This study explores various drivers of Internet stock prices. This study extends the previous work on Internet stock valuation along two dimensions: (1) the separation of Internet firms into web-related and non-web-related groups. (2) the incorporation of consideration for the effect of Internet shakeout on value drivers identified in this study. The primary findings are as follows. First, this study finds evidence that contradicts the claims made by some analysts that web traffic metrics are no longer important. The findings show that web-traffic remains value-relevant to Internet stock price for the period Oct 1998 to May 2003. Second, this study documents evidence against the “common wisdom”, as represented in the business press, that traditional financial statement information has limited usefulness in pricing of Internet stocks. The variable “revenues” is significantly positively associated with the stock price in the pre- and post-shakeout period for all Internet firms. Third, consistent with prior research on other intangibles-intensive industries, this study finds that, in particular, product development (R&D) appears to be capitalized as assets by investors in their assessment of values of web firms during the testing period, including period subsequent to the industry shakeout in the spring of 2000. This research thus provides preliminary evidence of the value-relevance of R&D expense of the shakeout and maturation of the B2C Internet sector. Fourth, with respect to the inquiry of the potential effect of difference in web-traffic on the pricing of Internet stock, the empirical results demonstrate the importance of this consideration. The findings indicate that raw web-traffic variable is not value-relevant for non-web firms, while it is value-relevant for web firms. Finally, the market condition of Internet stocks appears to be influential in explaining the pricing of Internet share. The empirical result shows that the share prices of Internet stocks are higher before the market correction, when holding other variable as controlled.

專利保險可分為「專利侵權責任保險」及「專利訴訟費用保險」。狹義之專利訴訟費用保險係指為專利權人、專屬被授權人、或經明確受託訴權之非專屬被授權人等規劃之保險。該些被保險人欲請求專利侵權損害賠償時，得向保險人請求給付律師費、訴訟費用或仲裁費用；惟有實務保單條款約定保險人得請求分配被保險人受領之損害賠償金，此約定是否能通過我國公序良俗條款之檢驗，不無疑義。至於專利侵權責任保險，係為潛在侵權人所規劃之保險。此類保險之承保範圍雖及於侵權損害賠償，但就我國保險法制而言，其實務保單條款仍有許多調整空間。其中最主要者，係被保險人所為確認專利無效等請求所生費用，於實務保單中受保險金額之限制；然其既具有損害避免或減輕之性質，於我國保險法，不僅保險人有償還責任，其償還數額與賠償金額合計即使超過保險金額，仍應償還。

本研究以遞延所得稅費用作為衡量盈餘管理之代理變數，探討遞延所得稅費用及其組成項目與避免報導虧損行為間之關聯性，並加入股權結構、獨立董監及審計品質，檢視公司治理特性是否可有效降低管理當局利用遞延所得稅費用之會計處理達成避免報導虧損行為的傾向。 本研究之實證結果顯示，遞延所得稅費用及其具裁決性之組成項目如與銷貨有關的遞延所得稅費用、未實現費用產生的遞延所得稅費用及與資產評價科目有關的遞延所得稅費用，均與避免報導虧損行為間存在顯著的關聯性，顯示管理當局利用裁量性遞延所得稅費用之認列及沖轉來調整盈餘，以達成特定的盈餘目標。本研究發現，遞延所得稅費用項目在裁量性應計項目外，對管理當局避免報導虧損之行為，提供了增額的解釋能力。此外，本研究發現公司治理變數與避免報導虧損之行為不存在顯著為負的關係，僅機構投資人持股與獨立董監席次比率對降低管理當局透過遞延所得稅費用項目達成避免報導虧損之行為，具有邊際的增額解釋能力。 / We assess the usefulness of deferred tax expense (DTE) in detecting earnings management. We investigate the relation between changes in deferred tax liability components using data hand-collected from firm’s income tax footnote disclosures and avoid reporting a loss. We also explore the relationship between the structure of ownership, the independent members of broad, audit quality and the usefulness of deferred tax expense (DTE) in detecting earnings management. Our empirical results show the changes in the net deferred tax liability (DTL) component related to sales accruals, revenue and expense accruals and reserves can be used to detect earnings management to avoid an earnings loss. We evaluate the deferred tax expense can be used to meet the earnings target: to avoid reporting a loss. Deferred tax expense is incrementally useful to modified Jones model abnormal accruals in detecting earnings management to avoid a loss. Our empirical results show institutional investors and the independent members of broad have negative relationship with earning management.

L’assurance médicaments est un des facteurs qui peuvent influencer l’adhésion aux médicaments. Les objectifs de ce mémoire étaient d’évaluer l’impact du type d’assurance médicaments (publique versus privée) sur l’adhésion et le coût des antihypertenseurs et d’évaluer l’impact des procédures de remboursement et de la contribution du patient sur l’adhésion aux médicaments prescrits pour traiter une maladie chronique. Afin de répondre à ces objectifs, deux cohortes rétrospectives ont été construites à partir des bases de données de la RAMQ et reMed : une cohorte appariée d’utilisateurs d’antihypertenseurs couverts par une assurance médicaments privée ou publique et une cohorte de patients couverts par une assurance médicaments privée ayant rempli au moins une ordonnance pour un médicament traitant une maladie chronique. Les résultats montrent que le niveau d’adhésion aux antihypertenseurs était similaire entre les deux types d’assurance médicaments et que le coût des antihypertenseurs était 28,9 % plus élevé au privé. De plus, il a été observé que les procédures de remboursement n’affectaient pas l’adhésion, alors que le niveau de contribution des patients l’affectait. Les patients qui déboursaient un plus grand montant à l’achat de leurs médicaments étaient moins adhérents (différence : -19,0 %, Intervalle de confiance [IC] à 95 % : -24,0 à -13,0), alors que les patients qui n’avaient rien à débourser étaient moins adhérents (différence : -9,0 %, IC à 95 % : -15,0 à -2,0), que ceux qui devaient débourser une petite somme. Les résultats présentés dans ce mémoire montrent que l’assurance médicaments influence l’adhésion par l’entremise des caractéristiques des plans d’assurance. / Drug insurance is one of many factors that can influence medication adherence. The objectives of this thesis were to evaluate the impact of the type of drug insurance (private versus public) on adherence to antihypertensive medications and the cost of medications, and to evaluate the impact of drug reimbursement procedures and out-of pocket expenses on adherence to medications prescribed for chronic diseases. To meet these objectives, two retrospective cohorts were constructed from the RAMQ and reMed databases: a matched cohort of antihypertensive users covered by private or public drug insurance and a cohort of patients covered by private drug insurance who filled at least one prescription for a medication prescribed for a chronic disease. The results have shown that the level of adherence to antihypertensive medications was similar between the two types of drug insurance and that the cost of antihypertensive medications was 28,9% higher for those privately insured. It was also observed that drug reimbursement procedures didn’t affect medication adherence, while the level of out-of-pocket expenses affected it. Patients with the highest out-of-pocket expenses were less adherent (difference: –19.0%; 95% confidence interval [CI]: –24.0 to –13.0), while patients with no out-of-pocket expenses were less adherent (difference: -9.0%; 95% CI: –15.0 to –2.0) than those with low out-of-pocket expenses. The results presented in this thesis have shown that drug insurance affects medication adherence through the characteristics of drug insurance plans.

This diploma thesis is a practical excursion into the organization of controls in a particular shared service centre. The work deals with the company relation to the section 302 and 404 of Sarbanes-Oxley Act and describes the company's internal control system according to the COSO "Integrated framework - Internal control" issued in 1992. More detailed description is provided within the company's fraud risk assessment process and within yearly testing process of control activities in order to meet section 404 of Sarbanes-Oxley Act. The specifics of external audit when performing audit in shared service centre, the shared service centre influence to foreign accounting entities from internal control system perspective are the other topics taken in consideration. Finally, there are highlighted benefits of automated system for processing travelling expenses in relation to the COSO "Integrated framework - Internal control" issued in 1992 and in relation to necessary assurances requested by U.S. SEC for the purpose of preparing financial statements under U.S. GAAP. The company's relation to anti-corruption laws (such as the FCPA) intersect in the analytical section, whose purpose is to find internal control gaps in the department processing travel reports in terms of their content and process.

財務會計準則公報第39 號「股份基礎給付之會計處理準則」於2008 年起正 式實施，強制規定公司所發放之員工分紅必須認列為費用而非視為盈餘之分配，如此一來，公司管理階層是否會因此考量其盈餘報導之美觀性，導致減少發放員工分紅，以及員工分紅費用化後，是否仍會造成公司管理階層採行盈餘管理。此外，本研究以員工分紅費用化作為一重大事件，深入研究經理人對其分紅之行為模式是否會因而受到改變並趨向利益掠奪假說，並探討經理人持股與獎酬分紅兩者間之關係是否因公司治理程度不同以及發放對象為經理人與一般員工時是否有所不同。 實證結果發現，不論有無排除費用化前一年之影響，員工分紅費用化後公司 確實會考量其盈餘之美觀性而傾向減少發放員工紅利，另雖然過去研究指出，於費用化前，資本市場早已認知員工紅利為公司費用，但公司管理階層仍會考慮投資者間仍存在的功能固著現象，針對員工分紅費用化此一事件進行盈餘管理；然而，若以未預期盈餘將樣本公司加以劃分，則在未預期負盈餘之樣本公司中，無法證實其會利用負向之裁決性應計項目進行洗大澡；最後，在分紅費用化之後，經理人持股比例與分紅金額呈正比，顯示經理人在代理問題上從利益收斂趨向利益掠奪公司，並且在公司治理較差的公司中尤為明顯；此外，經理人會同時增加對於經理人與一般員工之分紅金額。 / Statement of Financial Accounting Standard No.39 has beening implemented since year 2008, and it is a mandatory requirement for the company to recognized employee bonus as an expense rather than as a surplus of assignment. Therefore, the management might consider company’s earnings performance and result in paying less employee bonus, as well as adopt the earnings management. In addition, this paper apply the employee bonus expense as a major event to study whether the patterns of managers’ behavior on their dividends will be affected and correspond to entrenchment hypothesis. Also, this paper investigates the relationship between manerger’s ownership and bouns under the different levels of corporate governance as well as different payment objectives (e.g. managers and staff). The empirical results indicate that whether excluding the effect of the previous non-expnsing year or not, the company did consider its earnings performance and tend to pay less employee bonus after expensing employee bonus. Although other studies point out the capital market has already seen employee bonus as an expense, the company will manage earnings due to functional fixation hypothesis. However, it can’t be verified that taking big bath would exist by using negative discretionary accruals. Finally, after expensing employee bonus, managers’ ownership is directly proportional to the amount of bonus and the companies with poor corporate governance is particularly significant. In addition, managers will also increase their own and staff’s dividend amount as well and it implies the angency problem towards entrenchment hypothesis from convergence of interest hypothesis.

我國自91年4月1日推動「產險市場費率自由化時程計畫」且分三階段實施， 在第一階段允許產險公司「附加費用」自由化，產險公司若簡化行政流程、降低人事成本，就能調降附加費用率。第二階段費率自由化，產險公司除了「附加費用」自由化外，更允許「危險保費」有限度的偏離；也就是說「危險保費」是有條件自由化。自98年4月1日起正式實施第三階段，也就是意味著各產險公司均應在第一階段及第二階段之緩衝時期做好萬全之調適與配套措施，產險業進入全面競爭之時代。 費率自由化第三階段正式的實施，其相關的監理配套措施及內容，遷動著未來汽車保險市場之發展，而汽車保險業務一直都是產險市場的最大宗業務。但在核保、理賠及行銷等方面處處受到車商保代通路的限制、影響，若能進一步在車險通路行銷制度問題上加以改善，對我國未來汽車保險市場將有很大的發展空間。 本篇論文主要目的係探討我國費率自由化相關議題。透過98年4月1日費率自由化第三階段的正式實施，我國產險市場邁入全面自由化階段，除了對費率自由化第三階段的相關監理配套措施內容作深入瞭解外，並針對費率自由化第一、二階段實施過程中所產生的諸多相關議題作深入研究，且借鏡鄰國日本產險費率自由化之經驗作為參考，並搭配我國汽車保險市場的實際現況，提出費率自由化第三階段實施對未來汽車保險市場的預期影響，並藉由個案公司的研究分析，提出個案公司未來車險通路最適行銷策略，以期盼產險業在面臨全面費率自由化之際，提出個人的幾點因應淺見，能提供給產險業者作為參考，並亟盼未來我國汽車保險市場運作能更佳健全蓬勃發展。 / Taiwan’s Non-life Rate Deregulation Plan has put into practice since April 1, 2002 with three phases. The first phase is to liberalize the restrictions of the loading expense. The non-life insurers can flexibly reduce the loading expenses by way of a more simplified administration process and lower personnel costs. The second phase further allows for a limited deviation rate applicable for the risk premium, namely, a conditioned deregulation for the risk premium. The third and last phase begun from Apr. 1, 2009 is to entirely liberalize all relevant expenses and premium rates. It also means that all non-life insurers should have worked out a set of comprehensive measures in preparation for a completely competitive market. The future development of motor insurance, which ranks largest among all lines of business, is subject to the corresponding supervisory measures to be taken at the third stage. However, the agents of motor companies regularly dominate the non-life insurers’ operations in the aspects of underwriting, claim and market strategy. Hence, if the existing problems related to the marketing channels encountered by the non-life insurers can be resolved, a more prosper development for motor insurance market is anticipated. The thesis mainly studies the relevant topics in relation to the rate deregulation in Taiwan. In line with the rate deregulation implemented in the third stage, the thesis not only has an in-depth study of the corresponding supervisory measures, but also discusses many related subject matters arising from the implementation process between the first and second phases. Meanwhile, the expected effects resulting from the third phase has been submitted based on Japanese same experiences in the past and domestic motor insurance market. Furthermore, by means of a specific case study, the thesis also proposes some optimal marketing strategies, which might be helpful to insurers as well as to develop a sound and stable motor insurance market in the future.

我國自民國87年起實施「未分配盈餘加徵10%營所稅」，已有多位學者研究兩稅合一稅制與企業投資之關係，但針對未分配盈餘加徵稅負對企業投資意願的影響，迄今尚未有以『實際加徵之稅負資料』進行實證研究探討。本研究以未分配盈餘加徵稅負對企業投資支出之影響為主軸，並進一步分析當『產業』不同或『公司規模』大小不同時，未分配盈餘加徵稅負與企業投資的關係。除此之外，將企業投資分為固定資產總額投資、固定資產淨額投資及研究發展支出。 實證結果發現：(1) 未分配盈餘加徵稅負與固定資產投資及研究發展支出之迴歸係數為負值，且當投資為固定資產投資總額及固定資產投資淨額時，達統計上的顯著性。且由數據發現，電子產業研發費用較非電子產業高出5倍之多，因其仰賴高額研發支出，故需較多保留盈餘以因應投資需求；實施未分配盈餘加徵稅負後，電子產業實際加徵之未分配盈餘稅負較非電子產業為高，因此當政府增加未分配盈餘加徵稅負之制度，對電子產業衝擊較大。 (2) 由樣本超過200間的五大產業中發現，其投資支出與未分配盈餘加徵稅負的迴歸係數大致呈負值，且電機機械業、電子產業及建材營造業的迴歸結果達統計上的顯著性。(3) 本研究將企業依總資產規模不同分為四大組，發現當公司規模最小與公司規模最大時，此兩個組的企業，未分配盈餘加徵之稅負愈高，其固定資產投資之金額愈低。上述未分配盈餘稅負與投資的關係，可發現多數企業視未分配盈餘租稅成本為重要之投資決策考量因素，此一研究結果可提供政府制定稅務政策之參考。

公司的順利有效運作仰賴企業整體共同努力，透過發放以公司績效為計算基礎的酬勞及紅利，期望能增加董監與員工的工作動機，進而達到提升公司績效之目的。然而，我國於費用化制度實施前，董監酬勞與員工紅利之會計處理係作為盈餘分配項，而非列為薪資費用，此作法受到外資及投資法人的批評，認為台灣企業的財務報表無法允當表達其實質經營狀況。為消除相關人士的抨擊，並與國際會計準則接軌，我國陸續修訂法律、頒布公報及解釋函令，規定自2008年1月1日起，員工分紅及董監酬勞費用化制度正式開始實施。 本研究欲探討在費用化制度實施後，公司的酬勞及紅利制度將產生什麼變化，且該項制度的變動是否會改變對董監及員工的激勵誘因，進而影響公司績效。本研究實證結果顯示，員工分紅費用化制度實施後，公司發放的董監酬勞佔稅後淨利比例無顯著變化。在員工紅利部分，現金紅利比重提高，股票紅利比重則降低。無論於費用化制度實施前或後，給予員工現金或股票紅利，皆有助於公司提升經營績效；惟費用化後，現金紅利之激勵效果變差，股票紅利則變好。此外，若同時比較員工現金與股票紅利兩者，可發現無論是費用化實施前或實施後，現金紅利對於提升公司經營績效之效果皆較佳。 / The success of corporate operations relies on the efforts of all people in the firm. By distributing compensation and bonus which are based on corporate performance, it not only can enhance directors’ and employees’ work motivation, but also achieve the purpose of better corporate performance. The accounting treatment for director compensation or employee bonus used to be recognized as a part of corporate earnings distribution, not as an expense. This method was, however, criticized for its failure to present the true operating results of a company. In order to solve this problem and in accordance with the IFRS treatment, the government amended the related laws and required that both director compensation and employee bonus be recognized as salary expense after January 1, 2008. The purpose of this study is to investigate the changes in director compensation and employee bonus after the above new regulation took effect. This study also examines whether this change alters the incentives to directors and employees. The empirical results show that after the new accounting treatment, no significant changes in the percentage of director compensation to net income. When it comes to employee bonus, the percentage of cash bonus increased, but the stock bonus declined. In addition, employee cash and stock bonus, no matter being treated as an expense or not, did help the firms to enhance performance. However, cash bonus’ motivation effect became lesser, whereas stock bonus’ effect increased. Furthermore, cash bonus was more effective than stock bonus in improving corporate performance before and after the expense treatment for employee bonus.

Burundi realiza una práctica presupuestaria cercana a los modelos jurídicos napoleónicos y Westminster usados en los sistemas presupuestarios de los países de la OCDE. Es un país sin ingresos fiscales interiores suficientes porque el 90% de la población vive de la economía de subsistencia. Esto provoca una dependencia de las transferencias y préstamos externos de los presupuestos generales del Estado. Este trabajo analiza cualitativamente y descriptivamente los presupuestos generales del Estado burundés. Se muestra que el marco institucional presupuestario está modernizado y armonizado con la contabilidad por partida doble sin integrarse en la contabilidad estatal que sigue siendo de line ítems. Las cifras presupuestarias muestran una preponderancia de las transferencias externas, lo que dirige los fondos correspondientes hacia programas aislados del marco de control presupuestario clásico, propio de las economías avanzadas. Por consiguiente, los presupuestos corrientes se ajustan al comportamiento de los ingresos externos favoreciendo así la corrupción. / States as Burundi implement budgeting practices similar to the napoleonic and Westminster legal models used by OECD states budgeting systems. Burundi State has not enough budgeting domestic fiscal receipts because 90% of his population lives in a subsistence economy. That causes exterior aid and debt dependence respect to Burundi State general budget which is analyzed qualitatively and descriptively in this study. This analysis shows that the institutional budget legal framework is modernized with an accrual budgeting and accounting basis but it practically stays working in line items practices. Budgetary aggregates evolution shows a speculation on exterior aid/grants and debt. This problem orients correspondent founds to isolated programs from a classic budget control framework in advanced economies. In this way, the ordinary budget is adjusted to exterior receipts behavior which favors corruption. / Les Etats comme le Burundi réalisent une pratique budgétaire proche des modèles juridiques napoléoniens et Westminster utilisés par les systèmes budgétaires des Etats de l’OCDE. C’est un Etat sans recettes fiscales intérieures suffisantes, 90% de la population vivant dans une économie de subsistance. Cela provoque une dépendance aux dons et à la dette extérieure du budget général de l’Etat burundais que ce travail analyse qualitativement et descriptivement. L’étude montre que son cadre institutionnel budgétaire est modernisé par une prévision budgétaire harmonisée avec la comptabilité à partie double sans l’implanter dans la comptabilité de l’Etat qui reste de line items. Aussi, l’évolution des agrégats budgétaires montre une spéculation sur l’aide/don et la dette extérieure, ce qui oriente les fonds correspondants vers des programmes isolés du cadre de contrôle budgétaire classique des économies avancées. Ainsi, le budget courant s’ajuste au comportement des recettes extérieures ce qui favorise la corruption.