本研究探討國內上市櫃公司私募可轉債與公開發行可轉債宣告效果之比較。以臺灣2005年1月至2009年12月之間宣告進行私募可轉債及公開發行可轉債的上市櫃公司為研究樣本，分別以事件研究法(Event Study)、多元迴歸分析（Multiple Regression Analysis）與多元名義羅吉特迴歸（Multinomial Logistic Regression）探討私募可轉債及公開發行可轉債兩組樣本之宣告效果、影響宣告效果的解釋因素以及影響公司選擇私募或公開發行可轉債的因素。本研究之實證結果發現：1.公司宣告私募可轉債在事件日隔日有顯著正向宣告效果，宣告公開發行可轉債在事件日當天有顯著負向宣告效果。2.公司宣告私募可轉債與公開發行可轉債之間的累積異常報酬率，除了以董事會決議見報日為事件日、CAR(0,1)為事件期之外，其他情況下無顯著差異。3.實證結果顯示，私募可轉債方面，相對發行規模、公司規模、負債比率與累積異常報酬率為顯著正相關，內部人持股比例與累積異常報酬率為顯著負相關，營收成長率、股價淨值比與累積異常報酬率為不顯著正相關。公開發行可轉債方面，營收成長率、內部人持股比例與累積異常報酬率為顯著正相關，股價淨值比、負債比率與累積異常報酬率為顯著負相關，相對發行規模與累積異常報酬為不顯著負相關，公司規模對累積異常報酬率影響方向不明確。4. 利用多元名義羅吉特迴歸分析影響公司選擇以私募或公開發行可轉債融資方式的因素，結果顯示相對發行規模愈大、營收成長率愈高、股價淨值比愈高、公司規模愈大的公司，愈傾向公開發行。內部人持股比例愈高、負債比率愈高的公司，愈傾向私募。 / The study investigates the announcement effect of those companies which have issued convertible bonds by private placement and by public offering in Taiwan. The empirical results show that: 1.The abnormal return of the announcement of convertible bond by private placement is positive at the next day of event day. The abnormal return of the announcement of convertible bond by public offering is negative at the event day. 2.The cumulative abnormal returns between companies who issued convertibles by private placement and by public offering are not significantly different. 3.In terms of private placement of convertible bonds: Relative issue size, firm size and debt ratio are significantly positive related to the cumulative abnormal return. The proportion of insider ownership is significantly negative related to the cumulative abnormal return. Sales growth rate and P/B ratio are not significantly positive related to the cumulative abnormal return. In terms of public offering of convertible bonds: Sales growth rate and the proportion of insider ownership are significantly positive related to the cumulative abnormal return. P/B ratio and debt ratio are significantly negative related to the cumulative abnormal return. Relative issue size is not significantly negative related to the cumulative abnormal return. The relation between firm size and the cumulative abnormal return is not clear. 4.Those companies, which have larger relative issue size, higher sales growth rate, higher P/B ratio, larger firm size, would prefer issuing convertible bonds by public offering. Those companies, which have higher proportion of insider ownership, higher debt ratio, would prefer issuing convertible bonds by private placement.

觸控面板產業技術、市場快速發展，新廠商也不斷投入。在這樣的環境下，除了不斷降低成本外，企業該如何進行新產品開發，彈性、快速、有效的回應顧客需求與環境變化以獲取市場地位與競爭力為一值得研究的議題。 本研究以台灣的觸控面板廠商為研究對象，探討組織如何結合「內部」與「外部」資源，亦即如何以適切的組織結構以及網絡關係增強其新產品開發能力。研究結果如下：首先，A公司的新產品開發專案以流程而非部門為導向，產品開發流程上的各個部門都朝著最終目標同心協力的前進。第二，在B2B市場中，外部網絡廠商都有各自的發展方向與策略藍圖，如何適時與適度的結合彼此的目標與資源，使雙方創造雙贏的局面，是取得優勢的關鍵。最後，企業在發展外部網絡關係時，組織需設計相配合的機制，方能充分發揮效果。 / Facing fasting changing technology and market in the touch panel industry, an increasing number of firms still enter this industry. In addition to cost down, how new product development meet customers’ needs in an flexible, quick and efficient way to expand market share and attain competitive advantage is also becoming important issue in current era. This study is to analyze how touch panel firms in Taiwan integrate internal and external resources (i.e. organizational design and network relationship) to enhance the capability of new product development. There are several results in this research. First, the new product development project is process-based instead of function-based, which makes all departments can work with the same goal and cooperate with each other. Second, in the business to business market, firms within external networks have their own strategies and roadmaps. The ability to align the goals and resources with these firms in an effective way to achieve win-win situation is the key to success. Finally, when working with these firms in the external networks, firms need to design appropriate organizational mechanisms to get the best benefit of it.

新產品開發向來是企業維持成長之重要條件，特別在現今全球化及網際網路快速發展衝擊下，即使是跨國企業也難以個別力量即時、快速回應瞬息萬變的顧客需求、市場結構及技術競爭等挑戰；近年來企業紛紛透過協同開發模式，將部分、甚至全部的設計、研發、製造、運籌等功能委外，以求縮短開發時間、降低成本、甚至提高品質、提升競爭力，使企業得以不斷多樣化且快速在市場上推出新商品、新服務行銷全球；因此，協同開發已成為現今企業經營發展之重要議題，唯有透過即時、有效的協同運作，企業才能快速整合產品生命週期各階段的資源分配、組織變動及資訊溝通等作業，以創造協作網絡成員間最大利益。 / New Product Development has always been critical for company growth, facing the impact of mega speed from globalization and technology, even multinational enterprises could hardly respond to the intimidating challenge of various customer needs, market change and new technology competition individually. For the past decades, enterprises have been pushing forward outsourcing either partially or completely their design, R&D , logistics and many else to shorten lead time, to even make out better cost down and quality assurance that leads to stronger competitiveness in a way that the enterprises would be able to accelerate various new product launch and also fulfill the needs of global customer service. Collaborative product development is the key to activate all this and has been an important issue in modern business management. Through only instantly, effectively collaborative cooperation could enable enterprises to generate the maximum benefits via fast integration of resources allocation, organization transformation and information exchange from each stage of product life cycle. The existing research references referring to collaborative development are mostly generic evaluation, specific industry or detail case studies are rarely presented, especially the consumer health care industry that has been fast growing through recent years. This research reviews the new product development and commercialization process of 3M Consumer Health Care products in 2008. Through reference researches, stack holder interviewing and detailed information analysis, it points out key success factors of this collaborative development from the case study, and also uses it to review and discuss how it would affect in each stage of the new product commercialization with perspectives from both internal and external angles, and mostly to bring out the advice of new product collaborative development for consumer health care with best optimization of better effectiveness, quick-respond vendor collaboration and shorten lead time as a reference for industry. Keywords: Consumer Health care, Collaborative development, New Product commercialization.

根據Griffin(1997)所述，任何一個企業的起點都是成功地將一項新產品上市開始，而為了維持企業長期的獲利，企業必須持續開發及商業化其他成功的商品，或是至少也應該改良現有產品使其更符合顧客的需要。而上述這些行動都是屬於新產品設計與開發管理。由此可知，新產品設計開發與管理的重要性，不僅影響企業當下的競爭能力，更是關係企業長期的獲利能力，顯然新產品的設計開發與管理對於企業永續的生存發展十分重要。有鑒於此，本研究乃依循此重要觀念而進行，本研究乃從新產品開發的管理行動、個案公司對新產品開發的管理現況、未來管理模式與機制等三方向進行分析，以期益於個案公司新產品設計開發的管理績效與整體營運成長之目的。除此，本研究亦期經由本個案公司的深入探討，可提供學術研究與企業實務相關的參考，而利於光學產業與新產品設計開發與管理的研究領域之發展。

消費型電子產業市場商機龐大，從2000年開始的筆記型電腦，直到2008年的平板電腦，一直到現在的平價手機，動輒百萬台以上的銷售量，讓己經上櫃上市或期待IPO的公司為之瘋狂，市場需求量大，出貨量也高，但同時隨之而來的是，需要非常快速的反應與及時的量產能力，企業在這樣高度競爭的市場下，相對需要的是非常快速的專案開發與研發速度。在產品壽命週期短，高風險及競爭者眾多的狀況，許多歐美大廠 , 例如Black Berry、DELL computer、甚至台灣的大型OEM電子品牌大廠都受到來自低成本國家，例如中國大陸的強大壓力及挑戰，然而在技術門檻相對較低的消費性電子連接器產業，這樣的情況又更加嚴重。 20年前在台灣剛開始主導全球主機板市場的年代，會做連接器的廠商不多，外資連接器商擁有相當好的利潤。15年前鴻海開始大舉攻進以外商為主的CPU socket連接器市場，讓外資連接器商開始有不小的壓力，時至今日，連接器技術愈來愈不是高科技，而成本更低的陸資連接器廠商也開始入場搶市，讓原本在供應鏈中獲利就不高的連接器外資及台資廠壓力更為沉重。 由此，如何讓生產連接器的公司能更有效的選擇及管理產品開發專案，節省開發成本，提高資源運用效率，對於即有的連接器廠就是愈來愈重要的課題。本研究以一家製造連接器超過五十年以上的外資連接器企業為例，將其如何從原有的產品開發流程導入精實產品開發，及導入後對企業財務及業務的指標影響與變化。而研究結果証明，在導入精實產品開發後，企業的業務指標的確有相當大的進步，且人力成本也隨之下降，如果能再經由改善後的成果加強與精進，將更能使企業在惡劣的環境下繼續獲利。 / Consumer electronics industry is a huge market. Since 2000’s Laptop to 2008’s tablet until the cheap smart phone now, the huge market share is the target for all the company in this industry. However the big market share also brings strong competition. Which need fast feedback and real time ramp up. When the company faces to this kind of higher competition, it need fast product development speed and R&D efficiency. During this situation, a lot of major company face to the threat from the low cost country like Black Berry, DELL computer even the OEM maker from Taiwan, such as Inventec, Wistorn. Moreover the industry like consumer connector is face to more serious saturation due to the lower technology skill request. 20 years before Taiwan is leading the PC motherboard market, during that time there are not so many companies could make the connector. Therefore the margin is good for the word leading connector Company like FCI, AMP and Molex. However since 15 years before, Foxconn join the high level CPU socket market and make the pressure for those companies. Now, the connector technology skill are not special anymore and more low cost company start to share this market, make the foreign connector company and Taiwan maker more pressure. Therefore to choose a good project and management the product development project to save the development cost and willing management the resource become important for all connector maker. This research are use a connector leading company which make the connector more then 50 years, apply lean product development to show how it apply to the process and the KPI change after it apply. It proof after apply lean product development the KPI was improved. If the company could base on this good result and keep improving, survive in this serious maket will not a difficult thinkgs.

群眾智慧最大的優點在於：即使不是高層人員，也能夠很有貢獻。一群擁有不同問題處理能力的人，大家共同集思廣益，就能發揮出比聰明的人更優秀的表現，可見多元性比才智來得更重要。創意的開發和評鑑兩者是相輔相成的，一個創意要成功，除了本身是優良的提案之外，評鑑創意的過程也必須準確，讓好的想法更容易突顯、被看見且得到資助，創意市場即開闢了一個嶄新的途徑。 本研究主要目的在於建立一個結合創意開發和創意評鑑兩階段，可以互動交流的「創意市場」平台，讓參與者在匿名的平等討論環境下，自願性地投入個人想法、資訊，並有效將訊息加以彙整聚集。在創意市場中公開發布創意內容，企圖激發學習效果，以虛擬貨幣交易買賣，進行篩選及評鑑作業，評估創意之優劣。同時提供獎勵誘因，鼓勵更多元、新穎的想法，提升參與交易評鑑之意願和洞察能力，以優化評鑑結果。發揮集體智慧功用，幫助國家、公司企業等單位了解目前的趨勢動態，共同面對未來不確定性、複雜多變的情境，有效開發新商品、服務以及未來發展之方針。 本研究主要根據政大與國寶人壽之產學合作計畫，從旁觀察記錄並透過量化的方式，分析市場平台交易數據和問卷結果，發掘創意市場在新產品和策略開發上之成效表現。結果證實，提供獎勵誘因和匿名機制有助於提升參與者之意願，並激發學習效果。創意市場比公司既有決策產生數量更豐富、內容多元性的創新想法。同時，與常見的遴選方式網路投票做比較，在評鑑之鑑別力和認同度上，創意市場的表現較佳。無論在可行性、創新性、預期效益等方面，創意市場產生結果獲得參與者正面評價，主管級人士亦認同創意市場工具，並認為值得推薦給其他企業或產業。

於臺灣之都市發展過程中，市場上時可觀察到已開發地區中存在空置或低度利用土地之不連續開發現象（Discontinuous Development），此情形於地狹人稠且土地資源稀少地區將可能產生資源浪費疑慮。何以土地於相同市場環境下呈現不一致之使用決策，其成因值得深入探討，針對此問題，個別土地開發時機決策差異可能為合理解釋之一。有別於以往相關研究由區位及實質選擇權之總體觀點或Evans（2004）所提出之投機及不確定因素等經濟觀點切入分析，本研究乃以個體觀點出發，由土地本身產權條件之非經濟因素為基礎，選定台北市松山二期重劃區商業區土地為研究範圍，觀察於區位、實質選擇權因素對開發之影響力因重劃機制而降低情況下，土地使用決策與土地供給面因素之關係，分別針對土地開發與否及已開發土地開發過程歷時長短、開發前之產權整合情形、未開發土地成因進行探討，進一步建立土地開發與土地產權條件之互動關係，將土地供給面之產權因素帶入土地開發行為分析中。 首先，配合我國之產權條件特徵，本研究以土地面積及所有權權屬狀態作為產權條件指標內容，定義土地面積越大、權屬越單純（所有權人越少、持分狀態越集中）之土地產權複雜度較低，對土地開發具正面效果，反之亦然。立基於以上命題，利用土地登記謄本標示部及所有權部、異動索引及異動清冊資料，整理1984年重劃分回至2013年底研究地區各筆土地之產權條件與歷年產權變動情形。並由敘述性統計、Januszewski Index、Simpson Index、吉尼係數（Gini Coefficient）及賀芬達指數（Herfindahl-Hirschman Index）呈現每筆土地之產權條件特徵。再配合建築執照存根之開發資料，透過Logistic迴歸模型將產權因素與開發行為進行連結。 由迴歸結果可觀察到土地開發與否與面積及權屬因素具顯著相關，當面積越大、權屬條件越單純則土地開發機率將上升，然而，由皮爾森係數計算結果發現土地開發過程歷時長短則似與產權條件無關聯。此外，土地開發前之土地產權整合行為以權屬整合為主，開發者之整合行為具兩階段論，其傾向優先處理權屬分散問題，次考慮最適開發面積之選擇。於未開發土地成因部分，藉由比較已開發土地與未開發土地之產權條件差異，可觀察到大部分未開發土地之面積確實較小、權屬條件較複雜，其土地空置之原因實可以反共有財困境（Anticommons Dilemma）進行解釋，當一資源之所有權分散於多個所有權人手中，則該資源易落入低度使用或空置之情形，產權分散將阻礙資源有效利用。由此觀之，則市場空置土地似可能受制於產權複雜之僵局而無法自主開發利用，於開發行為分析上若忽略此等因素將可能對未來開發趨勢產生過度樂觀之錯誤預期。 / In the process of city growth in Taiwan, discontinuous development can be found in many markets. This condition, especially in the country with limited amount of land, will lead to the dispute over resource. Therefore, what makes development timing of individual land plots different may be the key issue that deserves further examination. Previous studies have found that option value, speculation, uncertainty are possible causes of discontinuous development. In addition to the macro and economic point of view, this study concentrates on land supply as the basis of research. The Songshan 2nd Land Readjustment Project, that is, Xinyi Planning District, where land is equipped with proper infrastructures is selected as the research area. This study takes advantage of this laboratory-like environment to investigate the interaction between land development and land supply. In order to identify land supply, this study uses land ownership information including size, number of owners and respective land share documented in land registration book as the index, and defines land plots with a larger size and fewer owners to be under a simpler ownership. This study proposes that a simpler ownership condition will have positive impact on land development. The empirical study is arranged as follows. First, the descriptive statistics, Januszewski Index, Simpson Index, Gini Coefficient and Herfindahl-Hirschman Index are calculated to show the configuration of land ownership over time. And the development statuses are identified based on the construction permit. Second, the relationship of land development and land supply is constructed by logistic regression analysis. The empirical results imply that the timing of developing land has a strong connection with land supply, and that land plots with a larger size and fewer owners tend to be developed sooner. However, the duration of development progress seems to be independent of these factors. Besides, there are two phases of the land assembly process. Developers tend to deal with fragmented land ownership first, followed by the consideration of development size. Last, the anticommons dilemma serves to be one possible explanation for the vacant or underused plots in the developed area. The anticommons dilemma indicates that if too many owners hold a resource jointly, the resource may tend to stay vacant or underused for the sake of fragmented ownership. The empirical evidence suggests that the vacant or underused plots appear to suffer from the gridlock of property right diffusion. In consequence, the expected development pace may be too optimistic if this gridlock is not taken into consideration.

隨著市場與競爭版圖全球化，以及產業競爭激烈等因素，產品生命週期快速縮短，產品也逐漸朝向大眾化及標準化發展，導致全球資訊電子製造業快速走入微利時代；有鑑於此，國內外企業紛紛以建立「設計力」為提升產品附加價值之差異化策略，而過去一向依賴代工為獲利來源之台灣廠商，更因面臨跳脫代工升級之需求，近年也積極投入資源來發展工業設計能力。 然而，工業設計要能將設計美感發揮在最後的產品中，必須要靠與其他部門間的合作、工作整合才能達成；故本研究意欲透過個案研究法，對台灣積極投入工業設計廠商進行訪談與分析，深入瞭解其工業設計與其他部門在新產品開發活動之實際整合情形，並探討哪些因素會對其部門整合情形產生影響，來進行工業設計與組織內其他部門整合之探討研究，期能供未來其他欲積極強化工業設計能力之企業作為管理上之參考。 本研究先經由文獻探討，找出一般新產品開發過程中影響部門整合之因素，再透過訪談，瞭解組織各項因素表現以及工業設計與其他部門之整合活動；最後分析個案公司中，部門整合因素在實務上如何影響整合情形。 本研究發現如下： 1.高階管理者的態度影響新產品開發過程中工業設計與其他部門的整合情形。在新產品開發過程中，高階管理者處理部門整合問題的態度較為中立時，部門整合情形較佳；而當高階管理者的態度偏向支持某一特定部門時，易造成部門間成員的合作滿意度降低。 2.組織內的部門關係會影響新產品開發過程中工業設計與其他部門的整合情形。當其他部門對產品設計的決策影響力過高或過低時，會造成整合不緊密，決策影響力適中則會有較佳之整合表現。 3.部門間人員差異不是造成工業設計與其他部門整合情形的關鍵因子。而在新產品開發專案中，保持各部門成員之差異性，能為團隊帶來較高之創意表現。 4.新產品開發過程中與工業設計部門進行整合活動的主要為PM及機構部門。在新產品開發前端，PM與工業設計部門互動密切，新產品開發後端，則以機構部門與工業設計部門合作較為密切。 5.新產品開發專案中，PM對於工業設計部門人員並無績效評定之權，工業設計人員績效制度也無採用專案共同績效制度評估。

導引精靈(Wizard)是一種廣泛見於現有軟體系統，負責與用戶互動以蒐集資料的程式。其益處是能有效規範資料蒐集過程，並確保資料之完整性與正確性。導引精靈具備了上述種種優點，惟程式開發過程繁複、跨入門檻較高。因此若能快速產生導引精靈，將能提升開發者採用導引精靈意願並降低開發成本。 本研究室早先即遵循模型驅動架構概念，提出一套導引精靈生成系MoDWiz，可迅速在多平台上生成具相同功能的導引精靈。然而MoDWiz尚未實現資料驗證功能，並且只支援簡單的循序式導引精靈，因此應用範圍明顯不足。為了彌補MoDWiz的不足，本研究擴充MoDWiz而成為MoDWiz II系統。除了擴充MoDWiz原有的描述語言WDL之外，MoDWiz II還支援輸入文字資料之驗證功能，可經由開發者提供的正規表達式驗證輸入資料，確保其正確性。此外MoDWiz II也引入了更具實用性的條件式導引精靈結構，使得導引精靈可以根據使用者輸入的資料導引到不同的頁面繼續進行資料蒐集。MoDWiz II目前已經可以在Java與Eclipse執行平台上產生導引精靈，其效用將更勝於原有之MoDWiz。 / A software wizard is an interactive interface program used to collect data from the end user. It is widely used in software systems and forms a common part of most applications. Not only does the wizard modularize and simplify the complex data collection process, but it can also avoid data missing and ensure data integrity. It thus would be very profitable to use wizards in an application. However, the process of implementing a wizard from scratch is tedious and complicated, not to mention building same wizards on multiple platforms. Accordingly, if there is a tool to help rapidly construct wizards on multiple platforms, the developers would be encouraged to use wizards in their applications and at the same time the cost of their applications reduced. Before the inception of this thesis our laboratory had applied the MDA concept to the development of a wizard generating system called MoDWiz. MoDWiz enables the developer to quickly generate a wizard on multiple platforms by a simple declarative description of the target wizard. However, MoDWiz is still rather limited in that it leaves out the key component of data validation, and, more severely, it supports only sequential wizard structure, and hence cannot be used to generate most practical wizards in which nonlinearity is essential. In this thesis we extend MoDWiz to a new one called MoDWiz II. In addition to adapting the description language WDL on MoDWiz, MoDWiz II now support data validation by allowing the developers to provide input data format with regular expressions. Moreover, the most significant achievement of MoDWiz II is its ability to define branch wizards which allow different wizard pages to follow a given page depending on user input during the data collection process. MoDWiz II currently supports Java and Eclipse platforms and its application scope is apparently wider than the original MoDWiz.

台灣NB(Notebook Computer) 產業的ODM(Original Design Manufacture) 代工大廠，十多年前因為成本因素，前進中國大陸沿海省份並且花了無數的時間與精神建立了幾乎與台灣不相上下的生產基地，一路走來篳路藍縷建置了完整的產業鏈與生產聚落。 然而中國大陸沿海各省隨著時光推進與經濟開放後，國外投資的陸續增加，也促使大陸沿海各省的工資水準上漲以及社會環保意識的抬頭，造成近幾年來台灣的ODM大廠面臨了幾項重大的經營困境；例如，中國政府宣布要調整基本工資的問題，每次農曆年後或長假之後出現缺工潮的問題，勞工爭取本身勞動權益的問題，環保意識日漸為社會所重視的議題，而且成為企業經營上的重大壓力以及大陸中央政府期望藉由產業升級的政策將對大陸沿海省份的三高產業(高汙染，高耗能，高排放)進行取消補助並建議其往內地的遷移。 因此大部分的台灣NB ODM大廠也紛紛跟隨正在進行全球布局的國際NB品牌大廠一起前進中國大西部，無非是為了要穩穩守住手中現有的訂單，而國際NB品牌大廠無不藉著此次配合中國政府的政策前進中國大西部，同時也是希望早日能夠取得進入中國這一塊全球最大的新興消費市場的頭香。 近年來由於兩岸政經環境在全面直航與ECFA (Economic Cooperation Framework Agreement，海峽兩岸經濟合作架構協議)簽訂之後呈現穩定發展的態勢，同時帶動台灣的經濟成長動能，台灣也相對關注中國的未來發展。同時因為歐美地區的經濟不景氣，各國將全球經濟成長的希望寄託在新興市場的經濟成長與中國的重點產業，希望在它們所發佈的經濟政策發展藍圖中找到所屬的企業未來的發展方向。 因此本論文希望結合當前的政經時局配合麥可•波特國家競爭力(鑽石體系)分析(Michael E. Porter，1990)，五力分析(Michael E. Porter，1980)與價值鏈分析(Michael E. Porter，1985)，找出台灣NB(筆記型電腦)產業的ODM廠商在面對中國的「十二五」計畫中，關於「開發中國大西部」與國際NB品牌大廠要求共同前往中國的重慶與成都建立新的生產基地之經營策略分析。希望藉由這個論文議題，進行資料蒐集，分析歸納，並對台灣NB產業未來發展提供具有加強產業競爭力的建議。 關鍵字: 十二五計劃，開發大西部，NB，ODM