Yes / In this paper, we extend Tobin’s Q model under financial frictions (Hennesy, Levy, and Whited, Journal of Financial Economics (2007)), using a discrete-time version of their model, to include private benefits of control of managers and other stakeholders and soft budget constraints in the form of money injections into the firm. Managers are not viewed to maximise shareholder value, but to maximise the value of their shareholding plus their private benefits of control. Private benefits of control introduce elements of asset stripping into the model. We characterize the optimal investment policy, analyse comparative statics and discuss applications to firms in transitional economies.

臺灣的世界史教育自1949年以來已經走過一甲子，歷史課本的改革卻不會因為歲月匆匆而走到終點，課本只能不斷的被完善，方能教育出更好的下一代，以完成百年大計。本文除了第一章緒論與第五章結語之外，正文一共分為三章。第二章講述課綱與時代的互動，歐洲中心觀是如何在臺灣的世界史扎根，將討論臺灣政治氛圍與兩岸對峙的影響，以及冷戰與後冷戰時代，歷史學術思潮的變遷。第三章將進入課本文本，分析歐洲中心觀與課本論述方式，首先從十八世紀興起的大論述與輝格歷史學切入，討論兩者如何相輔相成，呈現在教科書內。再者討論戰後臺灣成為美國冷戰結構下一環，學習諸多美國的現代化理論，對課本的書寫產生了許多影響。以及臺灣內部的國族主義訴求，跨越了本國史進入世界史領域。第四章則討論課本細部的名詞翻譯與圖片使用，除了反應了歐洲中心觀，還可以追尋出臺灣課本強烈的英語中心觀，讓臺灣的世界史至今仍然籠罩在不列顛的影響之下。透過上述各章節，我們可以從課綱、課本、圖文等三個層次來檢視臺灣的世界史如何呈現歐洲中心觀，寄望能給予課本編審者作為參考 / Taiwan’s high school has taught Wolrd History in the course of history over sixty year since 1949. Nonethless, the need of revising the course would never come to an end: constant improvments should be implemented in order to provide better teaching for the next generations. The main part of the dissertation is divided into three chapters. Chapter Two starts with the curriculum guidelines and the background, illustrating how the base of Eurocentrism was built in Wold History courses. It relates the phenomenon to the context that Taiwan has been influenced by the political atmophere during the Cold War, and later scholarly trends in global Post-Cold War academe. In Carpter Three, the focus moves to textbooks, specifically on (1) the relation between the Grand Narrative and the Whigs History and their reflections in textbooks; (2) The adaption of Modernization theories from the US, in a context of Taiwan as an ally in Cold War that this is exacly the reason for the overwhelmingly presence of the States in Taiwanese history education; (3) The ideology of Nationalism, which results in a phenomenon that the narratives of World History in textbooks are often biased to meet the nationalist need. Last, in Chapter Four, it manifies the deatails in textboks, i.e. the choice of translational terms and the arrangement of maps. It contends that terms and maps in Taiwan World History textbooks reflect not just Eurocentricem but English-Centrism which still envelops nowadays Taiwan. In brief, the analyses of Eurocentrism in these chapters are arranged in theree levels: curriculum guidelines, textbooks, and finally terms and maps. Additionally, the dissertation provides some advice for textbook writers.