京都大学 / 新制・課程博士 / 博士(法学) / 甲第25063号 / 法博第309号 / 新制||法||182(附属図書館) / 京都大学大学院法学研究科法政理論専攻 / (主査)教授 堀江 慎司, 教授 池田 公博, 教授 稲谷 龍彦 / 学位規則第4条第1項該当 / Doctor of Agricultural Science / Kyoto University / DGAM

台灣隨著聯電與台積電陸續成立晶圓製造廠以來，帶動了整個半導體高科技產業的蓬勃發展，也因而創造了台灣的經濟奇蹟。以電子資訊業為首的高科技產業，無論在營收成長、獲利力或個人產值等方面均有傑出的表現。雖然過去，台灣高科技產業能持續在市場上生存並佔有一席之地，乃在於擁有完善的製造能力與完整的產業供應鏈。但今日，高科技產業長期的經營與運作模式已面臨嚴重挑戰。企業間過度擠壓所造成的削價競爭、產業外移，供應鏈失調等問題，正是高科技產業停滯不前瀕臨生存威脅的最大因素。因此，台灣企業該如何提升其自身的競爭優勢與經營管理能力，並且妥善運用有限的資源進而轉化成對外的競爭策略，將是企業是否能安然渡過該波擠壓洪流，而得以永續經營的關鍵成功因素。 因此，本研究將探討『台灣電腦晶片組設計業經營問題與競爭優勢分析』，藉由分析探討國內兩大電腦系統晶片組設計廠商－矽統科技與威盛電子公司的實際經營狀況，來了解台灣電腦系統晶片組設計業現今所面臨的經營問題。 針對上述探討研究方向，除了參閱多方理論文獻與次級文獻資料外,吾人亦以十多年來實際參與電腦產業經營運作的經驗，並收集分析矽統科技與威盛電子公司發展推動市場的手法，試圖來解釋分析本論文所發現的問題，同時在總結各方面的研討後，提出可能性的對策與方案，使之能在既有的核心能耐與有限的資源下，對其所擁有的核心能力加以強化及發揮，進而產生另一層的經營優勢並提昇該產業的核心競爭力。 本研究結果發現台灣電腦系統晶片設計業： 一、 台系電腦晶片組廠商目前所面臨經營上的機會與問題 劣勢與威脅部分： 1. 新產品的創新能力、類比技術及系統整合能力較差，加上電腦系統晶片組功能整合開發難度與日俱增，在國際競爭上始終無法超前國際大廠（如Intel與nVIDIA）。 2. 由於新技術能力的不足，造成產品推出時程落後；沒有新穎產品的創新能力，無法提供附加價值，不得不採取低價策略。 3. 同業間惡性競爭、下游廠商代工成本提高、獲利不佳引發財務資源不足。 競爭優勢部分： 1.台灣半導體產業專業分工，群聚效果顯著，產業供給鏈完整，對電腦晶片組產品開發設計幫助大。 2.人力素質佳，上下游產業垂直分工，能力強。 3.專業晶圓代工關係密切，並帶動上下游產業發展。 4.營運彈性大，效率高，以達經濟規模，具成本競爭優勢。 5.下游PC資訊產業為堅強支援。 6.設計技術高、能力強、產品運用靈活、整合力佳。 其機會在於： 1.大陸PC/數位消費性電子市場胃納大，台灣具同文同種優勢。 2.IA產品衍生的零組件商機。 3.業界聯盟、技轉和併購增加實力。 4.台灣矽島計畫（IP Mall）成立。 5.與中國市場提供規格制定的可能，進而能利用中國人才加強研發能力。 6.低價電腦需求持續成長，帶動低價的台灣晶片組產品出貨量。 關鍵性成功因素： 台灣廠商應持續強化其競爭優勢，使此優勢有持續性與不可取代性。因此，台灣廠商應憑藉著自身有限的資產與技術能力為競爭的基礎，採用最佳的競爭手段來對抗後進的ATi與nVIDIA的激烈競爭，如：提供更多的產品組合以發揮其綜效的產品策略、最低價產品的定位策略、利用台灣產業群聚效益的優勢發掘最有效率的製造策略等；採用正確的競爭方式以避開正面與外商優勢產品的直接競爭，如：基於目前擁有成熟的技術，運用其技術延展性的特性，積極開發新產品並鎖定中國、印度、印尼、俄羅斯及巴西等新興電腦市場之選擇。 二、 台灣廠商的整合核心技術能力普遍不及外商，尤其在整合性產品中的繪圖核心邏輯部分與類比技術；不過值得慶幸的是新技術的市場推廣往往必須花費許久時間，台灣廠商可藉此發展較便宜的產品，一旦新技術被市場接受時，迅速推廣至市場達到後發先至，後來居上的成功策略，畢竟類似的產品其價格仍佔優勢。 三、 近年來，電腦晶片組所賴以為生的上下游產業，多數廠商雖被迫遷至中國設廠以降低製造成本來爭取較高獲利，原以為此種現象將會造成台灣電腦產業群聚效益的喪失，但所幸的是新的產業群聚效益逐漸於中國的上海地區形成，就如同台灣的竹科與南科一般；因此，台灣電腦晶片組廠商仍擁有較國際大廠較佳的電腦產業群聚效益的優勢。除了該優勢外，台灣廠商若能在有限的資產與技術能力的基礎下，更持續強化其自身的競爭優勢，使此優勢具有持續與不可取代性。如此方能統合己身的資源優勢，進而得有能力來對抗後進的ATi與nVIDIA等廠商的激烈競爭。 / Following the establishment and operations of TSMC（Taiwan Semiconductor Manufacturing Company Limited）and UMC（United Microelectronics Corporation）in Taiwan, the high-tech industry of wafer production flourished and created a reputation nothing short of an economic miracle for Taiwan. In the electronic information field, it became the leading business; outperforming in all aspects showing outstanding profits, income, growth, and personal production value. The high-tech industry of Taiwan then occupied a strong-hold of the market continuously, owing to its manufacturing capability and complete supply chain. Today however, the long time operational model of this industry confronts a serious challenge because of compression among local enterprises. Prices have been cut, factories have been moved abroad, creating a disorder in the supply chain and all can be seen as life or death threatening risks to this systematic industry. The key success factors for sustainable management objectives is going to be how the Taiwanese enterprisers promote their competitive advantage; utilize their business management ability for better efficiency of factories; manipulate the limited resources; and further divert all of the above into a competitive strategy. Through analysis of actual practice and business operations of two PC chipset design house companies（Silicon Integrated Systems Corporation and VIA Technologies, Inc.）, this study will examine and predict『The operational problems related to business management and competitive advantages analysis which are in front of the PC chipset design industry in Taiwan』. Aiming at directions of above stated examinations and analysis by using my experience of participating in management and review of all aspects in PC industry for more than ten years and by reading of papers at sublevels; also by collecting marketing methods of the above two companies; I will explain the problems I have revealed. At the same time, I will provide applicable stratagem and programs for PC chipset industry of Taiwan to upgrade its core competencies and strengthen its competitive force. Results of this study are stated below: A. The operational problems related to business management and competitive advantages in front of the PC chipset design industry of Taiwan A/1: Weaknesses and Threats 1. The PC chipset vendors of Taiwan cannot compete or overtake Intel or nVIDIA in the international market until the following is addressed. In addition to extended difficulties in PC chipset integration, there is an inferior ability in the following aspects: the invention or creation of new products; analogy techniques, and system integration. 2. Due to inadequate new technologies, the new products cannot put into market on schedule. Further, without innovation of products to create added value to a product low price policy has become the only strategy. 3. Vicious competition among similar enterprisers and an increase of labor cost of factories in the production line may induce monetary crises at any point of the chain of the PC industry. A/2 : Competitive Advantages 1. Specialty divisions, clustering of the Taiwan Semiconductor industry and good supply chains all contribute a lot to the development of PC chipset products. 2. Good quality of labor and vertical division of top to bottom production are the factors which enforce the industry. 3. Close ties to the chip production manufacturers promote development of top to bottom enterprisers. 4. Flexibility of management facilitates higher efficiency to reach the economics of scale. A definite cost competitive advantage. 5. The PC information industry constitutes concerted support. 6. Design technology at high level, good capability, splendid flexibility on product applications and fine integration of these elements. A/3: Opportunities 1. Markets for PC and digital consumer appliances for Taiwan and the mainland China is huge because of population and economic growth there in recent years. Consumers share the same culture; belonging to same race also is an advantage. 2. Opportunity deriving from IA products for companies to produce peripheral parts. 3. Through alliance of enterprisers, transit of techniques and business merging is an opportunity. 4. Establishment of Taiwan IP mall. 5. To formulate protocols and define specification together with enterprisers in mainland China for a market there. Further to utilize local professionals to promote research and development. 6. Demand for low cost PCs will increase steadily which will enable Taiwan to export more PC chipset products. A/4: Key Factors for Success The Taiwan companies should continue to strengthen their competitive advantages to maintain their continuity and non replaceable character. Also apply the limited resources and technical know-how as a base of competition. Furthermore by adopting better competitive measures to confront the new more advanced competitors such as ATi and nVIDIA. These measures may include a greater product portfolio synergy; the assembly of more complex and efficient products made in Taiwan; a low cost product positioning strategy in order to avoid face to face competition; a redirection of the current mature technologies into technology extensions for products aimed at the emerging PC markets such as China, India, Indonesia, Russia and Brazil. B. The ability to integrate core technologies by the Taiwan industry is less efficient than foreign companies especially the graphics core-logic and analog techniques. It is fortunate that it often needs a long time for a new technique to appear in a market. The Taiwan companies can use this time gap between the existing mature technique and another generation of know-how to develop modified low price alternative products. Once the new technique is accepted by the market, it can be spread to the market with a faster speed to achieve a better result. After all, prices of similar products still occupy the good position for profit. C. In recent years many factories, from top to bottom producers were forced to move to the mainland China in order to lower the cost of their production for higher profits. At first it was thought that these phenomena may cause the disappearance of industry clustering in Taiwan adversely affecting the supply chain. Fortunately the outgoing factories were clustered in the Shanghai area very similar to Hsienchu Science Park and Southern Taiwan Science Park in Taiwan. The PC chipset design industry of Taiwan can thus still maintain their clustering advantages to confront the big factories world wide.

保戶行動主義，也可以說是保單持有人行動主義，係指為因應保險監理國際化，兩岸監理平台的建立，及長年期保險商品的特殊性，對於積極的保單持有人，經由參與公司治理的方式，保障自身的權利。 保戶行動主義的內涵，為將相互保險公司中，保單持有人參與公司治理的模式引導至股份保險公司之中。其目的為促成保單持有人、監理官及保險公司三贏的局面。對於保單持有人而言，為積極性的權益維護，可分為三個方面：第一，因應投保後所產生的問題；第二，取代現行機制對於保單持有人保障可能的失靈或僅是消極性的事後補救措施；第三，鼓勵保單持有人與公司溝通，符合國際上的治理原則。對於監理官而言，則可降低政府對於保險業的監理成本，也就是，政府為維護保單持有人的權益及維護資金的安全性，對於保險業採用高度監理所衍生的成本。對於保險公司而言，除了經由保戶行動主義，得以降低監理強度，而增加公司的市場競爭力之外，也可藉由與保單持有人的溝通而建立正面形象，設計符合客戶需求的商品，進而創造新業績。 本研究將保戶行動主義的制度設計分為規範與架構兩方面，在制度規範形成上，採用寇恩所倡議的反思法法理；在架構設計上，則採用史特姆所建議的制度公民及觸媒組織的架構。公司治理分為內部治理與外部監理，經由反思法的自反性、同源互生性與原則性，將能加強內部治理的自律性，進而降低外部監理的強制性。然而因自發性或反思性形成規範必須經由多數人的討論，為達對話效率，則輔以電子治理網站為對話平台，並在觸媒組織中提出以「核心專家群」為網站的主導者，且為充分對話後的主要決策者，如此將可有效率的形成與廣大保單持有人的對話機制，並尋求多數人的共識，並可增加資訊揭露的透明度。 保戶行動主義中，保戶公民選任保戶董事作為代表，而對話機制則為整體制度成效的關鍵，總共分為四個層面，第一稱為保戶行動主義與法律的對話，論述保戶董事委任關係的法律性質，以及對核心專家群委任的法律性質；第二為保戶公民間的對話，著重對話品質的管理；第三為為保戶行動主義與監理的對話，藉由監理策略形成監理法規的二元規範；最後以保戶董事與股東董事間的對話機制，作為保戶行動主義與股東行動主義對話的代理行為。 為驗證保戶行動主義的有效性，本研究建構其對於治理效率與治理賽局的實證模型以用於未來的實證研究，最後並以兩岸間的弱體保險公司為個案作為說明保戶行動主義應用上的利益實效，為質性上的說明。 / Policyholder activism is to cope with the globalization of insurance supervision, the establishment of the supervision platform between Taiwan and Mainland China, and the special features of the long term insurance, in order for the active policyholders protecting their rights by participating the corporate governance. The connotation of policyholder activism refers to introduce the role of policyholders in mutual life company into the corporate governance for the stock life insurance company. It is of the all-win purpose among the policyholders, the regulator, and the insurance company. For the policyholders, it is to actively safeguard the interests of policyholders, and could be achieved by three aspects, first of all is to avoid the arguments after issuing policy; secondly is to provide an alternative to current mechanisms for the policyholders which might be failure or just a passive response afterwards; the final is to comply the global governance principle by encouraging policyholders to communicate with the corporate. For the regulator, it is to reduce the supervision costs which mainly maintain the rights of policyholders, and the security of the funds. For the insurance company, it is not only by reducing supervision power, in order to increase the market competitiveness, but also by communicating with the policyholders, in order to create the positive image, to know the needs of customers and then to increase the performance. In this study, the structure of policyholder activism is divided into the aspects of norms and framework. This study adopts the reflexive law proposed by Jean Cohen for the norms strategy, and the concepts of institutional citizenship and catalyst group proposed by Susan Sturm for the framework design. Basically, the corporate governance system can be separated into internal governance and external supervision. By three properties of the reflex law, the reflexive, the co-original and the principled, will strengthen the regulated self-regulation of internal governance into norms, thereby reducing the enforcement of external supervision. However, reflex law requires through the democracy process from people discussion to complete the norms, to improve efficacy of discussion, the platform of electronic governance (e-governance) is supposed to be applied. For this purpose, this study introduces “core expert group” in the organizational catalysts as a manager and the decision maker after fully discussion. Then it will become an efficient dialogue mechanism for the consensus with the majority of policyholders, and for the more transparency of the disclosed information. For policyholder activism, the policyholder-director(s), on behalf of the institutional citizenship of policyholders, is(are) elected, therefore the dialogue mechanism is the key of the all, it can be separated into four levels; the first level is called the “dialogue between policyholder activism and the law” which discourses the issues of the legal nature for policyholder-director who appointed by two parties, and the core expert group; the second level is called the “dialogue among policyholders” which focuses on the management of quality; the third level is called the “dialogue between policyholder activism and supervisors” to build the duality of norms by regulation strategy; and the final level is called the “dialogue between policyholder activism and shareholder activism” which represented by the dialogue mechanism between the policyholder-director and the shareholder-director. To validate the effectiveness of policyholder activism, this study constructs the models of performance and game theory for future empirical study. This study finally selects two cases of the impaired insurance companies each in Taiwan and Mainland China, and then discusses the qualitative benefits for the application of policyholder activism.

本研究之個案公司其專業於微波通訊零組件之代理銷售，及配套完整測試方案之整合。目前公司市場範圍延伸至商用與消費性市場，且合作夥伴分佈在台灣、大陸甚至歐美各國。企業面對全球化競爭，若要在世界經濟舞台上扮演重要角色，其中關鍵成功因素之一就是供應鏈夥伴建立緊密的關係。 以本研究之個案公司而言，其專業於微波通訊零組件之代理銷售，及配套完整測試方案之整合。近年來行動世代的崛起，更加速無線射頻通訊技術的革新，目前公司市場範圍延伸至商用與消費性市場，且合作夥伴分佈在台灣、大陸甚至歐美各國，因此供應商與客戶之間的合作與公司策略有密不可分的關係。 本研究藉由個案分析方法，得到以下結論：(一)供應商攻入客戶需掌握的要點，包括己之能力與價值、客戶需求、與客戶達成之共識並發展解決方案、服務之擴大與產品之提升。（二）供應商對於穩固客戶關係需考量之因素，包括產品品質、產品價格、產品交期、服務與信賴關係、進入障礙。 透過本研究結果作為供應商訂定營業策略時的參考，藉以提升供應商能力，增加攻入客戶的機會，並加強客戶與供應商的互動，提高客戶忠誠度並維繫客戶關係，以期獲致最大利益。 / The case company specialize in sale agent in microwave communications components, and supporting complete solution. Currently, the company extend its marketing range to the commercial and consumer markets, it has partners in Taiwan, mainland China, Europe and the United States. Companies face global competition, each of them wants to play an important role on the world economic stage. The key is to establish a close relationship to supply chain partners. This study explores how the case company meets clients needs by their own ability and value on the basis of Resource-Based theory. The relationship between companies and their clients is a special “strategic partnership”. The relationship let company make good use of the core competitiveness in procurement process, maintain a dominant position, thereby affect the clients or industry. This study using case analysis has the following conclusions: (a) There are five points in establishing relationships with clients by supplier, including “our own ability and value”, “clients need”, “the consensus with clients and develop solutions with clients” and “expand the services and products”. (b) There are five points in solidifying relationships with clients by supplier, including “product quality”, “product price”, “product delivery”, “service and relationship of trust”, “barriers to entry”. Suppliers can formulate strategies through the conclusion to enhance its capability, increase the chance of establishing clients, enhance interaction between clients and suppliers, increase clients loyalty, maintain relationship with clients and earn more profit.

本研究運用網絡理論與資源基礎的觀點，探討影響不同集團子公司間多點合作的因素，期望對於網絡與多點合作的理論有所貢獻。經文獻探討與個案研究歸納整理出涵蓋多元層面，包括公司、二元與集團層面，以及關於資源、夥伴關係和網絡等重要特質的理論架構。 本研究以問卷調查的方式，針對台灣金融集團蒐集資料，隨後共由36家金融保險公司獲得125筆有效樣本資料，分析結果發現公司的企業資源、集團的系統資源及其互補性，地位相似、信任與合作項目影響多點合作。此外，網絡結構之核心地位亦扮演影響多點合作之重要因素。 最後，本文提供若干理論與實務意涵、研究限制和後續研究建議。 / This thesis combines network theory with resource-based view to explore the factors that drive multi-point cooperation between two specific firms in different business groups. Accordingly, this study intends to make a contribution to the implication on network theory and multi-point cooperation. After literature reviewing and case study, the thesis develops a multilevel model, including the firm, dyad and group levels, and relating key properties of resources, partnership and networks to multi-point cooperation. Utilizing survey research, and using 125 data from 36 firms on financial groups in Taiwan, the finding indicates that the likelihood of financial and insurance companies’ multi-point cooperation is related to the business resources, system resources of the business group and its complementarity, status similarity, trust as well as their collaborative items. Network centrality arising form firms’ structural position also plays a very important role in the formation of multi-point cooperation. In addition to theoretical and managerial implications, limitations and future research questions based on the findings and suggestions for future research are also provided.

在資本主義盛行之今日，「公司治理」已成為舉世矚目之焦點。自從1997年亞洲爆發金融危機後，許多國際組織、非政府組織及亞洲經濟體投入大量的資源與時間研究此一議題，認為完善的公司治理是提昇企業策略能力及國際競爭力的最佳良方。在台灣，隨著資本主義盛行的浪潮，近二十年來產業轉型、高科技事業蓬勃發展的幕後功臣，除了政府主導科技研發計劃與租稅優惠及專案補助措施外，首推「創業投資業」；創業投資業之所以成為台灣高科技產業之推手，主要在於其「投資後管理」之積極性、策略性功能。根據經濟合作暨發展組織（OECD）於2002年所發表之研究報告顯示，創業投資業投資額佔GDP比率與該國公司治理績效之評比成正相關，由此可見創業投資業對提昇公司治理的貢獻。 本研究之目的在探討創業投資業於各投資階段，增進轉投資事業公司治理之最佳實務作法，期能提供我國創業投資業者參酌、運用，以發揮其對被投資公司積極、正面之監督控管功能，並符合公司治理的四個基本原則：公平性（Fairness）、透明性（Transparency）、課責性（Accountability）、責任性（Responsibility），建立二者間良性、穩定的溝通模式及信賴關係，讓創業投資業繼續為台灣產業競爭力加分。 「創業投資」（Venture Capital）又稱「風險投資」，而專為投資於高科技、高風險、具發展潛力且成長快速之事業所募集之資金，則為「創業投資基金」（Venture Capital Fund）。創業投資的投資模式是在高風險、高報酬的前提下，對具成長潛力的被投資公司提供中、長期資本及經營、資源、網絡的加值服務，協助投資標的快速成長，克服各項經營問題，申請上市櫃，以實現其高額之資本利得；因此，創業投資業與被投資公司間之投資關係，是建立在相互合作之互信基礎，互謀長期最大利益，而創業投資業最重視的則是，投資資金是否能順利回收及獲利，被投資公司的獲利是否有如預期、體制運作是否健全，進而進入資本市場，讓其所投入之資金有退出機制。 公司治理 (Corporate Governance) 這個議題是從美國發展出來的，當初國內學者對該名詞的翻譯不盡相同，有譯為「公司管理」、「公司治理」者；亦有譯為「公司監控」、「公司管控」者；在台灣統稱為「公司治理」，以兼顧管理、監控及自治、自律之功能。依據中華公司治理協會之定義：「公司治理是一種指導與管理的機制，以落實公司經營者責任為目的，在兼顧其他利害關係人利益下，藉由加強公司績效，保障股東權益」。 良好的公司治理必須符合四個原則，分別是公平性 (Fairness)、透明性 (Transparency)、課責性 (Accountability)以及責任性 (Responsibility)。公平性指的是對公司各投資人以及利益相關者予以公平合理的對待；透明性指公司財務以及其他相關資訊，必須適時適當地揭露；課責性指公司董事以及高階主管的角色與責任應該明確劃分；責任性則指公司應遵守法律以及社會期待的價值規範。 依據OECD公司治理原則之說明，良好的公司治理具有：提高經濟效率、降低資金成本、健全財務結構之基礎等功能。 在台灣，上市公司與大多數國家一樣，公司的所有權結構大都傾向於具有控制股東，而控制股東會透過金字塔結構、交叉持股與互為董事等方式而達到控制公司的目的，在此情況下，控制股東極可能透過利益輸送和掏空公司資產等方式，剝奪奪小股東的財富，並衍生道德危機與逆選擇的相關代理成本，而引發核心代理問題。 本研究發現創業投資業推動公司治理之誘因如下列： 一、期藉由灌輸經營團隊公司治理--「課責性」及「責任性」之基本原則，塑造正確之價值觀，建立企業長治久安之基礎。 二、強調公司治理--「公平性」之基本原則，保障少數股東之權益，維護創業投資業持有股權之股東權益及價值。 三、確信良好之公司治理會提昇轉投資事業之獲利能力及市場價值，同時增加創業投資業退出時所獲之資本利得。 本研究發現創業投資業評估轉投資事業公司治理之重點如下列： 一、轉投資事業之財會數據之正確性、可信賴度及資訊透明度、詳細度。 二、轉投資事業股東成員、股權結構及背景，及具實質影響力之股東特性。 三、轉投資事業董事會運作之情形，如：董事會成員、董事選任方式、董事會議題及會議進行模式。 四、轉投資事業經營團隊之商譽及誠信度，各項法令之遵循程度，公司章程之適法性及可執行程度。 五、董事會、董事長、總經理之權責劃分是否適當及課責性是否落實。 六、轉投資事業之會計制度是否建立且落實執行，以避免轉投資事業做假帳，並確保能按時提供財務報表。 本研究針對創業投資業推動創建期事業公司治理之方法建議如下： 一、建立企業主正規之「公司法制」觀念。 二、正視「公司章程」之法律地位及重要性。 三、導入「股份有限公司」之運作機制，建立「股東會」、「董事會」及「監察人」之基本功能及符合法令規定之決策模式。 四、建制符合「內部控制機制」之作業系統及程序。 本研究針對創業投資業推動擴充期事業公司治理之方法建議如下： 一、善用「公司章程」及「法令規章」解決「核心代理問題」。 二、強化「董事會」、「監察人」職能，推動「上市上櫃公司治理實務守則」。 本研究針對創業投資業推動成熟期事業公司治理之方法則建議由實踐股東行動主義著手；包括： 一、創投業於投資前，應確信公司治理之重要性，將投資標的推動公司治理之績效，納入投資組合考量。 二、執行投資後，創投業應經常與公司重要股東與經營階層充份溝通及於董事會、股東會中充份表達意見，以促使公司控制股東及經營階層重視少數股東之權益。 關鍵字：創業投資業、創建期、擴充期、成熟期、公司治理、核心代理問題、控制股東、公司章程、股東會、董事會、監察人 / According to the OECD research report released in 2002 that existed a positive relevant between the investment amount of venture capitalist to the GDP and the corporate governance performance in the most countries worldwide. The contribution of venture capitalist for the corporate governance is obviously numerous. The objectives of this thesis is intend to research venture capitalist how to enhance the investee corporate governance in the investees’ start-up, development, maturing stages practicably. Basing on this study, both of the venture capitalist and the investee can conduct a beneficial and stable communication manners and relationship. In Taiwan, most of the listing companies are same as the developed countries; the majority shareholders almost constitute the whole shareholders’ structure and possess the great majority voting rights. Under this circumstance, the majority shareholders instinctively intend to create the arms-in-length transactions to deprive the minority the shareholders’ benefits and wealth, and cause the core agent problems. The study was conducted by analysis, induction, and case study methodology covering three samples of venture capitalist. The results of this study are follows: 1.At the investees’ start-up stage, the measures of venture capitalist enhances corporate governance are listed as below: 1)Educating the business owner to establish the corporate legal concept. 2)Paying much attention about the article to follow the company law. 3)Introducing and following the company law’s operating structure, and establish the “shareholders”, “board of directors” and “supervisors” basic functions and decision model. 4)Establish the internal control system and procedures. 2. At the investees’ development stage, the measures of venture capitalist enhances corporate governance are listed as below: 1)Practicing the article and regulation to overcome the core agent problems. 2)Empowering the board of directors and supervisors function, and progressing the “Corporate Governance Best Practice Principles for TSEC/GTSM Listed Companies” in the investees business running. 3. At the investees’ maturing stage, the venture capitalist suggested to practice the shareholders activism; for example: taking the corporate governance performance into the investment evaluation. Key Words: venture capitalist, start-up stage, development stage, maturing stage, corporate governance, core agent problem, majority shareholders, article, shareholders’ meeting, the board of directors supervisor

策略的目的是在特定的競爭環境中，憑藉企業的特質條件為它創造競爭地位或發展的方向，也就是創造具競爭性的差異優勢，使企業得以順利發展和持續成長。在競爭的環境中，組織能耐常會隨著時間經過而演化；演化的方式會隨著技術本身的特性、外部市場競爭強弱、與內部的組織與管理特性的差異，而有所不同。除此之外，體制環境會影響整個產業內的創新速率，因而對廠商的能耐演化造成影響。但是在環境急速變動的情況下，組織能耐要完全由內部產生不但不可能，而且其速度亦嫌過於緩慢，再加上現代企業的專業分工網絡，企業必須與客戶、供應商、甚至競爭同業合作，以獲得相關的資訊與技術；在企業的發展歷程中，如何有效提升內部經營管理及促進組織之間的知識交流與能耐移轉，便成為組織管理的重要課題。 本研究以一家台灣本土醫藥公司，在台灣生技製藥產業的架構下，創業、轉型、成長的發展歷程，仔細描述影響企業發展的關鍵因素 ─ 企業策略轉變、環境變動、能耐演化，以及企業內部管理提升，彼此之間如何相互配適，並塑造出企業的獨特發展路徑；茲藉由個案公司過去的回顧，描繪其成長的軌跡，作為其未來發展路徑的參考。 / Under the favorable government policy support and a well-established regulatory environment, there are more and more new start-up companies established in Taiwan biotechnology and pharmaceutical industry in the past dacade. However, most of the new emerging companies are still facing very difficult situation. New drug discovery is one kind of long-term time-consuming and heavily cash-investment-needed business. Besides, Taiwan is a small market in the world. The market potential can not afford to develop a R&D based local pharmaceutical company. However, biotechnology and pharmaceutical industry is a very diversified and versatile industry. Under such circumstances, how does a biotech and pharmaceutical company make use of the limited resources and scarce capital assets to identify the niche market, create a new business model, develop the corporate competence, and construct the internal operation to strengthen the core business and secure a sustainable growth in the industry? Besides, due to the evolution of the modern tools including genomic science, bioinformatics, high-through-put screening machine, and gene therapy, the speed of new drug discovery becomes much faster and much more efficient, but the product life cycle also becomes much shorter. How does a local company play in such a highly competitive, technically professional, and dramatically changed environment? This study tracks the growth path of a local pharmaceutical company to show how the key factors, which are, environmental uncertainty, the development of core competence in the firm, and the choice of a successful strategy by top management and the organization, can be manipulated in the entrepreneurial firm that grows rapidly and formalizes its structure and internal operation. The growth path of the company in the past years could be interpretated as the mutual interactions (dynamic fit) of those key factors. Evenmore, the interaction consequences influence the strategic intent to confront the changing environment, and facilitate the practice of the law and the establishment of a government policy. Besides, in order to improve the whole healthcare system in certain medical care, the company develops a new operation model to run the specific business. Traditionally, most pharmaceutical companies are pursuing market-oriented product management, instead of sales-oriented business management. Nowadays, most multi-national firms are actively involved in disease management to expand the market share of certain disease. However, how to integrate the healthcare system and strengthen individual disease management under the specific healthcare system has become a new operation model of a pharmaceutical company to a specific market segment. The company has to work together and closely with the stakeholders, such as health authorities, medical societies, patient associations, healthcare personnel, and the patients themselves to improve the whole healthcare system and even the policy of the law, regulatory, social, and welfare system in the specific medical care, as well.

很多行為的建構基礎是來自酬賞動機，而個體的行為表現通常是動態的歷程，其中對酬賞物的“價值”比較，是決定行為是否輸出或輸出多少的重要關鍵。在鼠類的動物行為模式中，可以利用甜液舔飲來進行這種對比(contrast)歷程的實驗。在受試可先後獲得兩次舔飲機會的實驗情境中，若兩管濃度皆為4%的蔗糖液先後間隔特定時距出現，受試會隨訓練天數增加而增加對兩管糖液的舔飲表現。若第一管4%蔗糖液之後會呈現濃度較高的32%蔗糖液，受試舔飲第一管同為濃度4%蔗糖液的表現會隨訓練天數增加而先增後減。這兩組受試對第一管糖液的舔飲量差異，即稱為預期性對比效果。一般認為此現象是受試等待與預期較高酬賞價值的糖液，而抑制當前較低酬賞價值糖液的舔飲。過去對此現象的研究主要關注在行為層面的探討，然而其相關神經機制的研究並不多，本研究的目的即在於探討與習得或形成預期性對比行為有關的神經機制。一般認為預期性對比效果的習得包含多階段的歷程，可能與多種心理行為面向有關，因此很有可能是經由多元性的神經機制參與。預期性對比效果的形成與否與兩糖液呈現的間距長短有很大的關係。本研究實驗一以0.5分鐘、2分鐘以及6分鐘三個不同的糖液間距引發的預期對比效果，從當中選取可有效形成預期性對比效果的0.5分鐘為實驗二糖液間距的依據。實驗二分別以興奮性神經毒素破壞依核核心區、眶前額皮質區以及杏仁體基側核區等三個神經區域。結果顯示杏仁核基側核區破壞不影響預期性對比效果的習得，而依核核心區以及眶前額皮質的破壞使受試無法習得預期性對比效果。綜合以上結果，預期性對比效果的習得是依靠有效的糖液呈現間距去進行酬賞比較，腦中依核核心區及眶前額皮質區與該種對比有關。 / Many types of behavior are constructed on the basis of reward motivation, which can be run in dynamic processes. Among those processes potentially involved, the reward comparison is a key determinant for the magnitude of behavioral output. The licking of sweet solution in the rat can be used as an animal model to investigate the contrast effect derived from reward comparison. In which, the subjects presented two sweet solutions in a sequential order each day may suppress intake of the first solution if the second solution is preferred. This phenomenon is termed anticipatory contrast effect (ACE). It is hypothesized that ACE could be built via an inhibition process associated with subject’s waiting for a preferred solution as presented by a less preferred solution. Most of the previous studies were mainly focused on the behavioral aspects of ACE. The present study intended to investigate the neural mechanisms of ACE. In considering that the formation of ACE requires multiple-stage processes, this study presumed that more than one brain area could be involved in mediating those psycho-behavioral processes. Experiment 1 was intended to establish behavioral model by manipulating the effectiveness of different inter-solution interval (ISI; 0.5, 2.0, and 6.0 min). The results showed that the ISI of 0.5 min is the critical parameters for the successful formation of ACE, which was then applied in Experiment 2. Experiment 2 investigated the effects of excitotoxin lesion conducted by ibotenic acid in the nucleus accumbens core (NACc), orbitofrontal cortex (OFC) or basolateral amygdala (BLA) on the acquisition of ACE. The result showed the rats with NACc or OFC lesion significantly failed to acquire ACE, but no such impairment appeared to BLA lesion. Together, these data suggest that the formation of ACE is depended upon the ISI leading to an effective reward comparison, and the NACc or OFC is involved in such a contrast processing.

字彙的誤用，是台灣英語學習者易犯的毛病之一。由於中文與英文字詞並非呈現一對一的語意對應，加上國中英語教師多年來習慣要求學生以記誦中文意思的方式學習英文單字，導致學生常有用錯字的狀況發生，並造成語意上的誤解。有鑑於此，本文作者盼能以語料庫英語教學來改善這些現象，並以see, watch ,look三個意義相近字彙的區辨為例，呈現出完整的教學過程，供英語教師教學或學習者自修參考。 在教學前，教師應根據學生英文程度與教學需求，先行篩選並編輯語料，以利學生學習。在課堂上，藉由這些語料的呈現，讓學生觀察其中的規律性；透過問題的解決，用認知的手段讓學生觀察該字彙出現的語境及其易連結的字串；並以測驗的方式檢測學生的理解程度。此外，本文亦詳細歸納這三個單字的使用時機，並提出實用的區辨方式。 作者盼能藉由語料庫英語教學的實施，增強英語學習者的學習意願。透過類似活動的投入及參與，學習者將不再只是訊息接收者，而能藉由觀察來創造自己的知識、增進對英文的掌握度。 / In Taiwan, many EFL students have difficulty using the proper vocabulary at the right time. Due to the fact that Mandarin and English vocabulary are in a one-to-many semantically-corresponding relationship, and that Taiwanese EFL students are often taught to learn English vocabulary by memorizing its Mandarin equivalent, students often have difficulties choosing proper English equivalents in different contexts. Besides, the arrangement of junior high school English curriculum has made it even more difficult for students to learn vocabulary accurately. Because the improper use of vocabulary often brings about confusion or misunderstanding, a practical method is needed to cope with the concerned problems. Nowadays, Computer-assisted Language Learning (CALL) has been a trend. In this study, the researcher will take “see, watch, and look at” as examples to show a corpora-based teaching procedure. Subjects are 8th graders in junior high school. The scope of the research is confined to the prototypical meanings of these verbs; it is believed that students should possess the basic knowledge about these verbs before they continue to learn other extended meanings. Before the class, the conordance lines are selected and carefully edited by the teacher to meet the needs of the course. In class, consciousness-raising tasks, combined with quizzes and complementary materials, provide students with comprehensive knowledge about the three verbs. After the activities, crucial information of the verbs is clearly exhibited, and useful methods are also presented to help distinguish the verbs. With the “context providers”, namely, the corpora, both teachers and students are provided with authentic and plentiful examples, which are often insufficient for Taiwanese EFL learners. Through the participation of these activities, students become participants and create their own knowledge. It is hoped that with the assistance of data-driven learning (DDL), EFL teachers will then be able to provide their students with not only more reliable information, but more constructive and systematic instruction.

本論文主要在探索作為產業組織核心之「公司」，將其知識以公開或特定之標準或程序加以模組化(modularization)後，進行公司內部與外部以產品開發為主之知識分工(division of knowledge)與再用(reuse)活動，因而衍生的組織與管理問題，以及公司間知識移轉與學習問題。並希望藉由產業實證，發展以「知識模組化與再用」為基礎之技術創新理論。 研究過程採取紮根理論，針對了軟體產業四家公司與半導體設計業四家公司，分別就其採取軟體元件與矽智財之模組化創新現象進行深入訪談研究，進行編碼過程，將觀念類別抽象化為「績效與競爭力」、「研發知識模組技術力」、「知識模組再用力」、「知識模組平台演進力」、「組織政策與文化」、「產業基礎模組主導者之引導力」、「市場異質性」、「知識模組交易/交換成熟度」及「產業中介組織推動力」等九項。 根據實證發現，知識模組創新公司企業常規為(1)採取知識模組再用平台為核心之產品/服務創新模式；(2)以平台為考量之組織構型設計；(3)建立四項公司內部重要能力—包括研發知識模組技術力、知識模組再用力、知識模組再用平台演進力、及組織政策與文化。至於影響產業知識模組交換/交易之因素，則為(1)開放之平台知識模組來源；(2)營造利於知識模組再用之供需脈絡；(3)妥善運用產業網絡。 有關理論之建構，本研究選擇「平台經濟性」作為核心類別，並以「知識模組動態組合價值性」作為演化準則，經由主軸編碼與選擇編碼等程序，發展出九項命題，藉以建構「平台經濟性創新(economies of platforms innovation)」理論。根據該理論，本研究指出知識模組創新公司，可依據能力審視、能力構築、能力持續等三階段，建構其動態核心能力。 本研究最後針對產業與政府等實務界，提出綜合性建議如下： 一、對產業界之建議 應注意與學習辨識所處產業是否正進入後產業化階段之分合(dis-integration)過程所產生之知識分工趨勢，並參考本研究所提出之「平台經濟性創新理論」，研擬以「平台經濟性」為基礎之知識模組化創新策略。同時，應積極運用知識模組供需脈絡與產業網絡之力量。 二、對政府產業政策之建議 針對協助個別企業提升內部能力方面，可加強輔導企業發展以知識模組再用平台為基礎之研發計畫，並且建立標竿案例與最佳實務，以提供企業導入「平台經濟性創新策略」之參考。同時，針對有主導潛力之知識模組創新企業，協助其深化發展產業主流平台。 此外，與國際相較，台灣知識型企業之規模仍屬偏小，政府輔導機制可加強推動國際級產業基礎模組主導者與國內業者結盟、輔導建立夥伴廠商體系(e.g.旗艦計畫)、輔導建立知識模組交易/交換機制、協助釐清知識模組之智慧財產權爭議、以及積極參與國際標準制訂，並快速擴散相關資訊與技術供產業參考等。 / Knowledge modularization is a popular phenomenon in knowledge-based industries. This study explores issues related to companies, which use open or specific stan-dards/procedures to encapsulate their knowledge into modules, and then use such mod-ules to pursue internal and/or external division of knowledge and knowledge reuse activi-ties, for the purpose of developing products. The said issues include the organization and management issues, as well as knowledge transfer and learning. Through the process of empirical field investigations this study aims to develop a new technological innovation theory, which is based on knowledge modularization and reuse. This study adopted the Grounded Theory, together with case studies, as the main methodology to guide the research process. Eight companies were selected as case stud-ies, which included four companies from the software industry and four design houses from the semiconductor industry. We interviewed these companies to discuss in-depth modularization innovation concerning software components in software industry and silicon intellectual properties (SIPs) in the semiconductor industry. The collected data is differentiated into nine conceptual categories, which are the (1) performance and com-petitiveness, (2) technology capabilities for developing knowledge modules, (3) capabili-ties for reusing knowledge modules, (4) evolution of knowledge module platforms, (5) organization policy and culture, (6) leadership in terms of basic industry modules, (7) market heterogeneity, (8) maturity of knowledge module transactions/exchanges, and (9) promotion of intermediary industry organizations. According to the study's findings, knowledge module innovation companies usually adopt the following procedures : (1) use knowledge module reuse platforms as the core of product/service innovation models; (2) organization structure design based on platforms; establish four internal capabilities, including (i) enhance the technology capabilities for developing knowledge module, (ii) reusing knowledge modules, (iii) speed up the evolution of knowledge module reuse platforms, (5) establish organization policy and culture. As for factors impacting industry knowledge module exchanges/transactions, these include 1) knowledge module sources for open platforms, 2) create supply and demand beneficial to knowledge module reuse, 3) making good use of industry networks. Regarding the formation of a theory, the “economies of platforms” are used as the core category, and develop the “dynamic combination value of knowledge modules” as a criterion of evolution. Through axial and selective coding, nine propositions are devel-oped to support and construct the theory of "economies of platform innovation". Accord-ing to this theory, the study finds that knowledge module innovation companies can build their dynamic core capabilities through three phases, including capabilities positioning, building up capabilities, and sustaining capabilities. The study also proposes several suggestions for the industry and government: 1. Suggestions for the industry: Companies should closely watch and learn to recognize whether the structure of the industry in which they operate is entering a dis-integration process leading to division of knowledge. If so, the companies can refer to the theory of "economies of platform in-novation", to take action on knowledge module innovation strategies based on the economies of platforms. Meanwhile, they should utilize the power of the sup-ply-demand of knowledge modules and industrial networks. 2. Suggestions for the government's industry policies: For the purpose of helping individual firms raise their capabilities, the government could improve R&D assistance programs focused on the establishment of knowledge module reuse platforms. The government can also establish benchmarks or best practice cases as references for companies who would like to adopt innovation strategies for economies of platforms. Furthermore, knowledge module innovation companies with the potential to become industry leaders can be further assisted in developing mainstream industry platforms. Besides, compared with international companies, the scale of knowledge-based companies in Taiwan is small. Therefore, the government can strengthen its efforts in promoting alliances between international industry leaders and Taiwanese companies, help Taiwanese companies to establish strategic partner networks, assist companies in establishing transaction/exchange mechanism for knowledge modules, clarify issues re-lated to intellectual properties of knowledge modules, participate in international stan-dards bodies, and provide up-to-date and relevant market and technology information.