「銀行保險」業務在銀行業者整合行銷推展下，已顯現其經營成果，並逐漸佔有舉足輕重之地位。財產保險業者在飽受市場業務費率激烈競爭下殺情況下，積極開發新的保險通路。於焉，雙方的業務結合便順理成章的形成。財產保險業者面對經營規模遠大於自己的銀行業者，如何以最適的作業平台來總控其作業流程，發揮最大效益，便成為最重要的課題之一。 本文首先藉由對歐美日本等先進國家的銀行保險經營成果探討，歸納出「銀行保險」業務的成功關鍵要素；進而評估分析國內銀行業者從事「銀行保險」業務的發展現況及財產保險業者推行本項業務的不足缺失，嘗試以個案公司設立「銀行保險」業務作業平台的經驗來克服不利因素和建制最適的作業平台。 最後，本文提出對建制「銀行保險」業務作業平台時需特別注意的結論與建議，期能對推展本項業務者起到遵循的參考作用，並推廣適用到其他的保險領域。 關鍵字：銀行保險、直效行銷、作業平台、平衡計分卡、顧客關係管理、客戶服務中心 / Bancassurance business is booming and plays an important role on the Banks. Simultaneously, non-life insurers are trying to explore new sales channels under the fierce pricing competition. Therefore, it is naturally binding these two territories as a whole. Facing the tremendous challenges from the Banks, to establish an appropriate working platform for streamlining operations is indispensable for the Non-life insurers. This paper at first examines the experience of managing Bancassurance business in USA, Europe and Japan and contributes to the success factors of it. Then, by analyzing it the current situations of the development of the Banks and the disadvantages of doing it on the Non-life insurance side, this paper wishes to conquer these difficulties and to construct an utmost appropriate working platform. Finally, this paper shows out the conclusions and recommendations for the establishment of Bancassurance working platform. Wish it could be of assistance to those participants and could be applicable to other insurance territories. Key words: Bancassurance, Direct Marketing, Working Platform, The Balanced Scorecard, Customer Relationship Management, Customer Service Center

企業的持續成長是每一家企業所追求的目標之一，也是衡量企業營運績效之重要指標，當一個企業成長趨緩或開始衰退時，往往是企業遭遇困難的警訊。而企業能持續成長端賴競爭力之保有及持續提升，這在企業就必須具有企業競爭優勢策略，因而企業競爭優勢策略是提升企業經營績效的重要課題。 營運成長模式一般可分為內部成長與外部成長。內部成長是指經由公司內部新事業、新產品或新訂單與新客戶的增加使營業額成長；外部成長則是藉由外部策略聯盟、轉投資、購併等手段使公司能取得有利競爭優勢與地位或擴大營業規模。又因為藉由轉投資與購併經常能使企業之規模與競爭力獲得跳躍式成長，如美國通用電氣(General Electric)與思科(Cisco corp.)均為明顯而成功的案例，故在大部分企業經營時，其成為很多企業成長策略的主要選項。 然而，企業在選擇轉投資、策略聯盟或購併行為時，其策略與目標的訂定、購併與被購併企業之定位、整合；購併或轉投資的標的選擇與評估、計畫的規劃與執行等等，均影響外部成長之成敗，導致企業競爭力是否持續增進。 本研究針對垂直市場的產業內聯盟與轉投資為限制範圍，以聚焦於”垂直市場”產業內之轉投資有別於跨產業之投資行為，以”優勢競爭替代”之觀點來探討企業策略定位，以”組織變革”觀點來觀察購併與被購併或投資者與被投資者之定位策略與執行策略，以”累積長期競爭優勢”為標準來衡量與檢驗聯盟或轉投資之效益。 本研究針對研華股份有限公司轉投資艾訊股份有限公司之策略聯盟個案，以探索性研究方法依理論比較實務，研究其在策略聯盟之過程，探討此個案之策略與執行過程，期望能對研華與艾訊公司之策略作一研究與檢討並提出後續改進之建議。 本研究之歸納發現為： 一、 垂直市場競爭者之水平式策略聯盟或購併，如僅由發揮最大生產效率之綜效來考量，不易累積長久之競爭優勢。 二、 在垂直市場產業中，卓越的聯盟或購併之策略運用，在清楚的分析所處市場特性與公司定位以持續維持競爭優勢是策略思考的核心。 三、 破壞性創新思維運用在市場競爭策略上，市場在位者可提升維持性創新競爭力並同時可建立低階策略聯盟以形成阻止其他低階攻擊者障礙，足以保護現有市場在位領先者免於被競爭者侵蝕競爭力。形成結構上的長期競爭優勢。 四、 購併策略之執行，是否應將被併購企業併入，端賴兩方公司之策略定位。依據定位來檢視雙方之資源、流程與價值三個構面，當此三構面在雙方整合對整體策略有助益，則雙方應合併，反之則應維持獨立運作。 五、 雖然處於相同產業，但競爭之主要成功因素將因企業為維持性創新之市場在位者，或是防止低階、低價進攻者之阻攻者角色而有所改變；相對應的組織變革就應提出以確保策略之成功執行。 / The continuous revenue growth is one of the utmost goals that every enterprise seeks. It is also one of the key factors to measure the operation efficiency of an enterprise. It is an alarming signal that the enterprise is encountering serious challenges whenever the sales growth stays slow or encounters a recession. In order to keep the revenue grow consistently, an enterprise needs to sustain its competitiveness and keep its ascendancy as its cutting edge strategy. We can classify the growth engines into two categories: first, the internal growth engine which is contributed by new business, new products, and new orders; second, the external growth engine which is contributed by strategic alliances, M&A, and other investment opportunities. The enterprise usually gets a quantum jump on its business scale when a successful Merger & Acquisition is executed. The General Electric Co. and Cisco Co. cases are good examples of M&A. This probably explains why many companies place M&A and investment opportunity on high priority when setting growth strategies. However, when an enterprise adopts strategic alliance, M&A or diversified investment, its success depends heavily on its abilities of goal setting, positioning, targeting of Alliance Company, doing due-diligence, and solving culture conflict. This thesis investigates the strategic alliances and diversification investment between vertical market players, to focus on monistic industrial investment instead of cross industrial investment; reviews the company positioning strategy from the point of ascendancy competitiveness strategy; studies the execution of organization change between merger and merged companies and verifies the effectiveness of strategic alliances from the viewpoint of accumulated long term competitiveness advantages. The thesis studies from theoretical research to the case study of Advantech Co. which applies the exploratory research method. The Advantech Co. conducted an alliance with Axiomtek Co. in 2002 by stock swap between the two companies. Advantech owns 65% of Axiomtek after the alliance. It is my purpose to assay the process of strategic alliance and try to provide some advices to improve the effectiveness of this strategy. Conclusions can be summarized as follows 1. The strategic alliances or diversification investment between vertical market players can contribute less for cumulating the competitiveness if it is targeted to prevail by maximizing the production efficiency synergy. 2. A superior alliance strategy in vertical market is to analyze the market attributes and anchor the company positioning which helps the competitiveness accumulating for a player. 3. By implementing the disruptive innovation theory in market competition strategy, one company can develop alliance with a lower cost, 2nd tier or less functionality product provider to create the barrier for protecting attack from the disruptive competitors. 4. The resources, process and value are three scopes to judge whether two companies need be combined as one company or not. When those three measurements are formulating more advantages after combining based on mergers decision on companies positioning strategy, then, it should be combined as one company, otherwise vice versa. 5. The key success factors will be reformed accordingly if the acquirer re-positioning the company. A correspondent organization change also is recommended to be implemented.

1978年中國大陸在經濟上採取改革開放政策後，中國大陸克服資金不足、技術落後等問題，經濟快速成長、人民生活水準和人均生產總值皆大幅提升。但中國大陸內部卻面臨各地區經濟發展的程度有極大落差的困局。為此，中國大陸政府提出多項區域發展政策，期能撫平區域發展不均衡的差距，「西部大開發」即為其中之一，希望能藉此一舉改善西部目前發展上的弱勢。但是西部地區要脫離落後狀態朝向發展所需要之條件究竟為何?西部大開發政策所切入之角度是否正中西部所需?本文將由影響外商投資西部的決定性因素，來評估西部大開發政策之成效。透過1997至2005年外商對中國西部地區投資的追蹤資料，搭配固定效果模型的估計，分析影響外商至西部進行投資的趨勢及決定性因素為何，並以估計之結果檢視「西部大開發」政策是否切中西部發展所需，確實改善西部投資環境。 根據實證結果顯示，吸引外商至西部進行投資的決定性因素有四，分別為相對工資率、基礎建設、礦產資源，以及外資開放程度。其他的變數如市場大小、勞動力素質、國營企業比重、中央移轉性支付比例以及優惠政策等，皆未有顯著影響。 關鍵詞：西部大開發、外來直接投資、固定效果模型、決定因素 分類號：B23、C33、F21、R58 / Since China has adopted the so-called “open door policy” in 1978, it has overcame its shortage of economic investment and lagged technology by accepting foreign direct investment（FDI） and the “east-tilted” policy. Two decades later, while China enjoys its high economic growth rate, it has to solve the dilemma of keeping economy growing or balancing the regional disparity. Hence the China government has proposed the “Western Region Development” policy to facilitate the slow-growing economy in west China. Since FDI has played an important role in China economical development, the purpose of this study is to investigate the foreign direct investment in West China, and the flowing issue is using the results to evaluate the efficiency of Western Region Development policy, to see if the policy meet the need of western regional development. This study has based upon the panel data for western region during the period of 1997-2005 and fixed-effect model to investigate the determinants of FDI in West China. The result shows relative wage rate, infrastructure, mine resource, and openness to the rest of the world. Finally, in order to reduce the mistakes occurred in models and enable the study more rigorous, uses more methods to test the models and the result. Keywords: Western Region Development, Fixed-Effect Model, Foreign Direct Investment, Determinants JEL Classification: B23、C33、F21、R58

面對全球化浪潮的衝擊，外國直接投資(Foreign direct investment, FDI)對於國家經濟與區域發展所扮演的角色越來越重要，此些FDI跨國企業所採取全球生產網絡(Global production networks, GPNs)佈局的投資行為，影響國際間不同區域的產業發展與消長，同時也牽動著台灣地區的產業生態，特別是在中國崛起後對台商所產生磁吸效應的壓力下，如何吸引廠商植根或回流台灣，便成為相當重要的課題。 新竹工業區於開發之初即劃設僑外專區，近幾年來園區的總產值居國內各編定工業區之冠，且區位鄰近新竹科學園區，其產業群聚現象正可作為分析全球生產行為的重要對象。基此，本研究一方面以FDI理論為基礎探討新竹工業區內外資廠商的演進變化，另一方面以GPNs理論建立本研究之分析架構，對工業區內的廠商進行深度訪談並輔以問卷調查，探討工業區內廠商的全球生產營運情況，以及全球生產網絡影響下之投資決策及區位變化。 研究結果發現，外資廠商在1980年代大量聚集在新竹工業區周邊，但在全球化浪潮影響下逐漸撤離台灣或轉進大陸，而之後進駐工業區的外資廠商受到先行廠商的影響，在投資產業類別乃至於資金來源都相當類似，一些未撤離的廠商，則是進一步從生產中心的角色轉化為以知識密集為主的研發中心。 另外，工業區內廠商在全球佈局的投資策略下則是將新竹工業區視為第二鏈(2nd tier)的生產與代工者，以圖像化(mapping)分析的方式(Henderson et al., 2002)發現工業區內廠商(如錸德集團)在價值的創造、增強與獲取上雖然比較低，但在全球與跨界的生產網絡中，其決策的權力卻具有極高的地位，而在地方鑲嵌上則與地區機構與同異業廠商建立一定程度的關係。 / Facing the globalization trend, foreign direct investment (FDI) plays an important role in national economic and regional development. Global production networks (GPNs) of transnational corporations (TNCs) have influence over worldwide industry and the circumstances of Taiwan. Hsin-chu industrial park planned foreign zone at initial phase of development, and is now with the highest manufacture productivity than other industrial parks in Taiwan. Owing to its proximity to Hsin-chu Science Park, the industry cluster of Hsin-chu industrial park and their production networks shouldn’t be examined with traditional industrial parks. Therefore, this research based on the concept of FDI and GPNs to build a framework for analyzing firms’ changing, globalization decision making and the relocation behavior by using questionnaire and interview. Research results find that the foreign firms can follow up the firms who had left Hsin-chu industrial park, and those who stayed changed their operation type from labor-intensive in1980s to knowledge-intensive at nowadays. Besides, firms in Hsin-chu industrial park play key producers, OEM and ODM in global production networks (2nd tier). By mapping analysis, this research also finds that flag firms (ex: RITEK) have lower value added, enhancement and capture, but have higher power of decision in GPNs and cross-border production networks and embedded deeply in local.

The Modern Olympic Game is expected to not only bring a great amount of revenues, but also stimulate industrial structure. It has enormous impacts on economic indicators of the host countries. Hence, numerous countries are keen to strive for host as a strategy of motivating economic growth. The thesis works on searching and organizing papers about economic statistics of Beijing 2008 and previous Olympic Games, in order to analyze and conclude the impacts of Beijing 2008 Olympic Games on China’s economy. By comparing economic indicators of China with those of previous host countries, we will realize not only what the importance of Beijing 2008 Olympic Games to China’s economic effects and industrial development is, but also if it is a milestone for China to step into one of advancing countries. / The Modern Olympic Game is expected to not only bring a great amount of revenues, but also stimulate industrial structure. It has enormous impacts on economic indicators of the host countries. Hence, numerous countries are keen to strive for host as a strategy of motivating economic growth. The thesis works on searching and organizing papers about economic statistics of Beijing 2008 and previous Olympic Games, in order to analyze and conclude the impacts of Beijing 2008 Olympic Games on China’s economy. By comparing economic indicators of China with those of previous host countries, we will realize not only what the importance of Beijing 2008 Olympic Games to China’s economic effects and industrial development is, but also if it is a milestone for China to step into one of advancing countries.

本研究利用亞洲九個國家，自1995至2005年共十一年的資料，以固定效果模型對外人直接投資進入模式的外溢效果進行估計，探討外人直接投資進入模式與國家的勞動生產力之間的關係？另外，本文也研究外人直接投資的進入模式在高低技術及高低收入國家間是否會產生不同的外溢效果？　　 實證結果發現，跨國併購的行為剛進入時，並不會帶來顯著的外溢效果，然而只要一國的人力資本達到一定的門檻時，跨國併購便會為地主國帶來正向的外溢效果。而外商新建投資，可為當地市場產生正向的外溢效果。而透過技術能力的增進後，外商新建投資會帶來正向且顯著的外溢效果。 其次，在中低收入(技術)國家，外商新建投資透過人力資本的加乘後，也會產生顯著的正向外溢效果。 / The research adopts eleven-year of information from nine different Asian countries to evaluate the impact of spillover effect from the entry mode of foreign direct investment (FDI) on the national labor productivity. That is to construct a fixed-effects model studying, utilizing the information from nine Asian countries on FDI flows from 1995 to 2005. Moreover, the research also test the different spillover effect of entry mode between high-tech/high-incomed and low-tech/low-incomed countries. The empirical result shows that when first initiates a cross-border mergers or acquisitions, it doesn’t obviously result in the spillover effect. Thus, a country will has higher productivity of cross-border mergers and acquisitions, only when it has a minimum threshold stock of human capital. The foreign greenfield investment may have the positive spillover effect over the local market. And the higher the technology ,the higher the positive spillover effect of the foreign greenfield investment Lastly, in a low-tech/low-incomeed country,it will has higher productivity of foreign greenfield investment, also when it has a minimum threshold stock of human capital.

C公司係台灣少數有能力以統包商角色進軍國際工程市場之工程公司，然在國際化經營發展過程中，C公司對本身在這個產業的定位是什麼？C公司的核心價值在哪裡？C公司的競爭策略有何優勢？C公司如何改變體質以迎接新世紀的挑戰？C公司如何為股東創造最大的價值？本研究以企業評價(Valuation)及價值創造(Value Creation)為主軸，檢驗C公司本身體質並探討未來經營策略可行之方案。 本研究針對C公司過去五年的財務資訊分析各項影響企業價值之因子，先評析C公司各項價值因子之優劣勢，判斷C公司目前之價值定位，再採用現金流量折現法評估股價並做敏感度分析，認為影響C公司企業價值之關鍵因子，其重要性依序為營業利潤率、營收成長率、競爭優勢期間、加權平均資金成本、營運資金投資、固定資產投資及現金稅率；根據這些關鍵價值因子，本研究建議C公司未來之營運策略、投資策略及融資策略之擬定應以價值創造為原則，可採行之方向歸納如下： 一、為了創造價值，個案公司之經營策略應朝產品定位與差異化方向發展。 二、短期以改善營業利潤率為首要目標，加強成本控管，改善盈餘品質。 三、把握國際工程景氣循環高點所帶來之商機，適度提升營收成長率。 四、為維繫競爭優勢期間，長期應從成本領導策略轉化為差異化策略，以此衍生創造差異化之購併策略及多角化策略。 五、購併策略以垂直整合優先於水平整合。 六、為降低加權平均資金成本，融資策略在不違反對銀行之財務承諾前提下，適度提高財務槓桿，維持最適資本結構。 七、加強在建工程與固定資產管理、儘量減少固定資產投資、處分非核心事業，並以不失去控制權原則引進外來資本擴張前景看好之關係企業。 八、財務構面的績效衡量指標應以現金流量為主要評量基礎，指標之設計以成長性為重點。

公民投票是一種直接民主的表現、是直接民主的實踐，而直接民主也是民主政治最原始的形式，早從古雅典式的民主開始，公民的直接參與政治便已然成形，但是直接民主在實際運作上是有其困難性的，因此公民將其權力委託給代議士的代議民主，就成為當今世界民主國家主導政治運作的核心機制。 雖然代議政治儼然成為世界最為普遍的民主政體，但由於受委託的代議士經常會受到個人利益或是其他利益團體之影響，無法完全展現委託人之意志，因而，產生了許多代議政治下的偏差現象，怎麼樣的機制能夠彌補這諸多代議制度下的失靈現象呢？於此之際，「公民投票」遂為當前必須加以著重討論的重要課題。 本論文試圖就公民投票的定義、理論、類型分析，從中找出公民投票在施行上所可能受到的限制以及其可能造成的偏差現象，並從國外的實際施行的經驗中，找出可以避免或修正公民投票弊病的方法。

過去許多學者檢驗過企業在選擇海外進入模式時眾多的考慮因素。其中，學者發現國際經驗確實會影響企業海外進入模式的選擇，但是只有少數學者探究國際經驗的種類與各種國際經驗對於進入模式所帶來的影響。因此本研究將細分企業的國際經驗為地主國經驗、區域經驗、國際化經驗與先前模式經驗，與各種國際經驗對於企業於進入模式的影響。 　　本研究的研究問題主要檢驗各類國際經驗對企業海外進入模式的影響方向與程度是否相同。本研究以東洋經濟新報社內於1995年至2001年對六大區域(東亞、東南亞、南亞、北美自由貿易區、南美洲、歐洲)進行投資的3475家日本企業海外子公司為研究對象，利用二元logistic迴歸模型檢驗四種國際經驗與企業海外進入模式的關係。研究結果顯示，並非所有國際經驗對企業海外進入模式的效果都相同，日本企業地主國經驗與區域經驗越豐富的時候，進入特定地主國與區域時會偏好採用合資事業；擁有越多國際經驗的日本企業則會偏好選擇獨資事業做為進入模式；擁有越多先前模式經驗，當日本企業先前合資事業比例越高時，偏好選擇合資事業做為海外進入模式。

收益資本化率是不動產估價收益法中最為關鍵的因素，不動產淨收益透過收益資本化率轉換為價值，其步驟看似簡易，卻深藏「失之毫釐，差之千里」的陷井。在國內，商用不動產廣泛運用收益法來估計不動產價值，但收益資本化率之研究卻相當缺乏，相關文獻僅限於國外，因此，本研究以台北市商用不動產為主要研究對象，除了探討收益資本化率之影響因素與實務界在決定過程上的缺失外，並提出較具有解釋力的計算與預測方法。 本研究蒐集自1992年至2008年止台北市商用辦公室之租金與房價資料，利用特徵價格模型將轉換後的租金與房以直接資本化法計算收益資本化率，與問卷結果中可得之影響因素資料進行相關分析、多變量自我迴歸分析，找出關鍵之影響因素，並利用指數平滑法、Box-Jenkins、灰色與VAR模型等時間預測方法來進行收益資本化率之預測。 本研究實證結果顯示，以特徵價格模型計算台北市商用辦公室之收益資本化率，其模型解釋力相當高，並獲致區位上的差異結果。此外，影響因素分為四個面向包含：社會經濟條件、其他投資工具、市場條件、建築物條件等四項，影響因素中除了收益資本化率自身前期為一個重要指標，社會經濟條件之經濟成長率、建築物條件之台電用電不足底度戶數與市場條件之電力(企業)總用電量(十億度)為重要領先指標，其他投資工具之股價指數與社會經濟條件之失業率為同步對收益資本化率有影響性，代表市場條件之不動產景氣領先綜合指標受到收益資本化率之影響而為落後指標，而收益資本化率本身並具有平均數復歸的現象。在未來趨勢的預測方面，單一時間數列適合長期資料之預測模型Box-J進行預測之解釋力（adjR-square）較高，各模型之預測結果平均來說，以Box-J與VAR-I為最有可能之預測值，而最樂觀為VAR-II之預測值，最悲觀為灰色之預測值。 透過國內不動產估價實例進行驗證，本研究結果可以準確進行事後驗證與事前預測，對於提升不動產估價師與投資者收益資本化率的估計與解釋能力上應有所助益。 / Capitalization rate is the most crucial factor in the income approach real estate appraisal method. When this appraisal method is applied, real estate net income is converted into value via capitalization rate. The conversion process is simple and straight forward, but there seems a trap of misuse in real practice. Domestically, income approach real estate appraisal method has been put to use extensively to estimate commercial real estate value. However, research in capitalization rate is in shortage considerably. Related literature merely re-stricted in overseas resource, Hence, our study focus on Taipei office as the main subject to investigate the influential factors of capitalization rate and its shortcoming of real practice, in additional, we propose more concrete explana-tory calculation and estimation methods. Our study collects information on Taipei City office rental and transaction price between 1992 and 2008. Using Hedonic Price Model, the converted rents and transaction price are applied by direct Capitalization Approach to calculate capitalization rate. Thereafter, we compared with the influential factors derived from the survey through correlation analysis, and Vector Autoregression Model (VAR) to find the pivotal influence factors. Meanwhile, we use Exponential Smoothing(ES)、Box-Jenkins、Grey Forecasting Model and VAR time-series estimate method to conduct capitalization rate prediction. The result of this study provides actual proof that to use Hedonic Price Model to calculate office capitalization rate of Taipei, the results are rather ac-curate and indicate a geographical difference. In terms of influential determi-nates, the capitalization rate in itself is an important indicator in the beginning. The Economical Growth Rate and the household under electricity base degree utility of Taiwan Power Company are also significant leading indicators. Stock Price Index, Unemployment Rate and the capitalization rate affect among them. Real Estate Cycle Leading Indicators are affected by capitalization rate and hence a lagged index. Capitalization itself exhibits mean return phenomenon. The future trend prediction of capitalization rate, Box-J and VAR-I give the most likely estimates; VAR-II gives the most optimistic value, whilst Grey Forecasting Model gives the most pessimistic estimation. Through Case study of domestic real estate appraisal to conduct experi-mental verification indicates that the result of our study can accurately carry out aftermath verification and prior estimation. As such, hopefully our empiri-cal study might be able to benefit real estate appraiser and investor to enhance their ability to determine the capitalization rate.