The U.S. healthcare system is facing many public health challenges that affect population health, societal well-being, and quality of healthcare. Infant mortality, opioid overdose death, and hospital readmission after stroke are some of these important public health concerns that can impact the effectiveness and outcomes of the healthcare system. We analyze these problems through the industrial engineering and data analytics lens. The major goal of this dissertation is to enhance understanding of these three challenges and related interventions using different levels of analysis to improve the health outcomes. To attain this objective, I introduced three stand-alone papers to answer the related research questions. In essay 1, we focused on the performance of the state's healthcare systems in reducing unfavorable birth outcomes such as infant mortality, preterm birth, and low birthweight using Data Envelopment Approach. We constructed a unique state-level dataset to answer this main research question: what does make a healthcare system more successful in improving the birth outcomes? Our results indicated that socioeconomic and demographic factors may facilitate or obstruct health systems in improving their outcomes. We realized that states with a lower rate of poverty and African-American women were more successful in effectively reduce unfavorable birth outcomes. In the second essay, we looked into the trends of the opioid overdose mortalities in each state from 2008 to 2017. We investigated the effect of four state laws and programs that have been established to curb the epidemic (i.e., dose and duration limitations on the initial prescription, pain management clinic laws, mandated use of prescription drug monitoring programs, and medical cannabis laws) in short and long-term, while we controlled for several protentional risk factors. The results of fixed-effect regression and significant tests indicated that state policies and laws were unlikely to result in an immediate reduction in overdose mortalities and comprehensive interventions were needed to restrain the epidemic. The third essay investigated the risk factors of 30-day readmission in patients with ischemic stroke at an individual level. We aimed to identify the main risk factors of stroke readmissions and prioritized them using machine learning techniques and logistic regression. We also introduced the most effective predictive model based on different performance metrics. We used the electronic health records of stroke patients extracted from two stroke centers within the Geisinger Health System from 2015 to 2018. This data set included a comprehensive list of clinical features, patients' comorbidities, demographical characteristics, discharge status, and type of health insurance. One of the major findings of this study was that stroke severity, insert an indwelling urinary catheter, and hypercoagulable state were more important than generally known diagnoses such as diabetes and hypertension in the prediction of stroke 30-day readmission. Furthermore, machine learning-based models can be designed to provide a better predictive model. Overall, this dissertation provided new insights to better understand the three major challenges of the U.S. healthcare system and improve its outcomes. / Doctor of Philosophy / The major goal of a healthcare system can be summarized in three main objectives: preventing preterm birth and premature mortality, advancing the quality of life, and preparing for a good death. Despite all the national efforts to achieve these goals, the U.S. healthcare system still faces many obstacles and crises and suffers from inefficiencies. The U.S. infant mortality rate is still higher than any other comparable advanced country. The opioid overdose death rate has been steadily increasing since 1999 and has risen exponentially in recent years. Hospital readmissions especially in stroke patients impose a substantial cost burden on the healthcare system in the U.S. Also, readmitted stroke patients are at higher risk of mortality compared to the first admission. I believe that industrial engineering and data analytics approaches can help in advancing the understanding of these health challenges, their important risk factors, and effective interventions. In this dissertation, the main focus was on the performance, trends, variations, and processes of the healthcare systems. We applied innovative methods to provide answers to the following questions in three essays: What does make a healthcare system more successful in improving the birth outcomes? What factors do explain mortality from opioid painkillers? What are the determinants of state variations in mortalities from an opioid overdose? What is the impact of states' laws and programs and opioid prescription rates and overdose mortality rates? What are the most important contributors to stroke readmissions? The results of the first essay showed that not all the state's healthcare systems perform the same in terms of reducing unfavorable birth outcomes. States with lower people in poverty and lower African American women were more successful in improving their birth outcomes. The second study revealed that states with a higher share of uninsured people and binge drinkers were suffering from higher opioid overdose deaths. Also, our results implied that in addition to upstream prevention policies, states need to implement downstream programs to curb the epidemic. Finally, the third study showed that the top predictors of stroke readmissions within 30 days consist of the severity of the stroke, insert an indwelling urinary catheter, being overweight, and malnourished. The results of this dissertation can help to educate policymakers and practitioners at state and organizational level in a way to better serve the society and ultimately enhance the population health, quality of healthcare, and societal well-being.

Yes / The purpose of this study is to determine whether Indian banks were able to weather the COVID-19 storm. We estimate banks’ deposits-generating and operating efficiencies using a two-stage directional distance function-based network data envelopment analysis (DDF- NDEA) approach and seek to capture the immediate impact of COVID-19 on these efficiency measures by comparing their magnitudes in the pre-pandemic (2014/15-2019/20), just 1-year prior to the pandemic (2019/20), and during the pandemic year (2020/21) periods. The study looks at whether the impact of the COVID-19 pandemic was uniform across ownership types and size classes. The empirical findings suggest that the Indian banking system was resilient and withstood the immediate impact of the COVID-19 pandemic. During the study period, however, the large and medium-sized banks experienced some effi ciency losses. By and large, regardless of bank group, banks have shown resilience to the shock of the global health pandemic and improvements in efficiency. / The full-text of this article will be released for public view at the end of the publisher embargo on 28 Dec 2024.

For as long as managed mutual funds have been in existence there has been a desire to accurately assess their relative performance against each other, and also their respective performance in relation to an appropriate stock market index. There has been a specific interest in whether the expensive, professionally managed mutual funds can justify their high cost with respect to low cost, simple index trackers by producing superior, post-cost performance, and this proposition is implicitly tested within this thesis. The aim of this thesis is to undertake an empirical assessment of the managerial performance of mutual funds utilising a three-stage DEA-SFA-DEA methodology which combines linear mathematical programming (DEA) and stochastic frontier analysis (SFA). Specifically, this thesis focuses on evaluating the managerial performance of UK domiciled open-ended investment companies (OEICs) and unit trusts (UTs) over a three year period from 1st January 2008 to 31st December 2010. Various DEA models are utilised including CCR, BCC and SBM DEA models with various orientations, and also versions of these DEA models which make use of the SORM procedure. These are used to carry out an initial evaluation of the managerial performance of the OEICs/UTs, before two of these DEA models are combined with SFA regression analysis in a three-stage DEA-SFA-DEA methodology to purge the influence of environmental factors and statistical noise, thus leading to a more robust evaluation of the true managerial performance of the OEICs/UTs under assessment. The results of this thesis extend support to the premise of the Efficient Market Hypothesis (EMH) that financial markets are information efficient , and thus it is not possible, given the information available when the investment is made, to consistently obtain returns in excess of the average market return on a risk-adjusted basis, and this thesis does so through the use of a novel approach.

Στην παρούσα εργασία με τη χρήση της Περιβάλλουσας Ανάλυσης Δεδομένων (Data Envelopment Analysis, DEA) υπολογίζεται η αποτελεσματικότητα των πολιτικών υγείας διαχρονικά, για κάθε έτος της τριετία 2008-2010 με τη χρήση της Window Analysis, στις χώρες που είναι ενταγμένες στον Οργανισμό Οικονομικής Συνεργασίας και Ανάπτυξης (ΟΟΣΑ). Επίσης, δημιουργούνται πρότυπα για το πώς μπορούν να βελτιωθούν οι μη αποτελεσματικές χώρες. / Στην παρούσα εργασία με τη χρήση της Περιβάλλουσας Ανάλυσης Δεδομένων (Data Envelopment Analysis, DEA) υπολογίζεται η αποτελεσματικότητα των πολιτικών υγείας διαχρονικά, για κάθε έτος της τριετία 2008-2010 με τη χρήση της Window Analysis, στις χώρες που είναι ενταγμένες στον Οργανισμό Οικονομικής Συνεργασίας και Ανάπτυξης (ΟΟΣΑ). Επίσης, δημιουργούνται πρότυπα για το πώς μπορούν να βελτιωθούν οι μη αποτελεσματικές χώρες.

近年來台灣筆記型電腦產業，在廠商延續過去多年的擴張競爭力下，在產值與產量上皆有大幅度的成長。但也由於低價風潮的盛行與全球景氣蕭條，使得該產業的獲利大不如從前；加重了國內廠商經營的困境與競爭程度，此時惟有掌握經營績效之廠商才可維持競爭優勢；以因應高度的競爭環境。在此同時，南韓已從金融風暴的創傷下逐漸走出；並挾帶著全球最大TFT-LCD及DRAM的量產國，並從輕薄型機種切入市場以及加入代工訂單的爭奪戰中。而日本擁有全球頂尖的設計創新能力，筆記型電腦自製率仍偏高。因此日、韓一直是台灣的主要競爭對手。 首先藉由資料包絡分析法評估我國筆記型電腦商於2000年至2003年間的經營效率；並為彌補DEA無法做跨時期的分析，應用Malmquist生產力指數予以分析；接著用Tobit迴歸分析來探討廠商無效率的原因。得到以下的結論： (1)於這4年間的技術效率平均值呈現年年上揚的情況，且規模較大的廠商不意謂著經營績效會較好。(2)這4年間的生產力亦是逐年提昇，主要是技術變動所致。(3)在Tobit迴歸分析中，存貨週轉率、總資產週轉率與品牌對效率有正向影響；而TCRI有負向影響。 接著對台、日、韓進行比較分析，得到以下結論：(1)台、日、韓三國的經營績效，以日本最優、韓其次、台最差；但日、韓的整體效率值逐年下滑，而台灣有逐漸改善的趨勢。(2)三國於2000~2001年間生產力皆下降，這與全球景氣蕭條及九一一事件有相當的關聯；2001~2002間由於無線上網的新技術致使消費性機種熱賣，因此於該期間，生產力呈提昇現象。(3)由Tobit迴歸分析得知存貨週轉率、總資產週轉率與經營年限對效率值有正向影響。 / In the recent years, Taiwanese Notebook manufacturers last the past years, extensions to make productive values and production grow up enormously. Due to the low price trend and global business trend stagnancy, resulting to profitability be not as good as the before for this industry. It deepens to operate and complete hard for the domestic manufacturers. At the same time, only the manufacturers that seizing operating the performance will maintain completing advantage to deal with highly completing enviornment. At the same time, South Korea has already got over from the shadow of 1998 crisis; and took along the most global productive country of TFT-LCD and DRAM; going into the market of frivolous type and join a battle of OEM/ODM orders. Japan owns global excellent design and capability of innovation and self-made ratio is still high. Therefore, Japan and South Korea are constantly Taiwanese major rivals. Firstly, it estimates how Taiwan Note Book manufacturers operate in 2000 to 2003 by Data Envelopment Analysis;In order to making up DEA not undertaking time-series analysis, using Malmquist Productivity Index to analyze; utilizing Tobit regression to analyze the factors that producers operate inefficiently. It gets the following conclusions:(1) In these four years, average technical efficiency is taken on rising year by year, and large scale producers do not imply better operating efficiency. (2) In these four years, the productivity is also rised year by year. This is due to technical change. (3) In Tobit regression analysis, there is a positive influence that inventory turnover, total asset turnover and brand affect efficiency; there is a negative influence that TCRI affects efficiency. This study gets the following conclusions;(1) For Taiwanese, Japanese and South Korea’ operating performance, Japan is the excellent, South Korea is the next, Taiwan is the worst. But Japanese and South Korea’ overall efficiency is worse year by year; Taiwan operating performance is gradually improved. (2) These three countries’ productivity decline from 2000 to 2001. It is concerned with global economic recession and 911 incident. The productivity is raised from 2001 to 2002. It results from WLAN type to sell briskly. Turnover ratio of inventory and turnover ratio of total asset tighter operating years all have a positive influence on efficiency.

台灣產業的發展一向與國際市場的脈動相連，光電產業也不例外，近幾年來在國際的夾擊之下依然發展得極為出色，與其他部分高科技產業共同支撐起台灣科技產業的命脈。所以本研究藉著資料包絡分析法 (data envelopment analysis, DEA) 的應用，透過計算整體技術效率、純粹技術效率、規模效率與 Malmquist 生產力指數，具體衡量出各廠商的生產效率值與跨期變化情形以供廠商參考。另外將光電產業依產品特性分成幾個次產業，為各次產業提出客觀的經營建議。最後由 Tobit 迴歸分析影響效率的重要因素，提供提升效率的參考，希望能對我國的光電產業有所幫助，而繼續為台灣科技產業的成長努力。 本研究以國內 30 家光電產業廠商於 2000 年至 2003 年之資料為研究範圍，選取的投入變數為：員工人數、固定資產、營業成本與營業費用四項，產出變數為營業收入淨額與稅前淨利。另外迴歸分析中使用的解釋變數為董監員工紅利率、存貨週轉率、負債比率、研發費用率、 TCRI 信用評等與董監持股比率。 研究結果顯示，整個光電產業整體無效率的原因較多是技術無效率導致，小部份是規模無效率造成的；而就每個次產業而言，以其四年平均值來看亦是受技術無效率影響較多。而在 Malmquist 生產力指數分析中發現，整個光電產業只有在 2000 年至 2001 年間，因技術退步的影響大於綜合技術效率進步的影響，而使得生產力衰退，往後的期間皆呈現進步的態勢。而在次產業方面，綜合技術效率的退步導致光通訊產業在 2001 年至 2002 年間的生產力衰退；技術的退步使得 2002 年至 2003 年間的光輸出入產業產生生產力的衰退。 最後，在迴歸分析中的結果為存貨週轉率對於整體技術效率有著顯著的正向影響；研發費用率是顯著的負向影響。而在純粹技術效率部份，存貨週轉率有顯著正向影響；TCRI評等越佳，TCRI 值越低，純粹技術效率越好。 / Taiwan's industries are always connected closely with international market, and optoelectronic industry is no exception. Through keenly competence these years, it is still brilliant and boosts the lifeline of Taiwan's Technology industry with other Hi-tech industries. So this research uses data envelopment analysis as objective references to enhance production efficiency. First we divide the whole optoelectronic industry into several sub-industries according to the characteristics of their products, and calculate every firm and sub-industry’s values of technical efficiency, pure technical efficiency, scale efficiency and Malmquist index definitely. Then we analyze the key factors influencing production efficiency and offer references for helping optoelectronic industry better. This research is based on the data of 30 optoelectronic firms in Taiwan during the 2000-2003 periods. We use the number of employee, fixed assets, operating costs and operating expenses as input variables; net sales revenue and net income before taxes as output variables. Besides, the explanatory variables in regression analysis are the percentage of bonus accounting for operating net amount, inventory turns, debt ratio, the percentage of R&D expenses accounting for operating net amount, TCRI, share holding on directors. The result shows that inefficiency in the whole industry and sub-industries mainly comes from technical inefficiency. MPI demonstrates that productivity of the whole industry is declined only during 2000-2001 period and it is because of declined technology. And declined technical efficiency results in the declined productivity of fiber-communication industry between 2001-2002; declined technology results in the declined productivity of optical input/output devices industry between 2002-2003. Under regression analysis, the result shows that inventory turnovers have a significant positive effect on efficiency; the percentage of R&D expenses accounting for operating net amount has a significant negative effect on efficiency. And about pure technical efficiency, inventory turn has a significant positive effect; TCRI has a significant negative effect.

台灣的IC設計產業總產值全球僅次於美國，自從九零年代中期成為我國極受矚目的產業。因此本研究所探討的主題為全球IC設計產業的生產效率分析，以2003年全球營收前卅大IC設計廠商為樣本。透過資料包絡法(Data Envelopment Analysis，DEA)，針對不同地區與個別廠商進行2000年至2002年的效率分析，最後進行Tobit迴歸分析，求得影響廠商生產績效的因子，提供本國廠商改善效率的參考，實證結果為： 1.DEA跨國比較的結果顯示，在2000年至2002年整體技術效率值最高的地區為美國，在2000年與2001年為台灣整體技術效率值僅次於美國，但在2002年卻落居第三。觀察個別廠商績效，Qualcomm、MediaTek、Marvell、ICS、Lattice、Pmc-Sierra與DSP Group等廠商績效最好，其整體技術效率值為1。 2.Malmquist生產力指數(MPI)跨國比較的結果顯示，臺、美、加三國總要素生產力均呈現退步的情形，2001至2002年，臺、加總要素生產力呈現進步，美國呈現退步。就個別廠商而言，在2000年至2001年間有四家廠商總要素生產力進步，在2001至2002年年則有十五家廠商總要素生產力呈現進步的狀況。 3.Tobit迴歸分析的結論為：存貨週轉率inventory turnover對整體技術效率有顯著的正向影響；負債比率與平均收帳期間均對整體技術效率有顯著的負面影響。研發費用率、經營年限與整體技術效率呈現正向關係，至於每人配備率則呈現負相關。 / The total output value of Taiwanese IC design industry is the globally second following United States. It had become the domestic gazed industry since mid 90s. Therefore, this research studies the production efficiency of global IC design industry and chooses the firms which sales globally ranked top 30 as samples. Through DEA, this thesis analyzes the efficiency focused on different regions and individual firms from 2000 to 2002. And finally, the Tobit regression model is proposed to find out the factors that influenced performances of firms and it could be reference for the domestic firms to improve their production efficiency and productivity. The results display: 1. By comparison with regions, the DEA results display that U.S.A. United States has the highest overall technical efficiency(TE) value during 2000 to 2002. Taiwan ranked behind U.S. both in 2000 and 2001 but dropped to the 3rd position in 2003. Observing performances of individual firms, Qualcomm, MediaTek, Marvell, ICS, Lattice, Pmc-Sierra and DSP Group performed as the best and their efficiency value is 1. 2. By comparison with regions, Malmquist Productivity Index(MPI) results display that the U.S.., Taiwan and Canada showed their Total Factors Productivity (TFP) to degenerate from 2000 to 2001. However, Taiwan and Canada showed their progressive TFP, progress in TFP but U.S.A. had a regressive TFP from 2001 to 2002. For one individual firm, there were only 4 firms’ TFP being aggressive from 2000 to 2001 and there are 15 firms’ TFP aggressive from 2001 to 2002. 3. The result from running Tobit regression models display that Inventory Turnover has significant positive effect to TE; Debate Ratio and Average Collection Period have significant negative effect to TE; R&D Ratio and Incorporated Period have direct relation with TFE and Equipment Per Employee has negative relation with TE.

我國全面開放保險市場後，壽險業所面臨市場競爭更加激烈，經營風險亦隨之增加，甚至影響其經營績效。本文以資料包絡分析法（DEA）評估2002年至2004年我國人壽保險公司的經營效率，並找出相對無效率壽險公司改善空間,再以Tobit截斷迴歸模型探討可能造成壽險公司之間經營效率差異的影響因素。其中由DEA技術效率評估結果發現：(一) 壽險公司整體技術效率平均值介於50.98﹪與70.15﹪之間，代表我國壽險公司在投入資源運用與配置上仍存有改善空間，在產出不變下，平均而言，可以節省29.85%至49.02%的資源使用量。（二）純技術效率值大於規模效率平均值，顯示造成壽險公司技術無效率之來源，資源浪費及生產規模不適當所造成的情況均有，但大部分來自於前者。迴歸實證結果顯示：（一）外勤兼職人員比率與技術效率具正向關係，顯示壽險公司僱用兼職人員招攬業務，相對專職人員可減少人事成本，可提昇經營績效。（二）國外投資比例與技術效率具正向關係，即壽險公司因國外投資商品多樣化選擇，可靈活運用資金，提昇技術效率。（三）佣金率與技術效率具正向關係，代表壽險公司支付業務員佣金及津貼愈高，愈能激勵業務員積極招攬業務，增進公司業務績效，以提高技術效率。（四）逾期放款比率與技術效率為負向關係，即壽險公司逾期放款比率愈高，績營效率愈差。（五）市場占有率與技術效率為正向關係，顯示壽險公司市場占有率愈高，對市場的控制能力較佳，在產品銷售亦具有規模經濟，可提昇經營效率。（六）外內勤人員比例與技術效率為負向關係，表示外內勤人員比例愈高，壽險公司易忽略內勤行政人員在核保、理賠及客服等作業品質，將影響公司產品創新及保戶後續權益等，不利公司經營績效。

本研究旨在運用資料包絡法(data envelopment analysis, DEA)分析「教育部公私立大學校務資訊評鑑系統」中90至92學年度我國50所大學校院在研究與教學上之經營效率。研究問題有四：(1)國內大學校院教學與研究之投入與產出性指標系統分別為何？(2)國內各大學校院之相對效率值為何？改進策略為何？(3)國內各大學校院之發展類型為何？(4)國內各大學校院之發展趨勢為何？本研究考量投入項與產出項之重要性，編製「評估我國大學校院之發展策略指標權重專家調查問卷」以國內30位高等教育行政主管為調查對象進行層級分析取得指標相對權重，並套用於確定區域模式進行效率值之估算。指標係依據文獻探討與積差相關的同向性檢定，在研究效率上選擇6個投入項及5個產出項；在教學效率上選擇7個投入項及2個產出項。所使用之統計分析包括：積差相關、層級分析法、資料包絡法(效率分析、差額變數分析、參考集合分析、Malmquist 生產力指數)、Kruska-Wallis H檢定、Mann-Whitney U檢定、Tobit迴歸。 本研究得到以下六項結論： 一、本研究依大學生產關係架構所擬定之20項指標經相關分析、專家權重以及資料包絡法三種層面之分析，可作為以效率觀點評估我國經營效率的指標系統。 二、研究投入資源重專任副教授以上人數，研究產出重專任教師發表重要期刊論文篇數；教學投入資源重專兼任教師人數，然而，授課時數與約當畢業生人數在教學產出上同等重要。 三、三個學年度間，研究面向中有5校均為整體技術有效率，40校均為整體技術無效率；教學面向中有1校均為整體技術有效率，48校均為整體技術無效率。研究與教學無效率之原因均導因於純技術無效率，分別約浪費22.4%-27.2%以及26%-27.3%的投入資源，規模無效率影響較小。 四、不同權屬別對於整體技術效率之影響，主要源自於純技術效率；不同學校規模對於整體技術效率無影響，其係綜合學校規模越大純技術效率越差，但相對規模效率越佳的結果。 五、國內各大學校院發展，研究型大學以國立大學與醫學校院為主；教學型大學以師範校院與私立大學為主。 六、就三個學年度發展趨勢，整體而言研究效率提升，教學效率衰退，而各大學發展趨勢除整體技術效率略有消長外，35校在三個學年度發展類型均為一致。 / The purpose of this study is to assess the research and teaching productivities of 50 Taiwanese universities and colleges over the period of academic years 2001-2003. Research questions include: (1)What is the index system to assess school performance? (2)How many efficiency scores do these schools get? Inefficient units can implement what kinds of improvement to achieve efficiency? (3)What are their development styles? (4)What are their development tendencies? In order to consider weight restriction on inputs and outputs, author compiles “the expert questionnaire of assessing development strategy in Taiwanese universities and colleges”, and invites 30 specialists to answer, including 15 principals in higher education institutes and superintendents from Ministry of Education and 15 professors majoring in this field. Assurance region model with weigh indexes is used to calculate the whole efficiency scores. According to the result of literature reviewing and isotonicity test, author picks out 6 inputs and 5 outputs in research dimension and 7 inputs and 2 outputs in teaching dimension. Some statistic methods are used, including Pearson correlations, analytic hierarchy process, data envelopment analysis, Kruska-Wallis H test, Mann-Whitney U test and Tobit regression. Results based on data show as follows: 1. Through statistic analysis, those indexes the author drafts can be used to assess the productivity of Taiwanese higher education institutes practically. 2. In research dimension, the most important input is the number of assist professor, output is academic paper accepted by prestigious journals. Besides, in teaching dimension, the most important input is the number of faculty; however, the amount of class hours is equal to the amount of graduates on output part. 3. In research dimension over three academic years, 5 schools were efficient in each year; however, 40 schools were inefficient in each year. Furthermore, in teaching dimension, only 1 school was efficient in each year; in contrast, 48 schools were inefficient. Both of research and teaching inefficiency mainly came from pure technical inefficiency, wasted 22.4%-27.2% and 26%-27.3% separately. 4. The effect of different authorities upon the efficiency mainly came from the pure technical efficiency. In addition, because of the effect mixed pure technical efficiency (PTE) with scale efficiency (SE) the effect of the different school scale upon the efficiency was non-significant. 5. Research universities are mostly from national universities and medical colleges. In contrast, teaching universities are mostly from private universities and normal colleges. 6. As a whole, research efficiency score grows but declines in teaching. Beside of some fluctuations on efficiency score, there are 35 schools maintain their development styles stably.

雖然國內論文對企業併購的研究不在少數，範圍涵蓋併購的動機、類型、績效、策略與法律等，但針對敵意併購的研究則甚少，且研究大多著重於目標公司反接管策略的探討，鮮少對敵意併購後的績效進行討論。因此，本研究欲藉由資料包絡分析法，衡量我國敵意併購目標公司於併購發生後的經營效率變動的情況，及探討國內企業敵意併購之動機。 本研究以1986年至2001年台灣的併購活動為研究對象，實證發現主併者在選擇善意或敵意併購目標時有所差異；主併者選擇在善意併購目標公司時，對於目標公司之經營績效並無特別偏好；但在選擇敵意併購目標公司時，則以經營效率不佳者為對象，並透過敵意併購改善其經營效率；此外，敵意併購目標公司在替換掉管理能力不佳的管理者後，其效率進步的程度大於善意併購目標公司。因此，本研究樣本顯示台灣敵意併購支持懲戒式接管的動機假設。 / / Many scholars did researches on merger and acquisition (M&A) before, and the research scope involved motives, types, performance, strategies and laws of M&A; however, few of them mentioned hostile takeovers. Besides, most of hostile takeovers researches focus on anti-takeovers defenses of target companies, only a few researches discussed about post-takeover performance after hostile takeovers. This research attempts to measure the efficiency change of target companies after hostile takeovers, and discuss the motives of hostile takeovers in Taiwanese enterprises. The sample year includes Taiwan from 1986 to 2001. The research findings reveal that in the samples of friendly takeovers, there were no specific preference for choosing the targets companies. On the other hand, in the samples of hostile takeovers cases, the research findings denote that most of the target companies were underperformance, which triggers the takeover action. Moreover, the result demonstrates that hostile takeovers present better performance improvement than friendly takeovers do. The findings support hostile takeovers disciplinary motives implication in Taiwan.