本研究主要目的在探討財政部証券暨期貨管理委員會在民國83年10月17日對現金增資除權方式變更，對除權日前後股價行為的影響。証期會當初交曲台灣証券交易所擬議這項制度時，主要考量有如下重點：1.解決除權行情的異常報酬現象。2.放寬現金增資除權當日漲跌幅，由市場機能來決定除權個股市價，為未來放寬集中市場交易漲跌幅預作探路。 據此，這項新制度可以用來測試投資者在股價漲跌幅限制放寬後的行為，是否更符合市場機制的結果。具體而言，本研究在探討以下兩個問題： 一．擬以民國八十年至八十六年間辦理現金增資的股票上市公司為對象，驗証現金增資除權日前後是否會產生股價異常報酬。 二．驗証現金增資之除權交易制度經修改後，現金增資除權交易日該事件日的資訊內涵是否因此有顯著改變。且其改變的結果是否符合証期會的修法預期？ 本研究以事件研究法探討新舊除權制度下辦理現金增資除權時對公司股價之影響，所欲研究的各個假說及實證結果獲得驗證與否，茲說明如下： 一、本研究實證結果，不論在除權舊制或除權新制下除權個股在除權期間皆存在異常報酬現象，不支持效率市場假說。 二、除權舊制或除權新制下除權個股在除權期間皆存在異常報酬現象，但新舊除權制度下的股價行為模式明顯不同。此種結果亦不支持效率市場假說。 三、除權新制與除權舊制最大的差別在改變除權日開盤競價標準，以及放寬除權日漲跌幅限制，這樣制度的改變亦影響証金公司的融資融券假除權規定。除權新制下，開盤競價標準既以除權日前一天的收盤價為準，不進行實質除權動作，故在新制下也就沒有假除權的問題。本研究對李存修(1991)的〝棄權賣股籌款假說〞作了進一步的支持。 四、除權舊制及除權新制下除權個股在除權期間皆存在異常報酬現象，但新舊除權制度下的股價異常報酬模式明顯不同。換言之，除權期間股價異常報酬的現象，並未因制度的改變而消弭了，而且在新制度下除權日平均異常報酬(AAR)為l.24%遠比除權舊制下AAR為0.482%大了許多。 / The study attempts to investigate the information content of seasoned new issues, that is, the market reaction of seasoned new issues. In general, firm uses the proceeds of seasoned new issues for capital structure purpose or expansion concern. The corresponding stock price bvehavior becomes the hottest issue in the area. It is evidenced that the offer price of seasoned new issues is substantially underpriced. Thus the stock price behavior surrounding the event date of seasoned new issues would cause significant abnormal return. In addition, the effects of informational asymmetry between insider and outsider are an interesting issue. Previous studies simply reported the stock returns behavior surrounding the related event dates without theory construction. In order to eliminate the significant abnormal return surrounding the event date of seasoned new issues, SEC has changed the related policy on ex-right process since Oct. 17, 1994. We select the samples of seasoned new issues from 1991 to 1997 to identify the stock behavior sorrounding the ex-right date. The major findings of this study can be summarized as follows. 1. The corresponding event date, namely ex-right date, present significant abnormal returns when all samples are considered. 2. The way how to process ex-right significantly affects the return behavior of seasoned new issues.

本研究主要係探討我國上市公司現金增資除權制度之變革，對於股票市場股價行為的影響。 本研究之研究重點在於新、舊除權制度之下，上市公司現金增資時，是否皆存在異常報酬的情形？二種制度之下，股價行為是否有明顯的不同？還是股價行為不因新、舊除權制度之不同而有所不同？此外，以往所做之研究僅包括新、舊制度之下除權日前後數日之股價表現，本研究欲探討除了除權日之外，其他日期或分類因素對於股價表現是否會有影響，藉以探討制度之改變其影響的層面及時點，這些欲探討之因素有：產業別因素、增資額度因素、宣告日，以及證期會核准日等。 / Abstract This study attempts to examine Taiwan's market reactions of seasoned new issues under the different ex-right processes. In Taiwan , it takes about two or three months to issue new stocks and it's not convenient for both issuers or investers . Before the change of the ex-right process, while public companies issue new stocks , the ways to determine the issue price are different between Taiwan and the United States or Japan. SEC has changed the ex-right process since Oct 17,1994. The study selects samples from the period between 1991 to 1998, total 419 samples , the empirical findings of this study can be summarized as follows: n Significant difference of market reactions can be found on the ex-right date and announced day, under both the new and old ex-right process. n No significant difference of market reactions can be found on the approved day. n Significant difference of market reactions can be found if grouped by industry.

本研究蒐集民國71年至民國81年共11年間新上市公司其首度發放股利的股票作為樣本，試圖以首度發放股利的樣本進行股利研究，而藉此樣本選擇技巧可找出不受市場預期影響的「純綷事件」樣本，由此可觀察出較完全的股利效果。 　　本研究採用事件研究法，並以市場模式及調整市場模式作為均衡預期報酬模式，以避免單一模式可能造成的「定性錯誤」，進而討論以下三個問題： 　　1.股票股利及現金股利的股利效果是否有差異。 　　2.多頭市場時期及空頭市場時期的股利效果是否有差異。 　　3.第一類股及第二類股的股利效果是否有差異。 　　本研究在進行實證分析之後得到下列幾項結論： 　　1.以新上市公司且首度發放股利的股票作為樣本，較之其他研究有較高的異常報酬。 　　2.股票股利較之現金股利有較高的異常報酬，可推論台灣股市投資人偏好股票股利。 　　3.空頭時期股利發放的異常報酬高於報酬高於多頭時期。 　　4.第一類股較之第二類股有較高的異常報酬，且股價較穩定。

參考從2001到2005在台灣股市的股息對股票的影響的研究，在根據event-study and SAR method這兩種方式之實證研究可以得到本次的台灣股市裡面除權的效應。 / Referring to our research into the ex-dividend effects on stocks traded on TSE from 2001 to 2005, we come to the following conclusions under the event-study and SAR method. There should be negative ARs on the three days prior to the ex-date and a positive AR on the ex-dividend day, no matter in a bear or bull market. Stocks with cash-only dividends present lower ARs on the three days prior to the ex-date and the ex-dividend day while stock-only dividend ones suffer from higher ARs. The performances of stocks with balanced dividends are just in-between. The most significant ex-dividend effects turn up when it comes to stocks which go ex-dividend in season, with a positive CAR to the seventh day after the ex-date. On the other hand, the effects on the early-ex-dividend stocks exhibit insignificance generally. Later-ex-dividend stocks demonstrate the lowest fluctuation of ARs. However, the simultaneous decline of the index in the ex-dividend season is likely to result in higher-significant ARs. In terms of industry, the ex-dividend effects on electronic companies are more significant than on non-electronic companies. Given a bear market, there used to be negative CARs on electronic companies after shareholders’ meeting; on the contrary, in a bull market, there were positive CARs.

訪問買賣之消費糾紛有逐年增加之趨勢，然而國內研究文獻卻相當稀少。本論文嘗試以較宏觀之角度，整理歸納學說理論及實務見解，並與外國法進行比較分析，藉以檢討現行法規範及提出修正建議。 第一章「緒論」：本論文之研究動機與目的在於探討實務上訪問買賣常見之糾紛類型，並依消費者保護法規範之體系，從定義、適用範圍、企業經營者之告知義務、消費者之解除權逐次展開，檢討現行法是否足以預防或解決問題？主管機關或司法判決對於訪問買賣有何發展性之見解？外國法制對於類似行銷方式之規範，是否有值得我國借鏡之處？期本文之初步探討能拋磚引玉。 　　第二章「訪問買賣之規範」：介紹我國消費者保護法及其施行細則、定型化契約應記載事項與範本、地方消費者保護自治條例等有關訪問買賣相關規範；外國法部分主要介紹與我國法制淵源較深之德國及日本相關規範，其餘主要國家法規範摘要則列為附錄。 　　第三章「訪問買賣定義及適用範圍之檢討」：由於消費者保護法對於訪問買賣之定義及適用範圍不夠清淅，具體個案是否可適用訪問買賣易形成爭議。就訪問買賣之定義：「指企業經營者未經邀約而在消費者之住居所或其他場所從事銷售」而言，其簡短之文字並無法清楚勾勒那些情形符合訪問買賣。實務上常見業者主張其到宅銷售係先以電話聯繫，經過消費者事先同意，不屬「未經邀約」之情形，另有主張消費者成立契約係在展覽會場或業者之營業場所，故不屬訪問買賣。究竟何種行銷方式符合消費者保護法所定義之「訪問買賣」？在法律定義曖昧不明之情況下，主管機關於函釋中所表示之見解及司法判決實務所承認之類型，即顯重要，故除了學說之外，本論文將實務見解納為主要觀察對象，並嘗試將觸角伸展至外國法規範，尋求解答。其次，在訪問買賣之適用主體上，金融商品結合訪問買賣之行銷方式為實務所常見，而多層次傳銷參加人亦有購買傳銷商品自用之情形，是否可適用消費者保護法訪問買賣之規定？學說及實務見解存有極大之爭議，本論文就此爭點加以整理並提出解釋意見；在適用之客體上，外國法對於訪問買賣多有除外適用之標的，我國法並未有排除之規定，全國工業總會對此曾提出修正建議，是否應適當調整無條件解除權之適用客體，本論文嘗試從客觀之角度加以分析。 　　第四章「告知義務及解除權規範之檢討」：為保護消費者於訪問買賣過程中處於弱勢之地位，要求業者應盡買賣條件等資訊提供義務及賦予消費者猶豫期間以重新考量，為比較法上所常見，惟我國之規範內容與外國法相較，除了告知內容顯得不夠充分外，亦欠缺違反告知義務之法律效果，造成許多業者未遵守告知義務，而消費者亦不瞭解自己權利所衍生之糾紛；另外，有關契約解除後，雙方當事人如何回復原狀，亦屬實務上常見之爭議，依現行法制，雖可適用民法第259條等相關規定加以補充，惟若能針對訪問買賣之特性，考量作特別之規範，應較能定分止爭。 　　第五章「訪問買賣常見消費糾紛類型及實務發展」：經歸納司法院網站所公布最近10年（2000年至2009年）與訪問買賣相關之裁判，發現其契約標的以涉及教材及各類學習課程最多，其次為度假村會員權。此外，訪問買賣銷售人員於行銷時，經常對於資金不足之消費者宣稱可分期付款，惟實際上卻讓不知情之消費者簽下金融機構貸款申請書，一旦發生業者停業、倒閉之情形，消費者不但無法繼續受領商品或服務，反而成為金融機構訴追貸款之對象，形成大量「假分期 真貸款」之爭訟案件。本章針對上述三種消費糾紛類型，探討如何解決類似爭議。 　　第六章「法制上之建議－代結論」：現行法有關訪問買賣之規範難以符合時代之需求，非但學說存有爭議，主管機關之見解亦常瞹眛不明。實務判決依個案事實，或有引用外國立法例作為法理，依誠信原則調整企業經營者與當事人間之法律關係，然檢討現行法規範，適當地修正或增訂，為釜底抽薪之道。本章綜整前面各章節之議題，就未來修法可思考之方向提出建議。 / The disputes over” door- to- door sales” are increasing year after year. However, the related dissertations are rare. This thesis is trying to generalize theories and rules in order to review current laws and bring up some suggestions. The first chapter “preface” states about the motive and objective of this thesis which is aiming to find the dispute types. Meanwhile, in compliance with the article order of Consumer Protection Act, from definition, application, information notification to rescission, review if current laws could prevent or resolve disputes. Furthermore, observe foreign legislation which is worth imitating. The second chapter ”the statute of door- to- door sales” which is introducing related national statutes and local ordinances； meanwhile, introducing German and Japanese codes, etc. The third chapter “review on definition and application of door- to- door sales”： Since the legal definition “door- to- door sales means a sale completed through trader’s solicitation at the consumer's premises or other locations without any invitation” is not specific enough, there are lots of controversial issues such as－ （a） If a consumer shall be considered to have made an express request for a visit by the trader by reason only that the consumer consented to the visit by the trader after an initial contact at which the trader indicates expressly or by implication that the trader is willing to visit the consumer？ （b） If a consumer agreement that is concluded at the trader’s place of business or the trade fair could be considered “door- to- door sales”？ In addition to discussing above-mentioned issues, who and what subjects are applicable to “door- to- door sales” articles in CPA is a question, too. If an investor or a participant in multi-level sales may apply to them？ If the supply of goods which, by reason of their nature, are liable to deteriorate or expire rapidly, or the supply of audio or video recordings or computer software which were unsealed by the consumer shall render the consumer the right of withdrawal？ This thesis is trying to analyze foregoing issues objectively. The fourth chapter” review on obligation of providing information and withdrawal of contract”： The consumer is often unprepared in contracts made at the doorstep; therefore it is necessary to provide the consumer a right of cancellation over a period of days and adequate information to enable him to understand the contract. However, the CPA is too simple to protect consumers when comparing with foreign laws. In case we could aim at the characteristics of “door- to- door sales” to regulate individually, the disputes would decrease. The fifth chapter” familiar disputes and legal opinion development”：To sum up the cases filed during last ten years, the most related contract subjects are learning materials including encyclopedias, language books or on-line lessons, etc.；The second is time-sharing membership which is usually touted by taking advantage of human vulnerability；Besides, “linked credit agreement” is also regularly seen. This chapter would make a study of how to resolve the similar problems. The sixth chapter “legal suggestions-instead of conclusion”：Domestic “door- to- door sales” statutes are not able to meet time steps. Not only is there discrepancy between theories, but the opinion of the competent authority is not clear. Some court cases cited foreign laws as jurisprudence to revise the right or obligation between the trader and consumer； Nevertheless, if the competent authority could overhaul the current statutes, the problem-solving methods may be found and established.

本文以除權息前後累積異常報酬率為應變數，探討稅額扣抵比率及股權集中度對除權息前後累積異常報酬率的影響。研究對象為民國88年至96年間分配盈餘的國內上市公司，排除行業性質特殊之金融業，以普通最小平方法從事實證模型分析。主要實證結果彙整如下： 1.稅額扣抵比率與除權息前之累積異常報酬率呈顯著正相關，與除權息後之累積異常報酬率呈負相關，但較不顯著。此表示稅額扣抵比率的租稅因素影響在除權息前較為顯著，但在除權息後現象較不顯著。 2.股權集中度與除權息前後之累積異常報酬率的關係均未達統計上顯著水準。產生此實證結果的可能解釋有二：（1）非稅成本的考量；（2）本文以股權集中度衡量可能並未真正捕捉到個人投資人的所得稅率。 3.低稅額扣抵比率類的除權息前累積異常報酬率，較高稅額扣抵比率（基準）類樣本為低的現象，此與預期相符。但在其他加入類別虛擬變數的迴歸結果，並未發現在不同稅額扣抵比率或股權集中度下，會對除權息前後之累積異常報酬率有不同的影響。 4.公司規模及股價淨值比與除權息前後累積異常報酬率均呈顯著正向關係；股利殖利率與除權息前累積異常報酬率呈顯著正向關係，而與除權息後之累積異常報酬率呈顯著負向關係。電子業別與除權息前之累積異常報酬率呈顯著負向關係，而與除權息後之累積異常報酬率呈顯著正向關係。 在圖表的分析中，可看出高稅額扣抵比率或低股權集中度的樣本，其除權息前後累積異常報酬率波動較小，較不受除權息事件的影響。 / The main purpose of this paper is to examine, before and after the ex-dividend day, the impacts of imputation credits and ownership concentration on cumulative abnormal returns(CARs). In this paper , CARs before and after the ex-dividend day are used as the dependent variable. The data are collected from the domestic listed companies which had allocated the earnings from 1999 to 2006. Because of its special characteristics, the financial industry is excluded from the data. In order to analyze the impacts of imputation credits and ownership concentration on CARs , we used the ordinary least squares. The empirical results in this paper are summarized as follows: 1.The imputation credits have a significant positive impact on CARs before the ex-dividend day, but they don’t have a significant negative impact on CARs after the ex-dividend day. This phenomenon implies that the influence of tax factor before the ex-dividend day is more significant than that after the ex-dividend day. 2.The failure of finding a significant relation between ownership concentration and CARs of before and after the ex-dividend day maybe due to two reasons. Frist, investors may not take tax factor into account when they invest the stock. Second, the proxy variable for ownership concentration of this study may not fully capture the marginal income rate of individuals. 3.CARs before the ex-dividend day in listed company with lower imputation credit are lower than that in listed company with higher imputation credit, the empirical result matchs general intuition. But other regressions with dummy variables regarding the degree of the imputation credit and ownership concentration don’t find significant relation among the imputation credit, ownership concentration and CARs before and after the ex-dividend day. 4.The size of companies and the ratio of market price to their book value have a significant positive impact on CARs before and after the ex-dividend day. Dividend yield has a significant positive impact on CARs before the ex-dividend day, but a negative impact on CARs after the ex-dividend day. A dummy variable standing for electronic industry has a significant negative impact on CARs before the ex-dividend day, but positive impact on CARs after the ex-dividend day. In the analysis of diagrams, we find CARs before and after the ex-dividend day fluctuate less for companies with higher imputed credit or lower ownership concentration.

傳統的民法理論與規範架構中，得以解除契約或行使撤銷權，乃基於立法者對於傳統私法體系下，擬欲維持私法自治原則及契約制度嚴格遵守之例外，其要件限制多較嚴苛。然則，在現代社會之消費關係，隨著大量生產下的經濟發展等演變，消費者與企業經營者間，其專業知識、經濟力及交涉力則常處於不均衡之地位，在消費者面對無店舖銷售及業者強力新穎勸誘的行銷衝擊下，傳統民法解除權之機制，似乎很難有效彌補消費者於交易中弱勢地位，使得消費者的權利受到完整的保障。 因之，本文擬先以民法上解除權及撤銷權之相關規範作探討，並進一步檢討消費者無條件解約權之法理、進展及其相關重要規定。此外，消費者之解除權立法後之執行成效及若干問題，亦值得關注。例如，消費者解約權之期間長短、起算期間、數位化商品及企業經營者違反告知義務之法律效果等，似有若干問題仍困擾著消費者與企業經營者，本文擬一併討論之。 最後，本文亦擬透過詳細的分析與檢討，針對消費者無條件解約權的法規範，提出改善建議。並嘗試對現行民法與消費者保護法之立法模式，提出建議，期能對現行相關問題，尋找更佳之解決途徑。

本研究嘗試以CAPM所衍生出來之Market Model為主要模型，進行我國股市除權事件之分析、檢定與異常報酬分析，期能對投資人之投資決策能有所助益。本研究共蒐集了民國80年1月至民國88年6月共8年的時間，台灣證券交易所首次上市與中華民國證券櫃臺買賣中心首次上櫃的資訊電子公司，無償配發股票股利的樣本，共23個樣本點。研究在股東大會後五日與除權交易前10日到除權交易後10日之間，以市場模式估計每個樣本之合理報酬後，觀察平均股價異常報酬之變化，其實證結果顯示： 1. 對首次上市公司來說，股東大會的宣告效果不存在，股價已經先行反應該公司董事會議決之股利發放結果。至於首次上櫃公司，對於股東大會亦無其宣告效果存在，但較首次上市公司明顯，並達顯著水準。 2. 首次上市、上櫃公司在除權前10日這一段研究事件期間內，公司的股價並無除權行情的發生，而彼此間的差異也未達顯著水準。 3. 首次上市、上櫃公司在除權日當日平均異常報酬AR值均為呈現填權現象的產生，且皆是達到顯著水準。 4. 首次上市公司之股價有明顯的填權現象發生，至於首次上櫃公司的填權行情在除權後就不那麼顯著，而彼此間的差異也明顯的達到顯著水準。 5. 首次上市公司增發股利與否，其股價有呈現增加之趨勢，首次上櫃公司其股價在除權交易日當日則有呈現上漲之趨勢，而在除權後10日期間則呈現下跌之趨勢。

隨著網路、新聞、報章雜誌等等各種管道的報導與介紹，愈來愈多人期望能在網路開店或投入網路創業。這些在網路提供商品或服務的群體，有哪些該注意的交易糾紛與法律問題？本文將從網路交易中之商品與服務提供者的角度來觀察其法律責任與保障。 首先介紹常見的網路開店模式，例如自行架設購物網站、網路商城(或稱網路商店街)模式以及網路購物中心模式等，分別討論其中可能涉及之法律問題以及當事人之間的法律關係。關於網路交易之金流處理，則以付款機制、付款平台以及網路代幣之發展進行觀察，探討隨著網路金流愈趨便利而產生的風險。尤其是網路金流機制所衍生的信用卡冒用盜刷以及個人資料保護問題，更是不容忽視。至於網路交易中常見的糾紛，以網頁標錯價格、數位商品之猶豫期、信用卡冒用盜刷等案例，就其中的法律問題參照學說、實例之見解，進行討論與評析。最後在結論中整理出商品、服務提供者選擇網路開店應注意之法律相關事項，並對日後網路交易立法的方向提供一些個人之淺見。

於科技發展進步、資訊傳遞方式多樣化之現代生活，因遠距通訊工具問世，即使交易雙方當事人分處兩地亦能締結契約，為消費模式揭開全新一頁。鑑於此一新興交易中，企業經營者單方面提供交易資訊為消費者獲知交易內容的主要方式，容易衍生企業經營者利用對於資訊的壟斷，誘導消費者與之締約，故於消費者保護法中設置「郵購買賣」特別規定予以規範。 惟關於現行郵購買賣定義及效果規範之適用仍存在多項爭議問題與不確定性，有關郵購買賣定義之現存問題，諸如「郵購買賣」用語妥適性如何、郵購買賣適用客體內涵爭論、應否以「未檢視商品」及「買賣契約」作為郵購買賣構成要件；於郵購買賣效果規範部分，對於資訊告知義務履行方式是否須以要式為限，尚無明確規制可供遵循，以及有關無條件解除權猶豫期間之起算方式、無條件解除權適用客體是否合宜等爭點，仍曖昧不明。 其中尤以交易客體多樣化所衍生問題最受矚目，新型態交易客體不同於過去傳統實體商品，軟體設計、數位化商品、新興服務等軟實力，已然成為台灣躍居世界舞台不可或缺要素，然尚欠周延之消費者保護法規可能扼殺此等新興交易客體發展空間，譬如對於本質上具有「無限複製」與「完整複製」特性之數位化商品行使無條件解除權者，縱該數位化商品附有反複製技術，仍無法完全排除該反複製技術遭受破解之可能；又如消費者針對通常於締約後即履行之服務主張不附理由解除契約之際，亦因服務所具無法回復原狀性質，將致消費者接受全部服務後卻不必支付價金之結果，實則前述事例於現行法規範下，企業經營者所負經營管理成本已然失控。 是以，揆諸郵購買賣所具特殊交易性質、交易客體複雜化等背景，與現行郵購買賣規範交錯致生問題引發筆者研究興趣，並以之成為本文撰寫起點，同時祈能藉由本文就郵購買賣構成要件與效果規範相關問題之發覺，及援引參照日本消費者保護法規內容，由法制面之檢討著手，釐清各項爭議原委，探尋法規範更為整備之修正可能性與方向，以彰消費安全保障之目的。