本文計分五章，但主要內容分列於二、三、四章; 此三章分論現金的管理、應收帳款的管理、存貨的管理。現金的管理，探討其在企業營運中時，在流人及標出方面應如何妥加控制，以杜舞弊; 並討論以現金做短期投資時，其操作技巧及應行注意事項。應收帳款管理方面，則探討應收帳款造成的原因，及授信對象的評估、信用政策的規劃; 並就呆帳預防方面，其在銷售政策及法律上應行注意之事，加以論述; 同時對於應收帳款內部本身應如何做好控制及其融通問題，提出分析。存貨管理方面，除論述各種存量控制方法，並就存貨之請購、採購、驗收、領料、退料、盤點等程序，實實電腦化作業時，其流程及相互間的關係，提出結論。

本文以新經濟地理模型為研究架構，針對國際資本流動與經濟聚集現象進行探討。新經濟地理利用Dixit and Stiglitz (1977)模型技巧，假設消費者具有多樣化偏好、生產技術具有廠商層次的報酬遞增、與市場結構為Chamberlin式的獨占性競爭等特徵，應用在經濟活動的空間決策問題上，建構合乎理性行為模式的一般均衡模型。 本文延伸新經濟地理模型的假設；將生產函數分為互補與替代兩種型態，並將生產要素區分為可於國際間移動的國際要素，與不能於國際間移動的國內要素兩類，並考慮各國國內要素市場的供給情況、商品市場與要素市場的相對調整速度、與生產技術中要素產出彈性等因素，對資本在國際間配置均衡與廠商在國際間生產區位選擇的影響。 利用數值方法本文研究結果發現：新經濟地理中降低國際間的貿易成本或區域間的運輸成本將促使經濟活動在空間上產生聚集的傳統命題，只是本文模型中的特例；唯有在生產要素彼此互補、各國國內要素市場供給彈性無窮大、且不引起要素價格上漲的條件下才能成立。當我們考慮更廣泛的各國國內要素市場供給條件時，國內要素供給條件將會對國際要素的移動產生制約、則上述命題不再成立。此外，我們發現國際經濟活動空間分佈上的聚集或分散，除了與各國國內要素的供給情況有關之外，尚關係到生產要素彼此之間的替代性或互補性、要素市場與商品市場彼此間的相對調整速度、與生產技術中要素產出彈性的相對大小等。因此，本文的研究指出貿易成本的高低只是影響經濟活動空間上聚集或分散的因素之一，經濟活動是否聚集或分散並無必然性，需考慮生產技術的型態、各國國內要素的供給條件、產品市場與要素市場的相對調整速度、與各國市場規模的大小與分佈等因素，彼此之間交互影響的淨效果才能看出端倪。

Abstract Undoubtedly, liquidity is one of the most popular topics of research among the academia for decades. However intuitively-clear it is, scholars and experts have always found it not only hard but vague to define and measure. Moreover, researches or methods concerning commonality in liquidity are proposed one after another. Most of these works attempt to document what lies beneath the commonality by offering industry-wide or market-wide explanations. Nevertheless, this paper adopts an exact multivariate model-based structural decomposition methodology developed by Casals, Jerez and Sotoca (2002) to analyze the co-movement in market liquidity measures in a totally different manner. Except for decomposing three well-known market liquidity measures, share volume, dollar volume and turnover rate, of the Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) into trend, cycle, seasonal and irregular components, we conduct advanced bivariate analysis to extract common components, visualize them, and make a comparison among them at last. Evidence suggests that not only do these three liquidity proxies highly co-move with one another, but dollar volume seems to co-move slightly closer with share volume than with turnover rate. In the end, where this phenomenon, co-movement in market liquidity measures, accrues from is another long story and needs some further work not covered in this study.

本研究分為兩大部份，第一部份為探討利率的變動，主要研究央行每日公開市場操作對利率的影響，此部份包含了兩篇文章，分別為「以門檻自我迴歸模型(TAR，Threshold auto-regression model，Tong(1983)，Tsay(1989))估計央行公開市場操作對利率的影響」及「以Multiple Criteria Selection Model (Maddala,1983)估計央行公開市場操作對利率的影響」，研究樣本為日資料。在第一篇文章利用門檻自我迴歸模型估計用以區分央行動態性或防禦性公開市場操作的指標 的門檻值，利用估計出的 推論央行進行動態性或防禦性操作。第二篇文章利用第一篇文章所估計出的 將樣本區分為央行進行防禦性操作或動態性操作的樣本，並同時考慮央行是否進行公開市場操作反應函數及央行一旦決定進行公開市場操作後其要採取防禦性或動態性公開市場操作的反應函數，以Multiple Criteria Selection Model估計，同時本文更進一步考慮央行對於公開市場操作態度改變對此影響效果的影響，實證結果發現在央行總裁表示將更積極公開市場操作後，即2003年3月14日之後，發現當央行進行動態性公開市場操作可以有效的改變市場利率，而當央行進行防禦性操作則可以有效的沖銷準備金市償的干擾因子，降低市場利率的波動。 本論文第二部份為分析衍生性金融產品避險對公司價值的影響，比較與檢定有避險公司與無避險公司其公司價值差異，並討論公司以衍生性金融商品避險的動機，同時也比較當公司決定避險後，選擇大範圍避險與小範圍避險對公司價值是否也有影響。研究的對象為台灣上市公司中的529家公司，結果發現出口比率與公司規模是公司選擇避險重要的考慮因素，同時發現避險公司的Tobin’s Q、ROA、ROE與PMS皆大於無避險公司。 / There are two issues we concern in this paper. The first one is to investigate the daily effect of open market operation on short-term interest rate. The second one is to analysis the effect of hedging with derivatives by the firms on the firm’s value. About the first issue, the net issue of central bank’s certificates of deposit (CD) is functioned as the open market operation instrument. At beginning, employing a simple linear regression model, the benchmark model in our paper, the counter-intuitive evidence that issuance of DC decreases the short-term interest rate is found. To solve this puzzle, first, we define an index of open market operation to disentangle the effect of the defensive operation from the dynamic operation and use TAR model to estimate the value of . Next, we apply the Multiple Criteria Selection Model (MCSM) to solve the problems of selection bias and to estimate the two decision functions and the effects of daily open market operations. At last, we also consider the change of central bank’s attitude toward the open market operations. We separate the sample by the date (13-April-2003) of the speech of the governor of CBC, Fai-Nan Perng. We find that after 13-April-2003, the issuance of CD increase the short-term interest rate under dynamic O.M.O. and the coefficient is significantly different from zero, which means the daily liquidity effect exists. About the second issue, we compare and test the firm’s value difference between the firms hedging with derivatives and the firms without hedging. We also try to find the determinants of firm’s hedging. Our sample is the 529 firms listed in TSEC (Taiwan stock exchange corp.).

本論文著眼於「無法在任意時點，利用不同經濟個體進行避險」的總體衝擊， 以「經濟個體的終生消費流量平滑化」為目標貫穿全文，探討金融中介活動所扮演的角色。全文包含兩部分。 第一部分，假設經濟體系的風險性資產總量固定且產出每期波動，是總體衝擊的來源。本文認為金融中介在累積利潤的同時，也建立了為經濟個體提供總體衝擊緩衝機制的能力；中介的利潤空間、獨占力量及契約內容共同影響總體風險分攤的運作。而金融中介與直接金融交易二者的風險分攤功能彼此互補，並非相互競爭。此外，政府應適當規範金融中介的市場結構，避免金融中介擁有過大或不足的獨占力量，進而引導中介提供福利水準較高的金融契約。 第二部分，進一步考慮將資源投入安全性與風險性生產技術的投資決策。本文認為在「經濟個體面臨個別流動性風險、且缺乏流動性的長期生產技術屬於風險性投資」的情況下，跨世代金融中介可以利用股權形式的金融契約，吸引每期新世代經濟個體參與，使當期既存中年世代參與者的風險配置效率藉由新存款的挹注而獲得改善、減緩產出波動與個人流動性需求不確定對經濟個體終生消費配置的衝擊。新世代經濟個體參與跨代中介機制不僅可與中年世代共享經濟繁榮的好處，提升事前期望效用；並且亦延續中介既有的經營策略，繼續從事跨世代金融中介業務。

本文以馬克思「資本原始積累」的概念來檢視台灣與中國大陸農民變成雇傭工人的過程，輔以與西方資本主義發達國家當時的發展情況相比較。從歐美國家資本原始積累經驗來看時，可以發現土地產權制度的變革與國家影響力同步促成了資本原始積累過程；相較之下，愈後開始進行資本原始積累的國家，國家所扮演的角色日益吃重。以台灣與中國大陸相比較時，中國大陸延續其社會主義時期戶籍制度的影響，對於農民變成雇傭工人的過程產生一定程度的阻礙，形成所謂候鳥式的流動，與台灣線性式的流動產生鮮明的對比。這種不同形式的資本原始積累路徑，對於日後雇傭工人階級的意識型態、產業特質等方面產生深遠的影響。

自2002年以來，台商企業因法令設有投資大陸40%上限，以及租稅制度相對較不優惠等因素，遂轉赴香港新加坡等海外市場上市以求繞開政策上的限制，從資本市場直接籌資。國內企業出現一波朝外的推力，遂因此導致我國近年來上市公司家數成長遲緩的現象。本研究係從學術理論出發，以市場分割假說、法律約束假說、投資人認可假說、流動性假說該四個構面探討企業海外掛牌的動機，並以台灣資本市場作為個案，審慎分析與評估企業跨國上市後的股票交易量流向。 最後，分別從主管當局、證券交易所及櫃買中心就其所應扮演的角色，提出未來努力方向，期望能提供台灣資本市場扭轉劣勢、提昇競爭力的根本之道，使台灣成為一個具有區域競爭力的高流動性的資本市場。建議主管當局積極營造一個更開放、交易成本更低廉的資本市場，提昇自身的投資環境、降低法規障礙。建議交易所與櫃買中心未來可從監理的角色轉變成純粹提供「流動性」服務的公司，將市場監理的機制，交由第三者來負責。交易所與櫃買中心則專注於提供低成本、高流動性的服務。證券交易所之間的策略聯盟亦是未來發展的重要策略。 / Since 2002, Taiwanese companies have been restricted by the law of inverstment upper limit 40%. Moreover, the tax regime in Taiwan is less favorable for companies. When choosing where to list, instead of staying in Taiwan, a lot of Taiwanese companies started to pick other markets such as Hong Kong to avoid the inverstment restriction and raise fund directly from Mainland China. This results in the outwards power, making the number of the companies which newly listed in Taiwan stock market decrease. This paper starts from four academic theories: market segmentation hypothesis, legal bonding hypothesis, investor recognition hypothesis, and liquidity hypothesis, to discuss the motivations behind the cross-listing decision made by companies. Furthermore, taking the capital market of Taiwan as a case study, this paper analyses and evaluates the trading volume after cross-listing thoroughly. At last, this paper provides several suggestions for Taiwanese government, TSEC and OTC respectly; hopely those can make the capital market of Taiwan much more competitive and of higher liquidity. We suggest that the authority should try to build a market with less restrictions and lower trading costs, improve the investiment environment, and remove the legal barriers. In the other hand, we suggest TSEC and OTC might outsource their monitoring function to another independent party in the future, and transform into companies simply provide the good: “liquidity”. Thus, they can focus on providing lower cost of liquidity. The strategic alliance between exchanges is also an important stratedy.

改革開放以來，哪些菁英受到中共高層的重用？菁英流動的特性為何？背後是否具有一致的運作邏輯？本論文主要目的在於探索與釐清中國大陸菁英流動演變的型態，以及背後運作的邏輯。 在理論上，本論文從共黨政權演變的視角出發，採用組織理論的脈絡建構中共的菁英甄補邏輯。在組織邏輯下，本文認為改革開放的「經濟發展」路線，是中共為維持「專政」生存的工具性目標。而由於江澤民、胡錦濤依序接班後仍依循鄧小平改革開放的基本路線，這使得改革開放至今中國大陸政治菁英甄補與流動模式具有相當一致性的邏輯：即彰顯「專政」生存目的與「發展」工具性目的的政權演變特性。中共將依外在環境與組織目標的改變來調整內部成員，但調整的幅度與廣度將不會危害其執政地位，使得菁英流動呈現「有限活化」（limited renewal）的特色。 為了檢驗中共「有限活化」菁英體制的研究假設，本研究針對1978年3月至2008年3月曾任黨政正省部級職務（含以上）政治菁英進行系統性的實證分析。實證結果發現中共黨政菁英在納入新甄補元素的過程裡，的確具有專政地位維持的生存考量，符合本研究的理論預期。另一方面，雖然近年來外界強調中國菁英技術官僚的特質，但本文發現能夠在黨政領導職務任職時間較長，以及較快晉升至領導人職務的政治菁英，大多是前一個層級出身或具有黨職領導經歷者。這表示中共透過各級黨職歷練的規範，來確保這些領導菁英與黨意識型態路線或利益一致性。值得注意的是如此的甄補邏輯，改革開放至今並無系統性的改變。 最後，本論文也嘗試以菁英途徑解釋中國大陸未來的政體發展走向。透過有限活化菁英體制的現象檢證，我們認為菁英甄補的組織邏輯，應是中國大陸自80年代以來之所以能在快速經濟發展下維持共黨專政的重要因素。以此，本文認為中共在發展出以「黨職經歷」為重要資格的更替與晉升遊戲規則，短期內高層領導人應不至出現菁英分裂與衝突。而本文透過菁英流動課題來釐清中共「專政」與「發展」目的之邏輯本質，或許也能作為外界進一步闡述中共推行政治改革措施的思路。 / What kinds of political elites have been recruited and promoted by the leadership of the Chinese Communist Party (CCP) in the Reform Era? What are the characteristics of elite mobility in China? Is there a consistent inner-logic governing the selection and promotion of Chinese elites? To answer these questions, the thesis explores the continuity and change of political elite mobility in Mainland China, from 1978 to 2008. Theoretically, the author reveals the inner-logic of elite recruitment throughout China’s reform era by using the explanatory framework of organizational theory against the background of communist regime transition. According to the organization logic, “economic development” is merely a functional tool serving the higher ends of “one-party dictatorship” - the survival prerequisite for the CCP. Therefore, due to Jiang and Hu’s succession of party courses set by Deng, China’s elite recruitment and mobility have consistently embodied this organizational logic: While balancing between the survival prerequisite of one-party dictatorship and the functional target of economic development, the CCP has, on the one hand, adjusted its membership configuration in response to changing environment and organizational goals; whereas on the other hand, controlled the adjustment to a degree posting no threat to its ruling position, hence produced the characteristics of limited renewal within China’s elite mobility. To attest the theoretical hypothesis of limited renewal, the author conducts the systematic empirical studies on all the political elites who have worked on province and ministry level positions (and above) within the Chinese government and communist party from March, 1978 to March, 2008. As the empirical result shows, and consequently, confirms the hypothesis: the CCP did have assigned significant weight to the survival consideration in the process of elite recruitment. At the same time, despite the recent scholars focus on the rise of Chinese technocrats, the author however finds that, among the rising elites, those who worked longer in, or promoted faster to, the government and/or party positions, the crucial similarity they share lies not in the technocratic background but their party-position appointments on a lower level immediately before their promotions to leadership positions. This pattern of promotion demonstrated that the CCP has been using the party-positions experience as a required qualification for promotion, so as to ensure the elites’ alliance with party interest and loyalty to party ideology. Moreover, these recruiting and promoting principles have undergone no systematic changes throughout the period of the Reform Era. Finally, from the perspective of elite mobility, the author attempts to depict the potential direction of China’s regime development in the future. Having approved the pattern of limited renewal in China’s elite configuration and mobility, the author believes that the current recruiting criteria and the underlying organizational logic have significantly contributed to the success of the CCP in maintaining one-party dictatorship amid rapid economic development. Therefore, the author predicts that the likelihood for elite conflicts would remain fairly low, if the promotion requirement of party-position experience continues to function. But nevertheless, the research of elite mobility would uncover the inner logical relationship between the apparently-contradictory goals of dictatorship and development, which paved the way for the survival and the success of the CCP.

本文以Tiebout (1956) 之假說 (Tiebout Hypothesis) 為基礎，在數個轄區之經濟環境下，假設人民具有「異質性偏好」及「完全移動性」，利用模擬 (simulation) 的方式，探討人口以及地方公共財之最適配置狀況，並探討其背後所隱含之經濟意義。 本文之研究發現有以下三點。第一，對於公共財具有異質性偏好、且具有完全移動性時，個人會依據自我選擇機制 (self-selection)，選擇使其效用極大化之轄區居住，產生區分 (sorting) 之效果，符合Tiebout所預期。第二，就比較靜態發現，在技術水準越高，或者私有財之偏好越高的情況下，高偏好轄區的人口越多，每人持有消費性公共財數量也越多；而當資本產出彈性增加，則高偏好地區人口越少，且每人持有消費性公共財數量越少。第三，若中央政府徵單一稅 (uniform tax) ，且定額稅與資本稅之稅額相等，則以中央政府的角度觀之，不論何種稅制，均不影響全國地方公共財之總提供水準，故異質性偏好在此未造成任何影響。但若以地方政府的角度觀之，並以「每人持有公共財數量」之角度切入，則異質性偏好不但造成區分效果，更使轄區之資源配置具有脫離對稱均衡的可能。若將社會總福利水準極大化時之定額稅定義為最適稅率，其所對應之每人持有地方公共財，定義為公共財之最適提供水準，以此作為比較基礎，則在課徵資本稅之下，生產要素使用之扭曲性，影響人民之消費行為，進而改變轄區內原來的資源配置，強化轄區間資源配置的差異。在本文以兩個轄區為例，並以消費性公共財為分析重點之模型，發現地方公共財的提供，受到轄區內個人偏好強度差異之影響，出現偏好強度高之轄區公共財提供過多，偏好強度低之轄區公共財提供不足之結果。 關鍵字：Tiebout、異質性偏好、完全流動性、自我選擇機制、區分效果。

本研究之主旨為透過「併購交易比較法」探討日本市場「未公開發行公司」之流動性折價幅度。綜觀現存文獻中，衡量流動性折價的實證研究方法有「首次公開發行比較法」、「限制性股票比較法」與「退場之市場倍數期望值比較法」。由於上述研究方法皆有其缺失之處，因此本研究沿用Koeplin, Sarin, and Shapiro[2000]提出之「併購交易比較法」以併購交易之市場倍數衡量「未公開發行公司」之折價幅度。更進一步藉由建構「參考配對組合」，為併購標的為「未公開發行公司」之交易案尋找一組與其在相同國家、交易年份、產業與類似規模之併購標的為「公開發行公司」交易案，計算各市場倍數之流動性折價幅度。 本研究檢視西元1998年至2007年，共十年間於日本發生之併購交易，並限制為控制性股權交易。最終可得樣本為146個配對組合，平均流動性折價幅度為22%～30%。經由橫斷面迴歸分析發現，所觀察到的流動性價差隨「未公開發行公司」特性與產業不同而有所差異。產業別之研究分析發現，「建築業」為六大產業中各市場倍數所計算的流動性折價幅度最深者；「金融、保險及不動產業」，則為六大產業中各市場倍數所計算的流動性折價幅度最小者。交易年份別之研究發現，各市場倍數計算出的流動性價差所呈現的趨勢與日本市場歷年來併購交易案數量呈現「反向關係」，即當併購交易熱絡期間，「流動性價差」走降；而於併購交易案較為冷卻期間，「流動性價差」則上升。對於若為高成長的大型公司，其流動性折價幅度則將大幅低於其他條件之公司。由本研究之實證結果顯示，投資人爾後於評價「流動性之價差」時，將不宜應用單一折價幅度於所有「未公開發行公司」。 / Little is known about valuation of privately held companies, for which the fact that there is no sufficient information and no ready market. In general, investors will pay less for one there is no ready market compared to one that is readily marketable, ceteris paribus. Then we all accept that a private firm’s value will be reduced for lack of marketability, applying the value of the discount is a difficult matter. To the best of our knowledge, research in the past decades has relied on “IPO Approach”, “Restricted stock approach”, and “Expected exit multiple approach”. Those approaches have inherent drawbacks so this study follows the current approach of Koeplin, Sarin, and Shapiro (2000) to use a matching technique. This study uses “reference portfolio” to construct control portfolios of acquisitions of public companies for each acquisition of private companies. For 146 comparable reference portfolio between 1998 and 2007 in Japan, the average discount is 22%～30%. Our cross-sectional analysis shows, however, that the discount observed varies with the characteristics of the firm and with the industry. This study breaks down the discount by industry, with the highest discount found in construction and the lowest in finance, insurance and real estate. We also found discount decreases during hot M&A years and increases during cold M&A years. For large and growth private firms, the discount tends to be much smaller. Overall, our findings suggest that using constant discount across private firms is wrong.