當代的治理論述若持續侷限在以行政觀點為主軸的治理論述中，將會是對落實善治理想的不利條件與危機來源。但這並不表示治理就是一個不值得被討論的概念，事實上，現行治理理論的價值在於，它補充了韋伯官僚制論述中較被忽略的公民社會力量的部份。 在韋伯的理想政治運作計畫中，只有議會或是民選政治家具有可以同時和官僚以及公民社會溝通的機會，也只有民選政治家擁有政治溝通的權力與責任，而官僚及其管理對象，也就是公民社會之間的交流則不成為韋伯考量的重點。也因為此點，韋伯的官僚制論述被後來的行政理論詮釋成為政治與行政截然二分的論點，產生了傳統官僚制的弊病。 在治理的觀點中，政治代表的是一個社群對於未來方向的集體決定過程，政治的責任不應該有任何一個實際的參與者能夠卸下，無論是官僚體系內的公務人員或是民間社會中的平民百姓。治理理論擴大了自韋伯以降的精英民主論觀點，政治不再是精英的意志能否貫徹的問題，而是如何在當代多元化社會場景的實況下，完成各方力量的整合協調出一致對策，這點可以從治理理論非常重視第三部門在公共政策形成過程中扮演的角色中得到驗證。 盱衡當前台灣政治社會，民間社會力除了必須突破過去威權統治所遺留的枷鎖，還必須主動給予官僚制指引與監督，將行政體系予以社會化，為行政與社會透過第三部門互動的機制找到其正當性的來源。 / Abstract It will be crises to make a society step into the “good governance” stage if the modern governance theory still confined in the public administration theoretical perspective. But it doesn’t means the modern governance theory is valueless to be discussed. In fact, the modern governance theory stressed on the role of civil society in the governance situation, and which was ignored by Max Weber’s bureaucracy theory. In Weber’s opinion, only the member of parliament could have the chance to communicate with the civil society and bureaucracy, and only the member of parliament have the power to take the responsibility of political communication. Later the public administration theory interpreted Weber’s viewpoint as “the separation of politics and administration theory” and made the traditional bureaucracy become a trouble maker. In the viewpoint of governance theory, what politics represents will be a community for the future direction of the collective decision-making process, no one should not unload the political responsibility actual, whether public servants within the bureaucracy or in civil society civilians. The governance theory expanded the elite democracy theory, the problematics of politics is no longer the question how political elite will carry out their wills, but how to integrate the pluralistic political ideology into one coordinated consensus. This may take the Third Sector from the governanace theory to obtain the confirmation in the role which in the community policy forming process acts. Looking at the current Taiwan's political society, civil society must break the force in addition to the legacy of past authoritarian rule chains, but also must take the initiative to give guidance and supervision of bureaucracy, then the administrative system will be socialized, as administrative and social interaction through the mechanism of the Third Sector to find its source of legitimacy

本論文試圖檢驗中國在技術標準化中推動自主標準的政治思維，並以全球治理概念中多元主體的研究途徑作為論文的基本分析架構。本論文試圖探尋以下三個問題的解答：其一，檢驗全球治理理論在分析技術標準議題的適用性；其二，描繪出中國的政府角色在全球治理中為重要的「看不見的手」；其三，歸納出中國推行自主技術標準的舉動為闡述中國在「和諧世界」政策下中國式全球治理思維的經典案例。 　　本論文首先回顧了不同派別的全球治理理論。和既存理論最大的差異為，作者認為全球治理是一種動態的調整過程。中國藉由政府主導的模式，協助尚未成熟的第二、第三部門(企業及公民社會)參與全球治理，這種強調政府角色在全球治理中重要性的傾向，使得中國被歸類於「國家中心維持現狀派」。中國的學者將此種現象稱為「中國特色的全球治理」或是「中國模式」，然而本論文歸納出所謂中國模式的特色是以西方的價值為政策架構，本質上以政府的力量增進傳統國際關係理論中的核心國家利益項目。換言之，中國特色的全球治理為尚未成熟的全球治理。本論文的案例－中國的技術標準制定政策，闡述了中國參與全球治理的學習歷程，因此，將此稱為「過渡中的全球治理」，以彰顯中國參與全球技術標準化競爭的特殊狀態。 於知識的權力結構體系中，擁有技術標準制定的權力日趨重要，中國的技術標準戰略因而規劃於 2020 年前成為領導創新的國家之一。然而在中國 WAPI (WLAN authentication and privacy infrastructure) 技術標準制定的經驗中，隱約可見中國在全球治理中自我調整的動態過程，這種觀察為現有主流的全球治理理論無法充分解釋的。 / The thesis tries to examine Chinese initiative in indigenization of technical standardization for the global market. The basic analytical framework is based on the theoretical concept of Global Governance with a multi-actor approach. The following chapters try to touch upon three inquiries. First, it examines the applicability of global governance on standards setting issues. Second, it depicts the ”invisible hand” of Chinese government in global governance. Finally, it concludes that Chinese initiative in indigenizing technical standardization can be a good case in point to demonstrate a Chinese version of global governance under the guidance of “harmonious world.” This thesis reviews different schools of global governance. Unlike any of the existing literature, the author considers global governance itself a dynamic adjusting process. China partakes in global governance by emphasizing guidance from the government to boost the second and third sectors which are relatively underdeveloped. Namely, China inclines to be characterized into “state-centric status quo” school, which affirms that government is the most determining actor of global governance, thus not willing to give up “controls of the government.”Chinese scholars dub this phenomenon “Chinese version of global governance” or “China model.” This paper concludes that the so called “China Model” of global governance was conducted in western culture’s framework with a realist’s state-led approach in essence. In other words, Chinese version of global governance can not be regarded as a full-fledged one. The case study standard setting policy of China has illustrated a better picture of China’s learning process of global governance. Accordingly, “global governance in process” was coined into the title of this thesis to identify the current status of China’s involvement in global competition of technical standardization. Given the growing stake of “technical standards setting” in a knowledge-based power structure, Chinese initiative of technical standardization strategy has paved the way for pursuing leading innovative state in 2020. The lesson China learned from WAPI (WLAN authentication and privacy infrastructure) standard setting has provided us a clues about the self-adjusting role of the state in global governance as a dynamic process which could not be fully explained by conventional version of global governance prevailing nowadays.

本文研究重點在中國全球城市建設的地方管理模式。上海不同於其他全球城市，深受黨國體制影響，發展出不同的管理模式。除了國家戰略支持之外，城市內部的政治運作與分工，亦有特殊之處。本論文焦點在於納入「區」級政府的分析單位，透過上海、浦東政府的雙向互動，分析地方兩級政府的權變關係，以期完善理解城市發展路徑。 在上海強調服務經濟、試點創新、提升城市競爭力的目標之下，說明浦東區政府的體制、權力配置、空間與功能的佈局、與上海之間的利益分配與政策互動，以及有限的自主性。更重要的是探討浦東的策略選擇，如何謹慎處理與上海的關係，以及保持與中央的距離。最後，以上海發展國際金融中心、航運中心為例，探究中央、上海市政府介入的重要性，亦說明浦東區政府發揮的影響力。

本研究應用社會政治理論之概念性架構，探討民國96年至98年化工業及電子業之上市公司年報中有關環境資訊揭露程度。其中自願性環境資訊揭露影響之因素有公司規模、經營績效、ISO14001認證、環境支出預算、罰款與賠償以及國際化程度。 實證結果顯示，自願性環境資訊揭露與公司規模大小、是否取得ISO14001認證、環境支出預算、罰款與賠償以及國際化程度皆存在顯著正向的關係，其中又以是否取得ISO14001認證這個因素影響程度最大。至於化工業和電子業公司自願性環境資訊揭露受到何種因素較大，實證結果顯示化工業公司規模、經營績效以及環境支出預算愈高時，其環境資訊揭露正相關程度將大於電子業；而電子業若取得ISO14001認證及罰款與賠償金額愈高時，其環境資訊揭露正相關程度將大於化工業；此外，環境資訊揭露與國際化程度亦呈正相關。 / This study applies society political theory to explain the voluntary environmental disclosure in annual reports. The sample consists of firms in chemical and electronic industries in Taiwan during 2007 and 2009. The determinants of voluntary environmental information disclosure include firm size, economic performance, ISO 14001 certification, environmental expenditure budgets, penalty, and the extent of internationalization. The empirical results indicate that the firm size, economic performance, ISO 14001 certification, environmental expenditure budgets, penalty, the extent of internationalization are significant determinants of voluntary environmental disclosure while ISO 14001 certification is the most significant determinant. Moreover, the firm size, economic performance, and environmental expenditure budgets are more influential in chemical industry than in electronic industry as determinants of voluntary environmental disclosure. On the contrary, ISO 14001 certification and penalty are more significant for electronic industry. Finally, the extent of internationalization shows positive relation with voluntary environmental disclosure.

2001年聯華電子公司協助大陸和艦科技公司成立，此案揭露台灣法規與企業追求成長的衝突，於2005年爆發，歷經五年才無罪定讞，最後導致聯電榮譽董事長曹興誠入籍新加坡。本論文主要探討國際投資決策與公司治理兩大議題。 本論文從總體經濟、產業分析、聯電公司基本面分析，進行同業比較：在2001年全球IC產能與人員閒置，因此各國廠商前往最具發展潛力的中國大陸，產生許多競爭對手。台灣IC產業為維持研發技術領先，需尋找廣大市場來支持研究發展支出。台灣晶圓第二的聯電之研發技術未能領先於晶圓龍頭—台積電，因此相較於台積電，更需積極評估聯電前往大陸佈局的利與弊。因中國大陸強大內需市場、牽制大陸IC廠商、站穩全球IC供給鏈一環、比較利益、多元化經營的利益，使得聯電決定以間接方式協助大陸和艦，降低法律風險。 然而因無法公開協助和艦，使得公司治理問題浮現：股權結構、董事會職能、股東權益的保障、資訊透明度等，本文利用臨床測試法（Clinical Test），實證資料顯示，在市場傳出聯電投資和艦的消息後，產生負的累積異常報酬。 / The case, UMC assisted HeJian in 2001, revealed the conflict between regulation and investment decision of company. It was sued in 2005, and finally became inno-cent in 2010. This essay focuses on two issues, international investment and corporate governance. International investment started from the top-down analysis: from microeco-nomic analysis to industry to company fundamental analysis, then also the competitor analysis. Although the global IC industry had suffered recession in 2001, IC demand from China had increased. Therefore, many foreign investors transferred their know-ledge and facilities to assist China’s IC market, and then many potential competitors showed up. Meanwhile, IC enterprises in Taiwan needed large market to support R&D expense to maintain competitive advantage. As one of IC manufacturers in Taiwan, UMC didn’t have the leading technology as TSMC did, therefore, with the benefit of the high demand IC market in China, remaining competitive advantage, comparative advantage, and so on. UMC decided to assist HeJian in privately. The problem of corporate governance emerged because of private assistance. It was doubted that the ownership structure, function of board, the interest of shareholders and transparency could work well. Therefore, when investors knew the information of UMC assisted HeJian, there was negative cumulative abnormal return by event study.

本研究採2003年12月至2010年6月上市上櫃公司為研究樣本，檢驗當期投資人情緒、公司治理、及動能投資策略對下期股價獲利的影響，與先前研究不同之處在於，投資人情緒使用世新大學投資人情緒資料庫所提供之「投資人情緒指數」。實證結果為: 1、當期投資人情緒悲觀會使得當期股價低估，而使下期股價向上修正時有較高的報酬率。 2、公司治理佳的股票報酬率顯著大於公司治理劣的股票報酬率。 3、過去股價報酬率較高者未來也有較高的獲利，反之則較低。 4、投資人情緒相較於公司治理及動能策略而言，為主要的影響股價的因素。 5、金融海嘯時，投資人情緒悲觀仍使下期股價有較高的報酬率，但公司治理劣者報酬率顯著大於公司治理佳者。

本研究主要探討公司國際化程度及公司治理對管理當局自願性盈餘預測行為之影響，而本研究係以2009年公布之美國S&P 500公司作為研究對象，研究期間為2002年至2007 年。實證結果顯示：(1)企業國際化程度與管理當局揭露自願性盈餘預測之意願無顯著關聯性；(2)企業國際化程度越高，管理當局自願性盈餘預測之準確性越高；(3)企業國際化程度越高的情形下，公司治理之良窳與管理當局自願性盈餘預測間無顯著關聯性；(4)企業國際化程度越高，公司治理機制越良好，管理當局自願性盈餘預測準確性越高。 / This study investigates the effects of internalization and corporate governance on voluntary management earnings forecasts. Based on a sample of 2009 S&P 500 companies spanning from 2002 and 2007, I do not find the issuance of voluntary management earnings forecasts to be related with the degree of internalization and the quality of corporate governance. However, the empirical results indicate that the accuracy of management earnings forecasts is positively associated with the degree of internalization and the quality of corporate governance.

本研究以公司治理變數與銀行評等結果之關係為研究對象，並以累積邏輯斯迴歸模型(Cumulative Logistic Regression Model)研究2004年至2010年的31間台灣的上市銀行，探討公司治理對於公司決策的影響，及其是否會進而影響公司的表現，最終並改變公司的評等結果。 本文由股權結構以及董事會的組成這兩大結構來探討公司治理對銀行的評等影響，股權結構的部分主要選擇董監持股、外部法人董監持股、董監持股質押比例、大股東持股、經理人持股、最大外部股東、盈餘席次偏離比、股份席次偏離比等變數，而董事會的組成方面則選擇董事及監事兼任占經理人比例、股監事席次、獨立董監席次等變數來探討。研究發現董監事、大股東及外部法人董監的持股比率越高，對公司的評等結果有正向影響；反之，經理人之持股比率則與公司的評等結果呈負向關係。此外，獨立董監占董事會的席次越高，與公司的評等結果存在正向的關係。 / The bank rating system used to only consider the financial variables instead of corporate governance variables, but whether the corporate governance variables can influence the strategies of managers and the performance of the firm, then further change the outcome of the bank rating had never been considered. This thesis is trying to use cumulative logistic model figure out whether there exist any connection between corporate governance variables and bank rating outcome. This thesis considered 9 difference corporate variables that can be divided into two different sectors, which are ownership structure and boardroom structure. The conclusion of this thesis is that the majority shareholder's holding、Supervisors and Directors' holding and institutional Supervisor and Director's holding、Managers' holding and the number of independent director and supervisor will influence the outcome of the bank rating.

本研究以Gomper, Ishii, and Metrick (2003)利用IRRC針對24個公司反購併措施調查所建構出的G-index，作為衡量公司治理程度優劣的指標，分數越高代表股東權利越弱、公司治理越差。研究樣本為美國1990至2007年的國內併購案，主併和目標公司以中位數作為分組依據，在四種組合中分別從公司治理變化、併購溢價、短期宣告效果、長期股票超額報酬(CAR與BHAR法)、長期經營績效以及簡單最小平方法之迴歸模型，來探討公司治理好壞是否會影響到併購溢價幅度和併購綜效。 整體共計624個併購樣本中，平均溢價為32.54%，其中全以現金作為支付工具有顯著較高的溢價比率。在短期的併購宣告效果中，主併公司在事件窗口(-1,1)下平均累積異常報酬為-2.07%，而目標公司則為18.09%；然而長期來看皆有顯著性異於0的負報酬，以及經過產業調整後的經營績效(ROA)增長率也有負的統計顯著值。顯示整體併購樣本雖支付高溢價，但在長期的股票報酬或經營績效上並無法創造超額報酬或是增強營運效率。 此外，研究實證發現當目標公司治理越差，主併者必須付出較高的溢價比率；以及當主併公司的治理越差，在主併和目標的短期宣告效果上皆會有較低的異常報酬。在影響長期綜效的迴歸模型中，公司治理、主併公司帳面市值比、目標公司資產報酬率對於CAR皆有顯著影響能力；而併購金額、目標公司資產報酬率(ROA)則是對於BHAR有顯著的影響能力。 在不同公司治理四種組合中，以「公司治理好的去併購公司治理差」的組合會付出最高的併購溢價；在短期宣告效果上，表現最好的組合為「公司治理好的去併購公司治理好」；而在長期股票報酬(CAR)方面，則以「公司治理差的去併購公司治理差」組合表現最好，此組合的主併公司有顯著較高的帳面市值比；最後在長期營運績效資產報酬率(ROA)上，以「公司治理好的去併購公司治理好」表現最好。整體來說，本研究重點在「公司治理好的去併購公司治理差」時，雖付出較高的併購溢價，但平均來說享有較好的長期綜效。

This paper discuss the issue of how corporate governance variables affect the cognitions of groups of investors to lead they separate their investment strategies in 1997-2011 sample period, the results indicate that firms with higher management stockholdings, lower blockholders’ shareholdings, smaller board size, more outside independent supervisors, CEO duality, and one of ultimate controllers served as chairman would be appealing to individual investors; the robust test from 2007 to 2011 only positively affects the investment strategies for foreign institutional investors. Moreover, we explore that lower blockholders’ stockings and smaller board size are favorable characteristics for investors to increase firms’ trading volumes but also the trading volatilities. Finally, we compute the corporate governance score for every sample company called CG-Index, and discover a perfect corporate governance mechanism would inspire investing motivations of domestic individuals and foreign institutions, after considering the information disclosure ranking in 5 years sample period, the stockholding of whole individual investors is indicated positive related to the corporate governance degree.