本篇論文係以台灣新上市股票作為研究對象，欲檢驗「投資者意見差異變數」 對於股票長短期績效之解釋能力，使用相似之「投資者意見差異變數」，是否同樣可以合理解釋台灣新上市股票市場的現況，台灣的實證是否同樣支持Miller所提出的假設。並進而探討在不同承銷制度下，是否會影響「投資者意見差異變數」對於上市績效之解釋能力與影響方向。 研究使用「蜜月期天數」、「買賣價差百分比」與「新股蜜月期間周轉率」三者作為「投資者意見差異程度」之代理變數，研究結果發現：此三變數在排除公司特性、發行市場現況等控制變數的影響部分之後，其餘無法被控制變數所解釋的部分，確實對於新上市股票之長短期報酬具有解釋能力，且各意見差異變數與新股短期報酬率之間存有正向關係，而與一年至三年之長期持有報酬率間存有反向關係，此研究結論相當支持Miller假設，除此之外，研究並發現：不同新股承銷制度不會顯著地影響投資者意見差異程度，且若使用公開申購與競價拍賣兩種不同的新股配售方式，僅會影響「投資者意見差異變數」與「新股長期報酬」的影響程度與方向。 / This paper focus on the Taiwan’s IPOs and tries to test the direct relationship between “ divergence of opinions ” and “ the short- run and long- run performance of the initial public offerings (IPOs). ” We use several similar variables to explain the situation of Taiwan’s stock market and find out if data can support the Miller’s hypothesis. Besides, we want to discuss the relationship between “ IPO method ” and “ divergence of opinions ”. We check that different IPO method will have influence on the explanatory power of the “ divergence of opinions”. We use three different variables：“ the number of the honey moon date”, “ the percentage of bid-ask spread ” and “ the turnover rate during the honey moon” as the proxies of the divergence of opinions. The research result finds out that three proxies can truly provide significant explanatory power of the short-run and long-run performance of the IPOs after controlling for issue quality. The results support Miller ( 1977 ), who suggests that greater divergence of opinions or uncertainty about an IPO can generate short-run overvaluation and long-run underperformance. In other words, the divergence of opinions have positive relationship with the initial return and negative relationship with the long run holding period return of IPOs. Besides, the two IPO method ( fixed-price offerings and discriminatory auction ) will only change the long run relationship.

美商八大電影公司每年票房收入約佔台灣電影市場總票房的七成以上，台灣外片發行商面臨這樣強大的挑戰，在許多方面都處於極大劣勢。然而，2006 年，幾部由台灣外片發行商所發行的影片，仍突破重圍，取得票房上的成功。這些個案展現了數種專屬於台灣電影市場的行銷模式，顯然具有值得借鏡之處。 本研究在深入瞭解台灣電影發行市場的歷史脈絡與現況之下，對2006 年在市場上獲得成功票房的四個個案進行資料蒐集與訪談。接著以整合行銷傳播的概念，分析其各行銷層面成功的元素，希望對於台灣外片發行商未來發行能夠有所幫助。個案選擇以影片上映規模為分類，挑選各類別中票房排行最具有代表性的四個案例，分別為：甲上娛樂所發行的《絕命終結站3》、山水娛樂的《巴黎我愛你》、海鵬電影的《愛瘋狂》以及聯影的《戴珍珠耳環的少女》。 藉由探討台灣外片發行商的成功行銷模式，本研究希望提供台灣電影發行業者未來行銷上的參考，使得電影的發聲權不再單由好萊塢所掌控，觀眾的觀影經驗才能夠更豐富而多元化。 關鍵字：電影行銷 整合行銷傳播 台灣外片發行商 / Every year, more than seventy percent of the annual box office profit in Taiwan is earned by Hollywood’s major cinema distributors. Facing such a strong competitor, Taiwan foreign film distributors certainly have a lot of disadvantages. However, in 2006, the box office for some movies by Taiwan foreign film distributors still achieved remarkable success. These successful cases demonstrate several kinds of marketing models suitable for Taiwan’s film market and is worthy of further research. After a fully investigation of the historical development for the Taiwan film market, this thesis aims to interview four Taiwan foreign film distributors whom achieved great box office success in 2006, collect relating data, and use the concept of integrated marketing communication to analyze elements of their success. The four cases are classified by their scale of release, while selecting the film that achieved the highest box office in each category. The four films chosen are as following: 《Final Destination3 》,《Paris, Je T'aime》, 《C.R.A.Z.Y》and 《Girl with a Pearl Earring》 Keywords: Film Marketing, Integrated Marketing Communication,Taiwan Foreign Film Distributor.

多年來，台灣報業穩定的市場生態，於2003年5月《蘋果日報》正式創刊後，進入了一個全新的階段。《蘋果日報》是台灣首次以零售通路為主體，成功打開長期由三報所壟斷的市場通路，全新的版面風格及大膽的報導角度，不僅帶給本地讀者新的閱讀感受，更進一步促成台灣本土報業生態的重組，在《蘋果日報》的衝擊之下，台灣傳統報業所面臨的挑戰，除了同業之間的競爭，更可怕的是本土報業整體市場的萎縮。《蘋果日報》加入台灣當地讀者的資訊取得通路，憑藉本身強大的產品競爭力，對台灣本地的報業市場造成了嚴重的威脅。 / 有鑑於此，本研究將《蘋果日報》發行後的市場稱為台灣報業的「新競爭時代」，針對六位具有代表性的資深報紙從業人員，分別從市場環境、通路型態、通路控制、業務推廣策略以及報業未來挑戰等觀點，進行深度訪談，同時結合研究者親身參與觀察所蒐集的資料，以行銷學4P中的行銷通路（place）作為主軸，研究新競爭時代，台中地區四家主要報紙行銷通路的型態與作為，並分析未來所能採取的行銷策略。 / In the recent years, the stable marketing ecology of newspaper industry in Taiwan entered a brand new stage with the publication of APPLE DAILY in May, 2003. By the way of retails, APPLE DAILY succeeded to break the marketing channel which monopolized by three newspapers for a long time. Its brand new layout and content not only brought lots of fun to local readers but caused the reorganization of newspaper industry in Taiwan. Under the impact of APPLE DAILY, the newspaper industry faced the competition from the same business. Moreover, the whole market became atrophy. It had posed serious threat to the newspaper industry.Therefore, the market was called “the new competition age of newspaper industry” in the thesis. In view of six representative senior newspaper jobholders, the researcher will carry on the depth interview separately from marketing environment, channel state, channel control, promotion strategy as well as the future challenge of newspaper industry and so on. Simultaneously, the researcher would unify the information collected by his participation and observation. The thesis would take the “Place” in 4P of Marketing Theories for the main axle to study the marketing channel state and conducts taken by the four newspaper agents in Taichung. Finally, the thesis constructed the marketing strategy which would be able to adopt in the future.

本研究主要針對我國上市櫃輔導之制度，探討撤銷上市(櫃)輔導公司之中，獲准上市(櫃)之公開發行公司，與其他自願撤銷輔導上市櫃之公開發行公司相較，於撤銷輔導上市櫃之前二年至後二年的研究期間，兩者之間的盈餘品質是否存在差異。 實證結果顯示，以損失認列時效性迴歸模型分析時，獲准上市(櫃)之公開發行公司較自願撤銷輔導上市櫃之公開發行公司有較佳的盈餘品質；以盈餘時效性迴歸模型分析時，自願撤銷輔導上市櫃之公開發行公司較獲准上市(櫃)之公開發行公司有較佳的盈餘品質。本研究推論此分歧結果，由我國臺灣證券交易所股份有限公司有價證券上市審查準則與財團法人中華民國證券櫃檯買賣中心證券商營業處所買賣有價證券審查準則對於申請上市(櫃)之獲利門檻要求所造成。 / Based on regulations on listing guidance released by the Taiwan Stock Exchange Corporation (TSEC) mission, this study investigates the difference in earnings quality between firms that voluntarily cancel their listing guidance applications and firm that complete their initial public offerings (IPOs) over the period of two years prior to the cancellation and two years after the cancellation of listing guidance application. The results show that, under timeliness in loss recognition regression model, using a two-year duration prior to the IPO or listing guidance application cancellation for research period, the earnings quality of IPO firms over the two-year-period prior to their IPOs is better than that of firms voluntarily cancelled their listing guidance applications. On the contrary, under timeliness in earnings regression model, earnings quality of firms cancelled their listing guidance application voluntarily is better than that of the IPO firms. The empirical evidence thus suggests that the inconsistence on earnings quality measured in terms of loss and earnings recognition may due to the profitability threshold imposed by TSEC and GreTai Securities Market on rules governing the review of stock listings.

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.

企業上市的目的有很多種，我們認為一家公司若是為了替未來的投資機會融資而上市，其長期報酬應顯著較其他非為了投資機會籌資的公司為佳。結果我們發現，在一般認為可作為「籌資」的代理變數─「賣新股」的公司中，這些公司的長期負報酬程度比其他公司更嚴重。在發行股票種類的選擇上，選擇賣老股的公司相較之下有上市前公司獲利較佳、成立時間更久的特性；另一方面，訂較長閉鎖期的公司長期報酬也顯著比較差，這些公司募資的規模則較小、並且通常無創投參與。我們認為有兩種可能：(1) 以股票發行種類為上市目的的代理變數可能不盡理想；(2) 上市的成本超過欲上市籌資的公司經理人所估計。導致這些公司長期負報酬更加的嚴重。 / There are many reasons why companies go public. We suppose that companies going public to finance future investment should have better long-term performance than others. As a result, we find strong evidence that the long-term underperformance among primary-share only offering companies which are considered having motivation to finance future investment, are more severe than other companies. In the determinants of choosing which type of shares offering, a company which is old or have better return of equity before listing would have higher probability offering secondary shares. On the other hand, companies setting longer lockup period perform worse. These companies are usually small and have no venture capital backed. We propose two possible explanations to these situations: one is that using type of shares offering as a proxy of motivation of a firm going public is inappropriate; the other is that the cost of a firm going public is beyond a manager’s estimation, resulting the more poor long-term performance of these companies.

雖然許多研究已針對認股權證評價進行調整，但是其價格低估的問題仍無法解決。因此，本文將探討認股權證發行對股價報酬動態過程的影響。本文將證實是否認股權證發行將影響其標的股價之動態過程，倘若股價報酬的動態過程已反應了認股權證發行的潛在稀釋效果，則進行充分調整的股權稀釋模型將低估認股權證的價格。為了確認在評價認購權證時充分調整稀釋效果的必要性，本文將檢測權證發行對股票報酬過程的影響。本文利用延伸Garch-M模型，導出四個檢驗稀釋效果的模型。實證結果顯示，在發行認股權證之後，股價報酬的變異數顯著降低，該結果在釐清股權稀釋效果與不對稱效果之後，該稀釋效果依然顯著。 / As the underestimation of warrants remains unsolved after many adjustments presented by previous researchers, we further investigate the impact of the warrant introduction on the underlying stock return processes. This research attempts to determine whether the introduction of warrants influences the return processes of underlying stocks. If the introduction creates a potential dilution effect in stock return processes, full dilution adjustment pricing models would lead to underestimation. To exam whether full dilution adjustments are required for warrant pricing, the GARCH-M model has been extended to derive four models for testing the dilution effect on stock return processes. Empirical results show that the volatilities of underlying stock return processes are significantly reduced following warrant introduction even after clarification and distinguishing dilution from asymmetric effect.

在報禁開放後，由報業市場中不斷推陳出新的發行競爭以及目前三報鼎立 的發行態勢，本研究意欲探究報禁開放前後台灣報業發行作法的差異， 並以政治控制以及市場影響力的兩個方向，來思考形成台灣報業發行變化 的原因。在現存的傳播研究中，對於報業發行的文獻極為有限，而本研究 是第一份以報業立場分析台灣報業發行變遷的研究，一方面以報業整體的 發行狀況作為分析的起點，也以報業的觀點來分析台灣報業的發行競爭。 本文採取質化研究法中的個案研究法以及非結構性訪談法，藉著與台灣 北中南三地涉及報業發行業務的人士進行五十次以上的訪談，蒐集報禁 開放前後報業發行狀況的資料。研究結果發現，過去在報禁時期，台灣 吻合了發展中國家所普遍出現的媒介環境，為報禁政策提出合理化的 背書，而隨著經濟的發展，報禁政策對於報業發行發展的限制與控制則 愈來愈明顯，而在報禁開放後的自由市場競爭之中，強者愈強弱者愈弱的 報業發行特性，重塑台灣報業的發展趨勢。 / After the lifting of martial law in Taiwan

本研究旨在探討台灣地區報業的通路結構及影響通路結構的相關產業結構因素。本研究以產業經濟分析架構中有關市場結構與市場行為互動關係(Scherer, 1990)切入，探討報業市場結構變項對報業通路行為變項的影響。此外，本研究也借用通路政治經濟學派(Stern & Reve, 1980)，對於通路外部環境與通路內部環境互動的概念，探析市場結構影響通路結構的外部經濟因素。 　　在本研究中，以「組織規模」、「所有權型態」、「市場集中度」為市場變項，以「通路結構」為市場行為變項。 　　本研究以中國時報、聯合報、自由時報、中央日報及立報五個個案為研究對象，透過深度訪談五個個案的發行部門及其派報經銷商，蒐集有關報社通路運作的實際狀況。所得研究結果簡述如下： 　　一、報業通路結構方面 　　本研究所探討之通路結構，包括報業組織所採用之通路類型、通路長度、通路密度及通路競爭。五個個案報社在零售通路類型方面，大都僅採用直營人員或經銷商。訂戶通路類型則較複雜，五個個案大多採多重形式，透過經銷商、批報販、發行公司等類型發送報紙。 　　在通路長度方面，零售通路呈現兩極化發展，可分為一階通路和三階通路二種。訂戶通路則相當多樣化，各種通路長度都同時存在。在通路密度方面，不論零售或訂戶，各報皆採密集配銷策略。在通路競爭方面，一般來說都屬於中度或高度競爭。 　　二、組織規模與通路結構之關係 　　在組織規模與通路結構的關係上，本研究中的中國時報和聯合報屬於大規模，自由時報屬於中規模，中央日報和立報屬於小規模。整體來說，五個個案所呈現的通路結構，顯示規模愈大的報社愈傾向垂直整合，對通路的控制能力較強。 　　三、市場集中度典通路結構之關係 　　研究結果顯示，在集中度愈低的市場（亦即市場競爭愈激烈），報業組織會傾向採取開放性的通路策略，同時採用多種通路形式，零售密度會因競爭而達到飽和數字，訂戶通路也採取密集配銷的策略。

自1978年以來，大陸為促進經濟成長，大力鼓吹改革與開放。在諸多大小 改革項目中，有關證券市場的消息特別引人注目，一方面它和掀起證券熱 的廣大民眾利害相關；另一方面，處於關鍵地位的國營企業改革，也希望 在股份制試點中尋求出路。證券市場的動向，對這股經改主流，有著舉足 輕重的影響力。在兩岸實質上之經濟交流規模日漸擴大，國內資金快速而 大量進入大陸之現階段（目前台灣已成為大陸的第四大貿易夥伴），有些 人對大陸證券市場產生興趣。臺灣有關當局至今對國人公開買賣投資大陸 證券，基於種種考慮仍禁止之，但據非正式報導，臺灣已有相當數量之資 金不斷利用各種管道投入大陸股市。然而國人投資大陸股市不但資訊取得 不易，政治風險仍高，且兩岸之相關法令及規定亦有所不同，因此在投資 之前有必要對其加以深入了解。無容諱言，大陸證券市場未來之成敗及發 展結果，對我國未來證券市場，乃至整體金融安定、經濟發展之影響頗為 重大。而從大陸證券市場之特性及國人投資、籌資之需求，並以基本分析 之角度來看，現階段我們對大陸的「證券發行市場」應有進一步的了解。 因此本論文以證券發行市場為研究主題，並特別著重股票市場的全面性討 論與分析。藉由兩岸的比較，從制度面及法規面來分析其發行市場的整個 結構及運作，最後並說明其證券發行市場之國際化發展情況，以瞭解中共 為因應將來入關所積極努力的準備工作。