隨著金融財務工程演進，透過精密電腦運算，衍生性金融商品不斷推陳出新，提供銀行及投資人避險及投資等多元管道。但是，水能載舟亦能覆舟，次貸風暴的發生，主要原因正是銀行利用衍生性金融商品過度從事槓桿及投機交易，其面臨風險已非區區資本適足率8%所能承受，也因此造成全球銀行的倒閉風暴。 本研究主要藉由了解次順位債券的特色及功能，次順位債券的訂價與評價，以及透過台灣、中國大陸、及美國等三個國家發行次順位債券情形，和各國主管機關與巴塞爾資本協定對次順位債券監理與規範，分析探討銀行發行次順位債券的目的、影響次順位債券發行成本的因素、投資人對於次順位債券的投資行為、以及次順位債券對於銀行資本管理的影響。 研究顯示，銀行的財務結構、信用評等、及資本適足率與發行次順位債券的風險溢酬，呈現顯著的反向關係；逾期放款比率及信用價差與發行次順位債券的風險溢酬，呈現顯著的正向關係。銀行風險承擔能力的良窳決定次順位債券的發行成本，次順位債券風險溢酬的高低，也成為投資人判斷投資標的資訊來源之一。銀行可藉由發行次順位債券提高資本適足率，作為吸引損失準備；銀行信用評等越高、財務結構越健全，發行次順位債券的機率也越高。投資人可藉由銀行信用價差及次順位債券發行利率做為投資判斷的資訊，進而發揮間接的市場制約功能，輔助主管機關的金融監理。 / Several recent studies have recommended greater reliance on subordinated debt (SND) as a tool to discipline bank risk taking. Some of these proposals recommend using sub-debt yield spreads as triggers for supervisory discipline under prompt corrective action (PCA).This yield spread is considered to be a good measure of bank risk, as the holders of SND absorb the first loss in the case of a bank failure. Currently such action is prompted by capital adequacy ratio measures. Evidence from previous research suggests that yield information may be a better predictor of bank problems. This paper empirically analyzes potential costs and benefits of using SND signals to effect bank capital management and consideration should be given to using spreads to complement supervisory discipline. The goal of this study is to provide a comprehensive review and evaluation of purpose and potential of SND proposals and to present a regulatory reform proposal that incorporates what we believe are the most desirable characteristics of SND.

企業的策略制定與執行並非一成不變的，必須依產業的變化、競爭的動態況、及本身的資源多寡，隨時檢視是否需要加以修正，如此才能讓企業立於不敗之地，達成永續經營。在產業的生命週期步入成熟期以後，單靠『產品創新』與『流程創新』均不足以維持企業的競爭力，必須藉由『策略創新』來接續企業的生命力，所謂的『策略創新』也就是重組價值鏈，傳統上，許多企業對於重組價值鏈的做法是進行『垂直整合』。但在核心能力（Core Competency）的觀念普遍化之後，管理的鐘擺又朝向了垂直分工，於是降低垂直整合反而成為風尚，企業開始更加注重專注、輕裝、簡捷，把競爭力的重點放在自己最為優勢的領域，對於非核心能力價值活動，企業改以外包的方式來取代。 關於垂直整合策略或分工策略的相關研究，過去雖有諸多文獻探討，但其研究方向多著重在策略形成的動機、效益、成本、影響因素及與經營績效的關係，對於垂直整合的關鍵成功因素，及垂直整合策略在執行過程，若面對外在環境的變化需要調整時，引發策略需要改變的內外在因素為何？如何進行策略調整？以及如何進行策略調整後的管理，這些在過去的文獻中則較少學者加以探討，因此，本研究擬以與民眾生活密不可分的小家電產業為研究對象，探討以下問題，並希望能為小家電產業帶來實質的貢獻。 一、 導致企業由『垂直整合策略』走向分工的因素為何？ 二、 企業應如何由『垂直整合策略』調整至『分工策略』？ 三、 如何進行分工後外包的管理？ 本研究以文獻探討為基礎，進行研究架構的發展，而在個案公司應具有代表性的考量下，選擇全球最大的小家電供應商-燦坤集團的小家電部門為研究對象，透過個案分析與資料整理，本研究獲得如下的結論： 一、 導致企業由『垂直整合策略』走向『分工策略』的因素 (一)、內在因素：垂直整合項目若未掌握關鍵成功因素，尤其是背離了『在可以成為核心能力的價值活動進行整合』，在經歷一定時間後，將會導致文獻中所提及的垂直整合的成本，且不斷地升高。 (二)、外在因素：當『產業規模經濟』的良性循環所彰顯的利益超越企業進行垂直整合的利益時，企業將會將『垂直整合策略』調整至『分工策略』，改以外包取代自製。所以，企業進行外包的動機，從個案公司的研究中得知，除部分項目與文獻所提的不同外，其餘項目諸如專注於核心能力，將資源聚焦，避免或減少資本支出、減少材料的損耗，及降低無效率，以取得較低的成本，改進服務的績效等，均與學者Lomas (1997) 與 Mariotti (1996) 提出的企業進行外包的動機相符。 二、 企業應如何由『垂直整合策略』調整至『分工策略』？ 關於企業由『垂直整合策略』調整至『分工策略』的方法，結合文獻與個案研究的結果，本研究認為應包含三個部分，第一是決定外包的標的，第二是遵循外包的流程，第三是掌握外包的關鍵成功因素。在選擇外包的標的上，企業應將非核心或無效率的值值活動予以外包；而在外包的流程上，有二十一項的程序必須加以遵循。 外包的流程與外包的關鍵成功因素，兩者為一體兩面。 三、 如何進行分工後外包的管理？ 關於如何做好分工後外包廠商的管理，本研究獲致的結論包含兩大部分： (一)、中心思想：企業在進行分工後的管理，必須與供應商構築穩固的關係，經由更好的協調，共同降低價值鏈中的成本，同時持續加以管理。 (二)、具體作法：此包括兩個部分，第一個部分是『建立分工後的管理作業程序』，包括改善作業流程及建立標準作業規範、組織與工作權責調整；第二個部分是『建立中衛體系運作的管理模型』。包括成立外包廠輔導小組主動協助改善外包廠之體質，包括管理、財務、技術、製程、行銷等功能，並透過衛星工廠管理辦法之建立及以衛星工廠聯誼會為溝通平台，使中心廠與外包廠之間保持連繫，發揮互相依賴、庇護、相輔相成的作用。 最後，本研究對個案公司及其他小家電企業提出如下的建議： (一)、對個案公司的建議 1、慎選有競爭力的外包廠。 2、以平等地位對待外包廠，互相合作、共存共榮。 3、快速落實合約，及標準作業規範，縮短磨合期。 4、規劃導入中衛發展中心所建議的，分工後管理外包的作法。 5、朝OVM的模式發展，研發更高附加價值的產品，以更多的專利，建立競爭障礙。 6、在中國市場重塑並發展自有品牌。 (1)、增加研發資源，積極開發符合中國人消費特點的小家電產品。 (2)、以代理、借牌、併購等方式取得國際品牌，進入中國小家電市場。 (二)、對其他小家電企業的建議 1、當產業具有產業規模大、企業數目多的特徵時，企業採取垂直整合所達成的規模經濟可以藉由產業之間的分工來達成，因此，垂直合策略與分工策略的選擇上，採取『分工策略』是較佳的策略選擇。 2、若企業因公司整體策略的需要，必須進行垂直整合時，必須把握垂直整合的關鍵成功因素(如表5-1)。 3、原本採取『垂直整合策略』的企業，若需要調整為『分工策略』時，在作法上，企業必須審視自身在『產業價值鏈』的地位，找出『核心能力』所在，集中資源予以強化；對於非核心的價值活動，則適當予以『外包』，借由『產業規模經濟』提升效率、降低成本。而為了確保『外包』的作法能夠成功，企業必須掌握外包的關鍵成功因素，選擇優秀的供應商，以公平、對等的合約與供應商建立起長期而穩定的『夥伴關係』，代替過去的『競爭關係』；同時對外包後的供應鏈進行持續的管理，如此才能成功的達成策略轉折的目的。 / To ensure sustainable development of a company, the relevant business strategies should be reviewed and adjusted from time to time, taking into account changes in the industry, dynamic status of competition and the availability of resources. Once the industry has entered the maturity stage of its life cycle, “Product Innovation” and “Process Innovation” no longer suffice the needs of a company to maintain its competitiveness in the market. “Strategic Innovation”, therefore, would be the key to maintain the vitality of an enterprise. “Strategic Innovation” implies the restructuring of value chain. To achieve this purpose, many companies adopt the traditional approach, i.e., vertical integration. With the popularity of the “Core Competency” concepts, however, the management focus has been shifted to “Vertical Disintegration”. Business entities have since paid more attention to achieving a concentrated, efficient and easily-mobile organizational structure, endeavoring to build up the company’s competitiveness by enhancing its key advantages. Value activities which do not involve the core competencies, therefore, are outsourced. From the existing literature, we can find that a lot of research has been done on both vertical integration and disintegration strategies. Less literature was found, however, about the key success factors for vertical integration, the internal/external factors necessitating strategic adjustments due to relevant changes in the external environment, methodologies for such strategic adjustments, as well as the management direction after the strategic adjustment, etc. In this research, therefore, we shall probe the following issues, focusing on the small home appliances industry: 1. What are the factors causing the shift of business focus from the “Vertical Integration Strategies” to the “Disintegration Strategies”? 2. Methodologies for companies to make strategic adjustments from the “Vertical Integration Strategies” to the “Disintegration Strategies”. 3. Outsourcing management after the disintegration process. By means of case studies and information integration, we have reached the following conclusion: I. Factors causing the shift of business focus from “Vertical Integration Strategies” to the “Disintegration Strategies”. (I) Internal Factors: Vertical integration may lead to a higher integration cost if the company failed to grasp the key success factors in the integration process, particularly if it failed to conduct the integration “within the scope of value activities which may develop into core competencies of the company”. (II) External Factors: Once the profit generated from the positive cycle of the “industrial economy of scale” has exceeded the profit resulted from the vertical integration, the company will adjust its business direction from the “vertical integration strategy” to the “disintegration strategy”, i.e., outsourcing of business rather than self-manufacturing. II. Methodologies for companies to make strategic adjustments from the “Vertical Integration Strategies” to the “Disintegration Strategies”. Based on results of documentation review and case study, we conclude that the strategic adjustments involve three parts: (1) Determine the business items for outsourcing, (2) Follow the procedures for outsourcing, (3) Grasp the key success factors for outsourcing. III. Outsourcing management after the disintegration process. Based on the results of our study, successful supplier management for outsourced business involves two major aspects: (I) Key Business Philosophy: To achieve successful management after disintegration, the company should build up a solid relationship with its suppliers and, through better coordination and mutual efforts, achieve a cost reduction for the value chain. Continuous efforts should be made in managing the outsourced business. (II) Specific Measures: This also involves two parts: (1) Establishing the “Post-disintegration Management Procedures”, including improved work flow, establishment of standard operational procedures and adjustment of organization and job contents, (2) Building up a management model for the corporate synergy system (CSS). Finally, we have the following recommendations to the target companies of our case study, as well as other small home appliances companies: (I) Recommendation to the target companies of our case study: 1. Carefully select the outsourced suppliers, ensuring their competitiveness in the market. 2. Treat the suppliers fairly. Build up a good partnership to achieve mutual prosperity. 3. Implement the contents of agreements and standard operational procedures speedily and effectively to shorten the period of mutual adaptation. 4. Introduce the methodologies for outsourcing management as recommended by the CSS Development Center. 5. Shift the business direction to the OVM model; make R&D efforts on high-value-adding products; build up barriers to competition by acquiring more patents. 6. Rebuild the brand image and develop self-owned brands in the China market. (1) Increase R&D resources. Aggressively develop small home appliances that can fully meet consumer demand in the China market. (2) Access to the small home appliances market of China through alliance with international brands, by means of distributorship, license-borrowing or acquisition, etc. (II) Recommendations to other small home appliances enterprises 1. For industries featured by large scope and number of companies, an “Economy of Scale” can be achieved by disintegration, rather than the conventional way of vertical integration. Between the options of vertical integration and disintegration, therefore, “disintegration” is a better strategy. 2. In the event that a company needs to adopt the vertical integration strategy to meet its overall strategic requirements, the company should ensure that the key success factors for vertical integration are fully grasped (Table 5-1). 3. For an enterprise contemplating a shift from the “vertical integration” strategy to “disintegration strategy”, it should first review its own position in the industrial value chain and identify its core competencies. The company should then focus its resources on enhancing its core competencies and outsourcing the value activities which do not involve core competencies, wherever deemed appropriate. In other words, the company should endeavor to improve its efficiency and lower costs by achieving an “industrial economy of scale”. To ensure the success of outsourced business, the company should also grasp the key success factors for outsourcing, select high-quality suppliers and build up a long-term and stable “partnership” with the supplier by means of a fair and equally-positioned agreement, instead of the “competitive relationship” in the past. Continuous efforts should be made to manage the value chain after the outsourcing to ensure a successful strategic change.

台灣化工業中有一個非常小的一支系，那就是紡織行業供應鍊上游中的染顏料業；建築業、印刷業、塑膠業供應鍊中的顏料業。在1970 年代亞洲四小龍開始活躍於輕工業界為全世界提供產品，台灣的紡織業、建築業、印刷業、塑膠業蓬勃發展，伴隨著以上行業的需求，大量自德、瑞士、英、美、日高價進口染顏料，讓台灣化工業者嗅覺到了商機，紛紛跳進染顏料業。這行業一直興旺到1990年代。中國大陸在1982年開始改革開放，開始時候對於生活基本物資飢渴般的需求，造成亞洲四小龍景氣到最高峰。台灣的染顏料業者此時以多年獲利紛紛尋求上市上櫃擴大獲利。在1990年代後期，中國大陸各地在紡織業、建築業、塑膠業投入大筆資金分別加入競爭是典型的競爭合流。 台灣染顏料業者A公司此時已感受到競爭，尋求走出競爭漩渦。本研究以個案探討的方式，深入研究台灣染顏料業者A公司如何走經由更新策略多角化經營、組織變革、開展新行業研發、產品技術紮根，建立技術團隊，由無到有建立生產工廠，以新產品進入新領域，銷售團隊建立，新品牌、市場行銷通路建置，由染顏料業者踏入生化醫藥產品領域，藉此討論以下三個問題： 1. A公司如何找出自己的組織能耐？ 2. A公司如何進入新領域？ 3. A公司從研發到商業化途徑中組織有何變化？ 研究發現與顯示，A公司發現了原公司技術已經擴散，本身從事的行業面臨同業突破技術障礙，以相同產品競爭，產品削價競爭，從而由此發起內部策略會議，找出自己的組織能耐為製造技術、世界四十餘國行銷通路、檢測能力、設計工廠能力、研發能力、技術與管理人力資源、高階管理人員願景與決策執行能力等，積極訂出新領域目標，集中資源包括公司財力、人員、尋求政府支持，與外部協同研發、尋找行業資深專家等進一步加強組織能耐。以行為變革、結構變革、技術變革等方針進入新的領域，因應新公司活動，變更組織成立新研發專職部門，以專案組織變動模式執行技術突破與市場滲透，而此活動帶來了新的目標，將公司資源配置移轉至研發活動，成功克服各項進入障礙後，進而公司組織再造改組，獨立出新部門成立新公開發行公司。 從研發到展開商業化的過程中面臨到企業文化的改變，組織成員對於新產品領域的不同文化與管理帶來的衝擊，新領域中由內部工作流程、組織功能、作業管理的不同，延伸到外部供應鏈管理、多國通路建立、不同政府法規要求的不同的衝擊。組織拆解出新公司重組後，與原公司各有不同內部文化組織功能。 本研究對L公司後續發展的建議： 建立學習型組織充分傳承組織能耐進一步再突破創新，並將新進入行業的類胡蘿蔔素產品應用創新橫向切入飼料、醫藥領域。 研究對於A公司染顏料部門的後續發展的建議: 一、 針對能縮短製程時間節能、降低排汙的環保製程或產品必是未來行業趨勢，如何以專利保障研究成果，需要設定好策略與規劃步驟。 二、 對於染料消費者其中一群體：汽車用椅套墊染色業的後續發展的建議；傳統配方為了求高日曬牢度，所使用的染料多為舊型化學結構，較高汙染排放品項，技術創新上可應用綠色化學製程、篩選開發新結構、新配方、使用新助劑、新後段加工製程，把上游的生產供應鏈污染排放量降低下來，成為對環境更友善產品。所作市場通路策略上改變以如「XX環保綠色標章」標示於產品及下游紡織產品吊牌上，如「Intel Inside」一樣的光榮貼上。 三、 價值鏈活動上投入更多資源發展品牌與擴大原有通路規模。 / Chemical industry in Taiwan has a tiny sub stream, that is Dyestuff and pigment business, It is located in the upper tiers of the Textile business supply chain. Four of Asia countries in 1970s became most active roles in the world’s light industry. Meanwhile the Textile and related industries in Taiwan began to flourish, Accompanied by the huge needs of this industries, a large number dyestuff and pigment imported at high prices from the Germany, the Switzerland, the Great Britain (U.K.), the United States, Japan. At this moment, the chemical industry companies in Taiwan found these was very good opportunity to produce the products, Some company they Jumped into the dyestuff and pigment business. On the another side of Taiwan strait, China begun to open domestic market in 1982,At the beginning, The basic materials for living needs hungrily, Causing the the four Asian 4 countries economy went to the peak of the records. Thus the industry has been continuing thriving through the 1990s. In China, some of industry invested a large quantities of resources as a follower, it was typical of the competition convergence. Case “A “ (“A”)company in Taiwan at that moment felt the competition, seeking a way goes out of the competition. This study will discuss a case study, Which will have a in-depth study of dyestuff and pigment industry in Taiwan ，This company how to update their strategy into the diversification strategy, organizational change, new industry research and development, deep in product technology research and, the establishment of technical team. From none to new plant facilitating, Invented new products into new business, sales team, building, new branding, and set up marketing channels. By the case of dyestuff and pigment industry company moved into the area of biochemical and pharmaceutical fields, Three questions will be addressed as followings : 1. How “A “company found out their organization capability? 2. How “A “company entered into new business territories? 3. From the R&D stage to the commercialization stage ；What was organization changed happened in the” A” company? In this study had found and showed that when” A “company faced of their competitors broke out their technical barriers; the same product competitiveness in the market, Low-price competition. “A “company held an internal strategy conference leaded to find out their owned organizational capabilities, Set up a project team in dynamic way to perform technical break through and market penetration. The company’s resources moved and allocated toward R&D activities, further to restructure of the company reorganization; then spun off a new independent company. From the R&D stage went to the commercialized stage , The company had cultural and administrative changes , which brought impact to the members . The differences came from internal factors; work flows, operation procedures, organization functions. To the external factors; multinational sales channels, different regulations from the different countries. When the new “L” company spun off form the “A” company, Both company keep their own regulations and company cultures . Accordance with the study findings, there are some recommendations offered to the companies. To “L” company: 1. Building a learning organization; introduced new technologies products to the Carotenoids family product application, Invent innovative products goes into the feed and pharmaceutical field. To “A” company: 1. Follow the trend of needs, Optimized process times work flow, Low pollutive process and products will be the future trend, Set up a proper patent strategy to keep the value inside of “A” company. 2. To one of the dyestuff application sector – car seat textile sector ; The traditional recipe contains a lot of old, pollutive process products, It should be switched to green chemistry methods, newly selected structure, new auxillaries, new finishing process. Which can reduce the total pollution form the top of supply chain, become greener and more environmental friendly products . Place a honorable “Green environmental “tag, Like the well known” Intel inside “ tag as a market differentiation symbol

「警察是人民的保母」不是口號，而是一種生活方式。考選為用人程序的第一步驟，人力資源管理的成敗，端賴考選政策的良窳及考用能否配合。隨著臺灣政治民主，經濟發達，社會多元後，也使得社會結構、價值觀改變，社會資源也重新分配。這些變化不僅把社會治安種種問題浮上臺面，也凸顯了警察人員養成教育不再只是訓練出服從度高的警察，而是要培養具有文化內涵與洞悉法律民主與社會之關係的警察；而這些改革中，最為警界重視的便是警察人員初任國家考試制度。 本文選擇考試制度為研究重點，係因考試制度居於整體文官制度之起點及關鍵地位，且在人力資源管理上亦居於重要的位置，不僅反應政府整體人力的組成，也反映了取才所採用的價值標準。警察人員考試全面開放應考資格後，有關警察人員初任國家考試之信、效度爭議不斷，而警察人員之素質及效能，對國家發展、社會治安及全體人民的生命安全影響甚鉅。警察人員考試制度在此一關鍵時刻，更令人重視，過去並未曾有系統的整理警察人員初任國家考試制度，為能樹立多元進用管道之價值及健全警察人員考試用人之制度，爰觸發筆者研究動機。希望藉研析該制度發展沿革暨邇後興革，提供有關制度面及執行面的建議。 本研究試以警察人員初任國家考試制度之探討為題，對該考試制度進行研究，歸納建議如下： 一、警察人員獨立任官制度。 二、警察機關參與辦理考試。 三、建構多元進用管理價值。 四、建立警察工作需求與職務說明。 五、考試方式多元及合理評估面向。 六、建立職能基礎的考選制度。 七、強化教育訓練制度。 / That “the police are the protecting nannies of the people” is not a slogan but a kind of life style. Testing and selection is the first step in our civil servant-hunting procedure. The success or failure of manpower resources management depends on whether the policies of the testing and selection are good or bad as well as whether the testing and selection can match. With the political democracy and economic development of Taiwan as well as after Taiwanese society has become pluralized, the social structure and values also change. Taiwan’s social resources are redistributed, too. All these changes not only make all sorts of social security problems appear on the stage but they also make it prominent that the education of our police personnel is not to train out highly obedient policemen but to cultivate police personnel with cultural intention and knowing the relationship among laws, democracy and society. This study chose the examination system as the focal point because it occupies the starting point of the whole civil official's system and key status. Besides, it also occupies the important position in manpower resources management and reflects the composition of government's whole manpower as well as reflects the value standard the government adopts while selecting proper civil servants. After the police personnel examination is open to all the qualified public, the credibility and liability of the examination for the beginning police personnel has been controversial.However, the police personnel's quality and efficiency is quite important to our national development, social security and the security of all our people. Thus, the examination system of the police personnel is worth paying attention to at this critical moment. In the past, none systematic arrangement was done to the examination for the beginning police personnel.This study is done because I want to establish the values of pluralism for selecting proper civil servants and improve the system of testing and selection of the police personnel. I hope to provide some suggestions on the system and how to carry them out through studying and analyzing the development and reforms of the examination system. This study investigates the examination system for the beginning police personnel and concludes by offering the following suggestions: First, our government should adopt an independent selection system for the police personnel. Second, the police departments should participate in handling the examination. Third, our government should establish the values of pluralism for selecting people. Fourth, our government should set up working demands of police and job description. Fifth, the examination should be pluralized and the assessment should be reasonable. Sixth, our government should set up a system of examination for professional function foundation. Seventh, our government should strengthen the system of education and training. Key Words: examination system for police personnel, test and selection policy, fair and reasonable, justice, professional function analysis

本論文主要探討下列四點：「（Y wo Z）tosuru」句法結構中「tosuru」的用法、「Y」和「Z」之間的相互關係、「tosuru」所表達的多種意思以及變成「tosite」之文法化的過程。 「（Y wo Z）tosuru」的句法結構中又可分為他動詞型態「Y wo Z tosuru」以及自動詞型態「～tosuru」兩種用法。本論文亦以這兩種類型分開探討。 本論文共分五章。序章和第一章是本論文研究動機以及相關文獻探討。第二章以「Y wo Z tosuru」句法結構為主，探討其「tosuru」在表達「變化」和「認定」之間意思上的連續性、「to」所表達的意思和用法、以及「Z」所出現的名詞限制。第三章則是以「～tosuru」句法結構為主，藉由與「toiu」、「tokanngaeru」、「tosyutyousuru」、「toomou」等動詞的互換情形，以及在「tosareru」、「tosareteiru」表現的用法來探討其多義性。第四章則以機能動詞「tosuru」為主，記述其變為「tosite」之文法化的過程。第五章為結論。 本論文發現，雖然同為「Y wo Z tosuru」句法結構，但因「suru」所表達的意思不同，則「to」所表達的意思和用法、其前接名詞「Y」和「Z」的關係以及「Z」中所出現的名詞也有所不同。並且藉由與其他動詞的互換情形，區分出「（Y wo Z）tosuru」句法結構中各種意思之間不同用法的限制，及其所表達意思分布。

本研究旨在以個案，來探討物流産業的經營策略，主要研究在瞭解 企業自身的核心能耐，如何利用各種不同的營運活動來支持企業的 策略定位，也在探討企業如何在動態競爭環境中，掌握新的成長機 會，並透過適切經營管理模式與組織執行力，構築營運模式與創造 獨特的競爭優勢，以達成永續經營的目標。 因此，本研究透過運用五力分析進行過去、現在、未來評估，並找 出可能的策略創新機會，進行企業內部探討找出公司之核心能耐， 運用機會能耐配適模型、評估可具體發展之機會，思索此機會成功 的關鍵(即競争優勢)，探究為創造此競爭優勢，所需要的策略定位， 設計適切的營運活動，及定義清楚的策略藍圖。

在當今世界經濟快速發展的條件下，企業在面對多變的競爭環境時，需要及時調整、更新企業能力，以維持企業成長。本文在總結前人的研究結果之上，以中國大連萬達集團的成長路徑為例，對企業動態能力的發展及公司成長的角度進行分析。深入探討大連萬達集團的四次轉型歷程，並選取兩個轉型歷程中經典的購併案例深入分析，分別為美國AMC院線和美國世界鐵人公司。透過轉型路徑的分析加上購併為集團帶來的成果研究，得出萬達集團在變化的競爭環境中不斷把握時機，轉變集團定位，並以購併的方式獲得新的集團競爭力，使集團不斷成長。 / Companies need to renew their competencies in order to achieve sustained growth in the changing business environment. In this thesis, I draw on prior studies on firm growth and examine the growth of the Dalian Wanda Group, a large diversified business group in China. I focus on the Wanda Group's four-transformation process, and in particular on its two recent acquisitions, AMC cinema and IronMan Company. The findings suggest that the Wanda Group has been able to develop and acquire new competencies in response to a changing competitive environment, and has been able to achieve growth through domestic diversification and internationalization.

由於網際網路的蓬勃發展，電子商務的興起為消費者帶來新的消費模式。為了拓展客群，企業開始選擇同時發展其實體通路及虛擬通路。隨著知識時代的來臨，若要兼採實體及虛擬通路之優點，企業必須整合並辨識出重要智慧資本，發展出不同的企業動態能力以因應快速變動的商業環境及不同的顧客群。 本研究採用個案研究法，以台灣知名化工原料公司為研究對象，探討企業在實體通路及虛擬通路下，所應發展之重要動態能力、需蓄積之重要智慧資本及相關管理議題。得出結論如下： 一、 個案公司實體通路之重要動態能力共有9項，且支持重要動態能力之智慧資本共有16項。 二、 個案公司設有相對應之管理制度來蓄積實體通路下之重要智慧資本。 三、 個案公司虛擬通路之重要動態能力共有11項，且支持重要動態能力之智慧資本共有30項。 四、 個案公司設有相對應之管理制度來蓄積虛擬通路下之重要智慧資本。 五、 個案公司實體通路及虛擬通路所重視之動態能力及支持動態能力之智慧資本有其相同與相異之處。 / With the rapid developing Internet environment in recent years, the rise of E-commerce has brought a new consumption model to the consumers. In order to expand the customer base, companies begin to develop their physical channels and virtual channels simultaneously. With the advent of knowledge-based era, in order to take the advantage of both physical and virtual channels, companies have to integrate and identify the important intellectual capitals, and develop different dynamic capabilities to cope with the dramatically-changing business environment and different customer base. This research adopts the case study method and selects a renowned raw materials company in the chemical industry in Taiwan as study subject. The purpose of this research is to study the importance of dynamic capabilities of the company, the importance of intellectual capitals and relevant management system under physical and virtual channels. The conclusions are as follows: 1. Under the case company’s physical channel, there are 9 important dynamic capabilities, and 16 intellectual capitals that support important dynamic capabilities. 2. The case company has a corresponding management system to accumulate important intellectual capitals under physical channels. 3. Under the case company’s virtual channel, there are 11 important dynamic capabilities, and 30 intellectual capitals that support important dynamic capabilities. 4. The case company has a corresponding management system to accumulate important intellectual capitals under virtual channels. 5. There are similarities and differences in important dynamic capabilities and intellectual capitals that can support dynamic capabilities between physical and virtual channels.

現行醫療保險理賠申請流程相當繁複，被保險人需要向醫療機構申請診斷證明，填具理賠申請書向保險公司提出理賠申請，再由保險公司進行審核。若遇到無法從診斷書直接審核之個案，保險公司需先取得被保險人簽署之調閱病歷同意書後，方能至醫療機構調閱病歷，以利後續理賠審核。這樣的流程，對保險公司來說，需耗費大量人工成本；對被保險人來說，則也有資訊不夠透明的疑慮。 區塊鏈的運作有著公開透明，且難以造假的不可否認性。智能合約是在區塊鏈平台上執行的協議落實程式，既能確保程式不會被竄改，又可保留所有執行紀錄。若能透過這些特性來做為醫療保險理賠傳遞訊息的媒介，除了能提昇保險公司審核流程的時效性，被保險人也能獲得公開透明的資訊。 本論文提出了一套基於智能合約來實現快速醫療保險理賠的方案，我們在以太坊上實作智能合約，我們的方案除了能改善現有的問題，也建構出一套公開透明，且兼顧病人隱私的理賠系統，並考量實際狀況，讓保險公司的業務邏輯可以重用，在理想與現實之間取得一個適當之平衡點。 / Current medical insurance claims application process is complex. It requires the insured to apply for medical diagnosis, and to fill out an application form to the insurance company. The insurance company then reviews the case. If they are unable to approve the claims, they must first obtain the consent form from the insured in order to access to his or her medical records to facilitate subsequent claims review. Throughout the process, the insurance company needs to pay a lot of labor costs; while the insured will have many concerns of information transparency. Blockchain operates in an open and transparent manner and maintains its data in a tamper-free way. Smart contracts are programs executed on a blockchain platform to enforce an agreement such that the program will not be tampered with, and all records of execution will be kept from modification. These characteristics of a smart contract make it very good as a tool for streamlining the medical insurance claims process, as it will greatly reduce the human efforts involved on the insurance company side while increase the information transparency from the perspective of the insured. This thesis presents a smart contract based solution for streamlining the medical insurance claims process. We design and implement the con-tract on the Ethereum platform. In addition to improving the existing problems, our solution builds an open and transparent claims system that takes into account the patient privacy and the practical requirement of re-using the existing claims processing system of the insurance company, thus achieving a proper balance between the ideal and reality.

The way the world creates and distributes energy is changing. In 2015 77% of the world’s new power generation installations were either wind or solar PV. These forms of energy are by their nature intermittent – the sun will never shine 24 hours a day. With the rise of these intermittent energy sources, the need to store the energy they create has also risen. Batteries are emerging as a popular choice to solve this problem, with some analysts predicting that by 2024 battery energy storage will reach a scale of 12.5 gigawatts and become an industry with $165 billion in annual revenue. The increase in electric vehicles has caused the average price of lithium-ion batteries to plummet in recent years with expectations of this trend continuing. Managing the energy stored in many, distributed batteries is difficult, but when done right has numerous benefits. This business plan outlines the way Energy Max will provide a software platform to manage battery energy storage. Energy Max plans to sell its software directly to battery energy storage system manufacturers. The company will leverage its connections in Asia in order to focus on potential customers in China and Taiwan. By pursuing this strategy, the company can become a trusted partner to these manufacturers in helping them build a more complete solution to provide end-users. In return for providing the software, customers will be required to pay a one-time integration fee as well as a $15/kWh fee for batteries utilizing the software. This business plans assumes the first year of operations will be spent both building the product and developing Energy Max’s pipeline of future customers. In Year 2 the company will have two customers, but deployment of batteries with the software platform will still be low due to the likely cautious nature of customers. Under a normal growth scenario, the company will grow to Year 5 when Energy Max will attract 18 customers and have its software on 1% of worldwide Li-ion energy storage installations. Following this plan will require $3.5 million of outside funding and positive net income after tax in Year 4.