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191	美國不動產投資信託資產稅賦遞延交換對股票報酬和股利之影響 / The Effect of Tax Deferred Exchange on Stock Return and Dividend in U.S. REITs Property Transaction 劉依涵, Yi-Han,Liu Unknown Date (has links) 本文以2003到2006年美國上市之不動產投資信託（REITs）的資產稅賦遞延交換做研究，並用資產出售交易作為比較，觀察稅賦遞延交換對股票報酬和股利的影響，研究結果發現稅賦遞延交換對於股票報酬有負的宣告效果，然而出售資產的交易有正的且顯著的宣告效果，由於美國REITs基於稅法規定，作為免稅體，每年要以股利的形式分配百分之九十的盈餘給股東，稅賦遞延交換並不能像資產出售交易一樣帶來現金流入，因此對於未來股東的股利所得有所影響，股東對於股票報酬沒有正向的反應，但是股東會考慮稅賦遞延交換會帶來資產重配置的效率，再加上REITs通常會支付比規定還要多的股利，因此稅賦遞延交換的對於股票報酬的負影響會因此而減弱，進一步針對交易方式還有REITs股利分配進行研究，研究的結果支持稅賦遞延交換後的股利比起直接出售交易後所發放的股利還要少。本文除了研究股東對於交易宣告的反應之外，也綜觀不同資產交易方式的現金流量和REITs股利的關連性，藉此瞭解影響REITs選擇交易方式的內涵因素，以及對股票報酬和股利的影響。 / This research examines the tax deferred exchanges made by public U.S. Real Estate Investment Trusts (REITs) over 2003-2006 as well as the transactions of sell-off. The purpose of this study attempts to explore the effects of tax deferred exchange on stock returns and dividend distribution. Result of this study shows that announcement effect of tax deferred exchange is negative in stock value. On the contrary, the relationship between sell-offs and stock value is significantly positive. The reason to explain the difference on announcement effect between two types of property transaction is the specific taxable earning distribution restriction on REITs. U.S REITs have to pay out 90 % of taxable earnings in the form of dividends to their shareholders to exempt from tax. As a result, tax deferred exchange doesn’t bring cash inflow contributing to dividend increase and then shareholders react a lower stock return on tax deferred exchange than on sell-offs. However, the negative effect is weakened by the efficiency of asset reallocation and the regular dividend distribution over tax law restriction. In the analysis of dividend payment, the result of dividend examination supports the hypothesis that tax deferred exchange without cash inflow make dividend fewer than sell-offs. This study may be of importance in explaining the reaction of shareholders on tax deferred exchange of REITs’ property, as well as in providing shareholders with a better understanding of the relationship between cash flow and dividend distribution in order to clarify the cause that affect REITs to utilize different types of transaction and the factors that affect stock return and dividend. 稅賦遞延交換資產出售營運現金流量事件研究法樣本選擇偏誤模型 Heckman 兩階段估計法 Probit 模型不動產投資信託 Tax Deferred Exchange Sell-offs Fund From Operation Event Study Sample Selection Bias Model Heckman Two-stage Estimation Probit Model Real Estate Investment Trusts
192	Leveraging IoT Protocols : Integrating Palletization Algorithm with Flexible Robotic Platform Ferm Dubois, Mathias January 2024 (has links) This thesis explores the integration of IoT protocols to enhance supply chain efficiency and sustainability by developing a flexible automated system. The research covers the integration of a palletization optimizer with a flexible robotic platform, a project conducted in collaboration with OpiFlex and Linköping University. Flexibility and sustainability in production, particularly in the food and beverage industry, are critical yet challenging to achieve. This research addresses these challenges by proposing a system that aligns the output with customer needs by combining these technologies. The research employs a combination of case study and exploratory methodologies. The development approach synthesizes elements from Set-Based Design, Point-Based Design, and Agile development frameworks. The primary research questions focus on identifying the best system architecture for integrating the palletization optimizer with a lower-level automation platform and outlining the steps needed to transform this integration into a commercially viable product. The system includes the optimizer, capable of processing customer orders and configuring products on mixed output pallets, integrated with a flexible robotic system provided by OpiFlex. The work involved evaluating communication protocols, MQTT, OPC UA, and TCP/IP, and designing robust interactions and interfaces between the subsystems. The results demonstrate the system's architecture and interaction protocols. The thesis concludes with a discussion of the results in comparison to the application scenario and the standards consulted. The conclusion is that the chosen interface practices should remain largely intact but be re-developed using an OPC UA-based architecture. The main reasons for this are its support for both pub/sub and client-server models, increased security, and greater support for enterprise application integration. However, depending on the specific application, the downsides of OPC UA may outweigh its benefits. IoT IIoT CPS CPPS MAS Multi-Agent Systems Industrial Systems Integration IT/OT OPC UA MQTT Automation Palletization Algorithm Supply Chain Efficiency Flexibility Automated Flexibility Sustainable Supply Chain Food and Beverage Industry Industry 4.0 RAMI 4.0 3D Bin Packing Problem Loosely Coupled Integration Tightly Coupled Integration Trade-offs in System Design IoT Security Enterprise Application Integration Communication Protocols Computer and Information Sciences Data- och informationsvetenskap Elektroteknik och elektronik Robotics Robotteknik och automation

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美國不動產投資信託資產稅賦遞延交換對股票報酬和股利之影響 / The Effect of Tax Deferred Exchange on Stock Return and Dividend in U.S. REITs Property Transaction

Leveraging IoT Protocols : Integrating Palletization Algorithm with Flexible Robotic Platform