海外可轉換債券提供台灣企業能在台灣境外融資的管道，其正面的影響主要為能擴充企業融資管道、發行金額較大、資金成本較低、可增進發行企業海外的知名度與能見度，以及分散企業資金風險的好處。但另一方面，由於海外可轉換債券是以外國貨幣為計價單位，將會增加發行企業的外匯風險，而且海外可轉換債券的發行金額龐大，企業使用財務槓桿的程度大大提升，使得發行企業的財務風險大幅增加，此外，海外可轉換債券的發行成本亦是相對較高的。因此，以海外可轉換債券融資是否對所有的企業均有利、海外可轉換債券發行市場是否有著一個區隔性、對於可使用海外融資市場的企業是否相對產生了一種優勢，這是一項值得探討的議題，而這是本文研究的動機所在。而本研究之實證結果如下： 1. 海外可轉換債券與國內可轉換債券發行公司其發行動機有顯著的不同，特別是在公司預期未來國外依存度較高、資產擴充程度較大、公司規模較大、成長力較小與發行金額較大的情況下，相較發行國內可轉換債券而言，公司將會傾向選擇發行海外可轉換債券。 2. 相較於國內可轉換債券的宣告，在公司宣告發行海外可轉換債券時並無超額報酬，此顯示了使用海外可轉換債券融資有相對好處的企業，在公司宣告前已充分的使用了此一優勢。 3. 相較於國內可轉換債券發行公司的營運績效而言，在發行後海外可轉換 債券發行公司的營運績效顯著較佳，但此一結果並不能由發行企業的特性來解釋，反而是因融資來源的擴充使公司流動性增加所造成的。

智慧資本的觀念近幾年為產學界熱門探討的主題，其原因主要來自無形資產對企業經營影響的比例越來越加重，而有形資產的多寡不再是決定企業成功的關鍵，知識將取代機器設備、資金、原料或土地，成為最重要的關鍵因素，這種轉變對於科技產業影響更是深遠。 在政府「2兆雙星計畫」的政策性激勵下，LCD產業儼然成為台灣之明星產業，但是在關鍵技術仍然未能突破的情形下，相關產業成功與失敗的案例不斷上演，到底如何維持這個產業的競爭優勢？LCD相關製造產業重要的無形資產是什麼？這些資產如何為企業創造利潤？這些都是產業界與學術界關注的課題，本文提出智慧資本影響LCD製造產業經營價值的模式，並以實證方式探討並提出建議。

有鑑於從類比往數位化科技的演變已成為新的趨勢，以及其創造出的影響力十分龐大，不僅改變人類的生活型態且深深影響著使用行為。傳統相機的數位化過程，提供了最好的例案。近年來台灣也開始從原本Wintel的IT 產業往消費性產業（Consumer Electronics）移動。想快速複製在IT產業所累積的經驗，運用到消費性電子業上，再一次創造主導生產端的全球優勢。雖然IT產業的成功，提供廠商極佳的參考價值，但二者有著極大的不同。IT產業有Wintel的共通平台，標準一致性高，這對有大量複製能力的台灣廠商，提供了絕佳的發展機會與空間，而事實也証明是成功的。但在消費電子業上，因沒有共同平台可用，就沒有如此方便的架構可供參考。各家都必需有其特色，產品才會有其吸引力，也唯有貼近消費者需求的產品，才是價值所在。而所有令人眼睛一亮的創新產品背後，都是建構在嚴格的技術與管理的體系上，且無一例外。產業是企業的組合，企業的成長與否正是驅動產業生態變化的主要原因。 本研究主要探討集團內部創業過程中，有效的應用產品生命週期演化中所決定的市場關鍵性變數，以集中資源，重點突破的管理模式，達成組織目標。希望透過研究成果對台灣公司往消費性電子的發展有所貢獻。僅透過單一公司內的事業部做深入分析。研究架構以Timmons Model做為主軸，以機會、資源、團隊做為主要的基礎研究構面，配合龍捲風暴（Inside The Tornado）競爭優勢的三個關鍵性變數之互動中，做進一步的檢驗，並對此一模型提出建議並供業界參考。 / In light of the paradigm shift from the analog to digital in people’s life and the trend in this way which not adjusted the living style of mankind but varied behaviors of manipulation has a huge impact. The sample that traditional cameras were substituted for digital cameras could be a valid evidence. Taiwan has been recognized as a successful story of major hardware providers for the IT industry. The main reason behind it is a platform defined by Wintel (Windows and Intel) and that makes the development easier for Taiwanese companies to have a quick move. Because of more than 20 years booming IT industry, the opportunity which is open so wider and Taiwan has performed as a great model during the time period. The good result turns out that Taiwan can explore the same DNA which is embedded from IT industry to make another successfully story on Consumer Electronics fields. Obviously, that is not the same game rule as history of IT industry due to no common platform for quick “copy and paste” mechanism defined by Wintel. Whoever wants to be the key figure in the market of consumer electronics, therefore, should provide excellent products as well as solid management skills for himself and whole market in the realm. The permanent rule is only the products which really touch the wants of consumers can enjoy the great success and the different way of thought or action based on what has been learned from IT mode. The purpose of this research is try to explain the inner incubator system to a newly establishment BU (business unit) for how to utilize the opportunity and to allocate the resources no matter inner or out source, then organize a great team work to make the BU successful. The concept adopted here, is based on “Timmons” model and combines the way with “Inside the Tornado” for developing new management scope and business model. The structure of this thesis is imitated with depending upon the theory of “Timmons” & “Inside the Tornado” and provides the conclusion and suggestion after solely case study, then.

生態工業園區無論在國內或國外皆屬新興觀念，尤其國內是在近年來才開始推動。由於生態工業園區之興起正符合全球經濟與環境共生共榮之趨勢，足見未來勢必成為國家新世紀發展重點。惟生態工業園區在國內之推展仍屬萌芽階段，故本研究以透過探討生態工業園區之規劃及營運機制，來建立發展策略，供作相關政策制訂與推動之參考。 本論文採用個案研究法，探究丹麥卡倫堡生態工業園區的發展經驗，然後列舉包括美國、日本及中國的重要生態工業園區案例，最後由實質、技術、市場及政策環境等面向歸納整理；再研究國內的發展現況，並以調查研究法深入訪談工業局及環保署之相關意見以發掘台灣生態工業園區規劃上及營運上面臨之課題；再研擬規劃及營運機制發展策略，作為建構台灣生態工業園區永續發展之參酌。 本論文共分七章，第一章是緒論，箇中對以生態工業園區來建構台灣成為環境與經濟發展並重之研究動機與目的、範圍與內容及研究方法作一概略式交代。第二章是文獻探討，分別對生態工業園區之概念、定義、分類類型、重要發展脈絡、規劃及營運機制進行分析及描述。論文的第三章為研究方法之說明，分別採用個案研究法及調查研究法中的深入訪談為之。第四章先描述全球所公認的生態工業園區原型案例—丹麥卡倫堡，繼之，以美國案例作為主軸，並延伸至其他各地主要案例，歸納各生態工業園區之發展模式，做為後續論述之基礎。第五章探討台灣生態工業園區之可行性分析首先敘述台灣生態工業園區發展歷程與政策之演變，以瞭解其推動之時空背景；其次則描述目前我國生態工業園區之設置現況，最後藉由問卷調查瞭解政府相關單位對於生態工業園區發展之意見及課題，以為後續研究之參考。第六章旨在研擬規劃階段之發展定位、基礎建設及營運階段之招商規劃、營運組織、副產品交換、環境績效標準之策略，供政府在推動生態工業園區發展相關政策及開發之參考。

隨著資訊通訊科技的全球化發展，讓世人見識到了許多且頻繁的「創造性破 壞」的經濟活動，特別是在商品以「內容」型態呈現且「載具」可數位化的領域裡，因為，這同時隱含了消費者「複製能力」的提升，而其中最具代表性也最引起關注莫過於台灣唱片工業所受到的衝擊。 現今，台灣唱片工業面臨的三難局面：如影隨形的盜版問題因為科技的進步而產生了「質」與「量」的改變，非法的線上音樂業者與善用複製能力的消費者後來居上；市場萎縮與電子商務「去中間化」的雙重打擊重創了實體通路系統；合法的線上音樂業者至2006年所能提供的年產值僅新台幣4.8億。相對於唱片工業由100億台幣的市場規模驟降至20億台幣，如何存活，將是這個產業的所有參與者須共同面對的難題。本研究試圖尋求一個符合唱片工業現況且能順應未來線上音樂發展的營運模式，以維繫音樂產業價值鏈上的主要參與者之間的夥伴關係、協同商務關係與彼此核心能力如何互補、銜接以及最後的利潤分享，讓這個符合現況且能順應未來發展的營運模式啟動。 當產業的營運模式一旦展開，會有許多不同的以公司型態出現的個別參與者在其中，而其中的每一家公司或許又擁有數個不通焦點的商業模式，從顧客端角度來看，價值的來源往往是由一群公司所組成的價值網絡所提供，組織與組織之間，甚至行業與行業之間的界線已漸趨模糊，以營運模式作為分析的單位，可以跨越組織與產業的界線。商業模式概念、以情境模擬為基礎的營運模式改變方法，可幫助企業培養創造力、競爭優勢，並透過商業模型之組合與模擬，增進對產業未來的理解與掌握，讓台灣的唱片工業無懼於釋出內容；線上音樂業者無懼於開創新服務，進而提供可依循發展的生存之道。

在考量或依據籌措資金的目的、資金成本、募集資金的金額、貨幣市場及法令因素等，公司會在多元的籌資管道中選擇最有利的方式進行。可轉換公司債自民國79年遠東紡織發行後，就受到企業的喜愛與投資人的注意。發行可轉換公司債時機及營運績效與發行CB之相關性，是本研究所探討的重點，同時也希望此研究結果能對未來預發行可轉換公司債的企業有所幫助。 本研究首先透過問卷調查的方式，發現企業發行國內可轉換公司債之主要動機為募資資金成本較低，選擇發行ECB的主要動機則為降低利息負擔。接著嘗試已證實測試方式，依照所選取樣本分成四組，進行對照比較，發現外部因素如利率、股價、法令變動對企業是否選擇CB作為募資方式並無明顯相關性。再進一步了解發行CB對公司營運績效影響，發現公司發行可轉換公司債之後，獲利變差。另外進行公司特徵之分析；在鋼鐵業方面，發行前財務比率即較同業差，發行年度及發行後二年財務比率並未因發行可轉換公司債而轉好，因此無法推估發行可轉換公司債與獲利能力之關聯性。在電子業方面；三組電子業的樣本與同業的對照比較中，以半導體產業發行可轉換公司債為募資方式的公司最多，且發行後可能公司本身獲利能力有逐漸衰退，但無論是獲利能力，經營能力等財務比率皆優於同業。 遂進一步觀察其發行時機集中在86、87年，正處於半導體景氣衰退期，直到89年初景氣才復甦，正發揮可轉換公司債的產品特色，在景氣衰退時，以發行可轉換公司債的利息負擔最低，可在獲利減少下避免稀釋盈餘，且可以高於市場價格作為轉換價格，避免股價的低估，或許這是被認為發行可轉換公司債後，獲利能力會變差的原因之一，但半導體廠商在選對正確時機發行後，在景氣不佳時，仍有優於同業的獲利及經營能利，實則為發行可轉換公司債所帶來的最低成本的資金。 關鍵字：可轉換公司債、海外可轉換公司債、營運績效、CB、ECB / To consider or base on the purpose of financing、the cost of capital、the amount of fund、currentfinancial market conditions and governing laws.....etc,usually a company will choose the most beneficial source of finance. In 1990 in Taiwan, the Convertible Bond ( CB ) was issued by Far East Textile Co. and was favorably attracted by both companies and investors since. The primary subject of this studding is to discuss the correlation between the time of issuing CB and operating performance after issuing CB. Hopefully, this paper can be useful to the company desiring to issue CB in the future. First o fall, by using the survey method I found that most companies in Taiwan chose issuing local CB as the source of finance because of cheaper capital cost. Some companies chose issuing ECB for reducing interest burden. Secondly, by using practical test method: separate the selected samples into four groups for comparison testing. In results, there is no obvious correlation between exterior factors and the companies whether issuing CB. The exterior factors include interest、stock price and security laws. Finally, this paper explains the operating performance, especially the earning profit ability, of the companies getting poor after issuing CB. To understand such result, compare the characteristics of the companies in the same industry. In steel and iron industry；the financial ratios of the selected company without issuing CB are poorer than competitors’. Then the selected company didn't get better within two years after issuing CB. In this case, I can't assume that the operating performance or result is related to the company issuing CB matter. In electronic industry; three samples of electronic corporations were compared with their competitors. This paper illustrates that issuing CB as the way of financing for the company is the most popular among semiconductor industry. Although the selected company faced a downturn in earnings after issuing CB, it still performed well in terms of financial ratios compared with its competitors. To go a step further to observe the issuing time during 1997 and 1998, the semiconductor industry encountered a slumped condition until early 2000. In this time frame, CB product naturally explained its merits by itself. When the company faced a down-turn economic situation, usually with poor earnings,the company tended to issue CB as the source of finance in order to reducing interest cost, smoothing earning per share, protecting shareholders' rights to transfer a better share price in the future. The condition above accidentally misled the thoughts of that the issue of CB will cause poor earnings. The companies in semiconductor industry chose the right time to issue CB.They still keep a better operating performance than competitors and obtain fund for the lowest cost of capital due to choose issuing CB as the way of finance.

Please see the English Abstract / In the 21st century, the globalization movement to multinational corporations is an inevitable process to maintain the continuous business growth. Asia, in particular, has drawn all the attention of multinational corporations worldwide and is considered as the region of the century. This research is designed to study the Asian regional operations of a multinational corporate in semiconductor equipment industry. In response to the regional customers demand, the regional competition, and the regional operations cost reduction, the case company has strategically established regional operations centers in Asia, covering the aspects of technical support, technical training, parts logistics, parts sourcing and repairing, as well as service outsourcing. This study found that the outstanding regional operations strategy plays a key role in the industrial competition and the overall operational excellence. The service enhancement through the technical support and spares sourcing can directly benefit the IC manufacturing customers and reword to the cost reduction of the regional operations. The studied case company clearly can be a benchmark of the regional operations practices for semiconductor equipment industry as well as for other related industries. Furthermore, the objective of this research is to provide useful suggestions that may help the firms in the industry on their future regional operations strategies setting as well as offer the academic researchers with a good case study of the development of regional operations in Asia.

面對全球化市場與激烈競爭壓力下，企業如何維持生存及永續經營的長期競爭優勢，與提升股東的價值，己經成為企業追求的目標及使命。 全球重要的商業模式流通活動，其中以零售業為面對最終消費者的主要經營業者，而隨著消費者生活型態的多元化、銷售模式的突破與創新，以及市場競爭的愈趨激烈，也逐漸有了嶄新的面貌，更帶來了企業營運策略上的挑戰。零售業將如何透過轉型與創新，掌握市場新商機? 本研究透過個案R公司，曾經是一個近百年經營歷史的美國前二大消費性電子類產品零售商，擁有自有品牌,代理及加盟店總數曾經高達7000多家,零售點幾乎遍佈全美各州.公司業績曾超過美金60 億美元,(約NT 1,800億元),其企業形象與產品服務等,曾為美國消費者認為是新科技創新與零售產業之標竿。 本研究經由探討及分析個案公司過去不同時期的營運策略及商業模式運用，歷程如何極大化其競爭力領先市場競爭者。　然而面對消費性電子產品市場不段變遷、新科技及網際網路創新之商業營運模式下，個案公司如何面臨重大經營挑戰而下市。科技的發達，帶來消費行為的改變，不論是實體零售業者、或是線上業者，都必須與時俱進才能保持競爭力。未來，業者若不加緊腳步，整合虛實通路行銷、產品及服務的需求，及適時的調整營運模式與策略，恐怕會在業績上重大衝擊。希望由此個案研究結論, 能給相關企業未來參考進而有所助益。 關鍵詞：零售業、營運策略、商業模式、競爭力 / In the face of global market and intense competition, how to maintain the long-term competitive advantage of survival and sustainable management, and to enhance the value of shareholders, has become the pursuit of business goals and mission. The world's major business model of circulation activities, of which the retail industry to face the ultimate consumer of the main business, and with the diversification of consumer lifestyle, sales model breakthrough and innovation, and the increasingly fierce market competition, But also gradually have a new look, but also brought the business strategy on the challenges. How will the retail industry manage new business opportunities through transformation and innovation? This study, through Case R- Company, was a top consumer electronics retailer in the United States for nearly a century, with its own brands, agents and franchises totaling more than 7,000 retail outlets in almost all states. The company's performance has exceeded US $ 6 billion (about NT $ 180 billion), its corporate image and product services, etc., was the US consumer think is the new technology innovation and retail industry benchmark. This study explores and analyzes the use of business strategies and business models in the past different periods of time, and how the process maximizes its competitive leading market competitors. However, the face of consumer electronics market is not changing, new technology and Internet innovation business model, the case of how companies face major business challenges and market. The development of technology, bringing changes in consumer behavior, whether physical retailers, or online industry, must keep pace with the times to remain competitive. In the future, if the industry does not step up the pace, the integration of the actual situation of marketing, product and service needs, and timely adjustment of business models and strategies, should have major impacts of the performance. Hope that the case study conclusions, to the future reference to the relevant enterprises and then help. Keywords: Retail, Operational Strategy, Business Model, Competitiveness

南非是非洲經濟發展最好、最現代化及基礎建設最完善的國家，2011年加入「金磚五國」，隨著中國大陸內需市場的增加，南非的經濟成長這幾年也跟著增長。本研究透過訪問兩家投資南非的台商，以實際的案例探討及分析台商進入南非的動機、時機、模式、擁有的資源及管理方式，希望對於之後欲投資南非的台商有參考的價值。 研究結論發現有幾個主要決定台商在南非取得優勢的因素，先進入者的優勢能夠讓台商在該產業維持持續性的競爭優勢及佔據該產業重要的地位；台商在南非當地的人脈關係，能夠讓台商在南非快速瞭解及認識市場知識，公司的經營及運作也會更順暢；台商跟台灣供應商的良好合作關係，是公司在南非成功營運經營的支撐力；台商管理當地員工的方式須因應當地的文化作調整，員工主要分黑人跟白人，這兩種人種需要的管理方式不同，台商應針對不同人種採取適當的管理及溝通方式。 / South Africa is the most developed country in Africa. In 2011, South Africa joined BRICS, an association for emerging national countries, and with the increasing market demand in China, the economic growth of South Africa has increased over the past few years. This research aims at studying the cases of Taiwan firms entering the South Africa market, illustrating and analyzing their entry modes, competitive advantages and management approaches, as a reference for Taiwan firms intending to invest in South Africa in the future. This research concludes that, there are a few main factors that contribute to a firm’s success in South Africa. Firstly, first mover advantages can allow firms to maintain their competitive advantage in the industry. Secondly, through the firm’s network relationships in South Africa, the process of understanding the local market knowledge and operations can be accelerated. Thirdly, network relationships with Taiwan suppliers are the main support for Taiwan firms entering South Africa. Lastly, the management approaches of Taiwan firms should be adapted according to the cultural differences in South Africa.

上市公司每月營運情形之公告，可讓投資人瞭解各該公司經由營業活動所產生現金流量的多寡、風險與不確定性。若所傳遞之訊息對股價影響愈多，則該公告愈具有資訊內涵。 　　本研究採用事件研究法，來探討台灣證券交易市場民國80年至民國83年間，112家樣本公司的3896個每月營運情形公告樣本的資訊內涵。本研究以市場模式、複迴歸摸式來衡量上市公司每月營運情形公告傳避至證券交易市場的資訊有用性與價值。依本研究之研究方法與實證分析，依序獲得下列各項結論： 　　1. 公告時間之早晚與未預期每股營收之正負有關。亦即，當未預期每股營收為正時，上市公司會於每月十日以前提早公告此項好消息；而當未預期每股營收為負時，則會拖延至每月十日以後才公告此項壞消息。 　　2. 未預期每股營收為正時，除中間組之樣本群於相對日數第-7日至第2日間具有資訊內涵外，均不具有資訊內涵。因此，整體而言，該資訊的市場反應與預期的不符，經細分後，對資訊的解釋亦無多大的幫助。 　　3. 未預期每股營收為負時，除了全部樣本群之相對日數第1日、最小組樣本群之相對日數第-3日至第7日、中間組樣本群之相對日數第-7日、與最大組樣本群之相對日數第-6、-4、-3日以外，均具有資訊內涵。因此，整體而言，該資訊的市場反應大部份與預期的相符。然而細分之後，各組的市場反應並未符合預期的趨勢，因此，資科的細分對資訊的解釋並無多大的幫助。 　　4. 未預期每股營收與未預期每股營收成長率，對累積平均異常報酬率而言，均不具有統計上的顯著影響力。 　　5. 對整體股市而言，上市公司每月營運情形之公告，於開窗期間為相對日數第-7日至第7日之複迴歸模式一、與開窗期間為相對日數第1日至第7日之複迴歸模式三，均具有資訊內涵。