一、

 

台灣股市與國際股市共移性之研究
Co-Movements of Taiwan and International Stock Markets
 

邱建良、劉聰衡、紀嘉政
Chien-Liang Chiu, Tsung-Heng Liu, 
Chia-Chon Chi

二、
 

位階與距離--中國人際溝通之交流分析研究
Place and Distance--A Study on Chinese Communication Based Upon Transactional Analysis Theory

嚴竹華
Chu-Hwa Yan

三、
 

台灣跨國企業資本結構決定因素之實證研究
An Empirical Study on the Determinants of Capital Structureof Multinational Corporations in Taiwan

王健聰
Jan-Chung Wang

四、

 

網路商店行銷策略對消費者滿意度與服務價值認知之影響效果探討
The Effects of Marketing Strategies on Consumer Satisfaction  and PerceivedService Values
-- The Case of Web Shop

張國忠、丁　承、丁慧瑩
Kuochung Chang, Cherng Ding, 
Hui-Ying Tine

五、
 

知識管理－觀念架構的建立
Knowledge Management : A Conceptual Model

方世杰、方世榮
Shin-Chieh Fang, Shyh-Rong Fang

台灣股市與國際股市共移性之研究

CO-MOVEMENTS OF TAIWAN AND INTERNATIONAL STOCK MARKETS

邱建良 劉聰衡 紀嘉政* 

淡江大學財務金融系 

Chien-Liang Chiu, Tsung-Heng Liu, Chia-Chon Chi 

Graduate Institute of Money Banking and Finance Tamkang University 251, R.O.C.

摘要

　　本研究的目的是在探討台灣、美國、日本、香港及深圳股市間股票報酬之共移性現象。應用Engle and Kroner(1995)所提出的一般正定多變量GARCH模型為主要的實證模型，並將模型中條件誤差項之分配假設為雙變量t分配，藉由對條件共變異數與條件相關係數之探討來驗證台灣、美國、日本、香港及深圳股票市場間股票報酬共移性的時間變異特性，並獲致下列的結論：(1) 除了日本與深圳股市這一組外，台灣、美國、日本、香港及深圳股市間不論長期或短期彼此間都有相關性。(2)本研究不但印證各國股市間相關性非固定不變的現象；而且發現十個組合之條件相關係數存在正相關的機率會大於負相關的機率。(3)最後在俄羅斯金融危機(Russian financial crisis)導致美國股市在1998年8月31日星期一崩盤的事件分析中，顯示若投資者參考每日條件相關係數改變的過程來調整最適資產負債組合，則可擴大國際投資組合風險分散的潛在利益。

關鍵字：共移性，恆常與暫時共變異，一般正定多變量GARCH模型

ABSTRACT

　　This paper examines the co-movements of stock returns between each pair of stock markets within five international markets by using generalized positive definite multivariate GARCH models. The errors are assumed to follow a multivariate Student-t distribution. We find that all pairs of markets, except Hong Kong-Japan, display significant permanent and transitory covariance. We also find that while conditional correlations between the returns are generally small, the correlations change considerably over time. An event analysis suggests that using diversification strategies for these conditional correlations is potentially beneficial.

Keywords: Co-movement, Permanent and Transitory covariance, Generalized positive definite multivariate GARCH model

回目錄

位階與距離--中國人際溝通之交流分析研究

PLACE AND DISTANCE -- A STUDY ON CHINESE COMMUNICATION BASED UPON TRANSACTIONAL ANALYSIS THEORY

嚴竹華 

康寧專校資管科 

Chu-Hwa Yan 

Department of Information Management Kang Ning Junior College of Nursing

摘要

　　本研究根據本土化特性修正交流分析(TA)理論內涵及建構。交流分析理論認為，交叉型溝通是容易中斷或至少有一方會規避、退縮的溝通；但在中國社會中，人際間「負向交叉型」溝通確實可能成為無效的溝通方式，且更可能引發關係破裂或衝突的不良後果。但若雙方採用「正向交叉型」溝通時，在本地社會中則被認為是和諧、滿意的溝通，而且更可建立長久的人際關係。

關鍵字：交流分析；互補式溝通；交叉式溝通；正向溝通；負向溝通；二位體角色關係；垂直關係；水平關係。

ABSTRACT

　　This study modified the model of TA(Transactional Analysis) to fit the Taiwanese society. Crossing-style communication, according to TA theory, can result in relationship breakdown or avoidance behavior. However, when considering characteristics of the local society, this study found that negative confrontation could indeed break off communication. Surprisingly, positive confrontation is considered not only a satisfactory strategy for successful communication but also a commendable way of maintaining long-term relationship. A modified model of the TA theory is thus proposed.

Keywords: TA(Transactional Analysis); complementary transactions; crossed transactions; upward transactions; downward transactions.

回目錄

台灣跨國企業資本結構決定因素之實證研究

AN EMPIRICAL STUDY ON THE DETERMINANTS OF CAPITAL STRUCTURE OF MULTINATIONAL CORPORATIONS IN TAIWAN

王健聰* 

永達技術學院工管系 

Jan-Chung Wang 

Department of Industrial Management, Yungta Institute of Technology and Commerce

摘要

　　本文主要針對國內跨國企業資本結構決定因素進行分析，實證研究則包含兩個部份：(1)跨國企業在負債比率以及在資本結構決定因素(包括負債代理成本、營業風險、獲利能力及匯率風險)，是否與本國企業有顯著的差異。(2)探討傳統的資本結構決定因素以及一些特定國際性因素對於跨國企業資本結構的直接影響。針對第一個部份之實證研究，本文將以t-test、Mann-Whitney U-test以及三因子變異數分析進行比較。至於第二部份之實證研究，本文則將建立多元迴歸模式以進行分析。
　　本文選取國內50家跨國企業的樣本與60家本國企業的樣本進行分析，實證結果如下：(1)跨國企業比本國企業有較高的負債比率與較低的盈餘波動性，此與理論所言是相同的。此外，本國企業對於經濟性匯率風險的敏感度高於跨國企業。(2)在跨國企業資本結構決定因素之實證結果則顯示，跨國企業的負債比率與其盈餘的波動性及獲利能力有負向關係。另外，跨國企業的負債比率亦與其所面臨的經濟性匯率風險有負向關係。至於政治風險與國際化的程度對於跨國企業的負債比率並無顯著性影響。

關鍵字：跨國企業、資本結構、國際化程度、政治風險、經濟性匯率風險。

ABSTRACT

　　The empirical study in this paper is composed of two segments. First, we examine whether there are significant differences between multinational corporations(MNCs) and domestic corporations(DCs) in the debt ratio and the capital structure determinants. Next, we investigate the direct effect of both traditional capital structure determinants and specific international factors on capital structure of MNCs. For the first segment, t-test, Mann-whitney U-test, and three-way analysis of variance are applied. Multiple regression analysis is applied for the second segment. 
Using a sample 50 MNCs and 60 DCs, the empirical findings are: (1) The results indicate that MNCs have higher debt ratios than DCs, and that MNCs are less volatile than DCs. Moreover, DCs are significantly more sensitive to economic exchange rates than MNCs. (2) The traditional capital structure determinants include earnings volatility and profitability, which have negative effects on debt ratios of MNCs. Debt ratios of MNCs are found to be negatively related to the specific international factor of economic exchange rate risk. However, the specific international factors of political risk and level of internationalization have no significant effect on debt ratios of MNCs.

Keywords: multinational corporations, capital structure, level of internationalization, political risk, economic exchange rate risk.

回目錄

網路商店行銷策略對消費者滿意度與服務價值認知之影響效果探討

THE EFFECTS OF MARKETING STRATEGIES ON CONSUMER SATISFACTION AND PERCEIVED SERVICE VALUES－THE CASE OF WEB SHOP

張國忠* 

國立東華大學國際企業研究所 

丁承 

國立交通大學經營管理研究所 

丁慧瑩 

國立臺台北商專資訊管理科 

Kuochung Chang 

Institute of International Business National Dong Hwa University 

Cherng-G. Ding 

Institute of Business Management National Chiao Tung University 

Huiying Tine 

Department of Information Management National Taipei College of Business

摘要

　　本研究提出網路商店行銷策略對消費者服務價值認知及滿意度關聯性之概念架構，其關聯性涉及消費者個人特質及產品涉入程度等潛在調節變項。研究內容包含概念性架構之提出、問卷設計、網路線上資料收集與統計分析等實證方法。結果發現，網路商店常用之八種行銷策略，對於提高消費者的滿意度及認知服務價值，會受到消費者自我檢校、相依性、認知需求等人格特質以及對產品涉入程度之影響。其影響效果分別進行探討，並提出相關之行銷建議。

關鍵字：產品涉入，自我形象，自我檢校，認知需求，調節效應。

ABSTRACT

　　This study investigated the effects of self-monitoring, self-image, need for cognition, and the degree of product involvement on the relationship between marketing strategies and consumer satisfaction and perceived service values for web shop. The empirical study included a conceptual framework, questionnaire design, web data collection, and statistical data analysis. The results indicated that the effects of eight types of marketing strategies on consumer satisfaction and perceived service values were moderated by consumers personality characteristics and the degree of product involvement. The moderating effects have been discussed and marketing implications given.

Keywords: product involvement, self-image, self-monitoring, need for cognition, moderating effect.

回目錄

知識管理－觀念架構的建立

KNOWLEDGE MANAGEMENT：A CONCEPTUAL MODEL

方世杰* 

義守大學企管系 

方世榮 

雲林科技大學企管系 

Shih–Chieh Fang 

Department of Business Administration I – Shou University 

Shyh–Rong Fang 

Department of Business Administration National Yunlin University of Science & Technology

摘要

　　進入廿一世紀的知識經濟新紀元，知識已然成為組織建立其競爭優勢的最關鍵因素。從知識之取得、蓄積、分享、以至於有效之應用等課題，近年來一直受到知識管理研究學者之高度重視。這些學者不論從組織行為學派或資訊學派之觀點，幾乎都同意有效的知識管理必須建立在三個基層架構之基礎上，包括：(1)人力資本，(2)內部結構性資本，以及(3)外部關係性資本。此即構成學者所稱之組織的知識性資產或智慧資本。
　　本文即旨在從知識基礎理論與知識市場機制等觀點，強調組織之知識性資產可以透過有效的知識管理機制之建立與維護，以創造、蓄積、及分享這類資產，進而提昇組織之競爭力。本文除了建立一研究知識管理與組織競爭力之觀念性架構外，並據以推論出有助於後續理論與實証研究之相關命題。最後，對於相關的研究課題，本文亦提出具體之建議。

關鍵字：知識管理、智慧資本、知識市場機制、競爭力

ABSTRACT

　　Knowledge becomes the most important key factor of organizational competitiveness when new era of knowledge economic arrives. Recently, scholars highly address the acquisition, accumulation, sharing, and the effective application of knowledge. Either from organizational behavior or informational perspective, all scholars almost agree that the effective knowledge management must build on the basis of three level infrastructures. Those levels include: (1) Human capital, (2) Internally structural capital, and (3) Externally relationship capital (Sveiby, 1997; Stewart, 1997; Davenport, 1999). 
　　Based upon both the knowledge-based theory and knowledge market framework, we argue that an organization can create、accumulate、and share these capital, through the effective knowledge management mechanism. Furthermore, this paper builds a conceptual framework for studying the relevant topic, and we draw on some propositions and research issues for the future study.

Keywords: Knowledge management, Intellectual capital, Knowledge market mechanism, Competitiveness

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