Securities Investment Trust industry had matured which reached to an intensive competition market in recent years. In any case, the high turnover rate of fund manager suggests that how company establishes its organizational ability now facing a serious issue, and it eventually cuts the overall growth of company. Therefore, if company¡¦s human resources management system can be matched with its own organizational culture, it should help the company retain talents; to develop better organizational innovative capability which leads to more outstanding performance. In this research, we focused on four particular companies which known for its specialty in securities investment trust by processing case study method. From these cases, we found there are strong relationships between organizational culture, strategic human resource management and performance on organizational innovation. Organizational culture presents the core value of organization which is the central idea for corporation operation as well. It becomes the principles for recruitment and assessment of human resource. That is to say, culture affects human resource management activities. Human resources management activities play an important role on human capital accumulation which can direct link to performance of innovation, especially on service innovation. Our research suggested that technical innovation or product innovation will be affected by other factors, such as company¡¦s resources and industrial properties. As a result, the strategy of human resources management has partially influence on both product innovation and technological innovation.

Abstract The purpose of this thesis is to discuss the reason why international merger and acquisition intensely happened in particular industries? What is the real intention of the merger and acquisition? According to analyzing the M&A cases in Taiwan¡¦s securities investment trust industry, the motivations that international businesses group merged local company are based strategic and market motivations. Because the international business group has advantages to entry Taiwan and the group¡¦s strategy to internalize. Another reason is that the Great China economic region is forming the international business group have to shorten the schedule to acquire the regional advantage. On the other hand, the local company has strongly motivation to merge with international business group. As the result the M&A cases happened.

自民國89年7月19日總統頒布修正證券交易法第18條之3，正式給予投信投顧業者從事全權委託業務一個正式的法源依據。之後，主管機關於民國89年10月9日配合證券投資信託及顧問法的施行，將全權委託業務的法源依據自「證券交易法」改訂於「證券投資信託及顧問法」，這在資產管理業務上具有相當重大的意義。截至民國99年3月止，國內全權委託契約數(含委任關係及信託關係)達1,161件、有效契約總額達新台幣6,602億元整，對我國資產管理業務及證券市場未來的成長及影響具有重大的意義。 本研究從經營全權委託的產業現況及運作流程，以分析全權委託之經營概況，並以法規規範為出發點，探討經營全權委託業務資格條件、從事全權委託業務之經理人及業務人員應具備資格條件及管理規則、全權委託投資業務有關委任投資金額限制相關規定、業務人員禁止行為、應有報告或通知義務等議題，為本文之研究架構。另外，為使雙方簽訂契約有效執行，本研究同時討論從事全委業務投資(委任)人和全權委託業者簽定全權委託契約時之應注意事項、全委契約管理費用收取及全權委託業務之建議。 除既定法規及契約約定外，本研究將以投資(委任)人對全權委託業者的選任標準及應注意事項、委任投資(委任)人可能面臨之風險，如投資與風險偏好及風險承受力、投資績效表現、代理問題、業界常見全權委託業務之缺失樣態等進行探討。歸納結論，(1)基金公司應執行風險控管以保障委任人權益，定期績效檢核與客觀的績效評比機制、投資風險控管機制、避免越權交易的發生、交易資訊控管、利益衝突防範、有效的投資決策流程，同時(2)投資人交易之申報與控管及專責部門的建立以處理全委投資行政業務等，以建全全權委託投資業務的執行。

證券投資信託基金已是國人重要的理財主要工具之一。回顧我國證券投資信託基金發展的歷史，從早期為吸引外資投資我國而開放設立證券投資信託基金，接著也成為我國投資人重要之投資工具，到後來開放境外基金得以在國內顧問，境外商品就此開始深受國人喜愛；直至證券投資信託及顧問法通過，主管機關依授權訂定境外基金管理辦法後，國人得投資經由總代理人依法向主管機關申請核准或申報生效在我國境內募集銷售之境外基金，也開啟了境外基金與證券投資信託基金於國內銷售既競爭又合作之關係。 境外基金與證券投資信託基金於國內銷售之競爭合作的關係，不僅在產品創新及銷售金額等方面，本文所關切的是，在境外基金管理辦法公佈實施後，我國證券投資信託基金相關法規發生了什麼變化？有無任何規定是因為境外基金管理辦法實施後，證券投資信託基金相關法規不得不隨之調整者？還有，有無任何境外基金的規範進而影響我國既有之規定？當然，是否也有境外基金業者因為境外基金管理辦法的實施，必須調整其基金的運作與內控制度，以符合我國之法令規定？甚至，有無任何境外基金註冊地，為配合我國市場及法制環境，而更改其法令者？ 本文之研究係以比較我國證券投資信託基金相關規範，與境外基金管理辦法暨我國境外基金主要註冊地之法源，尋找彼此規範不同處，了解其為何規範不同的理由與背景，探討規範不同點之存在理由合理否，進而探詢彼此間之衡平性，以作為提供我國基金產業法律發展之參考資料。 最後結論除回覆前述問題並舉例說明外，並嘗試歸納本文之研究結果，對證券投資信託基金與境外基金之法制規範差異性比較，採見解扼要衡平重申外，並期對我國基金產業之整體發展提供建言。 / The securities investment trust fund is one of the important financial investment vehicles in Taiwan. Looking back on the history of Taiwan fund industry development, from the early days of fund launch to attract foreign investments to these modern days that funds become important investment tools for the investors. Soon later the offshore funds were open to the domestic consultants, they began to be a favored investment product for many investors. After the Securities Investment Trust and Consulting Act takes effect, the regulator prescribed the Regulations Governing Offshore Funds. The local investors may invest in the offshore funds that have obtained authorizations from the regulator, which contribute to not only the competition but also cooperation by and between the offshore funds and the securities investment trust funds in Taiwan. The competition/cooperation between the offshore funds and the securities investment trust funds can be seen at not only the product innovation or domestic sales. More importantly, this thesis concerns more on what are the regulatory initiatives that have been taken for the securities investment trust funds due to the promulgation of the Regulations Governing Offshore Funds. Are there any requirements of the securities investment trust funds that will need adjustments or amendments after the implementation of Regulations Governing Offshore Funds? Also, what are the impacts on the current rules and regulations after the birth of offshore fund regulations? Of course, will the offshore funds managers need to adjust their operation and internal control system to be in compliance with the laws and regulations in Taiwan? Will any offshore funds domicile jurisdiction change their respective laws in order to meet the requirements set fort by the market and legal environment in Taiwan? This thesis uses a comparative study of the related laws of the securities investment trust funds and the Regulations Governing Offshore Funds as well as the directives of UCITS, the original law of most of the offshore funds. To realize what is the specification of their difference and to explore the rationality of their difference. Moreover, to seek the balance of inquires among them, so as to contribute to the fund industry in Taiwan as the reference for legal development. Finally, the thesis tries to summarize the results of this study in addition to replying to the above questions with some examples. After the comparison of the legal systems between the related laws of securities investment trust funds and that of offshore funds, this thesis briefly reiterates the opinion of the balancing and provides concrete and workable suggestions to further the development of the fund industry in Taiwan.