本研究採用修正型德菲法研究方式，以財團法人工業技術研究院個案分析，及透過專家學者深度訪談及問卷調查結果，交叉驗證公設研究組織工研院，運用各類管理科學作為，企圖創造我國技術產業升級的價值優勢所在，同時在複雜的管理科學中，本研究更整理出一套系統，讓管理者優先找出組織的核心價值主軸，據此從價值導向的一連串的策略監控管理模式中，呈現所對應的組織智慧資本衡量指標所在。按此；運用系統化的內部組織結構重組，建構組織核心價值與相對應的智慧資本衡量指標，藉以監控管理模式，在組織中智慧資本相互作用下，讓組織的績效，得以透過價值提昇帶動突破的契機。本研究結果進一步在公務組織的行政績效考核政策上或可提供些許參考。 智慧資本分類上，主要區分為人力資本、結構資本及社會資本三種，而策略創新是為改造組織價值的動能所在；在本研究案工研院的組織特性使然，讓創新能量明顯帶動組織的價值並成為主軸，是以創新資本從結構資本中強勢獨立，相對的流程結構資本反成弱勢。另從本研究案建立的組織價值流量管控系統實證模型下，交差驗證深度訪談、問卷調查及個案分析的結果顯示：一、工研院的智慧資本透過長期形成價值優勢來展現，在組織特性運作下，知識技術的策略創新，帶動智慧資本衡量指標的價值強度走向。二、在系統運作路徑上，工研院首先掌握組織的核心價值主軸，透過價值鏈集中於計畫的達成，蘊涵豐盛的創新資本與人力資本，並建立良好的社會資本。三、工研院的各類管理科學，朝向計畫目標IP與產業效益的價值追求，並建立起一套內部智慧資本管控組織價值的運轉模式，其中存在著以創新帶動的動能含量。四、研究工研院建立起4大類共30組的智慧資本衡量指標，透過其各類管理科學運作模式下，篩選各衡量指標價值定義，可明確的帶動組織對產業的成效展現，若能應用來帶動策略創新的目標方向，應可營造更具體的技術產業價值。 知識是組織的核心本質，公務組織利用知識創新螺旋轉換模式，反饋遞迴來自各方的資訊，以營造更具社會價值成效的實績為目標，進行行政作業精簡革新，類此政策上的應用與創新，會是未來考核公務組織行政績效的最佳模式。 關鍵字：德菲法、智慧資本、衡量指標、價值流量管控系統、核心價值主軸 / This study uses the amendment-based Delphi method to approach to the Industrial Technology Research Institute (ITRI) case studies, and through depth interviews and survey results of experts and scholars, cross-validation of public research organization based the ITRI, the use of various types of management science as an attempt to create a the value of Taiwan's technology industries, the advantages of upgrading, while in the complex management science, the study also put together a system that allows managers to previously identify the organization's core values of the axis, whereby a series of value-oriented strategy for monitoring and management model, the present organization of the corresponding measure of intellectual capital is located. Here, using a systematic reorganization of the internal organizational structure, building the organization's core values and the corresponding measure of intellectual capital in order to monitor the management model of intellectual capital in the interaction of organization, so that the performance of the organization was able to drive the value enhancement breakthrough opportunities. The results of this study public policy of the organization's administrative performance appraisal can further provide a little information. Intellectual capital is divided into human capital, structural capital and social capital, while the strategy of innovation is the value of the kinetic energy for the transformation of the organization; in the case of this study, the institute's organizational characteristics dictates, so that creative energy is driving significant value to the organization and become spindle. Innovation capital is strong independent from the structural capital; however, the relative process structural capital becomes a weak process. Another case from this study to establish the organization of the value of an empirical model traffic management and control system, the cross validation-depth interviews, questionnaires and case analysis showed as followings: First, the institute's intellectual capital through the formation of the value of long-term advantage to present, in the operation of organizational characteristics under the strategy of knowledge and technology innovation, promote the value of intellectual capital measurement indicators into intensity. Second, the operation in the system path, the ITRI acquired the organization's core values of axis, through the value chain and the program to reach. A rich implication of innovation capital and human capital established a good social capital. Third, all kinds of management science of the ITRI toward the pursuit of value of IP and industrial benefits plans, and establish the operation mode of organizational values under internal intellectual capital controls, in which there is innovation-driven kinetic energy content. Fourth, to research ITRI setting up a total of 30 group of four broad categories of intellectual capital measurement indicators, through its mode of operation of various types of management science, the selection of indicators to measure the value of the various indicators, is clearly driven by the organization to show the effectiveness of the industries. If these indicators can be applied to boost the strategic direction of the objectives of innovation, the ITRI should be able to create a more specific technical industrial value. Knowledge is the organization's core essence of innovation. Public service organizations use the knowledge conversion spiral model of recursive feedback of information from all sides so as to create a more effective performance of the social value of the objective of streamlining administrative operations innovation, this kind of policy application and innovation and public service organizations, will be assessing the future performance of the best mode of administration. Keywords: Delphi method, intellectual capital, measurement indicators, the value of traffic management and control system, the core values of axis

品牌在現今激烈的環境變動中，已成為企業最穩固的長期競爭優勢之一，而能充分利用公司品牌資產的前提，就是要瞭解公司品牌權益的絕對價值。衡量品牌權益的衡量方式十分多樣化，有公司財務面、消費者知覺面以及消費者行為面的衡量等。方式雖多，但卻缺乏一個全面性的消費者基礎品牌權益衡量方式。因此，本研究最主要的研究動機與目的，即是建立一個以消費者面為基礎，而能以絕對數字呈現於公司報表的品牌權益衡量架構與模式。 本研究整合了許多學者對品牌權益的看法後，將品牌權益的來源與構面區分為六大構面－公司投入面、消費者知覺面、態度面、消費者行為面、結果面與其他專屬品牌資產。在品牌權益的衡量方式方面，則可區分為間接法與直接法兩大類，間接法可進一步分為質化方式與量化方式，而直接法則可區分為相對法與絕對法兩種，各構面依照這些衡量方式來取得資料與數據後，可建立本研究的品牌權益衡量模式。最後，再以品牌權益的效果來驗證品牌權益衡量模式之效度如何。 本研究決定衡量之標的品牌為黑松、宏□、泰山與台灣大哥大，先以專家意見調查法的方式，詢問43位專家學者，對於各構面形成品牌權益之相對重要性的看法，以決定各構面的權重。之後再透過實驗設計的方式，取得各構面品牌評價與價格溢酬間的轉換關係，以作為品牌評價轉換為金額數字之用。最後，以大台北地區的一般消費者為受測母體，進行各品牌的消費者問卷發放工作，以取得各品牌的消費者品牌評價。問卷採便利抽樣的方式，共發出960份問卷，回收819份，回收率85.31％，有效樣本則為794份。 將轉換成之金額數字，以所決定之各構面權重做加權平均，即可得出每位受訪者的品牌權益值，若再乘上台灣地區的人口數以及樣本中曾使用過該品牌的消費者佔總樣本數的比例，則可得出各品牌在台灣地區的品牌權益值。本研究所衡量出之各品牌品牌權益值分別為黑松沙士新台幣43,566,588，宏□手機2,400,190,204，宏□電腦52,058,415,322，泰山八寶粥138,093,624，泰山仙草蜜73,377,189，泰山沙拉油-44,428,954，台灣大哥大則為2,812,789,507。 本研究將公司投入面與結果面列為驗證之用後發現，公司投入面與品牌權益無較明顯的關係，其可能原因是與各品牌的產品特性密切有關，但還是可以觀察出公司投入面與品牌評價間的正向關係。而就結果面來看，投資報酬率與股價在某種程度上是可以反應品牌權益的，而且其與品牌權益間的關係較市場佔有率為緊密。產品價格與品牌權益間在本研究中所呈現出之正面相關性之意義則值得存疑，不宜擴大解釋，需要以更多的品牌做進一步驗證方可確定兩者間的關係。 透過本研究品牌權益衡量模式之建立，除了能使品牌授權與公司購併的品牌價值有公平計算依據外，更能讓公司的品牌經理有明確的品牌權益數據。對於公司的財務面而言，公司的會計原則在無形資產之商譽部分亦得以做正確的調整。在未來WTO叩關後，面臨即將產生的購併風潮，亦可讓國內公司瞭解本身品牌所具有的價值，不致因忽略了消費者心中的品牌價值而受到低估，蒙受損失。 / Nowadays, having a brand has become the most stable long-term competitive advantage of business in our dynamic and intensively fluctuated environment. The premise for taking advantage of brand equity is the necessity to understand its absolute value for a company. There exist many diversified methods to measure brand equity, including the measurements from the dimensions of company finance, consumer perception, consumer behavior and so forth. But despite the many methods available, there lacks an integrated and comprehensive consumer-based model to measure brand equity. Thus, the major motive and aim of this paper is to build a consumer-based measuring model, in order to provide the absolute number presented in financial statements. This research has integrated many opinions of scholars in regard to dividing the sources and dimensions of brand equity. Six major dimensions are: company input, consumer perception, consumer attitude, consumer behavior, company output, and other brand assets. Additionally, through various measuring methods, such as indirect and direct methods and their subcategories, this model can be further developed. In this study, Heysong, Acer, Taishan, and Taiwan Cellular were selected to be the four brands for measurement. The first step was to obtain the weights of every dimension by consulting with 43 professionals. The next step was determining the relation of brand evaluation and price premium through the experiment of price premium. For the last step, the questionnaire of brand evaluation was used to survey the grades of every measured brand in the Greater Taipei Area. By adapting the convenient sampling method, 960 questionnaires were sent out. 819 responses were received. The response rate was 85.31%; 794 samples are effective. The brand equity of every consumer can be obtained by using the weighted average method for calculating the weight obtained and proceeding with the dollar amount which has been transformed because of the relation between brand evaluation and price premium. Moreover, if brand equity is multiplied by the number of people in Taiwan, and the ratio of those who have ever used the product of the brand in the total samples, the total brand equity of the brand in Taiwan is obtained. The measured outcomes of this research show that Heysong Sarsaparilla-NT. to be 43566588, Acer Cellular-NT. 2400190204, Acer Computer-NT. 52058415322, Taishan Mixed Congee-NT. 138093624, Taishan Honey Herbal Jelly-NT. 73377189, Taishan Soybean Salad Oil-NT. -44428954, and Taiwan Cellular-NT. 2812789507. This research uses the company input and output to test the measured outcomes. The result displays no obvious relationship between company input and brand equity. The possible reason may be related to the nature of the product. However, this research still finds that there exists a positive correlation between brand evaluation and company input. From the aspect of company output, return on investment and stock price can reflect the brand equity to some degree, and their relationship with brand equity is closer than that of brand equity with market share. Through the establishment of this model, in the future, substantial contributions can be brought to business accounting, brand managers, brand licensing, and M&A from the intrusion of WTO.

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.

行動通信市場開放初期，市場供需活絡，電信營收快速增長，然而經過十年的成長期後，行動通信市場已趨近飽和。台灣行動電話滲透率近五年之滲透率由2006年之95.7%逐步增至2010年111.73%，市場滲透率已呈現過度飽和的情形。手機費率組合的多元化讓消費者忠誠度易受動搖，電信業者除了需吸引新用戶外，還須鞏固既有用戶以避免流失，所面臨的挑戰與競爭，較以往更為劇烈。 本論文著眼於分析直營門市人力資源的缺口，以及門市人員的績效制度的設計合理性。並以Kaplan and Norton (1996)所發展之平衡計分卡架構，協助澄清組織願景、策略，並作為診斷人力缺口之功能，以及績效評核的合理性。經由人員素質提升，透過差異化的服務品質來加強消費者對電信業者品牌的認知差異，以提升企業本身的競爭力。 本研究主要以單一電信業者做為個案分析。研究發現人員主要缺口在選訓用留制度的建立上，透過職能分析來補足策略性衡量指標缺口，釐清績效目標設定問題，同時檢視門市潛在的問題，在招募、訓練、績效評估、薪酬制度上產出新的建議，同時也在目前的績效評核系統，透過平衡計分卡的觀點提出新的改革衡量指標。

有鑑於信用風險衡量模型之廣泛使用，以及預測金融機構違約事件之重要性，本研究欲建立能有效預測金融機構違約事件之模型。其中Merton模型之概念被廣泛的應用，包含著名之KMV公司亦以Merton模型之概念建立信用風險管理機制，因此本研究選擇Merton模型之產出-預期違約機率(Expected Default Frequency, EDF)作為預測違約事件之主要變數。 本研究以國外56家金融機構，於2007至2009年共140筆樣本資料，資料內容包含股價以及財務變數。實證方法為先以各公司之股價資訊透過Merton模型計算各樣本之預期違約機率，作為Logistic迴歸模型之自變數進行分析。之後另外加入財務變數嘗試增進模型之解釋能力。此外，本研究亦修正模型之設定以檢視在更貼近真實世界的假設下，模型之預測能力是否有提升。本研究之實證結果發現，單以預期違約機率所建立之違約預測模型即有良好之預測能力，即使再加入其他變數並進行假設的修正，對於模型預測效果提升並不顯著。因此本研究肯定Merton模型以公司之股價資訊衡量違約風險之概念。

現行平衡計分卡之建立於公私部門充斥，但是針對人力資源領域往往著墨較少，而人力資源是發展組織效能及組織潛能之最佳利器，故一個良好的人力資源績效衡量工具發展確有迫切之需要。 平衡計分卡與策略地圖是由哈佛商學院教授柯普朗（Robert Kaplan）與實務界的管理顧問諾頓（David Norton）共同發展出來的一套管理工具，其設計原意係為了提供績效衡量問題的解決方案。本研究主要仍以Kaplan & Norton (1992) 所提出之平衡計分概念出發，爰引Brian et al.三人所建構之人力資本計分卡，以及Huselid et al.三人所建構之員工計分卡模式，並參考美國和我國現行人力資本衡量措施，除了建立一套專屬公部門人力資本領域之平衡計分卡，以追求更正確的績效成果。 最後，因應公部門特殊需求，本研究企圖提出一套適合政府機關特殊需要之人力資本衡量措施，因應現行政府機關特性，建置屬於政府機關屬性之人力資本計分卡發展模式，以職能規劃、人員遴用與甄補、員額規劃與配置、績效管理、人員給與支持以及組織學習等六大構面，建議從策略、執行與結果三大階段衡量政府機關行動，並透過建立各項評估量表和修正方案，使政府部門得以結合組織成員、策略與績效目標的前提下，透過各式量表之建立，使政府機關評估績效時，提供更全面且前瞻的思考，並將整體政府競爭力更臻於至善。

生技產業為典型知識產業，同時也因醫藥研發的突破，而使國人受惠享受健康的生活，惟因與人類健康相關，涉及複雜的知識領域、道德倫理、法規管理、產業合作及商業化等過程。近年來國內新設生技公司莫不以開發新藥為職志，且都有其獨特經營哲學與營運模式來達成其企業終極目標。 本研究以國內開發新藥的生技公司為研究對象，採個案研究方法透過分析個案公司之過去策略發展，實地訪問經營團隊以描述策略形態及勢態，發展策略地圖及平衡計分卡四大構面具體內容並進而以相關係數驗證各策略衡量指標與策略目標間之關聯性，最後試圖連結PwC企業價值報告中價值平台，據以建構個案公司內部策略態勢與策略管理報導。 本研究之主要研究結論包括： 一、 個案公司已有明確的企業願景，亦已積極分析未來的策略形態，除定期性財務資訊外，應系統化建置一策略管理報導，使組織資源聚焦，形成共識，改善組織策略執行力。 二、 經由驗證相關分析，現階段策略形態的部分衡量指標間呈現顯著正相關，亦有大多數衡量指標因產品商品化時間過長尚無明確關聯，故個案公司應持續追縱現行策略衡量指標因果關聯狀況。 三、 個案公司可運用內部策略管理報導具體呈現策略活動執行結果，建立評估策略目標達成程度之價值管理報表，成為內部策略檢討會議之共同基礎，利用策略思考、澄清與共識之達成。而長期系統化之分析比較，除可提供更具攸關內部價值報告及管理資訊外，亦可作為外部報導企業價值資訊的基礎。 / Pharmaceutical industry is a typical knowledge industry. At the meantime, people can enjoy healthy life because of the breakthrough of medicine research and development. However, this industry is closely connecting to human health, thus there are various and complex domains involved, including knowledge, ethics, laws and regulations, collaboration of industry and commercialization, and etc. In recent years, local newly established pharmaceutical companies set their goals in developing new drugs, and have their own unique operating philosophy and operating models in order to reach their ultimate corporate goals. The object of this study is a local new drug developing pharmaceutical company. Through the analysis of strategic development of the past based on the methodology of case study and describing strategic posture and strength via interview with the managing team, the strategic plan and contents of four scopes for balanced scorecard are developed. Further, the relationship between strategic measurement indicators and strategic objectives are verified through correlated coefficients. And lastly, linking to the value platform of PwC Corporate Value Reporting in order to construct internal strategic move and strategic managerial reporting of the case company. The conclusions of this study including: 1. Case company has clear business vision, and is actively analyzing future strategic form. In addition to periodic financial information, the case company should construct a strategic managerial reporting in order to focus organizational resources, draw consensus, and improve organizational strategic executive. 2. Based on the correlation coefficient analysis, there is positive correlation among partial measurement indicators of current strategic posture. However, there is no clear correlation for most of the measurement indicators due to long span for product commercialization. The case company should continuously follow up the correlation for current strategic measurement indicators. 3. The case company can apply its internal strategic managerial reporting to specifically present the results of its operations, and establish value managing statements for assessing the achieving of strategic targets, to formulate the common basis for internal strategic review meeting, and utilize strategic thinking, clarification and reaching of consensus. In addition, long-term systematic analysis and comparison can be used not only for more relevant internal value reporting and managerial information, and be the basis for external corporate value reporting.

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.

資料包絡分析法乃是利用數學規劃模式求取決策單位之相對效率，故本研究針對本文針對競爭激烈之金控環境下,14至15家金控子銀行進行推估其經營效率。 銀行經營效率評估，主要以財務比率法、資料包絡法及隨機生產（或成本）邊界法。財務比率法大多利用單一投入與產出之比值，不符合生產函數之理論架構；DEA已經針對投入與產出之關係，作一嚴謹的分析，而能推估數個投入與產出之效率指標，此一效率指標，較能評估各廠商之經營績效。本文運用Farrell對於多項投入及多項產出效率衡量的概念，去推估各金控子銀行從1999年至2004年的經營效率，並建議這些銀行如何去配置最佳技術效率組合。 本研究的結論得出公營金控公司子銀行的績效不如民營金控子銀行來的佳。且金控公司子銀行未來應加強創新，增進風險管理的能力，促使銀行、證券及保險平台的結合，以便提高競爭力。 / Data Envelopment Analysis (DEA) is a mathematical programming approach to accessing relative efficiencies within a group of Decision Making Units (DMUS). therefore this research controls the environment in view of this article in view of the competition intense gold next the bank to carry on,14 to 15 Financial company bankings pushes estimates its management efficiency. 　　The bank management efficiency appraised, mainly by Financial Ratio Approachs, Data Envelopment Approachs and The Stochastic production (or cost) Frontier Approachs. The financial ratio Approachs mostly uses the sole investment with to deliver the ratio, does not conform to theory of overhead construction the production function; DEA already aimed at the investment with to deliver the relations, made a rigorous analysis, but could push estimates several investments with to deliver the efficiency target. This efficiency target, comparatively can appraise management achievements various merchants. This article utilizes Farrell delivers the efficiency weight regarding many investments and many items the concept, pushes estimates various Jin K'ungtzu the bank from 1999 to 2004 management efficiency, and suggested how these banks do dispose the best technical efficiency combination. 　　This research conclusion obtains the public-operated gold to control the company sub- bank the achievements to be inferior to privately operated Financial company bankings comes good. Also the gold will control the company sub- bank future to be supposed to strengthen the innovation, will promote the risk management the ability, will urge the bank, the negotiable securities and insures the platform the union, in order to enhancement competitive ability.

本研究主要探討裁量性紅利對企業未來財務績效之激勵效果，而本研究係以2010年美國S&P500公司作為研究對象，研究期間為2006年至2010年。實證結果顯示：(1)依據主觀績效衡量所發放的裁量性紅利確實可以對企業未來財務績效產生激勵效果；(2)獎酬契約運用主觀與客觀績效衡量時，主觀績效衡量所發放的裁量性紅利佔總紅利比重愈高，對於企業未來財務績效激勵效果愈高；(3)裁量性紅利對於企業未來後續財務績效具有長期激勵效果；(4)績效較低之企業發予高階經理人主觀績效衡量之裁量性紅利，對於企業未來財務績效仍具有激勵效果。 / The study investigate the impact of discretionary bonus on the future firm financial performance. Based on a sample of 2010 S&P500 companies spanning from 2006 and 2010. I find : (1) Discretionary bonus, which was measured subjectively, can improve future firm financial performance. (2) The more proportion of discretionary bonus to total bonus can improve more future firm financial performance. (3) Discretionary bonus can improve the long-term future firm financial performance. (4) Using subjectively discretionary bonus to CEOs on low-profit-company can improve the future firm financial performance.