| 一、 | 序言 | |
| 二、 | 最佳論文 | |
| 1.認知失調理論改變青少年網路遊戲成癮者態度的研究 | 萬金生、邱文彬、沈瑞棋、黃添丁 | |
| 2.團隊認定和領導型態對團隊創新行為之影響：自我管理行為的角色 | 張火燦、李安悌、劉淑寧 | |
| 3.國際化下事業網絡鑲嵌與風險之研究－以台灣平板玻璃加工業為例 | 陳美玲、廖俊明 | |
| 4.恐懼訴求與訊息框架對戒菸意圖之影響 | 曾國華、蔡青姿 | |
| 5.招募者印象管理策略、招募廣告類型對應徵者知覺影響 | 楊君琦、鍾虹期 | |
| 6.人格特質與人際衝突知覺關係之衡量 | 朱志忠 | |
| 7.時間序列動態樣型之資料探勘研究 | 鄒濟民、陳淑娟、黃登源 | |
| 8.企業資源規劃系統專案生命週期風險因子之建構-以汽車產業個案為例 | 張碩毅、劉立 | |
| 9.原廠委託設計製造與自有品牌經營型態之資源能力的共通與互補 | 胡哲生、黃泰元、蕭建宏 | |
| 10.智慧型代理人商務環境下之電子市集協商模式 | 王世昌 | |
| 11.董事會獨立性與企業績效：以董事酬為調節變數 | 謝存瑞、游鎧笛、陳珊慧 | |
| 12.員工知覺的組織支持與員工績效間的中介模型研究 | 陳建丞、張筱甄、孫婉嫻 | |
| 13.從捷思偏誤探討券商盈餘預測有限理性之行為 | 黃瓊慧、高惠松 | |
| 14.資訊透明度與負債資金成本之關聯性研究 | 陳瑞斌、翁慈青 | |
| 15.FDI後續投資承諾前置因素之探討 | 彭玉樹、柯惠敏 | |
| 16.公司治理機制與初次上市櫃公司承銷價低估關聯性之研究 | 邱垂昌、黃怡婷 | |
| 17.時間相依與時間獨立風險值估計模型之比較 | 蘇恩德、黃盟傑、鄭憲超、李勝榮 | |
| 18.信用卡持卡越多刷卡金額越高?-框架效應暨心理帳戶機制運作 | 郭敏華、廖君頻 | |
| 19.動態隨機投資組合規劃－以亞太新興市場為研究對象 | 蘇恩德、劉瑞禧、謝元慶、黃鶯慧 | |
| 20.金融控股公司併購之實證研究 | 李同龢、 黃重善、鄭治明 |
2006年中華商管科技學會年會暨學術研討會—全球化下之商業及管理科技領域發展
中華商管科技學會年會暨學術研討會為本學會之年度會議，使商業及管理相關領域之產業界與學術界專家能齊聚一堂，互相交流成果與心得，以加強學術交流及促進產學合作，並期能提升我國產業生產力，促進我國競爭力。
本年會之會議主題定為「全球化下之商業及管理科技領域發展趨勢」，主要是希望藉由此次年會，得以彙集產業界與學術界之實務心得與研究成果，並探討先進技術理念落實應用之情況，就我國產業現況與經營環境，進行觀摩研討，以促進國內企業之產業升級，加強企業全球化經營策略之能力，進而確保並提昇國內企業在國際上的競爭力。
感謝龍華科技大學管理學院及企業管理系共同主辦本年會暨學術研討會，本年度投稿踴躍，投稿論文篇數共為133篇。再次感謝所有參與此次學術研討會之產、學各界菁英，相信這些優良論著對商業及管理領域之研究與應用必有卓越貢獻與深遠的影響。
中華商管科技學會理事長 王志剛
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謹識
2006年10月02日
Changing Adolescences’ Attitudes on Online Games： A Test of Cognitive Dissonance Theory
萬金生，Chin-Sheng Wan
高雄餐旅學院通教育中心副教授
邱文彬，Wen-Bin Chiou
高雄餐旅學院通教育中心副教授
沈瑞棋，Jui-Chi Shen
高雄餐旅學院通教育中心講師
黃添丁，Tien-Ting Huang
高雄餐旅學院通教育中心講師
摘要
網際網路對於人們的負面效應已經引起廣泛注意與探討，其中最令人注意的焦點之一即是網路成癮。本研究主要目的將從動機取向的態度改變理論－認知失調論，採用二個實驗，檢驗如何應用認知失調論的觀點，以改變網路遊戲者對於遊戲的態度。實驗一主要檢驗「選擇自由」、「酬賞量」對於態度改變的影響。首先，將檢驗成癮之虞者對網路遊戲的態度，是否在有行為選擇的自由下，失調效果會出現，這種失調是否會引起態度改變。其次，檢驗受試者給予不同程度的酬賞誘因時，其態度的改變是否會不同，換言之，檢驗受試者態度的改變程度與酬賞的程度一致或剛好相反。研究發現，在「有選擇自由」的情境下，低酬賞量的態度改變最大，其次為中酬賞量，態度改變量最小者為高酬量，且態度的改變量與酬賞量的水準呈顯著關係；反之，在「無選擇自由」的情境下，
雖然高中低水準的酬賞量與態度改變量，亦呈負向關係，然而並不顯著，研究發現支持理論的預測。實驗二主要檢驗「懲罰」、「努力」對於態度改變的影響，確認是否當外在威脅愈大時，網路遊戲成癮之虞者所經歷的失調愈小，態度改變也愈少。並且，當人們為「反態度行為」所付出的努力愈高時，就會有愈高的失調產生，為了替付出的努力或代價辯正，態度改變將愈多。至於在沈迷網路遊戲的傾向方面，研究者亦將檢驗它與態度改變的趨勢是否一致。研究發現，在態度改變量的大小依序為「低懲罰高付出」、「低懲罰低付出」、「高懲罰高付出」與「高懲罰低付出」；沈迷可能的大小依序亦為「低懲罰高付出」、「低懲罰低付出」、「高懲罰高付出」與「高懲罰低付出」，符合理論預期。
關鍵詞：認知失調、選擇自由與酬賞量，懲罰與努力、網路遊戲成癮、態度改變
ABSTRACT
Obviously, the negative impact of Internet on individuals has received much attention as well as become a popular research topic. On-line games addiction is indeed one of the most important issues and is in need of further scrutinized. This research, two experiments will be conducted to examine the applications of cognitive dissonance theory on attitude change for addicted game players. This primary objective of experiment 1 is to test the effects on attitude change for addicted game players manipulated by “free will of decision” and “reward”. The results in this experiment supported the predictions, in the condition of free will of decision, the impact of reward was significantly negative relation. Specially, levels of affecting the attitude change are sequent lower, median, higher reward. Conversely, in the condition of without free will of decision, the impact of reward was also negative relation but not significantly. This primary objective of 151 experiment 2 is to test the effects on attitude change for addicted game players manipulated by punishment and effort. The results in this experiment also supported the predictions. The levels of affecting the attitude change are sequent “lower punishment and higher efforts”, “lower punishment and lower efforts”, “higher punishment and higher efforts”, “higher punishment and lower efforts”. Additionally, The degrees of affecting the online game addition are the same the change of attitude.
Keywords: cognitive dissonance, free will of decision and reward, punishment and effort, online games addition, attitude change
The Effects of Leadership and Team Identity on Team Innovative Behavior：The Role of Self-managing Behavior
張火燦
國立彰化師範大學 人力資源管理研究所
李安悌
國立勤益技術學院 企業管理系
劉淑寧
修平技術學院 工業管理系
Huo-Tasn Chang
Graduate School of Human Resource Management National Changhua University of Education
Andrea Lee
Department of Business Administration National Chin-yi Institute of Technology
Shu-Ning Liou
Department of Industrial Management Hsiuping Institute of Technology
摘要
面對競爭激烈的企業環境，創新行為能重新開創新的市場契機，而具有自我管理行為的團隊有利於創新行為的發展。故本研究擬探討團隊自我管理行為在團隊認定和團隊創新行為所扮演的角色，及領導型態可能產生的影響；目的在於驗證團隊認定、領導型態、團隊自我管理行為與團隊創新行為之間的關係。以問卷調查法對台灣製造業進行研究，採用區段迴歸和階層迴歸方法分析資料，探討團隊自我管理行為對團隊認定和團隊創新行為的中介影響，及領導型態對團隊認定和團隊自我管理行為的干擾影響。結果發現，團隊自我管理行為對團隊認定與團隊創新行為有中介影響、團隊認定及領導型態對團隊自我管理行為有正向影響、領導型態會強化團隊認定對團隊自我管理行為的正向影響。本研究結果凸顯企業制定團隊認定策略、發展團隊自我管理行為和適合的領導型態之重要性。
關鍵字：團隊認定、領導型態、自我管理行為
ABSTRACT
The objective of this research is to explore the relationship among team identity, team leadership, and team innovative behavior. The study, based on the questionnaire survey from the industrial field, useshierarchical multiple regression analysis to examine team leadership as a moderator variable between team identity and team self-managing behavior and team self-managing behavior as a mediating variable. The study results indicate that (1) team self-managing behavior mediate the relationship between team identity and team innovative behavior (2) team identity and team leadership have direct effects on team self-managing behavior, and (3) team leadership moderates the relationship between team identity and team self-managing behavior, The research result indicates the importance of the roles of team identity and team self-managing behavior in the team innovative behavior.
Keywords: Team Identity, Leadership, Self-Management Behavior.
陳美玲
大葉大學國際企業管理學系助理教授兼所長
廖俊明
大葉大學國際企業管理學系碩士
摘要
「事業網絡」（Industrial networks）是源自於人際社會網絡之關係，而延伸至企業間之水平與垂直關係的連結。過去的數十年來，台灣的企業在國際上，以事業網絡的經營關係，顯現出特有的競爭優勢。事業網絡的持續發展，產生了事業網絡鑲嵌（Network embedded ness）結構；雖然，有著資源整合及分散風險的效益；相反的，也因為無法迅速調整資源，進而產生了風險。本研究發現，眾學者並未針對資源獲得及風險規避之相關議題，進行探討；因此，本研究擬建構網絡風險考量與資源不對等之因果關係，以提供清楚的資源獲得及風險規避之作為邏輯。
2005 年在彰濱工業區成立了，年產值新台幣200 億元以上之台灣第一個平板玻璃加工專區；其中更有超過新台幣十億元的年產值，由國際通路上所創造，其事業網絡之實力不容小覷。本研究以國際化下台灣平板玻璃加工業為樣本，有效問卷為214 份，回收率為22.57％。使用LISREL 軟體之結構方程模式SEM 為研究方法；並以網絡鑲嵌、網絡風險考量與資源不對等為構面，推導出具有解釋力之SEM 結構模型。在學術上，驗證了資源不對等受到網絡風險考量影響之因果關係，以充實事業網絡鑲嵌之研究文獻；也在實務上，建議同時兼顧網絡關係資本及風險考量，以達中等程度之資源不對等之平衡狀態；因此，在資源整合發展過程中，獲得了清楚的運作邏輯，達成事業網絡持續經營的目標。
關鍵字：事業網絡，網絡鑲嵌，風險，資源，結構方程模式
The Effects of Fear Appeals and Massage Framing on Intention of Smoking Cessation
曾光華
國立中正大學行銷所副教授
蔡青姿
國立中正大學企研所博士生
摘要
國內吸菸率一直居高不下。今年初以價制量的方式再度提高菸品健康福利捐，試圖降低台灣的吸菸率，但嚇阻的效果仍然有限，唯能對吸菸產生人體危害及各種惡性後果的教育宣導，才是推動菸害防制工作要面臨的重要議題。而國內目前推動菸害防制的健康宣導活動，都是以柔性勸導的說服訴求，缺乏說服訴求的有效性。因此本研究依據Witte(1992)之EPPM 理論，以2??2 二因子實驗設計，探討恐懼訴求及訊息框架對吸菸者及非吸菸態度的影響。結果顯示恐懼訴求與訊息框架對老菸槍者無效，而非吸菸者在高恐懼及負框架下有強烈效果，同時大部份受試者同意放置在菸盒上，以警示吸菸者。因此，國內進行健康宣導活動時，可運用集體牽制效果，利用高恐懼訴求與負向框架訊息來推廣，進而影響非吸菸者對勸菸與拒抽二手菸運動，迫使吸菸者產生被拒的知覺，漸漸地遠離香菸，達到制衡效果。
關鍵字：恐懼訴求、本身的自我相關、訊息框架、擴展平行程序模式(EPPM)
ABSTRACT
The tobacco rate stays at a high level continuously. In the beginning of this year, the government once again enhances the Tobacco Health Welfare Tax, attempts to reduce tobacco rate by using the price to control the quantity. But it didn’t make a great difference; the only way to health promotion campaigns is to guide how smoking affects our health. All the persuasiveness pushed now is by gentle admonishment and lacks of validity. This study is on the EPPM model, and designed by 2*2 two-way experiments, to discuss the influence that fear appeals and massage framing produce on smoker and anti-smoker. These findings show that fear appeals and massages framing was invalid to heavy smoker, but anti-smoker that under high fear and negative frame has the intense effect. In addition, the result suggest that the health promotion campaign uses the high fear and the negative frame, then the anti-smoker urge smokers of tobacco cessation, make smokers feel that they are rejected, and be away from cigarettes graduate as to achieve the draining effect in Taiwan.
Keywords: Fear Appeals、Intrinsic Self-Relevance (ISR)、Massage Framing、Extended Parallel Process Model(EPPM)
The Influence of Recruiter Impression Management Tactics and Recruitment advertising type on Applicant Cognition
楊君琦
輔仁大學企業管理學系
鍾虹期
輔仁大學管理學研究所
Chun-Chi, Yang
Department of Business Administration
Hung-Chi, Jung
Graduate Institute of Management, Fu-Jen Catholic University
摘要
吸引高素質人力資源投入組織是當今企業致勝關鍵之一，招募者與招募廣告是應徵者接觸公司資訊的重要管道，本研究旨在探討招募者的印象管理策略與招募廣告，如何影響應徵者對招募者和其所代表組織的知覺。由於印象管理策略分為：語言策略與非語言策略，故本研究採2*2*2 的三因子實驗設計，以校園招募面談為場景，共拍攝八部影片為操弄工具，以大學應屆畢業生為實驗對象，請各實驗對象觀看一部影片後填寫知覺問卷，共收集294 份有效樣本。經變異數分析後發現：1.招募者採高度非語言策略，應徵者對招募者及其組織的整體知覺評價都較高，若進一步分析應徵者被影響的知覺類別，只有對招募者「吸引力」知覺被顯著影響；2.招募者採他人導向的語言策略，應徵者對招募者及其組織的整體知覺評價亦都較高，若進一步分析應徵者被影響的知覺類別，招募者「吸引力」與「信任」知覺都被顯著影響；3.採取比較式招募廣告，應徵者只有對招募者的整體知覺評價較高，若進一步分析應徵者被影響的知覺類別，只有招募者「專家」知覺被顯著影響；4.採取推薦式招募廣告，應徵者只有對招募者的組織知覺評價較高。
關鍵字：印象管理策略、招募廣告類別、應徵者知覺、招募面談
ABSTRACT
Acquiring high-quality human resources is a critical task for enterprises. In the early stage of recruitment process, potential employees have limited information of organization, therefore they may be influenced by the recruiter and recruitment advertisement. This study try to analyze the influence of recruiter impression management tactics and recruitment advertising type on applicant cognition. This study is 2x2x2 factorial design. The manipulations are 8 films produced by role playing in job interview. Every sample viewed one film and evaluated he(r) cognition by questionnaire immediately. There are 294 undergraduates join the test. The ANOVA test is conduct and the results are as fellow： 1.The high nonverbal impression management tactic of recruiters have positive influence on both applicant cognition of the recruiter and organization, especially on “Attraction” cognition of the recruiter. 2. The other-oriented verbal impression management tactics of recruiters have positive influence on both applicant cognition of the recruiter and organization, especially on “Attraction” and “Trust” cognition”. 3. The compared-advertising only have positive influence on applicant cognition of the recruiter, especially on “Expert ” cognition of recruiter. 4.The recommend-advertising only have positive influence on applicant cognition of the organization.
Keywords: Impression Management Tacit, Recruitment Advertising Type, Applicant Cognition, Recruiting Interview
The Measurement of the relationship between Personality and the Perception of Interpersonal Conflict
朱志忠
龍華科技大學企業管理系助理教授
摘要
本研究探討在人格特質與衝突知覺上，運用於群體層級與個體層級研究的資料蒐集、分析方式、及兩者在分析結果上的差異與原因。研究者採用實驗室法，以120 位大學在學學生為樣本，探討和善性與情緒穩定性特質對於人際衝突的影響。研究結果除驗證以往文獻在和善性、情緒穩定性特質與任務衝突、關係衝突的負向關聯性結果外，也說明團隊衝突之研究，在研究方法、資料蒐集與分析上，所必須注意的重點，並提出自陳量表用於研究上的限制、以及可行的輔助方法。作者也在文後提出討論及後續研究方向的建議。
關鍵字：資料分析、人格特質、任務衝突、關係衝突
ABSTRACT
The study aimed to explore the difference between group-level personality-conflict perception studies and individual-level ones in data collection, analysis, and results. One hundred and twenty college students participated in this lab experimental study, focusing on the correlation between personality traits and interpersonal conflict. The result revealed that, as previous studies, there was a negative correlation between personality (i.e. agreeableness and emotional stability) and conflict perception (i.e. task conflict and relationship conflict) respectively. This study stressed that the result of individual-level analysis could reinforce the deficiency of group-level studies and would bring more awareness to group-level machinery. Limitations on self-report scale and suggestions were also addressed for the future study.
Keywords: data analysis, personality traits, task conflict, relationship conflict
On Some Aspects of Time Series Dynamic Pattern Data Mining
鄒濟民
龍華科技大學資訊管理系
陳淑娟
輔仁大學商學研究所
黃登源
實踐大學企業創新發展研究所
CHI-MING TSOU
Department of Information Management, Lunghwa University of Science and Technology, Taiwan
SHWA-CHUAN CHEN
Institute of Business, Fu-Jen Catholic University, Taiwan
DENG-YUAN HUANG
Institute of Business Innovation and Development, Shih Chien University, Taiwan
摘要
本研究提出一個嶄新的時間序列資料探勘分析架構，此與其他時間序列分析架構不同之處是，本研究以易經「卦象」為基礎，來分析時間序列資料，及進行資料探勘工作。主要的探討議題包括時間序列項目聚類、時間序列動態樣型與潛在馬可夫模型。 時間序列項目聚類及時間序列樣型是時間序列資料探勘的重要議題，亦為知識發現的主要工作。本研究所提出之分析架構，不需建構複雜的模型，即可輕易解決傳統時間序列聚類分析與經常樣型之資料探勘工作，故可廣泛的應用在財務工程等領域中。
關鍵詞：時間序列、資料探勘、易經卦象
ABSTRACT
A novel framework for time series data mining is introduced in this paper. Inspired by data mining, a new method employs concept of traditional Chinese Yi-Jing to embed time series data and identifies temporal pattern in the resulting state and outcome phase space. Major issues of time series data mining regarding time series clustering, temporal pattern and hidden Markov model can be analyzed and characterized by the use of this new framework. The fundamental concepts and framework of the method are explained in detail. The proposed methods can be applied to various fields of financial engineering.
Keywords: Time Series, Data Mining, State and Outcome
企業資源規劃系統專案生命週期風險因子之建構以汽車零組件產業個案為例
ERP Project Life Cycle Risk Factors – Case Study from Automobile Industry
張碩毅
中正大學會計與資訊科技研究所
劉立
東陽實業廠股份有限公司
She-I Changa
Department of Accounting and Information Technology, National Chung Cheng University
Li Liub
Tong Yang Group
摘要
ERP 系統的投資通常是企業在資訊專案中單次最大的投資。如何確保此項投資專案能順利進行，上線後能發揮效益，風險的控管是一個重要的議題。本研究探討ERP 系統專案中風險管理活動，期望能幫助管理者在ERP 系統專案進行的各個階段中及早辨認風險、評估其影響並採取適當的行動來回應。
本研究根據文獻探討，建立對於ERP 系統專案的風險辨認模型，再藉由德菲法專家問卷進行驗證，來增加本研究辨認風險模型的效度。接著將模型中構面各變數設計成個案訪談問項，藉由深度訪談來了解目前台灣汽車產業中兩家公司，在ERP 系統導入專案的風險管理情形。
首先採用工作系統架構來分類ERP 系統專案的風險因子，區分為工作實務、參與者、資訊、技術、產品與服務、客戶、環境、基礎建設與策略九大類。接著考慮ERP 系統專案的生命週期，在不同階段中有其重要的工作項目及關係人，將風險因子依照其開始發生的時機與延續期間區分出來，提供管理者在進行ERP 系統專案時擬定風險管理策略及進行風險管理時的一個完整的參考表。根據風險辨認模型再進行個案研究，整理出ERP 系統專案中造成風險的原因、各風險因子對於專案的影響及風險的處理方式。希望能對於實務上ERP專案的導入與風險管理提供一個參考依據，有助於專案風險控管能更為完善。
關鍵詞：ERP 系統、風險因子、專案生命週期、工作系統架構
ABSTRACT
The investments of ERP system have become the largest IT expenditure in business. How to make sure the project go smoothly and bring benefit after go-live being an importance issue. This study referred to the related literature and develops a reference model for indentifying ERP project risk, then use Delphi method to identify the ERP projects risk factors. Base on the model we conduct an in-depth interview on two cases of automobile industry. This article shows how the nine elements of the work system framework can be used to organize the risk factors of ERP project, then to classify the risk factors by ERP system project life cycle.The work system elements are Wrok practices, Participants, Information, Technologies, Products and Services, Customers, Environment, Infrastructure and Strategies. The phases of six-step project life cycle model are Project preparation, Business Blueprint Realization, Final Proparation, Go-live and Post-implementation. The case study shows how to identify the risks, impacts and assess in ERP sytem projects implementation. The finding of this study can serve as a reference tool for the company and help the managers on the risk management in the ERP project life cycle.
Keywords: ERP, Risk factors, ERP project life cycle, Work system framework
Resources Commonness and Complement between ODM and OBM Business Models
胡哲生
國立雲林科技大學企業管理系教授
黃泰元
南榮技術學院企業管理系講師；國立雲林科技大學管理博士班
蕭建宏
國立雲林科技大學 企業管理系 碩士
摘要
本研究以價值網路的觀點, 研究原廠委託設計製造與自有品牌經營型態之資源能力的互動關係，並藉由價值網路之主要價值活動分析探討個案公司如何整合協力廠商; 分析發現ODM 與 OBM 經營模式間, 資源能力有相互為用的共通與互補關係。
關鍵詞：資源基礎; 資源共通; 資源互補; 自有品牌
ABSTRACT
This study tries to use the perspective of value network to the commonness and complement resources competence between ODM and OBM. In addition, this research tries to reveal how the case company integrates its co-agent through the primary activities of the value chain in the network. Furthermore, this study will clarify the commonness and complement of different business models and resources competence.
Keywords: Resource-based ; resource commonness; resource complement ; OBM
An Automated Negotiation Model for e-Marketplace in the Agent-Based Commerce Environment
王世昌
龍華科技大學企業管理系助理教授
摘要
由於電子市集的逐漸普及，商業行為模式也隨之改變，使得商業交易能不受時間及空間限制，創造出新的商機。本研究針對以智慧型代理人為基礎的電子商務應用環境下，提出一電子市集之交易協商模式，以電子市集中立第三仲介者為運作基礎，使用者只須讓代理人去執行議價工作，不須親自進行協商工作。首先，模式從多個買方以及多個賣方代理人的提案中，由配對代理人找出相似度較高之提案進行配對後，由配對成功的買賣雙方代理人透過其效用函數及協商策略的評估準則，進行議價協商工作；其它未配對成功的代理人，將由配對代理人，持續進行配對及協商工作。如此，電子市集中的買賣雙方不僅可節省時間與人力成本，更可提高買賣雙方的效用，以完成交易活動。
關鍵詞：電子市集、智慧型代理人、協商模式
ABSTRACT
In this paper, based on the agent-based e-marketplace commerce environment, we propose an agent-based automated negotiation model for the trading of e-marketplace. In the model, the trading is processed by a match agent and many buyer and seller agents into two stages. In the first stage, the match agent matches a buyer agent with a seller agent that equip high similarity in their trading proposals; the two agents then go into second stage to the process of online negotiation for trading price. During the process of the negotiation, each side of agents equips utility functions and negotiation strategies to evaluate proposals until an agreement is reached or the negotiation is break. Thus, the performance of the trading in the e-marketplace can be increased, and the utility and satisfaction for both buyer and seller can also be advanced through the operation of the model.
Keywords: e-Marketplace, intelligent agent, negotiation model
Board Independence and Firm Performance： A Moderating Role of Director Compensation
謝存瑞
亞洲大學 國際企業系
游鎧笛
亞洲大學 會計資訊系
陳珊慧
亞洲大學 國際企業系
Tsun-Jui Hsieha
Department of Accounting Information Asia University
Kai-Ti Youb
Department of International Business Asia University
陳珊慧
Department of Accounting Information Asia University
摘要
本文主要目的在於探討獨立董事對於公司績效之影響，並且以董事薪酬為調節變項，本文以510 家上市公司為樣本，研究顯示自願聘任的獨立董事有利於公司績效，而非自願聘任的董事對於公司績效則無顯著影響，另外董事薪酬只有對於自願任的獨立董事具有調節作用，本文主要的貢獻在於瞭公司治理的改革對於公司績效的影響並且對於公司治理研究的進一步擴大與延伸
關鍵字 公司治理改革 外部董事 董事薪酬 公司績效
ABSTRACT
There has been an added emphasis on board independence in corporate governance reforms in recent years. With this in mind, this paper attempts to investigate the impact of independent outside directors on firm performance during legal transitions and to incorporate the moderating role of director compensation into empirical research. By using 510 Taiwanese listed companies as our sample, the empirical results show that independent outside directors who are appointed by the companies to their boards voluntarily are significantly related to firm performance, while those who are appointed to the board based on a legal mandate have only a negligible effect on firm performance. Furthermore, the evidence indicates that director compensation effectively acts as an incentive to induce independent outside directors to contribute to firm performance only when they are voluntarily appointed by their companies. This study contributes to recent endeavours to understand the effects of corporate governance reforms and director compensation on board independence.
Keywords: Corporate governance reform, outside director, director compensation, firm performance
Test of a mediating model linking perceived organizational support and employee outcomes
陳建丞
台北科技大學商業自動化與管理研究所 助理教授
張筱甄
台北科技大學商業自動化與管理研究所 研究生
孫婉嫻
台北科技大學商業自動化與管理研究所 研究生
摘要
所謂“知覺組織支持”，是指員工心中產生一種整體的信念，來衡量組織對他們貢獻與福利的重視程度。本研究主要目的在探討員工的正向心情以及工作壓力，是否在員工知覺組織支持與其角色內績效與組織公民行為間扮演中介角色。在以縱貫面的實地研究法，針對來自於北台灣來自於10 家公司，一共177 位員工，及36 位直屬主管施測後發現，當員工知覺的組織支持愈高時，會透過提高正向心情與降低工作壓力，進而提高自己對角色內績效與組織公民行為的表現。
關鍵詞：知覺的組織支持、正向心情、工作壓力、角色內績效、組織公民行為
ABSTRACT
Perceived organizational support has been defined as the employees’ global beliefs that the organization values their contributions and cares about their well-being. This study extends previous research by proposing an integrative model that examines mediating processes underlying perceived organizational support and employee in-role performance and organizational citizenship behaviors. Data were collected at three points in time from 177 employees and their immediate supervisors in ten companies in northern Taiwan. Results showed that perceived organizational support might influence in-role performance and organizational citizenship behaviors indirectly through employee’s positive moods and job strains.
Keywords: Perceived Organizational Support, Positive Mood, Job Strains, In-role Performance, Organizational Citizenship Behavior
A Study on the Bounded Rationality Behavior of Security Analyst Earnings Forecasts—from Heuristic Bias Perspective
黃瓊慧
國立臺北大學會計學系 教授
高惠松
國立臺北大學會計學系 博士生
Chung-Huey Huang
Professor Department of Accountancy, National Taipei University
Hui-Sung Kao
Ph.D. Student Department of Accountancy, National Taipei University
摘 要
以往在效率市場假說下，認為資本市場投資人是理性的；但觀察現實環境，可以發現有限理性(Bounded rationality) 更能解釋資本市場的實際狀況 (Fisher and Statman 2000)；由於我國資本市場以散戶投資人居多，且券商預測為重要之參考資訊，故本研究為國內首次以臺灣證券交易所公開發行之上市公司為研究對象，探討券商在進行盈餘預測時是否具有捷思偏誤（Heuristic bias）的現象，亦即券商盈餘預測誤差與公司盈餘成長，以及券商盈餘預測誤差與公司非預期盈餘之關聯是否呈現有限理性之行為。本研究資料取自TEJ資料庫，研究對象為預測台灣上市公司盈餘表現的券商，期間自2001年到2004年，共計1,950筆的觀測值。研究發現券商之盈餘預測傾向與公司產生正的非預期盈餘之間的關聯性顯著高於其與公司產生負的非預期盈餘間之關聯，顯示券商進行盈餘預測可能具有代表性偏誤。再者，券商之盈餘預測對處於正盈餘成長的公司呈現出過度樂觀的情形，但對處於負盈餘成長的公司則呈現過度悲觀之情形則不明顯，此與券商進行盈餘預測具有定錨效應的假說一致。本研究之實證結果，應可幫助投資人有效使用券商盈餘預測資訊。
關鍵詞：有限理性、捷思偏誤、代表性偏誤、定錨效應、盈餘預測
ABSTRACT
This study investigates whether security analyst earnings forecast behavior exhibit heuristic bias phenomenon? Specifically we study on the relationship between security analyst earnings forecast error, earnings growth and earnings surprise. The sample is comprised of listed firms in Taiwan from 2001 to 2004, totaling 1,950 observations. The empirical results indicate that security analyst earnings forecast tend to be more associated with positive earnings surprise and less associated with negative earnings surprise, which is consistent with the representativeness bias hypothesis. Moreover, security analyst earnings forecast demonstrates significant over-optimism for positive earnings growth firms, but not for negative earnings growth firms, which reflect the anchoring effects on security analyst forecasts. The results should help investors better utilize security analyst earnings forecasts.
Keywords: Heuristic Bias, Representativeness bias, Anchoring effects, Earnings forecast
A study of association between information transparency and cost of debt capital
陳瑞斌
翁慈青
摘要
2001 年美國發生一連串的會計舞弊案件，喚起企業界與資本市場投資者體認資訊透明度的重要性。近年來，國內証管機關積極地推動公司治理，特別是藉由法規的修訂以改善企業的資訊揭露及透明度，以期透過強化企業資訊透明的方式，降低企業管理者與外部投資人之間的資訊不對稱。本研究之目的係以國內上市公司為樣本，探討提升企業的資訊透明度是否能降低對外舉債的成本。在控制了公司規模、負債比率、總資產報酬率及股票日報酬率標準差等預期會影響負債資金成本的變數後，實證結果發現：(1)簡單最小平方法(OLS)的結果發現資訊透明度與負債資金成本呈負相關，但並未達到統計上顯著水準。(2)考量資訊透明度與負債資金成本兩者之間可能存在內生關聯性之後，利用二階段最小平方法(2SLS)進行統計分析，則實證結果支持提升資訊透明度確實能顯著地降低負債資金成本。
關鍵詞：公司治理、資訊透明度、負債資金成本
ABSTRACT
Owning to many incidents about accounting fraud in America, enterprises and investors realize the importance of the information disclosure. In the recent year, the Securities and Futures Commission promote the corporate governance targets to solve the problem of information asymmetry between the manager and investors by raising the information transparency. The purpose of this study is to investigate the relationship with the information transparency and the cost of debt capital. After controlling the effects of firm’s size, debt ratio, ROA and the standard deviation of daily stock return, the findings of this study can be summarized as follows： First, it is insignificant association between information transparency and cost of debt capital in the OLS regression. Second, when we solve the problem of the endogeneity, we can find that the firm’s cost of debt capital is obviously lower with increasing of the information transparency.
Keywords：Corporate governance, information transparency, cost of debt capital
A Study on the Determinants of Firms' FDI Incremental Investment
彭玉樹
國立東華大學國際企業學系
柯惠敏
國立東華大學國際企業學系
Yu-Shu Peng
Department of International Business, National Dong Hwa University
Hui-Min Ke
Department of International Business, National Dong Hwa University
摘要
近年來海外直接投資已成為廠商追求成長的重要策略之一，當廠商初步在地主國建立起始必要的投資後，嗣後是否擴大投資、維持現狀、減資、甚或撤資退出為本研究主要關心之焦點。本研究嘗試對廠商FDI 後續投資承諾之行為提出合理的解釋，藉由廣泛地回顧FDI 相關理論，並統整資源基礎理論和實質選擇權評價模式作為主要命題推論之基礎，嘗試連結策略彈性、廠商資源兩大構念與FDI 後續投資承諾決策的關係，建構一個FDI 後續投資承諾的前因模式，提供台灣廠商在新興市場不確定的環境下，如何有效制訂於地主國後續經營投資之決策。也呼應FDI 和國際企業理論晚近之發展方向，提供更深入剖析廠商進入地主國之後續投資經營決策。
關鍵詞：資源基礎理論、實質選擇權、策略彈性、廠商資源、FDI 後續投資承諾
ABSTRACT
In recent years, the foreign direct investment activities have become one of the firms’strategies to pursue growth. As the multinational companies made the toehold investment in the host country, would they raise, maintain, reduce, or draw back the investment subsequently? We tried to provide a rational explanation to the firm’s FDI behavior. By way of reviewing literature related to FDI activities extensively to obtain the important explanatory variables, and further based on the theoretical foundation of the resource-based theory and the real options model, we tried to establish the linkage between the strategy elasticity, firm’s resource, and firm incremental investment. This study provides an eclectic framework on the antecedent firms’ FDI commitment as well as further insight into the studies of the operational decisions in the host country.
Keywords: Resource-based Theory, real options model, strategy elasticity, firm resources, FDI commitment
On the Relation of Corporate Governance and Initial Public Offers Underpricing
邱垂昌
黃怡婷
摘要
「公司治理」，是近幾年來多數企業重視的議題，主要是因國際經濟環境變化劇烈，對於整體企業監控制度產生相當之影響。本研究主要探討公司治理機制中董事會組成與股權結構兩部分對初次公開發行公司(Initial Public Offers, 簡稱IPOs)承銷價低估之影響程度。研究對象以台灣新上市上櫃公司為主，研究期間為民國92年至94年之初次公開發行股票。
本研究實證結果顯示僅有董事會規模與其他機構投資人兩項公司治理機制在部分樣本顯現對IPOs折價有負向影響。整體而言，完善的公司治理機制，似乎對解決IPOs資訊不對稱現象與代理問題幫助不大，因而未能有效降低承銷價低估幅度。最後，根據研究結果彙整建議，供後續研究者、企業以及政府機關作參考。
關鍵字：公司治理、初次公開發行
ABSTRACT
Since the international economic environment changes violently, issues on corporate governance are gradually getting more attention. This study investigated the effects of the components of corporate governance such as the composition of director board and equity structure on initial public offers (IPOs) underpricing. The sample of this study consists of 235 companies engaging in IPOs from 2003 to 2005.
The empirical results showed that only the director board size and other institutional investment equity holding rate have some effect on the IPOs underpricing in part samples, individually. As a whole, well corporate governance is not helpful for reducing information asymmetry and agency problem, and cannot contribute to reduce IPOs underpricing. This study further gave some useful suggestions for academic and industrial circles based on the results of this study.
Keyword: corporate governance, initial public offers.
Comparisons of Value at Risk Measurements on Time Dependent
and Time Independent Models
蘇恩德
王盟捷
鄭憲超
李勝榮
摘要
本文依據Miura and Oue (2000)對於市場風險衡量所提出統計方法論的分類法，將10 個風險值模型分成獨立且相同分配的模型與時間相依模型，並依模型對金融資產報酬分配的假設，細分為常態分配模型、非常態分配模型與無參數法來測度風險值。研究對象為4種股價指數、4種匯率與2種商品，分別估計在信賴水準99%、95%下，其日報酬率的風險值，並以準確性( uc LR )、偏誤大小(RMSE)、效率性(MRSB)進行回顧測試，衡量模型績效。實證結果顯示，若以準確性評估準則，Hybrid方法最準確；以偏誤大小為評估準則，在信賴水準為99%時，加權反對稱貝它分配的績效最好，而在信賴水準為95%時，以羅吉斯分配效果最佳；以效率性為評估準則時，於信賴水準為99%時，指數加權移動平均法效率性最佳，而信賴水準為95%時，以簡單加權移動平均法與截尾複合卜瓦松最佳。
關鍵詞：風險值、轉換模式、GARCH、加權概似函數、回溯測試
ABSTRACT
This paper applies ten VaR models and classifies them into independent identical distribution (i.i.d.) models, and time-dependent models based on Miura and Oue’s (2000) “statistical methodologies for the market risk measurement,” and also, according to model’s assumption on financial return distribution, the VaR models are classified into normal distribution, non-normal distribution, and non-parametric models to measure VaR. Four kinds of stock index and four kinds of exchange rates, and two kinds of commodities were used to estimate the VaR of daily return rates at a 99% and 95% confidence level respectively. Then, we employed three criteria: accuracy, biased amount, and efficiency to perform the backtesting of VaR models for day-to-day risk management. The empirical results reveal that the Hybrid method is the best measurement when using accuracy as the criterion. On the other hand, when using biased amount as the criterion, the weighted anti-symmetric beta distribution is the best measurement at a 99% confidence level; however, the logistic distribution is the best measurement while mearsuring at a 95% confidence level. As the criterion is efficiency, the EWMA is the best measurement at a 99% confidence level and the SMA and truncated poisson compound are the two best measurements while measuring at a 95% confidence level.
Keywords: Value-at-Risk, weighted likelihood function, GARCH, transformation model, back testing
More Cards, More Spending？the Mechanics of Frame Effect and Mental Account
郭敏華 Kuo, Min-Hua
世新大學財務金融學系副教授
廖君頻 Liao,Jiun-Pin
世新大學財務金融學系研究生
Dynamic Portfolio Programming－An Empirical Study on Asia-Pacific Emerging Markets
蘇恩德
洪端禧
謝元慶
黃鶯慧
摘要
本論文選擇以亞太新興市場之遠東國家新興市場為投資組合研究的標的，實證中共有4 種投資部位，分別是股票、債券、現貨匯率與遠期匯率；研究資料是取自摩根士丹利資本國際(MSCI)資料
庫，資料期間是從2001 到2005 年。研究方法依動態隨機規劃模型，使用二期情境樹的方式來模擬資產走勢，然後再結合最小化條件風險值(CVaR)配適的方法來求得投資組合最佳的資產分配。實證顯示，當風險值與條件風險值降低和報酬升高，會得到最佳的投資組合。另外，如果加入外匯避險策略於模型中時，各個外匯市場的交易契約和遠期匯兌契約的大小會使期望報酬跟著有顯著變動，而交易契約愈大時會導致期望報酬變得很高。在投資績效方面，本文使用夏普(Sharpe)比率和崔納(Treynor)比率兩種方式評估樣本的投資組合績效，結果得到兩種樣本的績效皆很好。
關鍵詞：新興市場、動態隨機規劃、情境樹、條件風險值、投資組合績效
ABSTRACT
This thesis selects Far East emerging markets of Asia Pacific emerging markets as the portfolio research objects. In this empirical research, there are 4 kinds of investment positions that are stocks, bonds, spot foreign exchanges, and forward foreign exchanges and the sample data are collected from Morgan Stanley Capital International (MSCI ) databank for the period from 2001 to 2005. Based on stochastic dynamic programming, the research method uses two-period scenario tree to simulate specific states of the asset price changes and then finds the optimal asset allocations of the portfolio by minimizing CVaR. We find that when CVaR is going down and total return is going up, the optimum solution will be obtained mostly. On the other hand, using foreign exchange hedge will seriously affect the positions of the spot and forward foreign exchanges and total returns of the specific nodes. Thus, as the forward hedging positions increase, the total returns might increase significantly. For portfolio performances, we used Sharpe and Treynor index to test two results and found that the portfolio performances are desirable for both samples performance.
Keywords: emerging markets, dynamic stochastic programming, scenario tree, conditional value at risk, portfolio performance.
An Empirical Study on Financial Holding Company Merger and Acquisition
李同龢
Torng-Her Lee
黃重善
Chang-Shan Huang
鄭治明
David C. Cheng
摘要
由於國際間的金融業務愈趨緊密，不僅金融商品推陳出新，銀行、保險、證券等業別彼此之間因為整合行銷的概念被廣泛運用於交叉銷售，因而使得朝向大型集團化的趨勢則越見明顯。截至目前為止，國內共有14家金融控股公司掛牌經營金融控股公司，近來金管會和財政部要輔導出領導型金控作為指標性金控，但何者是其要符合的最佳組合，要拿誰和誰合併，金融機構的跨業合併如何在不同主體之下，搭配合併對象達成相輔相成，達到真正的效益，是本研究所要探討的動機所在。
本研究以Boyd and Graham（1988，1993）的研究方法為基礎，用股東權益報酬率(ROE)作為各金融產業獲利性的衡量，並求得ROE的標準差和破產風險作為風險性的衡量指標；再以14家金融控股公司的立場採模擬合併（hypothetical merger）方法，將其與隨機選出之金控類、銀行類、保險類以及證券類公司作假想式合併，計算出合併後的獲利性及風險性；並進一步探討不同主體的金融控股公司所主導併購模式。實證結果發現，金融控股公司之跨業經營以保險業或是證券業為佳，而金融控股公司間的整併則以保險業為主體的金融控股公司所主導為最佳，印證國外學者Boyd和Graham等人(1993)所主張的投資組合多角化之理論，較能發揮經營綜效(synergy)，但不一定會降低經營風險，這顯然與政府金融政策有關；反觀以銀行為主體的金融控股公司若與同質性較高銀行業或金融控股公司合併可能因業務的重疊而對其獲利較有不佳之影響，但與若與保險或證券業成立的金控合併，因為跨不同的領域經營與專業分工合作的結果，將可創造出較多的利潤。
關鍵字：金融控股公司、整併、綜效
ABSTRACT
Based on Boyd and Graham (1988, 1993), we utilize the rate of returns of stockholder's equity (ROE) as the measurement of the profitability for studied firm. The standard deviation of ROE and bankruptcy risk are used to measure risk. The hypothetical merger method is employed to calculate the profitability and risk after merging. Our result indicates that it is beneficial for a financial holding company merges with the insurance or the securities companies. We also find that it is favorable for financial holding company which insurance company is the holding company to merge with other type of financial holding companies which holding company is not insurance company. This confirms the study of Boyd and Graham (1993) who argue that diversified portfolio is more capable of producing synergy, but not necessarily reducing the business risk which is directly related to regulatory environment. On other hand, our study reveals that if a financial holding company with banking holding company to merge with other banks or similar financial holding company, the benefit of merger will be greatly reduced due to the overlapping business between two merger parties. But if such a financial holding company could merge with insurance or securities firm, the benefit is obvious because of this type of merger across different business.
Keyword: financial holding company, merger and acquisition, synergy
商管科技季刊 
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