摘要 近年來高等教育蓬勃發展，大專院校紛紛成立，而在教育經費吃緊的狀況下，我國在民國八十五年首由五所國立大學校院試辦校務基金制度，至民國九十年時，全國之國立大學已全面實施校務基金。本研究之研究目標為辨識出實施校務基金之預期目標、為這些預期目標建構績效衡量指標、蒐集資料以辨別目標達成之程度並瞭解實施校務基金對於各國立大學經營績效之影響程度。 在實施校務基金時，教育部即賦予各國立大學校院實施校務基金之目標與預期效應，經本研究彙總整理，實施校務基金之目標共可分為三個構面：財政構面、學校經營構面及社會構面。在財政構面下實施校務基金之目標為降低政府財政困難、擴充教育資源及學校預算更具彈性、避免立院過度干涉；在學校經營構面下的目標為提升經費使用效率、提升大學管理績效、使管理當局及監督者更瞭解學校財務全貌及使各大學發展自身特色；在社會構面下目標為提升教育品質及提高學校之社會服務功能。 本研究採實證分析及訪談方式以瞭解實施校務基金之目標達成程度及實施校務基金對於各國立大學經營績效之影響。研究結果如下： 1. 財政構面：降低政府財政困難之目標並未獲得實現，因為中央政府整體之教育支出並未因實施校務基金而有所降低，不過中央政府補助各國立大學校院之經費的確有大幅減少之趨勢，顯示整體的教育資源有擴充之效應。 2. 學校經營構面：實施校務基金後，國立大學校院較重視經費使用之合理性與效率性，而各校收入預算執行之能力有提升之現象；其他目標，如提升教學品質或研究能力、使管理當局及監督者更瞭解學校財務全貌及使各校發展自身特色，並未因實施校務基金而獲實現。 3. 社會構面：實施校務基金後，各校投注在每位學生身上的支出有減少之趨勢，而建教合作及推廣教育活動因實施校務基金而獲擴展。 綜合而論，實施校務基金最主要之目標及績效在於經費使用效率及收入預算實現能力之提升，至於其他目標，如提升教育品質及社會責任，與其說是實施校務基金之目標，不如說是各國立大學在實施校務基金時，應注意到的重點。 關鍵詞：國立大學、校務基金 / Research on the Performance National University and College Fund Abstract With the flourishing development of higher education, universities and colleges have been founded increasingly. In the situation of education expenditures of government being reduced and shrinking, National University and College Fund system（NUCF system）was first adopted by five national universities in 1996. By 2001, this system has been employed by all national universities and colleges in Taiwan. The objectives of this study are observing the expected goals of applying NUCF system, setting assessment indicators for these goals, and gathering datum and information of these indicators to find out the degree of achievement and the impact of NUCF system on national universities and colleges. Officials in Ministry of Education set several achievement goals and expected effects for NUCF system, which are sorted by this study in three dimensions, the Public Finance, the School Management, and the Society. There are three goals in the Public Finance dimension, which are reducing financial pressure of government, enlarging educational resources, and empower universities’ budgeting flexibility and avoiding over-interference of Legislative Yuan. In the School Management dimension, goals are improving expenditure efficiency, improving school management performance, making school authorities more comprehend the financial status of school, and helping national universities and colleges develop their own characteristics. In the Society dimension, goals are improving quality of education and public service function of national universities and colleges. Empirical research and interview investigation are utilized in this study. The results are as follows: 1. Public Finance: The goal reducing financial pressure of government is not fully realized, because the overall education expenditures of government are not diminished. But the expenditures that the government subsidizes to national universities and colleges are actually declining, which reveals that the entire educational resources are expanded. 2. School Management: National universities and colleges are more concerned about the efficiency of expenditure and the effectiveness of realizing revenue budget after applying NUCF system. As for other goals, like improving instruction quality and research ability, making school authorities more comprehend the financial status of school, and helping national universities and colleges develop their own characteristics, are not reached by NUCF system. 3. Society: The expenditure of each student in national university and college is reducing after applying NUCF system, but collaborative programs and extension education programs are expanded. In summary, the main effect of applying NUCF system is to improve expenditure efficiency and effectiveness of realizing revenue budget. Other goals, such as improving quality of education and social responsibility, would be better regarded as key factors when managing a school than as goals. Key words：National University and College, National University and College Fund

本研究摒棄傳統上假設金融資產的報酬率呈現常態分配或t分配，而以定態拔靴法的方式來模擬真實報酬率的分配，配合最小要求報酬限制模型，在既定風險下追求校務基金的報酬極大。本研究使用由下而上的資產配置方式，透過某些篩選機制挑選出優異的十檔股票、四檔債券型基金、三檔公債和定存形成投資組合，並以1998年3月到2006年2月共96筆月資料進行分析，決定最適資產配置。此外為檢驗最適資產配置的結果和績效，分別以不同的最小要求報酬 （0、-5％、-10％）、不同的時間長度（月、季、半年、一年）為調整期間以及考慮實際交易費用與否來進行樣本外測試，做法為從1998年3月開始，每次皆以五年共60個月的資料來對下一年（12個月）資產配置的報酬進行測試，以rolling的方式每次去掉第一個月（一季、半年、一年），再補上新一個月（一季、半年、一年）來測試最佳的資產配置方式。實證結果顯示在考慮交易成本之後，最小要求報酬為0（即不損失）的投資組合其Sharpe ratio皆為負數，代表投資組合的績效不如定存，還不如將錢都放在定存。因此本文將建議使用 為-5％或-10％資產配置方式，同時一個月調整一次投資組合，將可獲得較佳的投資績效。 / In this study, we implement the simulation of the real distributions of financial assets by means of the stationary bootstrap method instead of assuming normal distribution or t distribution. With the assistance of minimum required return model, we pursue the maximum profit under finite risk. We use the bottom-up asset allocation and select excellent investments by some criteria to form the portfolio, including four bond funds, ten stocks, three bonds and a time deposit. We use 96 monthly data from March 1998 to February 2006 to decide the best way for asset allocation . Besides, to make sure the asset allocation is practical, we also take transaction costs into account and conduct an out-of-sample test with different minimum required returns (0, -5%, -10%) and different holding periods (a month, a quarter, half a year, a year) to decide the best way for asset allocation. Starting from March 1998, we conduct an out-of-sample test with a solid 60-month data each time to test the return of the following year under specified asset allocation decisions. This is then done repeatedly by using the method of rolling, replacing the 1st-month data (1st-quarter data, 1st-half year data, 1st-year data) with new monthly data (quarterly data, semi-annual data, annual data) to find the best asset allocation. The Empirical result shows that after transaction costs are taken into account, the Sharpe ratios of the portfolio with the equal to zero are negative and the return are worse than the interest rate of the time deposit. Therefore, the asset allocation with equal to -5％ or -10％ will be recommended. Besides, monthly portfolio adjustment is better.

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我國國立大學預算制度，從過去公務預算時期政府「全額補助」，到目前校務基金預算制度下政府「部分負擔」，歷經極大的變革。什麼樣的壓力導致這樣的變革？變革的結果如何？本研究嘗試利用制度經濟學財產權和交易成本的分析架構，分析台灣國立大學從公務預算制度到校務基金預算制度，制度變革的過程及其成果。 首先，經由探究政府遷台之後，高等教育法規的重要沿革及教育政策的演進，建構出形塑整個高等教育發展的正式和非正式規則：從正式規則觀之，面臨外在環境的壓力，高等教育法規不斷地修正或制定；從非正式規則觀之，「經濟性的再製功能」與「意識型態方面的再製功能」，長久以來主導整個高等教育政策的演進。 對於整個外部環境脈絡有所瞭解之後，本研究進一步從「財產權」及「交易成本」的觀點切入。從財產權三要素（排他、可移轉、憲法的保證）觀之，公務預算制度下國立大學的經費特性均不符合，校務基金預算制度下則明顯較為契合，過去對於公務預算制度下經費使用的質疑，由此可得到新的詮釋觀點。從「交易成本」的角度觀之，本研究比較國立大學預算制度變革前後，國立大學運作成本（包括監督和管理成本）及制度變革成本（主要為設立成本及利益團體互動成本），發現採行校務基金預算制度之下，甚為可觀的交易成本在進行績效評估時，相當程度地被忽略了，這樣的忽視會造成在評估新制度的績效時的過度高估。 透過國立大學「財源結構」及「相關教育品質」的統計分析，證實在校務基金實施之後，國立大學的財源結構確實產生了顯著的改變，「多元、彈性、自主」的目標有所達成。然而這樣的成果付出怎樣的代價？相關的教育品質並不全然正面回應，也就是說，目標的達成很可能是以品質的犧牲為代價，本研究認為，這樣的後果相當程度是忽視交易成本所致。 本研究從制度經濟學的分析架構，檢視我國國立大學預算制度變革的過程及成果，雖然在分析中未能賦予交易成本一個「真正的數值」，藉由突顯交易成本的具體存在，彰顯在評估制度變革的成果時，交易成本扮演的重要性，以及忽視交易成本可能造成過度樂觀的後果。

本研究旨在建立高級中等學校校務基金績效評鑑系統， 並以「模糊德菲法」蒐集政策利害關係人意見，共建立5項構面29項指標。 本研究結論如下： 一、本研究共建立五大構面， 以構面權重高低排序分別為： 「財務收支及財產管理績效」（21.28%）、 「基金運用、預算編製及執行績效」（20.52%）、 「學校經營目標及經營計畫」（19.72%）、 「基金管理及學校組織運作」（19.51%）、 「學習品質及滿意度」（18.96%）。 二、依照各構面內指標權重高低，依序如下： （一）「財務收支及財產管理績效」構面內最重要者為「教學研究及訓輔費 用占業務成本與費用比率」。 （二）「基金運用、預算編製及執行績效」構面內最重要者為「建立預算編 製與執行作業程序」。 （三）「學校經營目標及經營計畫」構面內最重要者為「學校校務發展定位 與特色」。 （四）「基金管理及學校組織運作」構面內最重要者為「內部審核執行成效」。 （五）「學習品質及滿意度」構面內最重要者為「建立歷年校務基金報表公 開專區」。 最後，依據研究結論分別給予教育主管機關、學校以及後續研究相關建議。 / The purpose of this study is to establish a system about the performance evaluation indicators for the school funds of high schools in Taiwan. By using the fuzzy delphi method with opinions of stakeholder, the study consists of 5 dimensions and 29 indicators in total. According to priority of 5 dimensions, the conclusions are as follows： 1.“performance of financial receipts, expenditures and property management”(accounts for 21.28%) 2.“performance of funds, budget planning and execute”(accounts for 20.52%) 3.“performance of school management goal and planning ”(accounts for 19.72%) 4.“performance of fund management and school organization operation ”(accounts for 19.51%) 5.“performance of learning quality and satisfaction degree”(accounts for 18.96%) According to priority of intra-dimension indicators ,the conclusions are as follows： 1.In the dimension “performance of financial receipts, expenditures and property management”, the indicator “the ratio for teaching, research ,discipline and counseling cost to operation cost ” accounts for the most part. 2.In the dimension “performance of funds, budget planning and execute”, the indicator “establishing standard of procedure for budget planning and execute” accounts for the most part. 3.In the dimension“performance of school management goal and planning ”, the indicator “status and feature for school development” accounts for the most part. 4.In the dimension “performance of fund management and school organization operation ”, the indicator “performance of internal auditing” accounts for the most part. 5.In the dimension“performance of learning quality and satisfaction degree”, the indicator “establishing school-fund statements website over the years” accounts for the most part. According the conclusions, some suggestions had been proposed: 1. suggestions for ministry of education 2. suggestions for school administrators 3. suggestions for further study

我國國立高級中等學校實施校務基金之目的除了提升績效外，尚期以增進各校自籌財源之動力，以減輕政府財政負擔，自2007年起開始實施校務基金後之績效為何?值得進一步探討。 本研究係以資料包絡分析法評估各國立高級中等學校2010年至2012年的經營績效，並運用麥氏指數衡量其跨期效率變動情形，最後以Tobit迴歸分析，探討外在環境變數對校務基金實施績效之影響。實證研究結果如下： 一、總技術效率分析：2010、2011及2012年平均總技術效率值依序為0.712、0.714、0.705，表示各該年度尚有28.8%、28.6%及29.5%的效率改善空間。若將各國立高級中等學校依照類別區分，普通高中平均總技術效率表現最佳，綜合高中的表現比職業學校佳，特教學校最差。 二、純技術效率分析：2010、2011及2012年平均純技術效率值依序為0.768、0.781、0.771，表示各該年度尚有23.2%、21.9%及22.9%的效率改善空間。普通高中平均純效率表現最佳，綜合高中的表現比職業學校佳，特教學校最差。 三、規模效率分析：2010、2011及2012年平均規模效率值依序為0.923、 0.908、0.908，表示各該年度尚有7.7%、9.2%及9.2%的效率改善空間。2010年以職業學校表現最佳，2011年以綜合高中表現最佳，2012年度以普通高中表現最佳。特教學校在三個年度的平均規模效率均為最差。 四、麥氏指數分析：2010至2012年度之總要素生產力變動值均小於1，呈現衰退現象， 2010至2011年度及2011至2012年度二個跨期均呈現衰退。 五、Tobit迴歸分析：除實施校務基金的年限無顯著影響外，學校區位、校舍面積及學校成立年限等三項外在環境對學校的經營績效均具有影響。 / The purpose of national senior high schools in Taiwan implementing National Senior High Schools Operation Fund is not only improving performance, but also enhancing the schools’ self-motivation of the financial resources to reduce the fiscal burden of government. How is the performance of implementing National Senior High Schools Operation Fund since 2007?It is worthy of further study. This study is based on Data Envelopment Analysis to evaluate the operating performance of national senior high schools from 2010 to 2012. In addition, this study uses Malmquist Index to measure the efficiency changes. Finally, Tobit regression analysis is used and tried to find effects of the external environment variables on the implemenetation performance of National Senior High Schools Operation Fund. The findings of this study are as follows: 1.Overall technical efficiency analysis：the average value of the overall technical efficiency is 0.712、0.714、0.705 in sequence of year 2010、2011 and 2012, and it means that the efficiency improvement is 28.8%, 28.6% and 29.5% each year. If we evaluate the performance of national senior high schools by category, the general high schools are the best, the comprehensive high schools are better than vocational high schools, and the special education schools are the worst. 2.Pure technical efficiency analysis.：the average value of the pure technical efficiency is 0.768、0.781、0.771 in sequence of year 2010、2011 and 2012, and it means that the efficiency improvement is 23.2%、21.9% and 22.9% each year. The general senior high schools are the best, the comprehensive senior high schools are better than vocational senior high schools, and the special education schools are the worst. 3.Scale efficiency analysis: the average value of the scale efficiency is 0.923、 0.908、0.908 in sequence of year 2010、2011 and 2012,and it means that the efficiency improvement is 7.7%、9.2% and 9.2% each year. The best performance is the vocational senior high schools in 2010, the comprehensive senior high schools in 2011, and the general senior high schools in 2012, the special education schools are the worst in all three years. 4.Malmquist Index analysis: the value of the total factor productivity change is totally less than 1 from 2010 to 2012, and shows the recession .And the inter-temporal total factor productivity changes show the recession from 2010 to 2011, and 2011 to 2012. 5.Tobit regression analysis: there is no significant impact in the factor of the years of the National Senior High Schools Operation Fund, but the external factors such as the size, the history, and the location of the schools, would affect the performance of national senior high schools.