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因為大陸上市公司於現金增資時，須符合證監會相關的財務績效規定，本論文根據Healy (1985)的模式計算淨應計項目，並根據Modified Jones Model (1991)中有關不受影響的估計期間及受影響的事件期概念，進行比較分析以推論大陸上市公司在現金增資前是否會進行盈餘管理，而在現金增資後是否會產生淨應計項目的降低及業績衰退現象。本研究樣本係選取在大陸深圳及上海交易所掛牌之上市公司，由於本研究對公司的財務資料需要從現金增資前三年、現金增資當年及現金增資後兩年為期共六年的時間（期間假設為-3,-2,-1,0,1,2），故選定於1996年至2000年間辦理現金增資的公司做為觀察的樣本，故實際的的樣本期間是從1993至今，總計共九年的時間。論文之實證結果如下： （一）盈餘管理部份 1.現金增資前盈餘增加源自於操控流動資產的應計項目、營業外淨利，而以流動負債項目來提高盈餘的情形並不顯著。 2.公司於現金增資前後之稅後盈餘、來自營業活動之現金流量和流動應計項目變動方向相反或變動幅度較小。 3.但現金增資前之短期應計項目與現金增資後之盈餘並沒有顯著的負向關係。 （二）績效衡量部分 1.公司增資後之營業淨利變動數/期初總資產、每股營業收入變動數和資產週轉率變動數可發現上市公司於現金增資後的財務績效平均有明顯衰退的現象。 2.營業淨利變動數/前一年度銷貨收入，因以銷貨收入作為平減數使公司間變異過大，但整體來說現金增資後的營業淨利變動數仍會降低。 3.每股資本支出變動數結果並未發現如預期衰退的現象，故推論公司並不會因增資而改變長期生產設備添購政策 。 （三）各群組分析部分 1.在96年∼98年公司財務狀況較99年∼00年佳，較少使用盈餘管理的工具去提高盈餘，且現金增資後經營績效衰退情況較少發生。 2.在96年∼98年公司多以應收帳款、存貨來提高盈餘，99年∼00年公司則多利用短期投資來提高盈餘。 3.較有誘因盈餘管理的公司，現金增資前會有明顯從事盈餘管理的跡象，現金增資前後應計項目和營業外淨利亦有異常的變動，且現金增資後的績效將有較大的衰退情形。 4.依本研究設計屬（特許）的公司群組實證結果並不未如預期推論。 / This study examines two major issues, potential earnings management and changes in operating performance in the event of seasoned offerings among listed companies in China. This study collects nine years data staring from 1993. The empirical findings can be summarized as two parts in the followings. The first part explains the empirical findings with respect to earnings management. First, the earning management behaviors significantly relates to accruals resulting from current assets and non-operating gains rather than accruals from current liabilities. Second, the after-tax net income, cash flows from operating activities, and current items of accruals have significant negative relationship before and after the event of seasoned offerings. Third, the short-term accruals prior to the event of seasoned offerings do not have significant negative relationship with earnings subsequent to the event as predicted in the hypothesis. The second part of empirical findings relate to operating performance between before and after the event of seasoned offerings. The results show that the operating performance decrease subsequent to the event of seasoned offerings in all measures developed in this study. However, the event of seasoned offering does not significantly affect the decision capital expenditures.

近年來，隨著國民中學相繼成立及教育經費嚴重的不足，整個國民中學的教學環境已大不如前，在這種愈來愈多公私立國民中學，搶愈來愈少的學生情況下，如何提昇學校之整體績效，將有限的資源做最有效的運用，已成為現今學校績效衡量的重要課題。 本研究採用平衡計分卡之觀念，彙整有關國民中學整體績效衡量指標，同時參考其所扮演的角色及功能，設計問卷，並針對教育人員為實證研究的對象，進行問卷調查，問卷調查所得資料運用電腦統計軟體SPSS for Windows 12.0版，以描述性統計分析、t考驗、單因子變異數分析等統計分析方法進行資料處理。研究結果顯示所有指標在國民中學教育人員的重要性認知選取上平均值都大於3.5，顯示其皆認為這些指標對於國民中學績效衡量上都非常重要。在各構面整體績效衡量指標方面，「財務構面」平均值最高，其次為「內部流程構面」、「顧客構面」、「學習與成長構面」，而「學習與成長構面」受重視程度為最低。在不同樣本特徵之重要性認知差異性分析方面，受試教育人員因性別、年齡、教育程度、現任職務、服務總年資、是否參與決策的不同而有顯著差異。 總之藉由平衡計分卡之觀念彙整成國民中學整體績效衡量指標，對教育人員所作實證性研究，萃取出教育人員之角度對績效指標重要性程度之認知情形，可提供國民中學依其自身的策略、願景按照此平衡計分卡四大構面和績效衡量指標增刪適合其學校目標所需，以建立一套策略性績效評估制度；並可作為教育主管行政機關日後建構績效衡量參考，以補救現行公立高級中等以下學校教師成績考核辦法總結性評量之缺失，藉以提昇學校總體競爭力。 關鍵字：平衡計分卡、績效衡量 / The serious deficiency of education funds in recent years, as junior high schools are established in succession, the teaching environment of the whole junior high school has already been in a greatly reduced state compared with what it used to be. Besides, more and more public and private junior high schools have to vie with each other for students that are getting fewer and fewer. Under the circumstances, how to promote the whole performance of the school and make the most effective use of the limited resources have already become important subjects that assess the performance of a school now. This research adopts the idea of the balance scorecard and gathers together the relevant indicators of the whole performance of junior high school and the role and function they act. According to those mentioned above, the questionnaire was designed and took education personnel as the target to carry out the survey. With the help of the computer software SPSS for Windows edition 12.0, all the questionnaires were analyzed by methods such as describing statistical analysis, t test, and the single factor making a variation, etc. The research shows the average of all the indicators of the choice of secondary school education personnel's importance cognition is greater than3.5, and it also shows that these indicators matter much to the performance of junior high school. As for the indicators in each perspective of the whole performance, the “Financial Perspective” gets the highest average, and then the ”Internal Business Process Perspective”, the “Customer Perspective”, and the “Learning and Growth Perspective.” The “Learning and Growth Perspective” receives the least attention of all. In the discrepancy analysis on importance cognition under different samples, the target varies with the sex, age, education degree, rank, year in service, and decision participating. To sum up, by gathering together the indicators of the whole performance of junior high school with the idea of the balance scorecard, studying the real examples about education personnel, extracting out the cognitive situation of the importance of performance indicators from education personnel’s viewpoint, this research can offer a junior high school to establish a set of tactical performance assessment system according to the school’s strategies and visions which are suggested by the four perspectives of the balance scorecard and the perform indicators. Furthermore, it can also be a reference for the administration of education to set up the performance assessment system in the future which may be a remedy for the current assessment of the teachers under the public high schools and promote the overall competitiveness of the school. Key words: Balance scorecard, Performance measures

企業組織的本質，在於將資源充份有效地運用，俾達到創造價值的目的。為了達到這個目的，每個企業無不使出渾身解數，想盡一切辦法朝此方向努力。有的企業從策略面著手，擬定具有差異化，讓企業可以出奇制勝的競爭優勢的策略內容；有的企業則不斷地改善營運管理，讓本身在成本競爭上持續保持優勢。更有的企業直接從價值創造的主題著手，找出會影響價值創造的關鍵因素或層面，並加以管理，俾達到目標。 　　自１９９２年哈佛大學商學院教授Robert Kaplan與諾朗諾頓研究所之CEO David Norton推倡平衡計分卡制度以來，此制度著實已成為策略的一項落實制度。許多組織之所以遭遇失敗，原因並不在於其沒有策略或是策略的品質不夠好，而在於組織缺乏了將策略貫徹執行的能力，因此影響了企業之成功。平衡計分卡制度之所以備受重視，即在於它提供了一套系統性的架構與方法，能夠有效地幫助組織跳脫策略口號的迷思，進一步使組織整理聚焦在策略上，俾發揮最大的力量，持續地朝價值創造的目標邁進，以保持領先之地位。 　　本研究以個案銀行實施平衡計分卡制度對公司績效之影響，以實施前後做一比較，依財務性及非財務性指標分析，經實證研究結果，實施後財務指標均較實施前明顯增長，非財務指標（客戶構面、內部流程構面、學習與成長構面、加上風險構面）亦有長足之改善，惟發現個案銀行實施平衡計分卡後，對公司願景、使命、策略目標與個人目標之結合度仍顯有落差，若能將三者做更深入的結合，勢必可創造出更大的績效。然囿於時間、資料、方法等限制，無法完整，對研究個案銀行建議，為落實平衡計分卡之功效，務必使所有員工充分瞭解該項管理制度之精髓，且定期檢視策略目標與執行成果，適時調整方向，審慎地制定績效衡量。另對後續研究若能結合其他管理制度，才能發揮最大效益，未來可嘗試，將平衡計分卡與結合作業制成本管理（ABM）與經濟附加價值（EVA）連結研究，亦是新方向。

人力資源管理為公司營運管理之中日趨重要之學門；而其中績效管理與薪酬管理為人力資源管理中極重要之一環。根據過去實習經驗，績效管理與獎酬制度時常有制度流於形式、分配不公平、激勵效果不彰等議題；是以希望透過本研究來釐清上述問題於公司中，實際發生情況，並對照學術理論架構來思考對應策略，期待可以對歸納公司實務之員工獎酬與績效衡量指標之執行方式、與學術理論之對應性與出入、找出公司問題之痛點、並進一步提出改善建議。 本研究乃以質化方式來探討欲研究之議題，採用三段式之訪談架構，約訪個案公司之人力資源主管、業務單位主管與公司統籌營運之高階主管。透過人資主管，彙整歸納訪談紀錄，了解該公司乃之績效考評制度與獎酬分配方式；與業務主管訪談，則了解該公司該套管理制度之實際運行程效以及所面臨之問題；與高階主管訪談，則進一步釐清該公司所面臨的問題，並討論各項問題之解套方式。 而個案公司之績效考評制度乃採用等級評分法、硬性分配法、評語法與目標評分法，並依照職等與職位別來設計每一單位之績效評核表，每年進行一次年度總體員工績效衡量。其獎酬制度，則依據其績效考評結果，有年度年終獎金、酬勞金，季度專案獎金，月度績效獎金等類別。個案公司於績效獎酬制度之架構雖完整，但仍存在獎勵不夠及時、激勵效果不佳等議題。彙整語對照學術理論與業界實際執行情況後，本研究認為，業界與學術界績效衡量與獎酬制度之相對應性；而績效衡量辦法實務衍伸之問題，包含：業務單位之獎酬策略與績效衡量指標探討、內勤單位之績效衡量議題、主管主觀意識影響績效衡量結果，需要依賴公司持續檢討制度之問題點、教育訓練主管、以及協助主管除了執行績效評定之外，善用其他管理工具，方能達成績效衡量指標予員工獎酬策略之效率與管理意涵。

本研究嘗試探討美國大學籃球選手使用NBA官方效率衡量方法，計算並比較美國大學選手兩個時期其中之關聯，並期望找出最能預測NCAA籃球選手進入NBA之關鍵成功因素，以及探討選手大學表現與其預職業生涯表現之關聯性。本研究使用1996-2000年期間，208位參與選秀進入NBA的球員當作觀察對象，並以其進入NBA後10年之表現，作為評估其職業生涯之表現。 研究結果發現球員大學表現以NBA官方效率公式所計算之效率值越高，選秀順位就越前面，尤其選手的得分與阻攻影響選秀順序最大，得分越高與阻攻次數越多，選秀順位就越前面。其次，大學時期的表現與進入職業以後的表現不論用NBA的效率值，或Hollinger 的效率值都有顯著正相關。就整體而言，大學時期的養成表現，確實可預測球員職業生涯的績效。

組織績效衡量長久以來便是學者關注的議題，特別是在擁有公權力的政府組織中；而如何透過績效衡量制度的輔助，使組織得以有效使用人力資源，並引導其朝向組織使命、策略目標邁進，即成為策略性績效衡量制度的核心課題。 本研究以針對國立中正文化中心之個案研究為主體，分析其組織特性後，首先探討現行績效衡量制度所遭遇之問題；次而以平衡計分卡概念設計其策略目標及績效衡量指標；最後則透過問卷調查檢測組織內不同部門別、身份別成員對各績效指標重要性程度認知是否有差異，並據以提出對整體制度設計之建議。 研究結果顯示，個案組織現有績效衡量制度，係散見於各項法令規定，其主要目的仍為消極地符合規定，無法有效激勵員工達成組織願景與目標。故建議個案組織可依平衡計分卡策略地圖之概念，按組織之使命、策略，建構出包含財務性及非財務性（含顧客、內部流程、學習成長等三項構面）之策略目標及績效指標，並透過績效責任劃分、貢獻度評比分別與組室、個人績效衡量制度相連結。此外，根據問卷結果分析發現，員工服務單位的不同及所屬身份別的不同的確會影響對於績效重要性的認知，且後勤單位及公務人員對組織績效與策略之重視不足將會造成組織與個人目標不一致（goal incongruence）之反功能現象，亟待改善。 / Performance measurement has been an important topic in academic research, particularly in the study of governmental organizations with which ultimate authority over public resources lies. How to achieve a more efficient use of resources and guide the organization towards its goals and vision has become one of the main subjects within the discussion of performance measurement. This research was based on a case study of the National CKS Culture Center, with a focus on the subject’s unique characteristics. First we examine the problems the organization encountered under the current performance measurement program. Then, a complete setting of new strategic goals and performance measurement indicators based on the balanced scorecard approach was proposed. The third part of this study reported the results of a survey, in which members of the subject organization from different departments and positions were asked to rate the significance of various performance indicators. Suggestions on the overall performance measurement system of National CKS Culture Center were presented at the end. Our findings showed that the current performance measurement system was simply a combination of rules extracted from various legislations, and the organization goal for most employees was to passively follow these regulations. We suggested that the organization should follow the strategy map approach, and set performance measurement indicators according to the organization’s mission and strategy. Both financial and non-financial indicators (consisting of different perspectives such as customer, internal process and learning & growth)should be incorporated into the system, including the measurement of department and personal performance. The survey also revealed that the difference in department and position strongly effected how an employee viewed the importance of different performance measurement indicators. The lack of interest and saliency on these measurements from the supporting personnel and civil servants would result in goal incongruence between the organization and individuals, which would cause negative impact on the organization as a whole.

面對市場未來趨勢的不確定性，投資者可以運用「投資組合保險」的概念，既能保障原本所投資的資產價值，又可以參與市場上漲時的獲利。本研究以類神經網路來研究證券市場的現象，一方面是已經有許多類神經網路在財務分析上的研究成果，另一方面是其具有學習以及預測的能力。 本研究首先探討投資組合保險策略，接著再比較投資組合保險策略在不同市況下的績效表現，隨後提出兩個階段的研究架構，經過設計與建置，以類神經網路模型進行對大盤未來漲跌型態的模擬預測，並利用預測的結果，輔助投資組合保險策略的決策，最後並將研究結果與大盤績效做綜合分析比較。 本研究的資料採取自台灣證券集中交易市場，期間為1991年1月3日至2002年12月31日，共3306個交易日，取大盤每日交易之歷史資料，經過處理後建立資料庫。類神經網路模型具有預測未來大盤漲跌區間的能力，在本研究所提出的漲跌區間劃分方式上，其預測正確率達到55%，預測的結果與實際漲跌完全相反的比例僅10%，其餘的35%為相鄰區間的預測誤差，其預測能力有助於投資組合保險策略的進行。 經過類神經網路模型輔助而進行的停損策略（SL），其年報酬率以及Sharpe Ratio，在大盤下跌的期間，兩個績效指標衡量結果皆為正值（21.125%＞0以及980.493＞0），充分發揮保險功能；而在大盤上漲的期間，兩個績效指標衡量結果皆優於大盤（46.544%＞17.137%以及393.808＞110.069）。 在年報酬率與Sharpe Ratio之間，本研究主張在探討投資組合保險時應著重風險的衡量，因此經過類神經網路模型輔助而進行的固定比例投資組合策略（CPPI），搭配槓桿乘數M值的調整，在大盤下跌的期間，其Sharpe Ratio依然可以維持正值，達到保險的效果，保護投資人的資產免於損失；而在大盤上漲的期間，其Sharpe Ratio更是高於大盤，可以享受資產價值提昇的獲利。 / Facing the uncertainty of the market trend, an investor can use the concept of “ Portfolio Insurance ” to protect the value of his portfolio in bear market and earn the benefit from bull market. There have been many researches about applying Neural Network in the financial analysis and Neural Network has the abilities to learn and forecast. This research evaluates the performances of the portfolio insurance strategies in different market trends. Then two-stage research structure has been designed and built. The first stage is forecasting the up-and-down trends of the equity market index by Neural network model. The second stage is using the forecasted results assisting the portfolio insurance decisions. Finally, the results of this research have been analyzed and compared with the benchmark. The Neural Network is able to forecast the future up-and-down trends. The accurate rate is 55%. During the bear market（2002）, the annual rate of return and Sharpe Ratio of the stop loss（SL） strategy which is assisted by NN are both positive（21.125%＞0 and 980.493＞0）. During the bull market（2001）, they both outperform the benchmark（46.544%＞17.137% and 393.808＞110.069）. The annual rate of return is more important than Sharpe Ratio because the risk measurement is an important factor in portfolio insurance strategy. Sharpe Ratios of the CPPI strategy which is assisted by NN outperform the benchmark in both above mentioned bear and bull market. In short, the SL and CPPI strategy assisted by NN not only protect the value of the portfolio from losing in bear market but also gain profit in bull market, so they are the ideal portfolio insurance strategies.

2008年，中國實施勞動合同法與爆發全球金融海嘯，使大陸各行各業在遭受訂單下滑的同時，也面對人工成本增加的雙重考驗。隨著2009年7月的景氣增溫，以及中國政府擴大內需的政策，企業的訂單雖增加，但卻又發生勞工短缺的問題。2010年第一季以來，中國各地又開始陸續調漲最低工資，造成許多勞力密集的產業面臨外移或西進的抉擇。大陸台商在所歷經的重重挑戰，其實都是商業世界的常態，企業必須因應外界局勢的轉變，調整策略方向，並將策略貫徹校準到組織、流程及每一位員工的身上，方可淬鍊出新的競爭優勢與抵抗力，在下一波變局的挑戰中克服衝擊並開創新局。 個案公司為某專業五金產品設計、製造之大陸台商，在1994年即已進入中國大陸設立生產製造的據點。個案公司之產品具有產業環境快速變化、市場競爭、產品生命週期短、產品組合少量多樣等特性。本研究首先針對個案公司當前所面臨的挑戰與管理議題進行說明，然後運用策略形態分析法，重新擬定策略方向，再以平衡計分卡的精神，從財務、顧客、內部流程與學習成長四個構面引導出符合策略方向的策略性議題，制定策略性目標與關鍵績效指標，以提供管理階層與全體員工明確的量度，做為未來績效薪酬的考核依據，以確保組織行動與策略方向一致。最後並針對每個策略性目標提出初步行動方案，做為個案公司啟動變革的行動藍圖。 / Law of The People’s Republic of china on Employment Contracts has been effective since 2008, which inevitably increases the labor costs for all companies. In the same year, all the industries suffered the steep downturn of incoming orders caused by the worldwide financial crisis. Although corporate received more orders since July of 2009 resulting from the minor recovery of economy and the policy of internal expansion, the shortage of labor issue appeared. Since the first quarter of 2010 and onward, the minimum wage was set to higher level again, which makes those labor-intensive industries confront the decision of either move out of China or relocate to the west. These challenges to the companies in mainland China are nothing but common to the business world. Corporate must cultivate its capability to adjust its strategy and align its organization, processes people and resources with its strategic direction so as to confront the fast changing environment and gain its competitive advantages. The subject company in this research is a Taiwanese company specialized in providing design and manufacturing service of sheet metal. The subject company set up its manufacture facility in mainland China since 1994. Currently the product line is characterized with fast changing, competitive, and low volume high mix. This research first analyzes the challenges and management issues faced by the Company, followed by the development of new strategy base on an application of the strategic posture approach. By a further use of a balance scorecard framework, the strategic issues for finance, customer, internal process, and learning and growth perspectives are derived. With the development of the strategic performance indicators, a clear strategy-focused performance management framework is provided and referenced for future assessment of incentive-based compensation system. With organizational behavior aligned with the strategic direction, the initial action plans for every strategic target would be proposed as an action blueprint for corporate revolution of the company.

本文以實地實證研究方法，探討「非財務性績效衡量指標」與「工作設計」此二項誘因工具對員工績效的影響。實地研究對象為一家商業銀行，研究期間為1993-1997；該行於1995年7月開始採用非財務性績效衡量指標，並自1996年1月選擇五家分行實施徵、授信分工。 本文首先利用個案銀行17位授信員連續60個月所構成的縱查資料（panel data），以固定影響模型（fixed-effects model）分析非財務性績效衡量指標誘因工具對員工績效的影響，發現銀行授信人員之績效考核制度中，加入授信不良率與脫落率非財務性衡量指標後，雖然授信員努力的重分配導致其授信金額與利息收入財務績效變差，但授信員的授信不良率與脫落率非財務績效變佳，整體而言，授信利潤有顯著的改善。 本文另以實施徵、授信分工前後，51名授信員的績效資料，採中斷的時間序列設計（interrupted time-series design），檢定非財務性績效衡量指標與工作設計配合採用後，員工的績效是否較佳。分析結果顯示，存在非財務績效衡量指標之獎酬制度下，配合實施徵、授信分工的授信員，其授信金額及授信不良率績效顯著較徵、授信合一之授信員為佳。 / This thesis reports the results of a longitudinal field study examining the impact of nonfinancial performance measures and job design on employee performance. A commercial bank was the research site. The bank adopted nonfinancial performance measures in July 1995 and redesigned jobs in retail banking credit underwriting at five branches in January 1996. Prior to the job redesign, sales representatives were jointly responsible for all credit underwriting functions including credit extension and credit servicing. After the change, sales representatives were only responsible for credit extension while credit servicing was handled by credit decidion-makers. Panel data for 17 sales representatives over 60 months (1993 through 1997) were obtained to assess the effects of adopting nonfinancial measures on employee performance. Using fixed-effects regression analysis, the results are consistent with the predictions of agency theory: although loan volume and interest revenue decreased following adoption of nonfinancial measures to evaluate and compensate the performance of sales representatives, loan profit increased significantly. This thesis also hypothesizes that employee performance increases with the fit between incentive systems based on nonfinancial measures and job design. The empirical tests of this prediction rely on an interrupted time-series design, using performance data of 51 sales representatives in the 1995-1997 period. After the change in job design-separation of the credit underwriting jobs-alogn with introduction of incentive systems based on nonfinancial measures, the treatment group demonstrated greater improvements in productivity and quality performance. This result supports the hypothesis developed.