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一、 |
蔡秋田、蔡玉琴、 |
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二、 |
誘導實情獎酬制度與風險偏好對預算寬列之影響 |
林淑美 |
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三、 |
孫嘉明、陳瑞順 |
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四、 |
耿慶瑞、黃增隆、汪志堅 |
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五、 |
許溪南、詹司如、 |
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六、 |
何應欽、林志信、范念慈 |
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BOOK-TO-MARKET, OPERATING EFFICIENCY AND STOCK RETURNS: STOCK PRICES UNDERREACTION PHENOMENON 蔡秋田 蔡玉琴 中國科技大學會計系 黃美珠 中原大學會計學系 王媛慧 輔仁大學餐旅管理學系 Chiu-Tien Tsai Yu-Chin Tsai Department of Accounting China University of Technology Mei-Chu Huang Department of Accounting Chung Yuan Christian University Yuan-Huey Wang Department of Restaurant, Hotel and Institutional Management FuJen Catholic University 摘要 基於動能生命週期假說（momentum life cycle hypothesis），本文旨在探討台灣電子業淨值市價比、經營效率與股票報酬之關係，藉以驗證投資人是否對於公開新資訊反應不足。根據動能生命週期，我們以淨值市價比與經營效率變動形成投資組合，檢視股票價格是否及時反映公開新資訊。經營效率係以無母數分析法－Malmquist生產力指數來估計。實證結果顯示，財務報表公告後，基於動能生命週期形成之投資組合能獲取可觀的異常報酬，在控制beta風險、淨值市價比、公司規模等因素下，結論依然穩固。此結果隱含投資人對於公開新資訊有反應不足的現象。 關鍵字：淨值市價比、經營效率、股票報酬、動能生命週期 |
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ABSTRACT Based on momentum life cycle hypothesis, this paper examines the relationship between firm’s stock returns and both book-to-market and operating efficiency in Taiwan Electronic Industry. We measure operating efficiency by using nonparametric approach-Malmquist index. Our results indicate that even after taking into the account of the effect of beta risk, book-to-market and size, a portfolio strategy developed from momentum life cycle hypothesis generated strong abnormal returns. This suggests that stock prices do not instantaneously and fully reflect the information disclosed in financial statements. Keywords: book-to-market, operating efficiency, stock returns, momentum life cycle
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THE EFFECTS OF TRUTH-INDUCING PAY SCHEMES AND RISK PREFERENCES ON BUDGET SLACK 林淑美 樹德科技大學金融保險系 Sue-Mei Lin Department of Insurance & Finance Shu-Te University 摘要 本研究以實驗方式，探討誘導實情獎酬制度和風險偏好對預算寬列之影響。實驗結果顯示：誘導實情獎酬制度和風險偏好顯著影響預算寬列，且二者間不存在交互作用。風險規避者產生之預算寬列較非風險規避者高，然而，藉由高誘因誘導實情獎酬制度之實施，可降低受試者之預算寬列，甚至可以完全消除；而低誘因誘導實情獎酬制度則無此效果。 關鍵字：誘導實情獎酬制度、風險偏好、預算寬列 |
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ABSTRACT This study examines the effects of truth-inducing pay schemes and risk preferences on budget slack by laboratory experiment. The experimental results show that the truth-inducing pay scheme and risk preference variables do not interact and significantly affect budget slack. Risk-averse subjects create more budget slack than non-risk-averse subjects do. The implementation of high incentive truth-inducing pay schemes can reduce and eliminate budget slack but low incentive truth-inducing pay schemes have no such effects. Keywords: truth-inducing pay scheme, risk preference, budget slack
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A MULTIPLE-CASE STUDY ON THE STRATEGIC ALIGNMENT PROCESS WITH INFORMATION TECHNOLOGY FOR NEW VENTURES: FROM A DYNAMIC CAPABILITIES PERSPECTIVE 孫嘉明 國立雲林科技大學會計系／國立交通大學資訊管理研究所 陳瑞順 國立交通大學資訊管理研究所 Chia-Ming Sun Department of Accounting National Yunlin University of Science & Technology Institute of Information Management National Chiao Tung University Ruey-Shun Chen Institute of Information Management National Chiao Tung University 摘要 一般學者多認為在持續變動環境下，資訊科技策略與組織策略間的適配關係為動態且持續進行的策略調準歷程（a strategic alignment process），但卻少有學者提出可供分析之參考理論架構。延伸自資源基礎理論之動態能力觀點強調：在變動環境下，組織必須持續重組資源，才能維持策略性競爭優勢。因此，本研究引用動態能力觀點，透過個案研究分析台灣半導體產業兩家IC封裝廠商的創業變革歷程，藉以瞭解新創企業於劇烈變動環境與業務快速成長下，如何培養所需的資訊科技能力，發展、整合及重組資訊科技資源，以達到策略調準目標。 關鍵字：策略調準、資訊科技能力、動態能力觀點 |
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ABSTRACT Many prior studies suggest that alignment between business strategy and IT strategy is a dynamic and continuous process, but few of them provide theoretic frameworks for this phenomenon. Extended from resource-based view, the dynamic capabilities perspective focuses on the process of resource reconfiguration to sustain competitive advantages in a velocity environment. Thus, in this study we take the dynamic capabilities perspective to analyze the entrepreneurial processes of two IC package companies in semiconductor industry of Taiwan. The purpose of this study is to explore a new venture how to develop IT capabilities to integrate and reconfigure IT resources, and reach the goal of strategic alignment. Keywords: Strategic IS Alignment, IT Capabilities, Dynamic Capabilities Perspective
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INTERACTIVITY IMPACT ON THE TECHNOLOGY ACCEPTANCE MODEL OF GOVERNMENT PORTAL SITE 耿慶瑞 國立臺北科技大學商業自動化與管理所暨經營管理系 黃增隆 國立政治大學企業管理系 汪志堅 國立臺北大學資訊管理研究所 Ching-Jui keng Department of Business Management National Taipei University of Technology Tseng-Long Huang Department of Business Administration National Chengchi University Zhi-Jian Wang Institute of Information Management National Taipei University 摘要 政府運用新的科技技術來推動「網際網路互動式便民服務」，但相關的推動成效缺乏適切的評估，為能夠真正瞭解政府推動的成效及民眾使用的現況，促成本研究的進行。本研究以互動性及科技接受模式為基礎，評估民眾使用政府入口網站成效。研究發現，民眾使用入口網站後所產生正面或負面的感受，會直接、間接影響未來是否使用的意願及民眾實際使用的頻率。又民眾知覺入口網站的易用性、有用性及互動性都會直接或間接決定他們感受是否好或壞的主要因素，因此政府入口網站成效的優劣，決定於它是否具備足夠且多元的互動性給予民眾使用，並進一步促使民眾知覺有用性與易用性程度能夠提高，而強化民眾能充分繼續使用效果的目的。 關鍵字：電子化政府、入口網站、滿意度、科技接受模式 |
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ABSTRACT Owing to the speedy expanding of WWW, people get on-line growing rapidly and the competition among cyber-business is intense. These foreign countries, including Japan, America and so on, have successively tried to carry out the policy of the e-government on line services in order to advance the national competitiveness. For the trend, our government had taken action about the e-government on line services. To deliver superior service quality, managers of companies with web presences must first understand how customers perceive and evaluate online customer service. The purpose of this paper is to examine the acceptance degree of the e-government on line services based on Technology Acceptance Model. Besides, the intent of our study was to find the factor that affects TAM by adding an interactivity concept in the WWW context. We hoped to explain user acceptance of the e-government on line services. In this study, we evidence an individual’s attitude toward the use of the e-government on line services is significantly affected by the individual’s perception about ease of use, and usefulness. And behavioral intentions to use the e-government on line services is highly related to the attitude, and perceived usefulness. At the same time, we also find interactivity is the most important motivation factor. In other words, the result implies that the individual’s acceptance of the WWW is significantly related to interactivity. Keywords: the E-government on line services, Portal Site, User Satisfaction, Technology Acceptance Model
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IMPACTS OF MARGIN TRADES ON THE PRICE VOLATILITY AND TRADING VOLUME OF IPO STOCKS 許溪南 台南科技大學財務金融系 詹司如 林靖中 高苑科技大學企業管理系 謝東瀛 成功大學企業管理研究所 Hsinan Hsu Department of Finance Tainan University of Technology Shih-Ju Chan Ching-Chung Lin Department of Business Administration Kao-Yuan University Tung-Ying Hsieh Department of Business Administration National Cheng-Kung University 摘要 不同於過去文獻探討融資融券成數改變對股價行為的影響，本文分析新上市股票開放信用交易後（融資融券成數由無到有）的價格波動性與交易量改變情形，如此可了解信用交易機制對個股所造成的影響。本文的實證結果顯示：開放信用交易後整體新上市股票波動性並沒有顯著改變，研究期間愈長成交量增加的現象愈明顯，此結論可提供證券主管當局決定新上市股票開始信用交易期限的一項參考依據。 關鍵字：新上市股票、信用交易、成交量、波動性 |
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ABSTRACT Most past studies investigate the impacts of margin requirement changes on the volatility of stock prices. This article is to explore the impacts of opening margin trades on the price volatility and trading volume of IPO stocks. By comparing the volatility and volume of IPO stocks during the pre- and post- margin periods, we are able to analyze the impacts of margin policy on the price behavior and performance. The empirical results show that there is no significant change in the volatility of IPO stocks, while the trading volumes increase significantly. Our finding provides an evidence for the authority to decide the time limitation for IPO stocks to be qualified for margin trades. Keywords: IPO, Margin Trades, Trading Volume, Volatility
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台灣企業準備採用協同規劃、預測及補貨（CPFR）與及時（JIT）採購技術於製造績效增進之研究 THE EFFECTS OF CPFR AND JIT PROCUREMENT ON THE MANUFACTURING PERFORMANCE OF TAIWANESE COMPANIES 何應欽 中央大學工業管理所 林志信 范念慈 中央大學企業管理學系 Ying-Chin Ho Institute of Industrial Management National Central University Chih-Hsin Lin Nian-Chu Fan Department of Business Administration National Central University 摘要 企業間的供需問題一直是實務界與學術界十分重視的問題，當供應方與需求方的資訊溝通不順暢時，便有可能造成供需的低效率並降低企業的競爭力。及時生產系統（Just In Time，JIT）是學術界相當推崇的生產方式，而JIT採購更是其重心之一。協同規劃、預測與補貨（Collaborative Planning, Forecasting and Replenishment，CPFR）則為近年來新興的一套協同合作模式，由美國產業共同商務標準（Voluntary Interindustry Commerce Standards，VICS）協會致力推廣與改善。本研究的內容即圍繞在這兩主題上，研究中以問卷調查與統計分析等方法來探討台灣企業準備採用協同規劃、預測及補貨（CPFR）與及時（JIT）採購技術於製造績效之增進，主要探討議題包括：JIT採購對製造績效是否有正面影響、CPFR對製造績效是否有正面影響、以及CPFR對JIT採購是否有正面影響。統計分析的結果顯示，JIT採購對企業之製造績效有相當顯著的正面效果，而CPFR可對JIT採購造成相當顯著的正面影響，但對製造績效則無顯著的直接助益。雖然CPFR對製造績效並無直接的幫助，但是它仍可透過JIT採購的實施，來提升企業的製造績效。 關鍵字：JIT、JIT採購、CPFR、製造績效 |
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ABSTRACT The supply and demand problem between companies has been an important problem faced by companies. The poor information flow between companies can result in inefficient communications between companies and undermine their competitiveness. Many methods have been proposed to solve this problem. Just-in-Time（JIT）production and CPFR（Collaborative Planning, Forecasting and Replenishment）are two of them. JIT production is a production philiphosy that has had many successful implementaions. JIT procurement is one of the core principles of JIT production. On the other hand, CPFR is a production philosophy proposed by VICS（Voluntary Interindustry Commerce Standards）organization to improve the cooperation, collaboration and communication between companies. In this paper, we focus on JIT procurement and CPFR by investigating three main issues. They are (1) whether JIT procurement has any positive effects on a company’s manufacturing performance, (2) whether CPFR has any positive effects on a company’s manufacturing performance, and (3) whether CPFR has any positive effects on JIT procurement. The study is conducted through surveys and statistical analysis. The analytical results of the survey data indicate that JIT procurement has positive effects on a company’s manufacturing performance and CPFR has positive effects on JIT procurement. And, although CPFR does not directly affect a company’s manufacturing performance, it can indirectly improve a company’s manufacturing performance through the implementation of JIT procurement. Keywords: JIT, JIT Procurement, CPFR, Manufacturing Performance |
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