視其流動性創造的效果，並將出事銀行區分為擠兌銀行、紓困銀行和倒閉銀行，呈現流動性創造帶來的不同衝擊。此外，本文還進一步地分析銀行盈餘結構轉變造成的影響，觀察是否會增加或抑制原先流動性創造的效果。 實證結果顯示，高度的流動性創造會增加銀行出事的可能性，且收入多角化程度的提高，會更增加流動性創造帶來的負面效果。而以市場為基礎的國家，因為銀行活動和市場相關性高，能夠創造出較多的流動性，但銀行出事時，也容易選擇紓困銀行而不讓其倒閉，避免對整體金融環境造成太大的負外部性。最後，限制銀行從事證券活動，則有助於銀行免於紓困。 二、成本管理的銀行效率 本文是第一篇結合成本管理和銀行效率的研究。在盈餘管理的文獻中，呆帳費用 (Provision for Loan Loss, PLL) 被認為是銀行最常用來操弄盈餘的科目。因為它是銀行最大的應計項目，經理人往往利用將其提前或遞延認列來進行盈餘管理。甚至，政府的寬容政策、管制改變和企業醜聞等因素，也都會讓呆帳費用產生大幅波動。然而，呆帳費用是總成本的一部份，所有造成呆帳費用波動的原因，都可能進一步影響總成本，使總成本也大幅波動，本文將這樣的影響稱之為「成本管理」。過往成本效率的研究，使用的都是經過成本管理的總成本，而偏離真正總成本的結果導致銀行的效率表現也容易錯估。 本文提出了一個降低財報上呆帳費用波動的方法，盡可能地讓其在當期認列，成為符合經濟意涵的呆帳費用 (即「經濟呆帳費用」)。然後，用經濟呆帳費用求得當期理論上的總成本 (即「經濟總成本」)，並重新對台灣29家商業銀行的成本效率進行估計。實證結果顯示，經濟總成本不但遠高於財報上的總成本，所估得的效率排名也和原先有很大的不同，但明顯較符合現實狀況。

本論文的研究主題，在於探討中國大陸自鄧小平南巡後，尤其自一九九五年之後，所呈現的城鄉居民收入差距再度經歷的「縮小－擴大」之現象，其形成的背景，現況，以及造成的因素等等，是否對於中國大陸未來的經濟發展產生重大影響？另外，大陸各區域之間城鄉居民收入差距的變遷情況，以及形成的因素為何？均是本文所要研究的重點。 在研究方法的選擇上，本文運用「文獻分析法」以及「實證分析法」，首先對於國內外有關於研究大陸城鄉居民收入差距的相關文獻進行整理與分析，比較其重點與異同，並針對不足之處加以延伸及補充。接著運用中國統計年鑑等中國官方所提供的大陸29個地區的統計數據資料，以一九九五年至二００一年作為主要的研究的時期，由於研究的資料是為追蹤資料，在經過Lagrange Multiplier（LM）Test 檢驗後，發現運用「固定效果模型」，將較傳統的OLS模型更為合適。因此以固定效果模型，對影響大陸城鄉居民收入差距的因素進行實證分析。 本研究的主要發現為，隨著時間的遞移，大陸城鄉居民收入差距是呈現擴大的趨勢。而對於大陸整體地區而言，長期以來導致大陸城鄉分隔的二元經濟結構因素，以及政策面的因素，諸如財政支援農業發展的比重，以及一胎化政策實行之後，城鄉家庭在人口負擔上所造成的差異等等，均會對大陸整體地區城鄉居民收入差距產生影響。 此外，本文針對中國大陸東、中、西部所呈現的不同特質，分別研究其各自影響城鄉居民收入差距的因素，並比較其間的差異。結果發現，城鄉從業人員在工資上的差距，將會擴大中部地區城鄉居民收入差距；而大陸近年致力推動的吸引外資政策，也對平衡東部及中部地區城鄉居民收入差距具有顯著效果。另外，國有部門比重增加將會加大西部地區城鄉居民收入差距，但鄉鎮企業比重的增加，除了加大中部地區城鄉居民收入差距以外，對於大陸整體地區，以及東、西部地區的影響並不確定。 最後，本文依據上述的研究結果提出政策建議。本文認為，現階段大陸城鄉居民收入差距的擴大，除了時間趨勢的影響之外，也受到其他諸多因素的影響。是以就長期而言，中國在平衡城鄉居民收入差距的各項政策執行上，要獲致效果，仍須致力克服結構面、經濟發展面、以及政策面因素的影響，並適時對執行政策作修正與調整。因此，未來中國在政策的選擇上，除了重視農業發展，加速產業結構調整，保持工業及農業的平衡之外，消除二元結構所造成的城鄉分隔，促進城鄉經濟協調發展，將對於平衡大陸城鄉居民收入差距具有最大的正面助益。 / This thesis aims to investigate the changes in mainland China’s regional urban-rural income differential and its determinants during the period of 1995 to 2001. After we estimate the fixed-effects model of the urban-rural income differential equation, the empirical results show an upward trend in the differential that is different from data observation. In addition, it is found that the change in mainland China’s regional urban-rural income differential is primarily affected by dual-system of the economic structure, as well as the policy factor such as the government expenditure for supporting agriculture production and the change in average size of family households after the one-child policy has been taken in practice. Although the different between the wages of urban-rural employed persons has been proved to be an important determinant in many previous studies in the literature, this conclusion can be supported only in the central part of mainland China during the refereed period in this study. Beside, instead of taking contribution to the mitigation of China’s regional urban-rural income differential, the increasing of the proportion on Township and Village Enterprises has been proved to intensify the urban-rural income differential on the central part of China. Finally, according to this study, the best way to mitigate the China’s regional urban-rural income differential is to allocate more resources to modify the industrial structure, placing important on both agriculture and industry. What is more, to terminate the dual-system of the economic structure factor, and to balance the development of cities and countries of China, will also contribute to the mitigation of the China’s regional urban-rural income differential.

保險業務發展基金於民國59年成立，當時保險業資源稀少、人才匱乏，由保險業者每月自保費收入中提撥3‰至5‰至該基金，為健全保險業之發展為宗旨。40多年來，不論透過捐補助保險業相關單位，或專案補助之方式，該基金對保險業之發展有相當之貢獻。惟近年來，整體政治經濟環境變化劇烈，保險業之發展與當年亦不可同日而語，如何將此基金法制化，即為各方關切之重要課題。 本文以保險業務發展基金為中心，與金融市場中其他相關基金－財團法人中華民國證券暨期貨市場發展基金會、財團法人台北金融研究發展基金會作比較，並參酌產、官、學界各方長期關注本基金發展之專家學者意見，做出法律層面之分析。先就保險業務發展基金之所有權歸屬，由來源、徵收過程、目的、運用等各方面探討其應歸屬於保險業者、保戶或政府；次就該基金之管理，應以管理委員會、信託基金、特別收入基金或財團法人之模式進行，探討其適法性與利弊得失；再就該基金未來之發展提出可能之方向。最後總結全文，期望本研究之結論與建議，能為該基金相關爭議之解決，俾供參酌。

本研究利用華人家庭動態資料庫（PSFD）分別於1999、2000及2003年針對台灣家庭所執行之第一波調查資料，探討台灣地區成年人家庭背景與手足結構對其教育、起薪及多年後工作收入的影響。由於過去台灣文獻探討有關家庭背景與手足結構對個人的影響時，大部分僅探討其對子女教育成就的影響，或是藉由家庭背景對個人教育成就的影響，探討教育報酬之高低，而非探討家庭背景對個人收入的影響。與過去文獻不同的是，本文除了探討家庭背景與手足結構對個人教育成就之影響力外，我們另外加入個人起薪及多年後的工作收入為研究對象，藉由將個人生命週期時間拉長，觀察家庭背景與手足結構變數隨著時間經過，對個人的影響是否有所不同。 對個人教育成就而言，我們發現家庭資源多寡主要受家庭背景變數所決定，手足人數越多，雖然會彼此競爭資源，不利個人取得較高的教育成就，但當手足互助激勵效果大於資源競爭效果，手足的存在可能反而對其教育成就的取得存在正向幫助。對個人起薪而言，家庭資源多寡仍為重要影響因素，但家庭背景變數的影響力已逐漸減弱，手足結構變數則決定個人在家庭資源的競爭上是否存在優勢，競爭失利者將提早離開學校進入職場，起薪相對較低。由於擁有支撐家庭經濟的能力及相同性別的威脅，我們發現女性擁有年齡差距大的妹妹對其起薪存在顯著負影響；男性則基於資源競爭效果，有年齡相近的姊姊對其起薪存在正向影響，有年齡相近的弟弟則對其起薪存在負向影響。 但隨著時間經過，個人工作收入不再受家庭資源多寡影響，家庭背景變數對個人收入的影響力幾乎皆不顯著，原本因手足人數眾多，而需互相競爭家庭資源的情況也不復存在，反而是在成長過程中透過手足互動所形成的個人特質，可能是在多年後手足結構變數仍對其工作收入存在影響性之原因。擁有年齡相近弟妹的兄姊，除了手足情感及互動關係較密切外，在成長過程中由於常被父母要求作弟妹榜樣及擔任弟妹的照顧者，可能因此形成習慣照顧別人，自我要求較高的個人特質，本文發現女性擁有年齡相近的弟妹對其收入存在正向影響，男性擁有年齡相近的妹妹對其存在正向影響；另外，由於哥哥一旦進入職場工作後，自然便成為家庭資源提供者，身為弟妹者可能因此較不需為家庭經濟狀況擔心，本文發現女性擁有年齡差距大的哥哥對其工作收入存在負向影響，男性則因有年齡相近哥哥對其存在負向影響。 雖然教育年數、起薪與多年後的工作收入皆可當作個人成就衡量標的，但從模型的結果來看，可發現其成因與影響方式並不盡相同，若僅用個人教育年數來衡量其未來成就，可能因而忽略家庭背景及手足結構對個人未來更長遠的影響。 再者，擁有高學歷並不代表能在職場上有好的表現，故納入不同時期的工作收入為衡量個人成就的另一指標，應可彌補單以教育程度來衡量的不足。 / This thesis investigates impacts of family background and sibling structure on the future achievement of individuals by the first wave of the Panel Study of Family Dynamics (PSFD) survey conducted in 1999, 2000, and 2003. We find that family resources determined by parents play an important role on children’s future achievement measured by educational attainment, initial earnings, and current earnings. However, the importance of family background decreases gradually. For example, family background has relatively few effects on individual’s current earnings. On the other hand, sibling structure has persistent impacts on individuals because family resources each child gets decrease with the number of siblings and sibling structures determine how children compete for family resources. We also find that the impacts of sibling structure on current earnings may be due to the personal characteristics built by sibling interactions. Though educational attainments, initial earnings, and current earnings can be measurements of future achievements, most studies in Taiwan only investigate how educational attainments are affected by family background and sibling structures. The thesis can shed some new light on the impacts of family background and sibling structures on initial earnings and current earnings.

華人社會傳承了儒家文化思想的價值觀，但是在社會環境、政治體制及人口結構等因素的差異之下，衍生出各種文化特性的差異。本研究使用世界價值觀調查（World Values Survey，WVS）資料，比較不同社會中的華人在文化特性方面的差異，並分析文化特性及其他因素對主觀福祉（subjective well-being）的影響。 本研究採用世界價值觀調查所建立之社會價值觀（societal values），加入其他文化特徵、社會態度及個人生活觀衡量文化特性。本研究使用之計量模型為排序羅吉特迴歸（ordered logit regression）模型，分析上述變數對華人生活滿意度（life satisfaction）與快樂程度（happiness）的影響。本研究之目的在於找出影響華人主觀福祉之重要決定因素，並探討文化因素在收入與主觀福祉之間是否存在調節效果（moderating effect）。 實證結果顯示，文化會影響華人主觀福祉，並在收入與主觀福祉之間造成調節效果。而華人在各個社會中所衍生出的文化特性差異，也使得各個社會中華人主觀福祉的重要決定因素有所差異。 / Chinese societies inherited the values of Confucianism. However, these societies vary in their social environment, political system and demographic structure, thus result in differences in their cultural characteristics. This study uses the data from World Values Survey, to explore the differences among Chinese in different societies, and to analyze the determining factors of Chinese subjective well-being. In this study, the societal values established by the World Values Survey are used to represent the cultural properties. We also added other cultural traits, social attitudes and individual viewpoints for our analysis. In this study, we use ordered logit regression model to find out the important determinants of Chinese subjective well-being in different societies, and discuss whether there exists a cultural moderating effect between income and subjective well-being. Empirical results show that culture has a significant impact on subjective well-being of Chinese, and the effect of income on Chinese subjective well-being are also moderated by cultural properties. The differences between these Chinese societies also result in divergences of important determinants of Chinese subjective well-being between societies.

中國出國留學人數與日俱增，在這一大背景下潛藏著兩個問題：低收入家庭子女或者弱勢學生儘管有留學意願，但在現有金融體系下面臨留學資金難獲得的問題；部分有財力自費出國的學生花費巨資進行教育投資，但留學畢業後獲得的實際薪資與原本的預期薪資存在較大差距，留學投資難以在畢業後較快收回，自身教育投資的風險無法分散。 透過相關鑽研探討，本研究發現以往文獻中有提到的兩個重要概念：自然人收入權——一個自然人對於未來收入的所有權，這一所有權可以被等分、定價、出售、轉讓、贖回；自然人收入權益交易市場——一個可以發行與自然人未來收入權益憑證的交易市場。可是為什麼歷史上沒有出現這樣的收入權益交易所呢？本研究認為在歷史上實現一個這樣交易市場的交易成本太高了，這一交易成本包括：搜尋成本、協議成本、定約成本、監督成本與違約成本，本研究發現近期相關文獻指出互聯網的出現尤其是社交網絡的發明極大地降低了商業活動的交易成本，由於交易成本可以被現有互聯網科技工具降低，本研究認為自然人收入權益交易所有望在我們這一世代實現，而它的實現形式要依托社交網絡。 因此，本研究透過研究自然人未來收入證券化的方式解決上述問題：自然人可以在一種社交網絡形態的證券交易所—也就是自然人未來收入權益憑證交易所內出售其未來收入所有權憑證份額的方式籌集資金，扶住弱勢學生以及使得自費出國人群的教育投資風險得以分散；弱勢學生好比是輕資產的新創公司，弱勢學生在抵押授信無法獲得資金的情況下可以向投資人發行股份（未來收入權益憑證）募集資金，而擔心自己教育投資風險的人則可以以發行股份的方式把未來職業生涯發展的風險分擔給投資人，同時投資人亦能分享到募資人的未來收益；另外本文透過量化和質性之混合研究方法對於使用者意願進行了深入調研，對於商業模式的可行性進行了充分驗證。本研究中的交易所商業模式創新可以用較低的成本實現人力資本證券化，不僅適用於自然人教育募資，而且未來也可以延伸到自然人創業募資、藝人球員募資等領域。 本研究也發現了自然人在發行股份情境下以及投資人投資自然人未來收入權益憑證（人力資本股份）情境下一些新的現象和行為特性，而這些都值得社會科學領域在未來進行進一步的深入探討。 / As more and more Chinese students go abroad for education, there exits two main tough problems: firstly, the students from low-income families almost cannot get enough fund for abroad studying although they do have strong intention to go abroad under the present financial system in China ;secondly ,part of the students ,who invest their own human capital so much for receiving higher education ,face the dilemma that the actual salary after graduation may be under their previous expectation ,which means that the risk of investing their own education cannot be diversified and the investment may not get paid back as expectation. Through literature discussion, this research found two important concepts: individual future income ownership, which can be divided ,priced ,sold ,transferred ,and redeemed ;individual future income ownership share exchange market ,which can help the individuals issue and trade future income shares .But we have to ask that why there did not emerge such exchange market in history ?This research suggests that it's because the transaction cost ,which contains searching cost ,negotiating cost ,contracting cost, supervising cost and defaulting cost ,is too high in history .According to the recent paper published ,this research found that as the emergency of internet ,especially the social networks can cut down the transaction cost greatly in commercial activities .As the internet technological tools can reduce the transaction cost, this research suppose that the individual future income share (human capital share exchange) can come true in our generation and the exchange market needs to rely on the social networks. This research proposed business solutions ,which suggests that the individuals can issue future income shares to investors through a social network-style stock exchange market, to such problems so that it can enable the disadvantaged students go abroad and diversify part of the students' human capital investment risk ;the disadvantaged students are quite similar to the start-up companies ,which usually do not have too much assets and unlikely to get loan from bank ,so the disadvantaged students can issue future income shares (human capital shares) to investors to get fund and also the students who worry about their future career development risk can share both the risk and income with the investors by issuing shares to them ;moreover ,this research had verified the business model adequately through mixed research method ,which contains qualitative and quantitative methods .The business model that this research proposed can achieve human capital securitization low costly and it can be not only applied in individual education funding but also can extend to start up funding ,athlete training funding and actor funding. This research also found some new phenomenon and human behaviors under the context the individuals issue shares to investors and investors invest the shares .These new findings worth further deep researching in the social science discipline in the future.

本文透過比較分析我國收入認列會計準則、現行IFRSs收入認列規定、顧客合約收入草案規定及現行稅務法令規定之差異，對企業在會計及稅務上之影響進行研究分析。研究結果分為兩部分：會計影響方面，在ROC GAAP轉換為IFRSs時有影響者為委託人和代理人之判斷；在IFRSs轉換為顧客合約收入草案時有影響者為信用風險、附退貨權之銷貨、保固、再買回協議、開帳並代管之銷售等五個部分；轉換為IFRSs及顧客合約收入草案時皆有影響者為客戶忠誠計劃、客戶移轉之資產及建造合約三個部分。在稅務影響方面，在ROC GAAP轉換為IFRSs實有影響者為多元要素合約、委託人和代理人之判斷、客戶忠誠計劃、分期付款銷貨、商品或勞務交換、授權費和權利金及客戶移轉之資產七個部分；在IFRSs轉換為顧客合約收入草案時有影響者為信用風險、附退貨權之銷貨及保固；轉換為IFRSs及顧客合約收入草案時皆有影響者為建造合約。 / This study compares the differences between Taiwanese revenue recognition standards, existing IFRSs revenue recognition requirements, IFRS exposure draft “Revenue from contract with customer” and the current tax laws regulation and analyzes the impacts of adopting IFRSs on Taiwanese entities’ accounting and tax practices. The conclusions of this study are divided into two parts. The first part is for accounting. The issue of principal versus agent consideration will have an impact on accounting only when ROC GAAP conversion with IFRSs. The issues of credit risk, sale with a right of return, warranties, repurchase agreements and bill-and-hold arrangements will have impact on accounting only when the exposure draft becomes effective. The issues of customer loyalty program, transfers of assets from customers and construction contracts will have impacts on accounting both when first time adopting IFRSs and subsequently applying the exposure draft. The second part is for taxation. The issues of multiple-element arrangement, principal versus agent consideration, customer loyalty program, installment sales, exchange for goods or services, royalties and transfers of assets from customers will have impacts on taxation only when first-time adopting IFRSs. The issues of credit risk, sale with right of returns and warranties will have impacts on tax only when the exposure draft becomes effective. The issue of construction contracts will have an impact on taxation both when first time adopting IFRSs and subsequently applying the exposure draft.

政府之公共支出及租稅結構差異會產生不同之所得分配效果；且為縮減國內赤字或債務，政府還會施行「財政重整」方案，以削減支出或提高租稅之方式，對各階層人民造成不同之衝擊。在所得分配不均之現況下，政府財政政策之公平面議題格外備受重視。因此，本文利用 17 個 OECD 國家於 1995 年至 2013 年之追蹤資料，探討在考量政府平常例行性之收支結構下，政府為特定政策目的採行財政重整措施時，對所得分配之影響。 本文之實證模型主要針對三種不同之財政重整類別進行分析。第一種財政重整變數討論當政府「同時」採行支出面及租稅面之財政重整時之重分配效果，結果顯示其對縮減貧富差距有正面之影響。而第二種及第三種財政重整類別則分別探討當政府僅施行支出面或僅施行租稅面之財政重整作為時，將會對社會所得分配不均的情況分別產生如何之改變。最終分析結果發現，支出面之財政重整及租稅面之財政重整亦皆具有使所得分配趨於均一之效果；且其中僅實施支出面財政重整時之重分配效果最強，其次為同時採行兩面向財政重整之時，而僅實施租稅面財政重整則相對效果最小。 因此可知，若政府施行適當之財政重整方案，則可於縮減國家債務之同時，也享有減緩社會所得分配不均的好處。但若同時採用兩面向之財政重整，則支出面重整之重分配效果將被微幅抵消。 / A government’s structure of public spending and taxation will have impact on social income distribution. Moreover, in order to reduce domestic deficit or debt, a government may implement “fiscal consolidation” programs, which will impose shock on each income stratum in the ways of cutting spending or increasing taxation. On the current situation of income inequality, the fairness issue of government’s fiscal policies has been highly emphasized. As a result, I use the data of 17 OECD countries during 1995 to 2013 to discuss the influence of fiscal consolidation on income distribution as well as considering the routine public spending and tax structure. The regression model in this paper mainly analyzes three different categories of fiscal consolidation. The first fiscal consolidation variable examines the redistribution effect when the government conducts spending-based consolidation and tax-based consolidation “simultaneously”. The result shows that it could shorten the income gap. The second and third categories analyze how income inequality would be changed when “only” implementing spending or tax-based consolidation respectively. And the result shows that both spending and tax-based consolidation can improve the condition of income distribution. Moreover, the redistribution effect of spending-based consolidation is the greatest, followed by the implementation of both two categories. The tax-based consolidation has the smallest effect on income redistribution. Hence, when the government conducts proper fiscal consolidation programs, it can enjoy the benefit of reducing debt and mitigating income inequality in the meantime. But if the government conducts spending and tax-based consolidation simultaneously, the redistribution effect will be slightly offset.

社會福利政策為近年各國施政之重點，然因實施後產生若干問題，致引起對其功能力 懷疑，故本文以英國社會安全制度之實施影響為研究主題，俾瞭解社會福利之施行效 益，並做為我國今後推行之參考。 全文共七章十九節，約八萬餘言，各章要點如下： 第一章：緒論：敘述社會福利之興起背景及意義，目的及有關之爭論，進而說明本文 研究動機、目的、架構及限制。 第二章：英國社會安全制度之發展：敘述社會安全之概念及英國社會安全制度由十四 世紀迄今之演進。 第三章：英國社會安全制度之現況：分述國民保險、補充給付、兒童給付、家庭收入 補助等措施及其行政組織。 第王章：社會安全制度對社會之影響：首先探討福利主義價值體系與資本主義價值體 系之衝突；次說明政府提供人民各種社會福利後，造成家庭減少對成員的責任和權威 ，及家庭道德觀衰退等影響；最後則分析社會福利之擴大實施，導致階級解組之原因 。 第五章：社會安全制度對政治之影響：首先對社會安全制度造成政治文化轉變、多元 主義停滯、政府職能擴大，導致政治不穩定之現象做一分析；次說明社會安全制度之 擴大實施，因其具有強制性、廣泛性、一致性和繁複性，致對人民自由產生負面影響 。 第六章：社會安全制度對經濟之影響：探討社會安全制度未發揮所得再分配功能，致 無法消弭貧窮現象之原因；次說明社會福利支出之持續增加，使政府面臨財政危機之 困境；最後分由社會安全制度對人民工作意願、消費和投資、通貨膨脹、生產量的負 面影響，說明其阻礙經濟成長之原因。 第七章：結論：敘述英國近年對社會安全制度所做之改革；以次英國之實施經驗，檢 討我國社會安全制度之現況，並提出改進建議。

This study explores various drivers of Internet stock prices. This study extends the previous work on Internet stock valuation along two dimensions: (1) the separation of Internet firms into web-related and non-web-related groups. (2) the incorporation of consideration for the effect of Internet shakeout on value drivers identified in this study. The primary findings are as follows. First, this study finds evidence that contradicts the claims made by some analysts that web traffic metrics are no longer important. The findings show that web-traffic remains value-relevant to Internet stock price for the period Oct 1998 to May 2003. Second, this study documents evidence against the “common wisdom”, as represented in the business press, that traditional financial statement information has limited usefulness in pricing of Internet stocks. The variable “revenues” is significantly positively associated with the stock price in the pre- and post-shakeout period for all Internet firms. Third, consistent with prior research on other intangibles-intensive industries, this study finds that, in particular, product development (R&D) appears to be capitalized as assets by investors in their assessment of values of web firms during the testing period, including period subsequent to the industry shakeout in the spring of 2000. This research thus provides preliminary evidence of the value-relevance of R&D expense of the shakeout and maturation of the B2C Internet sector. Fourth, with respect to the inquiry of the potential effect of difference in web-traffic on the pricing of Internet stock, the empirical results demonstrate the importance of this consideration. The findings indicate that raw web-traffic variable is not value-relevant for non-web firms, while it is value-relevant for web firms. Finally, the market condition of Internet stocks appears to be influential in explaining the pricing of Internet share. The empirical result shows that the share prices of Internet stocks are higher before the market correction, when holding other variable as controlled.