本論文透過實證分析，公司可以透過向銀行借款建立商譽，降低首次在公開市場發行債券之成本，此結果與Diamond (1991)所提出的商譽理論一致。但是，如果貸款給公司的銀行亦是替公司發行債券的承銷商，即公司與該銀行有進一步的往來關係，發行債券的成本會相對提高。合理的解釋是銀行握有資訊優勢，會以此優勢套牢公司並且圖利自己，與資訊獨占理論及套牢問題理論一致。換句話說，本研究證實公司選擇與之前貸款融資的銀行作為債券發行的承銷商，並不能降低債券融資的發行成本。在本論文後續的研究，指出會選擇與之前貸款融資的銀行作為承銷商之公司，在股票市場的表現都相對較差，銀行會提高替該公司承銷債券的管理費用與發行債券的成本。

市場上參與首次公開發行的方式不外乎公開申購抽籤或是詢價圈購，往往投資人能獲得超高初始報酬率，其原因過去國內外相關文獻亦多有著墨，然而除了上述方式以外，台灣興櫃市場，不啻也是參與投資IPO的方式。 本研究採用T檢定與多元迴歸模型分析，持有興櫃股票至首次公開發行後而「橫跨兩個市場」之累積異常報酬率。透過買賣時點的切割分類以及公司特色的分析，探討已知即將上市(櫃) 興櫃公司股票，應該買進何種股票、應該在何時買進、何時賣出持股之投資決策。實證結果發現，本益比效果存在，符合價值型投資；持有興櫃股票且在首次公開發行上市前5日賣出持股之投資期間，累積平均異常報酬最高，且顯著異於零，此投資區間非電子產業股票顯著優於電子產業股票、承銷作業方式為公開申購者異常報酬率顯著優於詢價圈購者。 最後整理分析得出一興櫃投資原則之結論，「興櫃股票要選低本益比、非電子產業、承銷作業方式為公開申購的公司，而且越早買越好，並且在首次公開發行前5日賣出持股。」

本研究主要探討生技產業公開說明書之風險因子揭露對首次公開發行公司5年內的獲利能力做研究，想得知風險因子的揭露是否會影響公司獲利時間的長短。本研究以美國生技產業首次公開發行公司為研究對象，樣本期間為1997年至2012年。 許多文獻指出越來越多公司在尚未獲利前即先行上市，但公司未來的前景及獲利能力卻充滿高度的不確定性，而透過資訊的揭露可使該不確定性下降，因透過揭露，投資者可以了解公司營運狀況及表現，對公司價值能做較正確之判斷， 此時願意提供資金給公司營運，充足的資金使公司未來獲利機會上升。 本研究參考過去文獻，建立資訊揭露的四級指標加上風險因子所揭露的項目多寡，系統性地衡量生技公司公開說明書之風險因子，並以存活分析檢測假說。實證結果顯示：風險因子的內容描述越著重在某些特定資訊，例如：顧客資訊、重要員工資訊、量化資訊的表達、公司未來不確定性、財務需求時，公司未來獲利能力機會大增，而當更進一步的探究時，又發現對顧客資訊和量化資訊的表達越具體，越詳細時，也會使公司未來獲利機會上升。 / This study investigates whether disclosure of risk factors in the prospectus will influence the probability of the biotech firms to attain profitability. Data is collected for biotech companies of U.S IPOs issued from1997 to2012 as the research sample. Many extant empirical evidences indicate that the proportion of firms going public prior to achieving profitability has been increasing over time. There is considerable uncertainty regarding the long-term economic viability of these firms at the time of going public. Disclosures in the prospector may mitigate the effects of ex-ante uncertainty about firm’s value, and disclosures are potentially important means for management to communicate firm performance and governance to outside investors. Therefore, firms can raise more money by disclosing more information in IPO prospectors, because more information reperesent lower uncertainty between investors and firms.This study uses risk factors in the prospectus as concern issue and expects that the quantity of risk factors and the content or description of risk factors will influence the uncertainty and would mitigate investors’ concern. Referring to past literature, this study builds four-class index for disclosure score and uses two classifications of risk factors to systematically measure risk factors in the prospectus. The empirical results show that a biotech IPO with more information or some specific information of risk factors, like disclosures of main customers and key employees, will experience good performance after IPO. In addition, more detail descriptions in quantitative risk factors and customers’ information contributed to better performance in the future. In conclusion, disclosure of risk factors in the prospectus are related to firms’ probability of profitability after IPO as expected.

本論文企圖透過製作人的目光，建構偶像劇產製之理論與實務，是以本研究蒐羅了資深製作人的偶像劇產製經驗，包含前製、錄製、後製、映演發行及宣傳四階段，試圖勾勒出製作人如何挑選「對的人」，做了哪些「對的事情」，以供影視產業的新血與工作者參考；同時，本研究也希望理解偶像劇製作人共同的願景與擔憂，以供廣電決策者作為擘劃政策之依據。 　　為遂行研究，本論文採取深度訪談中的「半結構式訪談法」，邀集台灣17位重要偶像劇製作人，他們不僅擁有成立個人工作室或製作公司之經驗，也在編劇、綜藝節目、戲劇演員等影視工作崗位上逐漸成長。 　　本研究發現，偶像劇製作人在前製、錄製、後製、映演發行及宣傳四階段皆參與甚深，尤其是決定偶像劇成敗的前製階段，更是製作人最為苦心戮力的時刻；產製過程中，製作人必須來回穿梭，就導演手法、演員表現、劇本可實際操作性三者之間，求得平衡、達成共識；這卻也顯示製作人身陷的矛盾：必須盡可能讓導演揮灑，卻又不能放任導演求快而不講究細節、耗費製作成本。 　　當製作人擁有代表作，形成個人品牌後，伴隨而來的是更多製作機會，無論是委製、與電視台共同投資，或是與中國大陸電視台、影視公司、新媒體合作，製作人與其製作的偶像劇成為深具價值的投資標的，吸引各方資金挹注；然則口碑與收視率維持不易，若是抄襲國外，或是自我抄襲，品牌恐毀於一旦。 　　值得注意的是，製作人產製偶像劇時，政府補助已成為一大金脈，當電視節目收視率不斷下滑，偶像劇製作預算沒有調升的空間，缺乏資金挹注下，大陸影視公司開始向台灣偶像劇製作人招手，希望引進台灣的產製模式，台灣偶像劇製作人挾著品牌光環，不僅將戲劇銷往大陸，更陷入「根留台灣」抑或是「錢進大陸」的掙扎。 / This thesis attempts to construct a theory and practice behind the production of trendy drama through the perspective of producers. As such, the thesis amasses senior producers’ experiences of producing trendy dramas, including their four-stage experiences from pre-production, production, post-production, to distribution and promotion. I try to contour how producers pick “the right people” and make “the right decisions”, which can serve as a future reference for newcomers and workers in the audiovisual industry. Furthermore, I also study the visions and worries that trendy drama producers share in common, and it is my wish that this understanding can shed light on future policy making by decision makers in broadcasting and television government agencies. I use semi-structured interview approach in interviewing 17 important trendy drama producers. All these producers have experiences in either starting their own studios or production companies; in addition, they all make progress step by step in their professions, be it writing scripts, involving in entertainment shows, acting, or other audiovisual professions. In my research, I find that trendy drama producers involve deeply in all four stages of production, which includes pre-production, production, post-production, and distribution and promotion. Particularly, producers put the most effort and their labor during the pre-production stage, as the outcome of this stage determines the overall success of trendy dramas. During productions, we see producers always seeking to balance director’s styles, performance of actors, and practicality of scripts; it is their job to settle disputes between different people to reach consensus. Yet, this reveals a dilemma producers face: directors should be given as much freedom in their creation, but they cannot be unrestrained because it can lead to paying careless attention to details and focus solely on speed, or it can cause the production cost to skyrocket. As soon as producers produce their signature works and establish their own personal brands, more production job opportunities follow. Producers become producers in other projects, are invited to jointly invest with television companies, or are invited to collaborate with television channels in China, audiovisual companies, and new media. Producers and the trendy dramas they produce become valuable investment options that attract capital. However, staying up to audience’s expectations and maintaining ratings prove to be difficult. Nothing can do more harm to their brands than plagiarizing works from abroad or from themselves. Lastly, it is worthy to mention that government subsidies are now big contributors to producers’ budget in making trendy dramas. When subsidies cannot grow due to dramas’ plunging rating, China enters the fray, luring these trendy drama producers with an aim in mind to import Taiwanese production model in trendy dramas. While producers can sell their products to Chinese audience rather easily thanks to shining brands they own, they often struggle to decide whether to stay in Taiwan or seek better pay in China.

公司籌措資金時會選擇發行股票或是發行債劵來籌資，本文去比較發行股票與發行債劵來籌資的公司在發行後的長期營運表現會有何異同。此外去探討因子如何影響發行後營運表現，也建立邏輯斯迴歸去探討因子如何影響公司發行決策。關於資本結構有兩個理論，一為融資序位理論，另一為代理成本理論，本文透過上述結果去驗證此兩理論。 / Industrial corporations typically raise external capital by selling common stock or issuing bonds. In this paper, we investigate the long run operating performance of issuers of straight debt and issuers of seasoned equity. Besides, we measure the effects of some factors that have been shown to be associated with changes in performance following the issues. We also examine why firms issue securities even though managers know that stock prices will react negatively to the issue announcement. We construct a logistic model for firms issuing equity and debt to investigate the determinants of firms’ issuing decisions. In existing literature, two eminent theories of capital structure are the pecking order theory and agency cost theory. We try to find evidence to these two theories from the above results.

本研究旨在探討我國生醫產業公開說明書之資訊揭露程度對初次公開發行 (IPO, initial public offering)定價效率及次級市場投資人信念異質性程度之影響。當初級市場認購人間資訊不對稱程度越大時，IPO價值之事前不確定性越高。為均衡各交易參與者之利益，發行人與承銷商將主動提升公開說明書之資訊揭露程度，以制定適當的IPO折價幅度、維持承銷商合理的承銷風險與報酬，並協助認購人適切評定IPO之價值。異質信念觀點強調次級市場投資人對企業價值看法之歧異程度越大，將導致IPO蜜月期報酬之異常現象。本研究預期若無形資產密集度越高，IPO事前不確定性越大，則IPO折價幅度越大，並預期公開說明書之資訊揭露程度將改變無形資產密集度對折價幅度之影響程度。此外，本研究預期，生醫產業IPO案件之無形資產密集度、公開說明書之資訊揭露程度及者配售情形均可能影響投資人信念異質性，進而影響掛牌初期之成交價量表現。 本研究參考國外證券主管機關之無形資產資訊揭露規範，自行建立資訊揭露指標，系統性地衡量我國生醫產業公開說明書之資訊揭露程度，並以多元迴歸分析檢測假說。實證結果顯示，我國生醫產業IPO案件之無形資產密集度對IPO折價幅度存在顯著正向影響；公開說明書之資訊揭露程度改變無形資產密集度對折價幅度之影響程度；發行人之無形資產密集度、公開說明書資訊揭露程度及初級市場配售情形皆影響掛牌初期之投資人信念異質性及價格震盪幅度。研究結果證實公開說明書之資訊揭露提供預期效益，及初級與次級市場間之資訊相互流通、交易行為相互連動之關聯性。 / This research examines how the disclosure level of prospectus influences the efficiency of IPO (initial public offering) pricing in the primary market and the degree of divergence of opinions in the secondary market. The literature of IPO underpricing suggests that ex ante uncertainty due to information asymmetry has a positive impact on IPO discount and voluntary disclosure of prospectuses may reduce the uncertainty level. This research hypothesizes that, for biotechnology companies, a greater disclosure level of prospectuses would lower the impact of intensity of intangibles on IPO discount. Further, this research hypothesizes a relation between the pricing efficiency in primary market and the level of divergence of opinions in secondary market. The empirical results from regression analyses of hand-collected data show that, for biotechnology IPOs, the disclosure level of prospectuses reduces the impact of the intensity of intangibles on IPO discount. In addition, the intensity of intangibles, disclosure level of prospectuses, and trading behaviors in the primary market have an effect on the degree of divergence of opinions in the secondary market. In sum, this research evidences the expected benefits of the increased level of voluntary disclosure of prospectuses for biotechnology IPOs.

隨著經濟全球化的發展，創新創業在國際競爭的地位越來越重要，創新不僅是國家經濟增長的動力，也是企業長期競爭力的關鍵。我國創業投資在電子產業快速發展進程中，扮演緩解新創企業融資障礙的重要角色。近期各項經濟數據均顯示，伴隨國家產業創新政策，電子新創企業在研發投入過程中有嚴重的資源錯置問題。本研究以台灣創投投資電子產業之研發效率為例，研究結果證實電子新創企業於首次公開發行期間具研發效率不足現象，主要原因為企業致力於美化財報，提高資本支出以利當期產出反應高財務績效，而抑制研發投入作為上市（櫃）經營策略。 / Innovation activities have long been accredited by its crucial role to sustain continuous long-term economic growth. Recent studies nonetheless suggested severe problems of input misallocation associated with innovation investment. This research measures input misallocations of venture capital supported business and identified significant underinvestment of new ventures right before their initial public offerings (IPOs). This is because new ventures have the incentives to adjust the reported earnings by cutting the R&D investment that is supposed to cut the current expense but not to affect short-term operational performance in the market. Therefore, new ventures would typically incur underinvestment in innovation activities right before IPOs.

本文旨在探討台灣發行交易所交易債券之可行性。台灣近年交易所交易基金發展蓬勃，無論掛牌檔數、資產規模、交易金額皆向上成長，惟根據中華民國證券商業同業公會的統計，台灣證券商受託買賣外國集中市場有價證券之規模亦逐年增加，顯示目前台灣金融交易市場所提供之金融商品並不足以滿足市場需求，仍有發展空間。2016年1月，台灣金融監督管理委員會開放國內證券商接受投資人委託買賣外國交易所交易債券，本文透過闡述交易所交易債券之產品特性及分析各國交易所交易債券之發行及上市規範和稅制，進一步為台灣發行交易所交易債券之相關政策給出具體建議。 / This study aims to make practical suggestions on exchange-traded note issuance in Taiwan. Data from Taiwan Securities Association shows that the trading value of securities firms accepting orders to trade foreign securities keeps growing these years, suggesting that the financial product line in Taiwan is not diversified enough to satisfy the market needs. Taiwan Financial Supervisory Commission has announced that securities firms are opened to accept orders to trade foreign exchange-traded notes since January 2016. Before opening domestic exchange-traded note market, related regulations have to be built. Exchange-traded note, the product itself, as well as the issuance and listing rules and taxation in different countries are therefore analyzed in this paper to make further suggestions on exchange-traded note issuance in Taiwan.

2006年1月11日公布之證券交易法修正條文，正式將「獨立董事」、「審計委員會」等制度納入我國公開發行公司法制中，因此，我國目前公開發行公司的董事會，可分為三種型態：第一種是傳統的董事會，不設獨立董事，僅設董事會及監察人；第二種是設立獨立董事，且同時設有監察人；第三種類型則是有董事會及審計委員會，但無監察人。 這樣劇烈的變革，毫無疑問地，勢必將對我國公司治理法制中內部監控機關之設置帶來深刻的影響。譬如說：獨立董事與監察人二者並用，是否在組織機制層面上會疊床架屋，其相互間之權責會否不易界定而混淆不清，進而相互推諉？監察人和審計委員會之間是否為可相互取代之制度？二者設計的目的、監控方法和範圍在本質上有何異同？又如何的設計才能確保其「獨立性」和監控機能的有效發揮，但又不致陷入只會除弊不會興利的刻板印象？2006年修正之證券交易法的相關條文，其優劣為何，是否尚有不足之處仍待補充？本文即以此為研究方向，進行探討，惟鑑於國內研究監察人之專著專文已汗牛充棟，故本文著重於介紹此次證券交易法所正式引進之審計委員會制度在美國法下之相關規範及運作情形，並就引進獨立董事和審計委員會制度須搭配之相關配套措施及監察人制度之改善等相關問題提出淺見。 針對以上三種模式，本文認為，在模式二下的獨立董事，有責無權，頂多只能在董事會中扮演「諍友」的角色，其力量之極限亦僅止於透過公開其「諍言」來引起外部力量對公司之注意與監督。此種逐步、分階段實施獨立董事制度之設計，雖然優點是對企業之衝擊較小，但壞處是使得獨立董事制度的健全性，仍有很大的進步空間 。蓋立法者若真希望獨立董事能發揮其監督功能，則至少要讓其權責相符，如此一來功能性委員會之運作配合便是不能少的，且尚須使獨立董事能占董事會及功能性委員會之多數，才能使其較無懼地發揮監督之功能，此亦為國外法制之發展趨勢 。因此，此種既非純粹雙軌制亦非純粹單軌制之過渡階段的模式二設計，將來修法時實宜予以廢除，改由公司從經過修法補強完備之模式一（即水平式雙軌制）或模式三（即單軌制）中，依公司本身之需求，選擇適用其一，如此一來不但可避免現行架構上之混亂，亦符「公司自治」之法理。 而關於現行模式一下尚存如監察人之專業性、獨立性不足，欠缺對內、外審計單位之人事權及相關權責執行規定不夠細緻與選任方式不甚理想等缺失部分，本文建議可透過確立監察人獨立性資格；改善監察人提名、選任、報酬決定機制；賦予監察人辭任時之意見陳述權及引進監察人會等方式加以改進。 至於模式三之部分，本文則建議透過明確劃分董事會、管理階層及審計委員會之責任範圍；引進獨立董事責任免除或減輕之機制；明文要求公司應同時設置提名委員會及報酬委員會；加重對金融犯罪之處罰與設立專責法庭及禁止違反相關規定者轉任至其他發行公司擔任董事或經理人和引進預警機制等方法，以補強現制未臻完美之處，期使單軌制能真正於我國法制中落地生根、成長茁壯。

學年度：90 學期：2 校院：國立政治大學 系所：經營管理碩士學程 論文名稱：從兩岸入世論臺灣承銷商的發展契機 學位類別：碩士 研究生：陳慶洪 指導教授：杜化宇 關鍵詞：中國大陸、證券承銷、證券承銷商、發行人、配售方式、詢價圈購、公開申購、競價拍賣、世界貿易組織 中文摘要： 隨著中國大陸經濟的蓬勃發展，股票市場也在這個變動的社會中應運而生。股票市場做為溝通資金供需雙方的重要渠道，是傳統資本主義社會的重要表徵，最早發軔於西歐，臺灣和中國大陸也陸續引進這種商業型態的制度。隨著兩岸分別加入世界貿易組織，股票市場也必須積極地邁向國際化。當歐、美、日等國的投資銀行均已積極地進駐中國大陸，以搶佔其金融市場之際，國內業者受制於兩岸的政治氛圍卻顯得步履蹣跚。然而太晚進入大陸市場，將使國內證券承銷商處於不利的競爭地位。 在WTO的架構下，金融服務業必須受到服務貿易總協定的規範，兩岸都將適用最惠國待遇和多邊諮商原則，所以臺灣對中國大陸以及中國大陸對臺灣的經貿與金融政策都必須作大幅度的調整。臺灣地區的證券承銷商如何掌握此一發展趨勢，以開創華人世紀的新紀元，在在考驗著臺灣政府與業者的智慧。 摘要 回顧八零年代後期，中國大陸在鄧小平的主導下，踏上改革開放的試點工作，低廉的要素成本和政府的政策支持，吸引著外資源源不斷地注入，臺商得文化、地利之便，藉著轉移生產基地以延續產業生命並擴展生產規模。二十餘年來，西進的臺商從勞力密集，逐漸提升到資本密集與技術密集，對國內的經濟發展帶來相當大的衝擊。當臺商在異地逐漸站穩腳步，並於境外獲得資金供給的來源，對國內資本市場的依存度自然降低許多。做為資金供需雙方媒介的國內證券承銷商，遂因而陷入市場萎縮的困境。當兩岸次第加入世貿組織以後，國內承銷商是否有機會跟隨臺商腳步，將市場拓展至中國大陸，以延續生機並再創高峰，的確是一件值得深思的問題。 本研究的第二章、第三章分別介紹中國大陸和臺灣的承銷制度，依序分從 「證券商之分類及其業務範疇」、「承銷時機」、「承銷方式與資格」、「承銷作業程序」和「承銷價格訂定與配售方式」等五個面向加以探討，第四章則從比較制度的觀點，分析兩地承銷制度的異同。為了瞭解WTO入會架構將對兩岸承銷商帶來何等影響，本研究第五章首先介紹世界貿易組織的功能、理念與規範重點，其次則試圖探討兩岸入會後可能面臨的衝擊與因應之道。第六章則以建華金控為例，探討年前國內通過金融業者得以純粹控股公司形式跨業兼營的法令，將對證券承銷業者進軍中國大陸的努力帶來何等影響與可能的限制。 從制度面來看，由於臺海兩岸均係繼受歐美國家的先進體制，只是導入時期先後有別，除因政策性考量產生些許出入外，可說是大同小異。其次，兩岸分別在2001年11月間的卡達會議中獲准加入世界貿易組織，臺灣地區雖以已開發國家身份入世，因入世前長達九年的複邊磋商過程已陸續將相關要求內化，入世後應不致帶來太大的衝擊。而中國大陸係以開發中國家身份爭取入世，因此在國內市場的開放上有較多的調適時間，不過從其最近出台的《外資參股證券公司設立規則》來看，除了對於境外股東的持股比例，依其入世時承諾的進度設定限制外，可說是全面開放證券承銷市場；且該規則亦適用於香港、澳門及臺灣地區的業者。受限於兩岸政權迄今仍處於對立狀態，短期內恐無法假前述規則簽署證券監管合作諒解備忘錄，勢將嚴重斷喪臺灣承銷商西進的發展契機，徒將崛起的商機拱手讓與外資，國內政府誠應審慎考慮此一嚴肅課題，進而積極協助業者排除政治上的障礙，以延續並擴展臺灣業者的生存命脈。 / Academic year: 2001 Session:2 School: National Chengchi University Department: Executive MBA of Finance Title of Thesis: The Opportunity of The Underwriting Corporation in Taiwan After Attending WTO Degree: Master Author: Ching-Hung Chen Advisor: Professor Anthony Tu Keywords: Mainland China, securities underwriting, underwriter, issuer, offering method, book-building, fix-price, auction, WTO Abstract: As the economy of Mainland China is glooming, the stock market arises in the changing society. The stock market is an important channel to link the supply and demand, as well as a symbol of the traditional capitalist society. It has taken a long time for western countries to develop their stock systems. However, similar systems emerged in Taiwan and Mainland China. After Taiwan and Mainland China attending WTO, stock markets must be aggressively facing the globalization. When Europe, the United States, and Japan are going to compete to dominate the Mainland's financial market. Taiwan is moving at a slower pace and facing many restrictions. The late entry of Taiwan's underwriting corporations into the Mainland market will undermine their competitiveness. Under the WTO framework, the basic principles on the financial services sector are governed by the General Agreement on Trade in Services (GATS). Once Taiwan and the Mainland become WTO members, they must both accept all WTO regulations, including those on MFN treatment and multilateral negotiations. In light of these requirements, both Taiwan and the Mainland must make large adjustments in their cross-strait and financial policies toward each other. The underwriting corporations in Taiwan are willing to create a new era. How to grasp the developing tendency is a critical trial to the enterprises and government in Taiwan.