Abstract The price of the initial public offerings should reflect the real value of the issuers. To quote the IPOs is very important in underwriting process. The mainly roles in IPOs are investors¡]buyer¡^, issuers¡]supplier¡^, and underwriters¡]broker¡^. The pricing-decisions on IPOs are opposite between investors and issuers. It is difficult for underwriters to equalize among risk adverse, specialistic goodwill, and maintenance of clients¡¦ relationship. This research tries to find out the effect factors to underwriters. This research observed 104 IPOs in Taiwan during the period of January 2001 to February 2003. The methods to analyze the data are mainly blocked analysis¡]including six blocks¡^, Pearson correlation analysis and multiple regression analysis. According to the results of empirical research, we can get conclusions as followings: 1.The effect factors of IPO¡¦s are ¡§the favorites with industry¡¨, and ¡§operating performance¡¨. They are statistically significant. 2. The factors of ¡§unit cost of the majority¡¨ and ¡§sales consideration¡¨ which underwriters and issuers always negotiated are not statistically significant. 3.the IPO¡¦s who booked on Emerging Stock are higher than the others.

The study examines the critical success factors(CSF) of Operating Performance for the listed electronic companies in Taiwan. The listed electronic companies were divided into the higher/lower operating performance groups by financial indexes, then there are three questionnaires designed in order to get a better understanding on recognition of critical success factors and doing of critical success factors by top management. Five dimensions of CSFS are identified¡Gcapability in process and marketing, design and planning, R&D and brand, manufacturing and low-cost, technical support and raw materials support. Using statistical analysis approaches such as factor analysis, t-test, one-way ANOVA¡Athe results of the study as follows¡G 1. There are significant differences on the two dimensions of recognition of critical success factors: design and planning, manufacturing and low-cost, between the higher/lower operating performance firms. According to the recognitions of the higher operating performance firms OEM and ODM are key points for critical success factors. 2. There are significant differences on the three dimensions of doing of critical success factors¡Gprocess and marketing, design and planning, R&D and brand between the higher/lower operating performance firms. The higher operating performance firms focus on add-value field (process and marketing, design and planning, R&D and brand). The higher operating performance firms take risk of marketing and R&D than those of the lower operating performance firms, therefore the higher operating performance firms get better performances. 3 (1) Comparing recognition of critical success factors with doing of critical success factors, the study find two dimensions of process and marketing, design and planning are significant differences for all of firms. In other words they should make improvements of two dimensions to keep up with the lead firms all over the world. (2) The higher operating performance firms should establish independent technique capability to avert the foreign firms from technique control. (3) The lower operating performance firms should focus on capability of R&D and brand. but, in fact, there is no strong evidence that the paradigm of the listed electronic companies in Taiwan.

Summary This research is to discuss the change of the operating performance after the company experiences the spin-off. An international tourism hotel is chosen as the research case. There are 10 items, relating the operating performance objective of the international tourism hotel, as the metric of the company before and after experiencing the company¡¦s spin-off. The purpose of this research is to discuss how the company¡¦s spin-off impacts the operating performance of the international tourism hotel and the example research is a real spin-off case. The findings of this research are as followings: 1. The operation performance is improved after this international tourism hotel spits the Room Division and the Food & Beverage Division off. 2. Focusing operations can improve the operating performance. 3. Through the spin-off process, the reduction of the organization dimension can decrease the management cost. 4. The company¡¦s spin-off can improve the management information quality, and also enhance the resource allocation to increase the corporation value. 5. After the spin-off, the company provides the superior reward strategy which also improves the operating performance. 6. The performance of internal control system and the cost control cannot have the improvement through the company¡¦s spin-off. 7. The performance is more explicitly measured after the company¡¦s spin-off. Key words: International Tourism Hotel, Spin-off, Operating Performance

The establishment of medical institutions in Kaohsiung municipal is mainly to cooperate with the Kaohsiung City government in promoting health policy, equally allocating medical resources, enhancing the health of the citizens, looking after mid- or low-income citizens, and taking charge of the medical care services of special patients. However, many institutions encounter various internal constraints and environmental challenges, such as bureaucratic personnel management, inflexible accounting system, faulty implementation of national healthy insurance and competition between hospitals, the Taiwanese medical system has become ¡§high competition, low profitability¡¨. More institutions follow the trend to modify their medical care operation. Outsourcing is one of the methods to strength their medical services. The medical industry currently is highly competitive. By increasing awareness of health concern, patients are more cautious in searching for appropriate and reliable medical care. Therefore, the hospital management regards patient satisfaction, confidence, and loyalty as the core values to improve its medical care services. In this research paper, we discuss the relationship between the quality of medical care services in Kaoshiung municipal hospitals and their operating performance. We also compare the operating differences between public hospitals and outsourcing hospitals to provide authoritative reference. In our research, we selected samples of patients from the Kaoshiung Municipal Minsheng Hospital, United Hospital (Kaohsiung Museum of Fine Art Branch), Hsiaokang Hospital, and Cijin Hospital. We sent out 310 surveys and collected 287 responses by Apr 15 2010. Data analysis and hypothesis testing was based on SPSS for Windows12.0. Based on this research, we concluded that: 1.There is a significant correlation between quality of medical care services and hospital operating performance. Also, process of medical care services was highly correlated with operating performance. In addition, hospital operating performance could be effectively evaluated by quality of medical care services. 2.With regards to the evaluation of medical care services and operating performance for the four municipal hospitals, United Hospital received the highest scores, followed by Minsheng Hospital, Hsiaokang Hospital, and Cijin Hospital. However, the performance of these hospitals is average, indicating that their medical care services need improvement. 3.Finally, outsourcing hospitals have a competitive advantage, which could help the improvement of medical care services. Due to the different operating systems for each hospital, the regulatory authority should be cautious in supervising the performance of the hospital.

The study aimed to explore the relationship among outsourcing decision factors, customer relationship management, and operating performance in the translation market. Surveys were undertaken from translation agencies in Taiwan. 50 questionaires were released to each region including the northern, central, southern, and Hualien and Taitung Counties. In this research, 200 questionnaires were issued and 175 were returned. We received 162 valid returns with 13 invalid ones. copies of effective samples were returned, yielding a return rate of 81%. After the reorganization, the Pearson product-moment correlation, descriptive statistics, One-way ANOVA, and multiple regression analysis were used to analyze the data. The results of the study included: 1. Translation agencies of different capital showed significant difference on outsourcing decisions factors, among them the intraindustry trust showed significant difference. 2. Translation agencies of different numbers of company showed significant difference on outsourcing decisions factors, among them the responsibility of translation showed significant difference. 3. Translation agencies of different responsible translation unit showed significant difference on outsourcing decisions factors, among them the responsibility of translation and professional ethics showed significant difference. 4. Translation agencies of different responsible translation unit showed significant difference on customer relationship management, among them the enhancement strategy and establishment strategy showed significant difference. 5. Translation agencies of different capital showed significant difference on operating performance, among them the organization expansion showed significant difference. 6. Translation agencies of different numbers of company showed significant difference on operating performance, among them the organization management showed significant difference. 7. Translation agencies of different responsible translation unit showed significant difference on operating performance, among them the organization expansion and organization communication showed significant difference. 8. There were both positive and negative correlations among outsourcing decision factors, customer relationship management, and operating performance of translation agencies. In addition, both outsourcing decision factors and customer relationship management can effectively predict the operating performance. The study provided the following suggestions based on the above findings: 1. To carefully estimate the outsourcing businesses to enhance operating performance. 2. To conduct the customer relationship management well to improve the customer interaction. 3. To pay attention to operating performance to enhance the entire profits.

In order to correspond with the negotiated requirements in Taiwan¡¦s bid to join the WTO and to satisfy the trend of economic liberalization, the government of Taiwan has deregulated tobacco and wine monopoly system by abolishing the ¡§Provisional Rules on Tobacco and Wine Monopoly in Taiwan Province¡¨ on Jan 1, 2002. With Taiwan¡¦s deregulating imports of alcohol and tobacco products, increasing number of foreign rivals have entered our local market and led the field of wine & tobacco to fierce competition. Encountering drastic external change and losing the protection of monopoly system, Taiwan Tobacco and Liquor Corp. suffered sharp decrease in revenue. Currently how to promote organizational operating performance is the most important issue. This study targets on how the staff of Taiwan Tobacco and Liquor Corp. react to the current plight and challenge by issuing questionnaires to them to evaluate the differentia of employees¡¦ attitude toward ¡§organizational change,¡¨ ¡§total quality management,¡¨ and ¡§organizational operating performance.¡¨ Besides, this study also focuses on the measures that should be adopted by Taiwan Tobacco and Liquor Corp. to promote organizational operating performance. This company should make fundamental organization changes or conduct total quality management to reach their goal. The conclusions of this study are presented as follows: 1. ¡§Organizational change¡¨ has no significant connection with ¡§organizational performance.¡¨ Both the benefit from reorganizing company into a private enterprise and the employees¡¦ anxious reactions toward organizational changes have no effect on inspiring or challenging staff to change the organization¡¦s culture, to create their own work value, and to promote organizational operating performance. 2.¡§Total quality management¡¨ has significant and positive relationship with ¡§organizational operating performance.¡¨ In order to promote organizational operating performance, it is compulsory and essential that Taiwan Tobacco and Liquor Corp. conduct ¡§total quality management.¡¨ 3.¡§Total quality management¡¨ has positive relationship with ¡§organizational operating performance.¡¨ However, the degrees of concern about the variable topics vary greatly among employees of different ranks and positions. Suggestions in practical management: 1.Postpone the speed of privatization. At first, the organization should thoroughly conduct ¡§total quality management,¡¨ establish ¡§the nuclear competition,¡¨ and improve the organizational operating performance. 2.In order to avoid employees¡¦ resistance during the process of ¡§organization change,¡¨ it is necessary to plan the circulation of man power in advance, to communicate with employees, and to protect the staffs¡¦ privilege. 3.Taiwan Tobacco and Liquor Corp. is a company with great potential. It is very important for the management level to improve the efficiency by changing employees¡¦ mindset. How to inspire employees to work hard from mind and to create their own value are directions that are worth the high-level management¡¦s pursuit.

Electronic commerce has become the new global economic model. In recent years, most airlines build up Website and develop electronic commerce to improve their business competitive advantage. This research is aimed to make a comprehensive survey of airlines website functions and the impacts of electronic commerce on operating performance. Then analyze by interview with 8 international airlines¡¦ managers and SWOT analysis to find out the proper strategy for future development of airlines websites. The main results of this study follows below : 1.The best 2 operating performances for airlines websites is ¡§enhance the Service Quality and Efficiency¡¨ and ¡§enhance the Image and Popularity¡¨ 2.We get the following 8 strategies for the future development of airlines websites by SWOT analysis on the inner and outside environment factors : 1) Invest more resources to EC department for better performance 2) Take the advantage of airlines¡¦ image and attraction of global passengers 3) Boosting customers satisfaction and loyalty by good quality of service 4) Create mutual benefit with travel agencies by B2B cooperation 5) Marketing focus on the independent travelers and high-end customers 6) Enhance business competitive advantage by differentiation and specialization on services and products 7) Increasing the traffic of airlines websites by strategic alliance 8) Improve IT techniques for information integrity and transaction security

This study examines the changes in the inside ownership structure of companies after undergoes initial public offering in Taiwan. After initial public offering, the company¡¦s shares are in public possession while inside shareholders only possess part of its shares. To maximize their own interests, inside shareholders¡¦ ownership policies may vary due to different factors. Literature review shows that after IPOs the inside shareholders¡¦ share tends to be dropping but previous research focuses mostly on the changes in operating performance and ownership structure after IPOs. DeMarzo and Urosevic (2006) believe that the changes in inside ownership structure are due mainly to the trade-off between monitoring incentives and diversification. My study aims at companies which undergoes IPOs in Taiwan Stock Exchange Corporation or at GreTai Securities Market between Jan. 1st 1998 and Dec. 31st 2000. The article investigates how such factors as, corporate value, corporate risks, inside/outside shareholders¡¦ risk tolerance and the ownership structure of companies which undergoes IPOs, have effects on inside shareholders¡¦ share-holding adjustment speed, long-term share holding equivalence level as well as the long-term share holding differences between inside/outside stockholders and little investors. My findings substantiate my assumption that risk factors and monitoring incentives do have effects on the shareholders¡¦ ownership policies and that factors mentioned above do have different effects on the inside ownership structure of IPO companies. The more inside stockholders avert risks, the higher the share-holding adjustment speed becomes. In contrast, the more share inside shareholders possess during IPO, the lower the speed. Inside shareholders¡¦ optimal ownership policies are positively relevant to the corporate value and negatively relevant to corporate risks. They are also positively relevant to the risk aversion of investors. The degree of risk aversion on the part of both investors and inside shareholders also influences ownership structures of various shareholders.

While improving the seasoned equity offerings, companies often manipulate the earnings or window the financial statements to get approval and increase IPO prices, and thus acquiring the funds easier. The main focus for this study is to exam whether the firms listed in Taiwan Stock Exchange manipulate earnings through discretionary accruals before the seasoned equity offerings, and the relationship between pre-issue discretionary accruals and the post-issue earnings, operating performance and long-term stock returns. The sample observed consists of 226 firms listed in Taiwan Stock Exchange conducting seasoned equity offering from 1991 to 1998 and the Modified Jones Model was used to estimate the discretionary accruals basing on the financial statements of the year. The discretionary accruals are the main research variables. The empirical results show that: 1. Firms listed in Taiwan Stock Exchange intend to manipulate the discretionary current accruals before conducting the seasoned equity offerings in order to improve earnings, and the larger pre-issue discretionary accruals, the larger the decline of post-issue earnings. 2. The post-issue total asset returns are clearly negatively correlated to the discretionary current accruals in the year before the seasoned equity offerings, indicating that the adjustment of discretionary accruals will influence the post-issue operating performance. 3. Excluding the possible influences from the industry, the discretionary current accruals present significantly negative effect on the post-issue operating performance. The level of earnings management becomes larger, the post-issue long-term stock return will decline greater.

none