There is still limited knowledge available on how SME and midcap firms perform financing decisions and on what such a decision is based on. The literature revealed that capital structure theories can only partly explain parameters that determine financing decisions, particularly in a bank dominated lending environment like in Germany. Academic research tried to expand towards a broader and more strategic approach regarding a financing strategy and towards behavioural bias of a company's management. Furthermore, existing research tried to identify an interaction between business strategy and financing strategy but failed to identify a causal direction so far. The present research provides a unique research approach to bridge this gap as it introduces a new aspect into the discussion on the decision for a financing instrument and whether a formulated financing strategy is followed. Based on a case study approach that combines manager interviews, document analysis and calculation of key financial ratios, the research explores the management's decision in a specific situation, the refinancing of standard mezzanine. Firms that used standard mezzanine had to perform a decent refinancing decision between the years 2011 and 2014 as there was no exact substitute instrument available in financing markets anymore. The results showed that a financing strategy exists in the cases explored, but elements and form varied across cases. In addition, the cases indicated that behavioural bias on management level might exist, based on identified inefficiencies and delays. However, these inefficiencies cannot be primarily assigned to owner-managers as done by previous research. Furthermore, a causal direction between business strategy and financing strategy could be indicated in the cases investigated. The results led to the development of a financing strategy typology, based on existing types of business strategies that might help to explain financing decisions. A template for a holistic financing strategy has been designed based on the investigations that allows midcap firms to establish and implement their own financing strategy (or adjust their existing strategy). The holistic framework provides core elements and financing principles as well as a prototype financing process that help to avoid the identified inefficiencies in their financing processes.

中文摘要 台商大陸投資已成為每一企業為了降低生產成本的主要策略，隨著台灣環境的變化，例如勞工成本增加、環保意識抬頭、土地成本高漲以及大陸有廣大的市場及十二億的人力資源的吸引下，企業問普遍存在著「先行卡住」的觀念，從十年前的傳統產業外移到今天號稱「科技龍頭的台積電」亦宣稱未來將產業重心放在中國大陸。 由過去的大陸投資到現在及未來，台商均扮演十分舉足輕重的角色，不僅關係到企業本身的發展，同時在促進大陸經濟發展的同時也為台灣創造了外匯收入，但卻也有不少的聲音在呼籲企業要「根留台灣」、「戒急用忍」，而不是「錢進大陸、債留台灣」。 企業投資大陸既已是擋不住的風潮，本研究為探討台商大陸投資的資本取得問題，藉由對已經前往大陸投資的台商過去的經驗，瞭解台商企業面臨最多且最大的問題為資金的取得；為了解決資金取得的問題，有必要瞭解大陸、境外及台灣三地的資金供給情形，由瞭解直接金融、間接金融及外匯市場的現況。探討企業長短期融資及外匯避險的可行性，進而提出對於台商於進行大陸投資前後的財務規劃建議。 本研究亦提出對於大陸即將加入世貿組織及加入世貿組織後對金融機構可能的影響及未來發展的方向，以建議台商企業應重視未來大陸市場可能的變化，及早規劃因應之道，以免企業措手不及。 摘要 自1987年開放大陸探親後，同時亦開啟了台商另一個投資的新天地。跨國投資理論，在找尋的為更有利的生產要素及市場，島國的土地成本高、廠房面積不夠大、天然資源缺乏、勞工成本高漲、環保意識升高，市場更小；台商背負著遠離家園、深入不可知的環境獨自奮鬥，為的是有更美好的未來而努力，同時造就了台灣的經濟奇蹟。曾幾何時，在「戒急用忍」的約束下，台商被冠上奸商、商人無祖國等等苛責的言論，在責難之後，回頭想想，如果沒有這些拼命的台商，我們的競爭力在那裡呢? 台商在赴大陸投資，已由早期的傳統產業的去試試看，演變為今日的資本密集及技術密集的產業，試試看的心態亦轉變為「基於生存友競爭力的考量」非去不可；在第二章文獻探討中，了解各國政府對於企業海外投資，稟持共存共榮的原則，扮演的角色是積極的輔導與協助、簡化投資作業流程、教育企業投資前應有的認識，日本企業更是結合金融機構一起赴海外投資，過去我們政府的向南政策亦是以鼓勵為主。企業的不同成長過程所需的資金來自於不同層面，更會因時因地及政策而不同，中國大陸是屬於開發中國家，本身即以「招商引資」方式來促進國內的經濟發展，它能提供的是充分的天然資源及其他的生產要素，而非資金。台商對此應有所體認。 大陸地大物博，奉行的是社會主義，企業以國營居多，為了吸引外資，訂定了為數不少的外資獎勵政策及規定，有一般性及特殊適用的；台灣島國地小人稠，奉行的是資本主義及自由民主，對於台商至大陸投資除須遵守對外投資規定外，又有針對大陸投資需要遵守的；台商至大陸投資對於兩岸的規定比至其他地區投資煩瑣、政治風險亦高，為台商投資前應有所瞭解的。 本研究第四章將大陸目前的金融市場運行狀況及政策、台商可以使用的融資方式及可行性、外匯市場的避險方式及加入世貿組織後，在金融、期貨、證券等方面的原則做一整理，期望能提供台商投資前的參考規劃。 本研究同時以問卷調查及個案研究方式，一來證實台商於大陸經商的資金取得確實是有困難的，除了本身可以事前防範的例如聘用專業財務經理人、公司審批內容的注意等，另不可控制的大陸銀行及市場資金供需問題；隨著時間、經驗的累積及傳承，有經驗的台商已漸能因應。個案探討介紹了燦坤集團當年的孤注一擲，造就了日後資金取得的便利性，證實了高風險高報酬，亦證實經營績效支持財務操作的重要性。驊陞公司的財務黃副總，以多年的大陸經驗告訴我們與金融機構往來的一般情形及輔以境外公司操作財務及避險，使得該公司於大陸經營的資金供需並不困難。 最後，在歷經全球不景氣及歡呼加入世貿組織的時候，政府亦體認了要開放大陸投資政策，我們樂於見到政府對台商的支持，我們也期盼隨著加入世貿組織，台商於大陸經商得以享受「國民待遇」，但自立自強應是最基本的。 / Abstract The Mainland China Investment already been the major strategy of cost reduction for Taiwanese Enterprise, Owing to the Taiwan Investment Environment changes, for example like the increase of the labor cost 、 elevation of environmental awareness、highly increased cost of the land and the attractive of very large market and one point two billion human resource, “Occupy the position first” is the general concept among enterprises, ten years ago the export business are all classical business but now the “technical head TSMC” also says that the future business center will set up in Mainland China。 Due to the Taiwanese Enterprise act as a very important role of Mainland China Investment, not only related to enterprise expand, at the same time improve the Mainland China economic development and also invest earn more foreign exchange revenue for Taiwan, but a lot of voice cried for enterprise have to “leaving root in Taiwan”、“Be patient no hurry”、not“Money forward to Mainland China, Debt stay in Taiwan”。 The Investment in Mainland China is an non-stoppable fan for enterprise, this study is to discuss how to fetch the invested capital in Mainland China of Taiwan Enterprise, by learning the past experience of Taiwan Enterprise already invested,understand the major problem that Taiwan Enterprise faced is how to fetch the invested capital；in order to resolve the capital problem, it is necessary to understand the capital provide condition among Mainland China、offshore and Taiwan three area, by understand the direct financing、indirect financing and Foreign Exchange Market present status, we can study the possibility of enterprise long term and short term financing and foreign exchange risk avoidance, further provide the finance planning suggestion for The Investment in Mainland China of Taiwan Enterprise before and after the investment. This study also provides the possible influence and future development trend for banking after the Mainland China join the WTO. And the suggestion for Taiwan Enterprise should pay great attention to the possible change of the future market of Mainland China, and do planning ahead the way, in order to avoid be caught unprepared.

傳統人壽保險契約之分析利用等價原則(principal of equivalience) 來對商品評價。即保險人所收保費之現值等於保險人未來責任(保險金額給付)之現值。然而對於權益連結壽險商品而言，其結合傳統商品之風險(如利率風險、死亡率風險等)與財務風險，故更增加其評價困難性。過去研究中在假設預定利率為常數與死亡率為給定的情況下，利用Black-Scholes (1973)評價公式推導出公式解。然而Black-Scholes評價公式是建構在完全市場上，對於權益連結壽險商品而言其已不符合完全市場之假設，因此本文放寬完全市場之假設來對此商品重新評價與避險。 在財務市場上，對於不完全市場(incomplete markets)下請求權(contingent claims)之評價與避險，已發展出數個不同評價方法。本文利用均數變異避險(mean-variance hedging)方法(Follmer&Sondermann ，1986)所衍生之風險極小化(risk-minimization)觀念來對此保險衍生性金融商品評價與避險，並找到一風險衡量測度(Moller , 1996、1998a、2000)來評估發行此商品保險人需承受多少風險。 / In this study, actuarial equivalent principle and no-arbitrage pricing theory are used in pricing and valuation for unit-linked life insurance policies.　Since their market values cannot be replicated through the self-finance strategies due to market incompleteness, the theoretical setup in Black and Scholes (1973) and Follmer and Sondermann (1986) are adopted to develop the pricing and hedging strategies. Counting process is employed to characterize the transition pattern of the policyholder and the linked assets are modeled through the geometric Brownian motions. Equivalent martingale measures are adapted to derive the pricing formulas. Since the benefit payments depend on the performance of the underlying portfolios and the health status of the policyholder, mean-variance minimization criterion is employed to evaluate the financial risk. Finally pricing and hedging issues are examined through the numerical illustrations. Monte Carlo method is implemented to approximate the market premiums according to the payoff structures of the policies. In this paper, we show that the risk-minimization criterion can be used to determine the hedging strategies and access the minimal intrinsic risks for the insurers.