本研究以民國79年至民國87年為研究期間，探討當景氣出現波動時，企業是否有操縱盈餘的行為。首先探討景氣循環對企業經營績效的關連性，觀察不同產業企業之經營績效是否因景氣變動而有所差異。其次針對景氣循環與企業盈餘管理程度之關連性進行研究，探討不同產業企業盈餘管理的程於景氣擴張期與收縮期有無顯著的差異。 實證結果顯示：(1)整體而言，景氣循環與全體樣本公司之經營績效呈顯著的正向關係，個別產業而言，紡織業、塑化業及建築業在景氣擴張時期之經營績效顯著優於收縮時期；(2)當以ODACA（以總資產及成長率調整後與營業有關之裁決性應計項目的變動取絕對值）作為盈餘管理之代理變數探討景氣循環與盈餘管理之關聯性時，就全體樣本公司而言，企業在景氣處於收縮期的盈餘管理程度顯著大於擴張時期，就個別產業之分析結果，食品業及塑化業盈餘管理的程度於景氣收縮時期明顯大於擴張時期；(3)當以ODACS（以淨銷貨收入及成長率調整後與營業有關之裁決性應計項目的變動取絕對值）作為盈餘管理之替代變數探討景氣循環與盈餘管理之關聯性時，以整體樣本來說，企業在景氣處於收縮期的盈餘管理程度顯著大於擴張時期，觀察個別產業之情形顯示食品業、電機業及塑化業盈餘管理的程度在景氣收縮時期明顯高於景氣擴張時期；(4)當以NOI（(以總資產調整後業外收益變動取絕對值）作為盈餘管理之替代變數探討景氣循環與盈餘管理之關聯性時，就整體而言，樣本公司在景氣處於收縮期以業外淨損益操弄盈餘的程度顯著大於擴張時期，依個別產業觀察，電子業、電機業及建築業在景氣收縮時期利用業外損益管理盈餘的程度顯著高於擴張時期。 關鍵字：盈餘管理、經營績效、景氣循環 / Focusing on the firms listed on Taiwan Stock Exchange over the period of 1990 to 1998, this thesis investigates whether the sample firms manipulate earnings in the face of business cycle. First, this thesis examines the association between business cycle and corporate operating performance. Furthermore, it explores the relationship between business cycle and the magnitude of earnings management. The empirical results document that 1) business cycle is positively and significantly associated with the whole sample firms' operating performance and the relationship is founded in textile industry, plastic-chemical industry and construction industry. 2) When using the absolute value of changes of operating discretionary accruals adjusted by total assets and growth rate (ODACA) as a proxy variable for the magnitude earnings management, the empirical findings reveal that the ODACA of whole sample firms are significantly greater in contraction period than in expansion period. The results are also founded in food industry and plastic-chemical industry. 3) When using the absolute value of changes of operating discretionary accruals adjusted by net sales and growth rate (ODACS) as a proxy variable for the magnitude of earnings management, the empirical evidence indicates that the ODACS of all sample firms are significantly greater in contraction period than in expansion period. The evidence is also founded in food industry and plastic-chemical industry. 4) When using the absolute value of changes of non-operating income adjusted by total assets (NOI) as a proxy variable for the magnitude of earnings management, the empirical findings indicates that the NOI of all sample firms are significantly greater in contraction period than in expansion period. The results are also founded in electronic industry, electrical industry and construction industry. Key Words : earnings management, operating performance, business cycle

隨著資訊時代的來臨，市場環境變動也越趨快速，企業僅擁有豐富的智慧資本已不足以創造競爭優勢，靜態的智慧資本若不透過動態能力的運用與管理，對經營績效的影響有限，將無法完全發揮智慧資本具備的價值。 本研究將動態能力視為智慧資本與經營績效間之中介變數，並將動態能力分為整合、學習與重組能力，以我國上市與上櫃企業為研究對象，排除金融保險、航運、貿易百貨與油電燃氣等特殊產業，透過問卷的發放蒐集樣本，並採用結構方程式分析，以探討智慧資本、動態能力以及經營績效間之因果關係。 研究結果發現：智慧資本除對經營績效有直接影響外，更會透過動態能力間接影響經營績效；然而，不同的智慧資本會透過不同的動態能力影響績效。人力與關係資本會同時透過整合、學習與重組能力影響績效，流程資本則透過整合與重組能力影響績效，而創新資本只透過整合能力影響績效。企業必須根據不同因果關係蓄積資源，進而培育能力，逐步提昇經營績效。 / As the information era comes, the environment of market changes dramatically. Hence, having rich intellectul capitals is no longer a main factor of creating competitive strength. The value of the static intellectul capitals will be underestimated unless they are exercised and managed properly by dynamic capabilities. This research categorizes dynamic capibilities into integration capability, learning capability, and reconfiguration capability, then places them as the mediators of intellectual capitals and operating performance. Data was collected with questionnaire from companies listed in Taiwan, excluding special industries such as financial and insurance, shipping and transpotation, trading and consumers’ goods and, oil, gas and electricity industry. Finally, the relationship of intellectul capitals, dynamic capabilities and operationg performance is clarified through structural equation modeling (SEM). The research found that intellectul capitals affect operating performance directly and at the same time indirectly affect operating performance through dynamic capabilities. Human and relation capital affect operating performance through integration, learning, and reconfiguration capability; Process capital affects operating performance through integration and reconfiguration capability; However, Innovative capital affects operating performance through integration capability only. Therefore, to improve operating performance, firms must manage intellectual capitals and cultivate dynamic capibilities according to the cause-and-effect model.

企業為了符合環保法規並提升環境績效而投入大量資金在設備及流程改善上，為了瞭解這些投資對企業帶來的減碳績效及營運績效之效果，本研究以美國企業為研究對象，利用內容分析法及多元迴歸分析法，探討企業減碳投資與其減碳績效、營運績效之關聯性。 實證結果顯示企業推動減碳投資與其減碳績效，環境敏感產業投資金額與其減碳量呈現顯著的倒U型之非線性關係，亦即投資金額越多其減碳績效越好，但投資到一定金額減碳績效則會降低。不論環境敏感性或非敏感性產業流動性強，規模大的企業經營績效較佳，但是投資程度與經營績效無顯著關聯，另外本研究首創將減碳的數量依國際平均碳交易價格轉換成企業之機會成本（視為企業收入或成本降低），發現減碳投資與經營績效仍無顯著關聯，而非環境敏感性企業如果公司對氣候變遷有相關激勵政策，經營績效較高，而環境敏感性企業如果公司，經營績效反而較低。因此本研究認為美國制訂之相關法案，在減碳績效上雖尚屬有效，但仍未使企業可因減碳投資創造出營運績效。 / Corporations invest a great deal of money in equipment and process improvement in order to comply with environmental regulations and enhance environmental performance. To understand the effects on the performance of carbon reduction and operating performance by these investments, this paper examines and compares the relationship between the corporation investment in carbon reduction and performance of carbon reduction, and also operating performance in the U.S., using the content analysis method and the multiple regression analysis method. The empirical results are summarized as follows. Investments in carbon reduction and performance of carbon reduction in corporations in the environmental sensitivity industry have a significant nonlinear relationship, in the form of an inverted-U shape relationship. The more dollars invested, the better the performance of carbon reduction. However, the performance of carbon reduction will reduce when invested to a certain amount. No matter environmental sensitivity industry or non-environmental sensitivity industry with a strong current ratio and large size business has a better operating performance, and the degree of emission reduction investment does not associate with operating performance. The paper applies CO2 market price to emission reduction amount to construct an emission reduction opportunity cost (regarding as business's income or cost reduction), and finds that the emission reduction investment still does not associate with revised operating performance. However, the non-environmental sensitivity industry with climate change incentive policy has a better revised operating performance than that of environmental sensitivity industry. Therefore , the study concludes that although the USA's climate change related Acts have some positive influence on emission reduction, the Acts do not make the business's emission reduction investment to create some operating performance.

The diploma thesis describes performance in the area of air transport, based on performance of national economies of two selected neighbouring countries, Czech Republic and Germany, through comparison of their gross domestic product in the selected time period. The operating performance is focused mainly on transportation performance of air transport. First part of the thesis is dealing with interconnection of economy with air transportation. Crucial part of the work contains analysis of development of GDP and analysis of development of transportation performance of both countries. Part of the thesis is also acquisition of passenger-kilometre data derived from fuel consumption and produced emissions of CO2.

本研究主要目的在於針對「促進產業升級條例」第六條項下之「批發業零售業及技術服務業購置設備或技術適用投資抵減辦法」有關投資抵減獎勵對企業經營績效進行評估。本研究就理論基礎、實際適用情形及經營績效等層面分析，作實證研究。 因「促產條例」乃台灣現階段獎勵與輔導產業的主要法源，新世代產業獎勵法規的研擬，實應周密考量國內外的產業現況及未來可能之轉型方向，配合投資環境之變革及未來產業發展之需要，以促進台灣未來產業升級轉型為創新、高附加價值之經濟體。故在產業已由工業轉型為服務業之際，政府應對服務業提供怎樣的優惠措施，現行的批發零售業投資抵減對企業實際之效益為何，擬具體研究企業經營績效與政府投資抵減優惠措施之相關性，以作為政府擬定獎勵措施或修法調整之參考。 本研究以2001年至2006年之上市櫃批發業及零售業公司為研究對象，採用追蹤型兩階段最小平方法之固定效果廻歸模型進行估計，先以兩階段最小平方法之固定效果模型計算出投資抵減估計值，再進行投資抵減對經營績效之影響評估。實證結果發現，投資抵減政策確實為提升企業經營績效之關鍵影響因素，故以租稅減免來鼓勵企業從事研發，提高產業競爭力及附加價值，是值得政府擬定政策時考量的。 / The goal of this study is to evaluate the effectiveness of tax credit incentive to investments according to “Regulations Governing Application of Tax Credit Incentive to Investments in Purchasing Equipment or Technology by Wholesale, Retail Industry and Technical Service Enterprises” which is under the “Statute for Upgrading Industries”, Article 6. This study analyzes the effectiveness in aspect of theory and practice. “Statute for Upgrading Industries” is the main law to help industries to upgrade. The new generation laws and regulations should consider the domestic and foreign industrial situation, and the future reforming direction of the industry development. It is wonder to understand what should be done by government to help the service industry and what is the present benefit of tax credit to enterprises. In the time of transformation from manufacture industry to service industry, this study tries to approve the relationship between the tax credit incentive to investments and business performance, which can be adopted to be reference materials in legislation. This study uses the data of wholesale and retail companies in stock market from 2001 to 2006. The adopted models including 2SLS model and fixed-effect model. The first, using 2SLS model to calculate the estimate of tax credit incentive to investment to solve the endogenous problem. The second, it’s invested and supports and reduces investment benefits the impact of tax credit incentive to investments and business assess. According to the real example result, we can understand verifies tax credit incentive to investments is the key factor to improve the business performance . Therefore, it is worth for the government to take tax credit incentive to investments policy to encourage the enterprises to be engaged in the research and development.

This dissertation consists of two essays. First essay investigates Fortune 500 companies that implemented Six Sigma. Since the 1980s, industrial organizations have adopted practices such as Six Sigma to maintain and enhance competitiveness. The purpose of this study is to look at the long run stock price and the operating performance of Fortune 500 companies that were identified to have implemented Six Sigma compared to the overall market performance as well as the performance of industry and size matched firms. Even though our sample firms improved several variables after implementing Six Sigma, their operating performances were not quite close to the performances of the matching firms. After implementing Six Sigma, compared to the industry and size matched firms, the only variable that improved out of 14 variables we looked at, is the growth in staff levels. The findings may contribute to understanding the reasons that underlie the so-called jobless recovery. Second essay investigates the real estate price indices in 19 emerging markets. The main objectives of the central banks are not necessarily in line with the goals for asset prices, particularly house prices; however house price changes can have important implications for economic activity and inflation. The consequences of excess changes in house prices also should be watched carefully by central banks and other government agencies that regulate financial institutions for the purpose of financial stability. This essay searches for a link between house prices, broad money, private credit and the macro-economy among 19 emerging markets. We are also trying to explain which variables predict the emerging markets real estate index returns. Our results show that money market rate, growth in GDP and CPI as well as log of private credit and money supply have significant predictive power on growth in real estate price indices a quarter ahead. We also show that there is multidirectional causality among all of the variables. A unique data is being used for the emerging markets real estate price indexes in this study. The data is provided by aDubaibased private company which offers emerging markets real estate information to its customers.

Made available in DSpace on 2016-04-25T18:39:39Z (GMT). No. of bitstreams: 1 Cibele de Paula Deis.pdf: 672256 bytes, checksum: 63dd609334b89d8b2e6b3f76d3f9de9a (MD5) Previous issue date: 2011-05-23 / PricewaterhouseCoopers Auditores Independentes / The purpose of this study is to analyze the performance of insurance companies operating in auto lines, during the period from 1999 to 2008. Based on the analysis of the combined and broad-based combined ratios, as well as other correlated indices (claims ratio and ratios of selling and administrative expenses), it was possible to ascertain the level of dependence on financial gains required to obtain positive results. The study was limited to insurance companies operating in auto lines, which is Brazil's most popular type of insurance and, in this context, 18 large, medium and small insurance companies were analyzed based on their financial statements. The performance of insurance companies linked to banks, as well as that of the independent companies was examined. The results of the study revealed that, during the period from 1999 to 2008, financial gains contributed from 10.19% to 17.52% to improving the operating efficiency of the insurance companies under analysis and to maintaining, for the whole period, the broad-based combined ratios below 100%. At the same time, the average combined ratios determined varied from 122.91% to 98.33%. Only in 2006 and 2007, did the sample under analysis present operating efficiency. Moreover, the insurance companies presented high operating costs, especially for claims. In a comparison between the bank-linked insurance companies and the independent insurance companies, it was noted that, on average, the selling and administrative expenses of insurance companies which use a bank branch network for distributing their products were lower than those of the independent companies comprising the sample. During the period from 2003 to 2007, the large-sized insurance companies not associated to banks revealed a gradual improvement in operating efficiency, due to the significant decrease in the claims ratio of the portfolio and a partial reduction in administrative expenses. Considering that competition is expected to become even tougher, it follows that the insurance companies will need to focus on reducing costs and improving their operating controls in order to reduce their dependence on financial results and promote the continuity of their business / O objetivo deste trabalho é analisar o desempenho operacional de seguradoras que operam no ramo de Automóveis, no período de 1999 a 2008. A partir da análise dos índices combinado e combinado ampliado, bem como dos demais índices correlatos (sinistralidade e das despesas de comercialização e administrativa) foi possível verificar o nível de dependência dos ganhos financeiros para obtenção de resultados positivos. A pesquisa foi limitada às seguradoras que atuam no ramo de Automóveis, que é o seguro mais popular no país, e, nesse contexto, foram estudadas as 18 maiores seguradoras de grande, médio e pequeno porte, tomando por base as demonstrações contábeis. Verificou-se, também, o desempenho das seguradoras ligadas a Bancos e as Independentes. Os resultados da pesquisa evidenciaram que no período de 1999 a 2008, os ganhos financeiros contribuíram de 10,19% a 17,52% para melhoria da eficiência operacional das seguradoras estudadas e, fazendo com que durante todo o período os índices combinados ampliados ficassem inferiores a 100%. Por sua vez, os índices combinados médios apurados variaram de 122,91% a 98,33%. A amostra estudada apresentou eficiência operacional, somente em relação aos exercícios de 2006 e 2007. Além disso, as seguradoras apresentaram elevados custos operacionais, especialmente, com sinistros. Na comparação das seguradoras ligadas a Bancos e independentes, observou-se que, na média, as despesas de comercialização e administrativas das seguradoras que utilizam a rede de agência dos Bancos para distribuição de seus produtos foram inferiores as demais. No período de 2003 a 2007, as seguradoras de grande porte não ligadas a Bancos mostraram uma melhoria gradual na eficiência operacional, devido à redução significativa da sinistralidade da carteira e parcialmente das despesas administrativas. Considerando que a concorrência tende a continuar ser cada vez mais acirrada, conclui-se que as seguradoras necessitam focar na redução dos custos e controles operacionais, a fim de reduzir sua dependência dos resultados financeiros e a continuidade do seu negócio

二十一世紀企業的價值不再僅止於帳面資產所反映的價值，許多無形資產所隱藏的價值更甚於有形資產，這部份即是所謂的智慧資本，其中又以人力資本最為重要，尤其在二十一世紀的知識經濟時代，更須正視「人」所扮演的角色，因為人所具備的知識、技術與能力，已成為企業競爭優勢的來源。近幾年來，台灣資訊電子業之所以能蓬勃發展的主要原因即在於具備了技術密集與知識密集的特性，本研究有鑒於人力資本的重要性日增，而技術又是資訊電子業的關鍵成功因素，因此擬探討技術人力資本強度是否對公司經營績效有顯著的正向影響。 　　本研究以我國資訊電子業之57家上市上櫃公司1991年至2000年共241個觀察值為樣本，蒐集公司內部技術人員人數之實際資料，運用實證分析方法，探討技術人力資本強度與公司經營績效間的關聯，並將研究發展強度、員工薪資報酬水準、員工生產力、公司規模這四個公司特性一並納入分析。 　　實證結果顯示，無論以資產報酬率或權益報酬率衡量經營績效，皆與技術人力資本強度呈顯著正相關，且無論是以營業利益、營業毛利、稅前息前淨利、稅前淨利或稅後淨利計算報酬率，結果均支持本研究的假說。至於其他公司特性方面，除公司規模外，研究發展強度、員工薪資報酬水準及員工生產力多與經營績效呈正相關，亦符合本研究的預期。 　　此外，本研究亦探討技術人力資本的變動對經營績效的解釋程度，研究結果顯示，技術人員人數每增加10%，營業利益即增加4.4%，顯示技術人力資本不僅與公司經營績效有顯著正相關，當技術人員增加時，營業利益也會隨之增加，代表技術人員的人數對公司本業經營績效之影響相當大。另外，研究發現以營業毛利作為獲利的替代變數時，模式的解釋力(Adj-R2)最高，代表技術人員對公司經營績效的影響主要還是反映在製造成本與銷貨成本的降低。 　　本研究結果可供我國資訊電子業制定人力資源管理決策的參考，在全球競爭日益激烈的環境下，未來我國資訊電子業公司在人才的招募上，應提高技術人員所佔的比例，來增強本身在技術上的競爭力，進而提昇公司的經營績效。 / Management theory has gradually accepted that ‘hidden assets’ or most recently ‘intellectual capital’, especially human capital, increasingly play a major role for the survival of companies. With the coming of knowledge economy, knowledge and competence of employees have become the most important sources of competitive advantage. The reason why Taiwanese information and electronic industry has grown rapidly these years lies in the key factor of technology intensity and knowledge intensity. Since technology is the soul of this industry and technology must be realized directly through technicians, this study intends to examine the association between technical human capital intensity and corporate operating performance. 　　The sample used in this study consists of 57 information and electronic companies listed on TSE and ROSE from 1991 to 2000, totally 241 observations. We collect the data of number of technicians from Public Offering Prospectus. This study uses multi-regression model as the empirical method to test the hypothesis that the technical human capital intensity and corporate operating performance are positively related. In addition, we include R&D intensity, labor compensation level, labor productivity and company scale as the subordinate independent variables. 　　Our results provide strong evidence that higher technical human capital intensity leads to better operating performance. Besides, when the gross profit is used to measure profitability, the Adj-R2 of the model achieves 50%, which means the major impact of technicians on corporate performance is reflected in the reduction of manufacturing costs or cost of goods sold. We also investigate more about how the variation of technical human capital influences the operating performance. The result shows that when the number of technicians increases 10%, the operating income increases 4.4%. As for other subordinate variables, R&D intensity, labor compensation level and labor productivity are all significantly positively related to operating performance.

本研究以中國2000年至2007年間滬深上市公司為樣本，分析保薦制度對於企業在現金增資（在本研究中包含增發與配股）後經營績效的影響，其中經營績效包括稅後淨利成長率、股東權益報酬率成長率與每股盈餘成長率為衡量指標。實證結果顯示，現金增資後企業的經營績效有明顯衰退的現象，但是本研究發現這個經營績效惡化的現象在保薦制度後有顯著減緩的證據。最後，若將企業細分為增發與配股，進一步的分析顯示，保薦制度的效果在配股樣本中得到顯著結果。彙總而言，實施保薦制度能夠有效減緩企業現金增資後經營績效衰退的情形，且該效果在配股企業較為明顯。 / This study examines the impact of Sponsor’s System on operating performance of firms conducting Seasoned Equity Offerings from 2000 to 2007 in China. The performance measures include the growth of net income, the growth of ROE, and the growth of EPS. The empirical results indicate that there is significant decline in post-SEO performance. However, the phenomenon of poor performance after SEO is less severe after Sponsor’s System. In conclusion, the employment of Sponsor’s System can relief performance decline after SEO.

本研究欲探討兩岸傳統產業公司治理與經營績效之關聯性，運用資料包絡分析法及Cummins, Weiss和Zi (1999)之交叉效率前緣評估比較2005至2009年兩岸公司之經營績效差異。並進一步採用縱橫資料迴歸模型分析兩岸傳統產業之公司治理機制與經營績效之關聯。 根據本研究實證結果顯示：首先，兩岸傳統產業分屬不同效率前緣，且大陸傳統產業之技術效率優於台灣傳統產業之技術效率。說明台灣傳統產業雖較中國傳統產業發展的時間點為早，不過由於台灣之傳統產業屬於早期赴中國投資的先驅，當時已將核心技術帶入中國，近年來中國傳統產業因內需龐大加上國家支持而發展迅速，無論在規模或產值上都遠遠超過台灣。而在公司治理機制中，大陸傳統產業公司國內機構法人持股率及國有股比例與其經營績效呈顯著顯著負向關係，和其他研究結果一致，而經理人持股率、國外機構法人持股率與獨立董事比例則與經營績效無顯著關聯；台灣傳統產業公司經理人持股率、國內機構法人持股率、國外機構法人持股率、董事淨持股率及獨立董事比例與公司之經營皆無顯著關聯。敏感性分析顯示與上述結果類似。 / The purpose of this paper is to examine and compare the relationship between corporate governance and efficiency performance of traditional industry(TI) in Taiwan and China. We apply data envelopment analysis and cross frointer analysis to measure and compare the performance difference between Taiwan and China. The research constructs a panel data regression model to examine the association between cooperate governance and efficiency performance for Taiwan and China, respectively. The empirical results are summarized as follow. First, the efficiency frontier of Taiwan and China are indeed different, and the cross frontier analysis reveals that the efficiency performance of Mainland China is better than that of Taiwan. The TI of Taiwan developed earlier than China and the early core competence development of Chians’s TI was transferred from Taiwan. However, due to the huge domestic demand and government’s strong support of China’s TI, today not only the size but also the value-added of TI, China is much larger than Taiwan. Second, the domestic institutional investor’s and the state-owned shareholdings are significantly correlated with the performance of companies in China. The management, foreign institutional investor’s shareholdings and the percentage of independent directors do not associate with the performance of China’s TI. Finally, the cooprate government variable are not associate with the performance of Taiwan’s TI.