我國財務會計準則委員會於民國86年6月發布了第27號公報「金融商品之揭露」，該公報要求財務報表需將公司所操作的衍生性金融商品之情形提出說明，目的是希望能改善長久以來相關衍生性商品資訊之不足。然而，自公報發布以來，諸多國內的研究指出，企業財報的揭露有遵循程度不足的問題，報表使用者能否由目前揭露的水準明瞭公司衍生性金融商品之表外交易的情況仍有待商榷。本研究在檢視公司年報之附註揭露時發現，台灣企業使用衍生性金融商品最主要為規避外匯波動所帶來的風險，因此本研究在公報所規範的架構下，以現行財報揭露的水準為依據，研究企業所揭露之衍生性金融商品資訊與投資人所認知的外匯風險是否存在關聯，藉以討論目前所揭露的相關資訊是否為投資人評估外匯風險時的重要依據之一，供主管機關與準則制訂機構在往後監督與公報修訂上的參考。 本研究參考Franco Wong（2000）所提出的研究議題與模式，並依據國內的情況作部分的修改，研究的重點在於公報中基本揭露事項之數量性資訊，其中最主要的部分為衍生性金融商品之合約金額、公平價值與操作損益三者。 故研究討論的主軸有四：一、投資人是否運用合約金額資訊進行企業外匯風險的評估，二、投資人是否運用了操作損益資訊對公司的股價作調整，三、在合約金額與操作損益之兩項資訊皆揭露的情況下是否同時為投資人所參考，四、按不同金融工具種類揭露之資訊是否對投資人產生參考的價值。 研究的結果顯示，非電子業之合約金額資訊不為投資人所參考，非電子業也不同時使用兩項資訊，電子業則不參考操作損益資訊，也不同時使用兩者揭露的資訊。但在多數的情況下，不論是電子業或非電子業，投資人會部分運用到合約金額、操作損益與按種類揭露的資訊，故第27號公報之數量性資訊揭露在現行企業財報揭露的水準下仍有其參考的價值存在，惟參考的程度不高，尚有改善的空間。

本研究旨在協助產險公司建立動態財務分析系統. / Despite the promise of DFA, many insurers have grown increasingly frustrated with it. Evolution of DFA models leads to a vicious cycle of implementation, compilation and modification that disrupts the creative evolutionary modeling activity. To overcome this obstacle, MLDFA discussed in this paper provides an improved approach that would meet the desired requirements. MLDFA architecture plays a central role in its successful development. Model Transformation Systems makes a transformation from the conceptual model into programmed model by combining conceptions of Object Oriented Programming (OOP) and Code Generation. With the object-oriented style user interface, MLDFA provides the user with means to conveniently structure the model in a natural way. We believe that the proposed approach is suitable and feasible for the formulation and refinement of DFA models. Although MLDFA is in an early stage of implementation, it has the potential to bring DFA to a wider audience because it could help insurance companies in total cost reduction of the life cycle DFA system.

自中國大陸經貿改革開放後，外國對中國大陸的直接投資漸為風潮，除中國在策略上積極擴大對外貿易以及引進外資，並採行各種租稅優惠等措施外，其本身也具備勞動力充沛、工資便宜、土地廣大、取得成本低廉以及內銷市場廣大的優勢，因而對台商產生了莫大的吸引力。1980年代後，因台灣島內工資上升、土地昂貴以及環保意識抬頭等，台商需積極另覓生產基地，由於兩岸文化同文同種，中國大陸遂成為台商在海外投資的首選。隨其經濟快速成長，大陸內銷市場已成為全球企業兵家必爭之地，台商對大陸投資更無減退的跡象，本論文重點在於探討母公司財務特性，希冀透過對這些財務因素的分析，瞭解其對大陸投資的影響。是故，本論文以此為動機，旨在檢視過去幾年來台商母公司之財務特性對大陸投資之影響。 本論文以2000年 ~ 2004年6月赴大陸投資的台灣上市、櫃公司為研究樣本，假設大陸投資為應變數，獲利能力、穩定性、成長性、活動性等財務指標為自變數，應用敘述性統計的方法，就現金流量、財務比率進行分析。為探討影響大陸投資的主因，採用「因素分析」中的「主成分分析法」（principal component analysis），並藉由迴歸分析來檢定母公司財務特性對大陸投資的影響 。 研究結果發現，電子產業營收較多，但有關營運部分的現金流量卻不及傳統產業，導致現金化比率不高，其原因可能為該產業普遍進行再投資所致。其次，在財務槓桿比率、長期負債比率、資金運用率上，兩種產業的實證結果相反；在獲利能力方面則呈現同樣的結果，顯見不論何種產業，獲利愈多愈增強企業赴大陸投資的意願。

N/A / In the previous academic studies, there are different views on the pros and cons for diversified firms and focus firms. On the other hand, most of previous works show that going to globalization is quite a definite trend and able to generate values for its shareholders. Both topics are especially critical for contemporary multi-business multinational firms, of which GE is a very typical example. In this study, we intend to conduct comprehensive analysis of the business and financial strategy that GE uses to grab deeper understanding of how a globally diversified company should leverage its competitive advantages to pursue growth and great performance. We also provide our views on some of the potential issues for firms like GE and recommend some measures to be done to make those companies more financially sound. From the result of our case study, we primarily conclude that diversification is good if the company can leverage the power of its various businesses and use the resources of one business to support the others in a reasonable manner. It is also crucial that the diversified firm should do its best to maintain its transparency to the outsiders to remove their concerns about information asymmetry. Furthermore, from the case of GE, it is also suggested that globalization should do a company with the scale like GE’s more good than harm. Going globally is actually an inevitable direction for most of the companies in the future.

強制性財務預測揭露制度已實施十多年，惟財務預測品質不佳、管理當局刻意操縱財務預測以影響股價等問題遲遲無法解決，致金管會乃決定自2005起廢止舊制，改採自願性財務預測揭露制度。本次改革除符合國際做法之外，並期望能達到降低公司財務預測成本、提高預測準確度，以及健全預測資訊公開之環境。 2005年為實施自願性財務預測揭露制度之第一個年度，當年上市（櫃）公司中，只有約6%的公司自願公開其財務預測。本研究認為，對投資人而言，財務預測既為有用資訊，為何願意公開財務預測的公司卻如此少呢？故本研究欲辨認左右公司是否公開財務預測行為之因素。 本研究設立七項與管理當局自願性揭露財務預測有關之決定因素─內部人持股比率、資本結構、資金需求、經營績效、盈餘波動性、權益資金成本，以及外資持股率，並以公司規模、產業、負債對權益比率為控制變數。研究樣本為2005年之上市(櫃)公司，將其分成兩組，ㄧ組為當年度自願揭露財務預測之公司，另ㄧ組則為當年度未曾揭露財務預測之公司，運用logit進行迴歸分析。 實證分析結果顯示，揭露與不揭露財務預測公司之主要不同特質，在於：公司過去經營績效之好壞及外資對公司之持股比率。過去經營績效較佳之公司，其主動揭露財務預測資訊給外界之機率較高；外資持股比率越高之公司，其主動揭露財務預測給外界之機率較高。 / This study examines the factors that affect managers to disclosure financial forecasts. Seven potential factors were compared for a sample of firms that reported forecasts and another sample of firms that did not release this information. The seven factors are: (1) the proportion of inside ownership, (2) capital structure, (3) the demand for external finance, (4) the business performance, (5) earnings volatility, (6) the cost of equity capital, (7) the proportion of foreign ownership. There are three control variables, including size, industry and the ratio of debt to equity. The findings report that the better the past business performance is, the more the probability that the manager will voluntarily disclose financial forecast is. The findings also report that the higher the proportion of foreign ownership is, the more willing the manager is to voluntarily disclose financial forecast.

本研究旨在由傳統財務指標及公司治理角度分析近年來我國因財務報表舞弊遭一審判決有罪之公司發生的舞弊警訊(Red Flags)，建立財務報表舞弊預警模型，作為會計師執行舞弊偵測時的參考，降低因查核舞弊所產生的審計失敗，並可作為主管機關實質審查選案標準及投資人選擇投資標的之參考。 本文以民國85年至95年因財務報表舞弊遭法院一審判決有罪之27家公司為樣本，分別使用財務及公司治理變數建立財務報表舞弊預警模型，再以Cascade Logistic迴歸分析結合財務及公司治理模型，檢視Cascadev Logistic模型的正確判別率。實證結果顯示，財務變數中舞弊當期應付帳款成長率、舞弊當期存貨成長率、應收帳款收現天數對前期同一比率與財務報表舞弊呈顯著正相關；舞弊當期資產報酬率對前期同一比率、舞弊當期銷貨成長率與財務報表舞弊呈顯著負相關。公司治理變數中董監持股、控制持股、外部個人監事席次與財務報表舞弊顯著負相關；財報重編次數呈顯著正相關，良善的公司治理機制與財務舞弊具負向關連性。而整合的Cascade Logistic模型，財務及公司治理變數均與財務報表舞弊呈顯著相關，且均具增額解釋。 / Presented are a profile of a sample of fraud companies in Taiwan from 1996 to 2006, their financial and corporate governance characteristics, suggested fincial and corporate governance logistic models for detecting fraud and a final combine cascade logistic model. The results suggest both systematic relationships between the probability of fraud and financial and corporate governance characteristic variables. This evidence is consistent with the usefulness of accounting data in detecting fraud and the effectiveness of proper corporate governance in protecting fraud happening. Because the cascade logistic model correctly identifies approximately 90% of the companies involved or not invleved in fraud, the model can be a useful screening device for auditors to detect fraud, low down the propobility of audit failure and the cost of lawsuit due to fraud.

在第一篇文章當中,我們論證了台灣選擇權市場的投資人交易行為符合Kahneman and Tversky (1981) 所提出來的框架效應. 更進一步, 我們發現投資人的專業程度, 交易複雜性, 與交易經驗能降低框架效應的行為偏誤. 在第二篇文章當中, 我們發現台灣選擇權市場投資人並無符合Thaler (1985) 所提出來的心理帳戶效應來編輯利得與損失. 但是對於混合利得與損失當中, 投資人仍有心理帳戶的現象來處理他們的選擇權部位. / In the first essay, we document support for the narrow framing effect proposed by Kahneman and Tversky (1981). Our findings that traders in an options market frame complicated investment decisions into the simpler ones support the narrow framing effect. Traders’ professionalism, sophistication and trading experience are negatively related with the degree of narrow framing, implying that these factors help to reduce investors’ behavioral bias. Our study bridges the gap between the psychological literature and financial literature in terms of the relationship between experience/sophistication and narrow framing. The results of this paper shed light on the decision-making process in an options market. In the second essay, complementary to Lim (2006)’s findings in regards to stocks market, we also claim that in a much more complex derivatives market, traders tend to frame gains and losses asymmetrically by editing or evaluating their outcomes into different accounts. Nevertheless, different from Thaler’s mental accounting theory (1985), we find investors are more susceptible to segregating losses and integrating gains when they liquidate their positions. Our empirical evidence shows that they also have asymmetry in the propensity to liquidate multiple options. The current study sheds a light on how investors perceive, categorize, evaluate and engage their outcomes in financial activities, in addition, under what circumstances investor integrate or separate their investment profits. The fact that investors’ responses to edit their outcomes vary across countries and securities markets highlights the complexity of human behavior and calls for further studies on a broader range of financial markets.

綠色供應鏈管理為近年來熱度非常高的議題，對於某些公司來說，採行綠色供應鏈管理可以表現公司永續經營的決心（Bacallan，2000），例如聯華電子不久前才宣佈，領先全球半導體製造商，完成有害物質管理 (Hazardous Substance Process Management, HSPM)系統稽核，並獲推薦登錄，顯示聯電符合RoHS指令及客戶對有害物質管理要求，也取得通往歐洲市場的環保通行證，而致伸科技也領先其他競爭者，完成綠色供應鏈的佈署，廠商的這些行動可以解讀為綠色供應鏈管理已經成為未來的趨勢，然而，本研究想要進一步的探討，綠色供應鏈管理究竟是廠商不得不為的措施，抑或是可以憑藉以提升本身競爭優勢的積極作為。 本研究採問卷調查的研究方式，針對我國製造業廠商進行實證研究，研究範圍設定為工商快訊所出版的「2005台灣廠商名錄」中，所登錄的我國公司，產業不予以設限，但必要條件為公司必須涉足生產製造業務。 本研究針對回收後的問卷，以 LISREL進行分析，獲得了下列研究結果： 1. 綠色設計與公司競爭優勢有正向關係 2. 綠色採購與公司競爭優勢有正向關係 3. 綠色生產與公司競爭優勢有正向關係 4. 企業在競爭優勢上的表現與其財務數字上的成績有正向的關係 關鍵字：綠色供應鏈、競爭優勢、財務績效 / Green Supply Chain Management has been a very popular subject recently. For some companies, implementing Green Supply Chain Management can show their determination for sustainable development（Bacallan，2000）. For example, UMC just announced their audition of Hazardous Substance Process Management system, and therefore is qualified to export to European market. Primax Electronics has also executed Green Supply Chain Management. All these actions indicate Green Supply Chain Management has become the trend. However, the study wants to investigate if the implementation of Green Supply Chain Management can give a lift of the companies’ competences. In the end of the study, the author can reach the following conclusions: 1. There is a positive correlation between Green Design and company’s competitive advantage 2. There is a positive correlation between Green Purchase and company’s competitive advantage 3. There is a positive correlation between Green Production and company’s competitive advantage 4. There is a positive correlation between company’s competitive and its financial performance Key Word: Green Supply Chain, competitive advantage, financial performance

隨著經濟市場自由競爭和資本主義的高度發展，一個良好、健全的破產制度是維持國家金融秩序和經濟穩定的重要環節。實務上，當公司陷入財務困難時，通常在進入正式的破產程序前會要求與往來銀行協議非正式的暫緩還款安排。本文以探討小型企業為目標，藉由賽局模型的設定建立兩種制度，並用逆向求導法由最後一期開始求解。討論當企業發生財務危機時，優先與債權銀行協議暫緩清償，將還款日期延至一期投資計畫所需的時間結束之後，與直接進入破產程序，何者才是最適策略。 / Through the free competition of the market and the highly development of capitalism, a solid and sound bankruptcy system is a crucial pillar to sustain the stability of economy and to preclude the financial market from serious crash as well. In practice, usually a firm in financial distress would negotiate with banks an informal arrangement of deferred payment rather than go into a formal bankruptcy process directly. In this paper we focus our study on small firms and set up two systems by means of building model of game theory. Furthermore, we utilize backward induction, which starts from the last period, to obtain the solution. More specifically speaking, we discuss the optimal strategy for distressed firms choosing between a debt negotiation in which the payment date is postponed for one period and going bankruptcy.

本研究所探討的對象為數位內容產業下的數位遊戲產業，遊戲產業是一個新興產業，相對於其他產業尚屬年輕。因此可搜集分析的資料較少，本文利用台灣經濟新報資料庫裡的財務資料，用計量軟體Limdep做長期追蹤調查資料(Panel data)分析，並估計其固定效果。研究發現，在樣本期間內，擁有較佳獲利的公司為鈊象、泰偉及網龍三家。鈊象與泰偉偏向大型商用、博羿機台收入為主，網龍則是主打線上遊戲，下較多功夫在廣告、通路及行銷上，另外遊戲產業的獲利特性呈現景氣循環狀態。負債比率對於廠商流動性高的遊戲業獲利有顯著負影響，資產成長率及固定資產比的增加則對獲利有顯著正影響。顯示國內廠商固定資產尚未達到最小有效生產規模(MES, Minimum Efficient Scale)，尚處於經濟規模階段，但在西進大陸投資則須謹慎。便宜的勞工成本，在知識密集性高的遊戲產業並不一定會帶來相當的報酬。另外本研究也討論了自製及代理遊戲的問題，研究結果指出，自製與代理遊戲所獲得的利潤差距並不明顯。雖然自製遊戲並不代表獲利較佳。但以長遠的眼光來看，遊戲公司應持續培養自己的遊戲團隊，否則將無法以自製產品在國際上與各國廠商競爭。