目      錄

台灣蘋果代工廠商價值創造與勞資權益不對等之研究​

THE VALUE CREATION OF TAIWAN’S OEM - 
UNEQUAL DISTRIBUTION OF INCOME BETWEEN LABOR AND CAPITAL IN THE APPLY SUPPLY CHAIN

林灼榮

東海大學國際經營與貿易學系教授

陳靜瑜

東海大學國際經營與貿易學系副教授

Jwu-Rong Lin

Professor, Department of International Business, 
Tung Hai University

Ching-Yu Chen​

Associate Professor, Department of International Business, 
Tung Hai University


摘要

本文旨在從台灣蘋果代工企業之微觀構面，探討勞資所得分配不均現象。以2013-2019年間台灣蘋果供應鏈每年約40家廠商之追蹤資料，在考量Tobin’s Q中介效果下，利用遞迴聯立迴歸模型，剖析價值創造與勞資權益之攸關性。主要發現包括：(1)台灣蘋果供應鏈，在面對Apple獨買眾賣採購零組件下，附加價值占營收淨額百分比（附加價值貢獻率）僅約24.362%，中間財佔營收淨額高達約76%；顯示大多廠商屬低附加價值代工製造（OEM），在偏低價值創造只能著重資方利益而不利於勞方所得分配。(2)附加價值貢獻率，可顯著提高企業長期成長動能（Tobin’s Q），而透過Tobin’s Q之中介效果，可顯著提昇資方權益，但不利於勞動所得份額。(3)價值創造之總效果，可同時顯著提昇資方權益及勞動僱用量，但顯著惡化勞動所得分配；其中對資方份額顯著提昇0.126%，但勞動份額則下降0.064%，突顯勞資所得不均度逐年惡化之困境。(4)台灣蘋果供應鏈須改善代工生產及不對稱議價能力，朝向ODM製造才能提高價值創造；且應在兼顧股東與勞工權益下，重新調整附加價值之分配比重，方能改善功能性並連動家戶所得分配，進而調和利害關係人權益。

關鍵字：蘋果供應鏈、價值創造、所得不均度、Tobin’s Q中介效果

ABSTRACT

The purpose of this research is to explore income distribution between labor and capital of Apple supply chain in Taiwan. Tobin’s Q is utilized in an iterated seemingly unrelated regression model to examine the mediating effect between value creation and income distribution. Empirical data includes 40 companies from Apple’s top 200 key component suppliers listed in Taiwan between year 2013 and 2019. Our findings suggest the followings. (1) The value-added ratio of Taiwan’s supply chain accounted for only 24.362% in the net sales of Apple’s products indicating that most suppliers in Taiwan are original equipment manufacturers (OEM) who added little value to the value chain, and therefore, is unfavorable for income allocation. (2) Value-added ratio proves to increase Tobin’s Q for the long run. The mediating effect of Tobin’s Q, however, shows a positive relationship with capital income but a negative relationship with labor income distribution. In fact, every 1% increase in value-added ratio contributes a 0.126% increase in the capital income but a 0.064% decrease in the labor income confirming the worsened income inequality situation in the supply chain. (3) Our results also show that value creation contributes to capital income distribution and employment at the same time. In conclusion, while suppliers in Taiwan are in search for a lucrative transformation to ODM to create more value in the supply chain, the unequal bargaining power between capital and labor remains an unsolved issue. Therefore, every company is advised to pay additional attention to value allocation between labor and capital in a way that can truly improve household income and reconcile conflicts among stakeholders.

Keywords: Apple’s Supply Chain, Value Creation, Income Inequality, Tobin’s Q Mediating Effect

回目錄

存股策略與股權結構分析－以泛金融官股為例​

THE ANALYSIS OF STOCK DEPOSIT STRATEGY AND OWNERSHIP STRUCTURE - THE CASE STUDY ON TAIWANESE GOVERNMENT-OWNED BANK STOCK

葉金標

僑光科技大學財務金融系副教授

姜淑美

龍華科技大學財務金融系教授

邱良通​

僑光科技大學財務金融所研究生

Chin-Piao Yeh

Associate Professor, Department of Finance,
Overseas Chinese University

Ju-Tzu Cheng​

Associate Professor, Department of Accounting Information,
National Taichung University of Science and Technology​ 

Liang-Tung Chiu

Graduate Student, Department of Finance, 
Overseas Chinese University


摘要

本研究的目的在於探討運用不同的買進持有策略、買進兆豐金、華南金、第一金、合庫金、彰銀及臺企銀六檔泛金融官股，驗證其投資報酬率是否能夠滿足每年至少在5%以上的目標。此外，本研究運用一般動差法（generalized method of moments, GMM）探討不同持股比率的投資人對於四種買進持有策略投資報酬率的影響。實證結果證明：於年初購入泛金融官股一張並長期持有者為最佳的投資策略。整體來說，除了彰銀以外，其餘五家泛金融官股銀行11年的總報酬率都高於年複利5%情況下的報酬率（71.03%），尤其以投資合庫金及第一金的報酬率最高。其次，投資金控股的報酬率優於銀行股。再者，有配股之泛金融官股之報酬率優於僅配只配現金股利者。此外，對於外資、投信、自營商、本國政府機構、本國金融機構及管理當局等所持有比率較高的泛金融官股，投資人應予減碼；反之，則應加碼。根據本研究結果建議：存股的投資人應有耐心及恆心、定期定額堅定執行，以達最佳投資報酬率。

關鍵字：定期定額、退休金、泛金融官股、定存、股權結構、一般動差法

ABSTRACT

The purpose of this study is to investigate the use of 4 different buy-and-hold strategies to examine whether the rates of return of buying the six government-owned bank stocks, e.g. Huanan Financial Holdings, Mega Holdings, First Financial Holdings, Taiwan Cooperative Holdings, Chang Hwa Bank, and Taiwan Business Bank, could meet the target of at least 5% per year. In addition, this paper uses the Generalized Method of Moments (GMM) to assess the influence of investors’ diverse shareholding ratios on the rate of returns of the four buy-and-hold strategies. The empirical results prove that buying a government-owned bank stock at the beginning of the year and holding it for a long period is the best investment strategy. Overall, except for Chang Hwa Bank, during the past 11 years, the total returns of the other five government-owned bank stocks%), especially Taiwan Cooperative Holdings and First Financial Holdings, are higher than the rate of return (71.03%) under the condition of annual compound interest of 5%. Secondly, investing financial holdings stocks shows a better rate of return than investing bank stocks. The rates of return of government-owned bank stocks with stock dividends are superior to those with only cash dividends. In addition, investors should reduce their stakes in government-owned bank stock when foreign capital, investment trust, securities dealer, domestic government agencies, domestic financial institutions, and management authorities have higher shareholding; otherwise, they should increase their own stocks. Finally, it is suggested that deposit stock investors should have patience to firmly implement systematic investment plan in order to achieve the best return.

Keywords: Systematic Investment Plan (SIP), Pension, Government-Owned Bank Stock, Time Deposits, Ownership Structure, Generalized Method of Moments (GMM)

回目錄

身份認同基準與企業資源對於千禧世代求職意願之影響

THE IMPACT OF IDENTITY AWARENESS AND ENTERPRISE RESOURCES ON MILLENNIALS’ WILLINGNESS TO SEEK JOBS

范凱棠

龍華科技大學企業管理學系副教授
國立政治大學科技管理與智慧財產研究所博士候選人

蘇珊

龍華科技大學企業管理學系專案研究員

王俊傑

國立中興大學企業管理學系博士生

Kai-Tang Fan​

Associate Professor, Department of Business Administration,
Lunghwa University of Science and Technology
Ph.D. Candidate, Graduate Institute of Technology, 
Innovation and Intellectual Property Management,
National Chengchi University

Shan Su

Project Research Fellow, Department of Business Administration,
Lunghwa University of Science and Technology

Jyun-Jie Wang

Ph.D. Student, Department of Business Administration,
National Chung Hsing University


摘要

相較於過去世代而言，千禧世代在想法與行為上有其獨特之處，如何吸引此世代求職者之應聘意願儼然成為現今企業求才之重要議題。回顧過往招募甄選研究多從企業角度之選才策略與人才辨識角度出發，鮮少由求職者之心理需求角度進行探究，準此，本研究根據社會認同理論與資源保存理論，以102位大四應屆畢業生為受試對象，透過實驗設計方式針對不同求職者可能關切之心理需求進行招聘資訊之情境設計，試圖檢視不同身份認同基準與企業資源對於千禧世代求職意願之可能影響。研究結果顯示，身份認同基準與企業資源規模對千禧世代求職意願具有重要影響效果，若千禧求職者可感受之未來可獲得資源越豐富，其求職意願也越高，否則求職者將僅能依據可反映其身份認同基準高低之求職資訊進行求職決策選擇。

關鍵字：身份認同基準、企業資源、千禧世代、求職意願、企業形象

ABSTRACT

The thinking and behavior of millennials are different from those of previous generations. Attracting the willingness of millennial job seekers has become a crucial topic in today's corporate recruitment. Most of the previous researches started from the perspective of the supply side, but this research believes that the demand side of applicants should be explored. To understand how identity awareness and enterprise resources affect the job seeker willingness of millennials, this research draws on social identity theory and resource conservation theory, using two companies of different sizes and their basic images as well as the applicant’s external and internal motivations as the basis for the experimental design. The object of this research are senior graduates, using experimental situation and collecting questionnaires to analyze, and a total of 102 valid questionnaires were collected. The results of this study find that, if employers provide more comprehensive corporate resources, identity awareness is indeed no longer a factor that interferes with the job hunting of millennials. It is verified that small-scale enterprises can still use good corporate resources to attract them, and large-scale companies should also continue to maintain a good working environment and human resources to strive for opportunities to recruit talents.

Keywords: Identity Awareness, Enterprise Resources, Millennials, Job Seeker Willingness, Enterprise Image

回目錄

調查即時性與心流狀態對直播的購買意願之影響

INVESTIGATING THE IMMEDIACY AND FLOW FACTORS TO INFLUENCE PURCHASE INTENTION IN LIVE VIDEO STREAMING SHOPPING​

陳澤義

國立臺北大學特聘教授兼國際企業研究所所長

李佩芳 

國立臺北大學國際企業研究所助理教授

楊雨琳

台灣勤業眾信專員

Tser-Yieth Chen

Distinguished Professor and Chairman, Graduate Institute of International Business,
National Taipei University

Pei-Fang Li

Assistant Professor, Graduate Institute of International Business,
National Taipei University

Yu-Lin Yang

Specialist, Deloitte Touche Tohmatsu Limited, Taiwan


摘要

本研究著重於了解即時性與心流狀態，這兩大因子在直播時對感知價值（功利、享樂與社會價值）的影響，進而影響到購買意願。本研究運用配額抽樣，分別從台灣的PChome Online（網路家庭）的直播平台，以及中國福建的淘寶直播平台，各收到225份使用者樣本（總樣本數450份），藉由結構方程模式的分析來調查兩國使用者的狀況。實證結果第一條路徑表明，流量對社會價值產生正向影響，進而對購買意願產生正向影響。第二條路徑表明，流量對享樂價值產生正面影響，進而對購買意願產生正面影響。實證結果指出，心流狀態明顯影響社會與享樂價值，其顯著性明顯高於即時性對社會與享樂價值的影響。本研究模型實由社會臨場感理論所建立的一個理論機制，所以可以用這個角度來建議有效的社群媒體策略，以及解釋直播的行為模式。本研究也從解釋社會價值的作用角度為相關學術文獻做出了貢獻。

關鍵字：直播電商、即時性、心流狀態、社會價值、社會臨場感理論

ABSTRACT

This study investigates flow state and immediacy factors, which influence perceived values (utilitarian, hedonic, and social values), and then affect users’ purchase intention in live video streaming shopping (LVSS). This study utilizes quota sampling to collect 450 samples, from 225 PChome Live users in Taiwan (Taiwan) and 225 Taobao Live users in Fujian (China) to investigate the effect of two types of nations on purchase intention using structural equation modeling analysis. Empirical results of the two paths indicate that flow state positively affects social values (first path) and hedonic values (second path) which, in turn, both positively influence purchase intention. The flow state’s influence on social and hedonic values is significantly higher than the immediacy’s influence. A theoretical mechanism is constructed based on social presence theory, which can be employed as a theoretical lens in proposing effective social media strategies and describing LVSS behavior. This work also contributes to explain more on the role of social values.

Keywords: Live Video Streaming Shopping, Immediacy, Flow, Social Value, Social Presence Theory 

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