本研究主要探討初次上市公司上市前後財務經營績效的變動及其原因。選取民國76至82年之初次上市公司為樣本，研究方法以無母數Wilcoxon檢定為主。研究結果如下： 　　1、初次上市公司上市後第一、二、三年之營業淨利與來自營業自由現金流量，調整產業前或後，較諸上市前皆存在衰退的趨勢。造成此現象，可能是因公司經營效率（資產週轉率）及經營效果（獲利率）降低所致，而非銷貨或投資的減少所引起。本研究也發現，民國81至82年初次上市公司上市後調整產業後之營業淨利，較諸民國76年80年初次上市公司衰退的程度更大。 　　2、關於財務經營績效變動之原因，本研究發現規模愈大或上市價差愈大的公司，上市後第一、二年調整產業後之營業淨利衰退的程度愈小；至於董監持股，與經營績效則無顯著的關係存在。 　　3、至於市場預期與實際盈餘績效方面，不能推論上市後第一、二、三年市場的預期為何，實際盈餘績效則仍呈衰退的現象。

本研究之主要目的在探討：服務傳送系統的意義與內涵為何？有線電視系統業者的服務傳送系統應該如何設計，方可導致良好的企業經營績效？有線電視系統業者將來在關於服務傳送系統上，重要的發展計劃為何？ 　　針對上述研究目的，以全省有線電視系統業者為對象抽樣，發出問卷107份，回收有效問卷27份。經由文獻探討，以及因素分析、集群分析、單因子多變量變異數分析、主成份分析、變異數分析，獲致下列發現： 　　1. 服務傳送系統的意義是“用系統的觀點來看前場服務之提供”。就此系統的目標而言，是提供服務去滿足顧客的需求；就其組成要素而言，可以用7Ps來表示，包括：產品或服務、訂價、地點或通路（含實體設備、環境及氣氛）、促銷、銷售過程、顧客參與、服務人員，而這些要素彼此之間有交互影響的關係。 　　2. 影響CATV系統業者設計其服務傳送系統型態的七個重要因素：注重客戶服務因素、不走低價競爭因素、注重節目因素、注重促銷因素、注重播送設備優劣因素、跟隨競爭者訂價策略、注重頻道數目眾多因素。 　　3. 將CATV系統業者就其服務傳送方式予以分群，可得到下列主要的六大集群： 　　一、強調節目，跟隨訂價群 　　二、不注重服務傳送系統群 　　三、頻道數目多，畫質佳群 　　四、全面重視6Ps，且價格稍高群 　　五、重服務、頻道多，跟隨訂價群 　　六、注重軟體群 　　其中第一、四、五、六群的績效較佳（績優組），第二和三群的績效較差（不良組）。 　　4. 績優組與不良組在服務傳送系統的作為上，主要是在“注重客戶服務”、“不走低價競爭”與“注重節目”三個因素有顯著差異。 　　5. 未來CATV系統業者有關服務傳送系統的重要計劃 　　在節目方面，未來十分強調自製節目的重要性，並將朝地方性、顧客參與性、文化知性及常態化的方向來努力。 　　在客戶服務方面，較注重提供資訊服務，以及透過市調、開放外界人士參觀、參與地方活動等方式，來加強與地方的互動程度。 　　在訂價方面，部分業者表示未來將朝分級收費、合理訂價來努力。 　　在促銷方面，較注重發行刊物、與異業合作設立有線電視加盟店，以及透過舉辦地方性活動來塑造公司形象。 　　在服務人員方面，由於目前有線電視人才普遍不足，所以加強人才培訓為各家系統業者的當前要務。 　　在服務流程方面，業者正朝向制定出一套完善、確實、電腦化的作業流程而努力。 / The purposes of this paper are: What is the service delivery system? What's the relationdhip between the service delivery system and the business's performance? The discories are: 　　1. The meaning of service delivery system is: To view the providing of front offece service with the point of view of system. The objective of the system is to satisfy the customers' demand. The subsystems are: product, pricing, place, promotion, process, participant and people. 　　2. There are 7 factors to affact CATV system operators designing their service delivery systems: emphasizing client service factor, resisting low price competition factor, emphasizing programs factor, emphasizing promotion factor, emphasizing equipment factor, emphasizing the numbers of channel, price following factor. 　　3. The are 6 groups: 1)emphsizing program, price following group 2)taking little consider of service delivery system group 3)many channels group 4)good service delivery system ,and high pricing group 5)emphasing service and channel, price following group 6)emphasing software group

資訊科技的運用觀念隨著科技的演化與環境的變遷正快速的改變，早期的資訊運用著重「效率」，所以電腦的使用主要在於大量的資料處理，此觀念的本質在於─以「自動化」解決效率問題。而後電腦的運用漸漸使用於經營效能的改善，此時電腦的用途主要在於管理資訊的取得，此觀念的本質在於─以「合理化」解決管理效能問題。 　　近年來資訊科技的運用已成為提昇企業競爭力的驅動器(enabler)並期望系統能發揮「系統警察」的危機預警功能；本研究的動機使是基於此觀念的觸發，希望以企業「競爭力」的觀點來觀察企業問題的本質，以「系統警察」的觀念來作為系統設計的理念，以「主管資訊系統(EIS)」的特質，來作為系統展現的工具；因此為了要取得台灣製造業者對經營績效的評估準據，以成為「經營績效指標監控系統」的需求規格，所以本研究前半部採用實証研究中的指標發展法，先利用文獻整理來找出經營績效指標，並透過專家座談來確保指標評量表的效度，然後再依此指標評量表對樣本公司訪談，並將訪談結果作信度檢驗及資料分析。所以在本研究中得到以下之成果： 　　1.以營業、財務、生產、人力資源四個構面為基礎的「經營績效指標評估準據訪查表」，該訪查表經過信度與效度的測試結果均相當良好〈訪查表內容詳見附錄三〉。 　　2.在實際的訪查問卷分析中發現，台灣製造業的經營者在監控企業經營績效時，認為最重要看法也最醫治的指標排名前五名依序是： 　　　(1).利潤率 　　　(2).存貨週轉率 　　　(3).資本報酬率 　　　(4).應收帳款週轉率 　　　(5).銷售金額營業利益率 　　3.得到一個企業經營績效指標監控系統的架構與規格〈詳見第五章〉。

二十一世紀企業的價值不再僅止於帳面資產所反映的價值，許多無形資產所隱藏的價值更甚於有形資產，這部份即是所謂的智慧資本，其中又以人力資本最為重要，尤其在二十一世紀的知識經濟時代，更須正視「人」所扮演的角色，因為人所具備的知識、技術與能力，已成為企業競爭優勢的來源。近幾年來，台灣資訊電子業之所以能蓬勃發展的主要原因即在於具備了技術密集與知識密集的特性，本研究有鑒於人力資本的重要性日增，而技術又是資訊電子業的關鍵成功因素，因此擬探討技術人力資本強度是否對公司經營績效有顯著的正向影響。 　　本研究以我國資訊電子業之57家上市上櫃公司1991年至2000年共241個觀察值為樣本，蒐集公司內部技術人員人數之實際資料，運用實證分析方法，探討技術人力資本強度與公司經營績效間的關聯，並將研究發展強度、員工薪資報酬水準、員工生產力、公司規模這四個公司特性一並納入分析。 　　實證結果顯示，無論以資產報酬率或權益報酬率衡量經營績效，皆與技術人力資本強度呈顯著正相關，且無論是以營業利益、營業毛利、稅前息前淨利、稅前淨利或稅後淨利計算報酬率，結果均支持本研究的假說。至於其他公司特性方面，除公司規模外，研究發展強度、員工薪資報酬水準及員工生產力多與經營績效呈正相關，亦符合本研究的預期。 　　此外，本研究亦探討技術人力資本的變動對經營績效的解釋程度，研究結果顯示，技術人員人數每增加10%，營業利益即增加4.4%，顯示技術人力資本不僅與公司經營績效有顯著正相關，當技術人員增加時，營業利益也會隨之增加，代表技術人員的人數對公司本業經營績效之影響相當大。另外，研究發現以營業毛利作為獲利的替代變數時，模式的解釋力(Adj-R2)最高，代表技術人員對公司經營績效的影響主要還是反映在製造成本與銷貨成本的降低。 　　本研究結果可供我國資訊電子業制定人力資源管理決策的參考，在全球競爭日益激烈的環境下，未來我國資訊電子業公司在人才的招募上，應提高技術人員所佔的比例，來增強本身在技術上的競爭力，進而提昇公司的經營績效。 / Management theory has gradually accepted that ‘hidden assets’ or most recently ‘intellectual capital’, especially human capital, increasingly play a major role for the survival of companies. With the coming of knowledge economy, knowledge and competence of employees have become the most important sources of competitive advantage. The reason why Taiwanese information and electronic industry has grown rapidly these years lies in the key factor of technology intensity and knowledge intensity. Since technology is the soul of this industry and technology must be realized directly through technicians, this study intends to examine the association between technical human capital intensity and corporate operating performance. 　　The sample used in this study consists of 57 information and electronic companies listed on TSE and ROSE from 1991 to 2000, totally 241 observations. We collect the data of number of technicians from Public Offering Prospectus. This study uses multi-regression model as the empirical method to test the hypothesis that the technical human capital intensity and corporate operating performance are positively related. In addition, we include R&D intensity, labor compensation level, labor productivity and company scale as the subordinate independent variables. 　　Our results provide strong evidence that higher technical human capital intensity leads to better operating performance. Besides, when the gross profit is used to measure profitability, the Adj-R2 of the model achieves 50%, which means the major impact of technicians on corporate performance is reflected in the reduction of manufacturing costs or cost of goods sold. We also investigate more about how the variation of technical human capital influences the operating performance. The result shows that when the number of technicians increases 10%, the operating income increases 4.4%. As for other subordinate variables, R&D intensity, labor compensation level and labor productivity are all significantly positively related to operating performance.

隨著經濟自由主義時代來臨，面對全球性的競爭及各國市場逐漸開放，公營事業民營化已是各國政府的重要財經政策之一。過去有關民營化對企業經營績效影響之研究頗為豐富，其中國外文獻大多贊成民營化對企業經營績效有顯著提昇之影響，然而國內相關文獻之研究結果，則較為紛歧。本文以西元1989年我國正式推動民營化政策以來，採用釋股方式完成移轉民營之21家上市公司為研究對象，來探討民營化企業獲利能力及經營績效的影響因素。由實證結果得知，政府持股比率、專業機構投資人持股比率、經理人持股比率、獨立董事人數、員工股票分紅等因素，對公司經營績效呈顯著正相關；然而董監事持股比率、董事會規模等因素，則對公司經營績效呈顯著負相關。 / In the era of economic liberalization and globalization, privatization has become one of the most important economic policies around the world. During the past two decades, most studies have indicated that the performance of State-Owned Enterprises (SOEs) has improved after they were privatized. However, studies on SOEs of Taiwan have received controversial results. The purpose of this paper is to examine the effect of ownership structure and board composition on the performance of privatized firms in Taiwan that experienced full or partial privatization through public share offerings during the period 1989 to 2008. The results show that the ratio of government holdings, the ratio of institutional investors holdings, the ratio of managers holdings, the number of independent directors and share option schemes have significantly positive effects on firm performances. The results also suggest that the scale of board of directors and the ratio of directors holdings have significantly negative effects.

本文以2000~2009台灣地區不含金融證券業之上市公司為樣本，資料來源為台灣經濟新報社資料庫(Taiwan Economic Journal)，研究主題為探討多角化與股利發放政策之關聯性，同時也檢測多角化程度愈高而經營績效較差或盈餘品質較差的企業與股利發放政策之關係，實證研究的結果顯示，多角化程度會影響股利發放政策，而多角化與股利發放政策呈現顯著負相關，企業多角化程度愈高，股利支付率較低、較不會發放股利及較不會增加發放股利，而這些現象主要是集中在經營績效較差或盈餘品質較差的企業。 / Based on a sample of firms listed in Taiwan during 2000-2009, this study investigates the relationship between firm diversification and dividend policy and the extent to which firm performance and earnings quality affect diversified companies in making dividend policy decisions. The empirical results show that firms with greater diversification are less likely to pay dividends, pay lower dividend yields, and are less likely to increase dividends. I also find that such evidence is more pronounced among poor financial performance and lower earnings quality firms.

本研究以中國2000年至2007年間滬深上市公司為樣本，分析保薦制度對於企業在現金增資（在本研究中包含增發與配股）後經營績效的影響，其中經營績效包括稅後淨利成長率、股東權益報酬率成長率與每股盈餘成長率為衡量指標。實證結果顯示，現金增資後企業的經營績效有明顯衰退的現象，但是本研究發現這個經營績效惡化的現象在保薦制度後有顯著減緩的證據。最後，若將企業細分為增發與配股，進一步的分析顯示，保薦制度的效果在配股樣本中得到顯著結果。彙總而言，實施保薦制度能夠有效減緩企業現金增資後經營績效衰退的情形，且該效果在配股企業較為明顯。 / This study examines the impact of Sponsor’s System on operating performance of firms conducting Seasoned Equity Offerings from 2000 to 2007 in China. The performance measures include the growth of net income, the growth of ROE, and the growth of EPS. The empirical results indicate that there is significant decline in post-SEO performance. However, the phenomenon of poor performance after SEO is less severe after Sponsor’s System. In conclusion, the employment of Sponsor’s System can relief performance decline after SEO.

本研究欲探討兩岸傳統產業公司治理與經營績效之關聯性，運用資料包絡分析法及Cummins, Weiss和Zi (1999)之交叉效率前緣評估比較2005至2009年兩岸公司之經營績效差異。並進一步採用縱橫資料迴歸模型分析兩岸傳統產業之公司治理機制與經營績效之關聯。 根據本研究實證結果顯示：首先，兩岸傳統產業分屬不同效率前緣，且大陸傳統產業之技術效率優於台灣傳統產業之技術效率。說明台灣傳統產業雖較中國傳統產業發展的時間點為早，不過由於台灣之傳統產業屬於早期赴中國投資的先驅，當時已將核心技術帶入中國，近年來中國傳統產業因內需龐大加上國家支持而發展迅速，無論在規模或產值上都遠遠超過台灣。而在公司治理機制中，大陸傳統產業公司國內機構法人持股率及國有股比例與其經營績效呈顯著顯著負向關係，和其他研究結果一致，而經理人持股率、國外機構法人持股率與獨立董事比例則與經營績效無顯著關聯；台灣傳統產業公司經理人持股率、國內機構法人持股率、國外機構法人持股率、董事淨持股率及獨立董事比例與公司之經營皆無顯著關聯。敏感性分析顯示與上述結果類似。 / The purpose of this paper is to examine and compare the relationship between corporate governance and efficiency performance of traditional industry(TI) in Taiwan and China. We apply data envelopment analysis and cross frointer analysis to measure and compare the performance difference between Taiwan and China. The research constructs a panel data regression model to examine the association between cooperate governance and efficiency performance for Taiwan and China, respectively. The empirical results are summarized as follow. First, the efficiency frontier of Taiwan and China are indeed different, and the cross frontier analysis reveals that the efficiency performance of Mainland China is better than that of Taiwan. The TI of Taiwan developed earlier than China and the early core competence development of Chians’s TI was transferred from Taiwan. However, due to the huge domestic demand and government’s strong support of China’s TI, today not only the size but also the value-added of TI, China is much larger than Taiwan. Second, the domestic institutional investor’s and the state-owned shareholdings are significantly correlated with the performance of companies in China. The management, foreign institutional investor’s shareholdings and the percentage of independent directors do not associate with the performance of China’s TI. Finally, the cooprate government variable are not associate with the performance of Taiwan’s TI.

本研究以2004至2010年國內之上市公司為研究樣本，探討內部控制缺失對公司經營績效之影響。對於內部控制缺失之判斷，不同於以往，僅限以公司自行揭露或遭主管機關裁罰之資訊為對象，本研究廣泛蒐集公司負面新聞，將內部控制缺失依事件發生原因分類，並依照COSO報告架構將內部控制缺失依五大要素及五大目標予以分類。 實證研究結果顯示，內部控制缺失與企業經營績效間呈顯著負相關，重大之內部控制缺失對經營績效影響之程度較大。依發生原因分類內部控制缺失之分析結果顯示，違反金管會規定、管理階層操守與價值觀有偏差及發生會計錯誤而重編財報之公司，其經營績效較差。至於內部控制缺失涉及內部控制要素及控制目標者，分析顯示，各項缺失要素及目標皆與經營績效呈顯著負向關係，且缺失要素及缺失目標較多之公司，其經營績效較差。其中，控制環境、風險評估與監督三項控制要素缺失，以及財務報導目標缺失對經營績效有較顯著之負向影響。 / Based on a sample of 724 Taiwanese companies listed in Taiwan Securities Exchange over the period of 2004-2010, this research investigates the impact of internal control weaknesses on firm performance. Different from prior studies that identified internal control weaknesses only from voluntary disclosures made by the firm and releases regarding firm’s violation of regulations issued by the Finanical Supervisory Commission, Executive Yuan, ROC (FSC). This study extensively collects news related to events resulting from internal control weaknesses as an additional data source. A further classification of internal control weaknesses is performed based on the nature of the events and the internal control framework proposed in the COSO report. The empirical results indicate that firms with internal control weaknesses are significantly underperformed. It is also found that material weaknesses have greater impact on firm performance. The results show that firms associated with FSC regulation violation releases, the integrity and ethical values of management is biased, and had restated financial statements accounting errors have significantly lower performance. The internal control weaknesses classified by the elements and objectives of internal control based on the COSO framework, are found to be significantly and negatively related to the firm performance respectively and collectively. In specific, the weaknesses associated with control environment, risk assessment, monitoring, and financial reporting objective have greater impact on firm performance.

本研究以適用於民國九十九年九月修法前之「公開發行公司辦理私募有價證券應注意事項」辦理私募增資之上市櫃公司，並有內部人參與之私募案為研究對象，研究期間為民國九十四年十月十一日至九十九年八月三十一日，以探討私募應募人行為對經營績效與異常報酬之影響。 實證結果發現，當辦理私募公司前一年度為稅後淨損，並有內部人參與之私募案，若內部應募人於私募前後三個月內有老股出售之情事者，其私募後之會計經營績效較私募前差，但私募後之公司價值卻較佳。再將這類公司與其他私募案相比，其會計經營績效較差，公司價值仍較佳，皆顯示這類公司會計經營績效與公司股價於私募後未呈同向變化。另外，以事件研究法測試有內部人參與之私募案，發現其在董事會決議日前後確實有異常報酬，顯示私募訊息在董事會決議日前已走漏，陸續反映於股價。 / Based on firms’ net profit/loss before private placement and inside investors stock selling, this study classifies private placements with inside investors into four types to examine the effect of insiders’ activities and the operating condition on firm performance after private placement and the abnormal returns around private placement events. It’s shown that for firms with net loss before private placement while the insiders selling stocks around the event, the accounting performance worsens but Tobin’s Q gets better after the event. In addition, inside investors gain abnormal return around the board meeting. It implies that information leakage before board meeting is severe and the investors even gain abnormal return after the meeting.