企業流程整合，透過資訊系統，結合人員、組織及資訊科技技術，使企業能夠產生協調作用，以滿足企業各種不同層級的需求。過去許多資訊流程整合的研究，廣泛探討系統整合技術與執行效益，卻很少著墨資訊流程整合可能引發的缺失。對於企業來說，導入資訊系統的流程整合並非改造企業的萬靈丹，不該輕忽資訊流程整合所帶來的負面傷害。本研究以縱觀的角度探索資訊流程整合對企業所帶來的影響，並以資訊流程整合的缺失為本研究的重心。 本研究從策略面、作業面、組織面、功能面、資訊與技術面等五大方向，探討資訊流程整合的影響，期望藉由全方位之檢視，找出企業可能忽視的資訊流程整合缺失。進一步從企業的商業流程設計、使用者意願和能力及系統設計者能力三方面，著手研究整合缺失的來源。 藉由實際個案探討，本研究驗證資訊流程整合的缺失項目與缺失來源之關聯性。探討過程中，有四項新發現。 第一、不同階段的資訊流程整合，產生不同的缺失與來源。不同的資訊流程整合階段，企業所面臨的環境及考量的因素不相同，因而產出不同的缺失。 第二、資訊流程整合缺失可區分為相對不可避免性與可避免性兩類。企業資訊流程整合過程中，有許多效益是其他成本替換（Trade-off) 的結果，因而相對不可避免其他層面的缺失。然而，有些相對可避免的缺失，實際上是可以預防與避免的。 第三、資訊整合的效益與缺失，經常是於不同環境或條件下同時出現。無論是節省成本或是效率提升都有此現象，也就是說，效益或缺失會依資訊整合內容不同，而有不同結果。 第四、全面整合的流程可能消減有效的人性溝通。資訊流程整合後，變成機器與機器的螢幕溝通，減少或消除了人與人之間的深度溝通，終將影響到整個企業的敏感度、判斷力與即時反應力。也就是說，整合的科技無法完全取代人與人的溝通與互動。

本研究使用TFIDF文字探勘技術分析樣本公司年度財務報告裏的管理階層討論與分析(Management’s Discussion & Analysis of Financial Condition and Results of Operations，以下簡稱MD&A)與財務資訊，欲探討公司內部控制有效性對於MD&A資訊與財務資訊一致性之影響。本研究樣本自2002年至2014年美國上市櫃公司之年報中選取，研究結果顯示，當內部控制出現重大缺失，會對企業財務報導一致性產生顯著影響，內部控制具備有效性，其財務資訊與MD&A文字性資訊所揭露之訊息較為一致。 / The major purpose of this study is to examine the relationship between internal control weakness and the financial reporting consistency. I use TFIDF text mining technology analysis the Management's Discussion & Analysis of Financial Condition and Results of Operations (MD&A) and financial information. All annual report of the US-listed companies from 2002 to 2014 are collected as data samples. As anticipated, we find that internal control weakness is negatively correlated to the financial reporting consistency. Companies with no internal control weakness present more consistent MD&A information comparing to their financial information.

吾人在抽樣調查訪問中, 經常會遇到資料缺失的情形。一般分析者常僅用有反應的部 分資料, 或使用各種不同的插補法先將資料補齊之后( 若資料分析者具有此統計專業 知識的話 )來進行分析, 因此可能造成使用相同的估計式(estimator) 卻獲得不一致 的結果。 在本文之中, 吾人討論: 當母體里的兩個變數, 具有簡單線性回歸之關系時, 其中一 個變數有缺失值, 并且資料的缺失是隨機散失的情形下, 今以七種不同之插補法( 平 均插補法(MO), 隨機插補法(RI), 分層平均插補法(MC), 分層隨機插補法(RC), 簡單 回歸插補法(RG), 隨機回歸插補法(RRS及RRN)) 將資料補齊后, 對於吾人所熟悉之一 些統計量( 例如:E(β ),E(β ),E(σ ),Var(β ),… 等),會有什么影響。同時也討 論了比較這些插補法之優劣的一些依據。最后我們利用其理論結果, 配合1986年美國 零售交易普查資料作實證分析, 并且以電腦來模擬資料缺失的情形, 使用插補法補齊 資料后予以分析研究, 比較其與理論結果之差異。 本文共分五部分, 其架構如下: 第一章 緒論, 說明研究動機與目的, 并回顧以往文獻在插補法之探討。 第二章 各種插補法及相關符號之簡介與定義。 第三章 各種插補方法之綜合比較。 第四章 實證分析。 第五章 緒論。

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.

金融秩序之維持基於金融機構的穩健運作，金融機構穩健運作之關鍵來自內部控制制度的落實，而此一制度係建構在公司治理—強化經營者責任上。2013年底，我國公司治理機制一項重大變革為審計委員會之設置要求。因此本研究即探討審計委員會與內部控制缺失之關聯性。以2013年至2015年上市櫃金融控股公司（包含其銀行和保險子公司）以及上市櫃和興櫃的銀行及保險公司為研究對象。 本研究發現：審計委員會與內部控制缺失具統計上的顯著關聯性。審計委員會的設立與內部控制缺失呈顯著負相關；監督者（獨立董監事及審計委員會成員）會計或財務專業的比例，並未與內部控制缺失成顯著負相關，拆出分獨立董監事和審計委員會兩項不同監督機制，其成員會計或財務專業的比例與內部控制缺失也並未呈現顯著的負相關；金融控股母公司的獨立董事同時兼任子公司獨立董事，則與較多的裁罰件數成顯著正相關。另外研究也發現，部分會計師事務所與金融業者內部控制缺失呈顯著的負相關。 綜上結果隱含以下推論：審計委員會監督功能發揮，將幫助金融業者減少內部控制缺失的發生，不過獨立董事在同一金控體系兼任多家公司獨立董事的情形，並未有較佳的監督效果出現。由於我國金融業者發生的內部控制缺失類型多樣，因此在審計委員的安排上，除了會計或財務專業的審計委員，也可廣納其他專業的專家學者擔任，另外會計師事務所也可扮演完善內部控制制度的一個輔助角色。 / To find out the effect of the audit committee on internal control, this study examines the association between audit committees and internal control deficiencies.The samples are listed financial holding companies including their bank and insurance subsidiaries, bank, and insurance companies in TWSE and OTC in Taiwan over the period from 2013 to 2015. I find that the audit committees are negatively associated with the internal control deficiencies. However, there is no association between the audit committees of accounting or financial expertise and internal control deficiencies. Besides, I find that the circumstances that the independent directors of the financial holding parent companies also serve as an independent directors of the subsidiaries are positively associated with more incidences of penalty cases. Taken together, the empirical result indicates the association between the audit committees and internal control deficiencies in Taiwan financial industry.

本研究主要係在探討經過會計師查核的內部控制報告書是否會影響到分析師的公私有資訊精確度以及市場流動性。實證結果發現，當公司被視為具有重大內控缺失者，會造成分析師公有及私有資訊精確度下降，進而使得整體資訊環境的不確定性增加。本研究亦發現，當公司揭露內部控制缺失時，該公司在宣告期間會有較差的市場流動性以及較嚴重的資訊不對稱性。本研究更進一步將內控缺失區分成公司及會計層級內控缺失，結果發現有公司層級內控缺失的公司，相較於會計層級缺失者，會有較差的公有資訊精確度及市場流動性。最後，本研究發現，若公司下一年度有進行內部控制缺失修正時，會產生較高的公私有資訊精確度及較高的市場流動性。 / This dissertation extends prior research on internal control weaknesses (hereafter ICW) by examining the impact of internal control weakness and their remediation on information precision and market liquidity for firms filed Section 404 reports with the SEC. First, I find that the presence of ICW is associated with lower precisions of public and private information contained in analysts’ earnings forecasts, which in turn increase overall information uncertainty. Second, I find that market liquidity is significantly lower for ICW firms. Moreover, this dissertation provides evidence that firm-level control weaknesses have stronger impact on public information precision and market liquidity than account-specific control weaknesses. Finally, this dissertation suggests that ICW remediation firms have higher information precision and market liquidity, compared to non-remediation firms. My results are robust after controlling for the endogeneity problem and other sensitivity tests.

全文主旨在運用現代社會科學中所建構的革命理論，以檢證馬克思革命理論的廖誤與 缺失。 第一章為導論，主要是概述作者研究動機、範圍、方法以及引界革命的一般概念。第 二章則分別由辯證唯物論與歷史唯物論的演展和要義，論述馬克思革命理論的哲學基 出。第三章則以階級門爭論與暴力革命論兩個主題，論列馬克思革命理論的基本假定 。第四章則從社會衝突的存在，社會衝突的根源及社會衝突的解決三個面向來檢證馬 克思革命理論。第五章為總結全部研究心得，並給予馬克思革命理論以合理的評價。

本研究以2007年至2011年中國滬深交易所A股上市公司為研究樣本，以中國證監會公佈之行政裁罰、深滬兩交易所對上市公司之處分、及企業自行揭露的內部控制評價報告之內容分析企業發生內控缺失之類型，依照中國《企業內部控制基本規範》，將內部控制缺失依內控五大要素與五大目標予以分類彙總。並將企業的投資效率分為投資不足與過度投資，分別探討內部控制有效性對公司投資效率之影響。 實證結果顯示投資不足的程度與可靠的財務報導之內控目標的內控缺失存在正向的顯著關係。而過度投資的程度與是否發生內控缺失、後勤支援活動和內控設計及執行的內控缺失類型、內控五大要素、及營運的效率效果之內控目標的內控缺失呈現顯著或單尾顯著的負向關係。整體而言，在被監管單位揭發內控缺失資訊，內控有效性較低，而自我揭露愈多內控資訊，企業內控意識可能較佳之假設下，內控缺失一定程度影響企業的投資決策，內控的有效性有助於投資效率。 / Based on the sample of A-share listed companies in China over the period of 2007-2011, the research classified the companies by under investment and over investment, and investigated the impact of internal control efficiency on firm investment effectiveness separately The study comprehensively collects internal control reports released by listed firms and collects penalties which are released by the China Securities Regulatory Commission (CSRC), the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE). A further classification of internal control weaknesses was performed based on the nature of the events, COSO Internal Control — Integrated Framework and regulations of internal control in China. 　　In sum, the empirical results indicate that, for the companies under investment, the internal control weaknesses of financial reporting have significant positive impact on firm investment effectiveness. On the other hand for the companies which were over investment, those with internal control weaknesses have significant negative association with investment effectiveness. Moreover, the results show that companies with defective of logistics work or the design and execution of internal control were worse performers on investment effectiveness. Based on the COSO framework, the internal control weaknesses classified by the elements, including control environment, risk assessment, control activities, information and communication, monitoring, and the efficient and effective operations of the internal control objective are significant or one-tailed significant negative correlated to firm investment effectiveness. Collectively, if the internal control weaknesses were disclosed by the authorities, the firms had worse internal control efficiency, while the firms which were more conscious of internal control would disclose the internal control weaknesses themselves. The study shows that internal control weaknesses have impact on firm investment policy, and that internal control efficiency helps promote firm investment effectiveness.