(<特集>教育現場の多様化と教育学の課題) (<Special Issue>Diversification of Research Field in Educational Studies)

國際能源機構(IEA)每個月的石油報告已經變成預測世界石油供給與需求一個很重要的資源。因此，我們蒐集從1990年10月到2005年12月中國際能源機構所發佈的179次宣告，利用事件研究法來衡量國際能源機構對石油相關市場的影響性。 實證結果顯示，國際能源機構的石油報告的確對石油相關市場傳達重要的資訊；而國際能源機構報告的影響效果似乎會隨著國家的不同而有所不同；在當中，石油的生產和消費量多寡、石油的密集度和油價中稅占的比例都扮演重要的角色；此外，在國際能源機構的報告中，關於預測石油需求變化這方面似乎特別被大家所重視。 / This study examines the impact of International Energy Agency's Oil Market Reports on oil-related prices. The IEA reports, published monthly in Paris, have become the primary source of world oil supply and demand forecasts. We collect 179 announcements that released by IEA over the period October 1990 to December 2005. We analyze the effects of these reports on three oil-related markets, IPE Brent Crude futures, oil industry indices and stock prices of oil companies in six countries. Moreover, we separate the effects of IEA’s forecast changes on oil supply from non-OPEC countries and oil demand from North America and China in IEA’s report. The results confirm that IEA’s reports carry important information source for oil-related markets because more than one half of our sample companies have abnormal returns around the announcement date of IEA’s reports, and we explore these prices respond negatively to the release of IEA’s reports. We also find that the actively traded IPE Brent Crude futures contracts are affected by IEA’s reports, particularly for the change of demand in North America. Forecast changes in IEA’s reports regarding supply in non-OPEC countries, demand in North America and China show that most countries are affected by the changes in these reports. The evidences also show that British and Norwegian oil stock markets react more strongly to the change of oil demand in North America and China. Moreover, we find that participants in the oil market put more emphasis on demand changes reported by IEA, especially for China demand. And we provides empirical evidence that these companies are concerned more about the related releases of decreased demand in North America and increased demand in China. Finally, cross-sectional analysis of cumulative abnormal returns suggests that the reaction of American and Norwegian companies to IEA’s announcements is stronger than other countries, and the change of demand in North America and China and the size variable for individual company contribute to the changes of abnormal returns around IEA’s reports.

本研究探討私募宣告事件之資訊內涵，以瞭解私募宣告事件對公司整體價值所造成之影響，進而探討影響私募宣告效果的可能因素，並比較具備投資機會組與不具備投資機會組之累積平均異常報酬。 實證結果發現以股東大會日為宣告日之私募股權宣告具有資訊內涵，而且宣告效果提早反應。影響私募宣告後累積異常報酬之因素包括價格壓力、投資機會、發行價格及資訊不對稱程度。股票流動性高、股價波動程度低、具備投資機會、發行價格高或資訊不對稱程度高時，私募宣告後之累積平均異常報酬會較高。在事件日前，無投資機會組比具備投資機會組有較高之累積平均異常報酬；在事件日之後，具投資機會組比無投資機會組有較高之累積平均異常報酬。 / This study examines the information content of private placement announcement to unveil its impact on firm value, explores the factors affecting the effect of private placement announcement, and compares the market performance of firms with investment opportunities and those without investment opportunities. The results indicate that the information content of private placement announcement exists with early information leakage. Firms with higher stock liquidity, lower stock price variation, more investment opportunity, higher subscribed price or higher degree of information asymmetry will have higher cumulative average abnormal returns after the announcement. The cumulative average abnormal returns of companies without investment opportunity are higher than those with investment opportunity before the announcement date.

隨著新興國家金融管制的鬆綁，國際間銀行業併購的標的已逐漸由美國、歐洲等已開發國家延伸至拉丁美洲、東南亞等新興國家。本論文以事件研究法對2005年到2014年，已開發國家銀行跨國併購新興國家金融產業的併購活動，共49個樣本進行分析，藉由迴歸分析的結果去觀察目標國家的經商環境對於併購績效的影響。 本研究的立論在於，過去文獻表示銀行跨國併購的主要動機之一為追隨客戶，而如今許多銀行的客戶為了降低勞動成本，紛紛前往新興國家設廠，而新興國家相較於已開發國家的其中一個特點為，其經商環境尚未發展健全，不如已開發國家穩定，故目標國的經商環境好壞很可能是影響主併銀行客戶決定是否進入或擴大投資的因素，進而成為影響主併銀行跨國併購的成敗因素之一。 而本論文的結果可分為三個層級。第一層是各別經商環境指標對主併銀行宣告效果的影響；第二層逐漸收斂為企業創立、企業擴建與企業經營三組指標對主併銀行宣告效果的影響；第三層則收斂為綜合性經商環境指標對主併銀行宣告效果的影響。在第一層級中發現：目標國家開辦企業程序的便利簡潔度、取得信貸的流程明確度與能否有效執行合約等排名，在事件窗口(-1,+1)呈現顯著負相關，亦即此三項經商環境指標排名越高（數字越小）對主併銀行的宣告效果有正面影響。在第二層級中則觀察到企業擴建層面的指標對主併銀行宣告效果的解釋力是最大的、其次是企業創立，最後為企業經營。在第三層面中發現收斂後的綜合經商環境指標確實對銀行的宣告效果1%的顯著水準，亦即當主併銀行選擇經商環境較佳的目標國家進行跨國併購時，市場的反應會較為正面。 / Prompted by financial liberalization and the expansion into emerging market economies (EME) by corporate customers, international banks increasingly penetrated EME. This research uses 49 cross-border M&A samples between 2005 and 2014 in which the acquiring banks is in developed countries and the targets is the financial industry of emerging countries. Using event study methods, the study establish whether the business environment of target countries explain returns to shareholders in acquiring banks from cross-border M&A. From the past study, we observe that one of the main motivations for the banks to cross-border M&A is following customers to new markets. Recently, in order to reduce labor costs, the customers of bank have more FDI in emerging countries. However, the feature of emerging countries is that the business environment is not as stable and clear as the developed countries. Therefore, the business environment will affect the customers of banks decide whether to enter or expand investment in EME and further affect the acquiring banks. The results of this research can be divided into three levels. (1) in the individual business environment indicators level, the study find when the target countries are easier starting a business, getting credit or enforcing contracts, the CAR of acquiring banks will significant negative in event window (-1, +1); (2) in the group of business environment indicators level, the study observe the explanatory power of the business expansion group is larger than the group of start-up and operations; (3) the composite business environment indicator have significant negative affect to the CAR of acquiring banks.

本研究以2002年至2013年台灣主併公司為上市公司的併購案件為樣本，探討專家意見評價結果和品質對主併公司短期股價影響。本研究結果有兩項發現： 1. 於意見書揭露日時，若專家意見書評估價格高於雙方約定交易價格愈多時，即評價溢酬愈大，主併公司會有負向的累積異常報酬率。 2. 於意見書揭露日時，若併購溢酬越大、或是併購溢酬大與評價品質高，主併公司會有負向的累積異常報酬率。 故本研究認為，台灣獨立專家制度相較歐美國家仍不成熟，相關配套措施及規範未規畫周詳，對於獨立專家的獨立性、專業性之確保，以及出具意見時評價方法的選擇標準、意見書應記載事項等規範過少，使得專家意見書於揭露時評價結果易受到市場及投資人懷疑。另外評價品質與主併公司異常報酬的關聯性在少數的樣本下無法表現出顯著性，市場及投資人較傾向以併購溢酬做為交易出價是否過高之依據。 / This study analyses the relation between target firm appraisal outcome and quality disclosed in the fairness opinions and acquiring firm performances by using the samples of Taiwanese listed company in M&A transaction between 2002 and 2013. We find that the stock price reactions to the public disclosure of fairness opinions are negatively related to the difference between target firms valuations contained in the fairness opinion and the merger offer price. In addition, the greater the acquisition premium for or acquisition or high acquisition premium with high appraisal quality would result in negative stock price reactions as well. Under these conditions, this study suggests that Taiwan's independent expert system in Taiwan still appeared to be immature, including that related supplementary measures are not careful planned, the independence of the independent expert, the professionalism of independent expert, and the criteria of valuation methods are not carefully regulated by the government. Therefore, the outcome and the quality of the fairness opinion may not to be trusted by the market and investors. Also, the association between appraisal quality and abnormal unable to be significant could result from the lack of number of samples.

本研究以2002年至2012年已開發國家食品產業跨國購併案為樣本，以事件研究法，比較已開發國家食品產業跨國購併已開發國家及開發中國家企業的購併宣告效果，去看在跨國購併的文獻議題上和實證結果是否相符。並以雀巢集團為收購公司之案例，比較其進軍已開發國家(美國惠氏營養品)及開發中國家(中國徐福記)的策略及收購後營運與財務績效，可否套用於產業研究結果，希望為後續食品產業購併提供研究參考。 本研究有以下三點發現：1.食品產業自已開發國家購併已開發國家對收購公司的股價宣告效果，較購併開發中國家對收購公司的股價宣告效果佳。2.已開發國家之食品產業收購與該產業相關性越高的企業，對其收購公司的股價宣告效果並無重大顯著之影響。3.無法將雀巢集團收購惠氏營養品之個案套用於產業研究結果，收購徐福記之個案則與實證結果相似，無正向顯著的宣告效果。此二個案皆著重搶攻新興國家市場，並以水平整合及策略互補方式，擴大市佔率及強化產品線，近五年之財務狀況，與同業相比有較佳之獲利表現，且繼續經營之價值。 已開發國家食品產業在選擇跨國購併對象時，可以已開發國家企業為主要收購對象，降低文化及地理距離帶來的資訊不對稱問題及取得策略性資產，投資人對其有較佳的預期，在選擇向前垂直整合策略時需留意，因零售通路需較大規模之經營整合，對於該市場需有更深入之了解，才適合投入至通路端。 / This paper treated cross-border Mergers and Acquisitions (M&A) cases of developed countries’ food industry over the period of 2002 to 2012 with event study. We compared the announcement effects of acquired companies following developed or developing countries M&A and to confirm that whether the empirical results are consistent with the literature. We used Nestle S.A. as acquiring company to compare its M&A’s strategies and performance when acquiring Wyeth Nutrition and Hsu Fu Chi. Hope to be the reference for the following food industry M&A research. The major research finding as follows. First, the announcement effects of developed countries’ food industry following developed countries M&A are better than developing countries M&A. Second, the results demonstrated that the announcement effect had no significant difference among different industrial relevance of target companies. Third, the case of Hsu Fu Chi acquisition is similar with the empirical results but Wyeth Nutrition acquisition cannot. Furthermore, both cases were focused on the emerging markets and complementary strategies. Developed countries’ food industry can chooses the developed countries’ firms as target companies to decrease asymmetric information which caused by cultural, economic and geographic distance and to acquire strategic assets. They also should have enough acquaintance of the markets before they invest in the channel.

本研究旨在運用點讀筆輔助國中文言文補救教學，基於設計研究法迭代改進的過程，設計點讀筆輔助國中文言文補救教材及學習策略，並驗證其對於國文補救教學的效益。本研究以高雄市某國中二年級參與國文補救教學共6位八年級學生為研究對象，以設計研究法在教學實際現場基於學生學習過程中的質化觀測訪談紀錄，以及學習成效前後測與點讀筆內建學習歷程記錄等量化數據資料分析結果，進行包括準備（分析、設計）、執行（發展、實施）、評鑑（反省、產出）之循環迭代改進過程，以探究與發展結合點讀筆與紙本課文輔助文言文補救教學教材與學習策設計，為教師運用點讀筆發展文言文補救教學教材提供可行之實施模式。 結果顯示，本研究透過設計研究法發展出一套可有效輔以文言文補救學習之點讀筆搭配紙本教材與學習策略模式，並經由兩次循環修正歷程，產出一套較佳之點讀筆搭配紙本與學習策略模式之教材設計。本研究歸納在設計上應考量點讀的搭配性、自學的引導性、內容的適切性，並建立程序指引提醒，以發揮點讀筆搭配紙本輔助閱讀學習之功能。本研究產出之點讀教材，可透過碼點貼紙支援文言文學習所需之背景知識的補充、課文朗讀與背誦、文意理解、提出問題深入思考等學習需求，也搭配SQ3R學習策略流程引導，適合於學習者自學，並且可以進行重複學習，學生具有高度自主性，為學習落後學生搭建一有效之學習鷹架，培養學生帶得走的能力，為國文補救教學開創一有效且創新的學習模式。 / This study aims to apply digital pens to assisting in the literary Chinese remedial instruction in junior high schools. Based on the process of Design-based Research iterative improvement, the digital pen supported literary Chinese remedial teaching materials and learning strategies are designed, and the Chinese remedial learning efficiency is verified. Six G8 students in a junior high school in Kaohsiung City participating in the Chinese remedial instruction are studied. With Design-based Research, the qualitative observation and interview records of the students’ learning process and the quantitative data analyses of the pretest and posttest of learning performance and the digital pen built-in learning process records are preceded cyclic iterative improvement, including preparation (analysis and design), practice (development and implementation), and assessment (introspection and output) to explore and develop the design of digital pen supported and paper-based texts integrated literary Chinese remedial teaching materials and learning strategies. It is expected to provide a feasible model for teachers developing digital pen supported literary Chinese remedial teaching materials. The results show that an effective literary Chinese remedial instruction integrated with digital pen supported and paper-based materials and the learning strategies could be developed through Design-based Research. Furthermore, with two cyclic revision processes, the better digital pen supported and paper-based integrated material design and learning strategies could be generated. It is concluded in this study that the collocation of digital pen, the guiding for self-learning, and the content appropriateness should be taken into account of the design, and the procedural guideline reminder should be established to present the function of digital pen supported and paper-based reading learning. Through code stickers, the digital pen supported materials could supplement the required background knowledge for literary Chinese learning, text reading and recitation, content comprehension, and in-depth thinking with problems. With the guidance of SQ3R learning strategies, it is suitable for self-learning and could be proceeded repeated learning and the students present high autonomy so as to build a learning scaffold for the students fell behind in learning, to cultivate students with the abilities to take away, and to create an effective and innovative learning model for Chinese remedial instruction.

本研究探討國內上市櫃公司庫藏股減資及現金減資宣告效果之比較。研究台灣2006年1月至2010年2月底之間進行庫藏股減資及現金減資的上市櫃公司，分別以事件研究法、多元迴歸分析（Multiple Regression Analysis）及多元名義羅吉特迴歸（Multinomial Logistic Regression）探討庫藏股減資及現金減資兩組樣本之宣告效果及影響宣告效果的因子，並進一步探究影響減資政策選擇的因素。本研究之實證結果發現：1.公司宣告庫藏股減資及現金減資在事件日當天皆具有顯著的正向宣告效果。2.公司宣告庫藏股減資與現金減資之間的累積異常報酬率無著顯著差異。3.以多元迴歸分析探討影響庫藏股減資及現金減資之間累積異常報酬率的因素，結果顯示減資比率顯著地影響累積異常報酬率，其餘本研究選取的公司規模、股價淨值比、負債比率、自由現金流量比率等解釋變數，無法顯著地影響累積異常報酬率。4.以多元名義羅吉特迴歸檢驗不同的解釋變數會造成公司傾向進行庫藏股減資或現金減資的減資政策，結果顯示規模愈大、股價淨值比愈高、自由現金流量比率高、減資比率高的公司，傾向使用現金減資；而負債比率高的公司，傾向使用庫藏股減資。

第一章緒論，說明研究的目的，在於根據三民主義的精神與 國父、先總統 蔣公及 經國先生的新聞思想，建立適合現階段國情需要的新聞政策，以指導我國新聞事業配 合現代傳播科技的發展，不斷求進步並發揮最大功能，本論文主要是採歷史研究法， 根據文獻歸納心得。 第二章將世界新聞思潮的演進劃分為三大階段－爭取新聞自由、建立自由而負責的新 聞事業，要求雙向且平衡流通的國際新聞自由。同時介紹 國父、 蔣公及經國先生 的新聞思想，以及證明 國父三民主義新聞思想的優越，在這方面是先知先覺，其思 想精神歷久彌新。 第三章世界新聞政策的趨勢，分別介紹瑞典、西德、日本、南韓、印度五國的新聞政 策，從新聞自由的尺度、新聞事業的制度及新聞自律組織的發展三方面說明。 第四章敘述我國新聞事業及新聞政策的演進，並從其中得知建立三民主義新聞政策的 重要性。 第五章乃研究現階段我國的新聞政策，研究重點與第三章是一貫的，就新聞自由的尺 度言，主張有限制為所應為的自由，新聞事業須受各種法律的約束；就制度言，主張 報紙及通訊事業採公私營並行制，廣播電視業採公營制，就新聞自律言，主張強化自 律組織，加重職種，以確實發揮作用，最後則詳細列舉新聞政策的具體藍圖。 第六章結語。

隨著國際化的發展，企業為降低財務報表重編的相關成本，採用全球統一的財務會計準則已成趨勢。近年來，我國之財務會計準則委員會陸續修訂了若干公報，其中之一為第十號公報。該公報修訂至生效時期，正值全球金融風暴。因此，政府對實施該公報的時機決策反覆，而企業界、會計界及媒體皆對該公報相當關注。 本研究旨在探討新十號公報對整體市場、各產業及不同特性公司之影響。本研究採用事件研究法，以似乎不相關迴歸模式，分析我國公司在該公報修訂期間及政府實施決策期間之股票累積平均異常報酬率。 研究結果指出，在新十號公報修訂期間，市場對該公報的反應較為負面；在政府政策反覆期間，市場反應則有正有負。各產業部份，電子業於該公報修訂初期受影響較大，推論原因為電子業固定成本高、毛利較低之緣故；而在該公報政府實施決策階段則受影響較小，推論原因為大部分電子業公司均做好因應措施。公司特性部分，大公司對該公報愈持正面態度；老公司則較排斥該公報；前三年度虧損的公司，受該公報影響較小；而成長機會較多之公司，在該公報制定初期受影響較大，但於政府實施決策階段反而受影響較小。 / To pursue globalization, it has been a trend for firms to gradually adopt the International Accounting Standards; that would help reduce the costs related to cross-border restatement of financial reports. To converge with the International Accounting Standards, the Financial Accounting Standards of Taiwan has been revised in recent years. One of the revised standards is the new SFAS No. 10. That revision took place amid the financial crisis. Before the new standard became effective, the government in Taiwan swung on the timing issue of formal adoption. As a result, firms, practitioners, and the media all paid close attention to the new SFAS No. 10. This study aims to examine the revision and adoption decision effects of the new SFAS No. 10 on the stock market, industries, and firms. Firm characteristics that could be factors of the reaction were also examined. This research is an event study using seemingly unrelated regression to analyze the accumulated average abnormal returns of stocks of listed companies in Taiwan. The empirical results are as follows. First, the whole market mostly reacted negatively in the standard revision period and in either way during the standard adoption decision period. Next, in the standard revision period, the electronic industry also reacted negatively, as it would be more affected because of its higher fixed cost and lower gross profit. Yet, in the adoption decision period, the electronic industry was less affected likely because most electronics firms were ready for adoption. Thirdly, as to firm characteristics, bigger firms were willing to adopt the new standard, but older firms were not so. In addition, firms that had losses in the previous three years were less affected by the new standard. Finally, firms that had greater growth opportunities were more affected in the early period of standard revision but became less affected in the adoption decision period.