Abstract The steel industry has been known as 'The mother of all industries '. With the emerging incidents such as Asian financial meltdown, industrialization of the China, and the policy of macro economic controls by the China government, the stock index of the steel industry has fluctuated violently. Despite the economy of China is to be adjusted upwards, in the foreseen future, the global steel supply will be probably exceed the demand. Such phenomenon definitely causes the pressure on the market that it also attracts much attention of the relevant stockholders. Current research investigates the most suitable model for valuating the stock price of the steel industry that would provide valuating methods to the corporate management and investors for decision making and investment. This research has studied 19 companies of steel industry of Taiwan listing companies with 6 approaches including the ¡¥Discounted Free Cash Flow Models¡¦, ¡¥Price to Earning Ratio¡¦, ¡¥Price to EBITDA Ratio¡¦, ¡¥Price to Sales Ratio¡¦, ¡¥Price to Book Value Ratio¡¦ and ¡¥Edwards-Bell-Ohlson Model¡¦ to valuate their reasonable intrinsic value from 2000 to 2005. The test of Theil¡¦s U is then applied to evaluate the approaches in order to justify the best valuation model. This study indicates the following results¡GThe Price to Book Value Ratio is the best valuation model since its smallest Theil¡¦s U value. The Price to Earning Ratio is the most unsuitable model for this evaluation purpose with a highest Theil¡¦s U value.

The purpose of this research is to discuss the "Rational Reform Plan on Public Servant Pension Income", systematic inquiries into the perception and manner of Penghu County public servants towards the reform plan, analyze the perception and manner differences by the public servants with different backgrounds, and propose conclusions and suggestions for a smooth and rational pension reformation. The objectives of this research are as follows: 1. Understand the perception and manner of Penghu County public servants towards the "Rational Reform Plan on Public Servant Pension Income"; 2. Understand the perception and manner differences by current and retired public servants towards the reform plan; 3. Understand if there is a difference in perception and manner by current public servants with different backgrounds; 4. Understand if there is a difference in perception and manner by retired public servants with different backgrounds; 5. Understand the feelings and suggestions of the Penghu County public servants towards the reform plan. This research is conducted with the literature analysis and questionnaire survey methods. Using current and retired public servants of Penghu County Government and respective institutions as the subjects, the number of sampling current public servants is 437 (distributed 437 questionnaire), 416 questionnaire is returned, the number of valid questionnaire is 404 and the ratio of valid questionnaire is 92.45%; the number of sampling retired public servants is 112 (distributed 112 questionnaire), 61 questionnaire is returned, the number of valid questionnaire is 56 and the ratio of valid questionnaire is 50%. This research obtains the below conclusions: 1. Most participants feel the domestic economic planning for senior is insufficient and approve to adopt gradual reduction of retired planning difference; 2. Most participants approve the reform concept but feel the plan content lacks fairness and the plan guidance is insufficient; 3. The participants have different views on whether the plan is helpful to the society, dignity of the public servants and national financial pressure; 4. The reform plan helps in easing early retirement but is afraid on letting unsuitable staff to remain in office and reduction of trust in the government; 5. The current and retired staff have different perceptions to the reform background and strategy planning; there is no perceptive difference in the strategy influence; 6. There is perceptive difference to the strategy background by current public servant of different ages, service seniority, positions, levels and institutions; different genders and education levels do not show any difference. 7. There is perceptive difference to the plan connotation by current public servant of different backgrounds; 8. There is perceptive difference to the strategy influence by current public servant of different genders, service seniority, education levels and positions; different ages, levels and institutions do not show any difference; 9. There is perceptive difference to the strategy background by retired staff of different genders, ages, service seniority, education levels and institutions; different positions and levels do not show any difference. 10. There is perceptive difference to the strategy influence by retired staff of different ages, service seniority, education levels and institutions; different genders, positions and levels do not show any difference. With the above conclusions, this research proposes the below suggestions: 1. More professional and less politics in the civil system reform; 2. Pension income reform is not to be pursued to maintain good faith in the government; 3. The reform plan should be legalized before implementing; 4. Review before revision of irrational reform stipulations; 5. Integrated measures and advance announcement; 6. Early planning of old age economic planning system; 7. Planning of retirement and social welfare system; 8. Public servants should plan lifetime income to safeguard old age.

Based on the trend of dividend payout ratio from 1986 to 2004 in Taiwan, it appears the companies have experienced two different stages of cash dividend policies. Before 1997, the cash dividend payout ratio declines slowly. But starting 1998, the payout ratio raises substantially, and the sum of cash dividend appears the same trend. Investigate the companies that pay cash dividend out, discover that they concentrate on those make a earning, and focus on those have high profit year by year. The sample is selected from listed companies in Taiwan Stock Market from 1988 to 2004 , not including financial and utility companies. This thesis uses binary logistic regression to test the relationship between company¡¦s characteristics and paying cash dividend, and survey whether this characteristics are the reason to make the cash dividend payout ratio raises quickly. The result of this research found that there is positive relationship between the payout of cash dividend, the company size, profitable ability, and free cash flow ratio. Moreover, there is negative relationship between the payout of cash dividend, growing opportunity, and liability ratio. But among the two variables measuring the growing opportunity, the asset growing ratio has a better interpretation in the earlier stage; and the market-to-book ratio does in the later stage. On the base period of 1988 to 1997, use binary logistic regression and portfolios to set up a model to fit the cash dividend policies. The overall empirical evidence implies the company¡¦s characteristic don¡¦t change the companies¡¦ tendency of paying cash dividend. In other words, the phenomenon of cash dividend payout ratio raising actually is caused by the increasing fundamental tendency of the sample companies paying cash dividend.

Deep Mixing involves the introduction of cementitious or specially formulated solutions directly into the ground through the use of purpose built blending injection augers. The system is mainly designed to increase strength and reduce compressibility of treated soil. In the first stage of the research effective mixture ratios and mixture types of stabilizing agents were investigated for soft clays (CL form Eymir lake and kaolinite) by means of unconfined compression (UC) tests on stabilized soils. The unconfined compressive strength (UCS) values were obtained for 7,28,90 and 365 days of curing time. The ratio of elastic modulus at 50% failure load (E50) to (UCS) of the stabilizing agents were also investigated. In the second part of the research programme, deep mixed model columns with the three column materials and four different column spacings are formed within the large scale consolidation tanks, and the consolidation characteristics of deep mixed improved clay were investigated. Based on the results of large scale consolidation tests on deep mixed columnar improved soft clay, compressibility characteristics of improved soft clay were determined in relation to spacing of columns namely, effective replacement ratio and binder content. The cement content (also UCS) of the column material was found to be the most important parameter for the improvement effects of DMM applications. Validity of the relations for the estimation of bulk compression modulus of soilcrete were discussed. The use of constrained modulus of the soil and the column material were found to be effective in predicting the compression modulus of the soilcrete. Settlement reduction factor versus replacement ratio and cement content relations were determined which may be used for preliminary design works. The stresses on the soil and the columns were backcalculated from the settlement values. The stress ratios were obtained.

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The field strength prediction chart is a set of statistical curves obtained through the analysis of huge amount of field strength measurement data of the specific radio band in some area. It reflects the natural or artificial effects such as geography, atmospheric condition and buildings, etc. that affect the radio wave propagation. One advantage is that we can predict the rough relationship between the field strength and distance easily. As a result, we don¡¦t have to perform simulation field measurement in every radio planning. With prediction chart and field strength interference /protection ratio standard, we can suggest a minimum distance separation criterion between co-channel and adjacent channel broadcasting stations. It also provides a reference to authority to examine the broadcasting service application. The FCC develops the F(50,50) charts and minimum separation between radio stations base on data collected in the U.S.. Presently, the regulations concerning the broadcasting applications in Taiwan still follow the FCC¡¦s suggestion. In general, the field strength distribution is affected by two main factors: geography and atmospheric condition, which can be different from those in the U.S.. With the acquisition of digital terrain data of Taiwan, the terrain profile for a given path can be generated. In this thesis, we¡¦ll use Deygout model and the database of existed broadcasting stations to generate field strength distribution database for each station and analyze the database to develop the prediction chart that is suitable for the propagation environment in Taiwan. When combine with the field strength interference /protection ratio standard, we¡¦ll provide a minimum distance separation criterion of co-channel and adjacent channel in the FM band broadcasting stations. Our study can help the authority to achieve the most effective spectrum management in FM band.

We propose a novel call admission control which makes use of ratio-based traffic measurement to estimate the required bandwidth when a new call is issued. Existing approaches fail to estimate properly the required bandwidth. To alleviate the problem, we calculate the ratio between the measured mean rate and the mean rate declared by UPC parameters. The ratio and the target cell loss rate are used to estimate the required bandwidth to make decision if a new call is accepted or rejected. Because of more accurate estimation of required bandwidth, our method can provide a better control on quality of service.

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Abstract In stock-exchanged airline mergers, the determination of an exchange ratio is an important issue. The purpose of this paper is providing a simulative study of exchange ratio determination for airline merger in Taiwan. The paper is based on the Larson-Gonedes merger exchange ratio model(1969) and extends it to consider marker risk. In addition, we use the exponential smoothing model to estimate the expected post-merger price-earnings ratio. Our sample consists of China Airlines and EVA Airways. We find that the L-G model indicates the interval of exchange ratios which will enhance, or at last not cause any diminution in the wealth positions of all parties to a proposed airline merger. Also, the bargaining area offers some information to help merger candidates to negotiate final actual exchange ratio.

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