本研究以風險管理觀點，由風險自留與再保險層面切入，探討核保風險之風險管理規劃理論與實務全貌。 經由了解風險自留與再保險之理論與應用，風險量化資料準備之前置作業實務以及如何解讀風險量化之數據，綜合提供風險自留與再保險之規劃流程全貌，以利管理者之決策參考。 本研究首先以剖析保險公司營運一般性風險與核心風險，針對核保風險之自留或轉嫁的風險控管方式。 以股東、核保經理人以及財務管理人不同觀點看待風險自留之差異性，以及不同再保方式對穩定經營績效之效益。 呈現實務作業流程，尋求理論與實務之相輔相成。 引用虛擬個案產險公司之風險量化數據，學習如何解讀分析資料，從中了解風險自留與再保險之利弊與效益。 關鍵詞：核保風險、風險管理、風險量化、核保經理人、財務經理人 / This study based on risk management viewpoint, tries to evaluate from the two directions of risk retention and reinsurance, to assess the theory and practices of underwriting risks management planning. Through the understanding of the theories and applications of risk retention and reinsurance, the preparation work of quantitative data of risks and analyze of quantitative risk data, summarize and provide a whole picture of risk retention and reinsurance planning workflow, to provide management people information of making decisions. This study begins with analysis of the general business risks and core business risks of an insurer, targeting at the two risk control vehicles which are the risk retention or the transfer of underwriting risks. From the viewpoints of shareholders, underwriting manager and finance manager to look at the difference of risk retention, and the stabilizing effects of various reinsurance that could create for the business performance. Both to present practical operation workflow, and to seek the integration of theory and real practice in daily business. This article also introduces the quantitative risk data of a simulation case of an example non-life insurance company, to explain how to interpret and analyze data, and to understand the benefits or shortages of using risk retention and reinsurance. Key words: Underwriting Risks, Risk Management, Risk Quantitative, Underwriting Manager, Finance Manager

在高科技之推波助瀾下，新經濟與全球化之競爭模式儼然成形，也使得智慧財產在此競爭中扮演著重要的角色，成為高科技公司逐鹿中原的武器之一。相對地，也迫使高科技公司在全球割喉競爭之壓力下，開始思索如何更快進入戰場，並以智慧財產制敵機先。於是，企業併購策略開始成為高科技公司之經營決策者思考採行之策略。 企業併購（Merger and Acquisition）一詞，並非明確之法律定義，實乃商業管理實務界常用之名詞，因此，與其強加定義，不如從併購之模式加以說明，更為精確。併購模式概可歸納為二大模式：一為「收購」，一為「合併」。收購又可區分為「資產收購」與「股權收購」；而合併則有以吸收合併、新設合併及存續合併為主之「法定合併」類型，與以簡式合併、三角合併、強迫合併及實質合併為主之「特殊合併」類型。 所謂「收購」，係指收購公司以取得資產或經營權之目的，而以現金或債券、股票等有價證券買受目標公司全部或一部資產或股份之行為。而「合併」則係指兩家或兩家以上之公司，訂立合併契約，並經各當事公司之全體股東同意，或股東會之特別決議同意後，結合成一家公司之法律行為。其因合併而消滅之公司之權利義務，由合併後存續或新設立之公司概括承受，毋須再為個別資產或權利義務之移轉。 在企業採行併購策略之動機上，學理與實務上歸納出五種主要之動機，包括：綜效理論假說、多角化經營假說、策略性重組假說、價值低估假說，及代理成本理論與傲慢假說。綜效理論假說主要可歸納出，以追求規模經濟與範疇經濟之「營運綜效」；以風險分散或節稅考量為思考之「財務綜效」；企圖集中市場以形成壟斷之「市場綜效」；及為更精確掌握時機而追求之「起動綜效」。多角化經營則可分別從「複合式多角化」或「中心式多角化」切入討論。而策略性重組假說則著眼於「法規環境改變」或「技術創新改變」致使企業採取併購策略以為因應之面向，加以討論。此外，價值低估價說及代理成本理論與傲慢假說，則與企業經營決策者企圖追求本業之價值極大化無關，卻也經常成為經營決策者採行併購策略之動機。 前述企業併購動機之討論，事實上與美國併購歷史上所發生之五次併購浪潮息息相關，而這五次併購浪潮之興衰則亦與美國經濟發展之歷程有關。第一波併購浪潮發生於一八九七年至一九○四年間，其特色主要為「水平整合形成獨占市場」；第二波併購浪潮發生於一九一六年至一九二九年間，其特色主要為「垂直整合以利強化體質」；第三波併購浪潮發生於一九六五年至一九六九年間，其特色主要為「複合式併購擴大多角化」；第四波併購浪潮發生於一九八一年至一九八九年間，其則係以「金融工具激化敵意併購」為主要特色；時至一九九二年至二○○○年間所發生之第五次併購浪潮，則以「策略重組點燃超級併購」，逐漸將以取得智慧財產為目的之併購動機推上台面。亦即，由於全球化競爭而掀起跨國併購，及高科技產業併購之趨勢日盛，以智慧財產之取得規劃併購策略，成為高科技公司開始思考如何將企業價值極大化之策略之一。 高科技產業之競爭，已進入「超優勢競爭（Hypercompetition）」之態勢，惟有以動態競爭因應，始能勝出。而智慧財產之佈局與運用在動態競爭情境中，扮演著極為重要之角色。因此，透過併購以取得智慧財產，而得達成「控制新資源，加速企業外部成長」、「改變商業模式，大幅躍進新市場」、「動態競爭中，整合或對抗競爭者」，或「併購取得智慧財產權，待價而沽」之成果，已成為許多高科技公司之策略思考方向。 「世上沒有賣不出去的產品，只有賣不出去的價格」。在企業併購的過程中，如何就目標公司之企業價值進行評價往往是決定併購案是否能成功之關鍵。然而，對於企業的營運有重大影響之智慧財產，其「品質」究竟如何，將會對企業未來的營運造成重大的影響。因此，對於高科技產業之併購案，如何透過對於智慧財產進行查核評估（Due Diligence），協助併購交易雙方瞭解目標公司其智慧財產之品質，使雙方得以更正確評估目標公司之價值，並就併購案可能面臨之風險預先進行規劃，即為重要之課題。 換言之，由於企業併購交易之內容複雜且代價高昂，動輒為千萬至百億金額的現金交易或股份交換。雖然在交易過程中，賣方或買方通常會準備相關交易資訊及查核評估報告，以提供對方作為評估之用。但由於交易當事人自行提供之資訊通常過於簡略或可能隱惡揚善，為避免在交易價格之決定與交易後風險之承擔及效益之展現上出現問題，因此交易當事人有自行進行查核評估之必要。此即孫子兵法《謀攻篇》中所述「知己知彼，百戰不殆；不知彼不知己，每戰必敗。」所傳達之精神。 鑑於智慧財產查核評估是一項耗時費力，且所費不貲之工作，企業內部法律顧問或外部律師在進行智慧財產查核評估時，應對於其查核之範圍有所限制。並非所有智慧財產對於買方公司皆有顯著之影響，因此必須從公司之觀點加以檢視，並以其對於公司所可能產生之價值排序其先後。而除了時間、成本與專業人力投入等因素之考量外，「買方公司之策略目標」、「目標公司之核心競爭力」，與「企業併購交易之模式」將影響智慧財產查核評估所欲進行之範圍。 對於高科技公司而言，其企圖藉由併購活動所取得之智慧財產各異，然最主要者，尤其是對於我國公司而言，仍以「專利權」之取得以利企業在全球市場產業價值鏈中之佈局為首要考量。因此本文將就「專利查核」之相關議題，略做探討。而進行專利查核時，除從「專利申請案」、「專利審查歷程」與「法律意見書」等相關文件，進行概略初步審查外，概可聚焦於「目標公司是否確為真正之完整權利擁有者」、「發明之實施是否須依賴業已存在或第三人之權利」、「目標公司之發明是否獲得足夠之保障」、「目標公司之專利是否已為適當之利用」，及「目標公司之專利是否（或可能）涉訟」等面向出發，進行深入探查。 深入探究目標公司是否確為真正之完整權利擁有者之議題上，本論文將從「共同發明」、「受雇人之發明」與「部分讓與」所涉及之問題加以討論；而在發明之實施是否須依賴業已存在或第三人之權利之議題上，關於「技術改良與從屬專利」、「交互授權」及「技術輸入授權」涉及之契約約款（例如：契約存續期間、專屬性、可轉讓性與控制權之變更、轉授權、授權範圍、技術改良與回饋授權、擔保與賠償責任、最惠待遇，與過往侵權免責等）所衍生相關問題將為本論文關心之重點。 此外，在目標公司之發明是否獲得足夠之保障之議題上，本論文將討論關於「發明之檢討與揭露程序」、「專利權之地理範圍」，及「申請專利範圍與專利審查歷程之檢討」等問題；而關於「授權實施」及「專利濫用」將係買方公司查核目標公司之專利是否已為適當之利用時之重點。最後，在目標公司之專利是否（或可能）涉訟此議題之討論中，本論文將從評估目標公司之專利組合是否侵害第三人之專利權所進行之「專利侵權評估」與如涉及專利侵權訴訟時可能之「反訴或抗辯之評估」。 為印證本論文所提高科技公司以併購活動取得智慧財產之策略及所進行之查核評估活動，在結論與建議部分將以一家台灣公司之實際經驗為個案，探討其進行跨國併購時所面臨之問題，並就多數高科技公司所忽略之「競業禁止」問題，以美國法下之經驗，作為高科技公司進行跨國（尤其是美國）併購時，在專利查核之外，亦應注意之建議，以避免研發團隊於併購前後離職或被挖角，對買方公司所造成之傷害。 / A recent survey showed that between two and five emerging technology companies are acquired for every one that does an initial public offering （IPO）. Acquisitions can provide strategic, operating and financial benefits to both emerging technology companies and the company acquiring it. A strategic acquisition can provide emerging technology companies’ shareholders with earlier liquidity than an IPO, with less risk and dilution. It also can provide emerging technology companies with the immediate leverage of Buy Company's established manufacturing or distribution infrastructure, without the dilution, time and risk of internal development. A strategic acquisition can provide Buy Company with the new products and technologies necessary to maintain its competitive advantage, growth rate and profitability. Ill-conceived or badly done acquisitions, however, can result in expense and disruption to both businesses, the discontinuance of good technologies and products, employee dissatisfaction and defection, and poor operating results by the combined company. By understanding the key factors that lead to a successful acquisition, Target Company and Buy Company can improve the probability of achieving one. When considering an M&A transaction, Target Company first step should be to identify the strategic reasons why it wants to be acquired. For example, while Target Company may seek liquidity for its founders and investors, it also may have concluded that its future success requires the synergies of complementary resources and access to the infrastructure of a major corporation. An IPO could provide Target Company’s shareholders with liquidity, but would not immediately address Target Company’s need for product synergy or provide an established infrastructure. Those needs could be better met by finding a strategic buyer for Target Company. Equally important is to identify Buy Company’s strategic objectives in acquiring Target Company. For example, Buy Company may seek to acquire a product line or key technology, gain creative, technical or management talent, or eliminate a competitor. Ultimately, Buy Company will acquire Target Company because it believes M&A transaction is a more effective means of meeting a strategic need and increasing shareholder value than internal development. If Target Company understands its own and Buy Company’s strategic objectives, it can focus on candidates that are most likely to meet its needs and value the assets that it has to offer. While the objectives of individual companies will vary, the following table identifies common strategic objectives that Target Companies and Buy Companies try to achieve through an M&A activity. Target Company Reasons to Be Acquired Buy Company Reasons to Make a M&A Access to complementary products Access to complementary markets Access to working capital Avoid dilution of building own infrastructure Best and fastest return on investment Faster access to established infrastructure Gain critical mass Improve distribution capacity More rapid expansion of customer base Acquire key technology Acquire a new distribution channel Assure a source of supply Eliminate a competitor Expand or add a product line Gain creative talent Gain expertise and entry in a new market Gain a time-to-market advantage Increase earnings per share This study focuses on intellectual property due diligence, especially for the investigation of the benefits and risks associated with the ownership and exploitation of patent right when a company involves in a M&A activity. The increased profile, frequency, and value of intellectual property-related transactions have elevated the need for all legal, financial and managerial professionals and intellectual property owners to have a thorough understanding of the assessment and valuation of these assets and their role in commercial transactions; a detailed assessment of patent right is becoming an increasingly integral part of commercial transactions for the high-technology companies. Acquiring or investing in a business that owns intellectual property assets requires expanding the scope and depth of the due diligence that is usually conducted in such transactions. The process of gathering information and assessing the merits, issues, and risks associated with a business transaction is called “due diligence.” It is a critical exercise in the acquisition and strategic utilization of intellectual property assets. Due diligence is a necessary precursor to funding a new venture, and is critically important in many other business transactions, including mergers, acquisitions, licenses, initial public offerings, and in some instances litigation. In recent years, the commercial importance of patents and other intellectual property has become highly visible. Courts have imposed large damage awards for intellectual property misuse and infringement. Multi-million dollar judgments are no longer a rarity. Courts have also granted significant injunctions to limit the products which a company can market. For instance, Kodak was virtually eliminated from the instant camera market and subject to an extremely high damage award when it was found to infringe patents owned by Polaroid. As a result of these potential events, and the increasing value of intellectual property assets in today’s high technology society, intellectual property matters have become an important aspect of a traditional due diligence study. Intellectual property due diligence can be conducted in preparation for a wide variety of transactions. For example, intellectual property assets should be analyzed in the context of a share purchase or asset transfer, or may require assessment in connection with a capital contribution, in a joint venture or security for a loan, or in preparation of disclosure in connection with an offering of securities. Intellectual property due diligence can also facilitate a company’s thorough internal assessment of its own assets. Such a self-audit can prepare the company for an externally conducted due diligence, such as audited by a buyer company involving in a M&A transaction, and can enhance the company’s own intellectual property planning and management. Intellectual property rights are the product of human thought, born of human needs and aspirations, and manifested by societal values. A thorough intellectual property due diligence also requires consideration of many nonlegal, nonmaterial aspects of the rights involved. The impact of an investment in a specific intellectual property right, and its role and value in a given M&A transaction, can be easily miscalculated if the private and public implications of those rights are not considered. Every intellectual property transaction embodies both individual and societal beliefs and values that can profoundly affect the parties’s strategies and success. The philosophical underpinnings of intellectual property rights are often discussed in academic and philosophical forums. However, these principles deserve reiteration here, in a transaction-specific context. Too often, they are forgotten amidst the binders, cabinets and files full of due diligence documents and analytical reports. In Chapter 4, Patent Due Diligence, it comprises detailed analyses of the key issues to be assessed in the patent investigation. This chapter presents the steps in the legal review that should be undertaken on patents, and reviews the pertinent law pertaining to patent right. This chapter identifies the relevant documents that should be requested, defines the subject right, and analyzes the following substantive questions: Whether Target Company owns the patent right(s); Whether the patent right(s) have been adequately protected; Whether Target Company’s use of the patent right(s) is dependent on third part rights; Whether the scope of patent right(s) is sufficient; Whether the patent right(s) have been properly exploited; and Whether the patent right(s) present a risk of litigation. An investigation of Target Company’s patent assets can require analysis of extensive documentation, as well as knowledge of the specific technical field in which Target Company conducts its business, and of patent law. The circumstances of each particular case will dictate whether specialized patent counsel will need to be retained to assist with the patent due diligence. Buyer Company should be aware that proper preparation of patentability opinions and validity / infringement opinions can require substantial lead time and budget, and should accordingly account for these contingencies. Similarly, a thorough investigation to confirm ownership and assess exploitation of Target Company’s patent portfolio can require discussions regarding contribution of inventive ideas, past and present consultant or employment status of inventors, proper use of assignments, close investigation of the technology, markets, improvement clauses, cross-licenses, and the like. In sum, if Buyer Company specifies Target Company’s patent portfolio as a high priority in the intellectual property due diligence investigation, Buyer Company is well-advised to assign the patent-related investigation tasks to team members and, as applicable, patent experts, early in the due diligence process.

印度不首先使用核武器以及不對無核國家使用核武器的原則，這項宣示對周邊無核國家具有政治上的穩定意義。其實，印度的傳統軍事力量優於巴基斯坦，當然就認為沒必要對巴國首先使用或威脅使用核武器，而傳統軍力相對較弱的巴基斯坦拒絕宣佈不首先使用核武，也是在情理之中，眾所周知，一個傳統武裝力量較弱的國家需要依靠核武器來防禦並嚇阻更強的國家。最小核武嚇阻是一個絕對的概念，不是相對概念，印度清晰的表明其核武戰略態勢，可在降低成本和風險的基礎上，使其核武器發揮出最大的作用，而且也不至於因過度擴充核武軍備，導致影響印度的經濟發展與長遠的政治目標。 雖然印美雙方在「禁止核武擴散條約」（NPT）與「全面禁止核子試驗條約」（CTBT）上存在分歧問題，但是並沒有妨礙雙方在核能方面的合作。儘管卡特總統於1978年3月簽署頒佈「核不擴散法案」（Nuclear Nonproliferation Act），嚴格規定核子出口許可證發放條件，致使印度獲得核電廠燃料受阻；但是1982年7月英迪拉•甘地訪問華盛頓時，印美雙方就核供應問題達成協議，由法國替代供應印度塔拉普核電廠所需的燃料。總體而言，雖然印度有1974 年的核子試爆和80年代開始的導彈計畫；但是美國在整個冷戰時期，對於印度在核子問題上的反應卻是相當的溫和，因為美國為了與前蘇聯對抗，爭奪南亞戰略要域，並不願意對印度作出過度反應，以免影響其戰略利益。 冷戰結束後，美國居於世界主宰地位，並根據其在亞洲的利益而調整對外戰略，其重心是構築以美國為支柱的各種類型的雙邊或多邊安全體系；在這個過程中，印度在南亞地區的作用和地位逐漸突出，雖然印度核子試爆的破壞性因素，曾經暫時打斷這個進程，但在美國的總體戰略考量下，印美關係已從昔日的起伏不定和核子試爆後的制裁，迅速發展到目前在政治、經濟、軍事上多層次且多面向的合作。美國不但取消對印度的所有制裁，而且還對印度出售尖端軍事技術和武器系統；另外，兩國在和平利用核能、航太技術等高科技方面也在進行多管道的合作，2005年7月印度總理曼莫漢•辛哈（Manmohan Singh）拜會布希總統後，美國同意取消對印度民用核能發電計畫的限制，並允許印度在國際市場購買鈾燃料。在印美關係發展的進程中，印度認為美國是其維護國家安全、發展經貿合作和實現大國謀略的最大助力；而其最終目標是要取得在國際上與美國平起平坐的地位，成為世界體系的力量中心，這也正是印度長期以來追求的國家目標。 中國對印度1998年核子試爆採取譴責，但不制裁的立場，是基於其國家利益的考量，因為中國的首要安全利益在東亞，而非南亞；對中國而言，台海問題、能源安全與南海主權問題才是中國關切的要項，所以中國必須力求在東亞與美、日等國達到戰略平衡；因此，中國在南亞的利益顯然僅是維護該區域的和平穩定，使其能無後顧之憂，得以將其有限的國防力量集中運用在東亞利益的追求上。印中雙方在許多議題上，都擁有共同的立場與利益，譬如發展公平合理的國際政治以及經濟新秩序等議題；而且兩國都試圖透過改善現有的國內經濟體系，從而減少貧富不均的局面，又同為發展中國家，兩者都希望能夠在給與國內企業充足的保護下，實現國內經濟與全球經濟體系的融合接軌。另一方面，兩國都在尋求建構一個多極世界，期使可以在國際舞臺上發揮更大作用，當前印度正在積極爭取成為安理會常任理事國，北京政府也已經同意給予支持。此外，印度也企圖透過與中國的密切交往關係，影響中國長期支援巴基斯坦的意願，達到孤立巴基斯坦的戰略目標。 由於蘇聯的解體，印蘇聯盟已無法適應國際環境變化的需要，也不符合印俄兩國的國情需求與戰略利益。因此，印俄必須對以往的外交政策及戰略做出新的定位，1993年1月葉爾欽訪問印度，簽訂「印俄友好條約」取代了冷戰時期的「印蘇友好合作條約」，新條約也取消軍事同盟性質的條款，印俄關係從此從盟友變為合作夥伴關係。1998年印度核子試爆也未影響印俄夥伴關係的發展，使印度能夠抓住有利的時機，充分利用與俄羅斯的傳統關係，為其進入中亞地區創造條件；同時，印度在經濟領域也獲得俄羅斯在石油天然氣的開採權和高科技方面的合作；尤其在軍事領域方面，印度從購買武器模式，已躍升到聯合投資和共同開發研製新型武器系統的時代，這不但表明印度綜合國力的提升，同時也證實印俄兩國已邁向戰略夥伴關係。印俄關係的定調，不但提高印度在國際上的地位，同時印俄的聯合也使它們成為21世紀多極世界中，兩個具有特殊關係的力量。 隨著經濟實力的增強，印度提出建立南盟自由貿易區，簽署「南亞自由貿易協定」。根據該協定，從2006年1月起，南盟7國將分兩個階段實施減免關稅計畫，這是一種共贏策略，印度可以近距離找到原料供應產地和銷售市場，而其他6國則可以運用印度的經濟和技術，提升其經濟發展，改善國民生活，消除貧窮。尤為突出的是，2004年南盟7國共同加強合作應對突發危機的能力；2月，南盟在印度首都新德里舉行「預防禽流感緊急會議」；12月，席捲印度洋的海嘯造成巨大的人員和財產損失，印度不僅派出4艘艦艇、6架直升飛機、數支醫療隊前往斯里蘭卡協助救援工作，而且率先建立海嘯研究基金，提高地區的預警和應對能力。另外，2004年的國際油價上漲對南亞這個嚴重依賴油品進口的地區帶來巨大影響，為商討因應國際油價上漲的對策，南盟能源專家小組於12月召開會議，並在2005年3月召開南盟能源部長會議，制定具體應對措施。綜上所述，印度已經在發揮其大國的影響力，從國家安全、南亞區域安全以及各國的經濟發展等面向，積極帶領著南亞各國走出戰亂與貧窮的陰霾。 印度自90年代初實行經濟體制改革以來，經濟和科技實力顯著增強，軍事力量的發展更是令人矚目，尤其是1998年進行的核子試爆，使印度成為事實上的核武國家。印度綜合國力的發展，使其實現世界大國的願望更加強烈，而東協隨著成員國的增加，以及內部快速的經濟、政治整合進度，整體實力也已大為提昇；印度和東協都力圖提高各自的國際地位，因此印度從地緣政治考量東協的國際影響力日益增強，而實施的「東向政策」，即是以東協為突破口，積極參與亞太地區的事務，努力擴大其在亞太地區的影響，以達到提升其國際政治地位的目標。隨著東協和印度政治經濟上的密切合作，使東協和印度在安全上有許多的共同利益，都想維持和平與穩定的周邊環境，也都想確保各自臨近海域的安全和經濟利益；因此，印度先後與東協的印尼、馬來西亞、新加坡、泰國實施海軍聯合演習，並有計畫地向東協國家出口武器，以加強雙方軍事領域的合作；隨著印度國家實力的增強，東協把印度作為維護地區安全的重要力量，藉以維護印度洋海上通道與東南亞地區的安全。 關鍵字：印度核武發展、核武戰略、印美關係、印中關係、印俄關係、印巴關係、南亞區域安全、亞洲安全

TFT-LCD產業被譽為臺灣「第二半導體產業」，在國人的努力下，2006年台灣大尺寸TFT-LCD的出貨量和產值，均已躍居世界第1位。由於該產業處於變化快速的競爭環境，如何找出企業的核心資源與核心能力，考慮企業資源基礎的發展問題，協助管理者制定出最適之競爭策略，讓企業能在競爭環境中持續成長與發展等，都是重要且值得探討的課題。 本研究採定性的個案研究法，以台灣2006年大尺寸TFT-LCD產業產量前3名之領導廠商（友達光電、奇美電子、中華映管）為個案研究對象，深度探討其核心資源、核心能力、競爭策略、競爭優勢等項目之內涵及其關連性。經由現有的TFT-LCD相關資料、資源基礎理論等文獻歸納，以及個案研究的分析，本研究主要的發現如次： 一、台灣TFT-LCD企業所擁有的核心資源係來自公司所擁有的獨特的異質性資源組合，其最重要核心資源是無形資源，最重要核心能力是組織能力，主要的競爭策略為是成本領導（或集中）策略，最主要的企業競爭優勢為組織能力。 二、台灣TFT-LCD企業都是獨特異質性資源的組合，以致於每一個企業均具有不同於其他對手的表現。 三、臺灣TFT-LCD 企業的核心資源、核心能力和競爭策略、競爭優勢間，具有相關性：企業的核心資源和核心能力是制定和執行競爭策略的基礎；企業競爭優勢的來源為核心資源和核心能力，且最主要來源是核心能力；當企業有利潤時，將持續發展公司資源及能力，以維持企業持久性競爭優勢。 / The TFT-LCD industry is known as the “second semi-conductor industry” of Taiwan, where, thanks to joint efforts of local talents, in 2006 both the shipment volume and the output value of Taiwan’s large-size TFT-LCD became No. 1 in the world. Because the industry is situated in a competitive environment that changes drastically, there exist several important issues that deserve further study, including how to identify core resources and core competences of the companies, consider development of enterprise resource bases, help management formulate the most adequate competitive strategies, and allow companies to continuously grow and develop in the competitive environment. This study adopts the qualitative case study method, where it uses three leading manufacturers that have the largest production output in Taiwan’s large-size TFT-LCD industry in 2006 (AU Optronics, Chi Mei Optoelectronics, and Chunghwa Picture Tubes, LTD.) as the subjects of this case study to conduct in-depth research on contents of and correlation among their core resources, core competences, competitive strategies, and competitive advantages. By induction from reference materials such as existing TFT-LCD-related data and the resource-based theory, as well as case study and analysis, this study presents main findings as follows: 1. The core resources owned by Taiwan’s TFT-LCD manufacturers come from combinations of unique heterogeneous resources owned by the companies, where their most important resource is intangible resource, their most important core competence is organization capability, their main competitive strategy is the cost leadership (or concentration) strategy, and their main corporate competitive advantage is organization capability. 2. Every TFT-LCD manufacturer in Taiwan is a combination of unique heterogeneous resources, so that each company performs differently from its competitors. 3. Correlation can be found in core resources, core competences, competitive strategies, and competitive advantages of Taiwan’s TFT-LCD manufacturers: core resources and core competences of the companies are the basis of formulation and execution of competitive strategies; corporate competitive advantages result from core resources and core competences, and the main resource is core competence; when a company makes profits, it is going to continuously develop company resources and competences, in order to maintain corporate sustainable competitive advantages.

本研究探討費率自由化政策與台灣產物保險市場經營效益，利用實證資料評估產物保險公司之整體經營績效及核保利潤。本研究自保險年鑑、台灣經濟新報資料庫及保險市場重要指標，選取1998年至2006年間財務及業務資訊來進行實證分析。 依Klein (1999)分類，台灣產物保險市場屬於類似獨占性競爭市場，產物保險公司高度競爭。依實證結果顯示，實施費率自由化政策，公司自留費用率持續緩慢增加，自留綜合成本率亦呈現上升趨勢。多數產物保險公司之實際核保利潤仍大於依Fairley (1979)計算之均衡核保利潤。 實證結果摘要如下： (1) 類似獨占性競爭市場：赫芬多指數皆小於0.1，市場呈現競爭狀態。1996年後，火險及車險之簽單保費成長率似乎每四、五年會呈現負成長。另外，1998-2003年費用率與公司規模呈現顯著負相關(p=0.01)。2004-2006年，此負相關並不顯著(p=0.1)，顯示大公司漸不具有成本優勢，即產險市場之進入障礙有減少之趨勢。 (2) 成本費用支出增加：除2001年外，1998至2006年之產物保險公司自留綜合成本率介於91.09% 和 93.49%。2006年之自留綜合成本率為93.49%。2006年之產物保險公司費用率上升至40.51% 且損失率下降至52.97%。 (3) 核保利潤呈現正值：依Fairley(1979)計算之2006年預期均衡核保利潤。20家產物保險公司，17家實際核保利潤大於預期均衡核保利潤。 / This paper provides an empirical study of rate deregulation plan and profit performance in Taiwan property-liability insurance market. The data used in this study are from Insurance Year Book, Taiwan Economic Journal Data Bank, and Important Indexes of Insurance Industry (Taiwan) during the period from 1998 to 2006. Based on the classification by Klein (1999), the market structure of Taiwan property-liability insurance industry is similar to monopolistic competitive market and the property-liability insurers are engaged in intense competition. The results of this study show that the expense ratios of insurers rise slightly from year to year and the combined ratios also follow a trend of increase. The actual underwriting profits of most property-liability insurers are larger than the expected numbers estimated by using the methodology in Fairley (1979). The empirical results are as follows: (1) The market structure is similar to monopolistic competitive market for that the Herfindahl indexes are all below 0.1. The growth ratios of written premium on fire insurance and automobile insurance seem to become negative every four or five years after 1996. Besides, the negative correlation between expense ratio and the scale of economics in insurance market from 1998 to 2003 was significant at the p = 0.01 level. However, this correlation from 2004 to 2006 was not significant at the p = 0.1 level. It seems that larger insurers do not have significant cost advantages over smaller insurers in the recent years, namely the entry barriers decline. (2) The expenses and costs keep increasing. Except 2001, the combined ratios ranged from 91.09% in 1998 to 93.49% in 2006. The expense ratio increased to 40.51% while the net loss ratio decreased to 52.97% in 2006. (3) The underwriting profits of most insurers are positive. The expected underwriting profits by using the methodology in Fairley (1979) is less than the actual ones in 2006. Among the 20 property-liability insurers, the actual underwriting profits of 17 insurers were larger than their expected underwriting profits.

隨著中國大陸及東南亞照明燈具產業設備的擴增，和廉價勞力成本的威脅以及受到整體大環境的不利因素，台灣燈具照明業者持續面臨著強敵環伺的處境，無疑對燈具出口貿易更是雪上加霜。但隨著近幾年來環保意識提昇及保護環境愛地球的觀念趨勢下，各國紛紛倡導綠能生活、節能減碳，更是為本研究個案公司創造新的轉型契機。 本研究個案公司藉此一波「綠能生活」趨勢轉折點，重新尋求企業定位並調整公司營運方向，利用顧客對燈具照明需求從傳統白熾燈轉變為LED照明和結合智能科技概念，並藉此導入核心顧客關係管理之經營理念，讓行銷聚焦於”挖掘需求,解決痛點,主動積極、細緻貼心”的顧客服務，塑造堅強之顧問式銷售團隊，深入暸解金字塔最上層之20%核心顧客需求並提供解決方案，增進顧客價值最大化，讓雙方合作形成牢不可破之「夥伴與合作式的核心顧客管理」，孕育雙方命運共同體的革命情感，創造雙方共同價值及雙贏策略。 有鑑於此，本研究個案公司利用個案公司中小企業特性，在資源有限的前提 下，推廣核心顧客關係管理的過程。首先，運用Barrett(1986)提出80/20 法則定律的行銷手法，搭配Malcolm McDonald和Beth Rogers(2006)將核心客戶管理分為六個階段，接著運用HouLun和TangXiaowo(2007)指出顧客價值具有雙重屬性，即顧客感知價值和顧客資產價值。個案公司不只是提供產品創造業績的顧客資產價值，而是再升級為顧客感知價值，”挖掘需求,解決痛點,主動積極、細緻貼心”超越客戶需求的顧客服務，將核心客戶關係管理的理論與實際行銷互相配合，創造個案公司與核心客戶的雙贏。 / With upgrading lighting industry of the mainland China and Southeast Asia, the threat of cheap labor costs and the overall environment of the negative factors, Taiwan's lighting industry continues to face the situation of a powerful enemy around, the lighting export performance is getting worse without doubt. However, with the environmental protection awareness in recent years to enhance and protect the environment of the Earth of trend concept in the world, countries have advocated green energy, energy saving and carbon reduction. Meantime, it brings new opportunities of transformation for the case study company. In this case study, the company turned to the trend of "green energy" which can re-locate and adjust the operating direction of company. The company transformed the lighting trend from traditional incandescent lamp to LED lighting integrated intelligent technology concept become core customer management business. The marketing focused on "find out the needs, solve the pain points, be aggressive and positive, detailed caring service”. To build a strong consultative sales team, to understand deeply of the top 20% of the pyramid core customers’needs,to provide solutions to enhance customer value maximization, so that the corporation of the two parties can make an unbreakable "partnership and cooperative key account management" to create mutual values and win-win strategy. In view of this, the study of the case of small and medium enterprises using the characteristics of SMEs in the premise of limited resources, First of all, the promotion of core customer relationship management process, this paper divides key account management into six stages by using Barrett's (1986) marketing approach of 80/20 rule and Malcolm McDonald and Beth Rogers (2006), then using HouLun and Tang Xiaowo (2007) to point out that customer value has dual Attributes, named customer perceived value and customer asset value. Case-based company is not only to provide customers with product creation performance value of assets, but also upgrade customer perceived value. More than customers’expectation to "Find out the needs, solve the pain points, be aggressive and positive, detailed caring service”. Key account relationship management theory and the practical marketing of the interaction between the case in the company and the core customers to create win-win situation.

資訊化社會是未來發展的趨勢﹐它不僅可提高生產力與競爭力﹐且可提升 生活品質與增進社會褔址﹐銀行業務電腦化即為典型之一例。然而在享受 電腦化利益之同時﹐卻也存在著電腦化環境之各種危險威脅。如電腦軟硬 體設備遭受毀損滅失之實體危險﹐人為利用電腦系統獲致不法財務利益之 舞弊危險﹐內部人員或外部人員利用電腦遂行詐欺等各種犯罪行為﹐此等 危險均威脅著銀行之經營安全。本文之研究﹐先就銀行之經營危險作一分 析﹐其次就電腦應用衍生之相關問題加以探討﹐如電腦犯罪之定義、類型 、特質及電腦化環境之各項安全威脅為何﹖再者蒐集國內外曾發生過之電 腦犯罪案例加以檢討﹐剖析電腦系統之弱點及可能發生電腦犯罪之方式。 而就電腦犯罪危險之管理﹐除經由各種內部防弊措施、稽核控制與安全查 核的方式來預防外﹐對於事故發生後所致財務損失彌補方式上﹐亦可運用 保險之適當安排以為保障。要有效防範電腦犯罪﹐達到電腦安全之目的﹐ 首先須建立從業人員之安全管理﹐再者須配合各項電腦系統安全查核措施 加以防範。其次有關電腦犯罪危險之管理及各項應變計劃與備援措施亦須 事先妥善安排。此外﹐與電腦犯罪行為有關法令之訂定﹐獨立客觀稽核制 度的建立與電腦專業人才之培養等﹐皆有助於電腦犯罪之防範。而金融監 理主管機關若能以專責單位來偵察、處理電腦弊案﹐亦有助於電腦犯罪行 為遏阻之功效。

本研究是以個案公司為例，藉以了解企業公司盛衰起伏的背後原由。對於這些果與因，雖然不能直接以簡單的原由來歸納與說明，但其發展過程中勢必有其脈絡，可以幫助了解公司發展與適應的做法。因此本研究透過描述個案公司各項策略作為，來了解企業經營的歷程。 　　本文第貳章說明研究動機與問題，並對本研究的各項變數做必要的定義。第參章對個案公司的基本資料與背景有較多的說明。本研究主體係個案公司責任中心二(Strategic Business Unit II)，該事業單位為自動資料蒐集產業(Automatic Data Collection)的本土製造商，自1985年第一台條碼閱讀機問世至今，在產業中已將近十六年的時光。 　　十六年以來，由人機介面(Input Device)的定位，以開發個人電腦鍵盤與自動資料辨識產品(Automatic Identification & Data Capture，AID)的條碼閱讀機(Bar Code Reader)，到目前以自動資料蒐集(Automatic Data Collection)產業的主流產品攜帶式自動資料蒐集終端機(Portable Data Collection Terminal)為主的經營範疇；經銷通路從貿易商為主的型態，轉而進入經銷商與系統整合商的通路；由完全沒有產業知名度，到進入美國前十名的自動資料蒐集產業供應商。地理構形也從本土企業出發，成為跨美、歐、日與大陸都有分支機構的跨國經營。 　　從以上的說明可以了解個案公司的發展歷程，詳細的內容可以參考第參章與第肆章的兩個策略轉折點前後的各個構面分析；本文中另以競技場分析，比較個案公司歷經策略轉折點之後在體系、產業結構、產品/市場的相關位置，透過競技場分析可以讓經營者更清楚未來的策略走向。 　　本文第伍章則提出研究發現與後續研究建議，其中的研究建議較值得注意的是個案公司最新的主流產品WinCE攜帶式終端機即將進入開放式的主流環境，在開放式的主流環境對未來成長有絕對的幫助，但風險當然也就大很多。而這項經驗在個案公司早期投入個人電腦鍵盤產品時期非常類似，若能透過對個人電腦產業的反思，相信面對未來的競爭思考能有方向的指引作用。 / “The Company” has been used as an example for my thesis, that helps to understand how an enterprise been successful and going dead. Those reasons and results to be successful and dead, which maybe not easy to get conclusion from simple examples, but we did understand all possible development from those tracks. We are also possible to find the way to adapt all those changes from all tracks’ studies. 　　In this case, the chapter 2 gives the motivation and answers about the reasons to have this thesis. It also defines all variables. In Chapter 3, I give more information and back ground about “The Company.” The major studied body is the SBU II (Strategic Business Unit II) of “ The Company”. That SBU II is the Taiwanese local maker for ADC (Automatic Data Capture) industry. The SBU II produced first Bar Code Reader since 1985 and is existed in the ADC industry more than 16 years. 　　Since last 16 years, “The Company” was positioned as “Input Device Provider,” that developed the keyboard for IBM Personal Computer and Bar Code Reader for AIDC (Automatic Identification and data collection) Industry. Up to now, the business scopes of “The Company” is producing the main trend products for ADC industry, which is Portable Data Collecting Terminal. During last 16 years, the distribution channels of “The Company” are changed from “Trading Company” to “VAR (Value Added Retails) and SI (System integrators). It is also changed from “ No Named Company” becomes one of ten major players of ADC industry in USA market. The geographical point of view is also changed from Taiwanese company to become multiple locations in Europe, USA, The Mainland China and Japan. 　　The description above helps to understand the development of “ The Company”. The detailed information will refer all details in “Three Dimensional Analysis” of those two strategic turning points in the Chapter 3 and Chapter 4. In these chapters, “The Competitive Field Model” is used to compare the different related positioning between two industrial structures, Products and Markets. After that study, I hope that can guide “The Company” to be much clear the way to the future. 　　In Chapter 5, I give some comments about my own development and also give some hints for future studies. There are some key comments about “The WinCE Portable Terminals”, which are going to be the main trend products and opened architecture environment. In the opened architecture environment that is very high growth in market size and industrial business. That is of course coming with very high risky in the future. This experience is very similar with the age of IBM PC Keyboard. If we can rethink the related experience from IBM PC age that may help a lot to face all future market competition. That is one of the key reasons to have this case study.

University of Macau / Faculty of Law

本篇論文是從民主化權力重分配的角度觀察我國國防人力資源規劃之轉變，並透過一般人力資源理論印證國防人力資源策略性規劃的重要性。民主化改變了國內政治、經濟、社會面的生態結構，同時也解構了國防人力資源的強制力，使得我國的國防人力資源規劃從徵兵制為主的規劃構面，朝向募、徵併行制發展。在「精實案」與「精進案」的過程中，國防人力資源規劃在價值性、內隱性、複雜性、專屬性、稀有性、不可替代性、、、等人力資源特性方面，是否能有效兼顧並給予良好的發展，將對我國兵役制度發展有深刻長遠影響。 在民主化的過程中，權力重分配牽涉到民主化與文人統制的關係，以及國防人力資源規劃背景條件改變的成因，對國防人力資源核心競爭力與核心價值的保存與發揚均有直接或間接影響。因此，本論文也針對此部份進行比較性研究及探討，以論證國防人力資源維繫核心價值之重要性。 本篇論文係藉由民主化的演變以人力資源理論串連現行國軍人力資源規劃模式進行分析，在觀察的角度上主要以總體面及法規制度為主，希望藉由整體性角度的探討，提供國防人力資源規劃時的參考。 關鍵詞：民主化、人力資源、人力資源策略、文人統制、兵役制度、核心競爭力、核心價值