在傳統的企業思維中，價值乃是由企業創造的，由企業單獨決定其產品和服務提供什麼價值，消費者僅僅代表對公司產品的需求；但隨著產業環境的發展，尤其是網路經濟時代的來臨，生產者與消費者之間的界限開始模糊。在過去資訊單向流通的網路世界中，人們在網路上代表的僅僅是一個創造流量的虛擬人物，然而隨著資訊科技的進步，網路技術的發展，人們在網際網路中開始彼此協作，發揮集體智慧向全世界發聲，即「價值共創」的概念。從Linux開放原始碼成功以來，許多企業已經逐漸了解到使用者參與創新、使用者虛擬社群參與企業產品開發的重要性，企業不再能獨自生產和管理知識，而是需要與它們的使用者共同創造知識；同時，人們也了解到透過結合價值共創的概念，虛擬社群平台可以發揮多大的效用，並且在其他領域也有許多類似概念的應用。 科技的協助讓使用者可依據其個別的興趣、需求等動機組成或進入不同的興趣型虛擬社群平台，此類平台除了結合對某一特定議題或事物有共同喜好的人們、高度人際之間的互動與溝通、經由網站所提供之平台分享交流彼此的心得與看法之外，尚有組織設計正式化程度低與集權化低之特色，以及此類社群對於參與者無特殊專業知識與技能之進入門檻之特色。因上述之特色，興趣型虛擬社群平台需要集眾多使用者之分享，才能在無特殊專業門檻的情況下，以內容累積出具有價值之資料庫。 本研究針對興趣型虛擬社群平台進行探討，透過文獻中得知之社群經營成功關鍵要素：「價值共創的環境」、「誘因機制」、「知識管理」檢視個案興趣型虛擬社群平台，並發現三者之間有順序性之關係。首先透過良好設計的「價值共創」社群平台環境，吸引使用者參與，其結果可以加強社群平台自身之競爭優勢。第二階段興趣型社群平台應該透過明顯且簡易得到之金錢誘因吸引使用者，使其有動機參與進入興趣型社群平台，而在使用者數量提升之後，透過管理機制之設計，產生心理誘因，加強使用者之重複拜訪與投入的行為，即透過正確而有效的「誘因機制」提升興趣型社群平台運作之人流量與忠誠度。於累積足夠的使用者及高度黏著度之後，興趣型社群平台應該透過「知識管理」建立機制，將社群平台上累積之知識形成資料庫，以吸引更多的使用者加入，串聯具互補性質的合作夥伴，同時促進更高的社群平台黏著度，並且進而利用資料庫，創造可能的多樣化獲利來源。 / The research aims to focus on the communities of interest, which is now the mainstream of communities on the Internet. With respect to the lack of related research on the operation of communities of interest, this research will examine three factors that are key to the operation of this kind of communities and research how these three factors work and how business managers plan a strategy for the operation of communities of interest. The research will take iPeen and Fandora, both of which are rising stars communities in Taiwan, as case study communities. The study reveals that there are some factors that are key to the success of communities. By examining the factors, we can see how they work and how they would lead to the victory in the heated online communities war. According to the research, a value co-creation environment, the incentives and knowledge management would be the key to the success of operation of communities of interest. The management team of communities of interest can use these three key factors step by step through strategic planning. In the final conclusion and suggestion, the research aims at the future participants in the industry and provides solutions to the strategic planning regarding previously found key factors and referred cases.

個人捐贈為教育、文化及公益慈善機構或團體的重要經費來源，目前我國於租稅上，提供捐贈者可扣抵其課稅所得的租稅誘因，相當於政府利用補貼的方式，降低了捐贈者的捐贈成本。但是否能有效達到激勵捐贈者的效果，則待實證研究分析。 本研究利用民國92年綜合所得稅申報資料分析，實證結果得知，慈善捐贈金額與可支配所得呈正向且顯著的關係；租稅價格變動對慈善捐贈金額變動有負向且顯著之影響，顯示目前政府的租稅政策能夠有效刺激捐贈，但針對高所得者價格彈性的有效性則降低。薪資所得佔可支配所得比率與捐贈金額呈正向之關係。納稅義務人的年齡越大、未婚、女性，較有慈善捐贈的意願。但納稅人申報扶養親屬人數較多及申報自用住宅購屋借款利息較多者，捐贈意願較低。最後，納稅義務人所在的地區也會影響其捐贈支出，隨著納稅人可支配所得增加，地域性的影響也逐漸減小。 / Individual charitable giving is an important source of finance for a wide variety of nonprofit organizations. Charitable contributions are deductible in determining taxable income; therefore, the current income tax system makes the price of charitable contributions less than the price of other goods and services. The deduction can be viewed as a tax subsidy. Whether the tax subsidy can stimulate charitable giving or not should be examined by empirical research. This study uses tax return data obtained from the Taiwan Government Finance and Tax Statistical Databank (for the year 2004). The results indicate that the income elasticity of charitable giving has positive and significant effect on charitable giving; while the tax price elasticity estimate is found to have a negative effect, except for the group of high income taxpayers. Beside price and income, salary to disposable income ratio varies with the giving. Female, married, and elder taxpayers are more likely to donate. However, a taxpayer who claims more deductions for dependents or primary residential house interests will be reluctant to give money to charities. The taxpayer’s registered permanent residence is found to have a strong influence on charitable giving. Nevertheless, as taxpayer’s disposable income increases, the regional factor is diminished gradually. The evidence presented in this study provides a useful foundation for the government to devise the future policy on the charitable deductions.

本研究主要探討高階經理人之選擇權與公司績效之關聯性，研究發現，公司發給高階經理人之選擇權價值與Tobin’s Q呈正向關係。為區分誘因調整（the incentive alignment perspective）與利益榨取（the rent extraction perspective）兩觀點，本研究將選擇權預測值分為經濟因素、公司治理與殘值三部分。研究結果顯示依據經濟因素所預測出之選擇權價值與Tobin’s Q呈正向關係，其符合誘因調整觀點，即發放選擇權可減少代理問題。而依公司治理所預測出之選擇權價值，則與Tobin’s Q 呈負向關係，此亦與利益榨取觀點相符，即當公司治理較差時，發給高階經理人之選擇權往往較股東最適程度為高。此外，本研究亦發現選擇權與Tobin’s Q有一非線性關係。 / This study examines the association between employee stock options (ESOs) and future firm performance (Tobin’s Q). The evidence shows that the value of ESOs granted to CEOs in the current and past five years are positively associated with Tobin’s Q. To test the incentive alignment perspective and the rent extraction perspective, this study predicts the value of ESOs granted to CEOs due to economic determinants, governance quality and residual value. I find that the predicted component of ESO grants due to economic determinants are positively related with Tobin’s Q, consistent with the incentive alignment perspective that ESOs are granted to reduce the agency problem. Further, the predicted component of ESO grants attributable to the governance factors are negatively associated with Tobin’s Q, indicating that for firms with poor governance, the actual level of incentives executives receive may go well beyond the optimal level for shareholders. The negative association is consistent with the rent extraction perspective. Moreover, this study also finds a non-linear association between the Tobin’s Q and the ESO grant values.

台灣地區廢五金的處理始自民國三十四年，而以民國五十五年為轉折點，開始逕向國 外進口廢五金以從事再生事業，歷年來對美麗寶島造成頗大的傷害；更因發現燃燒廢 五金會產生世紀之毒－－戴奧辛，而令人談虎色變，且在廢五金專業區內常有廢棄物 起火燃燒事件發生，亦造成不少的糾紛，故在民國七十六年通過「廢五金進口管制改 進措施」，然其內容多著重於行政上和管制，遂本文試圖從另一途徑來探討政府防治 污染的措施，即政府可以成本效益的觀點來制訂經濟誘因政策。 本篇論文係本著經濟學與污染防治的基本概念及成本效益的途徑，以「廢五金進口管 制改進措施」之執行內容為分析重點，來探討政府部門之防治污染計畫實施經濟誘因 的可行性，以期以最有效的方法達到一個環境可以負荷的標準，而使我國環境品質如 同國民所得般急速上升。 政府部門可以使用的防治污染之經濟誘因工具主要有二：一為品質工具；另一為價格 工具。品質工具係指政府先訂定一個環境品質的標準，然後據此標準限定廣商之污染 水準，在本文中將探討出售污染權及補貼二種防治污染的品質工具；價格工具係指對 排放污染者予以徵收排放廢棄物費，或在法律上制訂其損害人民身體健康而應賠償的 規定，在本文中將探討徵收排放費和補償兩種價格工具，而品質工具與價格工具二者 其實有互通之處。 然上述方法在使用時亦會有若干限制，本文將一一加以說明。

近幾年來，財務弊案層出不窮，管理當局參與創造性會計的情事日益嚴重，資本市場陷入紀律危機，徒增成本。為喚醒投資者對於盈餘品質的關注，以及對盈餘管理有更客觀的瞭解，本研究提出兩種不同基礎之盈餘品質分類法，並探討台灣上市公司在盈餘品質分類法下，財務特性與盈餘管理成分的差異。 以往國內文獻多個別探討盈餘品質的內涵，或盈餘管理的現象；將盈餘品質與盈餘管理兩大主題做結合，乃新嘗試。研究主要分為兩大部分，第一部份定義盈餘品質，而第二部分深入盈餘管理的課題。 研究以2002年第3季到2004年第3季，381家台灣上市公司，共3429個樣本點，進行迴歸模型分析。 首先將樣本以：一、盈餘對營運現金流量的關係，及二、應收帳款成長率對營收成長率的比較，共兩種基礎，區分盈餘品質。在區分盈餘品質後，以盈餘品質測試盈餘評價能力與持續性。發現以盈餘對營運現金流量關係作為基礎之盈餘品質，具有增額評價能力，而以應收帳款成長率對營收成長率的比較做為基礎者，無增額評價能力。而兩種盈餘品質對盈餘持續性有顯著貢獻。 第二部分將樣本分為盈餘平滑企業與非盈餘平滑企業，探討盈餘評價功能之強弱，發現在盈餘平滑與盈餘非平滑兩組別中，盈餘平滑化並不影響盈餘評價能力。接著導入盈餘品質，觀察在交叉分組下盈餘評價功能的差異，發現高盈餘品質結合盈餘非平滑化（Quality Non-Smoother）的組別中，有最高盈餘評價係數。盈餘進一步拆解成三個組成份子：營運現金流量，裁量性應計數，與非裁量性應計數。其中，觀察重點在於裁量性應計數，研究同樣加入盈餘品質，測試其評價能力與持續性。發現裁量性應計數具有評價功能，而在兩種盈餘品質指標分類下，高盈餘品質之裁量性應計數，並無增量評價貢獻；在持續性方面，兩種盈餘品質指標同樣對裁量性應計數有正向貢獻。 為測試盈餘品質在盈餘管理誘因下的反應，最後將盈餘管理誘因區分為達成損益兩平與超越前期盈餘兩項目標，並加入盈餘品質，觀察其交互作用。發現在「達成損益兩平」與「超越前期盈餘」兩種盈餘目標下，盈餘管理現象的確存在。加入盈餘品質變數後，在兩種盈餘品質變數之作用下，對「達成損益兩平」與「超越前期盈餘」兩項管理誘因均有抑制作用。 / During the last few years, there have been numerous cases of financial ma-nipulation and scandals of firms and the situation of the managing authority par-ticipating in creative accounting has become worsen which has posed enormous disciplinary risks and unnecessary costs on the entire capital market. In order to invoke the concern of investors towards earning quality and to objectively under-stand more broadly about earning management, this study focused on two dif-ferent earning quality categorization based on different basis. The other aim of this study was to discuss the differences of financial characteristics and earning management that arise under two different earning quality categorizations. Most of the local existing literature discussed separately on the essence of earning management or the phenomenon of earning management; this study would be a completely new attempt, which combined the above-mentioned two topics into one study. The first part of this study focused on the definition of earn-ing quality and the second part discussed in detail on issues concerning earning management. A regression analysis was conducted on 381 publicly listed firms in Taiwan during the period from the third quarter of 2002 to the third quarter of 2004 and the total sample points were 3429. Firstly, the samples were processed and the samples’ earning qualities were categorized based on: 1. the comparison between earning and operating cash flow; 2. the comparison between the growth rate of account receivables and the growth rate of revenue. After the categorization of earning qualities, earning qual-ity was used to test the ability of earning valuation and the persistence of the earning. It was revealed in this study that the earning quality based on the com-parison between earning and operating cash flow could greatly enhance the abil-ity of earning valuation. On other hand, the earning quality based on the compari-son between the growth rate of account receivables and the growth rate of reve-nue failed to enhance the earning valuation. However, both categories of earning qualities had significant contribution to the persistence of earning. The second part of the study separated the samples into earning smoothing firms and non-earning smoothing firms in order to discuss the power of the ability of earning valuation. The results showed that earning smoothing did not have any impact on ability of earning valuation. The next step was to introduce earning quality into this part of the study and to observe the differences in the ability of earning valuation that arise from cross grouping. It was revealed that the group of high earning quality combining non-smoother had the highest earning valuation coefficient. Earning was further decomposed into three components: operating cash flow, discretional accruals and non-discretional accruals. The focus was on the observation of discretional accruals, and in this part of the study, the earning quality was also introduced in order to test the ability to valuate and the persis-tence of earning. It was discovered that discretional accruals possessed the func-tion of valuation. Furthermore, under the categorization of earning quality indexes with two different bases, discretional accruals with high earning quality had no contribution toward the ability to enhance valuation; however, about the persis-tence, both earning quality indexes had positive contribution toward discretional accruals. Finally, in order to test the reactions of earning quality under the influence of the incentives of earning management, the incentives of earning management were categorized into two groups with two different goals: 1. to reach breakeven; 2. to exceed prior period earning. The earning quality was also introduced to ob-serve the interactions. It was observed that under the two different goals in earn-ing, the phenomenon of earning management did indeed exist. After including the variable of earning quality, under the influences of two different categories of earning quality variables, there was some kind of suppressive effects on the management incentives of “reaching breakeven” and “earning that surpasses the prior period earning”.

區段徵收為目前政府大規模進行土地整體開發，促進都市發展，以及無償取得公共設施用地的重要舉措之一，為一種具有高度自償性之土地開發事業。由於區段徵收需要投入大量的資金與人力，在政府財政困窘及國內不動產市場自民國81 年以來，長期處於不景氣之故，其非但無法達成原先設定之有效減低公共支出之目的，反而需要額外編列預算以支應財務缺口。爰此，造成縣市政府往往視區段徵收為畏途，但礙於相關政策規範及都市發展須盡速取得必要之公共設施用地，而不得不予執行，從而導致惡性循環，因此，如何解決區段徵收財務問題，乃成為政府必須面對的最大困境與挑戰。 在政府財政狀態日益惡化，短期內又無法籌措區段徵收開發過程中龐大的資金需求，再加上地方專業人力不足之困境下，使得區段徵收之辦理型態有所演變，部分地方縣（市）政府遂逐步引進民間資源與活力（即BT模式），朝向由民間機構自行籌措資金並由該機構專業人員負責規劃與執行開發工作，政府從旁提供必要之行政協助。此外，開發所需總費用均先由民間機構墊付，而政府再以剩餘可建築土地來償付費用，藉此創新開發模式，以有效解決區段徵收有關資金籌措及開發後土地去化等至為關鍵之癥結問題。 然而BT模式在實務執行過程時，仍存在著法令、政策制定及實施方式等相關爭議，以致於無法有效大量推廣實施，本文藉由研究相關法令、文獻記載、分析目前實施案例、並透過訪談專家學者及整理相關問題等，說明區段徵收業務在走向政府委託民間機構、引進民間資源辦理區段徵收BT開發模式時，所需面對與管理之委託-代理關係，藉由代理理論，探討區段徵收實務執行層面中，可行的解決措施（包括誘因與監督機制），並建議區段徵收應與時俱進地檢討與修正相關配套措施，以利此項善用民間資源與活力，並具有突破性的土地開發委外機制能夠更臻完備，並可作為後續土地整體開發學術研究之重要參考。 綜合本研究之結論與建議，謹分述如次： 一、結論 （一）區段徵收機制基於政策、民意與制度之可行性，可以作階段性創新改革。 （二）現行區段徵收委外機制相關法制，尚欠完備。 （三）區段徵收委外辦理機制，應同時配套建構監控制度。 （四）區段徵收委外過程，應運用誘因機制，以避免代理問題產生。 （五）區段徵收BT開發模式，應可進一步強化學術研究與應用探討。 二、建議 （一）限期檢討修正區段徵收BT開發模式法制化工作。 （二）由中央與地方成立專案小組，全力協助BT得標廠商。 （三）加強BT開發模式之宣導，建構良好的溝通協調機制。 （四）根據現有兩案例開發結果，審慎評估策訂推廣實施計畫。 / Zone expropriation is presently the large-scale integrated land development carried out by the government to promote urban development. Acquiring land for public facilities without compensation is also an important measure to have high self-liquidation of land development enterprise. Because zone expropriation needs to invest in a great deal of funds and manpower, the government finance and the domestic real estate market were in a long-term depression from 1981 until 1992. Not only unable to reach the targeted profit margin to reduce the public expenses, additional budget is needed to deal with financial gap. Therefore, it makes the county and city government often look at zone expropriation as a dangerous choice to take. But hindrance related to policy standardization and urban development must acquire the necessary land for public facilities as soon as possible because there's no choice but to implement it. As a result, it leads to a vicious circle. Therefore, the government needs to face the greatest dilemma and challenge on how to settle the zone expropriation financial problems. The financial status of the government is worsening day by day. Within a short time the government was unable to raise funds for the huge financial requirement of the zone expropriation. In addition, professional manpower is also a dilemma, causing the handling pattern of zone expropriation to evolve to some extent. Partially the local county and city government gradually brings in non-government resources and vitality (private participation-BT mode). Non-government organizations voluntarily raise funds and professionals in private sectors manage the plans and implementation, while the government provides necessary administrative assistance. In addition, the development necessary for the total costs is paid first by the non-government organization, and the government excess land will be liquidated, thereby creating modes in effect of settling the zone expropriation's fund raising and developed land key problems. However in the implementation of the BT mode process, the decrees, policymaking and implementation methodology related to disputes are still kept. Because of the incapability to take effect the large number of widespread implementation, this writing discuss about the laws, research about decrees, document records, analysis of present case studies, and interviews of professional scholars and arrangements related to the problems. Zone expropriation business is illustrated in moving towards the government's entrusting of non-government organizations. The introduction of non-government resources to handle the zone expropriation BT development method is necessary for facing with the management of principal-agent relationship. By means of principal-agent theory, probing into the implementation dimension, feasible resolutions (including incentive and monitoring mechanism), and recommending the steady advancement of zone expropriation to review and amend about the formation of a complete set of measures, these are all for making good use of non-government resources and vitality, as well as to have a break through in the land development outsourcing mechanism to make them more perfect, and may make a follow-up for the land integrated development academic study of important references. Summary, Conclusion and Recommendation: 1. Conclusions: (1)Gradual improvements can be made on the zone expropriation mechanism based on policy, public opinion and system feasibility. (2)The legal system regarding the current zone expropriation mechanism is still incomplete. The external committee handling zone expropriation should simultaneously form a complete construction monitoring system. (3)The external committee handling zone expropriation should utilize a financial incentive mechanism to avoid any problems. (4)A zone expropriation based on the BT model should go further in strengthening academic research and application 2. Recommendations: (1)Establish a deadline for reviewing the legal work for zone expropriation in the BT development model. (2)Allow the national and local relevant groups to fully assist the winning bidder for the BT project. (3)Strengthen guidance for the BT development model; construct a good communication mechanism. (4)Based on the development results of the above case studies, carefully appraise the presented implementation plan . Keywords: Zone Expropriation、Private Participation(BT Mode)、Principal-Agent Theory、Incentive Mechanism

本論文分為兩部分，第一部份是探討全球航空產業的油料避險會不會對公司價值有所影響，以及油料避險的誘因。第二部份則是檢視全球航空公司的風險曝露會不會影響分析師的預測誤差，尤其是燃油價格變動的風險曝露。 / In the first essay, we examine whether jet fuel hedging increases the market value of airline companies around the world. Using a sample of 70 airline companies from 32 countries over the period 1995 to 2005, we find that jet fuel hedging is not significantly positively related to their firm value in the global airlines, but this positive relationship holds in the various sub-samples and is significant for US and non-alliance firms. Moreover, our results show that the risk-taking behavior of executives and the tendency to avoid financial distress are important determinants for the jet fuel hedging activities of non-US airline companies. Alleviating the problem of underinvestment is also an important factor to explain the jet fuel hedging activities of US and non-alliance firms. Our results add support to the growing body of literature which finds that hedging increases firm value for global airline companies. In the second essay, we examine the extent analysts revise their earnings forecasts in response to oil price, interest rate and foreign exchange rate shocks they have observed during the year, and whether these revisions contain additional information about how current and past price shocks affect reported earnings, using the sample of the global airline industry. Empirical results indicate that jet fuel hedging can increase analysts’ forecast revisions in the total sample, and in the sub-sample of the volatile fuel price period. These results can also be seen in US and non-US airlines, and airlines with both strong and weak governance. Overall, our results show that oil price shocks play an important role in investor and analyst information uncertainty with regard to the global airline industry. Consequently, corporate risk disclosures only provide limited information about firms’ financial risk exposures. Two essays are comprised in this dussertation to examine whether jet fuel hedging has effects on firm value and analysts’ forecast accuracy in the global airline industry. Using global data allows us to cmpare the differences of jet fuel hedging behavior and incentives for hedging across different sub-samples. Furthermore, we also examine how jet fuel hedging affects analysts’ forecast erros across different sub-samples and its implications for firm disclosures about their risk exposures in the financial reports. In the first essay, we examine whether jet fuel hedging increases the market value of airline companies around the world. Using a sample of 70 airline companies from 32 countries over the period 1995 to 2005, we find that jet fuel hedging is not significantly positively related to their firm value in the global airlines, but this positive relationship holds in the various sub-samples and is significant for US and non-alliance firms. Moreover, our results show that the risk-taking behavior of executives and the tendency to avoid financial distress are important determinants for the jet fuel hedging activities of non-US airline companies. Alleviating the problem of underinvestment is also an important factor to explain the jet fuel hedging activities of US and non-alliance firms. Our results add support to the growing body of literature which finds that hedging increases firm value for global airline companies. In the second essay, we examine the extent analysts revise their earnings forecasts in response to oil price, interest rate and foreign exchange rate shocks they have observed during the year, and whether these revisions contain additional information about how current and past price shocks affect reported earnings, using the sample of the global airline industry. Empirical results indicate that jet fuel hedging can increase analysts’ forecast revisions in the total sample, and in the sub-sample of the volatile fuel price period. These results can also be seen in US and non-US airlines, and airlines with both strong and weak governance. Overall, our results show that oil price shocks play an important role in investor and analyst information uncertainty with regard to the global airline industry. Consequently, corporate risk disclosures only provide limited information about firms’ financial risk exposures.

就現階段的企業經營型態而言，專業人才的良窳以及培育訓練可能遠勝於公司有形資產的多寡，這種情形在高科技產業尤其明顯。企業為了留住優秀人才，必須提供許多激勵措施。就我國企業而言，最普遍的激勵措施是員工分紅配股制度。然而，在此制度下，容易產生員工短視近利的缺失。歐美等國較常採行所謂的股票選擇權制度，由於此種制度具有激勵未來的特性，屬於「長期的激勵因子」，更能使員工與股東的利益趨於一致。因此，財政部為順應高科技產業的需求，於民國八十九年准許上市公司實施員工股票選擇權制度，此制度開放後，勢必影響到我國企業對於員工長短期激勵誘因的最適決策。 　本文的主要目的在於利用訊息理論中的「代理模型」，探討股東與員工雙方在「訊息不對稱」下，股東如何設計最適的員工激勵契約。站在股東極大化期望財富的立場，建構一套綜合現金、股票以及股票選擇權的理論模型，並經由模型運算推演，試圖達到下列的研究目的：(1) 在長短期激勵誘因契約下，分別推導出最適員工誘因強度、最適基本薪資以及最適員工努力水準；(2) 比較長短期激勵誘因的最適員工努力水準，驗證股票選擇權制度是否具有提高員工努力程度的激勵效果；(3) 站在股東與員工各自追求期望財富極大化的立場，探討雙方對長短期誘因制度的偏好。 　經由模型分析，可得到以下幾點結論：(1) 員工努力程度不受長短期激勵誘因的影響，股票選擇權的作用或許只在於留住人才以及加深員工對公司的忠誠度；(2) 股東在擬定最適長短期激勵誘因強度時，必須考量公司股本大小、員工對風險的趨避態度、努力投入的成本係數以及景氣波動對公司未來收益的影響；(3) 影響員工最適認股權證比率的大小，除了上述提到的因素外，還包括認股權證的避險比率，股東可以藉由觀察公司股價的高低，以協助長短期激勵誘因的決策擬定；(4) 股東與員工基於期望財富極大化的立場，對於長短期誘因契約的偏好會產生利益不一致的現象，雙方面臨的是一場無法達到雙贏局面的零合遊戲。

我國法令原則上禁止庫藏股的交易，但實務上相當盛行母公司透過本身可完全控制的子公司來買回母公司股票，從經濟實質的觀點來看，此一交易屬於實質的庫藏股交易。本論文之目的在探討我國「子公司買回母公司股票」之實質庫藏股交易的資訊內涵，是否和資訊假說的含意相符；其次驗證對於發生諸如借殼上市之經營權移轉情形的公司而言，「子公司買回母公司股票」交易和公司大股東出脫持股俾追求自利的經濟誘因是否有關。研究主題一共發展3個研究假說，主要擬瞭解我國子公司買進母公司股票之交易行為的資訊內涵，俾了解此交易傳遞之資訊本質，並評估市場反應是否和此資訊有關。第二個研究主題共發展4個假說，係探討借殼上市公司內部人在借殼成功後，是否會利用子公司買進其借殼時增加的持股或融資交易的股票，俾舒解資金壓力。此外，亦驗證交易過程中的股價行為，是否和內部人為極大其獲利水準而可能進行股價操縱的股價行為相同。 　　本論文是以84年至87年為研究期間，兩個主題的樣本係相互獨立。實證結果顯示：關於主題一－子公司買進母公司股票傳遞之資訊本質，本研究發現，平均而言，以子公司買進母公司股票當季與後續四季為基準，母公司在此交易的後續期間並無表現出優於預期的盈餘績效（相對於配對公司），而且在交易後亦無法觀察到分析師對母公司盈餘預測有顯著的正向修正（相對於配對公司）。另外，在控制內部人淨買入、公司規模、子公司購買股數、資金需求與產業趨勢等變數後，本研究並未發現子公司買進母公司股票時的股價反應，和母公司當季與下一季的異常正向盈餘績效有顯著的正向關係。總而言之，國內實務界雖然宣稱子公司買進母公司股票係傳遞看好母公司未來前景的訊息，但本研究的證據顯示，這項交易並非傳遞母公司未來盈餘變動的資訊，同時，此交易引發的正向市場反應，似乎並非來自投資人對母公司未來績效的預期，故從股價操縱的角度來看，此一股價效應可能來自於母公司刻意創造，但其實與母公司經濟實質無關的泡沫股價。 　　關於主題二－借殼上市公司透過子公司買進母公司股票之經濟誘因－的實證結果顯示：在控制其他因素後，借殼上市公司在借殼成功的後續期間，子公司買回母公司股票之交易發生後，相較於無此交易的配對公司而言，其內部人持股比例和融資餘額有顯著降低的情形。基於這類公司大股東有套現的特殊動機，故可合理懷疑，這項證據和內部人籍子公司買進母公司股票來出脫持股俾套現獲利有關。此外，分析結果發現：子公司買回母公司股票交易前有正向的股價效應，此一股價行為和內部人操縱下的股價型態相符，但交易後的股價水準則並未顯著低於交易前的股價。吾人推測此一結果，可能肇因於投資人受到誤導，以致本研究未能觀察到後續反轉下跌的股價行為。 　　整體來看，子公司買進母公司股票之交易並非如實務界所宣稱，係傳遞公司未來前景較佳之資訊，反而可能和內線交易與股價操縱有關。因此，本研究支持目前財政部擬議中嚴格禁止或限制母子公司交叉持股的方案，此外，本研究應有助於投資人做投資決策時，對於母子公司交叉持股的本質有所了解。 / Companies are not allowed to buy back any of its own shares except in some special cases according to the Company Laws in Taiwan, but the practice that parent companies repurchase their own stocks through subsidiary companies (which is so called parent-subsidiary cross-holding transactions) is popular currently. From the economic substance view, the parent and subsidiary companies are treated as a single economic entity, and the parents' stocks held by their subsidiaries are treasury stocks in substance. Since the authorities and investors are all concerned with this issue, and previous work in this area is limited, this thesis investigates the information content and economic incentives of these transactions. Specifically, there are two research questions in this dissertation. The first is whether the transactions that subsidiary companies purchase parents' stocks convey any information about parents' future prospects? And whether the stock price reactions around announcement dates are positively related to parents' subsequent earnings changes. The next question is whether these transactions are motivated by insiders' intent to sell their own shares for self-interest? And is the stock price behavior around announcement dates consistent with the explanation that stock price is manipulated? 　　The findings of the first research question are as follows. First, I find no evidence that there are positive aggregate unexpected quarterly earnings relative to a size and industry-matched control sample over the announcement quarter and subsequent four ones. Second, the significant evidence that there are positive revisions of earnings forecasts by analysts around announcement dates also cannot be found. Finally, a regression analysis shows that there is no significant positive relation between positive abnormal stock returns at announcement and positive quarterly earnings changes over quarter 0 and quarter I. In summary, the results are not consistent with the implication of the information hypothesis. I find no systematic support for the firms' claims that the meanings behind parent-subsidiary cross holding transactions are to convey managements' private information about parents' favorable prospects. 　　With regard to the second research question, I focus primarily on those listed companies whose controls are obtained by unlisted companies through purchasing outstanding shares in the open market, these companies are not included in the sample of the first question. As predicted, I find systematic support for the hypotheses that shares owned by insiders and companies' margins decrease relative to control groups immediately following parent-subsidiary cross holding transactions announcements and that abnormal stock returns before and at announcements are positive. However, I show that the abnormal stock returns after the announcements do not fall bellow those before announcement dates significantly. In summary, the findings indicate that these transactions maybe a means for informed insiders to sell their own shares at manipulated high prices in order to alleviate the huge capital pressure by self-interest. 　　Overall, the transactions that subsidiary companies purchase parents' stocks are more likely to have relation to insider transactions and stock price manipulation, rather than convey favorable information about parents' prospects as what firms claim. Therefore, this thesis supports an act of prohibiting or limiting parent-subsidiary cross holdings proposed by the Ministry of Finance strictly. Besides, the results in this thesis may be helpful for investors to understand the nature of parent-subsidiary cross holdings when they make investment decisions.

早期農業係臺灣社會經濟發展之基石，各相關農業政策皆以糧食增產為主要目標，後因後期臺灣經濟由農業為主漸漸轉向以工業為主，故在時代變遷下，過去多數文獻指出第一次農地改革強調以「所有權」為中心，成功達到農業生產增加目的，以及Arthur Young之名言「荒漠變花園」，認為「所有權」是激勵農民生產之誘因，在現今都市化擴張及工商業發展的社會背景下，是否仍為當前農地政策之主要思維？實有重新探討之必要。爰此，本研究為探討臺灣農地利用是否仍需存有「所有權」之迷思，嘗試釐清在時代變遷下，農民是否須擁有農地所有權才能激勵農民從事農地利用？或只要能保障農民之投入成本能於未來收益相符，即便是透過使用權方式承租農地亦能激勵農民從事利用？並期能透過財產權觀點分析現行農地利用政策，提供未來農地政策研擬修訂之重要參考依據。 基此，本研究首先整理過去相關文獻及政府統計資料，在此基礎上釐清過去涉及地權政策之農地改革變遷過程，以及臺灣農地利用現況問題，藉以建立後續分析架構。其次，針對宜蘭縣三星鄉農民進行問卷調查，以釐清農民在從事農作過程中，擁有農地所有權對農民之影響情形，並瞭解農民透過購買或承租方式擴大農場經營規模之考量為何。最後，為深入分析及探究問卷調查結果之背後影響因素，本研究再針對中央及地方政府機關行政人員進行訪談，據以進行綜合分析。透過此研究脈絡之探討，本研究獲得之重要發現與結論，茲分述如下。 一、本研究透過實證分析得知，農民擁有農地所有權雖會對農地利用有正面影響，但不必然會直接激勵農民從事農作，仍需視當時的社會制度下，何種行為能夠激勵農民達到行為目標（增加所得），即具有激勵效果。而農民擁有農地使用權，亦能提高從事農地利用意願、激勵努力從事農業生產及維護農地環境，惟因使用權具有期限，故相較於農民擁有農地所有權，在提高農地改良投資及對長期從事農作有幫助兩方面，較無法激勵農民。因此，本研究結論指出過去以所有權為中心之農地政策，因社會變遷結果，不必然須再以所有權為中心，亦能具有激勵農民從事農作生產之效果。 二、依據本研究分析及推論，第一次農地改革之成功，應不能僅歸於創設所有權，而是因為透過政策實施重新界定財產權範圍，並建置財產權之權利及義務關係，故使農民投入之成本與未來收益能相符，願意投入更多的勞力從事農作，進而激勵農民願意努力從事農業生產，而建立第一次農地改革成功基礎。以此觀點亦能說明，第二次農地改革後，即便農民擁有農地所有權，惟因從事農作收益不佳，農民投入之成本於未來並無法充分回收時，則會變相導致農民任其休耕、閒置、消極利用，或是觀望日後農地變更之增值。因此，所有權並非能直接激勵農民從事農地利用，即便農民係透過承租方式擴大農場經營規模，只要能保障農民投入成本能與未來獲得收益相符，皆可激勵農民努力從事農作。 三、經本研究調查發現，由於目前購買農地價格太高，且農民擁有農地所有權與使用權對農地利用激勵效果相似，因此在資金條件不足情況下，透過承租方式取得農地，可減輕農民在資金負擔方面的壓力，實為未來主要擴大農場經營規模之方式。而目前政府所推動之小地主大佃農政策，雖係以承租方式擴大農場經營規模，且施行迄今頗具績效，然其政策績效似有成長趨緩之趨勢，故本研究針對小地主大佃農政策績效成長趨緩之原因進行分析，發現主要因地主願意出租之農地多已經初步釋出、三七五減租政策之持續影響、農民健康保險資格影響農地整合活化、缺乏地緣關係難透過承租農地擴大農場經營規模及特殊農業經營傾向以購買農地擴大農場經營規模等五項原因，可能影響該政策績效有趨緩成長之勢。故本研究基於研究觀察及發現，據以研提五項政策修正建議，包括：1.由於農地多已初步釋出，故應開始從農地規模化轉而思考農地集中化，不再僅追求量的成長；2.透過農地管理中心整合目前委託經營、口頭租約、代耕之擴大農場經營規模方式，不僅以書面契約為必要條件；3.調整農民健康保險之資格條件，不必然以擁有或承租一定農地面積以上為審查必要條件；4.透過現有大佃農師徒學習或是參與學習方式，引領新農民獲得當地農村信任感，順利承租農地；5.獎勵地主及承租人雙方簽訂長期農地租賃契約，以刺激承租人規劃及思考更長期之農地利用等，可供作為政府機關未來進行相關政策修訂及調整之參考依據。