本研究旨在探討管理當局自願性盈餘預測與權益資金成本之關聯性，檢視管理當局發布盈餘預測頻率之影響是否反應於權益資金成本上，並進一步檢視管理當局之聲譽是否為影響權益資金成本的因素之一。 在本研究的實證分析結果中，發現管理當局發布自願性盈餘預測之頻率與權益資金成本呈顯著負相關，表示管理當局發布盈餘預測的次數越多時，權益資金成本越低。 在管理當局聲譽對於權益資金成本的影響，本研究實證分析結果發現，管理當局之聲譽與權益資金成本亦呈顯著負相關，管理當局聲譽以管理當局預測誤差和分析師預測誤差來衡量，當管理當局的盈餘預測誤差小於分析師盈餘預測誤差時，投資人認為管理當局對盈餘的預測有效且值得信賴，此時管理當局聲譽提高，投資人認為取得有用的資訊，進而降低企業權益資金成本。 / The primary objective of this thesis is to explore whether the frequency of management forecasts is related to the cost of equity capital. In addition, I further examine whether the association is stronger when management has better reputation. Basing on a sample of S&P 500 listed firms during 2000-2009, I find that, consistent with my prediction, cost of firm’s equity capital decreases with the frequency of management earning forecasts after controlling for other determinants well-documented to be related to cost of equity capital. Second, I find that cost of equity capital is negatively related to the reputation of management; however, I do not find that the association between cost of equity capital and the frequency of management systematically vary with the reputation of management.

日本從1979年開始對中國實施政府開發援助至2009年，金額累計達209.77億美元，占所有對中國援助國家資金的60%以上，日本為對中國的最大援助國，中國也是日本對外援助的第二大受援國（僅次於印尼）。在日本援助投入的建設比較有代表性為：京秦鐵路、南昆鐵路、北京市地鐵、北京首都機場、上海浦東機場、武漢長江第二大橋、北京市污水處理廠、環境示範城市（重慶、大連、貴州）等。 本文發現，日本的援助理念與歐美各國不太一樣，美國的援助是以安全保障及戰略為考量為主，對中東許多國家來進行軍事援助，一旦這些受援國家發生政變，即自動立刻停止援助。英、法兩國的援助則偏向由以前殖民從屬的關係上來考量。日本的援助理念主要著眼於人道立場的考量及各國相互依存的關係。日圓貸款開始是以公共工程基礎建設為主，尤其以鐵路、港口等運輸設施為多，其次為能源、 農業、通信等，而且不同於日本對其他國家之日圓貸款以每年審核為主，日本對中國之日圓貸款則是一次決定多年間之貸放金額。到2000年開始受到日本本身政黨輪替，以及中國發展軍事等因素影響，轉而偏向幫助中國解決中西部地區的環保以及農業問題。 對中國經濟發展方面來看，日本對中國提供政府開發援助，有助於促進中國的經濟發展、對外開放、及改善投資環境。特別是在能源、資源等的基礎產業、交通、通訊、運輸及環境保護方面等的大部分大型建設計畫，都是援助的項目，同時日圓貸款更是中國經濟建設不可或缺的重要資金來源。對日本在東亞國際政治經濟發展而言，日本對中國開發援助，不但有利於日本企業的商品在中國進出，間接促進日本企業對中國投資，加深中日兩國經濟互動，也同時促進兩國之間的民間交流，改善兩國的政治關係。 / The Japanese government began to provide Official Development Assistance (ODA) to China in 1979. By 2009, Japan had given China a cumulative total of US$20,977 million in ODA, accounting for over 60% of all ODA received by China from other countries during this period, making Japan China’s largest source of foreign aid. Japan has given more ODA to China than to any other foreign country except Indonesia. The present study shows that Japan’s attitude towards foreign aid is significantly different from that displayed by the U.S. or the European nations. The selection of recipients of foreign aid by the U.S. government is mainly motivated by strategic and security considerations. For example, many countries in the Middle East have received U.S. aid at one time or another, but a regime change in a recipient nation can lead to the cessation of U.S. aid. Foreign aid granted by the U.K. and France tends to be directed towards countries that were formerly British or French colonies. By contrast, the main focus in Japan’s ODA policy appears to be on humanitarian issues and on the granting of aid to countries with which Japan has a mutually beneficial relationship. Japan’s provision of ODA to China helped to stimulate economic growth in China, encouraged China to open up more to the outside world, and contributed to the improvement in the investment environment in China. A high percentage of large-scale infrastructure projects in China – particularly in “basic industries” such as energy and natural resource extraction, but also in the transportation, communications, transportation and environmental sectors – have benefited from Japanese ODA, while Yen-denominated loans constituted a vital source of funding for China’s economic construction. From Japan’s point of view, the granting of ODA to China by Japan not only helped to facilitate Japanese exports to (and imports from) China, indirectly encourage Japanese firms to invest in China, and strengthen bilateral economic ties between Japan and China, it also served to promote an intensification of interchange between the two countries’ citizens, and to bring about an improvement in bilateral relations at the governmental level.

近年來，國內房價飆漲，自民國93年以來國內房價所得比自民國93年第1季為4.7倍成長至民國103年第1季為7.51倍，尤其台北市自民國93年第1季為6.14倍成長至民國103年第1季為14.6倍最為嚴重，住宅負擔能力成為社會大眾所關注之議題。本文探討住宅負擔能力與購屋自備款資金來源種類互動關係，以及房價或租金負擔與消費行為間關聯性。 對於購屋自備款資金來源與負擔能力，由二元羅吉斯特迴歸模型分析不同購屋自備款資金來源選擇與負擔能力之關係，再採複迴歸模型分析購屋自備款資金來源對購屋負擔能力造成之影響。透過二元羅吉斯特迴歸模型分析，在購屋自備款資金來源無須或須償還選擇中，以不同購屋者選擇之有顯著影響因子分別為購屋區位、家戶月所得、貸款負擔率。複迴歸模型分析影響貸款負擔率，顯著影響因子分別為購屋區位、購屋面積、家戶月所得、購屋決策者年齡、購屋自備款資金來源。 另外，房價或租金負擔與消費行為關聯性分析，本文將消費行為分為居住及生活行為，以複迴歸模型分析影響因子，再以次數分配分析減少生活支出項目及影響程度，發現因購屋或租屋支出，而減少生活支出項目，相同支出為基本日常開支、休閒娛樂(如旅遊)等2項；不同支出項目，購屋者為減少投資理財及儲蓄，租屋者以購物及奢侈品支出減少，兩者消費行為不同，購屋者較重視投資理財及儲蓄；然由影響程度大小觀察，得知租屋者影響程度較大，其經濟能力通常較差。 / In recent few years, the housing price grows rapidly. Since 2004, the growth of housing price was 470% in the first quarter of 2004 and 751% in the first quarter of 2014. In Taipei city, the growth of housing price was 614% in the first quarter of 2004, and it was the worst with growth rate of 1460% in the first quarter of 2014. Therefore, the ability of mortgage loan is the top focusing topic around the country. In our study we discusses the association of the ability of mortgage loan and the source of down payment; the association between housing price versus buying consumption behavior and rental fee versus buying consumption behavior. In our study, we discuss three topics. First, the association of the ability of mortgage loan and the source of down payment is analyzed by using logistic regression. In the logistic regression, the response variable is the down payment with or without second mortgage. The significant variables for impacting the sources of down payment are the location of house, the monthly income of household, the percentage of mortgage loan to household income. Second, the impact of mortgage loan is analyzed by multivariate regression. In multivariate regression for the impacting of mortgage loan, the significant variables are the location of house, the size of house, the monthly income of household, the age of housing buyer, and the source of down payment. Third, housing price or rent burdens associated with consumption behavior analysis，This article will be divided into residential consumption behavior and lifestyle behaviors. The analyzing methods are multiple regression and frequency distribution analysis. The most important finding is that people with mortgage loan or rental fee have lower down their living expense. The same expenditures for these two groups (homeowner and renter) are grocery expenditures and entertainment expenditures. The difference expenditures are the reduction of investment and savings for homeowners; the reduction of shopping expenditures and purchasing luxury products for renter. The buying powers are different between homeowners and renters. The homeowners are more focus on the investments and savings. However, the buying power has more impact for renters, who have poor economic status.

兩岸經貿在政治的隔閡與反復中，從小到大，從封閉到逐漸開放。在這個過程中，兩岸資金融通的不斷擴大成為這場華麗經濟表演的背景。但隨著人民幣在國際舞台角色變化，兩岸貨幣流通從背景中走出，金融合作發展甚至可能成為兩岸經濟未來的最重要之組成。 從法律角度審視兩岸跨境資金流通，繁瑣的管制措施與複雜的法律體系正在逐漸消減。從直接投資角度而言，對外中國大陸不斷推動外商投資企業法規的改制以吸引外商投資；對內則努力減少中國企業融資阻礙，以推動中國大陸企業走出去。而台灣雖然對於陸資仍然保持著較大的戒心，亦逐步放開對大陸投資管制，並開放陸資來台來台促進經濟發展。從間接投資角度而言，中國大陸逐步放開資本項下的管制， QDII、QFII等投資管道不斷推陳出新，更加開放的未來成為可能。 而在這場以人民幣國際化為目的的改革中，自貿區扮演了急先鋒的角色。自貿區階段式的政策開放有著中國大陸改革和法律變遷的典型特征，「試點—推廣」模式使自貿區走在了人民幣國際化的最前沿。而台灣的自由經濟示範區卻步入了困境。 自貿區的現在很大可能將會是中國大陸的未來，人民幣國際化成為一個大概率事件。面對這種未來，台灣可以如何應對？從法律角度而言，本文提出以下四個建議：1．推動兩岸貿易以本幣結算，深化兩岸經貿往來；2．建立雙邊貨幣交換機制，共同推動人民幣區域化及國際化；3．推動兩岸資本市場的交流與合作，建構台灣為人民幣離岸中心；4．推動兩岸金融監理合作、建置兩岸金融防火牆。 / The economic and trade have developed since 1980s though faced with the political barriers. The two sides is expected to work together in peace in the future. From the perspective of cross-border capital flow, the two sides set up a complicated and complex control measures, forming a complex legal system. From the view of direct investment, China is currently promoting the restructuring of foreign investment enterprises and regulations to attract foreign investment. Reducing the financing pressure of Chinese enterprises and promoting the Chinese mainland enterprises to go out become one of the focus of the mainland policy. However, Taiwan resist the Chinese capital. From the perspective of indirect investment, China's mainland is currently expanding various investment pipelines, such as QDII, QFII, etc.. In the future, capital of cross-border capital flows will be more convenient. Taiwan also has more space to intervene. The establishment of free trade zone has become the pioneer of China's financial reform, and its development has been the most advanced in the financial reform, capital projects and the internationalization of RMB. Negative list and a series of financial reform measures will gradually move to the country. Taiwan's free economic demonstration zone has entered a difficult situation. Facing such a future, from a legal point of view, this paper puts forward the following five suggestions: 1. Promote cross-strait trade in local currency settlement, deepen economic and trade exchanges between the two sides; 2. The establishment of bilateral currency exchange mechanism, and jointly promote the RMB regionalization and internationalization; 3. To promote exchanges and cooperation on both sides of the capital market, build Taiwan as an offshore RMB Centre; 4. To promote cross-strait financial supervisory cooperation, build cross-strait financial firewall.

本研究係探討關係人交易雙方是否委任相同會計師進行查核，對企業負債資金成本之效果。本文以企業利息費用除以平均帶息負債衡量企業之負債資金成本，企業之關係人交易部分則分成關係人銷貨交易、關係人進貨交易、關係人應收款、關係人應付款等四類型交易，來討論關係人交易與企業負債資金成本之關聯，接著將各類型關係人交易再細分成由相同會計師查核關係人交易雙方與由不同會計師查核關係人交易雙方兩類，以檢驗相同會計師查核對於企業負債資金成本之影響。 研究結果發現關係人交易與企業負債資金成本之關聯並無統計上之顯著性。然將關係人交易進一步拆分為是否由相同會計師查核關係人交易雙方後，關係人進貨交易與關係人銷貨交易等兩類型交易若由相同會計師查核交易雙方，其相較於不同會計師查核能夠有效減緩企業負債資金成本增加之情形。 / This study examines the effect of same auditor auditing both sides of related party transactions (RPTs) on cost of debt. In this study, cost of debt is measured using interest expenses divided by average interest bearing debt and we hand collect from annual reports the data of the four common types of RPTs: sales to related parties, purchases from related parties, accounts receivable from related parties and accounts payable to related parties. For the four types, we further split RPTs into RPTs whose involved sides are audited by the same auditor and RPTs whose involved sides are audited by different auditors. We do not find any evidence that RPTs are associated with cost of debt. However, we find that for sales to related parties and purchases from related parties, RPTs whose involved sides are audited by the same auditor are associated with cost of debt less strongly than RPTs whose involved sides are audited by different auditors. Our results suggest that same auditor auditing can mitigated the detrimental effect of RPTs on cost of debt.

本研究以權益基礎報酬占總報酬的比率來捕捉薪酬結構，並據以探討給予審計委員會的薪酬結構對於公司權益資金成本及信用評等之影響。利用 2006 至 2010 年間納入美國 S&P1500指數之公司 (排除金融服務與保險業) 為樣本，本研究發現，若權益基礎報酬佔審計委員會薪酬比率越高，其公司之權益資金成本越低，但該公司之信用評等卻越差。顯示權益基礎報酬之比重在二種財報使用者眼中具有不同涵義。投資人認為給予審計委員會較高之權益基礎報酬比重，可使監督更有效，投資人承擔之資訊風險降低，進而願意降低其要求報酬；信用評等機構則認為，給予較高的權益基礎報酬比重將傷害審計委員會獨立性，影響公司治理結構，並降低財務報導之品質，因而給予此類公司較差之信用評等。 / This study examines how investors and credit rating agents react to audit committees’ equity-based compensation. Based on a sample of S&P 1500 firms during 2006-2010, the empirical results show that firms who pay audit committees higher portion of equity-based compensation have lower cost of equity capital and lower credit rating. These results suggest different information users perceive and react to equity-based compensation in different ways. Particularly, investors appear to perceive that higher portion of equity-based compensation can align audit committee members’ interest with the shareholders’, leading to more effective monitoring and smaller information risk. Therefore, investors react by reducing their cost of equity capital. In contrast, credit rating agents appear to perceive that higher portion of equity-based compensation may harm audit committees’ independence, resulting in decreased quality of financial reporting. Therefore, credit rating agents react by downgrading firms’ credit ratings.

歐盟保險業者於2005年開始，將強制採用IFRS之相關規定。而過去IFRS對於保險業之影響主要以理論探討為主，因此本研究以歐盟壽險業為主要研究對象，探討IFRS適用對壽險業之影響。研究結果發現歐洲壽險業者於適用IFRS後，整體而言的確對於其盈餘波動程度產生正向影響；在資金成本方面則為負向之影響。有關投資配置之影響部分，IFRS之實施對於壽險業者之投資決策並未產生顯著之影響。另一方面，壽險業者之審計公費有降低之趨勢，但其資訊揭露成本有顯著增加之趨勢存在。 / Beginning in 2005, compliance with the International Financial Reporting Standards (IFRS) has been required in the European Union insurance industry. In the past, the influences of IFRS on the insurance business primarily take the theory discussion. The study takes the European Union life insurance industry as the main objects of study, trying to discuss what the influences of life insurance industry to adopt IFRSs. The study finds that after European Union life insurance industry adopting IFRS, the earning volatility increase and cost of capital would decrease. But in the investment allocations, the influences of IFRS are not significant. In the other hand, audit cost would decrease and information disclosure cost would increase.

本研究探討台灣上市櫃公司發行可轉債及現金增資的決策議題。從發行公司的角度來看，利用錯誤評價及成長機會，同時輔以一些公司特徵變數以了解發行動機。後續並追蹤發行公司發行後資金運用情形，以了解發行公司發行動機及目的是否一致。另一方面，從投資人角度來看，觀察可轉債及現金增資公司宣告效果，並由後續資金配置驗證宣告效果之可靠性。 本研究採用Rhodes-Kropf, Robinson and Viswanathan(2005)提出的方法，將市值帳面比(M/B)拆解成錯誤評價與成長機會。以2001年至2011年台灣上市上櫃公司發行可轉債或現金增資為研究對象，發現無論是可轉債或現金增資，發行公司發行前錯誤評價及成長機會皆顯著較未發行公司高。接著，利用logit模型，發現可轉債發行公司之成長機會及代理問題為其主要發行動機，而現金增資公司則利用資訊不對稱擇時與調整資本結構為發行考量。本文進一步檢視發行後資金配置情況，發現成長機會越高之可轉債，後續資金用途顯著投資於資本支出與研發費用上，符合實質投資理論之觀點。另一方面，錯誤評價越高之現金增資，在前兩年有累積現金之現象，但不用於償還長期負債，且顯著運用於資本支出與研發費用上，僅部分符合行為理論之解釋。因此，本研究歸納現金增資公司發行動機除擇時外，亦有投資需求。最後，在宣告效果上，可轉債與現金增資均呈現負向宣告效果，且投資人給予現金增資較為負向的宣告效果，本文認為此乃投資人意識到公司利用資訊不對稱擇時，且後續資金配置不完全符合行為理論的預期造成的結果。 / This study examines the issuance of convertible bonds (CBs) and seasoned equity offerings (SEOs) for listed companies in TSE and OTC market in Taiwan. From the aspects of issuers, we use mispricing and growth opportunities along with other firm characteristics to understand the motivation of the issuance. We also track the use of post-issue proceeds and relate to the motivations of issuers. From the aspects of investors, we look at the announcement effects to examine appropriateness. We decompose market-to-book ratios into mispricing and growth option components through a methodology proposed by Rhodes-Kropf, Robinson and Viswanathan (2005). By using the samples of CB and SEO issuance between 2001 and 2011, we find that issuing firms of both types are overvalued and have greater growth opportunities relative to non-issuers. Next, we find that CB issuers show greater pre-issue growth opportunities and agency problems, while SEO issuers have greater pre-issue mispricing and tend to adjust capital structure implied by logit model. Furthermore, we examine the post-issue use of proceeds. For CB, firms with greater growth opportunities invest more in capital expenditures and R&D, consistent with real investment explanations. On the other hand, for SEO, firms with greater mispricing stockpile cash in the first two years but don’t pay down long-term debt. They also invest in capital expenditures and R&D. Thus, we conclude that the motivation of SEO firms might be timing and investment needs, partly consistent with behavioral explanations. Finally, the announcement effect of SEO is more negative than CB. Judging from the evidence above, it seems that investors know something.

巴塞爾銀行監督委員會(Basel Committee on Banking Supervision, BCBS) 於2010年發布巴塞爾資本協定三。為強化銀行流動性風險管理，新增兩項流動性風險量化衡量指標：流動性覆蓋比率(Liquidity Coverage Ratio, LCR)以及淨穩定資金比率(Net Stable Funding Ratio, NSFR)。我國於2015年開始將流動性覆蓋比率納入監管要求，亦將於2018年開始導入淨穩定資金比率。然而在提高銀行風險控管及標準的同時，銀行需考量其股東權益報酬。新規範的實施使銀行需要進行調整以符合法規，過往鮮少有研究針對本國銀行探討其資產配置調整與結構調整。本研究除探討個案銀行如何在巴塞爾資本協定三框架下調整其資產負債配置與結構，更進一步探討其各項調整對銀行之獲利能力以及各項法定比率之影響，希望能幫助銀行在未來調整結構之前能更了解其決策所帶來之影響。 本研究發現，在不提高資產負債表規模的情況下，可以透過銀行結構調整達到巴塞爾資本協定三於2019年之標準，同時提高銀行獲利能力；在適度提高資產負債表規模的情況之下，其獲利能力高於不提高資產負債表規模之情況。此外，本研究針對不同情境探討銀行應如何調整資產負債配置與銀行結構。風險趨避情境相較於風險偏好下，應在存放款方面，吸收更多長天期之存款、降低長期放款占比；資產配置方面則應增加政府公債占比。由於巴塞爾資本協定三採階段性實施，本研究針對個案銀行2015到2019 年之資產負債配置與銀行結構做研究，發現個案銀行隨著法規越趨嚴格，應提高公司債占比並同時降低權益類等相對風險較高之資產占比；另一方面為達到淨穩定資金比率要求，銀行應提高其長期存款占比。最後，本研究針對各項結構與資產負債配置調整做更深入的分析，探討其對於各項指標之敏感度，以實際的量化數字表示每項變動的影響，以利銀行在做決策時更了解其決策之利與弊。 / Basel Committee on Banking Supervision (BCBS) released Basel III in 2010. In order to ensure the maintenance and stability of funding and liquidity profiles of banks’ balance sheets, two liquidity standards, Liquidity Coverage Ratio(LCR) and Net Stable Funding Ratio(NSFR), were introduced in Basel III. To in line with international norm, Taiwan government plans to implement LCR and NSFR in 2015 and 2018 respectively. However, there is a trade-off between return and risk. With the implement of new law, how to adjust banks’ asset allocation becomes a critical issue. In this study, we focus on business structure and ways to adjust A bank’s asset allocation. We found that A bank can meet government’s requirements and increase it’s return on equity without increasing balance sheet size by adjusting business structure; In the situation where balance sheet size is increased, A bank can meet the requirements with higher return on equity than where the balance sheet size isn’t increased. In three different scenarios: risk seeking, risk neutral and risk aversion, we found that A bank should increase more long-term deposits and decrease long-term loans in risk aversion scenario than in risk seeking scenario. In risk aversion scenario, A bank should also hold more government bonds than in risk seeking scenario. From 2015 to 2019, the requirements become stricter and stricter, A bank should hold more corporate bonds and less securities. At the same time, A bank should increase more long-term deposits to meet the NSFR requirement. The research also shows how business structure and asset allocation changes can affect A bank’s related required ratio and return on equity. Our findings can help A bank makes more precise decision by knowing actual quantitative influence before they implement the new policies.

本研究使用資金成本(cost of capital)、信用供給(credit supply)和資源基礎理論（resource-based view）來探討政府政策與公司投資決策的關係。在資金成本(cost of capital）理論的解釋下，政府政策實施後，企業外部融資成本的下降使企業無謂的損失減少，增加企業投資的動機。同時本研究使用信用供給(credit supply)理論來解釋當政府政策增加金融市場的信用供給後，企業外部融資限制的降低促使其進行投資。結果顯示在資源基礎理論（resource-based view）之下，國家政策對公司投資決策產生顯著的影響，並不是透過改變公司的外部融資條件實現。 / Our research used the cost of capital credit supply and resource-based view to explain the changing in investment decisions after implement policy. The government policy effect will increase the willingness of investment. Meanwhile, we used the credit supply theory to explain the changing of external financing constraints in companies increases investment. Our results showed that based on the resource-based view, government policy significantly affects the investment decisions without having impact on external financing.