Venture Capital Contracts with Moral Hazard and Adverse Selection Abstract This study offers a discussion on the agency theory of venture capital, including the cases of one venture capitalist and one entrepreneur, one venture capitalist and two entrepreneurs, and two venture capitalists and one entrepreneur. The first model compares the effort levels of the two parties, one venture capitalist and one entrepreneur, when there is a double moral hazard problem. The results are as follows:(1)the effort levels under double moral hazard are lower than those under full information¡Ano matter if the contract is common stock or convertible debt ; (2) a suitably chosen convertible debt contract outperforms a common stock contract; and (3) in the equilibrium, the venture capitalist¡¦s net compensation is equal to his cost of capital. Secondly, the study extends to a double side moral hazard problem between one venture capitalist and two entrepreneurs. The results show: (1) the effort levels under double moral hazard are still lower than those under full information in the model; (2) one venture capitalist and two entrepreneurs will come up with a double moral hazard problem if they sign the common stock contract; and (3) the incentive to lessen the double moral hazard problem is the total profit shared conditionally by one venture capitalist and two entrepreneurs. Finally, this study develops a joint investment framework with an adverse selection problem. One entrepreneur is informed about the project¡¦s potential profitability but two venture capitalists are not .The results show:(1)if the entrepreneur reveals his private information, the individual management cost of two venture capitalists will be equal; (2)if the entrepreneur does not reveal his private information, the individual management cost of the two venture capitalists will be higher in an uncooperative situation; and (3)if the entrepreneur does not reveal his private information, the venture capitalists¡¦ effort levels will be higher in case their management knowledge is of substitutive nature than that of complementary nature. Key words¡Gventure capital, moral hazard, adverse selection

This research is mainly developed from the unique perspective of Chinese Chaxugeju (differential mode of the association) and employee categorization model, derived from Chaxugeju model on organizational behavior. This research analyses the decision model of Chinese supervisors¡¦ selection and promotion. Also, this dissertation discusses the moderating effect of decision maker¡¦s propensity (including decision maker¡¦s level, conventionality and modernity), functional propensity (including profession, confidentiality, controllable resources, privacy, number of job vacancy), and organizational propensity ( including degree of division of labor, power of recruiting, and performance orientation) on above mentioned decision models. Finally, it compares the difference of employee categorization model on the selection and promotion decision effects. Adopting the scenario experiment, the author develops 8 kinds of interviewee/staff scenario categorized by guanxi (interpersonal relationship), loyalty and telnet. The author asks the interviewee to rank respectively the 8 kinds of interviewee/staff scenario on chance to interview, recruit, and promotion. Meanwhile, the questionnaire also records the interviewee¡¦s conventionality, modernity, company¡¦s propensity and personal background. Total valid questionnaire is 1050 copies. Using repeated measure ANCOVA and multiple regression, the results are shown as below, 1. Overall, decision makers are certainly categorized interviewee/staff based on guanxi, loyalty and telnet. Different category of interviewee/staff would be treated differentially. Decision makers will give higher level of trustfulness/insider to closer, more loyal, and more telnet interviewee/staff. On the selection and promotion decisions, the higher level of trustfulness/insider would be given higher chance to interview, recruit and promote. 2. As for decision maker¡¦s propensity, owner-managers will value guanxi greater than mangers; same situation appears in level of trustfulness/insider. High conventionalists pay more value on royalty than low conventionalists. On the other hand, high modernists pay more value on telnet than low modernists. 3. In respects of functional propensity, when the positions have higher confidentiality, controllable resource, privacy and fewer job vacancies, decision makers tend to show greater prudence and prefer to recruit higher level of trustfulness/insider. Furthermore, when the positions possess the profession, confidentiality, controllable resources, privacy, and fewer job vacancies, decision makers would tend to value more on the interviewee/staff¡¦s telnet. For the positions with more controllable resources, decision makers will value more on the interviewee/staff¡¦s guanxi. For the position with higher privacy, decision makers will value more on loyalty. Reflecting back to the original assumption, this research does not support, a) the higher privacy of one position the higher of loyalty. b) More job vacancies enhance decision makers¡¦ value on guanxi and loyalty. 4. Regarding to organization propensity, the author originally assume less degree of division of labor causes less fairness of supervisors and accentuates the importance of guanxi and royalty. However, the result of this research does not support this assumption. When managers tend to be more performance oriented or have more power of recruiting, managers will emphasize the importance of level of trustfulness/insider. It means that managers will be more prudent on selection/promotion decisions. It is proper for organizations to rationalize and institutionalize selection/promotion decisions via district procedures. Hence, organizations could consider enhancing the level of controlling recruitment or adjust the degree of performance orientation based on actual situations. 5. Comparing the selection and promotion, decision makers will emphasize guanxi and royalty when making promotion decision than selection. As for the telnet, the research shows no difference on selection or promotion decisions.

In ad hoc network, one needs other nodes to relay data packets. But resources in each node are limited. Therefore, these nodes may not relay other¡¦s data packet without getting any benefit. In this paper, a routing path selecting algorithm based on price mechanism is proposed. It helps nodes to get some benefits by relaying others¡¦ data packets. Moreover, the algorithm we proposed selects a routing path with less payment and more resources. Simulation results show that the drop rate, block rate and the cost of routing paths are reduced compared to the competing algorithms.

Recently, due to globalization and Taiwan¡¦s participation in WTO, more and more Taiwan companies have established branches across the world to seize the trend. However, in order to compete with multinational companies in the global coverage, how to recruit enough staff, manage and place employees to fit strategy of team and organization¡¦s goal across the world is the key assignment of human resource department among multi-national companies. Analysis the procedure of case company to apply changed by 1. Detail research on the existed papers and cases of implantation of competency system with human resource system combined with analysis them erasures of case company to apply the implantation of competency system, such as customize the impanation model, apply implantation of competency system into recruit system , and the actual ways and steps to fit implantation of competency into company. Hope this paper would provide reference of companies basing on implantation of competency to set up their human resource structure. 2.When Taiwan companies entering global market, it is important to understand the effect of case company to export recruit system basing on implantation competency system. This part not only evaluates the performance of implantation of competency system by comparing each key employee in parent company and their counterparts in branch, but also provide experience for other similar companies. New findings have been concluded in this research as follows: The key element for human resource system applies implantation of competency model successfully within company is the support of high level managers. Meanwhile, a well established recruit procedure based on implantation of competency system did help the case company to save cost, which includes decreasing recruit cost, decreasing the turn over rate of new staff, and raising the percentage of hired staff reporting to the case company. However, there are still problems ahead for the case company to apply the implantation of competency system: 1. So far, Taiwan is the only model established for the implantation of competency system. 2. The time of implantation of competency system is short. The effective of implantation of competency system could not be proved due to the fact that the system did not fit in performance system of the case company. 3. So far only computer system is finished, it is a long way to go to base on implantation of competency system to interviews. However, with the continuity of establishment of implantation of competency system within case company and the extensive application of such system in other industries via the experience of the case company, we believe that this topic worth further academic research to help Taiwanese companies to smooth the process of marching global market.

With its successful deployment by the legendary CEO Jack Welch of General Electrics, the Six Sigma methodology of management has achieved wide recognition and popularity among corporations around the globe. This Six Sigma concept for quality management has been sprouting in Taiwan and waiting to be blossomed. The purpose of this case study is to redefine the Six Sigma concept based on the framework of DMAIC (Define-Measure-Analyze-Improve-Control); to implement and pinpoint a strategy for corporations adopting the Six Sigma while deploying VOC (voice of customer) to transform operations into the CTQ (Critical to Quality) stage. The concept of performance management is the nexus where balanced scorecard and Six Sigma can join to produce a formidable weapon that aligns strategic intent with tactical execution. Balanced scorecard is a comprehensive collection of financial and non-financial data and information supplied to the managers of an entity in order to help them achieve the entity¡¦s objectives. This case study uses surveys on the targeted company for further research on how to drive a powerful management tool through the unification of these two proven strategies. An approach that combines the targeted performance indicators of a Balanced Scorecard with the statistical rigor of Six Sigma to be used to effectively focus an organization on the achievement of long-term strategic goals. Based on the statistical result from the surveys on the targeted company, it meets the strategic priorities for various business processes that create customer and shareholder satisfaction (i.e. Internal Business Process). However, it deviates from three other perspectives, financial, customer, and learning and growth. This reveals the company¡¦s needs to be improvised to drive the long-term value and competitive performance.

After the reformation and opening-up of the ecomonic system in Mainland China, the first special economic zone was established in 1979. Because the first special economic zone was very successful, the first series of Economic - Technological Development Areas were approved by the State Council in May, 1984. So far many companies have chosen the Technological Development Areas as their manufacturing bases. This study sampled 15 companies which had taken Technological Development Areas into their considerations. This study is based on three Development Areas:Tianjin Economic - Technological Development Area, Qingdao Economic - Technological Development Area, and Hangzhou Economic - Technological Development. Analytic Hierarchy Process (AHP) was used to analyze the selection strategies of Investing in the Economic & Technology Development Areas in China. According to the result of AHP¡Athe conclusions are as follows¡G 1.The most important factor in the second level is ¡§Government Management¡¨. 2.The top one criteria in the third level is ¡§the supply, quality, and price of local energy¡¨¡Athe second is ¡§ the convenience of obtaining materials¡¨¡Aand the third is ¡§the convenience of obtaining professional workers¡¨. 3.The best alternative is Hangzhou Economic - Technological Development Area.

Abstract During summer, May to September, of 2005, I examined nest-site selection and breeding ecology in a mixed-species colony of Roseate Terns (Sterna dougallii), Bridled Terns (Sterna anaethetus) and Black-naped (Sterna sumatrana) Terns on the islet of Jishan, Penghu, Taiwan. The aims are to identify characteristic differences of nest sites within the habitats, and to compare nest-site preferences of early- and late-nesting Roseate Terns. Significant interspecific differrences in nesting sites were found: Roseate Terns nested in areas with short vegetation and with higher nesting densities, Bridled Terns nested on screes, and Black-naped Terns nested on flat rocky surface. Hatching success was not correlated with site variables in Roseate Terns. Site characteristics of early- and late-nesting Roseate Tern nests differed. Late-nesting terns used sites with taller vegetation, less of walls around nests, fewer neighbors within 1 m, more nests on the edge of the subcolony, and with more visibility from 2 m compared with early-nesting terns. Human picking-up the eggs and typhoon appeared to be the major mortality factor on Jishan Islet. Roseate Terns with metal bands and leg-flags have been observed in the area. The results demonstrate that Roseate Terns tend to have a fidelity to a natal colony and some migrate to Australia for wintering.

Interview is the most frequently-used method of selection in present enterprises. In order to select suitable employees, there will be at least two phases of interviews in which both of line managers and hr specialists are interviewers. There is no existing literature discussing about the differences between their behaviors during interviews. This study is mainly focused on those differences between interview questions asked by line managers and hr specialists in a cooperative interview. Besides, this study also analyses relevant factors which have impacts on effectiveness of interviews and corporation. This study uses dyadic questionnaires to collect empirical data and the author selects both line managers and hr specialists to answer the dyadic questionnaires. To increase validity of data, there is a limitation on the process of sample selection. Only those line managers from manufacture department or business divisions which are the major profit resource in enterprises can answer the questionnaires. 180 dyadic questionnaires were sent, and 114 valid questionnaires were responded. The valid response rate was 63.33%. Using independent-sample T test, one-way ANOVA and two-way ANOVA, the results are shown as below, 1.The effectiveness of interviews is irrelevant to interview training, interview period and interview check list. 2.There is no difference between interview questions asked by line managers and hr specialists. 3.There is no significant influence on interview questions between line managers and hr specialists by interview training, interviewer¡¦s interview experience and method of interview cooperation. 4.The effectiveness of cooperation is not influenced by interview training and interviewers¡¦ interview experiences either.

In this e-commerce era, Enterprise Resource Planning (ERP) has been viewed as the entering cost for conducting the business and establishing contact with others. ERP system is very expensive and enormous complex package software, and applies the best business practice with partial adjustment and integration to suit for the operation of different enterprises. But due to the characteristics of high investement, high complexity and high risk of failure of ERP systems, misfits have been one of important issues for the implementation of ERP systems. Therefore, the selection of an appropriate ERP system has become the key factor leading to the eventual success of an ERP system implementation. And we select an appropriate ERP system by studing a case that uses ELECTRE I as evaluating tool. This paper first identifies a set of evaluating criteria based on the extensive literature review and the considerat5ion of the environment and characteristics of ERP systems. Once the list was generated, an iterative process of personal interview with the consultant, suppliers, users and managers was conducted to modify the evaluating criteria in order to insure the integrity of it. The result of this study is not only can contribute to the understanding of the functionalities of an ERP system, but also can provide a practical guideline for the selection of an ERP system.

Failure to identify major target market and lack of cost management have shown to be negative for enterprise operations. To remedy these two problems information technologies have promised to support effective and efficent decision-making processing by providing accurate and real-time information, so as to assist front-line sales, to lower down costs, to create more profits and to further diversified the risks. In steel industry, the repeated purchasing frequency (associated with customer loyalty) has been identified as one of the major determinants due to the narrow target market and capital-intensive features existed in steel business. Steel businesses often involve international transactions, which have much higher uncertainties than domestic transactions. Therefore, the major risk control task is on the collection and analysis customers¡¦ creditability. More customer information leads to fewer risks. As such, we believe that by applying the methodology of collecting and analyzing information through information technologies, the decision makers will be more confident in making correct decisions, which in turn help to generate profits. In this thesis, we develop a data warehouse system in support of order procurement. We begin by identifying the types of information that is crucial in making order procurement decision by consulting with the experienced international and domestic front-line sales managers. The different types of information are prioritized by applying Analytic Hierarchy Process (AHP) approach. We then construct a datawarehouse model that encompasses these information. A system prototype is finally developed to demonstrate the feasiblity of our approach.