本研究主要在探究專利權對於高階經理人薪酬制度之影響，並提出以下之假說：(1)專利權與高階經理人之現金薪酬有正向關係；(2)專利權與高階經理人之年度股票薪酬有正向關係；(3)專利權與高階經理人之年度總薪酬有正向關係；(4)專利權與高階經理人之股票薪酬所佔總薪酬比例有正向關係。 本文以美國製造業的高階經理人薪酬為樣本，經實證結果發現，專利權申請數、股東權益報酬率及股票報酬率對於高階經理人，無論是在現金薪酬或股票薪酬制度下，皆有顯著正向影響，此正說明在製造業的公司中，專利權對高階經理人薪酬是很重要的非財務性指標。並且，專利權亦與股票薪酬所佔總薪酬之比有顯著正向相關，也顯示有專利權的公司在對經理人的薪酬上較為偏好使用股票薪酬。 / The research is to explore the association between patent count and top management remuneration system. I hypothesize that : (1) CEO cash compensation is positively associated with patent count; (2) patent count and CEO annual stocks compensation have a positive relationship; (3) patent count is positively associated with CEO total annual pay; (4) The proportion of stock compensation in CEO pay is positively associated with patent count. Using a sample of manufacturing firms I document that patent count is positively associated with CEO compensation, consistent with my hypotheses. I also find strong evidence that patent count impacts the proportion of stock compensation in CEO pay. Overall, these findings suggest that patent count is an important non-financial indicator in CEO compensation.

本研究主要針對影響高階經理人酬勞與盈餘品質關聯性之因素進行探討。當會計績效指標在薪酬契約中的角色因為過度的操弄而受到爭議時，公司管理當局是否會為了緩和經理人的短視行為，而加入盈餘品質的考慮因素，調整會計績效指標於薪酬契約中的重要性。另外本研究從公司治理之角度，以股權結構(機構投資人持股、外部大股東持股、董監事持股持押比例、經理人是否同時為董事會成員、董事長是否兼任總經理與股份盈餘偏離倍數)相關變數，探討其對於高階經理人酬勞與盈餘品質間關聯性之影響。 實證結果顯示，外部大股東持股比例越多，對於高階經理人酬勞與盈餘品質間的關聯性越重視；而經理人同時擔任董事會成員、董事長兼任總經理與股份盈餘偏離倍數越大的公司，會降低高階經理人酬勞與盈餘品質間的關聯性。

本文主要換討SOX之後宣告重編公司之經濟後果。探討如下議題:(1)信用評等是否/如何反應公司的重編資訊;(2)重編內涵與經理人異動之關聯性;(3)經理人異動、信用評等改變以及重編嚴重性三者之關聯性。 / Following the passage of the Sarbanes-Oxley Act of 2002 (SOX), the increasing occurrence of accounting restatements has drawn considerable attention concerning the financial statement quality and adverse consequences of accounting restatements from investors, regulators, auditors and business communities. The primary purpose of this research is to investigate the economic consequences of accounting restatements announced after SOX based on their relations with credit ratings and management turnover. To examine the following research issues of (1) whether and how the credit rating reacts to companies’ restatements, (2) whether restatement characteristics are associated with management turnover, and (3) what the association among management turnover, credit ratings, and restatement severity is, I gather data on 1,838 companies that restated financial statements between 1997 and 2005. In the first part of the study, my results provide empirical evidence consistent with the conjecture that higher severity restatements are more likely to be followed by subsequent unfavorable ratings. Furthermore, rating agencies using accounting-based measures to predict the probability of bankruptcy perform better in assessing ratings in the post-SOX period. Moreover, rating agencies give auditor changes a “fresh-look” after SOX. In the second part of the study, the likelihood of CEO/CFO turnover significantly increases for companies with higher restatements of severity, and a CEO is more likely to be terminated if the company credit rating following restatements is downgraded. The results show that there is no “cop a plea” effect and when restatements are prompted by companies, management turnover appears to be more concerned with the dollar amount of overstatement on income and/or restatements affecting core earnings. In addition, when executives window-dress earnings to portray a more favorable earnings picture, they are more likely to be terminated following subsequent financial restatements. Moreover, results also indicate that after SOX companies seem more likely to blame their auditors for restatements of higher severity and dismiss their auditors afterwards to maybe avoid the replacements of management.

本研究主要探討，企業社會責任這個議題，是否能跳脫傳統從企業道德﹝business ethics﹞的角度，以更實用性的思考，結合企業所最為關心的經濟利益考量，成功地說服企業用更主動積極的方式從事與企業社會責任相關的決策與投資活動。為了達成該研究目的，本研究採用由道瓊永續性北美指數2005-2007連續三年評選入榜的企業為研究標的，觀測其財務績效相關指標是否明顯優於其餘未入榜的企業。而在現今許多所有權與經營權分離的企業當中，如何成功地降低待理問題，使高階經理人能將組織長遠永續發展的目標結合自身利益，為股東與其他利害關係人帶來最大的利益是本研究第二個探討的議題。藉由分析S&P execucomp資料庫2005-2007年的資料，本研究從高階經理人的年度薪酬資料，去了解企業社會責任執行佳的企業是否在薪酬結構的設計上有不同的設計。資料分析結果顯示，連續三年評選進入道瓊永續性北美指數的企業，其公司成長性顯著優於未入榜的企業；而主要與企業短期績效表現連動的薪酬制度──紅利，其所佔比例越高，將誘使高階經理人挪用於其他能創造短期財務績效的投資活動，長遠來看，將不利於公司企業社會責任活動的執行與發展。 / The goal of this study is to examine whether business performance is affected by the adoption of practice included under the term of “Corporate Social Responsibility (CSR).”To achieve this goal, the relation between CSR and some accounting or market indicators are analyzed and the existence of significant difference in performance indicators between North American firms that have adopt CSR and others that have not is also examined. Besides, this study takes a further step to explore the extent to which Boards use executive compensation to incite firms to act in accordance with social and environmental objectives. The Dow Jones Sustainability Index- North America is used for distinguishing firms that constantly comply with CSR practice for 3 years (2005-2007) from the rest. Empirical analysis supports the conclusion that differences in performance exist between firms that belong to the DJSI-North America (doing CSR good) and the rest (not doing CSR good). Moreover, the bonus of executive compensation has significant negative relationship with CSR. This finding implies that the compensation linking to short-term performance provides no incentives to executives for doing CSR which has long-term benefit for firms. This in turn suggests that executive compensation can be an effective tool in aligning executives’ welfare with that of the “common good”, which results in more socially responsible firms.

台灣員工薪資將近二十年一直無法明顯的提升，主因是國內產業大都著重各產業鏈的代工，產業代工毛利不高，因此產品受制於研發設計及通路行銷歐美先進國家，所以台灣產業風險較高，製造相關業者也利潤較不佳，業者必須投資價格高昂的成本如土地,廠房,機器設備---等。醫材是少量多樣，國際化，可靠性及精密度高。人口老化,所得提高，因此全球醫療市場逐年成長 ，各國陸續推行醫療改革，帶動醫材市場成長。台灣代工能力很強,醫材產業是協助中小企業技術／品質升級、轉型，提升市場競爭力的最佳途徑。台灣中小企業若能加強投資生技醫材的研發及產業鏈建立，較能改變台灣的產業價值與環境。 因此，本研究是以台灣中小企業如何由製造業加值產品服務，提升產品附加價值為研究主軸，探討微創醫材的經營策略模式，並藉由經營策略模式的研究，據以作為投資該產業的依據。因此，本研究根據分析的結果，獲得了以下幾項研究發現且概述如下： 1.核心技術是中小生技醫療器材產業創造高獲利空間的基礎，也是帶動成長的趨動力； 2.人才資產管理是中小企業的重要投資，目的是讓人才資產達到最大的效益，創造最大的績效和價值，以完成企業的經營效果效率，並且能達到創造人才最佳的價值與企業永續經營； 3.中小企業透過異業結合，可以將不同領域之創新技術導入醫材產業，開發或創造新的醫療需求已成為目前生技醫療器材的開發重點； 4.中小企業針對市場產品提出改進產品，漸進領導產品市場佔有率，或提出破壞性產品，重新建立市場規則，若能夠持續在市場生存時，必能找到利基市場。

基金經理人相較於一般投資大眾，具備了相當豐富的財金背景與知識，並且幾乎每天都拜訪各上市上櫃公司，深入瞭解各公司營運狀況，而各投信公司內部又設有研究部門，協助基金經理人收集資料、分析報告，因此投資績效相對於一般大眾好。只是國內投資信託環境還不夠成熟，基金經理人的更換太過頻繁，早已嚴重影響投資人的權益。此外，一般相信在投資組合的資產配置確定時的那一刻，便已經決定了報酬的多寡。Sharpe（1992）曾提出資產類別因素模型，發現基金績效表現可由基金之投資風格所解釋，那麼基金的正確分類便顯得非常重要，而其投資報酬，也在其投資風格確定的一刻起，便早已決定了。 本研究試圖構建出基金的投資風格指數，並檢視基金經理人異動之後，基金的績效表現、風險偏好、選股與擇時能力是否有顯著差異，最後，根據構建出的風格指數，檢視各基金在經理人替換後，是否發生風格移轉的情形，進行相關探討。 本研究利用Sharpe指標與Jensen指標來檢視基金前後期績效之差異，並分別利用統計檢定檢視其風險上的差異，此外，引入Treynor-Mazuy迴歸模型，用以分析前後期基金經理人的選股與擇時能力，最後，利用二次式規劃求解來分類並檢定其前後期投資風格是否一致。研究期間為民國89年4月以前經理人曾經替換過之基金，共篩選出28支曾經歷過經理人替換之開放式股票型基金，實證結果如下： 1.僅有跳槽此原因能顯示出經理人替換前績效優於經理人替換後績效，其他諸如離職或內部轉任等，皆無法有顯著差異情況。整體而言，基金經理人替換和績效表現並無顯著相關的情形。 2.實證結果顯示，不論在總風險、系統風險與非系統風險上，經理人替換後皆明顯的低於經理人替換前。 3.實證結果顯示，在基金經理人替換前後期的選股與擇時能力上，在基金經理人替換前後期的選股能力上，經理人替換後明顯優於經理人替換前，但在基金經理人替換前後期的擇時能力上，經理人替換前卻明顯優於經理人替換後，二者間似乎存在一種抵換關係。 4.實證結果顯示，在研究的28支基金樣本中，有27支基金在經理人替換後發生風格移轉的情形，風格移轉比率高達96.43％。

一般社會大眾的刻板印象為：女性事業成就高，一定還沒結婚，或家庭不幸福；本研究即據此導出研究問題：「有婚姻家庭與無婚姻家庭之高成就女性主管，其事業發展與家庭生活的種種面向為何，其自我評價是否會因為婚姻家庭的有無而有所不同？」研究者採用質性研究方法，藉由訪問四位四十歲以上的高階女性經理人(已婚者與單身者各半)，來了解女性經理人面對家庭與事業的心理調適歷程與自我評價狀況。 研究結果如下： 1. 已婚受訪者積極主動、勇於面對和解決問題的人格特質，對於其工作與家庭生活的適應具有決定性的影響，且處於不同的家庭發展階段，其適應的狀況也不同，無法單純以「資源有限假說」或「資源擴張假說」來解釋。 2. 已婚女性受訪者的家庭與工作生活是處於同一個系統當中，彼此會相互影響、扶持。 3. 無論結婚與否，受訪者都或多或少能從家庭中獲得社會支持，如單身者因為與父母同住，所以能得到原生家庭的支持。 4. 單身受訪者因為沒有婚姻的負擔，所以初期對工作的承諾感和企圖心很高，往往因過度投入工作而忽略了其他生活面向的平衡發展。 5. 對於本研究的受訪者而言，結婚與否對其目前的自我評價並無影響。 最後，研究者根據研究過程與結果提出建議。 第一章 研究動機 ……………………………….1 第二章 文獻探討…………………………………5 第一節 工作生活的適應 ……………………7 一、 學習男性典範……………………7 二、 高階女性主管的適應……………9 第二節 家庭生活的適應 ………………12 一、已婚者 …………………………12 1. 資源有限假說 ……………13 2. 資源擴張假說 ……………17 二、單身者 ………………………19 第三節 女性主管的生涯曲線 …………22 第三章 研究問題 ……………………………27 第四章 研究方法 ………………………………28 第五章 結果與討論 …………………………36 第一節 女性經理人的工作歷程 ……36 第二節 已婚女性經理人的家庭生活歷程 51 第三節 單身女性經理人的生活 ……66 第四節 女性經理人的生涯特徵 ………74 第六章 結論 …………………………………81 第七章 研究限制與建議 …………………85 參考文獻 ……………………………………87 附錄一：研究參與同意書 附錄二：訪談大綱 / Managers are often stereotyped as a man’s job in the public eye. Thus, female managers usually have to conceal their feminine characteristics and imitate their male colleagues’ behaviors in order to fit in the existing managerial culture. This may cause high pressure for them and make them lose their flexibility and energy. At the same time, married female managers are expected to be good wives and mothers. As for single females, although they can devote all their efforts to their work, the social support they have is less than married female managers. Many negative impressions are put upon them, such as people regarding them as too ambitious to be good women. To sum up, female managers are faced with many difficulties both in their work and family lives. This study would focus on how they deal with their demanding lives and how they evaluate themselves under traditional value system of our society. Four female executives- two of them are married, and the others are single- were interviewed in depth. Due to high pressures in the working environment, all four interviewees reported they tried to act like men in the beginning of being managers. Two of them (one is married, and the other is single) had a very difficult period in their careers. They felt extremely tired and anxious all the time. They were irritated because they were so worried about their performance that they became burnt out. Fortunately, they both left their work temporary and found ways of releasing the pressures so that they could get rid of the ‘ burn out’ syndromes and promote their quality of lives. The married interviewees’ life qualities depended on which family stages they were in. When the interviewees’ children were very young, they needed to spend lots of time and energy on being mothers. They reported that they were exhausted then, and could not handle so many requirements of different roles at the same time. But as their children grew up, the load of being mothers decreased. Meanwhile, as a manager for several years, they learned many problem-solving skills in their jobs, so they could take active strategies to solve the problems in their families. They felt they could manage these roles well now. It was also reported that the married interviewees’ family and work lives interacted with each other. Their work experiences could diffuse into their family lives. What they learned from the families could also help them deal with business. Different from the married interviewees, the single female managers mainly concentrated on their works. They still lived with their original family so they could get support from their parents and siblings. But they indeed got involved in their work too much that they started to ignore other aspects of their lives. One interviewee discovered that she was completely sensible and could not feel the emotions in her mind. She lost her feelings due to putting on professional mask for a long time. The other felt really unhappy in her thirties because of exhaustion. Now they both try to enrich their lives with things other than work. The four interviewees were not satisfied with themselves before. However, after reflecting the meanings of their lives in the middle age, they gained new insights about themselves. They all said they were satisfied with themselves now, despite being married or single, and all believed they would be better in the future.

每月公告營收額實施由來已久，過去文獻之研究，其實證結果大多具有資訊內涵，惟該資訊之允當性如何及其與會計師簽證數之差異如何均未曾加以探討。本研究之目的乃在探討公告營收額與會計師簽證數間之差異狀況，並試圖尋求解釋該差異之因素與解釋模型。 　　本研究主要分為二部份：一為目前差異情形之分析，一為假說之檢定。文中以代理理論為基礎，導出董監事持股比例、經理人持股比例、長期負債權益比、總資產金額、已上市年度數、以及簽證方式等六個代理變數，並加入產業變數進行分析，以尋求最佳之解釋模型。 　　研究結果顯示：（一）敘述性統計顯示實施查核程序之調整金額常高於執行核閱程序之調整金額，在調整金額之方向則調低營收額之次數高於調高營收額之次數，而調整門檻粗略估計約為10萬元左右，調整金額之百分比大多在簽證數之20%以下。（二）迴歸分析實證結果得知：(1)董監事持股比例與差異數有顯著關係，但董監事持股比例愈高，差異數愈小。(2)經理人持股比例與差異數幾乎無關，其原因可能為經理人持股普遍太低，操縱營收額可能對其持有或出售公司股票獲利之誘因不大，也可能是因為營收額之允當與否，代表經理人是否盡了代理人之職責，若有太大差異可能會影響其報酬。(3)長期負債權益比與差異數幾乎無關，其原因可能為債務合約關注之重點為淨利、流動比率、利息保障倍數、抵押品等因素，而對營收額之允當性可能沒有規定或監督。(4)公司總資產額愈大，差異數愈大，此與假說相反，其原因可能為公司愈大，其業務較為複雜，以致產生差異之機率增高，再者公司設置監控系統之成本在目前國內證管會之要求下已固定，且其成本於上市公司並非重大，以致考慮成本效益之情形大為降低。(5)公司上市愈久，差異數愈小，此與假說相符，換言之，公司之內部控制愈好，差異愈小。(6)簽證方式不同，差異數不同，查核之差異高於核閱之差異，此與假說相符。

Anand M. Goel and Anjan V Thakor 於最近的財務學刊中提出理性且風險趨避的經理人會放棄部分正報酬但風險高的投資，造成投資不足問題，使得公司價值未能極大化。然而，極端過度自信的經理人投資正負報酬皆有的計畫，造成過度投資，使得公司價值遞減。只有中度自信的經理人能為公司價值帶來極大化效果。本篇研究採用台灣上市櫃公司近二十年資料，以公司經理人對公司持股的變化來衡量其過度自信的程度，探討公司經理人自信程度對公司獲利能力與公司價值的影響。實證研究發現，極端過度自信的經理人與極端保守的經理人使公司的績效與成長性減少，降低公司價值。此研究增加我們了解經理人自有特徵對公司價值的影響，並為公司理財課題帶來新的貢獻。 / Former literature theorized that excessively overconfident CEOs and excessively diffident CEOs reduce the firm value for underinvestment and overinvestment problems and moderate overconfident CEOs willing to take risky but positive NPV projects increase the firm value. This paper conducts an empirical research by using the change of purchase and sale on own company stocks took by CEOs to measure CEO overconfidence level in Taiwanese listing companies and find that the profitability and stock performance of firms led by excessively overconfident CEOs and excessively diffident CEOs decrease compared to by moderate overconfident CEOs. The result contributes to the understanding of the impact on firm valuation by CEO idiosyncratic characteristics and offers new evidence to behavior finance on corporate management.

以往於經理人過度自信對公司投資決策影響之研究中，大部分注重於經理人過度自信與資本投資之關係，僅有少數文獻探討經理人過度自信與R&D支出影響。 本研究主要為探討經理人過度自信、現金部位與融資限制之關聯，針對1993年至2013年間的1,892間美國公司進行分析，首先探討經理人過度自信是否影響R&D支出對現金部位的敏感度，在進一步將公司依融資限制分為五組進行探討，研究結果發現:(1)過度自信的經理人其R&D支出對於公司現金部位的敏感性較高，這隱含過度自信的經理人在公司擁有充裕的現金時可能會過度投資,而現金不足時可能會投資不足之情形。(2)融資限制最高的組別其R&D支出對現金的敏感度顯著大於融資限制最低的組別，同時當公司融資限制的程度提高,過度自信經理人的R&D支出對現金部位的敏感度也持續上升,這樣的結果也隱含在高度融資限制影響下，過度自信經理人在進行R&D決策時，會因公司持有的現金較多而進行更多的R&D投資。