本體論的目的在表達一個大家能共用分享的概念，且為知識表達的重要基礎，可用來協助電腦搜尋、交換資訊及了解文字。本體論的應用使網路上的資源都能夠透過電腦明確的被定義出來，使機器透過本體論語言的描述，了解自然語言，加強資料檢索效率並達到知識共享的效果。 本體論建置的困難點主要是有太多不同專業領域的領域本體知識需要被定義，所以非常的耗力費時。為了加強建置效率，需要依賴系統化的方法論來進行建置本體工程，並驗證其品質。 為了使電腦能夠理解人類語言，許多研究者透過文字探勘技術發展能讓電腦理解的電子詞典，經過分析後將詞典中的詞彙連結成語意網絡，並將語意網路將應用於各種不同的研究領域。 因此，本研究嘗試利用文字探勘技術協助建置本體知識，而結論包含可利用文字探勘技術半自動化的協助建置公司治理議題詞庫、語意網路，及以公司治理語意網路作為建置本體知識的基礎，並經由建置方法的提出，將語意網路轉化為公司治理本體知識。 / The purposes of ontology are offering reusable and sharable concepts, and being the base of knowledge representation. It serves a smart way of information searching and exchanging, the resources on internet can easily defined, and computer can understand people’s natural language by the application of ontology, improving the efficiency of data indexing. In order to let computer understand natural language, many researchers have worked hard on electronic lexicons containing computer’s logic through text mining technology, by analyzing lexicons for finding out relative vocabularies and connecting them into a semantic network. Therefore, this research try to utilize text mining technology to support on ontology engineering, the results are developing a text mining technology to support the building of corporate governance’s lexicon and semantic network semi-automatically, and take corporate governance semantic network as the bases of ontology engineering, and introduce a method to turn semantic network into corporate governance ontology.

公務人員退撫基金雖非一般企業，但這並不表示公務人員退撫基金可以不必對「資金提供者」負責或懈怠獲致「應有報酬」之責任；公務人員退撫基金為執行特定公共任務之組織，其能否發揮制度設計所預期的功能，將直接影響公務人員退撫基金的營運績效。本研究之主要目的為探討治理變數對基金績效的影響效果。實證結果發現監理委員會的組成結構中，唯有軍公教、學者專家的係數估計值顯著異於零，其他的治理變數對基金績效的影響皆不具有顯著影響效果，另外，股價指數與資產配置對於基金績效存在顯著的作用，股價指數以及資產配置在銀行存款與短期票券，具有正的影響效果，至於配置在有價證券，可能由於受到政治的干預護盤以及對於股票市場的投資監督不佳，所以造成其負向影響效果。 由於治理變數大多對基金績效無顯著影響效果，可能肇因於退撫基金無健全的課責制度，可以考慮減少政府機關代表的數量與其角色，考量委員的代表性與專業性。此外，股市投資為影響報酬與風險最為顯著的投資工具，股價指數與有價證券的資產配置皆對基金績效有顯著的影響效果，對於股票市場的投資需要更加的小心。由於退撫基金由政府管理，欠缺彈性，其投資運用易受到官僚體系與政治因素的影響，未來退撫基金也可以朝行政法人組織來做改革。隨著基金累積金額的日漸龐大，監理委員會功能的發揮與否，與投資運用績效息息相關，將攸關未來退休者的給付與參與者的費率，如何有效發揮監理委員會的功能，是值得關注的議題。

本文參照前人學者實證研究中所選取之財務比率變數，其中包含經營效率、獲利性、償債能力等構面中所選取財務比率變數共17個，另加入董事會特性、股權結構、參與管理等構面之公司治理變數共13個治理變數，以及納入盈餘管理變數與相關控制變數分別建構3個財務預警模型，並將會計資訊變數的資料型態依Platt(1990)之概念分為兩種，用意在分別比較原比率型態之預警模型與相對比率型態之預警模型之差異，樣本公司抽樣於2002年至2005年間，以TEJ資料庫認定為財務危機之企業，從中抽取跨產業41家財務危機之樣本企業，以1：2之比率抽取資產總額相近之82家正常企業樣本，總樣本數為123家樣本公司，實證結果顯示在財務危機發生前一、二年度，整體而言相對比率之預警模型預測能力與類比解釋能力相對優於一般原比率之財務預警模型，而盈餘管理變數確實能提高模型預測準確率，在越接近財務危機發生之時間點，其效果較為顯著，尤其相對比率之盈餘管理變數優於原比率之盈餘管理變數，再者公司治理變數之加入，亦同樣對模型之區別能力有所幫助，總和而言同時加入會計資訊變數、盈餘管理變數與公司治理變數之相對比率預警模型，是為本文所建預警模型中最佳效率之預警模型。

本研究利用離散時間涉險模型，分析台灣上市公司之多角化程度、公司治理與財務危機之關係。本研究分為三階段逐步加入多角化程度變數、公司治理與多角化程度之交叉相乘項及控制變數。首先探討相關或非相關多角化程度是否與公司發生財務危機之可能性具有關聯性。接著納入公司治理之考量，探究公司治理、相關或非相關多角化程度與公司發生財務危機可能性間之關係。 實證結果顯示，無論是相關多角化或是非相關多角化均可顯著降低公司發生財務危機之可能性。當納入公司治理之考量後，實證結果顯示，當公司的董監質押比率、控制股東持股比率、關係人進貨比率、關係人融資比率、席次控制比率、董事席次等6項公司治理指標愈差時，公司的相關多角化程度愈高，發生財務危機的可能性也會提高；而當公司的控制股東持股比率、關係人進貨比率、關係人融資比率、席次控制比率、董事席次等5項公司治理指標愈差時，公司的非相關多角化程度愈高，發生財務危機的可能性也會愈高。 / This study employs discrete-time hazard model to investigate how the distress-diversification sensitivity is moderated depending on the level of corporate governance in nested models which sequentially incorporate diversification and then corporate governance as a moderator. The findings show that diversification reduces the possibility of financial distress while corporate governance moderates the diversification effect on financial distress.

本論文主要包含二個主題，分別檢視公司治理對企業基本財務資訊與股票報酬關係的影響，以及公司治理對企業投資機會與股利政策關係的影響。首先，在探討公司治理是否影響基本財務資訊中，我們資料為台灣上市的 183 家製造業公司。當使用傳統線性模型時，我們發現存貨、銷貨毛利、備抵壞帳費用以及負債比率變化率的係數，出現符合預期的負向符號。但是研發費、管銷費用與員工生產力比率的係數，卻出現違反直覺的正向符號。而每股盈餘變化率、應收帳款、有效稅率以及會計師意見，則是對股票報酬沒有任何顯著的效果。然而，我們使用 Hu and Schiantarelli (1998) 內生性轉換模型(endogenous switching model, ESM) 的方法，而將樣本區分為好的公司治理與不好的公司治理二個區域時，實證結果發現先前違反直覺的係數，已轉變成與我們的預期相符合。 在探討公司治理是否影響企業投資機會與股利政策關係，我們資料為台灣上市的 268 家製造業公司，並參考La Porta et al. (2000) 所提出的「結果模型假說」 (outcome model hypotheses) 以及「替代模型假說」(substitution model hypotheses) 兩個假設。前者強調在好的公司治理區域時，投資機會與股利政策為負向的關係，而後者則是強調在不好的公司治理區域，投資機會與股利政策為正向的關係。為了探討這個議題，我們分別使用兩個轉換模型區分樣本：分別為Hansen (1999) 縱橫門檻模型 (panel threshold model) 以及Hu and Schiantarelli (1998) 內生性轉換模型。最後，經由不同公司治理變數的實證結果比較，發現在好公司治理區域時，高投資機會的公司可能會支付較少的股利政策，相反地，在不好的公司治理區域，股利政策則不受到公司治理的影響。因此本研究結果支持「結果模型假說」，而不是「替代模型假說」的假設。

本研究旨在探討內部人股票交易與盈餘管理之關聯性，並進一步檢視我國近年來為強化公司治理所引進之獨立董監事制度是否能對內部人交易與盈餘管理間之關聯性產生抑制效果。在分析時，本研究係將全部樣本區分為賣出組及買入組，並分別進行驗證。 實證結果顯示，發生內部人異常出售股票交易之樣本公司，其管理階層將於同一期進行使盈餘降低之盈餘管理。而此一結果所隱含之意義為，內部人為降低日後回補持股之成本，會於出售持股當期進行盈餘之操弄，以求影響未來股價。然而，在發生內部人異常買入股票現象之樣本公司，卻未發現如本研究所預期之內部人為極大化未來出售持股利益而從事使盈餘提高之盈餘管理的現象，本研究推測可能原因係內部人買入本公司股票之理由眾多，因此也不必然有拉抬未來股價以求自未來出售股票交易中獲利之考量。 另外，在獨立董事與獨立監察人對於內部人異常交易及盈餘管理間關係之抑制效果的部分，在買入組或賣出組均未發現顯著之抑制效果。對此，本研究認為可能之原因係獨立董監事制度在我國實施之時間尚短，且多數公司係基於法令之要求始設置獨立董監事，而在這樣的現況下，似乎難以預期獨立董監事能有效監督公司內部人之異常股票交易行為以及盈餘管理行為。 / This thesis examines if there is an association between insider trading and earnings management. Furthermore, this thesis examines whether independent directors and independent supervisors can suppress the relationship between insider trading and earnings management. In the analytical process, the whole sample is divided into two sub samples which are sell and buy sub sample. The two sub samples are examined separately. And this thesis finds that there is a negative association between insider trading and earnings management in the sell sub sample which suggests that executives will manage earnings downward in the same period of insider selling to minimize their cost of buying stocks back in the future. And this result is consistent with the hypothesis. But no proper evidence is found about the relationship between insider trading and earning management in the buy sub sample. This may result from that there are many reasons for insiders to buy stocks of their firms. And insiders do not necessarily buy stocks of their firms to make profits by selling them in the future. Besides, in the part of the suppressing effect of independent directors and supervisors, proper evidences do not exist neither in the buy sub sample nor in the sell sub sample. A possible reason is that since the independent directors and supervisors system is still new in Taiwan, and most firms with independent directors and supervisors are just enforced by regulations to set independent directors and supervisors, it's hard to expect that independent directors and supervisors to play their roles effectively.

Despite being the twelfth largest financial market in the world, approximately 90 per cent of the entire trading volume in the Taiwan stock market is accounted for by only a small, but widely dispersed, group of local investors actively participating in the local market during the 1995-1999 period (Barber, Lee, Liu and Odean, 2007); it is, however, also the case that these investors suffer from low levels of investor protection (La Porta, Lopez-de-Silances, Shleifer and Vishny, 1998). The discovery of a series of corporate scandals in Taiwan, between 16 June and 15 September 2004 (the event period), offers a unique opportunity to investigate the perceptions of investors on the value of corporate governance. The main line of reasoning in this study is that at times when news of scandals flows into the market, the perceptions of certain types of investors, particularly uniformed outsiders, will lead to a systematic change in their trading habits; thus, they may avoid trading in certain firms altogether, or their incentives to place aggressive orders may be considerably weakened, particularly where there is a likelihood of expropriation by controlling insiders. This dissertation undertakes a comprehensive analysis of trade and quote (TAQ) data for all investors on a sample of 94 firms listed on the Taiwan Stock Exchange (TSE), and provides evidence of extreme variations in the investment behavior of different types of investors. It is clear that during the event period, a substantial proportion of investors did cease trading altogether, with such cessation of trading even affecting their original non-scandal portfolios. This response was particularly discernible amongst small and medium-sized individual investors, who may often incur losses in firms with high cash-flow rights leverage. It seems that even the better-performed small-sized individual investors, who had previously enjoyed larger positive excess returns, tended to discard their previous trading strategy involving firms with no clear deviation between control rights and cash-flow rights. An examination of this deviation in trading behavior shows that most investors, with the exceptions of foreign institutions and large-sized individual investors, began to enter the market more passively during the event period, particularly in firms in which the ultimate controllers had separate control and cash-flow ownership. However, throughout the event period, the trading strategies of foreign institutions and large-sized individual investors involved more aggressive submission of orders for stocks in firms with strong cash-flow rights leverage. Finally, a direct test of the informativeness of aggressive orders placed by each category of investors, under different ownership structure portfolios, regardless of any order strategy, reveals that small-sized individual investors invariably performed badly during both the pre-event and event periods examined in this dissertation. Each line of our analysis shows that only foreign institutions and large-sized individual investors maintained acceptable returns; in comparative terms, these two groups of investors performed relatively well in portfolios with higher cash-flow rights leverage.

本研究以台灣上市、上櫃及興櫃公司為研究對象，利用問卷發放的方式，探討我國企業公司治理特質與內部稽核對財務報導可靠性貢獻之關係，並調查我國內部稽核之現況，以及內部稽核人員與外部查核人員之互動情形。本研究之實證結果顯示：（1）「公開發行公司建立內部控制制度處理準則」於2005年修訂，規定內部稽核單位應直接隸屬於董事會之後，內部稽核人員普遍認為其地位與獨立性有明顯提升。但我國企業內部稽核規模仍偏低，以1~2人為主；（2）監察人（或審計委員會）複核內部稽核工作之範疇、內部稽核之規模、內部稽核人員與外部查核人員之互動情形等，與內部稽核對財務報導可靠性之貢獻度呈顯著正相關 ；以及（3）針對內部稽核人員與外部查核人員之互動情形（包含工作協調、溝通、外部查核使用內部稽核結果之程度），內部稽核人員的認知普遍優於外部查核人員的認知。 / This paper examines the relationship between corporate governance characteristics and internal auditors’ assessments of their contributions to financial reporting reliability. This study also investigates the current status of internal auditing in Taiwan and the interaction between internal auditors and external auditors. Our results show that (1) since the applicable laws require that the internal audit department must report directly to the board of directors, internal auditors’ independence and position in their companies have improved significantly. However, the number of internal auditors in most companies is still low; (2) the extent to which the supervisors (or audit committee members) review internal audit results, the total numbers of staff in an internal audit department, and the relationship between internal and external auditors are positively related to internal auditors’ contribution to a firm’s financial reporting reliability; and (3) in general, internal auditors’ perceptions of their interactions with external auditors is better than those of external auditors.

本文係以證券商發言人作為研究對象，探討台灣上市櫃公司發言人的核心能力。有鑑於量化研究較難以發掘核心能力的真實面貌，因此本文是採用半結構式的深度訪談做質化研究，再輔以問卷調查進行交叉分析，進而歸納台灣上市櫃公司發言人所應具備的核心能力，並希望利用這項結果，提供研究者對於發言人核心能力及其職場生態的瞭解，以作為今後對相關領域內學術探討與企業實務的參考。 本研究在學術及實務上的目的有四項，分述如下： （一）探索上市櫃公司發言人核心能力的特質，作為比較依據； （二）了解上市櫃公司發言人從業歷程，彌補既有文獻之不足； （三）作為企業界任命及培訓發言人之參考； （四）提供主管機關未來修訂上市櫃公司發言人制度之參考。 儘管目前學術界缺乏企業發言人的相關文獻可供參考，但經過本文對現 有十家上市櫃證券商進行研究之後，大致可以歸納出以下結論： （一）「專業能力」、「溝通能力」及「情緒管理」是大部份受訪的發言人都擁有的核心能力，也是受訪者建議發言人必須具備的主要核心能力；而「掌握公司文化」與「企業倫理」則是另外發現的兩項非常重要的職能，雖然目前各界的定義或認知可能不同，但這兩項職能未來仍將列入核心能力的範疇之中。 （二）上市櫃證券商發言人通常是由位高權重的資深主管所兼任，他們接任之前的平均專業年資是九．七年，而每天真正花在發言人業務上的時間，大約只占辦公時間的十分之一。 （三）上市櫃證券商發言人希望參加正式的在職訓練課程，以學習法令新知，汲取實務案例經驗，並進行經驗交流。 （四）有關企業購併案的資訊揭露，主管機關應該訂定明確的標準作業程序，以免上市櫃公司必須夾在法令的灰色地帶，一方面要設法在保密過程中推動購併案，另一方面又要擔心資訊揭露太慢而遭受法令處罰。 關鍵字：發言人、核心能力、公司治理、公共關係 / This thesis takes the spokespersons of securities companies as an example to discuss the issue regarding core competencies of spokespersons of the listed companies in Taiwan. To have deeper understanding of the issue, this study conducts in-depth interviews as well as questionnaires on spokepersons of the ten listed securities companies. Quantitative and qualitative data were cross-examined to present the overall picture of the spokespersons of Taiwan’s listed securities companies. By conducting empirical research, this thesis aims to contribute to the academic and practical fields. The major findings of this study are: (1)There are three core competencies that most of the interviewed spokespersons own in this research. They are “Professional ability,” “Communication ability,” and “Emotion management.” These factors are also suggested as criteria for qualified spokespersons by the interviewees. In addition, “Grasping the corporate’s culture” and “Corporate ethics” are also two important abilities emphasized by the interviewees. (2)Generally speaking, the position of spokesperson is not a full-time job. It is only part of the senior managers’ concurrent responsibility. Before taking over the positions, these spokespersons have spent an average of 9.7 years in related professions. The senior managers would spend about one-tenth working hours on the spokespersons’ daily duties. (3)The spokespersons of the listed companies would like to participate in professional training programs to learn new regulations and to share practical experience from case studies. (4)For the listed companies in mergers and acquisitions (M&A), the spokespersons have the obligation to disclose the material information to the public as soon as possible, but the M&A cases might be interrupted or fail due to the immature information disclosure. Therefore, the authorities should set up the standard M&A procedure so that the spokespersons could disclose information step by step, in order to take care of the benefit both for companies and investors. Keywords: Spokesperson, Core competency, Corporate governance, Public relations

關係人交易與公司績效之關係，在過去文獻上並未獲得絕對一致的結論，惟過去文獻並未考慮集團內進行關係人交易的公司，不同公司特徵所誘發進行關係人交易不同之交易動機。因此，本文利用Sharma et al.（1981）及 Le et al.（2006）之調節性多元迴歸分析方法（moderated multiple regression；MMR），考慮集團內個別公司不同特徵下之關係人交易與公司績效之關聯性。基於本文實證結果，發現在集團內不同公司特徵之關係人交易與公司績效的確有不同的關聯性，並且發現集團內具有以下三項特徵的公司，所進行的關係人交易有利公司績效，分別是：1.較高的董監持股 2.較高的機構投資人持股 3.較高的流動比率。而集團內具有以下六項特徵之公司，所進行的關係人交易不利公司績效，分別是：1. 經理人兼任的董監席次較多 2.金字塔股權結構 3.集團的核心公司 4.較高的負 債比 5.較高的長期負債比 6.較低的利息保障倍數。 / The relationship between related party transactions and company’s performance in the past literature has not reached absolutely unanimous conclusion, but the past literature has not considered the different characteristics of individual company in the group and different related party transactions’ motive induced by those characteristics. Therefore, moderated multiple regression（MMR）that adopted by Sharma et al.（1981） and Le et al.（2006）is employed in this study in order to discuss the relationship between the transactions made by individual company with different characteristics in the group and the individual company’s performance. According to the empirical results in this paper, there are indeed different relationships between the transactions made by individual company with different characteristics in the group and the individual company’s performance. On the one hand, the results indicate that there is a positive relationship between the related party transactions made by the individual company with the three characteristics in the group and the companies’ performance. The three characteristics are as follows: 1. higher board shareholdings. 2. higher institutional investors’ holdings. 3. higher the current ratio. On the other hand, the results show that there is a negative relationship between the related party transactions made by the individual company with the six characteristics in the group and the companies’ performance. The six characteristics are as follows: 1. managers as more seats in the board. 2. pyramidal ownership structure. 3. the core companies in the group. 4. higher the liabilities ratio. 5. higher the long-term liabilities ratio. 6. lower the time interest earned.