本論文嘗試解決在文獻上估計生產函數時所產生內生性及樣本選擇的問題。在模型設定上，我允許生產函數存在未觀察到的生產力，並引入技術無效率。在隨機邊際模型架構下，我利用 Olley and Pakes (1996) 及 Levinsohn and Petrin (2003) 所提之演算法先行解決內生性的問題。之後再利用關聯結構法 (copula method) 將樣本選擇問題考慮至生產函數中。如此，既可解決生產函數時所產生內生性及樣本選擇的問題，又可在此基礎上估計技術效率值。另外，根據本文所提之估計方法基礎下，我們透過共同邊界分析法 (metafrontier analysis) 比較留下 (stayer) 與離開 (exit) 市場廠商的技術效率與技術差距比率 (technology gap ratio, TGR)。 / Plants in Taiwan’s manufacturing are characterized as small- and medium-size with frequent exit and entry and the scale of survivors varies considerably with business cycles. Plants' choices on whether to exit or to stay and continuing plants' options on input quantities count on both technical efficiency and productivity. This entails a selection and a simultaneity problems in the estimation of production frontiers. This dissertation proposes a new approach to solve both issues under the framework of the stochastic frontier approach. More specific, we extend Olley and Pakes' (1996) and Levinsohn and Petrin's (2003) approaches to a stochastic production frontier and use copula methods to deal with simultaneity and selection at the same time. Based on the proposed method, we further conduct a metafrontier analysis to compare the technical efficiency and technology gap ratio between exit and continuing firms, which are operating under different technologies and subject to simultaneity and selection. The data of Taiwan’s electronic and food products industries are arbitrarily chosen to illustrate our empirics. Some results are obtained in this dissertation: first, the proposed model solves the problems of simultaneity and selectivity in the production function that exists in ordinary least square estimation; second, there is a serious downward bias in technical efficiency when the conventional stochastic frontier approach ignores simultaneity or sample selection problem; third, the results of metafrontier analysis find that, there is little difference in technology gap ratio between exit and continuing firms. The primary determinant on whether a firm can keep operating in the industry is its managerial ability, rather than its adoption of technology.

本文採民國94、96、98、100、102年的台灣 「人力運用調查」 資料庫, 以關聯結構法找出組合誤差間的關聯結構密度函數與聯合機率密度函數, 建構隨機邊界關聯結構模型, 解決勞動市場上樣本選擇性問題。 之後分別針對男性及女性估計薪資方程式, 探討每位勞工的薪資效率程度。 本文男、 女性的勞工各按年齡、 工作經驗、 職業、 行業、 教育程度、 公司規模、 工作身分、 婚姻狀態、 工作地分為9大類, 在各類中分群比較薪資效率。 實證結果顯示, 公司規模、 工作身分、 工作地等 3 類, 不論有無考慮樣本選擇, 同一性別中的薪資效率變動趨勢大致一致, 但其餘 6 類, 有考慮樣本選擇的薪資效率變動明顯不同於未考慮樣本選擇。 在考慮了樣本選擇之後的實證結果大多打破以往文獻的預期, 可能是因為過往文獻探討薪資效率時, 大多未考慮樣本選擇, 即將無工作者樣本完全排除, 導致迴歸分析結果僅適用於有工作者。 除了探討薪資效率外, 本文也嘗試在隨機邊界法的架構下, 提出一個衡量性別歧視的新觀點, 將兩性薪資無效率的差異視為一種性別歧視。 若以新觀點衡量台灣的勞動市場, 會發現這5個年度中, 薪資差異幾乎可以完全歸諸於性別歧視。 這顯示即使兩性的薪資差異雖然逐年縮小, 但性別的刻板印象仍存於當今的台灣勞動市場, 造成明顯的性別歧視。 / This paper adopts the "Manpower Utilization Survey" data, a database conducted by Directorate General of Budget, Accounting & Statistics, Executive Yuan, ROC (DGBAS), to study the issues of gender wage differentials and underpayment. The econometric model considers sample selection under the framework of the stochastic frontier model with copula methods. It requires to correct for sample selection and derive the copula density function and joint probability density function by copula method. We separately estimate the male and female wage equations, respectively, to evaluate the wage efficiency and decompose the average wage differential between male and female into several components. The paper distinguishes workers into 9 categories, including age, experience, occupation, industry, education, firm size, working identity, marital status and working area, and compares the wage efficiency between those categories. The empirical results shows that, the trend of wage efficiency in the categories of firm size, working identity, and working area are almost the same in each gender whether correcting for the sample selection bias or not. However, in the remaining 6 categories, the wage efficiency changes substantially after correcting the sample selection bias. With the correction of the sample election bias, most of the findings differ from those from the past literatures. This may be attributed to the fact that the past works mainly focus on employed workers and lead to possible sample selection bias. The paper also tries to offer a new method to measure the gender discrimination, which considers the difference in wage inefficiency between the male-female inefficiency as an element of discrimination. The paper finds that the wage differential between male and female can explain almost the entire discrimination. This findings confirms that the gender discrimination still exists in the Taiwan’s labor market eventhough the wage differential between male and female decreases over time.

本文以2003到2006年美國上市之不動產投資信託（REITs）的資產稅賦遞延交換做研究，並用資產出售交易作為比較，觀察稅賦遞延交換對股票報酬和股利的影響，研究結果發現稅賦遞延交換對於股票報酬有負的宣告效果，然而出售資產的交易有正的且顯著的宣告效果，由於美國REITs基於稅法規定，作為免稅體，每年要以股利的形式分配百分之九十的盈餘給股東，稅賦遞延交換並不能像資產出售交易一樣帶來現金流入，因此對於未來股東的股利所得有所影響，股東對於股票報酬沒有正向的反應，但是股東會考慮稅賦遞延交換會帶來資產重配置的效率，再加上REITs通常會支付比規定還要多的股利，因此稅賦遞延交換的對於股票報酬的負影響會因此而減弱，進一步針對交易方式還有REITs股利分配進行研究，研究的結果支持稅賦遞延交換後的股利比起直接出售交易後所發放的股利還要少。本文除了研究股東對於交易宣告的反應之外，也綜觀不同資產交易方式的現金流量和REITs股利的關連性，藉此瞭解影響REITs選擇交易方式的內涵因素，以及對股票報酬和股利的影響。 / This research examines the tax deferred exchanges made by public U.S. Real Estate Investment Trusts (REITs) over 2003-2006 as well as the transactions of sell-off. The purpose of this study attempts to explore the effects of tax deferred exchange on stock returns and dividend distribution. Result of this study shows that announcement effect of tax deferred exchange is negative in stock value. On the contrary, the relationship between sell-offs and stock value is significantly positive. The reason to explain the difference on announcement effect between two types of property transaction is the specific taxable earning distribution restriction on REITs. U.S REITs have to pay out 90 % of taxable earnings in the form of dividends to their shareholders to exempt from tax. As a result, tax deferred exchange doesn’t bring cash inflow contributing to dividend increase and then shareholders react a lower stock return on tax deferred exchange than on sell-offs. However, the negative effect is weakened by the efficiency of asset reallocation and the regular dividend distribution over tax law restriction. In the analysis of dividend payment, the result of dividend examination supports the hypothesis that tax deferred exchange without cash inflow make dividend fewer than sell-offs. This study may be of importance in explaining the reaction of shareholders on tax deferred exchange of REITs’ property, as well as in providing shareholders with a better understanding of the relationship between cash flow and dividend distribution in order to clarify the cause that affect REITs to utilize different types of transaction and the factors that affect stock return and dividend.