近年來，由於全球化發展，國內外環境變遷，台灣廠商紛紛外移至海外投資，然而廠商在快速擴展海外據點之餘，容易忽略對外投資最常面對之難題－財務調度問題，在不瞭解地主國金融環境下便貿然前往投資，恐面臨籌資不易之窘境，一旦財務調度失靈，不僅影響子公司之經營，甚至可能危及母公司之營運。基於上述理由，本研究將針對我國製造業廠商對外投資行為進行研究，藉由經濟部2007年「製造業對外投資實況調查」問卷數據，分析對外投資廠商在公司規模、海外事業組織型態、行業分類、國際化程度、最主要投資地區、投資地區數、多角化程度、子公司獲利情形及投資動機等不同情況下，從事對外投資活動後對財務調度之影響，再利用Probit Model進行模型推估，試圖找出影響對外投資廠商財務調度有利與否之關鍵因素，依據實證結果發現：當對外投資廠商規模越大、投資地區數越多、子公司為獲利、投資動機為利用當地最惠國待遇及優惠關稅、或最主要投資地區為已開發國家時，從事對外投資活動後對其財務調度傾向有正面之影響。

本文以2000年11月至2011年4月，台灣公開發行公司的普通公司債發行個體資料為研究樣本，共485筆，探討企業是否會選擇在市場利率低落的時候，發行更多的公司債。在迴歸模型的架構下，以公司債十年殖利率、長短期利率差及信用價差，做為市場擇時的指標變數，以市價淨值比、本益比、景氣循環指標，做為控制變數，此外，進一步觀察產業類別及還債年限是否會影響市場擇時行為的程度及結果。實證結果顯示：總體而言，信用價差最能當作市場擇時穩健的指標；相對於全樣本的結果，分產業類別跑迴歸，因為考慮了產業間的差異，迴歸解釋力提升，其中以交通航運產業最符合市場擇時行為，交通航運產業在公司債市場發債行為相對穩定，此產業易受景氣影響，且投資金額龐大，若在市場利率相對低點時發債，對公司尤其有利；至於還債年限跑迴歸，五年和十年的還債年限公司債擇時不明顯，因為較短期間內，利率不一定會來到相對低點，相對低點不易觀察；而十年的長期還債年限公司債，公司無法有準確的預期能力；而是中長期的還債年限公司債，最能看出市場擇時行為的效果。就投資意涵來說，公司發債擇時行為，可以視為一個市場訊號，公司在殖利率相對低的地方發債，表示債券價格是在相對高點部位，此後債券價格上升機率較小。市場擇時－結合新古典投資理論和財務行為學兩個概念，此篇市場擇時的實證研究，提供了解釋台灣公司發債財務決策行為的方向。

農田水利會經營農田水利事業，是臺灣唯一之公法人，本來應向農業用水使用者課徵會費，但因政府停徵會費後，由政府編列預算補助，致財務收入受到影響。 本研究從文獻回顧瞭解農田水利會財務收入之歷史背景，並藉著農田水利會財務收入相關報告、文獻、期刊、法規、統計資料等進行研究探討分析，並對相關業務人員進行訪談。 本研究探討臺灣省各農田水利會財務收入之狀況，發現1.會費補助款不足支應農田水利會營運經費。2.財務困難之農田水利會經特別補助後仍財務困窘。3.建造物使用費收入屬規費性質，無法補足不足之營運經費。4.餘水使用費收入之收取有水權被縮減之疑慮。5.閒置房屋及土地仍需積極管理運用，租金收入仍可提高。6.整理收入被外界解讀為賣祖產敗家子。7.會有土地被佔用情形有待改善。8.非都會型農田水利會灌溉業務仍相對繁重，但財務狀況不佳等8個問題。 本研究將農田水利會各項收入及未來可提高收入項目，進行研究探討，提出調整政府補助機制、水資源（含設施）及土地資源活化等策略開拓財源，將有助於上述8個問題之改善，並提出改善農田水利會財務收入之短、中長建議供政府決策參考。

Financial literacy is the ability to understand how money works, it refers to the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. Raising financial literacy levels is a major concern around the world, because it affects how people save, spend, and invest, as well as their ability to create and grow income. However, Nicaragua is far behind. I started working under the assumption that financial literacy levels in Nicaragua were very low, because of a series of factors. Among them, the macro and micro economic conditions –including poverty level and education-, the unawareness from the government of the importance of financial literacy in people’s lives, the lack of financial advisors nationwide, etc. To prove my theory, I decided to do a 25 question, online survey in Nicaragua. During a one week period, 343 people from all age ranges answered it and provided me with insights that allowed me to analyze their financial health, as well as their relationship with money. The three main objectives I was looking to accomplish with the survey were: to determine the current situation of financial literacy in Nicaragua, to evaluate the market’s needs regarding personal finance, and to assess the potential market for a personal finance in advisor. After reviewing the particular socio-economic conditions of the country, I guide you through the questionnaire Nicaraguans had to answer, and provide results and analysis based on them. The lack of financial culture in the country is evident from the beginning till the end of the questionnaire, but the results offer a starting point to increase financial literacy levels. Some of the main conclusions delivered by this analysis are that people tend to overestimate their financial knowledge and rate their performance and actions better than they actually are, and that most of them are eager to learn about personal finance and lead a healthier financial life.

我國自民國94年起，取消強制性財務預測制度，公司於該制度取消前後之財務預測行為值得深入探討。而財務預測之發佈需提報董事會通過，董事會是否能發揮其應有之公司監理機制，提供足夠資訊給投資人，亦值得深入探討。因此，本研究從董事會結構觀點探討強制性盈餘預測制度取消前後公司自願性財務預測行為。實證結果發現，公司獨立董事佔董事會席數比例越高、董事會持股成數越低、前一年度有自願揭露財務預測時，公司於自願揭露財務預測制度下，越有可能揭露財務預測。且，民國94年有揭露財務預測之公司，若該公司董事會持股比例越少，則公司會越早揭露財務預測。而93年有自願揭露財務預測並且於94年進行董事會改選之公司，當公司董事成員變動越多時，公司越不可能繼續揭露財務預測。

近年來有許多研究將機器學習應用於財務方面的股價走勢與風險預 測。透過分析股票價格、財報的文字資訊、財經新聞或者更即時的推 特推文,都有不同的應用方式可以做出一定程度的投資風險評估與股 價走勢預測。在這篇論文中,我們著重在財務報表中的文字資訊,並 利用文字資訊於財務風險評估的問題上。我們以財報中的文字資訊預 測上市公司的風險程度,在此論文中我們選用股價波動度作為衡量財 務風險的評量方法。在文字的處理上,我們首先利用財金領域的情緒 字典改善原有的文字模型,情緒分析的研究指出情緒字能更有效率地 反應文章中的意見或是對於事件的看法,因而能有效地降低文字資訊 的雜訊並且提升財報文字資訊預測時的準確率。其次,我們嘗試以權 重的方式將股價與投資報酬率等數值資訊帶入機器學習模型中,在學 習模型時我們根據公司財報中的數值資訊,給予不同公司財報中的文 字資訊權重,並且透過不同權重設定的支持向量機將財報中的文字資 訊結合。根據我們的實驗結果顯示,財務情緒字典能有效地代表財報 中的文字資訊,同時,財務情緒字與公司的風險高度相關。在財務情 緒字以權重的方式將股價與投資報酬率結合的實驗結果中,數值資訊 顯著地提升了風險預測的準確率。 / In recent years, there have been some studies using machine learning techniques to predict stock tendency and investment risks in finance. There have also been some applications that analyze the textual information in fi- nancial reports, financial news, or even twitters on social network to provide useful information for stock investors. In this paper, we focus on the problem that uses the textual information in financial reports and numerical informa- tion of companies to predict the financial risk. We use the textual information in financial report of companies to predict the financial risk in the following year. We utilize stock volatility to measure financial risk. In the first part of the thesis, we use a finance-specific sentiment lexicon to improve the pre- diction models that are trained only textual information of financial reports. Then we also provide a sentiment analysis to the results. In the second part of the thesis, we attempt to combine the textual information and the numeri- cal information, such as stock returns to further improve the performance of the prediction models. In specific, in the proposed approach each company instance associated with its financial textual information will be weighted by its stock returns by using the cost-sensitive learning techniques. Our experi- mental results show that, finance-specific sentiment lexicon models conduct comparable performance to those on the original texts, which confirms the importance of financial sentiment words on risk prediction. More impor- tantly, the learned models suggest strong correlations between financial sen- timent words and risk of companies. In addition, our cost-sensitive results significantly improve the cost-insensitive results. As a result, these findings identify the impact of sentiment words in financial reports, and the numerical information can be utilized as the cost weights of learning techniques.

The present paper is based on a real life case, although some details have been hidden or modified to ensure proper confidentiality. The motivation behind this thesis is to exemplify financial management best practices and how these best practices are actually implemented and used in the real world. First a qualitative overview is given to put the company into context, then a thorough financial analysis is undertaken to discover the underlying financial problems the company is facing. Based on the analysis, recommendations are made to address the specific problems. Some of the main topics addressed are working capital management, capital budgeting best practices, capital raising and hedging (foreign exchange and interest rates). Keywords: Working capital, Capital budgeting, Foreign exchange hedging, Interest rate hedging.

近年來，由於經濟自由化與國際化的趨勢儼然成形，促使各國已開始逐漸放鬆對金融機構的限制，造就了銀行、保險、證券等企業的整併，形成了如今的金融控股公司的營運模式。然而，當金融機構朝向集團化企業的組織結構邁進的同時，其經營績效的優劣便成為各股東所亟需關注與關心的話題。因此，考量金融機構在組織規模擴大的同時，其財務結構與獲利能力等經營成效是否擁有加乘效果，是值得探討的話題。 因此，為能充份瞭解國內金融控股公司的經營策略與績效，本研究嘗試從財務結構與獲利能力等層面，對國內金融控股公司實施經營績效之模型設計，以尋求建立金融控股公司妥適之衡量方案。故本文擬透過金融控股公司之財務結構與獲利能力等因素的資料蒐集與探討，據以進一步瞭解國內金融控股公司現況。研究結果發現國內金融控股公司的負債現象有改善的跡象，以及中華開發、新光及日盛等三家金融控股公司的長期投資的資金是來自借款的比率較其他金融控股公司的比率為高。此外，另一項研究發現為國內金融控股公司之經營績效評估是可以透過「財務績效評估指標」及「獲利績效評估指標」等指標予以衡量。

Studies showed that prior outcomes do influence current decisions while we are interested in how prior performance affects individual investors’ risk taking behavior. Tracking 2,947 individual investors’ transaction in Taiwan Top50 Tracker Fund from June 2003 till December 2006, our empirical results indicate both the former risk taking and prior profits have significant influences on individual investors’ later risk taking behavior. We find a positive relation between later risk taking and prior gains but a negative relation between later risk taking and prior losses. Furthermore, according to the amount of prior gains and losses, we find those who experience large sum of gains or losses take far higher risks than those who have modest prior gains or losses.

本研究是以「台灣公益團體自律聯盟」40家會員為研究對象，2007年與2008年為研究期間，採用落後一期的解釋變數，並利用Tobit模型來探討哪些非營利組織的特性變數會影響其政府補助收入的多寡。本文分組織財務特性與組織自身特性二個構面來分析。組織財務特性的實證結果為：捐款收入與資本適足性對於政府資金挹注具有顯著的負面效果；組織服務效率對於政府資金挹注具有顯著的正面效果；而商業收入與政府補助收入之間呈現不顯著的反向關聯性；行政管理成本與政府補助收入呈不顯著的正向關聯性。由組織自身特性實證結果發現：組織宗旨及組織規模對於政府經費補助有顯著的正面影響效果；組織年齡對於政府經費補助有顯著的負面影響效果；而組織區位、企業資助成立者則與政府經費補助之間呈現無顯著的正向關聯性；組織服務範圍與政府經費補助之間呈現無顯著的反向關聯性。