本研究依據2003年「行政院新聞局廣播電視白皮書」、「公開上市、上櫃資訊觀測網站有線電視系統業者財務報告書」等文獻資料，先以資料包絡分析法評估個別系統業者的技術效率，再應用Tobit截斷迴歸方法，探討影響台灣有線電視系統業者經營效率的因素。 評估結果顯示，造成個別有線電視系統業者經營技術無效率的因素，主要歸咎於浪費資源所造成之無效率，而非因生產規模不適當所造成之無效率，迴歸結果發現，營業收入與技術效率間具正向關係，而頻道數、廣告密集度、經營區面積、集團化及業務集中度對技術效率間具負向關係。 / Based on the information of 2003 “The Broadcasting television paper of Government Information Office of Executive Yuan” and “Finance Statements of The Cable System Operators of Listed Companies and OTC Listed Companies from Market Observation Post System in Taiwan”, this study first uses DEA to assess technical efficiency of cable system operators, and then applies the Tobit censored regression technique to investigate the determinants of technical efficiency. The efficiency-evaluating result shows that the main factor, which causes inefficient management, is an ineffective use of resource; an improper production scale has less impact on it. The regression result also shows that the revenue has a positive impact on technical efficiency, but the number of channels, Area, the density of advertisement, conglomeration, and business focus has negative impacts on technical efficiency.

企業社會責任已經是現今社會中不可輕視的企業議題，各種評等機構也紛紛開始針對個別企業的社會績效進行量化的評估與排名。本研究的主題即為企業社會績效的決定因素，並依據先前研究而選出規模、國際化程度、差異化策略程度、CEO的功能背景、並且加上本研究自選出企業社會責任的競爭強度為第五個變數來解釋不同企業之間其企業社會績效的差異，以求實證研究的結果。為求有意義的研究議題、以及避免變數資料收集上的偏誤，研究界說範圍乃為美國的製造業公司。 / 研究樣本群有兩個，分別為2007、2008年由CRO雜誌公佈的「百大最佳企業公民」名單中的製造業公司。依其名單中的個別公司的平均分數作為企業社會績效，並以SPSS 8.0軟體進行相關假說的驗證。 / 研究結果證實，企業規模在兩個年度的模型中都得到實證，確定規模愈大的公司其企業社會績效也會比較好。而國際化程度、CEO外部導向的功能背景、及企業社會責任的競爭強度則在2008年模型中得到證實其與企業社會績效的正向關係。最後，企業追隨差異化策略的程度與企業社會績效的正向關係則在2007年模型下得到實證支持。根據以上結果，本研究亦藉由提出兩個年度模型的差異，來推導可能的成因。

兩岸在2001年底加入世界貿易組織（WTO），使得兩岸壽險市場受到經濟自由化及國際化的衝擊。因此，要如何提高自身的經營績效及競爭能力，便成為兩岸壽險公司最重要的目標。本研究以資料包絡分析法為基礎，並結合共同邊界（metafrontier）分析法，針對兩岸地區在2004年至2007年共59家壽險公司，進行經營效率與Malmquist生產力指數的實證研究。在生產力變動來源的拆解上，本文延伸Pastor and Lovell（2005）的固定規模報酬模型，利用變動規模報酬的生產邊界來衡量各公司的技術變動及技術差距比率變動，使生產力變動的來源上獲得更明確的意涵。最後本文利用Tobit迴歸模型，探討影響兩岸壽險公司經營效率的因素。 / After joining the WTO in December 2001, there is the advent of economic liberalization and internationalization on the life insurance market of Taiwan and Mainland China. Therefore, how to improve the operating performance and the industrial competitiveness in the present economic circumstance is the critical and important goal of the life insurance industry in Taiwan and Mainland China. This study applies data envelopment analysis with metafrontier model to measure the managerial efficiency and Malmquist productivity index of 59 firms of life insurance industry in Taiwan and Mainland China from 2004 to 2007. On decomposing the sources of productivity change, we extend Pastor and Lovell’ s CRS model (2005) to a VRS frontier benchmark to measure technical change and technical gap ratio change, which apparently provides us a more meaningful decomposition of productivity change. Finally, this study uses Tobit regression model to examine the factors which influence the managerial efficiency of the life insurance industry in Taiwan and Mainland China.

本文採用一階段隨機邊界分析法（Battese and Coelli, 1995）衡量2004 年第一季至2008 年第三季台灣上市櫃證券商的技術效率，並將Orea（2002）提出的產出導向一般化Malmquist生產力指數改寫成投入導向模式，用來分析台灣上市櫃證券商的生產力變動情形。實證結果顯示，小型券商之經營效率平均而言比大型券商之經營效率高，而大部分的證券商都呈現規模報酬遞增的技術狀態，可見台灣上市櫃證券商整體而言規模不夠大，必須設法再擴大至適當的規模方可發揮規模經濟效果。另外，較多的股本雖然理論上具備較強的競爭優勢，但可能沒有適當的決策支持，造成資源浪費反而降低經營效率；股價指數愈高，在相同的投入之下有較多的產出表現且較有能力調整規模至規模報酬較佳的狀況，因而提高經營效率。 / This paper adopts one-stage stochastic frontier analysis (Battese and Coelli, 1995) to measure technical efficiency of listed securities firms in Taiwan from the first quarter of 2004 to the third quarter of 2008. In addition, inspired by the Orea (2002) output orientated productivity model, this paper derives an input orientated generalized Malmquist productivity index to analyze the productivity change of the firms. The empirical results reveal that smaller securities firms are more efficient than larger securities firms in average. The majority of securities firms are operating with increasing returns to scale, indicating that the scale of listed securities firms in Taiwan are generally not large enough, so firms need to enlarge their scale in order to get the effect of economies of scale. Although more capital stocks possess stronger competitive advantage theoretically, without proper strategy to support the firms may waste resources and result in operational inefficiency. Operational efficiency is positively correlated with stock index.

本研究以民國75至86年間，新銀行開放設立前已存在之本國舊銀行實際經營資料，利用資料包絡分析法估計成本效率值，並將之分解為純技術效率、規模效率及配置效率。再利用Tobit迴歸分析，以探討開放新銀行設立對本國舊銀行經營效率之影響。 研究結果發現，整體舊銀行投入資源之運用效率，仍有很大的改善空間。此外，成本無效率之來源主要為技術無效率。 考慮其他影響效率之因素後，開放新銀行設立對舊銀行之經營效率具有顯著之正向影響。此結果顯示新銀行設立對舊銀行之經營形成很大的競爭壓力，導致本國舊銀行不論在資源投入、規模調整或資源配置上，皆積極努力地改善。本實證結果與政府希望透過開放新銀行，對經營僵化之國內銀行業加以刺激，以提升舊銀行經營效率之目標相一致。 / This study empirically examines whether opening up the new banks to establish affects various efficiency ratios of Taiwan old banks or not. It uses Data Envelopment Analysis (DEA) to assess cost efficiency, pure technical efficiency, scale efficiency and allocative efficiency based on the Taiwan old banks data from 1986 to 1997. Then, applies the Tobit censored regression model to examine the relationship between opening up the new banks to set up and these efficiency measures. The empirical result shows that the usage efficiency of resource inpute of whole old banks isn't up to the appropriate point, so there is plenty of space for improvement. Besides, cost inefficiency primarily results from technical inefficiency, not allocative inefficiency. After considering other factors of the effects of efficiency, it's obviously positive relationship between opening up the new banks to set up and operating efficiency of old banks. The result shows that these new banks establish put competitive stress on the operation of old banks. So those old banks try hard to improve their resource input, scale adjustment, or resource allocation, etc. This result corresponds with the government's intention to raise the operating efficiency of original banks.

本研究主要探討審計品質與盈餘反應係數之關係，擬回達下列之研究問題：接受高品質會計師事務所查核之公司，其盈餘反應係數是否較接受低品質會計師事務所查核之公司為高。 　　本論文以台灣股票市場民國70年至82年之更換會計師公司為樣本，首先採用未預期盈餘(UE)與股票市場累積異常報酬(CAR)的簡單迴歸分析，嘗試驗證盈餘資訊與股票報酬間之關係；採用盈餘反應係數決定因素的複迴歸分析探討審計品質是否會影響盈餘反應係數。實證結果顯示： 　　一、如以曾經由六大會計師事務所查核財務報表更換為非六大會計師事務所之上市公司，或曾經由非六大會計師事務所更換為六大會計師事務所查核簽證財務報表之上市公司為樣本公司，台灣股票市場之未預期盈餘與異常報酬間方向是一致的，但並不具統計顯著性。 　　二、審計品質是否會影響盈餘反應係數之實證結果：六大會計師事務所客戶之盈餘反應係數是大於非六大的客戶，但亦並不具顯著性。 　　換言之，以國內會計師事務所與美國六大結盟作為衡量高品質的審計品質，其與盈餘反應係數之關係並未如預期呈顯著的正相關。

企業的成長與規模擴大，能賦予企業許多優勢與利益，故一直是企業經營者關注的重點，也是策略與組織領域的學者所關注的議題。自從Penrose（1959）的企業內生成長理論提出多餘資源（尤其是管理資源）為企業成長的機制之後，後續的策略學者大多延續這樣的觀點，假設有多餘資源之後，才能進一步追求成長，並深入探討多餘資源的特性、成長策略的特性與成長率之間的關係。 然而，實務上卻發現擁有多餘資源未必能成長，而有些成功的企業反而是在資源不足之下而成長。Hamel and Prahalad（1993）即挑戰多餘資源的成長觀點，認為企業成長的動力其實是來自於經理人拉撐（stretch）其雄心與渴望水準，願意去追求既有資源與能力所無法達到的策略目標，透過善用資源而能在資源不足的情境下實踐成長，但其並未清楚說明拉撐的內涵與促進成長的機制。 本研究以Hamel and Prahalad（1993）所提出的拉撐概念為基礎，探討中小企業在資源有限、甚至不足的情境之下，如何透過拉撐其既有資源基礎，而能達成企業規模的成長。由於相關文獻不足，本研究採用Eisenhardt（1989）的探索性個案研究方法，以單一事業中小企業的規模成長現象為研究情境，總共研究了七個個案，發現了規模有所成長的中小企業所採行的拉撐式策略邏輯及形成拉撐情境的因素，從實務中歸納出五大類型拉撐資源的行動內涵，並發現了拉撐資源的行動為何能形成中小企業長期之下規模的成長。因此，本研究證實了拉撐的成長機制確實存在，Hamel and Prahalad（1993）所主張的拉撐邏輯，確實能夠促進中小企業的成長，有其獨特的成長邏輯。 中小企業為何經常處於拉撐的情境，主要因為資源不足、成長所造成的現象與長期採行拉撐式策略邏輯所致。而拉撐式策略邏輯為：追求較高的經營目標，因而使資源略顯不足，並在資源尚未完全到位時即著手進行，故必須透過拉撐、擠壓既有的資源基礎以彌補資源的缺口，克服困難而能掌握成長的機會，此外，為了避免風險，資源的投資採行精簡、小額與逐步的擴充，解決資源瓶頸而能使整體資源發揮更大的效用，並能穩健地擴充與成長。 本研究歸納出五大類型的拉撐資源行動，包括資源突破、資源重組、資源調度、資源提取與資源精簡，皆能擠壓既有的資源基礎而達到原先難以達成的目標，能增進生產績效並提昇企業的競爭力。資源突破與資源重組即為創業者的創新活動，前者針對資源本身進行創新突破；改善或增加系統中的關鍵因子，使整個系統的功能有所突破。資源重組即是將相同的人力與實體資源重新配置，改善流程或資源使用的方法，達到創新的效果並提昇生產的績效。資源調度是刻意發展資源的多功能性與通用性，能夠彈性地調度不同資源互相支援，以因應急需或降低產能的閒置。資源提取則是延長資源的使用時間，或使既有的人力資源願意與能夠提供更多、更好的服務。最後，資源精簡意指資源的投資盡量不足額，甚至延遲投資，以降低風險，並因而設法增加資源的使用效率。 為何拉撐資源的行動能使中小企業整體資源基礎得以擴充與成長？本研究發現主要是透過拉撐資源的短期與中長期效果綜合而達成。拉撐資源的短期效果為提昇既有資源的績效而能彌補資源的缺口，掌握成長的機會，因而帶來資金的挹注而能累積資本。拉撐資源的中長期效果即是短期效果的累積，包括不斷地掌握機會而持續創造出後續成長的踏腳石（亦即突破經營局面而帶來新的成長機會）；經常拉撐資源形成了獨特的、公司專屬的資源基礎與組織能力，能有效提昇公司的競爭力而增加經營的績效，進一步帶來資金的挹注；透過累積資本之後再謹慎地、精簡地擴充資源，增強資源基礎的內涵，企業內部的資源基礎因此逐步地擴充與成長。 / The growth and scale expansion of firms results in a lot of advantages and benefits for firms, therefore, it has been the focus of managerial attention and an important topic for scholars in fields of strategic management and organization theory. Most scholars follow Penrose (1959)’s internal growth theory of the firm to assume slack resources as the prerequisite of firm growth, and investigate the relationships among attributes of resources, growth strategies, and growth rates. In practice, however, firms with slack resources do not necessarily grow. Oppositely, there’re successful firms growing under resource shortage. Hamel and Prahalad (1993) had challenged the perspective of growing by slack resources and proposed that the real driver of firm growth comes from the stretching of managerial ambition and aspirations to pursue strategic goals beyond the firm’s existing resources and capabilities. Nonetheless, the authors didn’t explain clearly the contents and growth mechanisms of stretch. This study takes the view of stretch to investigate how small-and-medium-sized firms （thereafter SMEs） can achieve scale growth by stretching their limited or even infertile resource base. Due to the lack of related literature, this study adopts Eisenhardt (1989)’s explorative case study method, and choose the phenomenon of scale growth of the single-business SMEs as the research context. After investigating seven cases, this study finds the strategic discipline of stretch of SMEs, factors that result in condition of stretch, five categories of actions of resource stretching, and the relationship between resource stretching and long-term scale growth of SMEs. Hence, this study verifies that the concept of stretch proposed by Hamel and Prahalad (1993) do facilitate the scale growth of SMEs with its unique logic of growth. This study finds that SMEs are often in condition of stretch due to their insufficiencies of resources, the outcome of continued growth, and the results of running business by strategic discipline of stretch. The strategic discipline of stretch includes pursuing higher business goals by making existing resources slightly insufficient; proceeding without all resources needed so that SMEs have to stretch and squeeze the existing resource base to fill the resource gap and overcome difficulties so as to seize the opportunities for growth; and investing resources by small amount in a parsimonious way to solve the resource bottleneck so as to improve the effectiveness of the whole resource base and to make SMEs soundly expand and grow. Furthermore, this study concludes inductively with five categories of actions of resource stretching, including resource breakthrough, resource reconfiguration, resource mobilization, resource extraction, and resource parsimony, all of which can squeeze the existing resource base to achieve the unattainable goals and can improve productive performance and competitiveness of the SMEs. Resource breakthrough and resource reconfiguration are entrepreneurial activities of the entrepreneurs. The former is making innovative breakthrough to firm resources, and improving or adding critical elements in a system to make the function of the whole system upgraded. Resource reconfiguration is reconfiguring the same human and physical resources by improving the processes or methods of resource use so as to innovate and to improve productive performance. Resource mobilization is to develop the versatility and interchangeable use of resources deliberately so that all resources can be mobilized flexibly to support one another in order to response to emergent demands or to reduce the idle hours of all the resources. Resource extraction is to make longer use of resources, or to make employees willing and able to offer more and better services. Lastly, resource parsimony refers to make resource investments less than needed or even delayed, and by doing so, SMEs can reduce investment risks and are forced to raise the efficiency of their resource use. Why does resource stretching facilitate the expansion and growth of SMEs’ resource base (i.e. scale growth)? This study finds it is by the short-term and medium- and long-term effects of resource stretching. The former refers to the immediate outcomes of resource stretching, which fill the resource gap to help seize the opportunity of growth so as to obtain cash inflows for capital accumulation. The accumulation of short-term effects results in medium- and long-term effects of resource stretching, including continuously creating stepping stones for later growth by seizing opportunities; developing and accumulating distinctive and firm-specific resource base and organizational capabilities by constantly stretching resources so that SMEs improve their competitiveness and gain cash inflows; and prudently and parsimoniously expanding and enhancing resource base so that SMEs gradually expand and grow.

本研究旨在探討公司規模及產業競爭對CEO現金薪酬與股票報酬敏感性之影響。根據Leone et al. (2006)之研究，認為依未實現利得而給付之現金薪酬將產生事後交割成本，未實現損失可能遞延CEO之決策責任。由於未實現損益可反映至股票報酬上，因此有效率的現金薪酬契約對含有未實現利得之正股票報酬的敏感性低於含有未實現損失之負股票報酬，顯示現金薪酬與正、負股票報酬之敏感性呈現不對稱關係。本研究以此文獻作延伸，探究CEO現金薪酬與股票報酬之敏感關聯性及其不對稱性關係是否受公司規模與產業競爭之影響。 以ExecuComp資料庫2000年至2009年的CEO現金薪酬樣本進行迴歸分析，結果發現公司規模愈大，現金薪酬對市場績效之敏感性愈大，顯示為避免CEO從事會計盈餘管理，公司現金薪酬之給付更著重於市場績效之衡量；產業競爭方面，產業競爭愈激烈，現金薪酬與市場績效之敏感性愈小，符合風險差異化假說。關於CEO現金薪酬與正、負股票報酬敏感性之不對稱關係，實證結果顯示大規模公司及產業競爭程度較高者對CEO決策之審慎性更加要求，因此CEO現金薪酬與正、負股票報酬敏感性之不對稱的差距愈大。 / This study investigates the effect of firm size and industry competition on the asymmetric sensitivity of CEO cash compensation to the stock returns. Leone et al. (2006) shows that since stock returns include both unrealized gains and losses, cash compensation would be less sensitive to stock returns when returns contains unrealized gains (positive returns) than when returns contain unrealized losses (negative returns). As an extension, this study examines whether firm size and industry competition affect the sensitivity of cash compensation to market performance and the asymmetry of sensitivity of cash compensation to stock returns. Based on the CEO cash compensation during 2000 and 2009 from ExecuComp database, the empirical results show that the firm size has positive effect on sensitivity of cash compensation to market performance while the industry competition has negative effect. Moreover, the asymmetry of sensitivity of CEO cash compensation to stock returns increases as firm size and industry competition increase.

署立醫院為全國分佈最廣，且數量最多之公立醫院體系，負有貫徹國家公共衛生政策之責任，故其經營績效之良瓠影響各地區民眾健康照護水準甚鉅。惟署立醫院目前之經營仍仰賴國庫補助，在國庫補助逐年縮減的情形下，署立醫院惟有提升經營績效，才能維持醫療照護品質。 本研究運用三階段DEA分析法，評估步驟第一階段運用一般DEA分析法，以原始投入及產出項衡量各DMU的相對效率值，求得總差額值；第二階段運用SFA將差額分解，探討環境變數對於各DMU的影響程度，並利用SFA的結果調整產出項，將處於不同外在環境或是不同運氣之DMU，調整為相同之情況；第三階段則利用第二階段調整後的產出項，再次以DEA分析法評估調整後的效率值。 由研究結果可知，各署立醫院之無效率主要來自於非處於最適經營規模所造成之無效率，整體而言，大部分署立醫院之產能實際上係存在擁擠現象，而產生規模不經濟，故建議主管機關應嘗試調整部分署立醫院之經營規模，考慮醫療的投入與產出的效率性，以符合經濟規模的要求，應可有效提升管理效率。 另部分署立醫院在各方面之管理效率均較呈現相對較佳之結果，因此，建議由主管機關主導，加強各署立醫院醫療資源之整合及技術交流，透過相互觀摩學習，以同時提升整體署立醫院之經營管理效率。至有關目前區域聯盟之整合作業，建議「北區區域聯盟」應加強注意手術業務部分之資源整合，而「中南區區域聯盟」應加強注意門診病患業務部分之資源整合。

本研究主要目的為探討產業過去之購併活動，對公司的研發投入的影響。產業的購併活動活躍與否，可視為此產業中資產的流動性衡量，根據Phillips and Zhdanov （2012）所使用之方式，利用產業過去的購併交易所計算出變數，可用以解釋公司的研發投入。本文有別於傳統之樣本分類法，而是採用不同的變數來衡量產業分類，藉以分析同業購併、異業購併以及產業整體購併對公司研發投入的影響。從實證結果發現，當過去的同業內購併活動越盛行時，公司的研發投入越高。而公司的研發投入，又與公司之規模大小有關，隨著公司規模大小不同，購併活動對研發投入的影響程度也隨之改變，隨著公司規模越大，受到的影響則越小，具有規模效應。本研究同時考量產業需求變動以及競爭程度對公司研發投入的影響，實證發現公司研發投入與產業需求及競爭程度為正向關係，且同樣具有規模效應。 / The objective of this study is to analyze how an active acquisition market affects Taiwan firms’ incentives to conduct R&D. It follows Phillips and Zhdanov（2012）that using the value of past M&A activity in the firm’s industry to captures the historical liquidity of an industry’s assets. Different from other studies which usually split sample into different groups to examine inside- and outside-industry, this study use three variables to measure how M&A activity in inside-, outside- and whole-industry affect firms on conducting R&D in different ways. According to the empirical results of the regression analyses, we find that firms’ incentives to conduct R&D increase with inside industry M&A activity and the effect is stronger for small firms than large firms. We also find that firms’ R&D are positively correlated with industry demand and competition, and both of these effects are also stronger for small firms than for large firms.