半導體通路商又稱作配銷商，由企業組合而成，於產品由製造者傳送至消費者的過程中，專責承擔傳送過程所有產品及所有權轉移活動。通路商於整個產品交易過程，必須承擔實體配銷、所有權轉移、交易付款、訊息溝通與風險承擔等經濟活動。 本研究以台灣半導體通路商之風險管理為研究對象，針對通路商兩岸三地跨境營運交易，如何健全財務管理，掌握適當風險控管，適度操作避險工具，彈性運用籌資管道和健全企業財務結構，控制授信放帳、產品庫存與匯率風險等重要風險管理因子。 針對大聯大控股（3702）、友尚（2403）、詮鼎（6159）、威健（3033）、增你強（3028）與文曄（3036）、豐藝（6189）、益登（3048）和大傳（6119）等台灣半導體通路商進行分析。 歸納半導體通路商產業跨境營運時六項關鍵因素：（1）、市場趨勢與利基產品；（2）、產品研發設計協助能力；（3）、產品線與前瞻性；（4）、代理權穩定性；（5）、財務結構與（6）、業務行銷團隊。

在台灣現金增資已成為企業集資主要手段之一，尤以電子業之現金增資案例居各產業之首。關於現金增資與營運績效之議題，不論是學術界或實務領域皆受到相當程度關注。本研究以台灣上市公司現金增資為例，探討1995年1月1日至2003年12月31日共九年資料，分析現金增資後過度投資(overinvestment)對於營運績效之影響。本研究結論及實證結果如下： (1)使用營運資產報酬率、資產報酬率、每股盈餘、股票報酬率等績效衡量指標衡量現金增資前後之營運績效表現，發現增資後營運績效顯著下降。 (2)現金增資後現金收益(proceeds)主要用於投資。 (3)過度投資造成營運績效下降，而電子業之適度投資將使得營運績效上升，投資機會低且過度投資將使得營運績效嚴重下降。 / In Taiwan, Seasoned Equity Offerings (SEOs) has become an important source of corporate financing. It is especially the case for the semiconductor and electronic industries. Previous studies have documented that firms’ operating performance deteriorates after SEOs. In this research, the emphasis is on how overinvesting affects firms’ operating performances after SEOs. The sample of this research consists of SEOs of listed companies during 1995 through 2003 in the Taiwan Stock Exchange (TWSE). The results and conclusions of this research are as followings: (1)The performance indicators, such as operating ROA, ROA, EPS, and stock return performance indexes, decline after SEOs. (2)The primary purpose of SEO proceeds is for investment. (3)Firms’ performance improves with optimal investment in the electronic industry while onverinvestment explains poor firms’ performance after SEOs. The adverse effect of overinvestment on performance is more severe in firms with fewer investment opportunities.

對於全世界的資訊從業人員而言，最開始的希望，總是藉由優良的開發技術，發展出一套功能強大軟體，進行銷售，在個人的成就感與金錢的回饋方面，求取個人或團隊的最大效益，經過了20年之後，特別是在這幾年，電腦軟體業界逐漸發展出來的網路平台，慢慢成為許多人的創業平台，特別是從2006年開始，網路平台進入了一個嶄新的web 2.0時代，近三年來，有許多探討網路平台web 2.0成功案例的論述，但是對於營運模式與獲利之道，卻並不多見，這個大概是導因於撰寫這些論述的學者，大多是置身事外的觀察者，而非網路平台的經營者，誠如彼得杜拉克所言：｢網路公司一開始無法獲利，不是罪惡，但如果18個月後，還沒有正向的現金流量(positive cash flow)，那就是騙子了。」，這是他在接受Business 2.0專訪時所表達的意見，證諸過去十年前仆後繼的網路業者，這裡所謂騙子，並不只是涉嫌騙取投資人的金錢，實際上，網路平台的創業家為自己也編織了一個不切實際的網路夢想，因為在擬定營運計畫時由於對於後來的獲利方式並不清楚，或認為只要有人潮、內容吸睛，自然就會浮現獲利之道，最糟糕的是絕大多數的業者都如此的過度盲目的樂觀，而自我蒙蔽，而不自知，暴起暴落處處可見，故而，本研究的目的就在於1.研究網路平台的發展軌跡，蒐集目前已知的曾經失敗與曾經成功的網路平台的經驗，藉以得知過去的相關經驗，2.向未來的有志藉由網路平台運作模式來創業的業者，提出建言，3.整理出網路平台生存本質與營運的重要策略與方法，以利業者在採取實際行動、或創業行動中，整理出一套自己專屬的思考模式與行動方向。

本研究主要探討大陸上市公司現金增資前後財務經營績效變動與增資資格的關係。所選取的樣本係選自在1995至1997三年間辦理增資配股的上市公司。所採用的研究方法為無母數統計方法中的Wilcoxon signed rank test & Wilcoxon rank sum test兩種檢定方法。研究的結果如下： 　1.公司增資當年及增資後第一、二、三年之營業淨利╱總資產及營業淨利╱銷貨收入，接較增資前三年財務績效平均有明顯衰退的現象，並且達到顯著水準。造成財務績效衰退的原因可能來自於經營效率不佳，資產周轉率大幅下降，及經營效果降低所導致。另外銷貨收入在增資後沒有明顯的大幅提昇，亦可能是造成財務績效衰退的其中一個原因。但資本支出在增資後有明顯的增加，表示造成財務績效衰退，並非來自資本支出的減少。 　2.在增資條件與財務績效衰退的幅度關係方面，由無母數檢定的結果得知，前三年稅後淨資產利潤率平均越高者，其財務績效衰退的幅度可能比較大，但是並沒有得到統計上明顯的支持。 　3.在增資規模與財務績效衰退的幅度方面，由無母數檢定的結果得知，增資規模比例越大者，其財務績效衰退的幅度可能比較小，但這結果亦沒有達到統計上的顯著水準。 　4.由迴歸的分析得知，增資條件與財務績效的衰退在增資後第一、二、三年皆呈現明顯的負相關，由邊際檢定得知亦達到統計的顯著水準。增資規模的迴歸係數雖然與財務績效衰退程度成正相關，但由邊際檢定的結果並不顯著。

我國政府在1983年公佈實施『證券投資信託事業管理規則』，並於1983年開放核准投信公司之申設。英華投信是財政部於第二階段核准設立的十一家投信公司之一，其創立於1992年，發展至今有十年的歷史。截至目前，其管理的資產總額超過1,100億元，基金管理資產在同業中的排名為第四名。 　　本研究係以個案研究的方式進行並以吳思華博士所著之『策略九說』之架構，探討該公司在營運範疇、核心資源與事業網路之策略構面變化及各策略構面間作為之配合，另在價值/效率、能耐/結構與實力/體系競技場之策略演進過程。 　　英華投信公司設立至今十年，其間影響該公司重大的發展方向共有二次轉折點，分別為1996年及2000年，為便於本個案之分析，本研究將以二次策略轉折前後期階段的發展做為研究的依據。 　　綜合本研究之結果，研究發現及研究建議如下： 　　一、研究發現 　　1. 在法令許可的投資範圍內，以創新的概念發行類股型基金並提供完整的國內基金產品線，擴大該公司的營運範疇。 　　2. 以盡力做好客戶的投資報酬率，積極降低客戶的交易風險和投資風險之經營理念為出發點，形成與累積該公司之核心資源。 　　3. 以母公司集團關係及拓展銀行代銷通路，強化該公司之事業網路。 　　4. 以蓄積的核心資源實力發展多元化基金產品線之營運範疇並建構事業網路。 　　5. 以發行基金商品及增設北中南營業據點擴大營運範疇，提供基金受益人價值並以累積之核心資源提昇客戶服務效率，在價值與效率上二者相輔相乘以產生更佳的能耐並進而強化該公司管理基金資產排名之結構地位。 　　6. 管理資產規模及客戶受益人數增加之實力的強化來自於金融銷售體系的建立，而該公司企業體系的建構完整，來自於不斷擴展的資產規模之堅強實力。 　　二、研究建議 　　1. 運用母公司資源以發展完整的海外基金產品線。 　　2. 基金績效提昇應具連續性效果較能維持長期競爭優勢。 　　3. 提昇股票型基金的銷售能力並與債券型基金共同成長，以強化管理資產規模結構。 / This research paper is based on a case study, which is in compliance with Dr. Wu Se Hwa's theory in his book called “The Nine Theories with the Strategy” to discuss the C Securities Investment Trust Company's (Company C) change in business scope, core resources and relationship network strategies, and the coordination between them; finally, the progression of the dynamic competence frontier. 　　The Taiwan Government officially announced the “Rules Governing Securities Investment Trust Enterprises” in 1983, and it opened up the setup of the Securities Investment Trust Company in Taiwan. The Company C was founded 10 years ago with over 11 billion total assets under its management, is now considered at the 4th place among all the SITEs. 　　The 10 years operating experiences of the Company C has undergone 2 major turning points in 1996 and 2000, respectively. For the convenience of conducting this case study, this research paper will base one the developments of this 2 turning points as the studying period. 　　The findings are as following: 　　1. The full domestic mutual fund product lines and innovation of launching specific equity funds are the key to enlarge the business scope. 　　2. The company is also devoted to increase customers' investment return, aggressively eliminating the investment and trading risk from the investment portfolio. Eventually, these practices become the core resources of the company. 　　3. With its parent company's resources and the expansion of channel sales, Company C aggressively strengthens its business relationship network. 　　4. Based on the strength of its accumulating core resources, Company C has developed full mutual fund product lines and built its business relationship network. 　　5. Company C also tried to launching new funds and establish northern, central, and southern branches in order to provide beneficiaries with more values of it's products. Also, the accumulated core resources could provide the beneficiaries with more efficient services. With these two qualities complementing each other, Company C could strengthen its capacity and improve its fund's ranking ultimately. 　　6. The increasement of asset under management and beneficiaries depends on the entire sales system. Also, the completeness of a network relationship is to continuously increase the total assets. 　　Suggestions: 　　1. Using the resource from Parents Company in order to bring out diversification onshore overseas mutual fund products. 　　2. The continuous improvement of fund performance of a mutual fund company will last longer and would also enhance long-term core competence. 　　3. Improvement on the equity funds selling ability and increasing both equity and bond funds sales are the causes to the ideal assets management.

This business plan has been prepared to provide the reader with information about WTF (Wonderful Taiwan Flavour) Taiwanese Culture and Goods Business Plan, including business structure, company goals, projected growth, financial plan, start-up costs, an investment analysis and the industry trends. WTF (Wonderful Taiwan Flavour) Incorporation is a business entity that provides Taiwanese culture and goods in a restaurant business. It’s a brand new concept and I will bring Taiwanese culture along with this business to overseas, including China, Asia, America and Europe. I tend to re-shape Taiwanese culture with a contemporary, modern food and goods instead of a conventional ways. I’d like to bring these modern Taiwanese flavour to the world. Focused on quality food, good experience, good service, cultural environment and space to bring the joyfulness to our guests, WTF Inc. will be the first Taiwanese cultural theme restaurant export to overseas. WTF Inc. WTF is seeking seed capital of NT$ 7.12 million for initial company operations. WTF Inc. projects gross sales of NT$ 417.63 million and a net income of NT$94.3 million in year 5, with and NPV of NT$ 19.8 million, a payback within 18 months and an IRR of 84%. The initial investor will receive an equity stake in the company and preferential rights to invest in subsequent equity rounds.

手機產業是人類發明產品中，成長最快速的產業。近二十年的時間，已銷售超過三十億隻手機。在手機產業成長及利潤趨近成熟飽和之際，智慧型手機的出現，帶給手機業者新的利潤及事業發展空間，但同時也改變了手機產業長久以來的產業生態及營運模式。iPhone 的上市及其結合軟硬體和下載服務的創新營運模式，顛覆了傳統手機市場的思維與操作方式，也讓消費者對於手機上網及應用服務有了不同的體驗與認知。Apple在App Store有超過十萬個應用程式，讓使用者以自行下載自己需求的應用服務。Apple這種爲個人量身打造的個人化行銷，讓iPhone自2007年六月上市以來至今已銷售了四千多萬支，並且讓Apple iPhone 2009年第三季獲利，打敗全球市佔率第一的Nokia，創下手機產業的歷史紀錄。 宏達電在2007年六月搶先在iPhone上市前，搶先推出HTC Touch 觸控智慧型手機，轟動全球，也讓HTC躋身於全球前五大智慧型手機品牌。 HTC自創的HTC Flow使用者介面，不僅打破過去Microsoft WM 的標準介面設計，更奠定HTC在全球智慧型手機的品牌形象及里程碑。在Touch上市之後，HTC 不斷推陳出新，陸續發表了HTC Touch 2， Pro 2等手機，更於2008年10月與Google合作，推出全球第一隻Android手機G1，隨後並推出 HTC Dream、Magic及備受好評的Hero及HTC Sense 使用者介面。在2009年12月更推出全球第一支4.2 吋的Windows Mobile 6.5的手機 HD2，在2010年1月又由Google在CES大展推出宏達電代工生產的第一支Google品牌手機Nexus One，大幅拉抬宏達電的知名度及強化宏達電在Android 手機平台的領先形象。 Google在2007年成立開放手機聯盟(OHA)，把原本封閉的手機作業系統，一舉推向免費授權的系統，把原本在電腦上的服務也盡量複製到手機，推出Google Mobile Service (GMS)，除了HTC，許多手機大廠如Motorola，Samsung，SE，紛紛開始上市Android介面手機且開始經營品牌的加值應用服務，除此之外，還有許多台灣的電腦廠商如華碩、宏碁也紛紛加入Android智慧型手機市場。Google Nexus One於2010年一月上市，Google計畫複製iPhone營運模式的成功經驗，藉由上市Google手機，擴展Android System及應用程式市場的營收，並首度成立全球性的網路商店，宣稱以簡單的概念為核心， 建立一個全新的銷售通路，創造一個簡單的使用者體驗，簡單的購買程式並自由選擇費率方案等服務。 未來的智慧型手機競爭，不僅在於硬軟體的推陳出新，還要思考整體營運模式，把內容服務當成競爭優勢的重點。在這波新的智慧型手機戰役中，iPhone 及HTC是否能夠持續保持優勢？ 本研究將比較Apple iPhone及HTC兩家公司之事業創新營運模式及核心策略並探討Apple iPhone 及 HTC在未來手機產業中將會面臨的挑戰。

The vitamin supplement industry is expected to grow by 4% a year through 2015 according to the Nutrition Business Journal (NBJ), with the vitamins and sports segments expected to grow even quicker. Healthy Life Inc. is an e-commerce nutrition supplemental company designed to become the market leader in Web based sales of naturopathic and homeopathic nutritional supplements. The company is located in Taipei, Taiwan. Although many Internet companies have recently failed, the Internet is still poised to support e-commerce retailers. Most of the dot-coms failed because of too easy access to capital and unproven business models with no true revenue streams. Healthy Life Inc. will overcome these problems with an easy-to-use website and an efficient distribution system. In the next three years, Healthy Life Inc. intends to create to create an icon e-commerce brand through laser-focused marketing and will grow to $319,000 in revenue.

台灣纜繩滑水場營運企劃書 / The purpose of this document is to illustrate a highly successful investment opportunity in the area of sports entertainment, family attraction & lifestyle for Taiwan. This business plan proposes to build and operate the first Cable Wake Park, a water sports park in Taiwan, located in the South of Taiwan at Kaohsiung Lotus Lake. Estimated cost of total investment is US$ 1, 5 Mio. with an estimated 15.17 % internal rate of return on investment and a discounted payback period of 9 years. Core business of the startup company ‘Taiwan Wake Park Ventures (TWPV)’ will be the operation of the Cable Wake Park, the integrated pro shop for water sports & lifestyle products, hosting national and international events as well as the development of a profitable food & beverage (F&B) concept. Operational and technical Know How will be provided by the experienced management team of TWPV as well as the cableway supplier. The first Cable Wake Park shall be built at the Lotus Lake in Kaohsiung, a major tourist destination, within an area of approx. 4-5 ha. Once built a newly established company ‘Kaohsiung Wake Park Ltd.’ will be responsible for all aspects of operations, maintenance, sales & marketing for the duration of the site lease. Cable Wake Parks’ main anchor attraction is a unique overhead cable system that allows 7-8 waterkskiers/wakeboarders to be pulled at one time without the need for a boat. Wakeboarding/Waterski is a surface water sport which involves riding a wakeboard/waterski over the surface of a body of water. It was developed from a combination of water skiing, snowboarding and surfing techniques. Wakeboarding has gained popularity worldwide especially due to the innovation of the cableway which offers an environmental friendly solution to promote the sport and lifestyle to a wide range of the population. Riding obstacles in the water is very popular among young people and increases the attractiveness for spectators. Cable Wake Parks also various side-activities for a wide range of customers from 3 to 93 years old. Key customers are local population, school students, recreational people, sports enthusiasts, corporate groups and tourists. The business takes advantage of the growing population actively involved with water sports such as surfing and diving, as well as the recent development of an outdoor leisure lifestyle in Taiwan. International and national waterski/wakeboard competition, sport clubs, training courses for schools and sponsored events will help the overall marketing and promotion strategy. With more people enjoying cable waterskiing/wakeboarding our business will be more and more profitable. Marketing and Public relations possibilities are endless because of the uniqueness of the product. Cable Wake Parks represent a new lifestyle trend. There are over 200 Cable Wake Parks all over the world [1], over 70 cable installation in Germany alone, and more are on the drawing board in many countries. The project concept is based on long-term Know How and experience of world leading German cableway manufacturer and consultants. The International Olympic Committee has recognized Cable Wakeboard and already included it in the pre-Olympic group of sports. Total number of officially competing Cable skiers and Cable wakeboarders is approximately 360,000 worldwide [2]. Official national and world championships are arranged in 25 countries each year. The international promotion of the sport will support to grow our business and open future opportunities for Cable Wake Parks in Taiwan. Other cities such as Taichung and Taipei have already expressed their interest to build Cable Wake Park facilities and we see potential for franchise opportunities and future growth of Cable Wake Park Ventures Taiwan.

在現今非常兢爭的資訊產業中 , 由於產品不斷的推陳出新 , 縮短了新產品的生命週期 , 除了提高產品品質及降低生產成本外 , 如何將產品透過有效的銷售管道 , 迅速的佔有市場 , 成為各個資訊產品供應商在有限的成長市場環境中 , 極為重要的一環 。敝人任職於資訊產品供應商多年 , 深深感受到銷售管道對於供應商之重要性 , 因此在本研究中 , 針對供應商和配銷商間的資訊管理機制 , 做一深入的探討 , 期望藉由研究結果 , 規劃及改善出一套有效及迅速的配銷商管理資訊系統 , 以促使在如此微利時代的資訊產業中突破逆境持續成長。 / On the competition edge of IT industry, innovation and emerging technologies lead to an increasingly shorter product life cycle. Besides product quality improvement and cost rationalization, effective management on market channels to increase market-shares becomes significantly crucial for IT-product suppliers to survive in such a rapid-changing, low profit-margin business environment. This research thus aims at finding the way for effective handling on the IT-product market-channels. This paper describes at first the market situation regarding IT products. Thereafter, we than elaborate the importance of the sales-channel, in particular of wholesales, to the suppliers. An analysis on the case of a large-scale international corporation is then presented, where by we study the behavior and information management among wholesalers and the firms. Last but not least, the study results in improving information management for more efficient and effective distribution and sales of IT-Products.