­^¤å´£­n Information industry has made progress rapidly in Mainland China from 80's.This study applies Devlin's (1991) framework and brings up a three dimensional space model which includes "growth type", "growth direction", and "growth mode". We can analyze the change of the information enterprises in Mainland China by way of this model. With respect of case study, We describe and examine Legend Group's development strategy and organization structure by taking advantage of our model. We recognize Legend Group is a type of Related-Constrained enterprise, its growth type includes informal organization structure, functional centralization, and regional decentralization; its growth direction is the development strategy of a backward linkage--Trade, Manufacturing, and R&D; its growth mode is licensing within joint development, and extends multi-type cooperative relationship. At last, we demonstrate the growth of the information firm in Mainland China is a innovation progress of different stages. Moreover, this study reveals the fact the development of the firm must match up external industry environment. Under the circumstance, the firm can evolve its unique growth path and make sustained progress.

論文摘要 本論文以我國資訊服務業為對象，針對攸關其重要無形資產的智慧資本要素，進行研究。由於資訊服務業是本世紀末興起之最具代表性的知識產業，產業中的贏家並非擁有大量的金融性資本者，而是擁有具創造力的研發能力、可製造大量財富的"人力資源資本"，可將知識快速在組織內分享、成長以提高人員生產力的"結構資本"，以及與顧客共同成長、創造利潤的"顧客資本"。這使得資訊服務業的真正價值及發展潛力，應落實在其所擁有的智慧資本之上，而非其傳統的財務指標。 我國的資訊服務業近年來發展迅速，且經政府明定為策略性產業，期望能成為推動我國下一波經濟奇蹟的主力產業之一。然從今(88)年第一批獲准上櫃的軟體公司經驗裡，發現其鑑價方式仍與任何其他產業的作法並無二致。這種評估作價的方式完全忽視了資訊服務業公司隱性的智慧資產，導致低估資訊服務業者的真正價值。影響所及，對其從公開資本市場募集發展資金的計畫有礙，也將損及社會大眾一般投資人，無法作出較合理的判斷。對尚在起飛階段的資訊服務業，缺乏助益。 因此本論文將首先藉文獻探討來闡示智慧資本的內涵，其次介紹了解我國資訊服務業的現況，及其目前在上市、上櫃時的鑑價作法。隨後藉由對知名資訊服務業者的個案訪談，收集歸納出他們認同的18項智慧資本要素，分屬「人力資本」、「流程資本」、「創新資本」、「關係資本」四大類。再經由問卷設計、調查、廣泛收集38家資訊服務業者及投資業者的意見，運用分析層級程序法(APH)，得出對這四大類計18項智慧資本要素的相對權重。 本研究的發現如下： 壹、我國資訊服務業者認同智慧資本內涵可以區分為人力資本、流程資本、創新資本、與關係資本。 貳、在此四類智慧資本內涵中，創新資本最重要，其後依序為人力資本、關係資本、流程資本。 參、在18項智慧資本要素中，業者認知創新文化、關鍵技術、智慧財產權(以上屬創新資本)、經營團隊、向心力(以上屬人力資本)為最重要的5項無形資產。 肆、流程資本的權重，較其他三類智慧資本相去頗鉅。顯示業者對其重要性的認知尚不足。 這些研究發現，反映出在評估資訊服務業公司市場價值時的參考方向，同時也可做為資訊服務業者在經營上的指標。 最後，經由本研究，對現代企業提出以下建議： 壹、企業應加強智慧資本之創造與累積，以提升企業總體價值。 貳、企業應建立監控智慧資本存量與變化之指標，以維持企業競爭力。 參、建立企業智慧資本報表以補現行上市上櫃評價資訊之不足。 目錄 第一章 緒論-----------------------------------------------------------------1 第一節 研究動機----------------------------------------------------------1 第二節 研究目的----------------------------------------------------------3 第二章 文獻探討-----------------------------------------------------------4 第一節 智慧本質與知識經濟-----------------------------------------4 第二節 智慧資本的分類與內涵--------------------------------------9 第三節 智慧資本的研究進展-----------------------------------------18 第三章 研究方法---------------------------------------------------------27 第一節 研究架構---------------------------------------------------------27 第二節 研究設計---------------------------------------------------------28 壹.研究取向-----------------------------------------------------------------28 貳.研究方法-----------------------------------------------------------------28 參.研究流程-----------------------------------------------------------------28 肆.研究對象-----------------------------------------------------------------29 伍.研究限制-----------------------------------------------------------------30 陸.資料分析與問卷設計-----------------------------------------------30 第四章 我國資訊服務業及其鑑價之作法-----------------------31 第一節 資訊服務業發展歷程------------------------------------------31 第二節 我國資訊服務業的六大區隔-------------------------------34 第三節 我國資訊服務業的發展現況-------------------------------36 第四節 我國資訊服務業外銷狀況----------------------------------40 第五節 我國資訊服務業的未來展望-------------------------------44 第六節 我國資訊服務業上櫃評估做法及檢討-----------------47 第五章 智慧資本與資訊服務業-----------------------------------54 第一節 智慧資本對資訊服務業的重要性--------------------------54 第二節 個案彙整與分析-----------------------------------------------57 第三節 影響資訊服務業鑑價的智慧資本要項-------------------110 第六章 我國資訊服務業對智慧資本之看法------------------119 第一節 調查方法：分析層級程序法(AHP) --------------------119 第二節 智慧資本要項及衡量之問卷設計-----------------------124 第三節 問卷調查結果統計-----------------------------------------128 第四節 結果討論-----------------------------------------------------135 第七章 結論與建議------------------------------------------------138 第一節 研究發現-----------------------------------------------------138 第二節 建議-----------------------------------------------------------141 參考文獻---------------------------------------------------------------145 附錄一•我國資訊服務業智慧資本衡量因素研究問卷----------------149 附錄二•資訊軟體公司申請股票上櫃之補充規定----------------------153 附錄三•我國軟體產業申請上市/上櫃公司進度表---------------------155 附錄四•友立/資通資訊股份有限承銷價格計算說明表---------------160 / THESIS ABSTRACT GRADUATE INSTITUE OF SCIENCE AND TECHNoLOGY MANAGEMENT，NATIONAL CHENG-CHI UNIVERSITY Name：Wan-Hwa Hwang Month/Year：July 1999 Advisor：Se-Hwa Wu Research on the Intellectual Capital of Information Service Industry Information Service Industry is a most typical knowledge-based industry emerging at the end of this century . The winners of this industry don't have a lot of financial capital in general，rather having revenue-creating "human resource capital" which embodies innovation oriented R&D capability，"structure capital" which makes knowledge quickly sharable and accumulatable to increase the employee's productivity，and "customer capital" which makes company to grow with the customers and to create profit for both . This implies the real value and the growth potential of information service companies actually reside on the intellectual capital they own，instead of being on the traditional financial indices. Taiwan's information service industry advances rapidly in recent years. The government also designated it as a strategic industry and anticipated it becoming a major driving force of Taiwan's next wave of economic miracle. However，through the experience of those software companies which are first allowed to trade publicly at OTC this year，it is found the valuation method applied to these companies aren't different from any other type of companies (hardware，textile，chemical，...). This kind of valuation totally ignored the hidden intellectual asset of information service companies and，could lead to underestimation of their real value. Due to this，it could hurt information services company's plan to raese development fund needed from the open capital market，further the general public investors might not be able to evaluate these companies appropriately and，therefore might suffer loss. So this research started with literature survey to reveal the heavy contents of intellectual capital .Those works done by Leif Edvinsson et al and Thomas Stewart were adopted and provide most of the referrings so as to constituent the theoretical base of this research.. Then we examined the current status of Taiwan's fast growing information service industry which surprisingly made a superb performance during the financial storm last year which plagued many asian countries . While studying the valuation method used by the SEC to valuate information service providers during their IPO process，we regretly found that intellectual capital was not considered as any measurement at all . To make it obvious the detailed items of the intellectual capital currently being addressed and cultivated by Taiwan's information service industry，six prominent vendors were interviewed through their executive level management，which include one internet access/service provider，one 3D game software vendor，one anti-virus software vendor，one image processing software vendor，and two multimedia content providers . All are leading players in this industry . After analyzing the interviewing result gathered through these 6 information service providers，we were able to identify 18 key items which we believe constitute the intellectual capital focus of most similar companies in Taiwan at this moment . These 18 key items could further be grouped into four major categories . Namely， Human Capital：creativity，professional skill，company incliningness，managing team，informal interaction Flow Capital：operation management，quality management，knowledge management，equipment management，organization flexibility Innovation Capital：R&D investment，intellectual property right，key technology，innovation culture Relation Capital：Customer size，customer repurchase rate，cooperation relationship，company reputation We then designed a questionnaire and made a survey with 38 information service providers╱investment companies . Again，top management executives were asked to answer the survey . Using the Analytic Hierarchy Process (AHP)，we were able to calculate the relative weight of these 18 key items as well as the 4 major categories. We have the following findings： 1. Taiwan's information service providers agree that the content of intellectual capital could be categorized into "human capital"， "flow capital"，"innovation capital"，and "relation capital". 2. "Innovation Capital" is ranked the most important ，followed by "human capital"，"relation capital"，and "flow capital". 3. Within the 18 key items being identified，the information service providers select "innovation culture"，"key technology"， "intellectual property right "(those belong to the innovation capital category)，"managing team"，"company incliningness"(those belong to the innovation capital category)，as the 5 most important intangible assets. 4. The relative weight of flow capital is significantly less than the other three. It signifies the importance of this category is not recognized by Taiwan's information service providers yet. We think these findings provide directions we should emphasize while valuating a information service provider. They also could serve as indices for the management of this kind of companies. Finally，through this research，we have recommendations to current enterprises： 1. Enterprises should make every effort to create and to accumulate their intellectual capital，so to increase their total value； 2. Enterprises should fix indices to monitor their intellectual capital stocks and changement，to maintain the competitiveness. 3. Furnish enterprise's intellectual capital reports to amend the insufficiency of today's valuation used in the IPO process.

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For late developing countries, using foreign capital to modernize its economy is akin to wielding a double-edge sword. It complements much needed funding and technology that laggards lack endogenously but presents risks of economic dependence or even political subordination. How to maximize the economic benefits meanwhile minimize the challenges thus presents a dauting challenge for political and economic elites in the developing world. An emerging herd of information companies that rise from contemporary China represents a fascinating case to explore how Chinese policy makers manage to resolve this tension. Economically, its third-world and post-socialist context means internal investment resources are scarce, thus hampering a capital- and technology-intensive industry to emerge. Politically, an authoritarian regime that is vulnerable and vigilant to the liberalizing potential of communicational popularization is by no means an advantage. My research investigates how China has managed to parlay foreign investment into a home-grown information industry between mid-1990s and 2020. I seek to explain how and why massive cross-border capital inflows into this sector, which potentially threats the regime, did not challenge Beijing’s authoritarian rule. Contrary to much of the scholarly literature, I find that the Chinese political elites apply a different mechanism of political control and censorship that targets the form of foreign capital inflow rather than informational content. Accordingly, I propose a theory of “capital filtration” to show how Chinese regulators “filter” foreign investment through an unarticulated, nationalistic, and two-pronged industrial strategy. On the one hand, Beijing allowed and supported China-based and Chinese-controlled firms to sidestep its inefficient and closed domestic securities market to seek financial investment from their counterparts in the Global North through shell companies registered in offshore financial centers. I call this new type of cross-border capital flow offshore domesticated foreign finance (ODFF). On the other hand, through stringent measures to restrict foreign direct investment (FDI) such as equity caps, approval red tape, national security review, and haphazard licensing and technology transfer requirements, Chinese regulators crippled foreign industrial investors’ market entry, operations, and competitiveness inside China. By bringing in ODFF while pushing out foreign corporate influence, capital filtration has ushered in a neo-triple alliance among policy makers in Beijing, China-based and Chinese-controlled information service companies, and transnational financial elites. It also minimized economic dependency and political subordination, which had hobbled previous late developers after liberalizing domestic capital markets, and made informational censorship easier. / Graduate / 2023-06-23

我國微電腦於民國六十九年（一九八０年）才有銷售記錄，目前市場潛力仍相當雄厚 ，本文即研究分析影響微電腦需求之主要因素，作為廠商業者釐訂經營方針及政府主 事機構制定資訊工業策略參考。 因微電腦於一九八一∼一九八五才有直接的資料來源，欲以五年的資料來求預測模型 ，並以作為預測基礎，理論上顯得非常薄弱，因微電腦為一新產品，故微電腦與非微 電腦預測模型可能非常類似，試行使用一九七一∼一九八五年十五年的非微電腦系統 裝置數量建立一非微電腦預測模型，再以此模型為基礎，配合微電腦資料，加以修正 尋求出合適的微電腦預測模型。 本文共分五章，分別為：第一章導論：說明研究動機目的、對象、架構，第二章：微 電腦之概述，說明微電腦之定義功能、分類與發展過程，第三章非微電腦系統裝置量 預測模型：說明如何建立非微電腦預測模型。第四章微電腦預測模型：說明如何建立 微電腦預測模型，第五章結論。

(anglicky) Database vendors are traditional significant subjects of informaton industry. Today they operate on the information market for almost 50 years, during that time their services have changed. This master thesis aims to examine and basically analyze the actual offer of their services, compare chosen features of them and to carry out evaluation of the services. The text presents database vendors and so called aggreggators and their traditional services. Also the price policy of the database vendors is mentioned. Case study of the offer of services of four database vendors is performed. The results demostrated, that traditional services of database vendors are still significant part of their product offer. But the form has changed. And some subject also offer services not typical for traditional database vendors.

(anglicky) Database vendors and information suppliers are traditional and historically the main components of the information industry. The arrival of internet and its services, including current trends such as social media and networks, has changed and enriched information behaviour, channels and marketing strategies between information suppliers and user. Although the information industry subjects as database vendors are traditional in their marketing strategies, their engagement in social media marketing is proactive and developing. The exploration confirmed that 10 of 12 examined subjects actively develop these channels and support them.

中小企業的特色是具有彈性、創新、以及快速的應變能力，台灣中小企業一路歷經了產業外移、亞洲金融風暴、網路泡沫、通貨緊縮與膨脹，直到近期的全球金融海嘯，許多企業依然屹立不搖。能夠在逆境中化危機為轉機的企業，皆能做正確的判斷，適時採取因應策略。中小企業雖然能夠迅速因應外界變化，但也因為受限於規模，很容易受到外界環境的影響。因此，即使規模不大、財務狀況不若大企業周全，也需要制定全面性的營運策略，健全公司體制。台灣的中小企業一向以國內市場為主，面對全球化市場的潮流，很難不在這股洪流之下被湮滅。如果能夠結合國際大廠，在對方的帶領之下，便能進軍國際，提升競爭力。這樣的策略，非常適合中小型資訊軟體產業，因此，本研究擬藉個案分析的方式，深度剖析國內一家中小型資訊軟體廠商個案A公司的現況，並探討該廠商參與一國際知名C硬體大廠的 B夥伴計畫。經過平衡計分卡以及SWOT的分析，本研究呈現國內一家中小型資訊軟體廠商的現況與優劣勢以及該廠商與國際知名硬體大廠之間的夥伴關係。此外，本研究也應用平衡計分卡的策略架構，為個案公司建議未來的經營策略。 關鍵字：中小企業、資訊軟體產業、平衡計分卡、SWOT、B夥伴計畫 / Small and medium-sized enterprises (SMEs) are characterized with adaptivity, creativity, and coping ability. SMEs in Taiwan have been through a lot of challenges since the economic bubble came to abrupt. After the financial tsunami hit the whole world, many SMEs were able to survive by adopting new business strategies. Although SMEs can react to the economic change instantly, they are easily affected by the environmental change of the whole world. The SMEs in Taiwan have been focused on local market for a long time. They need to expand their business to the international market. One way to accomplish is to collaborate with some well-known international companies. Using a single case study design, this research intended to investigate a small business company in Taiwan. Established in 1996, this company has devoted to image design, but restricted in local market. In order to understand the present situation of the company and its collaboration with a big international company, the assessment structure of the Balanced Scored (BSC) and the SWOT analysis were conducted. A business strategy using the BSC framework was recommended for the company. Keywords: small and medium-sized enterprises (SMEs), software and information industry, Balanced Scorecard (BSC), SWOT, B plan

(in English): The thesis investigates knowledge management in the context of information science and human resources management strategy. It includes (1) analysis of the current status of knowledge management and the potential of knowledge management to be evaluated using audit procedures, (2) comparative analysis of knowledge management as approached in the Czech Republic and other countries, and (3) knowledge management audit proposal.

本研究目的欲探討實施費率自由化第一及第二階段後之情形，即在2006年第二階段實施後，台灣產物保險公司及各險種個別之資金成本，以檢視兩階段自由化實施後是否顯著影響國內產險業。而資金成本為公司每段期間內應支付資金提供者之期望報酬，故以此可做為日後公司經營之參考指標。研究期間為2002年至2008年，分別由一因子模型及多因子模型解釋台灣產物保險業之資金成本，及系統風險(β)的變化是否會影響其資金成本之變動。利用資本資產定價模型(Capital Asset Pricing Model, CAPM)及Fama-French三因子模型(Fama-French Three-Factor Model, FF3F)求得公司資金成本，再透過完備資訊方法(The Full-information Industry Beta Method, FIB)了解不同險種間之系統風險及資金成本。實證結果顯示： 1. 無論在整體產險公司或是不同險種間，由FF3F模型所估計之資金成本均高於由CAPM模型所估計之資金成本。說明CAPM模型無法反映公司規模及財務危機因子(淨值市價比因子)之溢酬，而造成資金成本之低估。 2. 經CAPM模型及FF3F模型之估計，顯示台灣產險業之資金成本均低於國外產險業之資金成本，如美國。說明台灣產險業於資本市場之融資成本較低，造成其資本效率偏低，投資人變相縱容產險公司從事高風險性資產之投資。 本研究由台灣實證資料，顯示現行產險業資金取得成本低，導致其資本效率偏低，且投資人無法由市場資訊檢視其保險本業是否根據成本之考量來定價，故主管機關應於費用完全自由化後，加強產險業經營之監理，導正產險市場經營模式，避免因核保循環(underwriting cycle)而影響公司財務穩健。 關鍵詞：費率自由化、資金成本、資本資產定價模型、Fama-French三因子模型、完備資訊方法。