本文試圖從理性與情感兩個面向來檢視盧梭的道德理論與社會契約理論。理性與情感乃是盧梭理論中兩種不同的判斷依據，他從認識論開始，確立了情感在「我」的構成中所扮演的積極意義。在理性觀的部份可以區分為兩個面向，一是對於各種個體完善化建立的觀念進行解構，因為這是一切自私激情的根源，一是確立一套正確運用理性的方式，這個方式在於透過情感作為判斷觀念是否合乎真理的來源。在情感論的部份，可以由兩個原則來加以概括，一是激情，這個原則讓人傾向於關注個體自我需求的滿足，一是良心的情感、也是靈魂力量的來源，這個原則讓人傾向於他人或整體，道德善惡的判斷就決定於這兩種力量。 為了跳脫個體完善化的外在環境對於整體人類生存的威脅，盧梭提供了兩個方案，一是教育方案，一是政治方案。教育方案在於透過道德教育達到自然條件，這個條件指的是透過對想像的控制來限制激情的發展，並在道德性能力(指智能及愛人的能力)產生之後，透過學子對於社會、人類的各種激情進行觀察，讓教育可以形塑傾向於自然情感的性情。這個條件同時也是為了讓個體在道德自我實現、也就是進行良心的內在情感判斷時，能提高好善(自然情感)、厭惡(傾向個體需求的激情)產生之行為的可能性，或者說，使情感自然法(即自然情感)能具有約束性。政治方案則是著眼於社會化必然產生自私激情的事實，藉由社會契約作為觀念的中介，讓所有人的情感力量在確保可以獲得相互性的前提下，進行全部轉讓、投注於整體。而轉讓所獲得的資源之分配則是藉由全體在公民大會上的討論，由所有人同意並訂立的立法目標，來決定每個人的生活方式，讓個體依賴於整體的目標、作為整體中的一個單位來生存。

全球化之下，城市或地方政府不再受國家疆界的限制，與全世界的城市及地方政府產生密切的聯繫及互動。加上分權化的潮流，國家統治權威流向地方政府、城市及社區，地區及城市政府的自治權提高，因此有更大的自主性尋求發展，地方政府、城市及社區成為全球化體系重要的行動者，為地區、城市發展提供新的契機。在當前地方政府的財政緊縮，資源有限的情形下，許多問題並非地方政府所能單獨攻克，如何利用全球化之契機創造及發展地方特色則需要公私協力關係的推動。近年來為促進地方發展，政府多舉辦特色節慶活動來活絡地方經濟。台北市政府於2005年8月舉辦首屆「台北牛肉麵節」則是利用當地美食文化的特色，廣受好評成為台灣節慶活動的新典範。 台北牛肉麵節是以公私協力關係為基礎推動。本研究試圖對公私協力關係的探討，了解台北牛肉麵節公私協力的狀況。首先，審視國內外有關公私協力關係的研究，歸納出公私協力成功要件可從「共同目標」、「合作機制」、「建立互信」三個面向去討論。其次，透過對公部門、公關公司、牛肉麵業者的深度訪談，了解台北牛肉麵節在公私協力成功要件的三個面向中是如何的呈現。研究結果顯示，牛肉麵節個案來說，以一個理想公私協力的成功要件，其符合的條件是比較薄弱的。台北牛肉麵節的公私協力關係主要是以契約為基礎。以契約為基礎的公私協力關係在初期運作時，可以降低溝通與試誤的成本，但長期之下，會使得運作關係出現固定僵化的現象，也是現在台北國際牛肉麵節活動的一個隱憂。最後，本研究並就實證結果，提出政策建議，以提供地方政府以公私協力方式舉辦活動之參考。

本研究以2007年「凱雷私募股權基金入主大眾銀行」一案當作研究主軸，以個案方式來呈現私募股權基金入主案的整個事件過程。大眾銀行財務體質不佳，急需資金，最終在眾多的籌資方式中選擇透過私募現金增資發行新股及可轉換公司債，引進單一策略投資人，轉換後外資持股比率最高大幅攀升至30%以上。 以事件研究法衡量股東財富的短期績效，研究發現在宣告日當天，市場對凱雷集團入主大眾銀行的訊息給予正面的回應，而自宣告日前10天至宣告日後8天，有顯著的平均累積異常報酬率。本研究亦衡量股東財富的長期績效，研究結果顯示， BHAR的衡量方法顯示，買進持有至第28個月及第36個月達10%之顯著水準，私募股權基金入主後有部份顯著增加股東財富。 凱雷集團透過持有多數股權，成為大眾銀行的最大股東，並進駐董事會，拿下半數董監席次，成功取得經營控制權，引進專業投資人的資金挹注來打銷呆帳及國際級的專業經驗、併購投資建議、改善公司治理等方式來強化金融業者的營運體質，使大眾銀行的信用評等得以被調升，有助於增加未來的融資彈性。本研究發現凱雷集團以增設獨立董事、縮小董事會規模及提高股權集中度來改善公司治理，與過去文獻研究結果一致，不過大眾銀行在經營效率性指標並未獲得改善。最後，分析大眾銀行入主前後3年經營績效的變化，研究發現凱雷集團入主後，大眾銀行在資本適足性、資產品質和獲利性指標等經營績效指標都有獲得顯著的改善。 / In this study, using the case of “Carlyle Group took over the Ta Chong Bank in 2007” to understand how did private equity funds implement. Due to the poor financial structure, Ta Chong Bank eventually selected through private placements to issuance the new shares and convertible bonds in a number of financing ways. Ta Chong Bank decided to find a single strategic investor, so the highest rate of foreign investor ownership after conversion could significantly increase to about 30%. To measure the shareholder’s wealth, this paper divided the short-term and long-term to analysis. First part, the capital market gave a positive response for the announcement of Carlyle Group took over the Ta Chong Bank. There was a significant average cumulative abnormal return between the ex-announcement and 8 days after announcement. In the long-term, the method of BHAR shows that buy-and-hold to 28 months and 36 months could get abnormal returns at 10% significant level. It presents that this case could increase the shareholder’s wealth in some specific periods. In this case, we find that Carlyle Group became the largest shareholder of Ta Chong Bank through acquiring majority equity. Moreover, Carlyle Group obtained the half numbers of directors, and successfully won the right of operational control. Through the international investment skills and professional operating experience, Carlyle Group improves corporate governance and financial structure of Ta Chong Bank and let the credit rating raised. This study also finds that Carlyle Group sets up independent directors, reduces board size and increases the concentration of ownership to improve corporate governance. It consists with the previous literature. But the operating efficiency indicator doesn’t improve so far. Finally, this study measures the change of operating performance. We find that just the operating performance indicators of capital adequacy, asset quality and profitability have improvement significantly.

本研究為虧損減資相關之研究，以2000-2010年辦理虧損減資上市公司為樣本，並將樣本分組為只辦理虧損減資與減資再私募兩組，採用事件研究法比較兩者在減資宣告後的股價反應，並以前一年每季的財務指標分析兩者減資宣告前的營運績效。最後以羅吉斯迴歸模式，檢驗財務指標是否對公司減資政策選擇(減資後再私募與否)造成影響。 實證結果顯示，虧損減資公司在減資宣告有負向宣告效果，市場對虧損減資宣告為利空反應。樣本分組後發現，減資再私募公司在減資宣告後的累積負向報酬率較只辦理虧損減資公司為低。而減資再私募公司前一年每季的財務指標無論在資本結構、償債能力、獲利能力與經營能力均遜於單純只辦理虧損減資的公司。最後，羅吉斯迴歸模式顯示影響公司減資政策的因子為減資比率、減資宣告前一季季底P/B與每股盈餘。減資比率與前一季P/B越高，公司傾向採用減資再私募。前一季每股盈餘越高，公司傾向採用只辦理虧損減資，而迴歸模式預測的正確區別率約達到68.3% / It is an empirical study of capital-reduction. The sample of this study consists of companies which had utilized capital reduction in 2000 to 2010. The research employs the event-study method to examine the stock price reaction after the announcement of capital-reduction. The sample is divided into two subsamples, one includes companies with capital-reduction without private equity placement and the other are those companies with private equity placement after capital reduction. We compare not only their stock price reactions after the event but also the financial ratios before the event. Finally, we use Logit regression model to examine the impact of financial ratios to the company’s selection of capital-reduction policy. The results show that the stock price reaction after the event is negative; market is worried about the announcement of the capital-reduction. The cumulative returns of the companies utilized capital-reduction with private equity placement are lower than those of the companies without private equity placement after capital reduction. And the study of financial ratios shows that the operation performances of capital-reducing companies with private equity placement are worse than those of the capital-reducing companies with private equity placement. The result of Logit regression model shows that the influencing factors of company’s capital-reduction policy are previous quarter EPS, previous quarter P/B ratio, and the degree of capital-reduction. The higher the previous P/B and the degree of capital reduction, the higher possibility for capital-reducing company use the private equity placement afterwards. The higher the previous EPS, the lower possibility for the them to further to adopt the private equity placement.

本研究以羅吉斯迴歸模型探討影響上市櫃公司選擇籌資之因素，籌資工具包括股權與債務，並進一步探討若籌資工具為普通股，影響私募普通股或現金增資之因素。 實證結果發現，公司選擇以私募或公開發行管道籌措資金的決策，主要和下列因素有關：(1) 資訊不對稱程度愈高之公司，愈傾向以私募籌資；(2) 風險愈高之公司，愈傾向以私募籌資；(3) 信用品質愈差之公司，愈傾向以私募籌資；(4) 成長性愈強之公司，愈不傾向以私募籌資；(5) 股票市場情況愈好，公司愈不傾向以私募籌資。 公司選擇以私募普通股或現金增資籌措資金的決策，主要和下列因素有關：(1) 資訊不對稱程度愈高之公司，愈傾向以私募普通股籌資；(2) 風險愈高之公司，愈傾向以私募普通股籌資；(3) 股票市場情況愈好，公司愈不傾向以私募籌資。 / This research uses Logistic Model to investigate some specific factors which may influence firms’ choices between issuing securities in private market (private placement) and in public market (public offering). As for the funding mechanism, both equity securities and debt securities are included. Then the range of funding mechanism is narrowed to common stock and this research analyzes the possible factors which influence firms’ choices between issuing private equity and seasoned equity offering follows. The empirical results on the choices between issuing in private market or public market indicate the following: (1) Firms with higher information asymmetry tend to raise fund by private placement rather than by public offering. (2) Firms with higher operating risk tend to raise fund by private placement rather than by public offering. (3) Firms with worse credit quality tend to raise fund by private placement rather than by public offering. (4) Firms with stronger growth potential tend to raise fund by public offering rather than by private placement. (5) When the performance of the stock market is better, firms tend to raise fund by public offering rather than by private placement. The empirical results on the choices between issuing private equity or seasoned equity offerings indicate the following: (1) Firms with higher information asymmetry tend to raise fund by private equity rather than by seasoned equity offering. (2) Firms with higher operating risk tend to raise fund by private equity rather than by seasoned equity offering. (3) When the performance of the stock market is better, firms tend to raise fund by seasoned equity offering rather than by private equity.

本論文以自民國九十二年一月一日至民國九十九年十一月三十日止辦理私募增資之上市櫃公司為研究對象，把應募人分為內部人與非內部人，透過事件研究法與迴歸分析法分別探討私募宣告效果與影響折溢價幅度之因子。 首先，採事件研究法，討論內部人與非內部人在私募宣告時是否有異常報酬，並從內部人之累積異常報酬評估是否有內線消息產生，結果顯示，在宣告日前，不論內部人或非內部人之累積異常報酬皆呈現不顯著負值，因結果不顯著，故沒有證據顯示有內線消息。本研究之內部人私募宣告當天效果為負，且宣告日當天並沒有顯著之累積異常報酬，探究其原因，可能是在股東會決議日當天訊息尚未完全散佈，把時間拉長到宣告日後第二十一天，標準化累積異常報酬轉為顯著正值，整體來說,宣告效果是正的,只是反映的時間較長,此可能跟投資人接收訊息的快慢有關，也表示在宣告日後，看好公司未來發展，因此，累積異常報酬為正。 實證結果顯示，內部人之折溢價幅度與每股盈餘、私募金額取對數、負債對權益比有高度相關；此外，從非內部人折溢價樣本之迴歸結果，可看出每股盈餘、總資產報酬成長率、私募金額取對數對於折溢價幅度有顯著影響。綜上所述，影響內部人與非內部人折溢價因子之不同點在於總資產報酬成長率與負債對股東權益比，而共同點影響因子為每股盈餘與私募金額取對數。 / Collected from the Market Observation Post System in Taiwan Stock Exchange, the sample includes private placements of all listed and OTC firms in Taiwan stock market during January of 2002 to November of 2010. This study classifies investors into insider and non-insider, and then examines the announcement impact and the factors of price discount (premium) in private placement through the event study and the regression analysis. By employing event study, we find that insider and non-insider have insignificant negative accumulative abnormal return before the announcement date. Therefore, there is no evidence for early information leakage. The announcement stock price effect on the shareholders’ meeting is insignificantly negative. As a result, we can’t expect the investors would instantly, correctly respond to this information on the announcement date. However, the announcement stock effect, represented by the calculated accumulative abnormal return, for the long time is positive, and it implies the investors expect the firms to have good performance after the event. Empirical evidence in regression analysis shows that the private placements for Taiwan’s companies are selling at discounts (premiums) and it has high correlation with the company’s earning per share, the proceeds of private placement and the return on total assets growth rate for insiders. In addition, these three variables of the company are the significant explanatory variables for the magnitude of the discounts (premiums) of non-insiders.

The international banking industry has paid much attention to private banking business because of its high profit. Although this business has hundreds of years of history in the United States and Europe, by contrast, it is still on the primary stage in China. Not until 2007 have more and more domestic bankers started to participant in this field. In recent years, China’s economy has maintained the rapid growth regarding the performance of GDP, stock market, real estate, etc. Benefit from the strong economy, the wealthy population and their wealth volume has been increased, those provide a good foundation for development of this business. At the meantime, with the continuously opening of China’s financial market and the demands for improvement of profit structure, this business has become a core strategy for domestic banks become to eager to develop. Under the incentive of market potential and pressure of external competition, China’s domestic banks still need to overcome some difficulties at the present stage to enjoy high profit from this business. Those obstacles includes the immature demands for financial services, the inadequate the external financial environment and lack of internal criteria within banks. Hence, on the one hand, the government should create a fine financial environment to help bankers to develop more advanced products or services to meet the clients’ demands. On the other hand, and bankers themselves should enhance the staff’s qualify and utilize the modern customers management techniques and information system to distinguish the target clients and their demands. / The international banking industry has paid much attention to private banking business because of its high profit. Although this business has hundreds of years of history in the United States and Europe, by contrast, it is still on the primary stage in China. Not until 2007 have more and more domestic bankers started to participant in this field. In recent years, China’s economy has maintained the rapid growth regarding the performance of GDP, stock market, real estate, etc. Benefit from the strong economy, the wealthy population and their wealth volume has been increased, those provide a good foundation for development of this business. At the meantime, with the continuously opening of China’s financial market and the demands for improvement of profit structure, this business has become a core strategy for domestic banks become to eager to develop. Under the incentive of market potential and pressure of external competition, China’s domestic banks still need to overcome some difficulties at the present stage to enjoy high profit from this business. Those obstacles includes the immature demands for financial services, the inadequate the external financial environment and lack of internal criteria within banks. Hence, on the one hand, the government should create a fine financial environment to help bankers to develop more advanced products or services to meet the clients’ demands. On the other hand, and bankers themselves should enhance the staff’s qualify and utilize the modern customers management techniques and information system to distinguish the target clients and their demands.

觀光發展是一個國家國際化與現代化的指標，觀光產業則被喻為世界經濟的「陽光產業」、「無煙囪工業」，我國在面臨全球競爭、地方治理的趨勢下，積極推動各項觀光發展政策。然而傳統以國家為單一行動者之由上而下統治模式的正當性於1990年代已受到排山倒海而來的威脅，民眾參與公共事務的聲浪日趨高漲，政府官僚無法再獨立貫徹其單一意志，取而代之的是晚近學界所謂協力治理的概念，強調政府必須將權力賦予社會，在公共政策、公共事務與公共服務的制定、執行和提供上，與所有的政治行動者或利害關係人形成相互依賴、平等的網絡關係。 本研究以治理理論、公私協力關係為理論基礎，臺北觀光護照為研究個案，從參與者、互信基礎、互動方式、資源分享、責任共擔、目標達成等六大面向分析臺北觀光護照協力治理的狀況。研究發現臺北觀光護照在協力治理上有其適用性與侷限性；係屬混合型治理模式，屬水平互補的協力互動模式，以契約規範為合作機制的非典型夥伴關係，此外未建立共同願景以及缺乏完整監督課責與績效評估機制。並建議公部門應提供適當的協力誘因吸引私部門參與協力合作，可嘗試納入第三部門的諮詢與整合力量，要有更完善的監督機制以確保協力關係的妥善運作，鬆綁相關政府法令以及增加行銷通路與曝光度。

本研究係針對台灣高級中等學校之城/鄉、公/私立及學校規模之學業成就與教育資源進行研究。以大學入學考試中心提供之數據進行分析。經由三因子變異數分析結果指出城地區的學業成就高於鄉；公立學校成績高於私立；學校規模學業成就依序為大、中、小型。城鄉皆以公立高中學業成就優於私立高中；在城的公立高中學業成就又高於鄉地區。公立大型高中學業成就高於公立中、小型；私立大型、中型、小型學業成就排序亦同。再藉由典型相關分析可知公立學校學業成就與教育資源有典型相關最後使用t檢定比較教育資源的差異，得到生師比及平均班級人數並無城鄉差異；在公私立學校間的平均班級人數以公立優於私立。公立高中學校於教育資源及學業成就均優於私立學校，此與國外研究不同。 / The purpose of this research explores the relationship between the academic achievement and educational resources among urban/ rural schools, public /private schools and different size of senior secondary schools in Taiwan. The raw data offered by the College Entrance Examination Center is analyzed in this study. By three-way ANOVA, we found the academic achievement of urban schools is better than that of rural schools. The academic achievement of the public schools is better than private ones. Furthermore, the academic achievement of the large-sized schools is better than that of the medium and small-size ones. In addition, the academic achievement of the urban public schools is better than that of rural public ones. The academic achievement of the large-sized public schools is better than that of the medium and small-size public ones. The result shows the same order while it comes to the difference of academic achievement among private school of different size. There is significant canonical correlation between educational resources and academic achievement in the public school. Finally by t-test, the research’s result represents that pupil-teacher ratio and class size have no significant difference between urban schools and rural ones. And the class size of the private schools is larger than in public schools. In Taiwan, the performance of academic achievement and educational resources in public schools are better than private ones that differ from some previous foreign studies.

隨著保養的觀念越來越興盛，女性私密處保養品也趁勢而起，向消費者推廣私密處保養的重要性，而在眾多的女性私密處保養品品牌中，不同的品牌存在不同的框架手法與不同的代言人選擇。對於廣告主來說，使用哪一種角度做切入的廣告會較符合台灣女性消費者的偏好，是本研究的研究重點。 本研究從廣告的「框架」與「代言人」角度做切入，探討不同的廣告框架類型、代言人類型以及兩者之間的一致性是否會對廣告態度、品牌態度及購買意圖產生影響；其中，不可忽視的是女性私密處保養品本身的產品特殊性，由於台灣隸屬於華人社會，女性對於性較為保守，故探討此產品時，台灣女性對於性的態度將是影響框架類型與代言人類型效果的重要因素。 本研究以實驗法進行，所得結果如下： 一、比起使用性感框架，健康框架能使消費者對於女性私密處保養品的廣告態度與購買意圖產生較佳的效果，但對於品牌態度則無顯著影響。 二、不同類型的代言人，並不會顯著影響消費者對於女性私密處保養品的廣告態度、品牌態度與購買意圖。 三、廣告框架類型與代言人類型達到一致性與否，並不會顯著影響消費者對於女性私密處保養品的廣告態度、品牌態度與購買意圖。