建構一套健全的公司治理評等機制，為落實公司治理相關議題的核心工作。本研究以經濟暨合作發展組織之公司治理原則、世界銀行之公司治理架構與國內外公司治理相關實證文獻作為理論基礎，透過分析量化之公司層級衡量指標，嘗試建構一套可行且適合衡量台灣企業之公司治理評等指標，以作為投資人制定投資決策與授信機構評估企業債信風險時之參考。 本研究以2002年國內523家非金融業上市公司為樣本，利用LISREL方法 (線性結構關係模式統計方法)建構台灣公司治理評等指標。分析結果共得出：股權結構構面 (盈餘股份比、專業機構投資者持股率)；董事會職責構面 (盈餘席次比、外部董事席次比率、外部監察人席次數與外部董監持股率)；財務透明度構面 (盈餘管理幅度、損益平穩化程度與財報重編率)等3個構面、9項衡量指標。 透過與企業當期及次期經營績效、公司價值與投資人投資風險間之關聯性實證測試，本研究發現，前項公司治理評等指標與企業之經營績效、公司價值呈顯著正相關，而與投資人投資風險呈顯著負相關。此項實證結果一方面顯示，前項公司治理評等指標愈佳，企業當期與次期之經營績效與公司價值愈高，投資人之投資風險愈低；另方面亦表示本研究所建構之公司治理評等指標對於企業之經營績效、公司價值與投資人投資風險，具有一定程度之關聯性與預測能力。 / A well-developed corporate governance ranking system is essential to implantation of corporate governance. Base on principles proposed by OECD, a framework provided by the World-Bank and empirical literature on corporate governance, this research attempts to develop a workable TCGI (herein Taiwan Corporate Governance Index or TCGI) ranking system. The purpose of provision of TCGI is to help investors and creditors to make better decisions. Using data for 523 non-banking corporations publicly traded at Taiwan Stock Exchange in 2002, and LISREL as the analytical tool, this research constructs a three-aspect (including ownership structure, responsibility of the board and financial transparency) TCGI ranking system with 9 corresponding indicators in total. The empirical results of association tests show that TCGI indicators are significantly and positively (negatively) related to operation performance and market value (the occurrence of firms encountering financial difficulties). The findings thus imply that the TCGI ranking system developed in this research may be useful in investors and creditors decision-making.

在微利的時代下，須從硬體的架構下發展無限的創意發展空間，從中衍生附加價值，而價值創造正式企業突破流血式競爭框架最佳的新思維模式。企業的經營模式已從量轉向質的發展，甚至從幫助顧客解決問題上，提供創新的價值，其可透過技術與人才的融合、平台與服務的整合、軟體與硬體的結合、機能與感性的統合，使組織活化、再造，展現出價值創造為導向的企業。 本論文將價值創造分為三類主要的意涵，企業可以從和顧客共創價值、和供應商及關係夥伴共創價值、以及為所生存的環境創造價值：整個價值網域是連動的關係，企業整合關係網絡夥伴，透過網絡能量的整合，創造無疆界的事業，以顧客需求出發，提供整合性的解決方案，創新顧客價值，且將眼光提升至整個大環境、大社會，以追求永續經營的環境來創造永續的企業。因此，企業透過顧客價值提供、企業價值創造、環境價值經營三個價值創造導向，突破產品與服務的疆界進而突破產業疆界，以創新者、整合者、促進者的目標邁進。企業可以價值創造為導向，以變革三部曲為轉型步驟，從策略再思考重新定義自身產業、重新思考企業的定位與方向，提早預見產業的未來發展，選擇與集中於本身的核心能力；並打造企業願景，擬定五到十年的中長期變革計畫，進行組織轉型；在變革管理中，建立企業一致的價值觀和企業文化，灌輸新內涵與新衝擊於企業文化中，給予對挑戰的生命力一記響鐘，藉以改變員工的行為與態度。本論文以六種經營模式，來呈現價值創造導向的日本企業轉型內涵，以變革三部曲為經，以價值創造導向為緯，舖成論文架構。 本論文個案的特色：Origin以提案經營結合專業研發能力與客製化的能力創新顧客價值；Shiseido以感性工程來探索顧客的感性品質結合其研發產品的物理品質來滿足顧客並讓顧客驚艷；Hitachi以解決方案提供者為人類打造新時代的生活基礎創造與人類生活息息相關的支援系統；NTT DoCoMo以跨平台整合服務創造整個通訊與生活的整合價值；Olympus的社會關懷務求使社會更為美好來創造產品與服務；Toyota的環保使命重新定義了汽車產業的未來。 對我國企業經營的啟示為跳脫代工製造的角色，以優異的製造、學習、設計能力，整合價值網絡，爲顧客提供整合性的解決方案；強調創新的突破與人才長遠的培育，整合多元性的資源，創造統知型的企業能力；跨越國際的疆界、打破事業的疆界，利用科技與感性的統合、管理與技術的統合、國內外創造力的統合，釋放組織活力，重新在世界舞台上定位。 / In this tiny profit era, we should develop infinite creative space from the hardware structure, and thus deriving added value. The value-creation is the best new thinking model for a business to break through the trap of a blooding competition. The business model has developed from quantity to quality, and even developed as creating new values by helping customers solving the problems. Also, a business can blend technology and talent, integrate platform and service, combine software and hardware, and merge functionality and sensation to vitalize and reengineer the organization to perform value creation orientation. The research categorizes value-creation orientation as three parts: a business can co-create value with customer, co-create value with value net, and create value for the environment. This value dimension is correlating: “a business integrates partners and creates a boundless business by the power of integrating value net. Driven by customer demands, a business provides total solutions and innovates customer values. Furthermore, a business enlarges his insight for the whole environment and the whole society to create a permanent business by pursuing a permanent environment.” Therefore, a business oriented by “value co-creation with customer”, “value co-creation with value-net”, “value creation for the environment” can break through the boundary of product or service as well the boundary of business, and achieve the goal of being an innovator, an integrator and an improver. A business takes 3 change steps as strategic rethinking, organizational transformation and change management. Strategic rethinking is to redefine the industry, rethink the positioning and direction of a business, to foresee the future development of the industry, and to select and concentrate the core competence. To establish a vision and make a mid- to long-term change plan(5~10 years) is to carry out an organizational transformation. In change management, we have to establish a consistent value and business culture, and install new intension and new strike to the business culture, so as to change the behavior and attitude of the employees. The research takes 6 business models to present Japanese business transformation oriented by value creation, which takes 3 change steps as longitude and value creation as latitude to construct the structure of the research. The characteristics of the cases in this research: Origin takes Proposal-type management to combine the R&D ability and customized ability to create customer value; Shiseido takes KANSEI engineering to dig out the KANSEI quality of customers and combine it with physical quality of products to satisfy the customers and surprise them; Hitachi as a Total solution provider creates a new era lifeline support system and the life infrastructure; NTT DoCoMo privides Cross-platform integration service to create the total value of the communication and the life; Olympus’s Social-IN is to make life better by creating new products and services; Toyota’s Environment mission is to redefine the future of the car industry. As for the revelation for the management of our business, we can take good advantage of the excellent producing, learning, designing abilities and integrate value net to provide total solutions for customers. We can emphasize on the breakthrough of innovation and the long-term development of talents, and integrate diversification of resources to create “knowledge-integration” business ability. We can cross the boundary of continents and break up the boundary of business by integrating functionality and sensation, management and technology, inside and outside innovation, to release the vigor of organization and restart to position on the world stage.

隨著現代企業規模逐漸擴大，內部結構分工複雜，為了控制經營與所有分離所產生之代理問題，公司經營者被賦予越來越繁多的法律義務，一旦不慎違反，可能招致沈重的法律責任，而使其個人財產暴露於賠償責任損失風險之下。承擔公司營運職責之經營者，一般負有忠實義務及注意義務，其執行職務行為必須遵守法令、公司章程以及股東會決議，若有違反，受到求償的來源則可能包括公司股東、投資人、受僱人，乃至於消費者及行政監理機關。移轉公司經營者法律責任風險之機制，目前以公司補償制度及董監事及重要職員（D&O）責任保險為主，兩者架構雖有差異，但均為保障公司經營者之個人財產而設，具有互補輔助的功能。我國目前並未採用公司補償制度，然而D&O責任保險近年來已快速發展，本文就其於我國之適用情況進行探討，並分別對於公司經營者、保險業者以及政府主管機關提出建議，作為將來持續推動公司治理措施與公司經營者法律責任風險管理架構之參考。

台灣半導體產業發展所形成獨特的產業垂直分工與產業上、中、下游完整價值鏈的群聚效應，是締造今日台灣IC設計產業快速成長的主因，2004年創造年產值83億美元(新台幣2,608億元)，在全球330億美元的產值中占有率近25%，世界排名第二。人才、資金、技術及市場是IC設計產業成功發展的基本要素，而「行銷通路管理(Sales-Channel M.」、「價值鏈管理(Supply-Chain M.」、「智慧資本管理(Intellectual-Property M.」、以及「顧客導向管理(Customer- Driving M.」之S2IC核心能力，則是台灣IC設計業者經營的關鍵成功因素(KSF)。 面對潛在競爭者如中國大陸、日本、韓國、及印度IC設計業者急起直追的競局中，尤其是中國大陸挾帶廣大半導體IC產品需求、電子資訊產品的內需市場、充沛的人力、低廉的成本結構、加上政府政策的優惠獎勵措施及國際大廠的投資設廠，大陸IC設計公司以接近消費市場與擁有營運成本的優勢，將成為台灣IC設計業者未來最大的潛在競爭者。 半導體產業逐漸進入微利時代，台灣IC設計業者將面臨製造成本優勢不再，產業群聚的邊際效益正逐漸遞減中，企業為避免陷入價格戰，必須跳脫昔日以成本優勢為唯一考量的經營模式，在既有核心能力與競爭優勢的基礎上，試圖朝向提升產品與服務價值的方向發展，利用「營運模式創新」與「產品功能創新」來達到企業經營效率的提昇與附加價值的創造，朝價值鏈兩端的創新經營延伸，才能因應產業在全球化過程中，新興競爭者崛起所帶來的競爭威脅，建立企業之持久競爭優勢。 對於未來IC設計產業的發展方向有一、整合軟體、硬體、及IP技術的系統單晶片SoC產品發展；二、營運型態朝向策略聯盟之垂直似整合的合作模式；三、大者恆大的集團化趨勢；四、大陸市場崛起的商機掌握。台灣IC設計業者要在產業的垂直似整合中，利用既有的競爭優勢，締造未來市場雙贏的榮景。從企業的發展機會來看，市場上沒有絕對的競爭，只有無法掌握的機會。

本研究以A公司做為研究對象，探討PCB曝光設備廠商的經營策略、精實生產、企業價值管理等相關性議題。 A公司成立初期，研發半自動CCD對位UV燈泡型曝光機，以價格約歐日曝光機的1/3，曝光品質又不低於歐日產品，成功滲透台灣PCB產業，贏得大中廠客戶的好評與信心。17年期間，累計裝機台數已經超出3000台，產品遍佈於台灣、中國、泰國的主要PCB生產廠商，台、中、泰裝機比重約15%、70%、15%。 綜觀3C產品、物聯網設備、穿戴式電子產品、虛擬實境(virtual reality,VR)、無人機、汽車自動駕駛等電子產品，對PCB印刷電路板有三項重要發展趨勢，其一為Any-Layer HDI需求增加；其二為PCB板的線/線距愈趨微細小化，其程度已由50um提升至35um甚至到25um以下。其三為「水俁汞限制公約」於2020年開始實施，將全面禁用含汞之設施。 因此，對於PCB曝光設備廠商A公司而言，也面臨以下三大挑戰。其一為創新研發技術，開發高精密、高產出的DI直接成像曝光設備，並於IC產業贏得市佔率。其二為開發 UV LED 燈源型傳統曝光機，以因應2020年「水俁汞防制公約」的實施及綠能化產品之趨勢。其三為2017年如何調整經營策略突破困境，持續成長，獲取超額利潤，提升企業價值。 本研究擬透過個案研究方法，進行研究訪談，收集初級及次級資料，透過TOWS分析、五力分析、BMC九宮格圖、精實生產、企業價值管理等分析，最後總結經營策略、精實生產、企業價值三者間的相關性，彙整PCB曝光設備產業的關鍵成功因素、中長期的策略方針，做為本研究之結論與建議，提供台灣PCB曝光設備廠商的未來發展之參考。 / This research mainly take Company A as the research object to discuss the business strategy, lean production, enterprise value management and other related issues of PCB Exposure Equipment Manufacturers.At first, Company A was setup for Semi-automatic CCD alignment UV lamp-type exposure machine research and development. With the same or higher quality compared to the European and Japanese products but about 1/3 of the retail price, company A successfully penetrate Taiwan's PCB industry, winning praise and confidence from lots of customers. During the 17-year period, the cumulative total number installed has surpassed 3,000 units. Its products are located in major PCB manufacturers in Taiwan, China and Thailand. The proportion between Taiwan, China and Thailand is 15%, 70% and 15% respectively. Comprehensively looking into the evolution of the electronics industry, there are three important trends for PCB printed circuit boards of electronics products, including 3C products, IoT devices, wearable electronics, virtual reality, drones and autopilot. One is the increasing demand of Any-Layer HDI, the other is the PCB board line / line spacing requirements becoming increasingly smaller and smaller, and has to be improved from 50um to 35um or even less than 25um . Third, the launch of Minamata Convention on Mercury in 2020 will completely ban the use of mercury-containing cosmetics, coal-fired power generation and lighting fixtures. AsFor factors mentioned above, company A faces the following three challenges. One is to reserch and develop innovative technologies to produce high-precision DI direct imaging exposure equipment and gain market share in the IC industry. The other is the development of a full range of traditional UV LED exposure machines to meet the 2020 "Mercury Control Convention" implementation. Third, how to adjust business strategy in 2017 to breakthrough difficulties, sustained growth, excess profit, and enterprise value to defeat the slowdown or decline of the performance growth rate over the past five years. This study intends to conduct research interviews and collect primary and secondary materials from company A, using "Case Study Method", with the analysis of “TOWS”, "Five Forces Analysis", "Business Model Canvas", "Lean Production" and "Enterprise Value Management".Finally, "key success factors" and "medium and long-term strategic directions" were compiled for this research and providing a reference for the future development of Taiwan PCB exposure equipment manufacturers.

綜觀國內外探討金融產業經營效率之相關文獻，多數針對銀行、證券、保險中其一產業進行獨立實證研究，較無法將金融控股之綜效表現加以捕捉並體現在估計效率值中，也因此在本文中，將同時涵蓋銀行業務與證券業務，並以納入金控體制與否加以區分為不同子集合進行探討，透過數理方法聯結金控體制下銀行與證券業務部門兩者間因多角化經營所產生之綜效，以修正傳統方法上表現綜效法上之不足，使估計效率值具有更高的參考依據。 此外，研究產業效率所參考之研究方法，在相關文獻中無參數法乃以資料包絡分析法(Data envelopement analysis, DEA)為多數研究者所採用；參數法則以隨機邊界模型(stochastic frontier approach, SFA)為主要研究方法，進一步在不同群組技術效率之比較中，Battese et al. (2004) 與 O’Donnell et al. (2008)提出為多數研究者所接受之共同邊界模型(Metafrontier)，而Huang et al. (2013)所提出之修正模型使共同邊界模型在效率研究上更加完備，本文則希望以此修正模型作為主要研究模型，並同時引用Battese et al. (2004)傳統模型加以比較：(1)考慮綜效前後 (2)傳統模型與修正模型間效率值的差異，期待為後續相關研究者在方法論上提供參考依據。 關鍵字：經營效率、技術效率、共同邊界、計量方法、關聯結構法、金融控股銀行 / This study aims to discuss the evidence suggested that synergy improve the operating performance of Taiwan’s commerical banks and securites firms. Furthermore, efficiency comparisons amongst two basis metafrontier models, Haung et al.(2013) and Battese et al.(2004), and copula-adjusted metafrontier. The empirical results suggest that copula-adjusted metafrontier could significantly improve the efficiency of financial holding companies based on the data of sample period 2001-2012. On the framework of copula-adjusted metafrontier, the evidence also imply that financial holging companysubsidiary technical efficiency is better than non-financial holding company compared to the framework of Haung et al.(2013) and Battese et al.(2004), the conclusion emphasis that synergy is perhaps one crucial key factor influenced the efficiency estimation. Otherwise, this study appears to support the copula-adjusted metafrontier model is also well-adjusted compared to programming techniques because not only it enables the statistical inferences to be drawn, but also provides more efficiency estimations.

2016年全球半導體產值約 3,270 億美元，台灣半導體產值佔全球的23%，繼續蟬聯全球第二大半導體產業大國，排行僅次於美國。此外，台灣以出口為導向，根據我國財政部統計，2017上半年積體電路出口金額占整體出口總值的27.6%，是我國最主要的出口產品，可見半導體產業對台灣的影響力不言而喻。 近年來半導體併購浪潮興起，台灣廠商也無法置身事外，最受矚目非日月光與矽品的非合意併購案莫屬。一般學術論文對於非合意併購案的探討，著重於併購前的動機與併購後的綜效，鮮少討論雙方在併購過程中的攻防。故本研究欲以動態競爭觀點，並考量政府對併購成敗的影響，來找出矽品最後同意日月光共組控股公司之提案的原因，並分析此合併案對全球封測產業所造成的影響。 本研究發現雙方在合併前，應用產品及地區的市場共同性，分別呈現上升及下降趨勢，透過收購矽品，日月光不僅能追趕其主要競爭對手在車用電子的領先地位，更可以降低營收過度集中於北美的風險。另外，雙方在台灣及中國的專利申請數量有下降趨勢，但在美國專利的申請數有明顯增加且資源相似性也呈上升趨勢，故推論日月光收購矽品可鞏固其在北美市場的領導地位。總而言之，雖然日矽合併案被外界視為雙贏結果，但客戶轉單、中國商務部的限制條件及收購溢價偏高可能使得此合併綜效有限。在面對中國封測產商崛起、封測產業的市場集中度上升及半導體產業中下游界限越來越不明確的情況下，雙方合併為必然之勢。 / The worldwide semiconductor market grew 1.1% in 2016 to $338.9 billion USD, in which Taiwan accounts for 23% of the total output. Taiwan continues to rank as the world's second largest semiconductor industry, with the first being America. Taiwan is export oriented, and from the statistical data provided by the Ministry of Finance, the shipment of integrated circuit exports accounted for 27.6% of gross export value in the first two quarters of 2017. This indicates that integrated circuit is an important export product and that the semiconductor industry is of great importance to Taiwan. The recent and unprecedented M&A waves in the semiconductor industry caused major changes and created impact on Taiwanese semiconductor firm. The recent case that drew most attention is the M&A between ASE (Advanced Semiconductor Engineering, Inc.) and SPIL (Siliconware Precision Industries Co., Ltd). While most academic theses focus on the acquiring firm’s motive and post-M&A synergy, the offense and defense strategies during the M&A process are rarely explored. This research aims to focus on reasons why SPIL agreed on ASE’s proposal to form a joint venture holding company and the impact on the global OSAT (Outsourced Semiconductor Assembly and Test) industry after this M&A. This thesis utilized the dynamic competitive perspective and identifies government’s impact on M&A. The study finds that before the merger, the commonality of product shows an upward trend while the commonality of region market presents a downward direction. This merger not only assists ASE to catch up with its leading competitors in the automotive electronics sectors, but also reduce the revenue concentration risk, given that its major sales is in North America. In addition, the number of patents filed by both companies in Taiwan and China has declined, but the number in the United States has increased significantly along with an escalating resource similarity. Therefore, the research concludes that the acquisition of SPIL can consolidate ASE’s leading position in the North American market. To sum up, the merger of ASE and SPIL is regarded as win-win outcome. However, the M&A has risks, such as customer attrition, restriction from The Ministry of Commerce of the People's Republic of China (MOFCOM) and merger overpayment. Such uncertainties may reduce synergy. Nevertheless, in the face of the rise of China's OSAT business, the market concentration of OSAT industry, and the increasingly unclear boundary between the middle and downstream firms, the merger of the two firms is inevitable.

台灣大車隊股份有限公司 (Taiwan Taxi Corporation,簡稱台灣大車隊),為台灣民間第一家導入無線衛星派遣系統於2002年正式成立的計程車車隊,到2017年已是一個擁有17,000 名駕駛隊員的大企業,成功地創新了計程車派遣的經營模式。 在這十七年間,換過三個經營團隊,最後在林村田董事長經營下讓公司穩定下來並有盈餘。經營團隊接手後持續更新了早已建構完成之GPS衛星定位與PDA車機派遣系統。另外,更結合了空中排班、熱點候車點、多元化叫車服務與非現金消費系統,升級為平台經營架構。由多種面向匯集了電子技術、智慧手機雲端科技,不但有助於車輛的調度,提昇服務品質,也提昇了駕駛和乘客的安全性,增加了公司的競爭力。在此競爭激烈及節約能源的時期,台灣大車隊透過創新經營模式,持續檢討優缺點,迅速改善缺點,加強優點,增強正向迴路經營模式以創造利潤及業績,使企業持續成長。 前幾年面臨國內外叫車服務系統的挑戰時,如2013年6月Uber入台以及政府推行多元化計程車,台灣大車隊就已投入軟硬體研發和改善公司的作業流程以擴展計程車司機隊員規模、便利顧客、增加附屬營業收入、和流動資金的管理,以及電腦資訊自動化管理系統等多樣措施加強了利潤的成長。對外在環境變化的最新應變措施包括：叫車系統快速自動化、建構多元化叫車體系、增加車隊類型和功能、採取多種措施如手機APP電召,配上軟體記憶增加顧客黏著度、擴充平台經營層面,增加平台經營附加價值、綁定信用卡付費方式,建構出叫車平台營運成功的商業模式。 管理團隊認為所有的成功都基於重視隊友及顧客的價值,堅信：乘客即顧客、加盟隊員為家盟隊員,以增加人際溫暖度的心態來經營。使接觸到大車隊的人,都有得到照顧與或取得利潤的確幸。相對的,車隊營收亦可經由各個微小的服務利潤集結發揮為平台結構關聯性收益而得以實現。 / Taiwan Taxi Corporation Ltd. (Taiwan Taxi) is the first civilian taxi fleet which established a wireless satellite dispatch system in 2002. By 2017, it has succeeded in the innovating of business model for taxi dispatch, and become a large enterprise with 17,000 drivers. During seventeen years, replaced by three management teams, the revenue of Taiwan Taxi finally increasingly stabilized. At present, the manager team led by Lin Cun-Tian still constantly updating the already constructed GPS satellite positioning and PDA car dispatch system. By a variety of aspects for the integration of electronic technology, smart phone cloud technology, this platform not only helps the vehicle scheduling and improves service quality, but also enhance driving and passenger safety which increase their competitiveness. In the period of severe competition and energy conservation, Taiwan Taxi has continually reviewed the advantages and disadvantages through the innovative business model they built. Manager team quickly improves the shortcomings, enhance the advantages, so that a positive loop to create profits and performance can operate and make the enterprises continue to grow. Facing the challenges of domestic and foreign call systems, such as Uber and diversified taxi, Taiwan Taxi has developed new hardware and software research and has improved the operating process to expand their fleet of taxi drivers, facilitate customers since 2013, thus increased the subsidiary operating income, working capital management, and automize the computer management system to strengthen the growth of profits. The newly strategic approaches against external changes include: construct an on-line taxi system, a diversified taxi on call management containing mobile phone call, increase the fleet type and function. Other adoptions such as: memory of previous calls to increase customer stickiness, increase the running of additional function on platform, binding credit card payment, thus a successful business model upon taxi platform are constructed. Manager team believe: all the success is based on the values of teammates and customers, passengers are customers, and all the drivers joined are members of this family. They are happy to increase the warmth between the interpersonal through their management. As long as who contacts with Taiwan Taxi, will get a warm care and obtain profits of fortune. Synchronously, the revenue of cooperation can also be achieved through the combination of each profit margin for platform.

加盟實務運作上，常見加盟業主為勸誘民眾進入加盟體系，而違反資訊提供義務的情形，致生不少糾紛。有鑑於此，主管機關訂有「公平交易委員會對於加盟業主經營行為案件之處理原則」，要求加盟業主應揭露特定資訊予加盟者。惟此管理規範有其極限，違反效果難以直接連結至民事賠償責任。故個案救濟上，仍需回歸民事法領域觀察。本文即嘗試探究加盟業主各違反行為於判決實務之具體問題，以建構相關民事賠償責任。 觀察我國實務，會發現締約前後資訊提供義務實有同一化之傾向。例如多被認為屬契約上義務之加盟店地點評估，亦為締約前資訊提供義務內容。另參考日本法，也有見解認為財務性預測資訊，與加盟者後來支付的加盟金間具有對價關係。故針對民事賠償責任之建構，本文認為現行法下，應以民法第227條不完全給付，作為資訊提供義務的請求權基礎。本於此前提，針對加盟業主未提供資訊的違反態樣，應提供資訊範圍有以民法債各規範相繩之可能。又當加盟業主提供不實資訊時，判斷重點則應由加盟業主有無為保證業績行為，移至預測過程的誠實性。單純的預測偏差雖不致生損害賠償責任，但就財務性預測資訊的預測手法及適用過程等，應要求具有相當合理性，不應有預測數值經人為操作、對商圈的錯誤認識及恣意的數值設定等情況。同時，並將加盟者的經歷條件移至法律效果之與有過失階段考量。在責任成立階層無庸檢討其經歷條件。最後就損害賠償的範圍，再透過與有過失及損益相抵等手段調節。

併購是企業外部成長的主要方式，但不是每個併購活動都是兩廂情願的，因此，當併購者違反被併購者的意願而為併購行為時，敵意併購就此產生。敵意併購所採取最主要的方式，即為公開收購制度，故本文先介紹歐美主要國家的公開收購制度，再檢視我國現行法下公開收購制度，以瞭解現行公開收購制度的利弊得失。 其次，針對敵意併購的防禦，美國法制上已發展出一系列的反併購法，這些法制雖然有些被聯邦法院宣告違憲，但仍有符合憲法規範者，迄今，已發展到第三代的反併購法。除此之外，企業在實務上也開始發展出各式各樣的防禦措施，有的是在敵意併購者出現前就事先準備，有的是在敵意併購者出現後才緊急採用，無論如何，這些防禦措施在敵意併購盛行的美國，也相對應的發展成熟。然而，在敵意併購還在萌芽階段的我國而言，由於法律的規範，並不是所有的防禦措施皆符合我國法律。更甚者，在現行法的規範下，有些防禦措施雖然符合我國法規範，但卻受到其他的限制而實用性甚低，在現行規範下幾乎沒有行使的空間，因此，本文試探究美國法上幾種基本的防禦措施在我國法上的可行性，期望能獲悉各種防禦措施在我國法上的合法性及可能性。 再者，需先瞭解公司法第二十三條第一項課與董事受任人義務之內涵。公司法對於忠實義務規範的較為具體，即董事在有利益衝突時，需以公司的利益為優先考量，同時又有具體的行為規範，例如公司法第二０六條準用第一七八條利害董事的迴避、第二二三條監察人代董事為行為、第二０九條董事競業禁止、第一九六條董事報酬等具體規範。相較於此，董事的注意義務僅抽象的要求董事在處理公司事務時，需要盡善良管理人的注意義務。然而，對於善良管理人的注意義務內涵為何，則須待法院在具體個案中形成。針對受任人義務，英美法上發展出經營判斷法則，針對董事對公司之經營判斷事項為誠信、無利益衝突、無濫用裁量權、必盡到合理注意時，推定董事之決策為適法，法院不再對該經營判斷事項為事後的審查。 美國法上，在審查目標公司的董事義務時區分為：主要目的審查、Unocal雙叉審查、Revlon案審查標準、Blasius案審查標準及股東外利害關係人利益權衡標準。在我國企業併購法第五條、第六條並沒有規範到目標公司的董事義務，但上開外國標準及企業併購法對董事決策時要求的行為規範，可以做為我國將來立法時的參考。在現行法未規範的情形下，本文認為公司法中未規定的業務決策，未必皆應依照公司法第二０九條規定由董事會決策；並且，公司重大事項應區分為提案權及決策權，而將防禦措施的提案權交由董事會，並將防禦措施的決策權交由股東會決定。董事會在股東會授權下，決定行使何種防禦措施，以迅速、機密之手段達到防禦的目的。因此，董事在提案前需盡到調查之能事，確認敵意併購的結果對公司不利，在股東會同意防禦行為時，所採取的防禦措施應優先保障股東最大利益，以盡目標公司的董事義務。