遠東、新光兩家百貨公司皆為台灣知名百貨公司，其發展模式受到不同的家族關係影響而有所不同。本文藉由相關文獻的收集及訪談釐清兩家公司的歷史發展脈絡，並從中分析家族因素對於兩家百貨公司的經營之影響。 遠東百貨及新光三越背後各自的家族關係，不論是家族的歷史背景、家族成員在公司組織裡的組成結構、家族企業文化、關係企業的援助與支持皆影響兩家百貨公司在面臨本土獨資、與外資合作、百貨公司的擴張、轉型時刻的選擇時，形成不同的決策，進而使得兩家百貨公司在商品、服務、土地開發方面形成不同的發展模式。

新光與鎮西堡部落早期以山田燒墾、狩獵漁獲為主要生產模式，資本主義經濟生產觀念和資源使用方式的形成，主要來自於政府政策影響下，部落居民先後投入經濟作物栽種與觀光旅遊的發展，然而，在生產活動變遷過程中，新光與鎮西堡部落居民內部的團結現象仍然顯著，人際與部落認同的傳統紐帶也依然明顯，並以泰雅傳統gaga中的共享觀念，建立部落共用資源自主治理的共同經營規則，規劃出一套觀光與民宿事業的自主治理模式，而這樣的文化模式隱含著以民族認同，維持集體行動與歸屬感的生存策略。 因此，本文以文獻分析法與田野調查之深度訪談、焦點團體訪談為主要研究方法，透過制度經濟學者E. Ostrom所提出之制度個人選擇與集體選擇變量分析架構，探討部落居民以傳統觀念作為凝聚共識，對於觀光與民宿事業自主治理制度的選擇與規則制定；並以「共用資源治理永續性之制度設計原則」，對於兩部落自主治理組織制度設計與運作的強健性，加以觀察檢視。以及，藉由兩部落自主治理組織的制度設計、功能、性質與各組織間的關係，分析新光與鎮西堡部落共用資源自主治理策略，和實際運作的情形。並透過中心∕邊陲觀觀察兩部落傳統社會經濟體系，與生產型態發展、變遷的歷史脈絡，和觀光與民宿事業對於部落社區文化延續的調適與衝擊。最後，綜合分析兩部落自主治理機制建立與持續運作的因素，以及所面臨的困境。 / Compare with the primitive production mode in Smangus and Cinsbu tribe focus on slash-and-burn, hunting and fishing, the capitalistic production mode and resource utilization mode is influenced by the governmental policy. Under the policy, the tribe residents start to cultivate the beneficial crop and to develop the tourist business successively. However, the residents of Smangus and Cinsbu Tribe still express the interior cohesiveness conspicuously in the process of transforming on production activity, and still behave the highly connection on traditional relationship and tribe identity. The tribe residents follow the traditional communion idea “gaga” in Atayal to build mutual operation rules on self-governing of the tribe common-pool resources, and to map out a self-governing mode on tourist and B&B business. And this kind of cultural patterns implies the subsistence strategy of maintaining collective action and a sense of belonging, which is under the ethnic identity. Therefore, the documentary analysis and the field study which is included in-depth interviews and focus group interviews is adopted as the main research approaches in this study. Otherwise, this study is based on the analysis of variance of individual and collective choice, which is broached by E. Ostrom, an institutional economist, to discuss how the tribe residents make rules and choose the self-governing system on the B&B business according to the common consensus of traditional idea, and to survey the reliability of design and operation of the self-governing organizations in Smangus and Cinsbu tribe according to the “Design Principles Illustrated by Long-enduring CPR Institutions”. In terms of review the design principle, function, and character of self-governing organizations and the relationship of those organizations in Smangus and Cinsbu tribe to analyze the self-governing strategy of common-pool resources and the actual situations. Moreover, through the core-periphery concept, this study also observes the economy system of traditional society, the development of production mode and the change of historical sequence, and the impact and of B&B business on the continuation of tribal culture and how the tribe residents get with it. At the end, this study analyzes the factors and difficulties, which influence the build-up of and operation of the self-governing in Smangus and Cinsbu tribe.

本篇論文以新光鋼鐵作為企業外匯避險實務之研究對象，從公司之經營策略及財務特性進行分析，並針對公司之長期避險策略與理念進行研究。 深受鋼鐵產業之產業特性影響，公司本業受景氣波動影響程度大。此外，為配合公司轉型，新光鋼鐵財務特性亦出現營運週期增加、存貨占公司資產比例偏高、速動比率偏低的現象，在因為企業轉型而使營運風險漸增的情形下，如何有效穩定公司現金流、降低風險為新光鋼鐵首要任務。新光鋼鐵銷貨成本約有六成以外幣結算，其中又以美元為大宗；對於毛利率偏低的產業而言，美元的變化對公司營運表現顯得格外重要，因此新光鋼鐵以長期匯率變化及市場觀察經驗，研擬出「比例式變動法」之動態避險準則，降低外匯變化對於公司營運之衝擊。本論文除介紹此動態避險準則外，同時亦著重公司長期體悟之避險心境法則。論文中以台灣過去所遭遇較嚴重之金融衝擊事件作為避險績效討論，分別為1997年亞洲金融風暴、2000年網路科技泡沫化、2008次級房貸事件及2013美國QE進場。在此重要事件中，新光鋼鐵因採取積極之避險策略，成功降低公司現金支付美元負債之支出，對企業維持長期競爭優勢具有一定幫助。從數據分析中發現，新光鋼鐵避險策略長期而言仍受匯率走勢之影響，然而在短期及市場極端狀況發生時，避險效果明確。對於多數台灣中小企業而言，避險之財務觀念仍未普遍，新光鋼鐵之避險邏輯及策略著實對於一般企業之風險控管運作，具有啟示效用。 / This study takes Hsin Kuang Steel for example to understand how corporates run foreign exchange hedging strategy. Hsin Kuang Steel operating business is severely affected by economic changes. Besides, as the company transforms the way they do business in recent years, the financial characteristics has changed, such as the increase in business cycle and inventory to asset ratio. In addition, they usually pay in US dollars, so it’s primary mission is to decrease its foreign exchange risk and stabilize cash flows. The company takes advantage of “dynamic hedging strategy” to hedge to minimize the effect of foreign exchange. We use 4 financial events to describe how effective the dynamic hedging strategy works, and also apply the multiple regression to test the the effectiveness of the hedging practice. During Asian Financial Crisis in 1997, Dot-com Bubble in 2000, Financial Crisis in 2008, and US Quantitative Easing in 2013, dynamic hedging strategy plays an important role in decreasing the cash outflow of US dollar debt. From the multiple regression analysis, we find that though Hsin Kuang Steel has high exposure to US dollars, the stock return has nothing to do with US exchange fluctuation both in short-term.