當國際經貿日趨整合下，具相當爭議性的反傾銷制度，在貿易政策中扮演愈來愈重要的角色，如何在反傾銷制度中調和各方相關利益，已成為當前各國重要的議題。本文首先建構基本理論模型、接著實證檢測我國反傾銷個案，藉由相關經貿理論、制度、法律判例及實務的論證，評析反傾銷制度與公共利益。從理論與實務面探討台灣的應用與可行性，以作為制度修正的參考。 一、反傾銷、貿易移轉、學習效果與公共利益 反傾銷措施提供差異化的貿易限制措施，引發其他非受傾銷控訴進口品的趁機而入，產生貿易移轉效果。在邊際成本固定的情況下，非受反傾銷控訴進口品的貿易移轉效果將使得生產者剩餘減小、消費者剩餘獲得改善、公共利益變小。若非受反傾銷控訴進口品具有相當的成本優勢，本國同類產品廠商亦可能因提出反傾銷控訴而受到傷害。若本國同類產品具有相當的成本優勢，反傾銷措施在保護生產者的同時，消費者未必受到傷害，甚至可能將從反傾銷措施中獲益。當本國新興產業藉由第 1 期反傾銷措施的保護效果，調整經營體質，於第 2 期以學習效果再與進口品競爭。其中第 2 期學習效果於保護生產者的同時、消費者亦能從反傾銷措施的學習效果中獲益。而反傾銷措施的全期效果將使生產者剩餘及關稅收入因而增加、消費者剩餘則不確定。 二、反傾銷對台灣相關廠商市場價值的影響─資本市場事件研究法應用 綜合我國反傾銷制度自實施以來的鋼鐵、石化、紙業、紡織及半導體業等產業相關個案，實證結果發現我國反傾銷措施似有助於保護國內生產廠商，而反傾銷控訴若保護了上游廠商，其下游業者不必然受到傷害。此實證結果支持策略學派學者及第二章理論模型有關反傾銷政策的論點。主要的實證結論如下： 在國內廠商實際受到傾銷傷害時，反傾銷措施似有助於保護國內生產廠商。傾銷情況明顯之個案，反傾銷措施對於提出控訴案廠商股票報酬率通常有正面效應；而對於傾銷情況不明顯之個案，通常則沒有顯著影響。非受傾銷控訴進口品的貿易移轉效果影響反傾銷措施的保護效果。亦即本國同類產品廠商若欲採取反傾銷控訴應對所有傾銷進口提出控訴，才能獲取較佳的反傾銷效果。而新興產業藉助反傾銷措施似可獲致不錯的保護效果。反傾銷的保護效果因業者的不同經營型態而有所差異；而反傾銷對於競爭力較弱的產業有較佳的效果。 反傾銷措施對於提出控訴案廠商下游業者股票報酬率，不必然帶來負面效應，有時也可能出現正面效應。反傾銷控訴案若保護了上游廠商，其下游業者不必然受到傷害，須視國內外市場結構與廠商規模經濟等因素而定。 三、歐體反傾銷制度共同體利益條款研究─兼論台灣的應用與可行性分析 傳統理論認為反傾銷措施雖有保護生產者的功能，但卻會對下游構成傷害。然依理論模型與實證結果，反傾銷措施似有助於保護國內生產廠商，其下游業者亦不必然受到傷害。因此，我國反傾銷制度似乎需要「國家整體經濟利益」條款，用以評估及平衡相關利益。依民國 89 年 7 月 14 日核定的實施辦法修正條文第 16 條第 2 項已試圖納入公共利益條款，其雖係參酌歐體反傾銷制度共同體利益條款，但與歐體制度的強制性規範與明確的釋義實有相當的差距。「國家整體經濟利益」條款的設計係用以修正保護特定產業的效果，然於主管機關的裁量增加時，反傾銷程序的公開、透明化與監督則益加重要。而實施辦法修正條文亦未規定主管機關如何執行「國家整體經濟利益」條款，若財政部關稅稅率委員會與相關機關充份合作，綜合判斷相關利益，則可有效達成「國家整體經濟利益」條款的立法目標。其中，貿易調查委員會為主要的認定機構於執行產業損害認定調查時，透過嚴謹的問卷設計及公聽會程序，衡量反傾銷措施對於使用者產業與消費者利益的衝擊；並聽取公平會對於業者是否濫用反傾銷措施的評估，由財政部關稅稅率委員會綜合作成課徵反傾銷稅與否或降低反傾銷稅額的最終判斷。

本研究主要目標在探討有關員工認股選擇權租稅政策訊息之發布，是否對國內發行員工認股權憑證之上市及上櫃公司— 資訊電子業的股票報酬造成異常影響。在五個事件期間中，以第一、二及第五個事件期（即員工認股選擇權初步比照員工分紅入股依面額課徵所得稅、財政部初步擬定員工執行認股權時，須以執行價與當初認購價格間的價差，核課所得稅以及財政部在民國93年4月30日發布員工認股權證課稅行政命令，依照財政部當初的規劃，在執行日課徵員工認股權證的所得稅之兩事件期）中發現以面額或價差課稅之消息初步規劃和發布，確實對市場造成負向異常報酬。而有利員工之認股選擇權租稅政策消息發布（即財政部未對課稅政策做出最後決定）時，市場對資訊電子業股價產生正向累積異常報酬。 另外，研究亦發現，不利員工之員工認股選擇權課稅行政命令發布之特定事件時期，發行比例愈高及發行員工認股權之公司，過去研究發展支出愈高者，將產生較小之負向累積異常報酬。 相較於員工分紅入股制度，員工認股選擇權之激勵效果更能提供長期之誘因，但單就對工之課稅制度而言，收到的似乎是相對不利之懲罰效果。 / In this thesis, event study methodology is employed to examine the electronics industry’s stock market reaction to the announcement of tax policy changes of employee stock option. Market model and Ordinary Least Square (OLS) are adopted to estimate abcdrmal returns (AR) and accumulated abcdrmal returns (CAR) during event periods. A related issue also examined is the relation between the ratio of employee’s stock options and the CAR. Specifically, the effects of five events are examined. The first、second and fifth event (when Minister of Finance proposed to tax employee Stock options based on their par value. The second is when the Ministry of Finance announced that employee stock options would be taxed at the difference between the market price employee execute the option and the execute price．The fifth event is when Minister of Finance indeed announced an administrative decree) really show up the negative CAR. Findings concluded by the thesis are as follows: 1. When the Finance Minister proposed to tax employee stock options based on their par value or at the difference between the market price employee execute the option and the execute price, electronics companies on average had negative CAR. 2. During the fifth event period, companies with higher ratio of employee stock options and R＆D expenses had lower negative CAR than those with lower ratio of employee stock options and R＆D expenses.

本研究探討我國自2009年5月14日行政院金融監督管理委員會宣布正式採用IFRSs當日，對於某些受IFRSs影響較大的金融、百貨、航空、營建以及保險這些產業，資本市場是否有顯著之反應。而正式宣布採用IFRSs後，與IFRSs相關的重要訊息，例如有企業提前適用IFRSs，投資性不動產因公允價值估價後使公司淨值大為提升，是否會讓資本市場對於其他帳上擁有較多不動產、廠房及設備與投資性不動產之公司產生顯著影響；金管會對於不動產、廠房及設備和投資性不動產與無形資產後續衡量限採成本模式之規定是否也會讓資本市場有顯著反應等。研究發現我國金管會宣布正式採用IFRSs當日，金融、百貨以及航空業者因顧客忠誠度計畫必須估列部分收入遞延，對於此項訊息市場給予負面反應。在與IFRSs有關的重要訊息上，新版租賃會計草案使市場對於海運及航空業者有負面反應；提前適用IFRSs使公司淨值提升對擁有較多不動產、廠房及設備與投資性不動產之企業有正向影響；金管會對於不動產、廠房及設備和投資性不動產與無形資產入帳及衡量的保守態度讓市場產生負面反應。對於我國導入IFRSs，投資人、企業及主管機關等充滿了期待及關注，也多持有正向的看法，但2013年後正式採用的狀況為何，仍有待密切注意。 / This study examines the market reaction to finance, general merchandise, airline, construction, and insurance these industries at the announcement of IFRSs adoption in Taiwan on May 14th, 2009. Furthermore, it also examines how the market reacts to relative and important news about IFRSs after the announcement of IFRSs adoption. It finds a negative reaction to financial, general merchandise and airline industries at the announcement of IFRSs adoption. It also finds a negative reaction to shipping and airline industries when a new lease draft gives out. In addition, firms with more plants, properties and equipments, investment properties and intangible assets have a positive reaction when news reports there is a company adopts IFRSs previously, but have a negative reaction due to the conservative attitude of Financial Supervisory Commission to the way of the measurement of properties.

中信兄弟棒球隊為中華職棒元老球隊之一，為了能夠更瞭解球隊管理與粉絲經營的詳細情形，本研究採用質性研究方法，以深度訪談的方式與中信兄弟行銷企劃部球隊顧問張樹人先生進行約九十分鐘的訪談，並將訪談所得之結果與二手相關資料之蒐集，透過策略行銷4C分析模型架構的分析，整理如以下三點： 1. 中信兄弟隊現階段是將組織內大部分的運作功能，外包給其他公司合作，以簽訂合作契約的方式來進行。短期能即時發揮綜效，但中長期而言，中信兄弟隊必須還是要擁有自己的營運團隊，否則會仰人鼻息受到箝制。 2. 中信兄弟隊對於台灣職棒圈而言，是相當具有代表性的一支球隊。擁有近三十年的成軍歷史，奪下史上最多半季冠軍和二次三連霸的創舉，在台灣棒壇可說是史無前例；此外在易主之後，更具備相當豐沛的資源可供運用，不僅有資金可以簽下自由球員、與球員談薪資，在主場方面也擁有台中洲際棒球場，並將重心放在推廣區域經濟上。 3. 中信兄弟隊在營運管理方面遇到一些問題，如：與前東家兄弟大飯店之間的權利義務關係尚未完全釐清；供應商贊助的部分則是有中信兄弟自己堅持的想法，導致與供應商之間的關係有待努力；在主場認養上起步較晚，如何能夠順利趕上其他球隊的進度並且成功帶動區域經濟，是一項很重要的課題。 / Brothers Baseball Club is one of the Chinese Professional Baseball League (CPBL) veteran teams. In order to better understand the detailed cases about team management and how to attract baseball fans, this study used qualitative research methods to design interview outlines, and conducted a ninety-minute interview with Edward Chang, the consultant of Brothers Baseball Club Marketing Planning Department. Based on the results obtained from interviews and the relevant second-hand information used are summarized as follows: 1. Brothers Baseball Club outsourced most of the operational function sectors and signed cooperation contracts with these companies. In fact, short-term synergies can be immediately evaluated; however, when it comes to long term scenarios, Brothers Baseball Club must cultivate their own operational teams; otherwise they would lose their competitive advantages and be threatened by other competitors. 2. Established more than thirty years, Brothers Baseball Club won the most Season Championship Titles and owned the record of two-time Third Consecutive in Taiwan CPBL series; these accomplishments are unique and honorable in Taiwan baseball history. Moreover, abundant resources can be manipulated by the Club such as salary policies and free agents competition. Also, Brothers Baseball Club manages Taichung Intercontinental Baseball Stadium as its home court, and would focus on the promotion of the regional economy. 3. Brothers Baseball Club encountered in several operating issues, such as: the rights and obligations between the former owner, the Brother Hotel, has not been fully clarified; Supplier sponsorship is an another problem Brothers Baseball Club needs to solve, resulting in misunderstandings with suppliers; Home court adoption is a late start, how to catch up with the smooth progress of the other three teams and how to achieve regional economic success are both very important issues.

為了針對實證股價與交易量的資訊，能否作為預測未來政治事件結果提供依據，此篇論文探究四個政治事件，分別是2014年台北市長選舉國民黨黨內初選、2014年台北市長選舉、2016年總統選舉國民黨更換候選人以及2016年總統選舉。作者使用異常交易量作為判斷投資人是否將政治事件視為投資機會，並觀察個股與投資組合之累積異常報酬率是否能作為預測依據，最後以事件後五日內的異常累積報酬判斷投資人是否在事前過度反應或是反應不足。 　　本研究發現，在政治事件發生前六十日內，大部分政治相關的個股交易量皆顯著異於前一年之交易量。與勝選相關的股票在事件前60日至31日有顯著的正累積異常報酬。相較之下，與敗選相關的股票中，僅有和候選人有緊密政治連結的股票有顯著負累積異常報酬，政策相關的股票並無顯著負累計異常報酬。最後，在現行交易制度下，正異常報酬伴隨著正異常交易量，而負異常報酬卻因放空限制等因素，無顯著正異常交易量。 / This paper analyzes the last four political events, which includes KMT's Taipei Mayoral Primary, Taipei Mayor Election, KMT Presidential Candidate Replacement and Taiwan Presidential Election. We use trading volume to detect whether investors join the market due to potential political investment opportunity. Then we examine the CAR tendency with the political event results to identify its forecast ability. Last, we detect CAR within 5 days later to find if investor overreact or underreact before the event day. We find that the CAR meets voters’ political anticipation before the event window. Investors believe they can time the market through these events and gain profit. Furthermore, stocks relevant to those elects experience positive CAR. In contrast, stocks relevant to those also-rans do not experience significant returns. The only fortuneteller is the company, which has close relationship to the defeated candidate, telling with negative CAR. Because of short-sale constrains, the trading volume are not larger than before even it is a good chance to gain profit in the political events.

本研究以事件研究法的方式，研究歐洲央行宣布量化寬鬆（Quantitative Easing, QE）對歐豬五國信用風險的影響，本研究以各國主權信用違約交換的超額報酬顯著性衡量量化寬鬆政策對信用風險的影響。 研究結果為多數的QE政策宣告對歐豬五國信用風險的影響在事件期中有正向有負向，且時常交錯分布，未有一固定的模式，故無法得到一個明確的結論。 / This paper examines the impact of the ECB’s (European Central Bank) quantitative easing program on the credit risk of PIIGS. In this case, we used each underlying countries’ excess return of their sovereign CDSs to identify if their credit risks are decreased significantly. Our finding was that most QE announcements by the ECB had multiple impacts on the credit risk of PIIGS. They had both positive and negative impacts. Also, the patterns were not the same, so we do not have a clear conclusion on whether the QE policies are good or bad for the credit risk of PIIGS.

本研究的主題是專業西藥經銷商在制定策略規劃時，所面對的問題及程序，并由此導 出一策略計劃來做為研究的結果。本研究是採用個案研究法、利用對個案公司之深入 實際的觀察，來收集資料，進而確認西藥經銷商在制定策略規劃時，所需的基本觀念 和關鍵性變數。本研究的主要目的是要說明中小型經銷業之策略規劃和一般大型、多 國籍公司之策略規劃的不同，最後并提出一些有意義的假設來說明上述差異。另一方 面，本研究也提出一完整的行動方案，以供本研究之個案公司能實際執行其策略規劃 。

本論文主要目地是在研究財務比率對上市公司發生下市事件之預測。我們運用歷史事件研究法和Cox迴歸模型去研究上市公司發生下市事件之原因。同時，我們也針對Cox迴歸模型和Logit模型在發現對下市事件有顯著影響的財務比率作比較。 / This study applies the event history analysis and the Cox regression model to examine the causes of firm delisting, and also compares the performance of the Cox regression model with that of the logit model in detecting factors that have a statistically significant impact on the delisting event. The empirical results show that the hazard rate of firm delisting increases with the ratio of current liabilities to current assets, a binary variable indicating if the total liabilities of a firm is greater than its total assets, and a binary variable indicating if the net income of a firm was negative for the last two quarters, while the hazard rate of firm delisting decreases with increases in the firm size and the ratio of funds provided by operations to total liabilities.

摘 要 近年來，文化產業被認為是個別國家經濟發展以及社會生活品質提升的重要關鍵因素。而品牌對企業而言，不單只是區隔與其他公司的差別，還是一個企業在消費者心中的形象、承諾、品質、經驗的集合體。 本研究基於品牌管理對於台灣文化產業的重要性，整理各國文化產業發展概況，經由個案研究，探索台灣文化產業的品牌管理模式，以及影響台灣文化產業品牌管理的可能因素，作為後續相關研究的基礎。本研究主要研究目的為：一、彙整各國文化產業發展特性及差異。二、以品牌管理模式，針對台灣文化產業品牌進行個案分析。三、提出對台灣文化產業品牌管理的建議。 本研究為探索性研究，以個案研究法，針對個案進行次級資料收集、參與觀察及深度訪談。研究架構構面及變項分為:一、組織構面，分為品牌管理的權責與組織兩個面向。二、品牌策略構面，分為策略性分析及品牌架構面向。三、品牌識別系統構面，探討組織如何界定品牌核心識別、品牌價值主張、品牌與消費者的關係。四、品牌實行系統構面，探討品牌定位、整合溝通活動與效果評估。 文化產業特性差異甚巨，因資源限制，本研究選擇台灣表演藝術產業為研究對象。選擇具備文化產業品牌代表性，成立五年以上，且被文化產業認可的表演藝術團體進行研究，分別為優劇場、朱宗慶打擊樂團、紙風車兒童劇團、綠光劇團、果陀劇場、屏風表演班、及雲門舞集。 整體而言，台灣表演藝術產業，除少數團體具備較為完整的品牌管理知識與經驗外，皆缺乏嚴謹的品牌管理專業管理能力。在品牌管理的權責與組織構面，台灣表演藝術產業的品牌管理的權責皆為最高層級品牌決策者，且品牌管理的組織皆包括最高品牌管理決策者及整體行銷部門；在品牌策略構面，則發現多數團體的策略性分析不完整並缺乏品牌架構的意識；在品牌識別系統構面，則發現多數團體皆已建立品牌核心識別、具備品牌價值主張、清楚意識品牌與消費者的關係；在品牌實現系統構面，則發現多數團體缺乏嚴謹的品牌定位、行銷溝通缺乏整合性及未意識到品牌效果評估的重要性。在品牌經營的長期觀點部份，則發現作品的專業度是影響表演藝術產業品牌經營的重要因素及少數團體已能關注品牌如何永續發展的議題。 研究發現文化產業品牌的建構必須整體性關注四個構面：提高品牌管理決策層級、進行完整品牌策略性分析、建立嚴謹品牌識別系統、整合運用品牌實現系統。此外，必須以長期的觀點來思考與經營品牌，才能累積品牌權益。就台灣的文化產業而言，除了上述層面外，品牌管理專業訓練的加強，卻是台灣文化產業專業經理人的當務之急。證諸個案，更可發現經由完整專業的品牌管理，品牌經營所能延伸的經營成績。 / Abstract The development of culture industry has been considered as a rising index of economy development and quality-of-life of individual country in the modern world. To firms, branding is not only segmentation to differential, but also the collective of images, commitments, quality, and experience to a firm in consumer minds. Due to the important, and yet, unexplored nature of brand management of culture industry in Taiwan, the purposes of this research is to understand the development of culture industries in various countries, to explore brand management of culture industry in Taiwan, and to propose a workable brand management model for the culture industry in Taiwan. As an exploratory research by case study method, the scope of exploration consists of four aspects： 1.Organizational aspect, which includes decision maker and organizational flow of execution; 2. Brand strategy aspect, which includes strategic analysis and brand construct; 3. Brand identity system, which includes identity of the brand, brand value and relationship between the brand and consumers; 4. Brand execution system, which includes brand position, the integrated communication of brand, and the evaluation of brand performance. This study chose performance arts industry as study focus. Through secondary data collection, in-depth interviews, and participant observation, seven performance arts groups are being studies. In conclusion, except two performance arts companies, the rest of performance arts groups in Taiwan lacks of the professionalism to brand management. Brand decisions are all made by the top management and executed by the whole organization. Most performance arts groups do not have a thorough analysis of the brand nor have the awareness of brand architecture. In terms of brand identity, most observed groups have a clear brand identity, a differentiated brand value and a positive relationship between consumer and the brand. However, most groups lack of the sense of brand position, market communication integration and the importance of brand performance evaluation. Finally, in order to build a long-term perspective of a brand, the key factor still lies with professionalism.Two studied groups have already paid attention to the brand management issue to the continuous development of the brand.

摘要 本研究探討民國九十一年開始實施之企業營運總部政策對股市之影響，分為三部分。第一部份採用法令分析及文獻探討方式，分析我國與鄰近國家關於營運總部政策及其租稅優惠之異同，並佐以各界對此項政策之評論，以得出我國營運總部政策優劣之處；第二部份以敘述性統計檢視各產業符合營運總部申請要件比率及各要件達成之難易程度，以做為建立迴歸模型之基礎；第三部分則利用事件研究法與迴歸分析探討股市於營運總部政策演變期間股價異常報酬情形，並檢測股價異常報酬率與各要件間的關連性。 在我國營運總部申請要件方面，實質控制海外關係企業、員工人數和學歷、國內年營收淨額、國內年營業費用及國外關係企業年營收淨額等均較新加坡、上海和馬來西亞嚴格，『實質控股』、『員工學歷』和『國外關係企業年營收淨額』更為他國所無之要件。而雖然我國之租稅優惠較此三國優渥，但如無相關配套措施，優惠效果也會大減。在符合要件分析方面，本文針對458家上市公司進行分析，整體符合要件比率為29.85％。在各申請要件中，以國內年營收淨額、年營業費用和員工人數為企業較易達成之要件。但就國外關係企業佈局國家數及其年營收淨額而言則較不易達成，可謂企業欲獲得此項租稅優惠之最大障礙。而就各產業別觀之，以塑膠、電子和水泥業之符合比率最高，機電、電線電纜、塑膠、百貨、玻璃和造紙業次之。而紡織、化學和食品業則因無法達到國外關係企業佈局國家數與其年營收淨額此兩項要件導致符合比率相當低。另外汽車、營建、運輸、觀光與金融保險業中無一家公司達到符合營運總部設立要件。此結果顯示傳統產業在獲取營運總部租稅優惠上仍趨於劣勢，可能造成產業別租稅不公平之現象。 營運總部政策演變過程中，股市普遍給予其正面評價，包括在經濟部起草規劃、經發會通過、經濟部與行政院增訂促產條例，以及立法院三讀通過等六個事件日，皆出現顯著為正之股票異常報酬。而在分析企業申請營運總部獲准日之股市反應方面，在通過日之次一交易日也有顯著之正值異常報酬。 以迴歸模型檢視影響股價異常報酬之因素，在全體上市公司樣本方面，股市對電子業仍給予最高的顯著股價異常報酬，不過，實證上並無發現設立要件有顯著影響股價異常報酬之結果。就73家核准公司樣本分析則顯示遞延所得稅負債科目金額之大小對累積股價異常報酬率有顯著之正值影響。 / Abstract In January 30, 2002, the legislative Yuan passed the Chapter VI-1 of the Statute for Upgrading Industries to encourage companies to utilize worldwide resources and set up the operational headquarters in Taiwan by providing preferential tax interests. Using 2001 corporate financial statement data and regression analysis, this study explores the influence of the Operational -Headquarter policy on the reactions of the stock market. The results of this study are as follows: 1. Regarding the qualification requirements, Taiwan has a more strict qualification than those of Singapore, Shanghai and Malaysia, especially in the specification of “control over the foreign affiliates,” “the net revenues and expenses of the operational headquarter,” “the quantity and quality of employees,” and “the net revenues of the affiliates abroad.” 2. The statistical analyses show that there is 29.85% companies meet of requirements of operational headquarters. Among the qualifications, the requirements of “foreign affiliates” are the most difficult criteria to achieve than others, causing the traditional industries cannot qualify for applying the approval. 3. During the event period of this study, the stock market reacts to the proposal by significant positive stock abcdrmal returns. It shows the stock market favors the new policy. The regression results indicate that investors give the Electrical industry higher evaluation than other industries.