本文以公司治理作為開場，簡述百餘年來我國公司法的濫觴，以及近十年最大的變革為引入獨立董事制度。更指陳國內相關法條中，已將長期以來的股東會中心改變為董事會中心，而企業營運由追求股東最大利益轉換為公司最大利益。旋而，說明公司治理之定義及原則，進而應用公司治理之概念，作獨立董事必要功能之論述。接著闡述監督公司經營者之方式，整體而言，監督方式可分為內部監督和外部監督，然後依OECD之架構，探討公司內外部監督型態。 由於各界對公司治理實務現狀仍嫌不足，更有殷切期待。值此新政府財經團隊上路之際，財經法條、辦法、規章有待變革，甚而已計劃逕行全面翻修現行公司法。當此之時，由金融監督管理委員會全力推動，代表相當比重社會價值之上市上櫃公司營運監理，業已由傳統董監事之雙軌(二元)制，變更為董事會全面主導營運及監控。國內以公司治理之名，全面單軌(一元)制似已成必然之路。 鑑於獨立董事制度施行必要性，本文說明單軌制的美國獨立董事現狀，並將傳統監董雙軌制的德國作整理。兼而比較鄰近與我國互為影響的日中之獨立董事制度實行現狀和法律規範，期待在台灣未來再定位獨立董事，能有更多思考空間。其間，分別介紹各國獨立董事(或內部監理)制度之發展，包括該國特殊監理之原因和制度。在此加強說明其獨立董事制度之功能、獨立董事制度實踐之情形、獨立董事之重要資格和針對獨立董事制度各界提出可能之問題。 面對我國獨立董事的實務與挑戰，探討我國獨立董事制度現階段發展情形，分析討論我國獨立董事制度之利弊得失，進而指出目前制度應改進之處。於此之時，針對我國獨立董事的缺點提出建議，並針對各國的特色優點作引用，以提高本文建議調整規範之妥當性。更進一步，將董事會興利除弊的天職，提出兼具各利害關係人權益，與國際接軌的理想性公司治理藍圖。 由於本文多項結論建議與現行證券、公司等法規定未盡相同，未來實行將可預期以專章修法為必要。其中側重在提高獨立董事的權利和義務，力求在獨立董事與一般董事間作區別對待，奠定獨立董事制度效能開展之基石。具體內容包括，主張強化外部稽核的獨立董事占董事會比重，由現行不低於五分之一，提高至不低於三分之一。推動董事會治理長(祕書)為常設單位、依陽光透明為最佳殺菌劑原理，增設吹哨者條款、基於股東行動主義，賦與一定投資比重和持股期間之專職投資法人(以下稱機構投資人)定額法定提名權，以吸引長期且穩定的國內外機構法人和基金的加入，提升長期投資法人股東的比重。並課與揭露相關訊息，以突顯其推介客觀獨立價值。 鑑於長期以來，獨立董事不獨立，甚而有之淪為大股東的護航配角。本文希望藉由保護其貞操(忠實義務)之實，進而促建其完整執行功能與例行和不定期權責，並設定歸責條件及規避原則下，得由其他獨立董事及法定訴追機構如投資人保護中心，行使較目前更嚴格的競業禁止、歸入權及有限連帶賠償責任等，以專章立法更進一步推動法治與專業獨立董事的公司治理制度，將可蔚為世界典範。

台灣的企業在過去數十年有驚人的進步與發展，無數的企業甚至於從家庭工廠或小型公司開始，憑藉台灣人辛勤苦幹與創業家精神戮力經營，逐漸地成長茁壯，進而提升及蛻變，終能在國際上嶄露頭角，甚至成了勝出於國際同業之間的跨國性企業，但是面對企業社會責任(Corporate Social Responsibility，簡稱CSR)由2005年的邊緣性的議題，轉變為2006年全世界談論的焦點之際，台灣企業卻對CSR仍然陌生，倘若不及早規劃因應，恐將遭受極大的衝擊與損失，鑑於公司治理係屬CSR所涵蓋財務面、環境面及社會面等三個面向當中的財務面向，因此允宜在國內過去推動公司治理的經驗與基礎之上，持續推動落實公司治理，並擴大至整體企業社會責任的推動與建制，本研究即秉持這樣的基調，希冀經由探討及瞭解CSR的意涵、沿革、現況與未來發展，透過產業案例之研究，分析檢討台灣在CSR的履行與因應上的問題與缺乏，並試圖提出改善與強化的建議，進而作為未來資本市場本身暨其針對上市上櫃公司及其他市場參與者，宣導、推動及落實CSR的起點與參考。 本文的研究架構共分為五章，「第一章」為緒論，係就研究的背景、動機、目的、範圍與研究的架構與歷程，逐一加以闡述與說明。在研究背景方面，主要列舉近年來，尤其是2006年，全世界所發生關乎企業治理議題、環境議題、社會議題等CSR各面向的新案例，暨CSR新的標準或倡議，以顯示CSR的蓬勃發展；研究動機則導因於總部設在荷蘭的國際機構SOMO所發表一篇對手機品牌大廠有關CSR的報告，鑑於未來將直間接衝擊台灣的供應商與代工業，因此頗有進一步探討研究之必要；研究目的則意欲探究CSR對台灣企業的可能衝擊，促使業者及國內各相關機關、機構及早因應及規劃；研究範圍方面，則為使研究符合具體化且具實務性價值，因此以公司治理相對較有基礎的上市櫃公司且將更以上開SOMO的研究報告相關聯的手機代工業產業為探討檢視的對象；研究的架構與歷程乃以文獻的蒐集參考，加上個案案例研究暨問卷調查分析等方法進行。 「第二章」為CSR的探討，首先係針對CSR的文獻探討部分，分別就CSR的意涵、演進、主要面向、具體內涵及其目標使命加以說明探究；次就CSR的歷來重要的國際倡議與標準，並介紹近年來國際上有關CSR的發展情形、具體作為及重要案例；最後則臚述台灣CSR的現況與問題。 「第三章」為全球與台灣手機市場現況，主要是就本研究所選定手機業的產業狀況分析，包括手機業有關全球與台灣的產業概況、國內產業供應鏈概況暨國內手機業者在全球產業鏈中所佔地位，著重其對上下游廠商的優劣勢，尤其導引出面對品牌大廠的劣勢，因而更有來自大廠的CSR壓力與危機。 「第四章」為台灣手機代工業所面臨CSR之挑戰，先就SOMO組織所發表該篇報告中，針對手機品牌大廠CSR的批判事項以及其中所透露的警訊，另分析探討該等大廠對其代工廠或供應商可能提出的要求或採取的作為，並分析對台灣業者的相關衝擊；另為了具體瞭解及掌握國內手機代工業者的CSR執行現況，乃參考ICT針對供應商CSR自評問卷內容設計簡式問卷，對國內上市手機代工業者進行問卷調查，並分析其缺失問題，也提出其可以強化的做法。 「第五章」為建議與結語，乃針對我國整體與企業面對CSR潮流與挑戰，暨或可規劃努力的策略、方向與層面提出建言；在宣導、推動與機制建立方面，建議「從公司治理到企業社會責任」，以近年來推動公司治理的經驗為本，參照既往的方式與軌跡，朝更多的面向與層面努力以赴，期能克竟其功，並期許台灣企業或可以公司治理與CSR均佳的台積電公司為典範，落實建立與履行CSR，俾能造就更多台灣產出的世界級企業。 / Over decades, some very small family business and manufacturers have grown and developed significantly to large enterprises in Taiwan. Nowadays they are becoming prosperous, developing multinational business, and some are even globally recognized brand names. However, when facing the issue of Corporate Social Responsibility (CSR), which has become an essential issue in 2006, these prosperous enterprises are not familiar with and yet to be well-prepared. Given that corporate governance involves only the financial aspect of CSR, which entails economic, social, environmental, and ecological aspects of firms’ operations and activities, it may well be appropriate to promote overall CSR concept and infrastructure based on corporate governance. This concept serves as the purpose of this dissertation: to analyze and investigate into problems facing enterprises obliged to take CSR, by studying the meaning, background, current circumstances and future developments of CSR, and through case study of mobile phone industry. Hopefully more conclusion and suggestions can be drawn from this dissertation to provide TSE and GTSM listed companies and other market participants with more reference to promote and implement CSR. This dissertation is divided into 5 parts: Chapter 1: Introduction This chapter includes research background, motive, purpose, research scope, structur and process. New cases, especially in 2006, of corporate governance, environmental impact, and social issues are presented in the section of research background to demonstrate new trends of CSR. The motive of conducting this research is based on a report from an international organization named SOMO based in the Netherlands. This report addresses CSR topics regarding worldwide handset manufacturers. CSR issues mentioned in this report will directly affect handset suppliers and ODM/OEM enterprises. With further research and investigation, hopefully handset manufacturers and related enterprises can be more aware of CSR and can better cope with these issues and take proactive measures to prevent CSR related problems, which serves as the purpose of this dissertation. Research scope encompasses listed companies in the handset ODM/OEM enterprises. Research process includes literature review, case study, and questionnaire analysis. Chapter 2: Literature review of CSR This chapter first looks at the definition, evolution, various aspects, practical meaning, and purposes of CSR. Afterwards the international standards of CSR and international practices and development of CSR cases would be elaborated. Finally Taiwan CSR status quo and challenges would be discussed. Chapter 3: Taiwan and global handset manufacturing market status In this chapter, mobile phone industry analysis is conducted, including domestic and global mobile phone market status, Taiwan handset manufacturing supply chain. It also looks at Taiwan handset makers’ market position in the global industrial environment. This chapter stresses the threats of domestic enterprises when facing global main handset players, which makes them face more stress and problems as a result of CSR. Chapter 4: CSR challenges facing Taiwan handset ODM/OEM firms In the beginning we will look at the criticism and warning to handset global brand names from the aforementioned report of SOMO. In addition we analyze potential requests and conducts required by these global players to their ODM/OEM firms in the face of CSR. These requests and conducts can subsequently impact Taiwan mobile phone manufacturing industry. In a bid to look at the current circumstances of domestic handset makers’ CSR operation, we use ICT’s CSR questionnaire as a reference to design a simplified version, and distribute to TSE and GTSM listed handset ODM/OEM enterprises. According to the questionnaire result, we find some current drawbacks and propose solutions. Chapter 5: Suggestion and conclusion In this chapter we are looking at trends and overall CSR challenges facing domestic enterprises in Taiwan. Practical strategies and directions are proposed. In terms of promotion, implementation, and establishing CSR mechanism, this dissertation proposes that firms start from Corporate Governance to CSR, and develop in more CSR aspects based on their previous Corporate Governance experience. This article also cites TSMC as a role model for CG and CSR, hoping that firms to follow suit and for this island to create more globally renowned enterprises. Key words: Corporate Social Responsibility, Multinational Enterprise, Handset ODM/OEM, CSR Initiatives, CSR International Standard, Corporate Governance, Corporate Sustainable Development, Supply Chain, Supplier

戰後台灣的政治安定，立基於經濟發展，經濟發展取決於貿易傳動。在全球化的時代，經貿是台灣積極串聯世界、爭取生存茁壯的關鍵樞紐；對四面環海的台灣而言，能源及原物料之進口與轉化後財貨之對外貿易，全賴於海運實踐，台灣以一個海島型經濟型態「不斷向世界市場擴張」的過程中，國際海運是國家經濟與世界市場的實質聯結。國際海運因而成為台灣迎向全球與經貿發展的生命線，政軍安定的守護神。 本文主要的目的，在探討戰後(1950~2005)我國國際海運政策的治理模式與治理政策。台灣四面環海，具有發展國際海運的地理優勢，比較世界各國的發展，台灣地區的國際海運經營與發展，在世界上一直佔有相當重要的地位。然而，近年來，由於中國大陸的崛起，台灣則基於自身的考量，執行「戒急用忍」政策，遲遲不開放兩岸通航與協商航商西進，使得台灣的經濟優勢逐漸流失，國輪航商之經營環境也隨之惡化，本研究藉由歷史與結構的研究途徑，從戰後我國國際海運發展的歷史脈絡與結構變遷，就其治理模式與治理策略進行深入的探討。 除了經由文獻探討中，檢視我國國際海運政策的變革之外，進一步與我國國際海運的公經理人、學者與業者等共三十位專業人士，進行實證的訪問調查，獲得第一手的資料，然後與文獻分析所得相互驗證，進而歸納成結論，並就我國國際海運政策的治理模式與治理策略，提出建言。 / Abstract: Comparing with the development of other countries, water-surrounded Taiwan has to build up its international shipping industry to facilitate international trade and therefore stabilize its polity through economic development. Due to the geographic privilege, Taiwan also has its strength of developing international shipping for linking the national economy and the world market. The objective of this study is to explore the governance mode and strategies of Taiwan’s international shipping policy after the World War II. This study investigated the relationships among international politics, macroeconomic and international trade, government policy, and industry environment for the international shipping policy. In addition to literature review, this study interviewed public managers, scholars and industrial professionals to empirically collect the experienced data by “in-depth interview.” Through the integrated means, this study concludes that Taiwan’s international shipping policy has played an important role for developing the industry in each stage of Taiwan’s development on economy and international trade, whilst the government in Taiwan should seek more practical governance modes and strategies to cope with the challenges to come.

科学研究費補助金 研究種目:基盤研究(C)(2) 課題番号:13620086 研究代表者:小野 耕二 研究期間:2001-2002年度

本文主張，隱私是公民社會的構成元素，它保障個人在社會建構的形塑之下，保有日常行為實踐的能動性，得在自我自主經驗與社會建構的來回探索之間，生成個人的主體性。這個動態的主體性發展空間，使我們得以開拓環境中的意外發現並建立心智的批判獨立性，具備如此公民特質的社會，才有能力促進自我決定、創新、人際交往互動等實踐可能性，形塑健全的公民社會。 然而，巨量資料在數位環境中，正全面影響我們日常行為實踐的模式。巨量資料以統計相關性的知識論與方法論，形成不同的洞察與價值，其以資料驅動技術所辨識出的現象模式，建立其宣稱的客觀性優勢。巨量資料脈絡下的數位技術物，不僅是日常生活的輔助工具，而毋寧是我們個人感官的延伸，其精巧的影響我們與周遭世界的關係，積極介入、給予指示、引導行為，甚至定義我們的身分，調整、調控我們的行為。作為一種知識生產與治理模式，巨量資料的監控本質對於個人或群體所加諸的權力作用，將削弱個人主體性的發展空間，進而影響健全的公民社會發展，形成新型態的、難以察覺的隱私權侵害風險。並且，本文認為，商業監控結合監控資本主義邏輯的調控治理，對於公民社會的傷害更鉅。 面臨如此的風險，本文指出作為資訊社會產物的現行個人資料保護機制，無法回應數位環境中巨量資料隱私威脅的三個因素：個人資料性質的改變、告知與同意機制的失敗、資料汙染。並在奠基於隱私權的社會價值理論之上，提出三種原則性建議：巨量資料的應用倫理、巨量資料利用的正當程序原則、社會責任與自律規範。在原則性建議以外，亦將視角拉回我國的個人資料保護機制，參考歐盟一般資料保護規則的相關立法，建議我國應盡速設置專責之資料保護監管機構，並提供具體的個人資料保護規範修法方向：創設涵蓋資料保護影響評估的資料管理機制、建置組織內部資料利用監督機制、以及創設使用者的資料可攜權。

本研究目的為擴大詳述目前與拉丁美洲相關的文獻，主要重點在於一些相同特性的國家，並可以普遍的將研究發現適用於其他地區。從拉丁美洲中的一般認知中，將宏都拉斯獨立選出，是考慮到能挑戰國家的負面印象，特別是關於2009年後所出現的政治危機。本研究檢視宏都拉斯民主化的過程，與國家和公民社會之間的正向互動。 拉丁美洲的一些主要國家因相同的要素而改變，也因此有很多重要的改變可以在這期間進行研究。因此在這研究中，發現有三個關鍵的要素可適用於相同歷史時間中的宏都拉斯與拉丁美洲一些主要的國家。本研究的重要性在於進一步了解，宏都拉斯公民社會在2009年之前與到2009年時危機發生之間的轉變。在此同時，也能發掘出民主治理的好處。 這三個關鍵的要素為:憲政工程、軍民關係與選舉，且這些要素在本研究中均有對宏都拉斯與其他拉丁美洲國家的公民社會賦權有所影響。另藉由自由之家(Freedom House)所提出的民主治理檢核表，來了解民主治理與公民社會賦權。 在拉丁美洲中此三個關鍵要素的變化，提供了建置良好的民主治理的可行性。然而，本研究也暗示了未來的相關研究，例如地方與區域性的治理，以及會產生直接影響的外部因素。研究發現也暗示了在宏都拉斯2009年政治危機之後透過了民主治理的好處，對公民社會賦權產生了正向的結果。

行政部門委員會為政府內具有公共參與特質的合議制組織，來自社會層級的利害關係人被納入決策圈，並共同決定政策內容，作者稱之為委員會參與機制。此決策模式結合了社會與政府對公共參與的期待，並在世界各國廣泛使用。行政管理者宣稱可透過社會代表性的提升，提高政策的正當性與回應性；但實務上，委員會卻遭遇密室協商、激化對立、政治操弄等質疑。對此，本研究提出以下疑問：公共參與是否真能回應社會的政策需求？該如何具體評估參與績效？ 依據委員會的決策結構特質，作者由公共參與的理論視野探討代表性和回應性的因果機制，提供一套以委員會為主體的參與評估標準。代表性在理論上有形式與實質代表性兩個層次，共包含參與制度、議事行為與會議影響力三個面向；回應性則強調利害關係人對委員會回應需求的主觀評價，又分為民主程序與實質利益的需求回應能力兩類。參與概念落實在制度賦權和議事行為，應該會同時強化兩類回應性。在研究方法上，本文以全民健康保險委員會為分析案例：首先透過跨國比較，分析台灣、日本、韓國、加拿大以及德國在類似的審議機制中，如何建構委員會代表性的制度。依此基礎，再針對第一屆健保會的運作進行分析，透過利害關係人問卷、健保會會議記錄內容分析、深度訪談與焦點團體等方法，深入探討健保會之政策回應能力。 研究結果發現：一、委員會參與的制度賦權和正當性皆來自代議機關，尚無法取而代之。台灣健保會之形式代表性，在行政單位主導下仍偏好具有政治動員能力的團體，較忽略社會連帶或保障弱勢的價值。二、健保會在民主功能和實質結果兩個回應性面向的評價皆為正面，而民主程序的評價又優於後者。然而，相互理解的功能評價再高，卻未對實質回應性產生顯著影響。三、是否具有健保會席次並不影響回應性評估；但直接與會者以及實際參與愈積極者，卻反而對委員會回應利害關係人需求的能力抱持較悲觀的看法。最後，在程序面和實質面評價上最為顯著的因素為會議影響力，會議影響力愈大的團體，其回應性也就愈高。 總結上述來回答核心問題：參與是否會提高利害關係人的回應性？在極大化個體利益的動機下，參與制度和行為都只提供爭取權益的機會，不必然導致實質利益。再加上負擔參與成本以及競爭資源的政治現實，參與者進入體制後，反而對委員會的政策回應能力持質疑的態度。是故，會議影響力為關鍵因素，只有在參與過程中獲利愈多者，其回應性才有直接的正面作用；若忽略參與途徑和結果的連結以及權力互動，就過度簡化了參與的政治本質。基於此，行政管理者掌握了決策結構與行政資源，若想取得較佳的回應性評價，就必須在制度和過程面中平衡不同的社會力量，才能使委員會發揮多元參與的功能，而不只是優勢團體的工具。 / Governmental committees are a kind of public participatory mechanism, whereby policy stakeholders are incorporated in the decision making procedure and negotiate with each other to policy outcomes. This mechanism accords with the expectations of both society and government and is frequently used by executive branches all over the world. Ideally, social representativeness can strengthen legitimacy and thereby increase responsiveness. However, in practice, there have also been some criticisms of the committee mechanism, including black box decision making, conflict enlargement, and administrative manipulation. To response this debate, my study addresses whether this type of public participation is responsive to policy demands as well as how to substantially evaluate its effectiveness. Theoretically, participation has a positive impact on policy demands, I provide more precise analysis using the concepts of representativeness and responsiveness. The former refers to how interests are presented in the decision making process, including in both the formal and substantive dimension. The latter refers to the committee’s ability to respond to procedural and substantive demands from society. To illustrate the theoretical framework, the National Health Insurance Committee (NHIC) in Taiwan is taken as my case study. The empirical section is divided into two parts, Fist, I explore original guiding values and institutional design of five committees that emerged under different political-social contexts in Japan, South Korea, Canada, Germany and Taiwan. Based on the results of this comparison, the NHIC in Taiwan is my main topic in the second part. The participatory behavior of committee members and their evaluation of the NHIC system are discussed through the various research methods, such as interviews, focus groups, stakeholder surveys, and also context analysis of meeting minutes. Four results of the study are illustrated as follows: 1. Because the legitimacy of the committee mechanism is empowered by traditional representative authority (the elected legislative or executive branch), it serves a supplementary rather than substitutive function to the existing system. Especially in Taiwan, the administration prefers the advantaged groups more capable of mobilizing social supports over the vulnerable groups which may bring the values of social solidarity and justice into the decision-making of the committee. 2. Stakeholders positively appraised the NHIC’s responsive capacity, both in the procedural and substantive dimensions, with the former appraised more highly than the latter. However, a high level of communication functions had no impact on responsiveness. 3. The institutional variable has no impact on responsiveness. However, direct participation in meetings was associated with more pessimistic views of the NHIC when compared to the non-participators. In addition, the more actors were involved in the NHIC, the more negative their evaluations were. 4. The most significant variable for responsiveness is the decision influence of stakeholders. Does participation strengthen stakeholders’ responsiveness? Under the condition that individuals are motivated by interest maximization, while institutional design and participatory behavior seek to pursue individual interest, it may not always realize substantial benefits. Furthermore, after becoming institutional insiders, the costs of participation and the political reality of power competition will make stakeholders more skeptical about the responsiveness of committee mechanisms. In other words, whether participation can increase the stakeholders’ satisfaction mainly depends on the benefit they can obtain from it. Without taking into account the link between participatory approaches and results, as well as the interaction between various stakeholders, we cannot gain a full picture of the nature of policy participation. In terms of practical reforms, to increase performance responsiveness, administrators who control the structures and resources of the NHIC should incorporate different social forces and interests on the input and process dimensions. This will enable the committee mechanism to perform the function of pluralistic participation, rather than simply serving as a political tool for advantaged groups.

嘉靖三十二(1553)年，葡萄牙人賄賂廣東官員，以「水溼貢物」為由遷入澳門，自此澳門成為葡萄牙人在華的聚居地，而明、清兩朝皆對澳內葡人實行治理。然而，光緒十三(1887)年清朝確立葡國永居管理澳門的地位，由此澳門成為了葡國的殖民地，在以後一百多年時間，澳門相關糾紛都是構成中葡交涉的重要部分，直到1999年葡國正式將澳門主權歸還中華人民共和國，中國才重新治理澳門。 澳門擁有複雜的歷史背景，加上，礙於時代氛圍影響，學界一般認為明、清兩朝視澳門為涉外問題，繼之將澳門史、中葡關係史兩種截然不同的概念混為一談，在這種「後見之明」的史觀之下，又利用錯誤的「朝貢體系」論的各種觀點來詮釋中葡關係史與澳門史，以致既有明、清澳門史研究無法體現中國各個時期治理澳門的意義，而且，既有的中葡關係史、澳門史論述皆存在諸多與史實矛盾之處，特別是在清代的部分。現今學界已出現全面推翻「朝貢體系」論的研究，有見及此，本研究利用「同時代史觀」，試圖站在清朝的立場，重新理解中葡關係與澳門問題。 本研究除了緒論與結論外，共分三章。首先從清朝對外多元關係當中，重新審視中葡關係，得知清代中葡關係非「朝貢體系」論所指的「天朝VS朝貢國」的不平等關係，而清朝只不過視葡國為遠在海外的小國，兩國不存在正式國交關係，由於清朝視澳門為非「涉外」事務，而是「內政」問題，因此不會將澳門問題放在中葡關係討論。在釐清中葡關係與澳門治理性質後，本文第二、三章分別從中國的視角，重新詮釋明、清澳內葡人的司法治理、互市制度。 通過以上三章，不僅能看到本文重建了有別於既有澳門史所呈現的歷史面貌，解決了既有澳門史論述的謬誤與矛盾，也明確區分了出明、清兩朝治理澳門不同的意涵。 / Since the 32nd year of the reign of Emperor Jiajing of the reign of the Ming Dynasty, Portuguese people had bribed the officials of Guangdong, China, and had entered Macao by saying that “their goods had got wet.” Macao since then had become a Portuguese settlement in China, and the Portuguese in Macao had been governed by the governments of China during the Ming and the Qing dynasties. However, in the 13th year of the reign of Emperor Guangxu of the Qing Dynasty, the Chinese government recognized that the rights of Portuguese that enable them to permanently live and manage Macao. As such, Macao became a colony of Portugal. During the following one hundred years, Macao had been treated as a part of the diplomacy between China and Portuguese. Until 1999, the Portuguese government returned Macao to the Peoples Republic of China, and Macao has therefore been governed by the Chinese government again. Macao owns a complicated historical background. In addition, due to the social context, the academic circle generally believe that the issues in Macao in the Ming and the Qing dynasties had been treated as issues of diplomacy, and researchers usually mix up the two fundamentally different concepts, history of Macao and history of China-Portugal relationship. Such historical outlook of “hindsight” and the incorrect views of the study of “the Tribute System” have led to the incapability of the study of Macao history of the Ming and the Qing dynasties in presenting the significance of the governance of Macao in various periods of time. Moreover, the existing study of history of China-Portugal relationship and of history of Macao contradicts each other in terms of the historical “facts” provided, especially in the part of the Qing dynasty. Currently, the study of “the Tribute System” has been proved erroneous in the academic circle, thus this essay, with the “synchronized historical outlook,” aims at re-exploring the China-Portugal relationship and the issues of Macao in the point of view of the Qing dynasty. Besides the introduction and the conclusion, this thesis has three chapters in total. In the first chapter, the author reviews China-Portugal relationship from the perspective of the various diplomatic relationship between China in the Qing dynasty and other countries, and realizes that China-Portugal relationship had not been the unequal relationship as “Mandate heaven VS tribute states” stated in the study of the “Tribute System”. Furthermore, the government of the Qing dynasty had treated Portugal as a small country overseas, and the two countries had not had official diplomatic relationship. Since the government of the Qing dynasty had viewed the issues of Macao as domestic issues rather than those of diplomacy, the issues of Macao had not been brought up in the discussion of China-Portugal relationship. Clarifying China-Portugal relationship and the nature of the governance of Macao, the second and the third chapters respectively, from a perspective of China’s domestic governance, re-present the justice and trading system of the Portuguese people in Macao during the periods of the Ming and the Qing dynasties. With the three chapters, this thesis does not only reconstruct the history presented by the history of Macao and solve the existing fallacies and conflicts, but also clearly distinguishes the different significance of the governance of Macao in the Ming and the Qing dynasties.

對於台灣本土企業而言，接班風險往往成為一項獨特的經營管理風險。本研究分析某一家未能有效管理接班風險的金控企業，並以另一家係有效管理接班風險的金控企業做為對照標竿，藉以探索金控家族企業因為傳承所面臨的接班風險。透過訪談資深幹部所得之資訊，本研究歸納金控家族企業接班過程的可能問題為潛在接班人的「培訓過程」與「態度問題」。此外，就彙整報章雜誌的額外則發現，接班風險較高的企業有較多因為內控問題而產生的裁罰案件，而若干裁罰案件顯示係因所有權凌駕經營權造成的企業損失，並損及企業的商譽。具體而言，與對照企業相較，接班風險的金控企業有顯著較高的裁罰案件與媒體負面報導，相信本研究所提供的對比分析將可提供台灣本土企業有效降低接班風險的參考。 / Succession risk is a unique risk management for local Taiwanese companies. This study analyzes a financial holding company which fails to effectively manage succession risk, where another benchmark company with effective succession risk management is used as comparison to probe into the succession risk faced by the family-run financial holding company from inheritance. The study applies information acquired from interview with senior managers to conclude that likely problems in the succession process of family-run financial holding companies could lie on the “training progress” and “attitude issue” of the potential successors. Moreover, additional findings from the compilation of newspapers and magazines suggest that companies with higher success risks tend to face with penalty cases due to internal control issues. Several penalty cases would imply corporate loss as a result from ownership overriding management with damage to the corporate reputation. Specifically, compared with controlled company, financial holding companies with succession risk is associated with significantly higher penalty cases and adverse reports from the media. The study is believed to provide a comparative analysis that will provide reference for local Taiwanese companies to effectively reduce succession risk.

摘要 本文主要檢視中國大陸連續虧損公司面臨下市緩衝機制壓力時之盈餘管理行為。本文所謂的下市緩衝機制係指特別處理(簡稱ST)與特別轉讓(簡稱PT)的管制。具體而言，ST管制要求連續兩年虧損的公司，必須冠上ST標記，漲跌幅限制為5%(一般股票為10%)，中報需審計；PT管制要求連續三年虧損的公司，必須冠上PT標記，同樣有停板限制，僅允許週五交易。ST與PT管制設計原意係希望提高整體市場新陳代謝與營造理性投資的環境，但盈餘基礎的本質與保守的配套措施反而衍生盈餘管理與投機炒股。此下市緩衝機制實質之經濟後果為管制機關與投資大眾高度關注，但過去相關研究相當有限，本文希望藉由下列研究問題的探索以補充文獻缺口。 第一，中國大陸上市公司面臨下市緩衝機制漸進懲處時，管理當局如何進行盈餘管理以因應連續虧損門檻？第二，各群虧損公司次年扭虧次數與盈餘管理行為差異為何？第三，零損失的法規門檻如何引發盈餘分配的特殊型態；操控前盈餘與盈餘管理關係為何？ 依據1998年至2000年267家虧損公司樣本，實證結果簡要彙總如下：第一，虧損公司裁決性應計數字(營業外所得)顯著降低盈餘，特別在虧損第一個年度，此結果顯示管理當局意圖儲存盈餘以因應未來更嚴格制裁之緩衝。第二，ST股與PT股盈餘劇烈震盪，其盈餘型態分別呈現V字型與W字型。第三，1998與1999年連續三年虧損的公司次年扭虧百分比小於其他虧損公司；但2000年結果相反。主要理由乃中國證監會於2001年2月22日要求PT股在未來一年扭虧(過去為三年)，否則必須下市。第四，虧損公司次年盈餘分配集中於略高於零損失門檻的區間，隱含實質小虧的公司預支未來盈餘，實質大盈的公司儲存本期盈餘的可能性。第五，虧損公司次年扭虧時，操控前盈餘與盈餘管理呈現負向關係，且操控前盈餘越小的組別其盈餘管理越大。但持續虧損公司操控前盈餘與盈餘管理的關係並沒有系統性的結論。 本文實證結果顯示，中國大陸下市緩衝機制由於仰賴會計基礎管制，衍生相當普遍的盈餘管理行為。建議中國證監會應在下市決策中考量非盈餘資訊，投資大眾亦應關注盈餘以外的訊息以避免功能固著的迷失。 / Abstract This study investigates earnings management of Chinese listed companies subject to delisting buffer mechanism for reporting losses for consecutive years. The delisting buffer mechanism in China means Special Treatment (ST) and Particular Transfer (PT) regulations. Specifically, it requires that companies with two and three consecutive losses be labeled as ST shares and PT shares respectively. ST shares are subject to 5% price limits (one half of common shares) and their interim reports should be audited. PT shares are also subject to price limits and they are allowed be traded only on Friday. Although these regulations originally aim to maintain market’s metabolism and foster rational investment environment, their earnings-based nature and conservative schemes are likely to induce pervasive earnings management and speculation. Their economic consequences are a source of concern by regulators and investors, but previous study is relatively limited. Thus, this paper explores the following research questions to fill this void. First, how do Chinese listed firms manage earnings in response to consecutive loss thresholds, while facing the progressive sanctions of the delisting buffer mechanism? Second, what differences in positive earnings frequencies and earnings management exist among different group of loss firms in the following year? Third, how does the zero-loss regulatory threshold induce specific types of earnings distribution, and what relationship can be found between pre-managed earnings and earnings management? Based on a sample of 267 loss firms from 1998 to 2000, the empirical results are briefly summarized as follows. First, discretionary accruals (nonoperating income) of loss firms show significant earnings decreases, especially in the initial loss year, which is consistent with managerial incentives to save earnings for future more severe regulations’ cushion. Second, ST shares and PT shares experience large earnings volatility, and the patterns of ST shares and PT shares’ earnings generally look like V and W respectively. Third, percentage of positive earnings of firms with 3-year losses in the following year is less than that of other loss firms in 1998 and 1999, but more than in 2000. The underlying reason is the Chinese Securities Regulatory Committee requires PT shares have positive earnings within the next year rather than next three years after Feb 22, 2001, otherwise they are delisted. Fourth, earnings distribution of loss firms heavily clusters slightly above zero-loss threshold in the following year, which implies firms with small latent losses likely to borrow future earnings and firms with large latent earnings likely to save current earnings. Fifth, the pre-managed earnings and earnings management for loss firms reporting profits in the following year are negatively correlated. Furthermore, the smaller the pre-managed earnings are, the larger the earnings management is. However, the data reveal no systematic relationship between pre-managed earnings and earnings management for firms with persistent losses. Overall, the empirical results indicate that China’s delisting buffer mechanism, relying mainly on accounting-based regulation, induces pervasive earnings management. The findings therefore suggest that the Chinese Securities Regulatory Committee should consider non-earnings information into delisting decisions and investors look beyond bottom-line to avoid functional fixation.