市場資訊交易者與護盤者行為之分析：以921地震期間之台股為例

AN ANALYSIS OF INFORMATION TRADER AND STABILIZATION FUND BEHAVIOR : THE CASE OF TAIWAN STOCK MARKET DURING THE 921 EARTHQUAKE PERIOD　

洪榮耀 

高雄海洋科技大學運籌管理系助理教授 

馬黛 

中山大學財務管理學系教授 

摘要

　　本研究以市場交易者面臨到的可能交易狀況建立交易樹，建構委託單驅動市場之套利交易機率模型分析資訊交易者及穩定基金績效及其行為。實證部分是以台灣1999年9月21日發生地震時，護盤基金進場事件進行研究。關於套利者及穩定基金的績效和行為，有四個主要發現(1)樣本公司均有顯著的套利交易。其中，護盤樣本公司之套利交易規模並未高於未護盤公司；(2)相較於一般時期，護盤樣本績效僅有流動性較為顯著。同時，護盤樣本與未護盤樣本之績效無顯著差異；(3)護盤期間樣本公司日內套利交易主要集中於開盤期間；(4)相對於未護盤樣本公司，護盤基金樣本公司之套利交易與市場漲跌關係較為密切，反而對各股漲跌反應較不靈敏。　

關鍵字：護盤基金、套利交易機率、日內型態　

ABSTRACT

　　Based on possible situations encountered by market traders, this study constructed a tree of trading process and a probability model of arbitrage trading in order-driven market, and analyzed the behavior and performance of the information trader and stabilization fund through this model. In the empirical study, we analyzed the stabilization fund event during the period of the 921 earthquake. Our four main findings are: (1) there is arbitrage trading in all of the sample companies, in which the arbitrage trading scale of the stabilization fund sample companies is not higher than that of the others. (2) Regarding the performance of the stabilization fund sample companies, only the liquidity is significantly different compared to ordinary period. And there is no significant difference between the performance of the stabilization fund sample companies and that of non-stabilization samples. (3) The arbitrage trading concentrates in the opening during the stabilization period. (4) In contrast to the non-stabilization samples, the arbitrage trading of the stabilization fund sample companies has a remarkable relationship with the performance of the market, but not with that of individual stocks.　

Keywords: Stabilization Fund, Probability of Arbitrage Trading, Intraday Patterns　

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大陸台資企業個案研究－李時珍中醫草藥醫藥集團

A CASE STUDY OF CROSS-STRAIT TRADITIONAL HERBAL PHARMACEUTICAL BUSINESS – LI SHI ZHEN PHARMACEUTICAL COOPERATION　

蘇英芳 

文藻外語學院國際企業管理學系助理教授 

蘇郁茹 

國立高雄第一科技大學國際企業管理碩士 

摘要

　　李時珍中藥集團是台資在大陸中醫草藥企業的代表企業。它承襲著傳統中華文化中醫草藥的智慧遺產，加上台資企業靈活的經營管理實力，將中醫草藥企業的現代化發展發揚光大。本研究選擇此一具跨海峽兩岸企業整合意義之代表性企業做深入的個案分析，來剖析此一企業的結構、作業流程、發展策略、競爭優勢、商業模式等與企管個案教學相關的關鍵性議題，並提出研究建議。期許提供一個能做為以「參與者」為中心（participant centered）、深刻學習（deep learning）的一個本土化題材。在個案企業實際的營運細節與當今組織管理理論相互對照與激盪下，對於管理教育的諸多目標：有效地學習、管理知識的累積與創造具有重要的意涵。　

關鍵字：大陸台資企業、個案研究、中醫草藥企業、知識管理　

ABSTRACT

　　Li Shi-Zhen Pharmaceutical Group Co., Ltd. is a typical Taiwanese capital-China resident enterprise. Integrating Chinese traditional herbal medicine wisdom heritage and Taiwanese originated flexible Management knowledge and capability; it much further develops Chinese herbal medicine industry in China. The present study typically investigates this cross-trait integrated company to uncover its structures, operation process, development strategies, competitive advantages, and business model, and provides suggestions. Those topics are most closely related to the focus domains of the recent popular case study management education. We aim to provide an original, indigenous learning material for the participant centered, deep learning oriented case study. Analyzing both real business practices and management theories, the implications emerge to effective learning, knowledge collection and creation should be notable.　

Keywords: China Base Taiwanese Venture Enterprises, Case Study, Chinese Herbal Pharmaceutical Industry, Knowledge Management　

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社會智能量表之驗證

VALIDATION OF SOCIAL INTELLIGENCE SCALE　

賴鳳儀 

國立屏東科技大學企業管理系副教授 

高連亨 

國立屏東科技大學企業管理系研究生 

摘要

　　社會智能（social intelligence，SI）迄今仍是發展中的議題，尤其是在定義及衡量方法上迄今仍無一致共識，甚至與其他構念（例如情緒智能）重疊的情形。本研究透過多重特質多重方法（multitrait-multimethod，MTMM）及理論網絡驗證Kaukiainen, Björkqvist, Österman, Lagerspetz, & Niskanen（1995）所提出的量表之信效度。資料透過三個研究樣本收集，研究一及研究二是以某大學商學院大學專題論文小組成員為對象，研究三則是以某醫院員工為對象。透過MTMM、驗證性因素分析、及迴歸分析結果發現：(1)本研究使用的社會智能量表具有收斂效度和區別效度。(2)在同一方法系絡中時，社會智能與和情緒智能的區分並不明顯。(3)本研究所提出的前因（五大人格特質）與後果變項（組織自尊、團隊成員交換、生活不滿意、情緒耗竭）的理論網絡，除了神經質之外，其餘變項都與社會智能有顯著的關係，顯示出該量表具有效標關聯效度。　

關鍵字：社會智能、多重方法多重特質、效度　

ABSTRACT

　　Researchers have continuously attempted to define and develop SI measurement. To date, even some degree of consensus are reached, the construct of social intelligence (SI) is still in development. Further, the discussion of whether emotional intelligence (EI) and SI are separable constructs is one of the most questioned issues in SI’s measurement development. This study examined Kaukiainen, Björkqvist, Österman, Lagerspetz, & Niskanen (1995) SI scale by employing MTMM (multitrait-multimethod) and nomological network examination to test its validity. Three studies were conducted: Samples of study 1 and study 2 are undergraduate students’ special-topic (thesis) groups, and study 3 participants are hospital employees. Results of MTMM, CFA (confirmatory factor analysis), and regression analyses are: (1) Scale conducted in this study shows convergent and discriminate validity. (2) Under the same method context, SI and EI are not significantly distinguishable. (3) Criterion-relate validity is proven through CFA and nomological network examinations where SI significantly relates to Big Five personality traits (except neroticism), organizational esteem, TMX (team-member exchange), life dissatisfaction, and emotion exhaustion.　

Keywords: Social intelligence, SI, MTMM, validity　

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相對績效資訊對投資計畫風險的經濟效果與行為效果：展望理論之運用

THE ECONOMIC AND BEHAVIORAL EFFECTS OF RELATIVE PERFORMANCE INFORMATION ON THE RISK OF INVESTMENT PROJECTS : THE APPLICATION OF PROSPECT THEORY　

邱炳乾 

國立屏東商業技術學院財務金融系副教授 

摘要

　　過去研究顯示相對績效資訊對工作績效具有經濟效果與行為效果。然而，相對績效資訊對投資計畫風險行為之經濟效果與行為效果的相關研究卻付之闕如。本研究以實驗設計法，透過共變數分析與Wilcoxon無母數統計檢定發現，相對績效獎酬下的投資計畫風險顯著高於絕對績效獎酬，此一結果在共同不確定程度越高時越顯著。另一方面，在相對績效獎酬下，相對績效資訊的框架效果顯著，因此顯示相對績效資訊對投資計畫風險具有經濟效果，但是在絕對績效獎酬下給予相對績效資訊對投資計畫風險並無影響，顯示相對績效資訊對投資計畫風險的行為效果不顯著。此外，本研究發現辯證責任(accountability)可以有效的減緩相對績效資訊的框架效果。　

關鍵字：相對績效資訊、展望理論、辯證責任

ABSTRACT

The previous research had showed the economic and behavioral effect of relative per-formance information (RPI) on job performance. This study collects data through experiment design and analyzes data through analysis of covariance (ANCOVA) and Wilcoxon non-parameter test to examine the economic and behavioral effect of RPI on the risk of in-vestment projects. The results support the inference that the project risk of relative perform-ance evaluation (RPE) is higher than absolute performance evaluation (APE) and difference of project risk between RPE and APE increases along with high common uncertainty. In addi-tion, the framing effect of relative performance information is significant on the condition of RPE rather than APE. This means that the economic effect of RPI on the project risk is re-markable but the behavioral effect is not. Furthermore, this study corroborates that the ac-countability mitigates the framing effect of RPI on the condition of RPE. 　

Keywords: Relative performance information, Prospect theory, Accountability　

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