由於行動上網技術不斷地進步，消費者也逐漸養成了行動上網的習慣。Apple公司的iPhone結合了App Store的推出，更帶動了這股風潮。我國電信業者也在這樣的趨勢下，開始自行發展軟體商店(Application Store)以服務用戶。 在過去的行動通訊產業中，電信業者一直擁有主導優勢，各種加值服務都是屬於封閉的型態，所以用戶使用加值服務時，一定得經由電信業者所經營的入口。但是，自從Apple成功發展出軟體商店的模式之後，各種智慧型手機的軟體商店平台也開始蓬勃發展，用戶可繞過電信業者而取得相關的服務。因此，電信業者乃積極發展軟體商店以回應其所面臨的挑戰。 本研究以中華電信、台灣大哥大、遠傳電信等國內三家主要電信業者為個案研究對象，針對個案公司發展軟體商店的創新營運模式進行深入的探討。所得到的初步結論包括： (1)電信業者在經營軟體商店上，會強調多樣化加值服務的策略。(2) 電信業者在經營軟體商店上會根據不同的價值網路進行差異化。(3) 電信業者在經營軟體商店時，在價值創造方面會著重於讓消費者快速地找到正確的、所需要的軟體。(4)電信業者在發展軟體商店時，「在地化」是其經營上的關鍵要素。本文最後並提出實務上的意涵與後續研究的建議。 關鍵字：電信業者、軟體商店、營運模式創新、價值創造 / Nowadays smartphone has an enormous growth over the entire mobilephone market. A lot of people choose to use smartphone such as iPhone or android phone because smartphone brings more fun and convenience into their life. One of the key factors is application store which Apple made it successed in 2008. Application store or so-called app store is an online platform which provides service for customers to download applications and developers to upload. The transaction must be got involved in the whole process. However, the manefactors of mobilephone were active in establishing their own application store but the operators are eager to do so as well. The value-added service used to be controlled fully by the operators. Not only the contents but the portals were hold by operators so end-users had a few choices. Since the application stores become more poplular, operators are encountering a big chanllenge. This thesis studys how operators deal with the problem of decreasing ARPU by running application stores on their own. Based on the case study, the initial findings includes: (1) When operators run an application store, they emphasize variety of value-added services. (2) The methods which operators choose to differentiate their application store are related to the differences in their value network. (3) When operators run an application store, they put emphasis on elimination of information asymmetry. (4) When operators run an application store, localization is the key factor in opration. Key word: oprators, application store, business model innovation, value creation

自二十世紀的第三次工業革命(原子能、計算機、與空間技術)以來，由科技帶動全世界半個世紀的進步。在1950至1980年代，企業利用經濟規模提昇產業效率蔚為顯學。90年代以後，人類各項生活基本需求早已被滿足無虞。此時，創新且差異化的營運模式（Business Model）成了企業存在的必要條件。理論上，消費者的需求無所不在，各產業的產品與服務亦無奇不有，而且每個企業更有其賴以生存的特點與優勢，因而適合個別企業發展的營運模式理應也有不少的選項。若果真如此，何以許多企業在一次又一次的競爭中被殘酷地淘汰？而存活的企業中，亦仍有不少在生存與競爭的大海裡掙扎，試圖脫困。 本研究擬由＂策略＂、＂創新＂與＂營運模式＂等三個主題出發，探討國內外學者所提出的觀念與方法，嘗試從中找出其關聯性與一套整合的建構模型，並藉由個人電腦產業中的主要企業的成長歷史來驗證此建構模型。希望能幫助產業找出一個系統性的方法來思考、建構並檢驗其策略與創新營運模式。 本研究將針對個案公司進行次級資料的整理及訪談部份個案公司的中高階經理人。在整理三個國際知名的個人電腦廠商一共四個個案的次級資料的過程以及從個案經理人的訪談中發現，套用本研究的＂策略與創新營運模式＂建構模型，可以用清晰簡單的方式描繪看似複雜的策略及其營運模式，此方法有利於理解企業的策略與執行脈絡。因此，我們也期待企業可以運用這一套完整的建構模型方法來引導、推演、架構、驗證、檢討並修正其未來的策略方向與營運模式。如此，企業將更有機會找到好的營運模式。當時空改變時，也較有機會掌握先機，擬定下一個因應步驟。

數位科技蓬勃發展所帶來的數位浪潮，無遠佛屆影響每個人生活與行為，重視與善用科技已是未來產業發展之重要趨勢之一，而文創業者如何因應變千萬化的數位環境，並藉藝術、人文與科技如何整合，並創造更多的能量，是本研究關心的話題。 本研究探討web2.0自2005年興起後至2012年3月七年間之數位科技新趨勢，對文創產業帶來的加值與影響，以內容分析法為主，個案研究法為輔，總共蒐集38個文創營運模式創新中英文個案，利用營運模式四大支柱—營運面、產品面、顧客面、收益面—作為交叉分析的依據，進而歸納出四大構面下，受科技所激發之文創營運模式創新行為(what)，此外並更進一步探究其中兩創新個案之轉型過程與經營策略(how)。 本研究共有下列幾點發現： 1. 營運面—數位科技驅使文創業者異業結盟或跨足科技領域經營/網路平台拉近產業上下游距離，造成合作夥伴改變/設計新思維/網路效率提高產品替換率。 2. 產品面—加深消費者體驗/融入趣味化元素/更豐富多元與實惠之產品/創造新型態藝術作品。 3. 顧客面—產品通路不斷創新/社群經營提高顧客互動性與黏著度/創造精準行銷新管道/行銷工具多媒體化並無所不在/開拓年輕新族群/服務升級。 4. 財務面—降低成本/改變內容業者獲利模式/延長產品生命週期，增加獲利能力/集體行銷，創造群聚效應/累積小眾市場，發揮長尾經濟。 欲成功藉科技之力成功推動轉型爭取競爭優勢，文創業者必須了解數位環境經營的特殊性、爭取上層支持、聆聽消費者聲音、保持獲利模式彈性，並搭乘科技轉型列車，不斷解決問題與創新。本研究希冀幫助文創業者深入了解數位科技所帶來之創新與加值，提供其在思考現狀突破以及數位時代下經營之參考。 / Rapid technology advancement brings overwhelming influences on people’s lives and behaviors in digital era. The use of technologies becomes more and more crucial to the development of business. The purpose of this study is to find out how companies in cultural and creative industries improve core competence by leveraging Information and Communication Technologies. This study focuses on latest ICT that is used within 7 years from the beginning of Web2.0 until March 2012. The study includes 38 business model innovation cases with content analysis as the primary research method, to conclude the influence of technologies on 4 business model pillars in cultural creative industry---Infrastructure, product, customer, finance. The thesis also delves into progress and insight of how two cases successfully transform business by using technologies. The finding shows that in order to transform successfully by leveraging ICT, company leaders need to understand the different requirements in digital business environment, to gain as much support from company superiors as possible, to listen to customers, to keep flexibility, and to keep solving problems. The purpose of this study is to help companies in cultural creative industry have better understanding of the digital environment, grab opportunities in time, and keep competitive edges in digital era.

隨著全球經濟和社會發展需求的變化，資訊產業的全球性結構調整日益明顯，由硬體主導型的發展轉為向軟體和服務主導型發展。經濟全球化為我國軟體產業發展提供了難得的機遇，我國軟體產業要積極參與國際分工，就必須走向世界，但是在走向世界的同時，也必須仔細思考什麼才是自己國際化的目的、自己企業內部的核心資源是什麼、做好自己的國際化策略或戰略的準備嗎？也因此在國際化動作中，如何選擇正確的海外市場進入策略就顯得格外重要，要採用怎樣的進入策略與企業核心資源、國際化策略、企業服務內容與產品等等之間的關係與互動已不是單純不變的環結，而是隨著市場變動不停變化的，也因此動態性調整就成為一個很重要的課題。 在眼前的日常生活當中，什麼事情已經都脫離不開資訊。也因此作為資訊產業核心的軟體及資訊服務產業，已成為新世紀全球的第一大產業。IDC 在2005年9月的研究報告中顯示全球資訊服務產業在 2003年產值已高達6410億美元，爾後年平均成長率一直保持在 5-9% 之間，可以說是一片欣欣向榮的氣象，到去年 2005年整個產值達到 7400億美元，預期到 2009 年，整個資訊服務產值將到 9250億美元，這也意味著繼工業大革命後的另一個新經濟時代的到來。 在整個產業成長中，又以亞太地區成長最大，從 2003-2009 CGAR 達 9.7%，遠超過全球平均 CGAR 6%。我國因具備良好資訊基礎設施、具備與華人相同語言、文化背景、接近並熟悉亞太市場、充裕資金與高階經營人才、與西方的技術合作經驗、豐富的 PC 軟硬體整合經驗等。充分顯示台灣軟體產業在競爭的市場環境中比起歐美資訊大廠已率先佔據極佳位置。 因此本研究就以進入策略的學術理論做為基礎，再結合個案公司實務上軟體業海外發展經驗，整合一套適於軟體產業的海外市場進入策略供企業參考。以研究結論來看，資訊軟體業因為產品與服務的特性關係，較易偏向採用較高承諾度的資源投入方式，將營業拓展至海外市場；除此之外，在地化的深耕發展也是必需要走的一條路，而且因為隨著地主國市場的投入，對地主國市場的熟悉度也會漸漸增加，也因此會在地主國市場進行一系列動態性的營運策略調整。這裡所謂的營運策略，不僅僅只是產品策略或市場策略，甚至整個市場的進入策略也會隨之調整，譬如說由獨資的進入策略轉變為合資的模式。 / As today’s global economic and social development needs continue to change，the Information industry’s global economic requirement change has gradually become more obvious；shifting from a hardware-driven type of development，to software and service-lead development。Economic globalization has brought along excellent opportunities to the development of our national software industries；to actively participate one’s software industry in the international division of labor，one will have to proceed toward the outer world；meanwhile，one must also carefully consider the purpose of one’s internationalization，the core resources of one’s inner enterprise，and whether one is prepared with a proper internationalization strategy。Consequently， knowing how to correctly select suitable foreign markets and entry strategies to be incorporated into the strategy is exceptionally critical in the process of internationalization，and in addition to that，the decision as to how the foreign markets should enter into the strategy，the enterprise’s core competence，internationalized strategy，the service content and product of the enterprise and etc. ，the relationship and interactivity between the each are no longer simple and invariable connections；instead，they are now constantly varied in accordance with the market change，and as a result, dynamic adjustment has became a very important topic today。 In today’s society，our everyday lives have become inseparable from the information technology；therefore，as being the core of information industries，software and information service have become one of the worlds top main industries of the new century。In August，2005，research from IDC have shown，that the global information service industries’ industrial output value in 2003 has increased up to 6410 billion USD；from then on，the output value has successfully maintained an annual average rate of 5-9%。Apparently，that was the sign of a long-term prosperity，as last year (2005) the output value has boosted up to 7400 billion USD。Predictions have been made that the value will continue to rise dramatically in the years to come，and in 2009，the output value for information service industries will reach a height of 9250 billion USD；this also meant the arrival of the age of new economics after the industrial revolution。 Within the whole industrial development in general，the Asia Pacific area stand to have the most rapid growth，with a CGAR rate of 9.7% from the year 2003-2009，which highly exceeded the world average rate of the CGAR of 6%。The reason for our outstanding industrial development is basically due to our possession of a good information infrastructure，similarity of the language and cultural background in Asia, familiarity toward the Asia Pacific market，abundant funds and talented individuals with high management skills，and our rich background experiences with the western technical collaboration，PC hardware and software integrations and etc。These qualities all demonstrated that apparently，in today’s competitive market，Taiwan software industries have already exceeded many of Europe and America’s top information manufacturers。 The following study will use the academic theories for the process of foreign market entry strategies as the fundamental base，and on top of that，the practical aspect based on personal experiences of software industry’s foreign market developments；these will be combined into a set that is applicable to software industries for the foreign market entry strategies，suitable for enterprises’ reference。

民國九十年左右，正值國內傳統行業轉型的年代，許多中小企業紛紛從所謂的夕陽工業轉型到科技業。近幾年來，政府也極力鼓勵民間企業自創品牌。但轉型成為自創品牌的企業寥寥可數，真正成功者更是少數。本研究試圖從台灣某家由傳統行業轉為自創品牌的中小企業來了解其建立品牌的經驗，除文獻探討及收集該公司之歷史資料外，並專訪該公司經理人後，進行個案分析及建立理論架構。此外，收集2000個顧客的調查資料與公司過去兩年來的銷售績效，以試圖了解競爭環境如何影響新自創品牌公司營運策略的調整，以及公司營運策略調整下，其創新研發與行銷之管理與運作。 本研究所得的重要結論有以下幾點： 一﹑新「自創品牌」公司面對競爭激烈的產業如何動態調整「營運策略」? 1. 新「自創品牌」公司的經營者對於所處競爭環境須有高度的靈敏度與機動性。 2. 資訊科技的運用可增加新「自創品牌」公司資訊的透明度與決策系統的正確性。 3. 新「自創品牌」公司正派的經營理念與形成的「品牌形象」與「企業形象」可獲得代工大廠的支持。 二﹑新「自創品牌」公司的「創新研發」與「行銷」之管理與運作為何？ 1. 新「自創品牌」公司內部「創新研發」機制是提升新「自創品牌」公司品牌知名度的關鍵。 2. 新「自創品牌」公司在「創新研發」的組織方面，會考慮藉由與異業的合作，以突破傳統的設計觀念。 3. 新「自創品牌」公司在選擇目標市場上，會鎖定利基市場與被忽略的市場，同時強調產品設計的「差異化」。 4. 集中於特定市場是擴張知名度是一較有效率的方法。 5. 新「自創品牌」公司初期階段會先以「創新研發」設計導向為主，當產品陸續被接受且市場擴大後，再轉為行銷導向。 6. 「自創品牌」公司基於產品價值的概念，其定價模式以「價值定價」而非一般傳統OEM廠商的成本加成定價。 7. 「產品品質」、「設計」與「服務體系」的整合對於新「自創品牌」公司品牌知名度與品牌認同的提升有很大的助益。 8. 新「自創品牌」公司的經營者品牌承諾的兌現，及品牌策略與產品定位的一致性，能獲得通路商及客戶的支持。 關鍵詞：營運策略，自創品牌，創新研發，行銷，差異化。 / Many small and medium-sized enterprises in Taiwan started to transform from conventional industries into high technology ones in the beginning of the 2000s, an era of transformation of the domestic industries in Taiwan. In recent years, the government also urges the private enterprises to establish their own brand . However, those that have transformed into new own brand manufacturers (OBMs) are few, and those successful even less. The study aims to explore the experience of a small and medium-sized enterprise that has transformed from a conventional industry into an own brand manufacturer. In addition to literature review and the collection of historical information of the company, the top executives and managers are interviewed in order to analyze the case and establish the theoretical framework. Furthermore, customer information and the sales performance over the past two years are collected to explore the influence of the competitive environment on adjustment of the business strategies of an OBM, and the company’s management and operation of the innovative research and development and marketing based on the adjustment. The conclusions drawn from the study are as following: 1. How does a new OBM dynamically adjust its business strategies to the keenly competitive environment of the industry? A. The CEO of a new OBM tends to show higher sensitivity and mobility to the competitive environment. B. The application of information technology enhances the transparency of the information of a new OBM and the accuracy of the decision-making system. C. The decent corporate ideology of a new OBM, its brand image and the corporate image are more likely to gain the support from the major original equipment manufacturers. 2. What is a new OBM’s management and operation of the innovative research and development and marketing? A. The innovative R&D mechanism of a new OBM is the key to the enhancement of its brand awareness. B. A new OBM may consider the inter-industry cooperation in order to make a breakthrough of traditional design concept. C. A new OBM may focus on niche markets and markets that are ignored, and put emphasis on the differentiation of product design simultaneously. D. Focusing on a certain market is a more efficient way to enhance brand awareness. E. A new OBM tends to adopt a design-oriented approach in the early stage, and consider turning to a customer-oriented or market-oriented approach when products are gradually accepted. F. A new OBM tends to adopt value pricing instead of traditional pricing. G. The integration of product quality, design and service system contributes a lot to the enhancement of brand awareness and brand identification. H. The fulfillment of the commitments of a brand by the manager of a new OBM and the consistency of brand strategy and product positioning are more likely to obtain the support from the distributors and the customers. Keywords: business strategy, own brand, innovative research and development, marketing, differentiation

在石油價格高漲、都市空氣汙染及全球溫室效應日趨嚴重的情況下，電動車的推廣被個許多國家視為重要的發展政策。但由於目前電動車受限於車價高、充電速度慢、性能尚不足以滿足多數使用者的需求，因此將電動車的推廣目標從一般民眾改為大眾交通運輸業者如:乘計程車，成為許多國家的優先目標。而在台灣由於電動車推廣並不普遍，計程車司機對於電動車並不了解，加上車價較汽油車高，在推廣上更加困難。因此電動計程車的推廣由計程車車隊購買，再以租賃的方式給予計程車司機使用是較為可行的方式，本研究針對電動車與計程車業者的搭配進行探討，並以台灣大車隊為例子作為可行性研究目標。 本研究從計程車司機、計程車車行、乘客、政府，四個腳色下去探討，由對計程車司機的問卷調查及目前車輛使用的方式、與台灣大車隊經營團隊的訪談結果、政府目前對電動車的政策方向及補助、還有各家車廠的電動車技術，從上述這些資訊去分析電動車在台灣作為計程車的可行性，以及可以帶來什麼樣的益處。最後再將電動車和現行汽油車做使用成本的比較，進一步凸顯電動車適合作為計程車使用的特性。 本研究發現: (1) 現行電動車的續航力足夠台灣一般計程車司機使用一整天不須充電。 (2) 在行駛相同的里程數下，電動車的充電費用遠低於汽油價格 (3) 以目前的車輛價格，電動計程車租金可達到計程車司機的接受範圍。(4)長期使用下，以電動車作為計程車的總成本低於使用汽油車，可以增加司機的收入 / In the soaring oil price, increasing urban air pollution and worsening global warming situation, promotion of Electric Vehicle has become an important development policy in many nations. However, many nations have focus and prioritize Electric Vehicle’s development in the public transit vehicle market instead of the consumer vehicle market, such as taxi, due Electric Vehicle’s high retail price, slow charging process and lack of functionality still cannot meet most consumers’ demands. In Taiwan, due to the lack of Electric Vehicle promotion and understanding in all markets and the higher price compared to petroleum-based vehicles, deployment of the aforementioned development policy has encountered more difficulties. Therefore, the more logical approach for Electric Vehicle promotion would be enabling taxi organization to purchase in mass numbers, then rent the vehicle to Taxi drivers. This research focuses on the partnership between the Electric Vehicle industry and the Taxi Organizations, and will focus on the Taxi Organization, Taiwan Taxi, as a feasible research target case study. This research will analyze based on four different roles of the Taxi industry, namely, the Taxi Driver, Taxi Organization, Taxi Customers and the government through: questionnaires that inquire about current vehicle use, interviews that provide insights to Taiwan Taxi’s management directions, documents that highlights government policy directions as well as subsidy on Electric Vehicles, and summaries that provide an understanding of each Electric Vehicle Manufacturers’ technologies. From the above analysis, this research will aim to determine the feasibility of Electric Vehicles as Taxi in Taiwan and the possible benefits of such change. Finally, this research will compare the cost of Electric Vehicle versus current petroleum-based vehicles as an operative cost comparison to further prove that Electric Vehicle is a suitable replacement technology for the Taxi industry. This research has found that: modern electric vehicle’s battery life is sufficient for regular taxi drivers in Taiwan for an entire day without recharge; under the same mileage, the cost of charging an electric vehicle is far cheaper than refilling petroleum; the cost of renting an electric vehicle is in an acceptable range compared to the current vehicle purchase price; in long terms, the cost of electric vehicles as taxi is far cheaper than using petroleum-based vehicles, which can increase the drivers’ profits.

保全產業在台灣的發展雖超過35餘年，但大多數人對它的營運模式卻不甚了解，其因源自於該產業具有模糊性及獨特性。然而近年來，由於全球ICT資通訊網路技術不斷發展與演進下，IOT物聯網應用市場前景一片看好，於是智能家庭市場又重新受到重視，特別是在家庭安全領域的應用上，已多家業者競相跨入此領域。本研究的主要動機基於此，期探討保全業者在家庭保全市場發展中如何建構出成功的營運發展模式。 本研究以保全業A公司個案為例，從保全業者在家庭保全市場的營運模式角度分析，藉由Osterwalder & Pigneur,(2010)提出的「營運模式發展九大區塊」之架構，從中分析其業者在(1) 顧客區隔(customer segments)：企業針對不同群體的顧客或企業做區隔 (2) 價值主張(value propositions)：為解決顧客的問題或滿足顧客的需求所提供的產品或服務的集合 (3) 遞送通路(channels)：提供多樣的通路型態，傳遞訊息及遞送價值主張給顧客 (4) 顧客關係(customer relationships)：針對不同的顧客區隔，提供不同的顧客關係管理 (5) 收益來源(revenue streams)：顧客對企業提供的價值主張所願意支付的金額 (6) 關鍵資源(key resources)：使商業模式能順利進行的重要資產 (7) 關鍵活動(key activities)：遞送價值主張過程中所提供的主要行動 (8) 關鍵伙伴(key partnerships)：遞送價值主張過程中的合作伙伴及供應商 (9) 成本結構(cost structure)：遞送價值主張過程中所產生的成本，這九大區塊的構成的營運模式為何，進而初探可延展性發展的營運策略。 經個案探討後，探究A公司成功營運模式推得以下三個結論：第一 以持續創新的領導模式，在發展策略上追求領先 第二．以營運模式以「安全、安心」為價值主張訴求，走向技術導向的保全服務架構，而不選擇勞力密集的人力保全，建立出市場區隔及門檻 第三，A公司從研發生產到銷售服務，走向「一條龍」式的營運模式架構，在發展初期除取得日本關鍵伙伴資源，也逐漸在產業發展出牢不可破的供應鏈關係，這也是該公司營運模式發展中最重要的影響力及成功關鍵因素。 / Even though security industry has already developed for more than 35 years, most people may not really understand its business models because of the characteristic: ambiguity and uniqueness. Due to the ICT technology getting mature, the prospect of IOT network is getting better, and the market of “Smart Home” is more attention nowadays, especially the application of home security. Therefore many companies get into the competition. The way how security industry constructs successful business models to home security market is the motivation of the research. In the research, we provide the example of the leader security company A. From the security industry business model to home safety market, we develop the business model by applying Osterwalder & Pigneur (2010)’s nine business model to build the blocks, which are (1) Customer segments (2) Value propositions (3) Channels (4) Customer relationships (5) Revenue streams (6) Key resources (7) Key activities (8) Key partnerships (9) Cost structure, to analyze the target company’s business model, and to study its strategies of developments for the future and the key points for their successful operation. After exploring the case of company A, we can get the conclusion below: First, the leading model of creation and innovation is continuously leading the development strategies. Second, safe and secure are valuable proposition of business model, appeal to technology- oriented security service structure rather than labor-intensive human security to establish the market segmentation and barrier. Third, company A developed all-in-one business model from research and develop to sales service, and get the resource from the key partners in Japan in the beginning. By this way they developed the relationship of the solid supply chain. This is the key successful factors to the business model of the company.

綜觀過去的文獻多發現購併事件的宣告效果為負,其可歸因於企業錯誤的投 資決策、高估綜效價值或是過度投資。在資本市場甚具影響力的三大法人中,外國 機構投資人憑藉著其國際投資經驗、財務專業及資源,其交易行為經常被認定隱含 高度的資訊內含價值,故本研究希冀探討外資買賣超與台灣上市主併公司長期營 運績效之關聯,以探究外資機構投資人交易是否隱含對主併公司長期營運績效品 質具有認證價值。 本論文以 2003 至 2011 年間進行購併的台灣上市企業為探討對象,排除金融 業的樣本,以外國機構投資人之累積買 (賣) 超股數占總流通在外股數做為交易指 標,並選用單位資本投入之經濟附加價值 (EVA/IC) 與單位資本投入之自由現金流 量 (FCF/IC) 做為長期營運績效指標,並首先以配對差異檢定進行分析。研究發現 外資機構投資人累積淨買超之主併公司的 EVA/IC 在購併後第二年顯著為負值,但 第三年有顯著之正值,在營益率未有起色時,投入資本週轉率有漸趨改善的表現; 與非購併同業相比較時,第三年有顯著之正值。FCF/IC 則於購併後第一年有顯著 負值,稅前淨營業利益的獲利表現較購併前顯著下降;與同業相比時,購併後第一 年有顯著正值,其投資支出較同業為低。其次,外資機構投資人累積淨賣超之主併 公司的 EVA/IC 則在 1~3 年均呈現顯著負值的表現,與同業相比時,均為不顯著之 負值;FCF/IC 在購併後第三年始出現顯著之正值。 為加入控制變數之考量,以複迴歸模型的實證結果發現:外國機構投資人淨買 (賣) 超與主併公司購併長期績效呈現不顯著的正向關係;外國機構投資人淨買超 之主併公司的購併後長期營運績效較購併前三年平均呈現不顯著的正向差異;外 國機構投資人淨買超之主併公司的購併後長期營運績效較非購併同業表現呈現不 顯著的正向差異。 / This study investigates the relationship between foreign institutional trading and the long-term operating performance of acquiring firms. The research is based on acquiring firms listed in Taiwan which announced merger and acquisition between 2003 and 2011. We use cumulative net buying of foreign institution to examine acquirer’s EVA/IC and FCF/IC as the indicator of the long-term operating performance in the three years period after the announcement of merger and acquisition. In the pair-t test, the results indicate that acquirers with net buy of foreign institution have significantly positive EVA/IC as compared to the premerger level and to the match firms in the third year, while exhibit significantly negative EVA/IC in the second year. The FCF/IC of the acquirers with net buy of foreign institutions have significantly negative value compared to the premerger level, but have significantly positive value compared to the match firms in the first year. In the regression analysis, the results indicate a near-all insignificant positive EVA/IC and FCF/IC in the three year period after merger and acquisition.

台灣醫療制度從早期的自費，經歷了公保、勞保、1995年開始實施的健保制度，直到目前的總額預算制。在醫療資源趨近飽和，健保財務吃緊的狀況下，醫療服務業面臨高度競爭，中醫面臨著競爭激烈、大餅被分食的大環境。故如何有計劃的形成差異化，即早全面性的研擬方針，長遠規劃經營方向及創新策略，為經營者必須嚴肅面對之課題。 個案醫療網立基於台灣，成立於1991年，主要深耕於高高屏，目前台灣有15間分院及生技公司。新加坡區成立於1999年，於新加坡擁有23間中醫診所；目前積極拓展大陸市場。台灣區於1995健保制度設立至今，共新增13家中醫院所，2011 年成立20週年。台灣員工近400位，其中包含70位專業中醫師。雖然在台灣，有種種不利的競爭情況，但其績效表現在中醫界卻是令人刮目相看。 本研究主要探討個案醫療網之創新營運模式分析，採個案研究法，透過與個案執行長之深度訪談，並在過程中佐以與主題相關實證文獻、文件及檔案紀錄等多重證據來源，並參與活動時的觀察，相互印證，探究個案之主要創新營運模式。 研究結果顯示，馬光初期因看到中醫產業的機會與需求而採用連鎖策略。連鎖所產生的成本優勢，為馬光連鎖醫療網的早期競爭優勢之一。但因醫療產業的特殊性，健保制度規定收費一致的情況下，馬光逐漸建構新的優勢，透過管理活動的展開，不斷進行核心價值文化深植、組織管理變革、服務流程創新；這些皆有別於傳統中醫院所的特徵及核心技術範圍，形成差異化的競爭力。 醫療院所若未來有意朝向展店成長策略時，經由個案經驗顯示，首先應對產業結構尤其醫療保險政策及給付制度詳加了解；於核心價值文化、專業SOP及整體管理中心、獎懲、、等制度應早作系統性建檔及規劃；並儘早依院所發展特色形成差異化。

行動電視產業為無線電視產業、電信產業、內容產業、行動裝置製造產業等多方匯流共同合作下的結果。不同產業間合作前，可能產生不同業者在新產業中扮演的角色與定位、產業價值鏈/價值網之成形等問題。本研究研究目的在於了解國際間行動電視規範政策與管制議題，對於該國行動電視產業營運所產生的影響，以文獻分析方式選定日本、韓國、義大利與美國等行動電視市場較為成熟之國家分析其規範架構與營運模式之關係。並比較台灣、香港、新加坡政府提出之行動電視意見諮詢文件探討行動電視規範議題之制訂方向與業者回應。輔以深度訪談方法訪問我國主管機關與產業界對於行動電視業務開放之意見。最後依據台灣通訊傳播產業規範環境，由結構管制與內容管制兩方面討論行動電視產業規範架構之相關議題與未來可能之釋照方式，並提出其對應之營運模式發展建議。 針對上述研究問題，本研究主要結論如下： 1. 國際間行動電視執照類型包含：以營運平臺執照發放多頻電視平臺（MUX）執照，其執照內涵可包含頻率使用許可執照以及營運平臺經營許可執照；依傳輸服務經營內涵不同，分別發放「頻率執照」與「營運平臺執照」，前者發給廣播傳輸網路業者，僅能經營基礎傳輸業務；後者則為負責整合內容服務之營運平臺執照；而內容規範所需之執照，分為兩種規範方式：以傳統廣電法進行內容規範，或是參考歐盟視聽媒體服務，對於線性頻道節目採用較嚴格的廣電法管制，而非線性的隨選節目內容以低度管制進行規範。 2. 國際間行動電視營運模式發展同時會受到釋照方式不同所影響，釋照方式包含：審議、審議加競價、多回合競價方式。若以審議方式發給特定業者，行動電視營運模式將由特定業者主導，但需遵守較多義務規範；若以審議加競價方式釋照，可能將由廣電業者與電信業者共同經營行動電視服務。或是完全以競價方式拍賣頻率執照，其執照使用方式則最具彈性。 3. 在目前法律架構下，本研究建議行動電視適合以電信法開放，對於外資限制頻率租賃有較寬鬆規定。並鼓勵鼓勵廣電業者與電信業者合資組成團隊取得頻率執照，廣電業者擁有廣播傳輸網路以及內容產製能力，而電信業者同時擁有基礎網路以及與設備製造商議價之優勢，並且擁有龐大基本顧客群。並且建議行動電視市場發展初期，行動電視服務宜以其他電信服務搭售或以綑綁服務方式提供，以增加消費者使用黏度，並擴大市場規模，普及終端收視裝置市場。內容規範方面則建議採低度管制方式，頻道式節目內容以廣電法規進行管理，其他節目則按一般法律進行管理。 / Mobile TV is a newly converged service of television broadcasts, telecommunication services, and information technologies. Challenges arise from regulating the rapidly transformed technologies and proposing a suitable business model into a converging industry. The study aimed to examine different regulatory frameworks established in advanced mobile TV markets, and to categorize business models of mobile TV developed in those markets by reviewing government documentations, industrial research reports and conferences papers. In addition, the study interviewed key persons, including regulators, mobile TV trial team members and specialists, in mobile TV industries. Furthermore the study had made a comparison analysis of different mobile TV regulatory framework proposed by governments of Taiwan, Hong Kong, and Singapore. The study concluded that the mobile TV regulatory framework was architected by different regulatory approaches, including institutions which affect the content production, and institutions which had power on regulating stakeholders of media and telecom companies. The horizontal regulatory framework which included network layer, platform layer and content layer was mostly adopted by European countries in the converged age while regulating the newly risen mobile TV industry. The multiplex license could be treated as a network license and a platform operation license, and in other cases, the multiplex license was just the network license for the network operator. Some regulators extended existing digital terrestrial TV rules to mobile TV. As for the content regulation, regulators were taking light touch in regulating content, and adopting the Audiovisual Media Services Directive (AVMS) proposed by EU. AVMS had reduced the regulatory burdens for all audiovisual media services, and also modernized the rules on television advertising and product placement. The study suggested that the mobile TV in Taiwan was suitable to be regulated by Telecommunication Law, since Telecommunication Law had less restriction on the structure of stakeholders and foreign investments. Broadcasters and Telecommunication operators were suggested to joint as a new company to operate mobile TV service, since broadcasters, who were talented in content production, had broadcast network to transmit services to users; telecommunication operators, who were good at pricing, could use their advantages to set up bundling service to attract user in the nascent market.