台灣連鎖零售業國內自從 1979 年，由統一企業與美國南方公司合作，引進國外連鎖經營的全套管理制度及經營知識之後，至今近三十年間國內的零售產業經歷巨變，傳統商店漸漸式微；隨著知識經濟、網路高科技的時代來臨，企業的價值不像過去只反應有形資產帶來的利潤與附加價值，更著重於知識技術、管理人才、品牌商譽等無形資產所創造的附加價值。學者S. David Young and Stephen F. O'Byrne (2000) 在其書 ”EVA® and Value-Based Management” 中，將經濟附加價值進一步延伸為現在營運價值 (COV) 與未來成長價值 (FGV) ，不論是企業的未來成長價值或是成長機會，都是企業價值裡複雜且難以捉摸的一部份。 本研究針對台灣上市櫃零售業，影響每投入單位資本的企業未來成長價值 FGV 與價值因子之間的關係，實證結果彙總如下： 1. 零售業的規模大小與未來成長機會呈顯著負關係。 2. 零售業的資產使用效率的良窳，與其未來成長價值正關係。 3. 零售業賺取超額報酬率的能力，正向影響未來發展的機會。 4. 零售業的過剩資金導致其資金成本與j未來發展正相關。 5. 零售業的當期營運價值將侵蝕其未來的成長價值。 6. 零售業採取營收擴張或資本支出擴充策略無助於未來的價值創造。 本研究試圖找出創造零售業未來價值的關鍵因子，而價值驅動因子是一種績效評估指標，該指標對於事業經營的績效有直接影響。並進而建議零售業者藉由瞭解其產業的特性，依據企業所處的生命週期及競爭環境，透過內部改善或外部創新等方式，以創造企業潛在的價值。將企業價值的創造納入企業策略規劃與執行中，並發展以價值導向的績效目標與考核制度；建立一套與企業價值鏈相結合的員工激勵制度。將企業的資源隨著環境的改變予以適當地配置，實行以價值為導向的管理系統。最後，透過財務結構的調整策略，選擇正確的財務決策，以降低企業營運的資金成本、增加企業稅後淨利，增進企業競爭優勢並免於被惡意併購的風險。 / Since the introduction of the complete management system and the business expertise through the collaboration of the Uni-President and The South Corporation in 1979, the retail industry in Taiwan has gone through a thirty-year period of huge changes in which conventional stores diminish gradually. With the coming era of knowledge economy and internet technology, corporate value lies more in knowledge、techniques、administrative human resource、goodwill, etc created by intangible assets, rather than the profits and other added value brought by visible assets. In his book EVA® and Value-Based Management, S. David Young and Stephen F. O’Byrne (2000) stated that the economic benefit could be extended to the concepts of Current Operating Value and Future Growth Value and either the future growth value or the growth prospect, these elements are complicated and hard to predict. This research focuses on the study of the effect of per-unit devoted capital has on the relation between future growth value and value factor. The results are listed as below: 1. There is a negative correlation between the scale and the future growth value in the retail industry. 2. There is a positive correlation between the application efficiency of asset and the future growth value in the retail industry. 3. The ability of making excess return has a positive effect on the prospect of future growth. 4. The capital surplus in the retail industry can result in a positive correlation between the cost of capital and future development 5. In the retail industry, the current operating value can erode the future growth value. 6. In the retail industry, the adaptation of revenue expansion or capital expenditure expansion policy has no positive effect on the creation of value. This research aims at finding out the key factors in the creation of future growth value in the retail industry, and the key value driver is an indicator of the achievement assessment. The indicator has direct effects on enterprise’s operational performance. It is recommended that the retailers can create its potential value by comprehending the industry’s characteristics through internal improvement or external innovation in accordance with its life cycle and competitive environment. It is also recommended to include the creation of corporate value to the formulation and implementation of business strategy and to develop a value-oriented performance target and assessment system. By doing this, the corporate can set up a staff encouragement system that co-relates to corporate’s value chain. Furthermore, it is suggested that the corporate should properly allocate the resources in accordance with the changes in the environment in order to implement the value-oriented management system. Finally, through the financial structure adjustment strategy, the corporate can choose the correct financial strategy, enabling the decrease of operational cost of capital、the increase of after-tax profits、the improvement of corporate competitiveness and the avoidance of mal-merger.

Thesis (Ph. D.)--University of Chicago, Dept. of Comparative Literature, 2001. / Includes bibliographical references. Also available on the Internet.

Thesis (B.A.)--Haverford College, Dept. of Spanish, 2004. / Includes bibliographical references.

In this paper, the popular fundamental analysis model Economic Value Added is tested for any ability to generate returns above that explained by book-to-market effects on American large cap stocks. A zero net-investment hedge portfolio-test was undertaken where the Economic Value Added® fundamental analysis was applied on a sample of large cap stocks, sorted into quintiles after book to market valuation. The portfolio investing in the extreme quintiles gained positive returns between the years 1999 – 2010 equal to an average yearly total return of 7,32 %. During the test-period, the benchmark portfolio constituent of stocks sorted in the same way but without the Economic Value Added® analysis only managed to score returns equaling 2,3 %, adding evidence in favor of the Economic Value Added® analysis. The Economic Value Added also showed a better risk-profile than the benchmark portfolio, measured as the Modigliani Risk-Adjusted Performance over the entire period, further acknowledging the abnormal returns. However, the Economic Value Added® sample portfolios where unevenly distributed regarding number of stocks, foremost in the short-sold part for some years, mitigating the test as strong evidence in favor of the Economic Value Added® analysis. An independent samples t-test also did not reject the null hypothesis. Despite the mixed results of the test, the strength in the specification of sample and choice of method leads us to conclude that that the Economic Value Added® seems like a moderately effective tool for identifying mispriced stocks.

No description available.

La difficulté de recyclage des pneus usagés en raison de la réticulation de la gomme représente un enjeu environnemental important. Une solution envisagée dans cette étude est la mise en œuvre de poudrettes de pneumatique recyclées (GTR) dans la conception de produits de plasturgie visant un bon amortissement choc, acoustique et vibratoire. Notre travail s'est orienté vers la conception et la caractérisation de deux types de matériaux : 1) Des composites Thermoplastique/GTR, sur 2 matrices thermoplastiques (TP) différentes (Acétate de vinyle (EVA) et polypropylène (PP) mis en œuvre par extrusion/injection, 2) Des plaques composées à 100% de poudrettes GTR élaborées par compaction/chauffage. La qualité de l'interface TP/GTR a été estimée par analyse micrographie électronique à balayage MEB. L'influence des charges GTR sur la cristallinité des matrices a été évaluée par DSC. Une étude en traction a permis de déterminer le module de Young en traction, le seuil d'écoulement ainsi que l'allongement à rupture. L'amortissement vibratoire a été caractérisé par analyse mécanique dynamique (DMA) avec la détermination du facteur de perte η sur une large gamme de températures permettant la construction des courbes maîtresses en fréquence (équivalence fréquence/température WLF). L'amortissement choc a été déterminé par impact de chute de masse instrumenté. Le coefficient d'absorption acoustique a été mesuré au moyen d'un tube de Kundt par la méthode des deux microphones. Ces différents moyens de caractérisation ont montré que l'amortissement de vibrations et d'impacts était augmenté par l'incorporation de charges GTR dans une matrice TP. L'étude de la résilience des mélanges PP/GTR a mis en évidence l'influence de la structure interne des éprouvettes moulées sur les mécanismes d'amortissement des chocs. Les plaques constituées à 100% de poudrettes compactées/chauffées ont démontré une bonne cohésion et d'excellentes propriétés d'amortissement aux chocs. Le coefficient d'absorption acoustique n'est intéressant qu'au voisinage de la résonance des différentes plaques testées.

The Swedish photographer and artist Eva Klasson, based in Paris in the 1970s, gained attention for her series of black-and-white photography of her own naked body, which opened up for an international artistic career in the late 1970s. Despite a promising career she however abandoned photography and disappeared from the artistic sphere only a few years after her debut. There has been a renewed interest in Klasson’s work in Sweden the last decade where she has been exhibited at museums and galleries. Today she is represented at art museums and institutions including Moderna Museet, The Modern Museum of Art, in Stockholm. She is now presented as a pioneer and a forerunner to the later generation of Swedish women artists working with photo based art and staged photography in the 1990s. This historiographical study revisits Klasson’s work, career and reception in order to examine the prevalent understanding of the artist and her work. There is limited previous research on Klasson. This empirical study is therefore based on Klasson’s works that I have examined first hand at Moderna Museet and Borås konstmuseum. By tracing Klasson’s career and examining the contemporary reception in France and in Sweden one can see that Klasson not only enjoyed wider attention in France than in Sweden but also that she was received and understood differently in the two countries. Today’s prevalent reading of Klasson is to a large extent based on the contemporary reception, which disregards important aspects of her work. By discussing Klasson’s body of work in relation to photography of similar subject matter and aesthetics it become clear that one cannot only discuss her work in terms of photography. It is evident that Klasson’s work comprises of subtle elements that have largely been ignored so far. The prevalent understanding of Klasson also shows to be based on a narrow selection of her work. I argue that Klasson’s working method and artistic expression is formulaic. This becomes evident in the examination of her artist book, Le troisième angle (1976), which set off her artistic career. The artist’s book also forms a background against which this artistic project originally had been formulated and brings new light to Klasson and her work. Her two following series, Ombilic (1977) and Parasites (1978), are modeled on the artist’s book. Therefore these three series, following the same strategy, must be regarded in relation to one another. Furthermore I argue that one needs to pay attention to all parts of her artistic production that together comprise the works. In doing so, this essay, with its historiographical scope, suggests and opens up to new and alternative readings of Klasson’s work.

Master of Visual Arts / The title Normal What refers to a group of paintings that emerged from my Masters of Visual Arts 2004/05 studio project. Individual paintings are chronological self portrait reflecting upon my own experiences and those in the wider community who at some point in their lives have had to endure the struggles, and negative stigma that is so often attached to those who have become marginalised and detached from mainstream society. People found in this category include the disabled, homeless, unemployed, and those with addiction problems. Each painting bears a close connection with techniques associated with abstract expressionist painting. This radiates through the vast expanse of drips, stains and explosions which appear to suffocate the paintings delicate monochrome surface. Strong references to Kristeva’s theory on Abjection arrive through the aggressive and violent outbursts of paint that evoke an atmosphere of symbolic horror, personal dysfunction and social oppression. This emerges out of the shadows and private spaces of the painting’s domestic interior. Deep emotional, psychological, sociological sensitivities are raised throughout my studio practice. Combined with a series of unresolved tensions, and questions surrounding normality run deep a consequence of society’s push for normality are being felt most acutely by those effected by this form of sociology. The ideas raised through my studio project had a profound influence on the research being conducted for the dissertation. Kristeva’s theory on Abjection, along side the practices of Eva Hesse, Barnett Newman, Agnes Martin emerged from a group of highly emotional abstract paintings. This strengthened the connection between the studio project and the dissertation. Aimed at deepening a personal understanding an commitment to researching the subject of normality and how it could be successfully articulated through a visual narrative.

Zugl.: Oldenburg, Univ., Diss., 2002

Zugl.: Madrid, Univ. Complutense, Diss., 2006