寬恕是一種跨文化人類共通的美德、是一種正向的心理特質，一種真正的生命智慧。因其有益於人際和諧、幸福感與身心健康，寬恕在近年來成為心理學所關注的議題。本研究旨在探究反芻思考、未來時間觀與寬恕之現況，以及反芻思考與未來時間觀如何影響寬恕的建構，藉以深入瞭解反芻思考、未來時間觀與寬恕之關係。 本研究採用問卷調查法，以「多向度反芻焦點量表」、「未來時間態度量表」與「特質寬恕量表」為研究工具，研究對象為20歲以上成人共1,413位。所得有效問卷資料經描述統計、多變量變異數分析、區別分析、結構方程式模型等統計方法處理，研究發現如下： 1.20歲以上成人之反芻思考、未來時間觀與特質寬恕現況尚佳。 2.不同背景變項之成人在反芻思考整體及其分向度上有部分差異。 （1）女性在「情緒焦點反芻」與「意義焦點反芻」上之得分顯著高於男性。 （2）高齡者的反芻思考整體與各向度之得分明顯較低。 3.不同背景變項之成人在未來時間觀整體及其分向度上有部分差異。 （1）成人早期（20-30歲）與高齡者（60歲以上）在「未來時間觀點」沒有顯著差異，高齡者在「未來目標價值」與「對未來的準備與行動」上則顯著高於20-30歲之成人。 （2）年長、高教育水準、已婚且有宗教信仰者，有較佳的未來時間觀。 4.不同背景變項之成人在特質寬恕整體及其分向度上有部分差異。 （1）男性在「寬恕命運」上之得分顯著高於女性。 （2）男性、年長、高教育水準、已婚且有宗教信仰者，有較高的寬恕傾向。 5.探討不同類型反芻思考與未來時間觀、特質寬恕之關係，研究發現：情緒焦點與評價焦點此兩種類型反芻思考，與未來時間觀、特質寬恕呈負相關；而意義焦點反芻與未來時間觀、特質寬恕呈正相關。 6.未來時間觀在反芻思考與特質寬恕間扮演中介角色，亦即，未來時間觀在情緒焦點反芻思考、評價焦點反芻思考與未來時間觀、特質寬恕之間有部分中介效果，在意義焦點反芻思考與未來時間觀、特質寬恕之間有完全中介效果。 本研究根據上述研究發現，分別對寬恕教育、諮商輔導提出建議，以作為教育工作者及後續研究之參考。 / Forgiveness is a kind of cross-cultural universal virtue of human, positive psychological strength, and authentic wisdom of life. Forgiveness has become an important topic of psychological researches in last decades, due to the benefits of interpersonal harmony, well-being, physical and mental health. The study aimed to investigate the current condition of the adults in Taiwan of their rumination, future time perspective, and dispositional forgiveness, and furthermore addressed the relationships among these variables. The present study adopted the questionnaire investigation, comprising “Multidimensional Focused Rumination Scale”, “Attitude toward Future Time Scale”, and “Dispositional Forgiveness Scale” was conducted. Participants were 1,413 adults aged 20 and over in Taiwan. The effective data based on the questionnaire were then analyzed by using the descriptive statistics, MANOVA, discriminant analysis, structural equation modeling and bootstrapping. The findings were summarized as follows: 1.The present condition of Taiwan aged 20 and over adults’ rumination, future time perspective, and dispositional forgiveness was generally fine. 2.In terms of rumination, gender and age had a significant difference in overall rumination and its dimensions. I.The female participants had higher “emotion-focused rumination” and “meaning-focused rumination” scores than the male participants. II.The elder participants reported less ruminative thinking than other age groups. 3.In terms of future time perspective, age, educational level, marital status and religion had a significant difference in overall future time perspective and its dimensions, while gender had no significant difference. I.There is no difference between younger and elder participants on “the perception of future time”, however, the elder participants reported higher “the valence of future goal” and “preparation and action for the future” than younger participants. II.The elder, high educated, married and religious believer, had better future time perspective. 4.In terms of dispositional forgiveness, gender, age, educational level, marital status and religion had a significant difference in overall dispositional forgiveness and its dimensions. I.The male participants had higher “forgiveness of fate” scores than the female participants. II.The male, elder, high educated, married and religious believer had a strong tendency to forgive. 5.In terms of different kind of rumination relate to future time perspective and dispositional forgiveness: Emotion-focused rumination and evaluation-focused rumination were negatively related to future time perspective and dispositional forgiveness, while meaning-focused rumination was positively related to future time perspective and dispositional forgiveness. 6.Future time perspective mediated the relationship between the rumination and the forgiveness. Furthermore, future time perspective partly mediated the relationship between the emotion-focused rumination and the dispositional forgiveness, partly mediated the relationship between the evaluation-focused rumination and the dispositional forgiveness, and completely mediated the relationship between the meaning-focused rumination and the dispositional forgiveness. According to the above findings, this study proposes suggestions for forgiveness education, counseling and guidance, and future studies.

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.

內容大要：綜合檢討傳統分行作業及「實驗分行」作業，並業，並考慮國內現階段分 行交易的環境後，提出個人對當前現代化分行作業之擬議；其次討論實施擬議中現代 化分行作業之條件；最後以現代化分行作業未來之發展作為本文之前瞻。 各章結構： 第一章 緒論 本章就本論文之研究動機、目的、範圍、邏輯設計及結構，作概括的說明。 第二章 傳統分行作業與其遭遇之問題 本章係描述傳統分行的組織系統、作業環境、櫃台作業、授信作業、服務台作業、及 內部控制制度，並提出傳統分行作業所遭受之問題，計分為五節： 第一節 組織系統 第二節 作業環境與服務台作業 第三節 櫃台作業 第四節 授信作業 第五節 內部控制制度 第三章 「實驗分行」的作業方式 本章係描述「實驗分行」的組織系統、作業環境、櫃台作業、授信作業、服務台作業 、及內部控制制度，計分營六節： 第一節 組織系統 第二節 作業環境 第三節 櫃台作業 第四節 授信作 業 第五節 服務台作業 第六節 內部控制制度 第四章 國內現階段分行交易的環境與在此環境下推行「實驗分行制度」所遭遇之困 難。本章分為兩節： 第一節 國內現行階段分行交易所面臨的環境 第二節 國內推行「實驗分行制度」所遭遇之困難 第五章 當前現代化分行作業之擬議 第一節 組織系統 第二節 作業環境 第三節 櫃台作業 第四節 授信作業 第五節 服務台作業 第六節 內部控制制度 第六章 實施擬議中現代化分行作業之條件 第七章 現代化分行作業未來之發展。

夫妻財產制規範之重心，應在於婚姻發生破綻或解消（包括夫妻之一方死亡）時，財產如何處理或分配之問題，故可稱為「處理夫妻財產危機之法律」。 在中國大陸方面，自清宣統三年（西元一九一一年）以迄民國十七年（西元一九二八年）止，整部民法共有二次民律草案，其中就民法親屬編而言，共有四次草案，而大理院則於民國元年至十七年間，為司法審判之龍首。立法院於民國十九年制定民法親屬編，自民國二十年五月五日起施行，是為民國七十四年六月五日未修正前之親屬法。在臺灣方面，自西元一八九五年日本人統治臺灣至一九四五年止，中國民法之效力不曾及於臺灣本島，亦即民國前十七年（西元一八九五年）至民國三十四年（西元一九四五年），五十年間，為臺灣日治時期。 我國民法親屬編於民國二十年（一九三一年）五月五日開始在中國大陸施行，然而當民法親屬編在中國大陸實施之際，臺灣正值日本統治之下，依當時日本的法律，關於臺灣人之間的婚姻家庭事項主要是依據臺灣固有的習慣做為裁判之依據，而所謂臺灣固有的習慣主要係受到清朝法律（即大清律例）之影響，故我國民法親屬編直到民國三十四年（一九四五年），臺灣光復後，才開始適用。而自民國三十九年（一九五○年）開始，因民法親屬編在大陸已為中共所公布的「婚姻法」所取代，自此這個在大陸公布施行的民法親屬編僅在臺灣、金門、馬祖、澎湖等地區施行。 本文擬對夫妻財產制之立法原則、民初以來及臺灣日治時期之夫妻財產制，分別剖析其變革，以求脈絡分明，進而對現在與未來我國之通常法定夫妻財產制，有更為清晰之定位，以符時代需求。此外，以比較法之觀點，檢討、分析我國通常法定夫妻財產制之現行規範，供各方先進卓參。 第一章首先介紹本論文之研究方法，包括歷史法、批判法、分析法、比較法、歸納法、演繹法及綜合法，及其在本論文中如何實際運用，並闡述研究動機與目的，在於平衡追求「兩性平等」、「交易安全之保障」及「婚姻共同生活圓滿和諧」三項法益。而在此追求中，自固有法制、習慣與外國立法例獲得啟示，以期展望我國通常法定夫妻財產制。 第二章將「維護夫妻兩性平等」、「保護交易安全」及「維持圓滿婚姻關係」之夫妻財產制三大立法原則內涵，作進一步論述，以此做為後述各章論述之基礎。 第三章係參考日本、德國與瑞士之外國立法例，並分析其利弊得失，及其對我國法之啟發，以作為我國爾後立法上修法重要參考之依據。 第四章論述我國傳統法與民初大理院判例之夫妻財產關係（民國元年至十七年間），以及民國十九年民法、六十八年草案、七十四年修正之通常法定夫妻財產制，探尋其變革之軌跡與定位。 第五章論述影響現今法制、民間觀念及習慣之臺灣日治時期夫妻財產制（自清光緒二十一年至民國三十四年間；亦即自西元一八九五年至一九四五年間），當時日本政府對統治之臺灣，多較尊重臺灣風俗習慣，若非民間習慣明顯違背當時之公序良俗，則認身分法之立法，宜以體現民間習慣，而不宜妄加遽然改變，即使欲透過立法上之移風易俗，亦宜採取緩和漸進方式為之。。 第六章則綜合以上各章之論述，分析甫於九十一年六月二十六日修正通過之我國通常法定夫妻財產制，其如何自我國傳統法、民初大理院判例之夫妻財產關係、民國十九年民法、六十八年草案、七十四年之修正、臺灣日治時期夫妻財產制變革而來之過程，在變革之過程中有如何之啟示，以及應如何予以解釋、適用。 第七章則結合前述各章之研究成果，進一步就我國現行通常法定夫妻財產制，參酌國內、外之立法例，展望未來，希能兼顧前述三大立法原則之調和與平衡追求，提出立法論。 第八章為總結，並以表格化之方式，提出對現行通常法定夫妻財產制之立法上修法之建議，期使未來我國通常法定夫妻財產制，更趨至臻完善。

近年來，在技術的信息化和移動終端智能化的支持下，全球互聯網金融高速發展。在中國，互聯網金融更是呈現『井噴式』發展，高速發展的同時問題企業頻現，存在巨大風險隱患。中國互聯網金融未來發展趨勢引起國內熱議。 在此背景下，本研究根據彙整許多國內外學者的相關研究，首先探討『互聯網金融特性』、『美國互聯網金融發展經驗』、『中國特色管制下產業發展規律』，在對自由成熟市場的美國互聯網金融發展趨勢和中國特色管制下互聯網金融發展趨勢進行探討的基礎上，結合中國實際環境影響因素，並深入分析環境因素的相互關係、未來發展狀況，最後，分析中國互聯網金融未來發展階段階段特徵以及互聯網金融的發展趨勢。

因應未來社會，需要從教育的點滴工程著手。學校為教育的主要場域，教師的教學影響學生學習的成效與關鍵能力的養成。面對複雜而快速變遷的時代，需要培育出具有良好思考力、未來想像力以及團隊合作能力的下一代。本研究採取個案研究方法，以一所位於台北市區國小內高年級的班級做為研究對象，此班級利用綜合活動時間實施系統思考教學，當中包含任教教師與26位學生，利用教室觀察與訪談法、輔以影片分析、學生作品分析、系統思考活動評量、學生自陳式反思問卷、想像力測驗、時間觀量表等工具，探究實施系統思考教學的教師角色(包含教師個人特質、工作動機、專業知能、教學信念和教學技巧)與系統思考教學的交互影響；對於教師班級經營、師生互動與班級氣氛的營造，進一步探究綜合教學實施與經營，與學生對於系統思考的理解和養成之間的關係。再者探究教學活動與培養學生未來想像力之關聯，而課程當中融入小組討論和遊戲教學，藉此探究教學歷程與學生團隊合作能力培養的相關性。本研究以因果回饋圖呈現研究結果，主要發現有以下五點: 1.系統思考教師扮演教室的結構者、引導者，時時精進系統思考認知與教學技巧，帶領學生關注根本重要的事。 2.系統思考教學實施增進師生互動關係和班級正向氣氛，鼓勵學生討論、發表意見與想法，營造班級共同思考與學習的氛圍。 3.系統思考教學培養學生系統思考力，從小關注世界當中重要的事件，瞭解其趨勢變化與關鍵結構，嘗試根本解決問題。 4.系統思考教學實施幫助啟發學生未來想像力，鬆動思考開啟創意想像，展開未來行動具備未來時間觀。 5.系統思考教學當中活動的形態，有助於學生提升團隊合作技巧與能力進而建立共同願景。 由以上研究結果瞭解系統思考教學教師扮演重要的結構者，啟發學生展開思考、想像，進而自主學習創造未來。在未來若要讓系統思考教學更能培養學生面對未來的關鍵能力，教師在課程設計上應將系統思考和未來想像的精神相結合，並且拉長時間、擴大空間，讓學生擁有充分的自主空間，學習思考，掌握根本而重要的事。 / Nowadays schools are still playing an important role in our education. We have to improve our education to let our children adapt to their futures. The way of teaching will influence our students’ learning. In the future world, we should cultivate our children the abilities of thinking skills, future imagination, and teamwork. The current case study selected a sixth grade class in elementary school. There were two teachers and 26 students in this class. In this study, sources and analyses of the data included: classroom observations, interviews, video analyses, students’ work analyses, systems thinking assessments, imagination tests, and ZTPI. Through the data analysis process, it can be inferred that whether the teaching of systems thinking can influence the teachers and students in the class.The purpose of this research is to use the systems perspective on offering advice and ideas regarding how to use systems thinking teaching in class to improve the students’ learning.The results are listed below: 1.Teachers played a role of guiding students and leaded them to what concerns to the root of any given problem. 2.Teaching processes included enhancing good interactions between teachers and students, and building up the positive classroom climate.Through these processes, students had more chances to discuss and share with each others.At the same time, they showed much respect for others, such as listening to others patiently. 3.With the systems thinking ability, students started to care about what is happening around the world and to attend the changing trend.They try to find the important structure behind the problem and solve it with leverage solution. 4.This class inspired students’ future imagination, expanded their ways of thinking and encouraged them to take actions for the future. 5.Through this class, students gained more team work skills and built shared visions. To conclude, the teaching of systems thinking can help our children to think more deeply and systematically. This way of teaching encourages our children to broaden their minds and take actions for their futures.If teacher can combine systems thinking with future imagination in instructional design, students can have more opportunities and time to learn what is the most important value in their life.

本研究以研究發展費用作為專利的投入變數，以專利數作為專利的產出數量變數，以平均專利範圍及平均專利發明人數作為專利的產出品質變數，使用長期間與大範圍的台灣樣本來探討專利資訊與企業財務績效之關連性，並透過專利資訊的使用者-分析師的觀點來判別哪些專利資訊是資訊使用者眼中的攸關資訊。研究結果發現大量的專利並不會對企業未來盈餘有明顯助益，擁有高品質的專利才是對企業未來盈餘有所助益的關鍵因素，研究結果亦發現分析師在進行盈餘預測時，並未適當的利用專利產出品質與專利產出數量資訊，且這些未經適當利用的專利資訊會增加盈餘預測誤差。故本研究建議資訊揭露相關準則及法規可針對專利資訊給予更完整、更透明的揭露。 / Patent’s value is hard to accurately identify under current generally accepted accounting principles. This paper uses firms in the Taiwan Stock Exchange to investigate the association of firm’s patents, future financial performance and the information used in analysts’ earnings forecasts. The patents were measured by the proxies of R&D expenditures, granted patents, patent claims and the number of patent inventors. The evidences show that possessing a large number of patents does not help future financial performance, but granting high quality patents does. The evidences also show that analysts do not appropriately use the information provided by patents, and this truly causes analysts’ forecast errors. Therefore, I suggest giving patents clearer and more complete disclosure, so that investors can obtain more value-relevant information.

本論文之研究目的係驗證銀行管理當局是透過盈餘平穩化，增加盈餘對於未來盈餘的訊息，抑或是操控會計數字從而降低盈餘品質。本文採用兩種指標衡量盈餘平穩化：裁決性的貸款損失準備與公允價值第二等級與第三等級輸入值。以美國銀行作為本論文的樣本標的，經由實證結果發現，盈餘平穩化程度較高的銀行其股價能反映更多未來盈餘的資訊，顯示著平穩化程度會增加銀行當期盈餘對於未來盈餘的預測能力。除此之外，本文依照銀行規模與業務特性，分別比較大小銀行;商業銀行與儲蓄機構，個別探討盈餘平穩化和盈餘資訊性間的關聯。 / This paper investigates whether bank income smoothing is due to communication of future earnings or opportunism to garble accounting numbers. I adopt two measures of bank income smoothing, i.e., discretionary loan loss provision and Level 2&3 fair value inputs. Using a sample of U.S. banks, I find that higher-smoothing banks’ current stock prices capture more information about their future earnings to a larger extent than those of lower-smoothing banks. Moreover, I separate the bigger banks from the small banks and differentiate commercial banks from saving institutions to particularly investigate the association between income smoothing and earnings informativeness.

本論文題旨為：「論代間正義：一個羅爾斯式的觀點」。代間正義是晚近三十年來新興且益愈受到重視的倫理學議題之一，其主要關切的核心問題，乃在於追問「當代之於後代所應擔負的責任」。本文透過當代政治哲學與倫理學家羅爾斯（John Rawls）有關社會正義理論的設計與主張，分兩部分處理此問題。 / 第一部份所處理的問題為由帕菲特（Derek Parfit）所深化之「後代人格不同一問題」（The Non-Identity Problem），旨在探究「代間正義是否可能」。帕菲特指出，前代不同的行為選擇，將造成不同後代的存在，而這使得現存既有之各種權利與責任相對應的理論，無法合理地適用於代間關係。帕菲特主張，可以採取「忽略特定人格的比較（品質）原則」以解決此後代人格不同一問題。然而，帕菲特此舉卻陷入「不特定人格的後代無法追究前代之行為責任」的理論困境。本文主張，透過羅爾斯原初位置（original position）的理論設計啟發，即便在代間存在著「前代不同的行為選擇，將造成不同後代的存在」的後代人格不同一疑慮，當代仍可採納原初位置的理論啟示，區分人的屬性（properties）與獨特性（particular）的差異，在後代存有人格不同一問題（獨特性）的情形下，針對「屬性」而確立追問當代之於後代所應擔負責任之正當性。 / 第二部分主要處理羅爾斯有關代間正義觀點的內部論證問題，並進一步藉此說明「代間正義如何可能」。羅爾斯以「正義的儲蓄原則」（just savings principle）說明代間的分配正義問題，並《正義論》（A Theory of Justice）中將它納入正義二原則之中，成為建構社會基本體制的基本原則之一。然而，羅爾斯早期解釋與證成儲蓄原則的相關理據如動機假定（motivation assumption）與家族模式等，卻可能與其他理論假定如締約者的理性等相衝突、衍生解釋融貫上的困難，而遭到眾多學者們的質疑。羅爾斯在一九九三年的《政治自由主義》（Political Liberalism）中對此做出回應，並將關切下一代的動機假定，修正為「要求前代也承諾遵守他們所遵守的儲蓄原則，無論向前或向後追溯多遠」。除此之外，羅爾斯於《正義論》以外的其他著作，在提及正義二原則時，皆不再表述「正義的儲蓄原則」。本文認為羅爾斯後期所提出的證立主張，不僅整合了代內分配正義（差異原則）與代間分配正義（儲蓄原則）的論證理據（小中取大規則的應用），更與其主張「社會作為一世代相繼之公平的合作體系」時所標舉之「相互性理念」（the idea of reciprocity）的核心概念相符應。本文認為，在論證理據得到順利整合的前提下，羅爾斯仍可在後期表述正義二原則時，將「正義的儲蓄原則」放回其中，並可據此呼應當代永續發展理念「既滿足當代人的需求，又不對後代人滿足其需求的能力造成危害」的核心主張。 / The topic “Intergenerational Justice” is one of the newest but getting more important ethics problems to contemporaries. One of the key points of this issue is how to make sense of our obligations to the posterity (include future people) if possible. In this dissertation, I intend to clarify this problem by Rawls’s theory of justice into two parts. / The first part is “The Non-Identity Problem” held by Derek Parfit. This problem shows that “in the different outcomes, different people would be born”, and it seems inactive the traditional theories of rights. Parfit suggests that we can through it by the priinciple Q: “if in either of two outcomes the same number of people would ever live, it would be bad if those who live are worse off, or have a lower quality of life, than those who would have lived.” But this principle makes new difficulties about this problem. According Reiman, I argue that we can adjust this non-identity problem by the theory hypothesis “Original Position” of Rawls’s theory of justice, and that there are obligations from contemporaries to the future people. / The second part is about the arguments of Rawls’s theory of justice between generations. According to early Rawls in 1971, the theory of justice between generations represented by the “just savings principle” and was one part of the Two Principles of Justice in A Theory of Justice. But there are some argument troubles about the assumptions that makes the theory of justice between generations difficultly, especially on the “motivation assumption” and the family mode and so on. In 1993, Rawls changed his arguments about the theory of justice between generations, but he also take off the just savings principle from the Two Principles of Justice in other books or articles besides A Theory of Justice. I argue that latter arguments seem more reasonable to the theory of justice between generations, and they also makes the whole theory of social justice comprehensive. Then I argue that Rawls can still presents the just savings principle when he says about the Two Principles of Justice.

企業股東基於法律與契約對於所投資之公司，通常享有股利分配權、新股優先認購權、剩餘財產分配權、股東投票權等基本權利，本文以股東權利基礎來重新詮釋Ohlson模式與Easton模式。基於股東權利基礎，Ohlson模式（價格模式）可重新表示為盈餘、帳面價值、投票權價值之線性模式；Easton模式（報酬模式）可重新表示為盈餘水準、盈餘變動、投票權價值變動之線性模式。本文依上述理論基礎發展相關之研究假說，為彌補單用當期盈餘資訊之不足本文於實證模式中將再加入未來盈餘變數，並以臺灣市場之資料來驗證各項假說。首先，本文實證價格模式與報酬模式之各項變數，對於股價及報酬是否具有解釋力。其次，本文實證當經濟環境不同時，上述實證結果是否會受到影響。 價格模式之實證結果指出：（1）各項價格變數對於股價皆具有顯著的正向解釋力。（2）當公司盈餘為負數或者盈餘持續性低時，當期盈餘對於股價的解釋力會降低。（3）當產業前景較差時，當期盈餘、帳面價值等會計資訊較不被注意，故比較不會反應在股價；管理者可由公司獲取的私有利益也會較少，故投票權價值與股價之關聯也會較低。（4）當產業生命週期較短時，當期盈餘資訊較被注意，此與其較易取得與計算有關。（5）當總體經濟情況不同時，各項變數對股價的解釋力並無顯著差異，此現象可能與研究期間內總體經濟情況好壞的差異並不明顯所致。（6）當通貨膨脹率較高時，公司所傳達之會計資訊會有高估的現象，故當期盈餘與股價之關聯會較低。 報酬模式之實證結果指出：（1）各項報酬變數對於報酬皆具有顯著的正向解釋力。（2）當公司盈餘為負數或者盈餘持續性低時，盈餘水準對於報酬的解釋力會降低，盈餘變動對於報酬的解釋力則會提高。（3）當產業前景較差時，由於盈餘水準、未來盈餘價值指標等會計資訊較不被注意，故比較不會反應在股價報酬；管理者可獲取的私有利益也會減少，故其與股價之關聯會降低。（4）當產業生命週期不同時，各項變數對報酬的解釋力並無顯著差異。（5）當總體經濟情況較差時，盈餘變動的資訊性顯著較低，此現象應與總體經濟情況較差時盈餘通常為負數所致，投票權價值指標也有相同的現象。（6）當通貨膨脹率不同時，各項變數對報酬的解釋力並無顯著差異，此現象可能與研究期間內通貨膨脹率高低的差異並不明顯所致。 綜上所述，股東權利基礎評價模式之各項變數確實能解釋股價或報酬，而且在不同的經濟情境下，上述變數對股價或報酬之解釋力確實會有不同，因此未來從事股權價值或股價報酬評估時，研究者應再進行相關的情境分析。 目 錄 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的與方法 5 第三節 論文貢獻 7 第四節 論文架構 9 第二章 文獻探討 10 第一節 股利分配權價值之相關文獻 12 第二節 剩餘財產分配權價值之相關文獻 14 第三節 新股優先認購權價值之相關文獻 19 第四節 股東投票權價值之相關文獻 26 第五節 情境式分析研究法之相關文獻 31 第三章 研究方法 33 第一節 股東權利基礎評價模式之建構 34 第二節 研究假說與實證模式 38 第三節 變數定義 47 第四節 樣本與資料選取 55 第四章 實證結果分析 59 第一節 價格模式之實證結果 60 第二節 報酬模式之實證結果 63 第三節 價格模式之情境分析結果 66 第四節 報酬模式之情境分析結果 80 第五章 結論與建議 94 第一節 研究結論 95 第二節 研究建議 101 第三節 研究限制 102 參考文獻 103 / When investors buy stock, they acquire all common and specific rights granted by the laws and contracts. Shareholders usually have the right to receive dividends, the preemptive right, the right to claim the residuals assets, and the right to vote at shareholders’ meetings. The paper uses the base of shareholders’ rights to re-explain the empirical meanings of Ohlson model and Easton model. According to the base of shareholders’ rights, Ohlson model（price model）can be rewritten as the linear model of earnings, book valve, and voting right premium. In the same way, Easton model（return model）can be rewritten as the linear model of earnings level, earnings change, and voting right premium change. According to the theory base above, this paper develops related research hypotheses. Not only current earnings but also future earnings are included in empirical models, and I use Taiwanese data to test the hypotheses. First, the paper tests whether each variable in price model or return model can explain stock price or return. Second, the paper investigates whether the results mentioned above will be affected by different contexts. The empirical evidence of the price model can be summarized as follows. First, each price variable has significantly positive explanatory power with respect to stock price. Second, when earnings is negative or earnings persistence is low, the value-relevance of current earnings will decrease. Third, when industry prospect becomes worse, market pays little attention to current earnings and book value and manager gets less private benefits, thus the association between current earnings, book value, voting right premium and stock price is low. Fourth, when industry life cycle is shorter, more attention is paid to current earnings, which is related to availability of data. Fifth, when macroeconomic circumstance is different, the explanatory power of each variable is not significantly different, this phenomenon may be due to little significant difference among macroeconomic circumstance during research periods. Sixth, when inflation rate is high, accounting information signaled by firm is overstated, which reduces the association between current earnings and stock price. The empirical evidence of the return model can be summarized as follows. First, each return variable has significantly positive explanatory power with respect to stock return. Second, when earnings is negative or earnings persistence is low, the value-relevance of earnings level will decrease, while the value-relevance of earnings change will increase. Third, when industry prospect is not good, market pays little attention to earnings level and future earnings indicator and manager gets less private benefits, thus the association between earnings level, future earnings indicator, voting right premium indicator and stock return is low. Fourth, when industry life cycle is not the same, the explanatory power of each variable is not significantly different. Fifth, when macroeconomic circumstance becomes worse, the informativeness of earnings change is significantly low, this phenomenon may be due to positive correlation between macroeconomic circumstance and earnings. Voting right premium indicator also has the same phenomenon. Sixth, when inflation rate is different, the explanatory power of each variable is not significantly different, this phenomenon is likely due to little significant difference among inflation rate during research periods. In summary, the variables in shareholders’ rights-based valuation models can explain stock price or stock return. In the different contexts, the explanatory power of variables mentioned above with respected to stock price or stock return is significantly different. The results imply the importance of contextual analysis when researchers are engaged in the valuation of stock price or stock return.