目　　錄

回商管科技季刊目錄 Return

天氣對投資組合選擇與風險趨避程度之影響

WEATHER, INVESTORS’ PORTFOLIO CHOICE AND RISK ATTITUDES

林育秀

高雄應用科技大學金融資訊系副教授

王鈺茹

第一產物保險股份有限公司

高雄應用科技大學金融資訊研究所碩士

Yu-Hsiu Lin

Associate Professor, Department of Finance and Information,

Kaohsiung University of Applied Sciences

Yu-Ju Wang

The First Insurance Co., Ltd.

Master, Department of Finance and Information,

Kaohsiung University of Applied Sciences

摘要

　　本文採用2010年7月至2015年6月臺灣上市公司資料，根據beta值、規模、盈餘股價比（E/P）三種指標形成高風險和低風險股票投資組合，計算高風險和低風險投資組合的交易權重差額。使用四個天氣因子：氣溫、濕度、雲層量和日照率，分析交易權重差額與天氣因子之間的關係，進而推論風險趨避程度的變化，並且檢驗天氣的影響是否具季節差異。

　　實證結果顯示，四個天氣變數多與風險趨避程度呈現正向關係，氣溫的效果最為一致，當氣溫提高時，市場交易高beta、小規模和高盈餘股價比股票的傾向降低，當日照率提高時，市場交易小規模和高盈餘股價比股票的傾向降低，皆隱含風險趨避程度提高。濕度和雲層量的效果比較不一致，在某些情況下，濕度、雲層量可能與風險趨避程度呈現負向關係。其次，發現beta值分組有最為明顯的季節效果，夏季時，氣溫、濕度與風險趨避程度為正向關係，但在冬季時呈現負向關係。

關鍵字：天氣因子、風險趨避、季節效應

ABSTRACT

　　Using samples of Taiwan listed companies during July 2010 to June 2015，we form high-risk and low-risk stock portfolios based on beta, size and earnings to price ratio (E/P). The relationship between weather factors and the trading weight difference of high-risk and low-risk portfolios is investigated, and its implication for changes of the degree of risk aversion is then explored. Four weather factors, including temperature, humidity, sunshine rate, and cloud cover are considered. Besides we examine whether the impacts of weather factors might vary across seasons.

　　The empirical results show that in most circumstances weather factors exhibit   positive relation with the degree of risk aversion. Temperature has the most consistent influence. As temperature increases, investors trade relatively less on the high beta, small size and high E/P portfolio; as sunshine rate increases, investors trade relatively less on the small size and high E/P portfolio. These findings imply a higher degree of risk aversion in association with higher temperature and sunshine rate. Humidity and cloud cover show the relatively inconsistent influences. In some scenarios these two weather factors are found to be negatively correlated with the degree of risk aversion. In addition, we find strong seasonal effect when portfolios are formed by beta. In summer, temperature and humidity have positive relationship with the degree of risk aversion. However the relationship becomes negative in winter.

Keywords: Weather Factor, Risk Aversion, Seasonal Effect

回目錄

以價值調整變數衡量台灣地區科技大學之效率分析

EFFICIENCY EVALUATION OF SCIENCE AND TECHNOLOGY UNIVERSITIES IN TAIWAN UNDER VARIABLES-ADJUSTED MODE

楊維娟

國立臺中科技大學國際貿易與經營系副教授

蔡樹芬

國立臺中科技大學國際貿易與經營系助理教授

Wei-Chuan Yang

Associate Professor, Department of International Business,

National Taichung University of Science and Technology

Shih-Feng Tsai

Assistant Professor, Department of International Business,

National Taichung University of Science and Technology

摘要

　　本文採用資料包絡分析法，分別以經價值調整與未調整的投入、產出變數分析101~102學年度台灣科技大學的技術效率，並探討影響效率值的主要因素。主要結果有：(1)研究期間國立科大的效率值優於私立科大，但若以經價格調整變數衡量，公、私立學校的效率差異縮小。(2)以未經調整變數求得的效率值，非醫工學門科大優於醫工學門科大。但若以經調整的變數分析，則非醫工與醫工學門科大無顯著差異。(3)Tobit迴歸結果顯示，評鑑通過率對效率值的影響不顯著。系所數、學校所在地家戶所得對效率有正面、生師比則有負面影響。影響學校效率最重要的因素則是註冊率。

關鍵字：科技大學、資料包絡分析法、Tobit迴歸分析、效率分析

ABSTRACT

　　This paper applies the data envelopment analysis method utilizing the variables-adjusted and variables-unadjusted modes to evaluate the technical efficiency of universities in Taiwan from 2012 to 2014 academic years. Tobit regression analysis is used to analyze the factors that affect efficiency among universities. The main results as follows. (1)On average, public universities perform significantly better than private universities. However, in the variables-adjusted mode, the efficiency difference decreased. (2)Under the variables-unadjusted mode, the mean efficiencies of the non-engineering/medical schools are higher than those of engineering/medical schools. However, the efficiency difference among the two groups is insignificant under the variables-adjusted mode. (3)Tobit regression analysis showed that the effect of passing rate of evaluation on the efficiency is insignificant. The number of departments, regional household income has a positive impact on efficiency; the student-teacher ratio impacts negatively. The registration rate is the most significant factor to affect the efficiency of universities.

Keywords: Science and Technology Universities, Data Envelopment Analysis, Tobit Regression Analysis, Efficiency Evaluation

回目錄

智慧水網APP供水資訊服務創新管理之應用研究－以自來水公司第五區管理處為例

THE STUDY OF SMART WATER NETWORK SYSTEM MONITORING SOFTWARE (APP) - 5^th BRANCH OFFICE OF TWC AS AN EXAMPLE

范惟翔

南華大學企業管理學系副教授

張滄煊

南華大學企業管理學系管理科學研究生

Wei-Shang Fan

Associate Professor, Department of Business Administration,

Nanhua University

Tsang-Hsuan Chang

Graduate Student, Department of Business Administration,

Master Program in Management Sciences

摘要

　　智慧水管理為當代管理趨勢，台灣自來水公司近年導入新科技產品，運用物聯網概念結合大數據分析，於國內各管理區處的自來水管網中廣設監測點位作為數據採集之基礎，彙整水量、水壓、水質等八大監測數據，並結合地理圖資、小區管網，建置供水監測資訊平台，協助後端分析報表處理，完成即時監測、漏水管控、輸配水作業調配參考、異常通報等功能，冀能達到穩定且優化供水之目標。

　　供水監測管理從早期SCADA系統開始至當代網頁式管理，以穩定供水為目標、協助降低漏損，台灣自來水公司各管理區處因地理水文特性不同，供水監測資訊平台也有不同樣貌，本研究將針對台灣自來水公司第五區處系統進行探究，以此延伸探討未來供水監測資訊平台之樣貌與預期發揮之效益。

關鍵字：供水監測、智慧水管理、智慧水網

ABSTRACT

　　Smart water network management has become the current trends so TWC (Taiwan Water Corporation) has adopted new technology, which applies IOT (Internet of Things) concepts to analyze big data recently. Now, every branch office of TWC has implemented various monitoring sites to collect 8 parameters, including flow, pressure and quality data from the network and combined with GIS (Geographic Information System), DMA (District Meter Area) to generate analysis reporting, monitor real-time data, control leakage, operate water supply and send the alarms so as to optimize the network supply system.

　　The purpose to develop the network supply monitoring system is to stabilize the water supply, developing from SCADA (Supervisory Control and Data Acquisition) in the early time to the latest WEB-based management system. Due to the different geographical and hydrological features from every branch office of TWC, they will develop different monitoring management systems. The study will emphasize on the 5th branch of TWC to discuss the features and benefits of the future network supply monitoring system. 

Keywords: Water Supply Monitoring System, Smart Water Management, Smart Water Network

回目錄

我國審計市場競爭與審計品質之關聯性研究

THE CORRELATION BETWEEN TAIWAN’S AUDIT MARKET COMPETITION AND AUDIT QUALITY

林昭伶

長榮大學會計資訊學系副教授

Chao-Ling Lin

Associate Professor, Department of Accounting and Information System,

Chang Jung Christian University

摘要

　　過去審計研究通常未考慮競爭帶來的品質影響，或假設所有審計者面對的競爭性是一樣的，可能的原因是無法將市場競爭予以差異化，但此種作法忽略在市場區隔下，各市場內競爭水準的不同，包括審計者在不同地區從事競爭所造成之市場區隔，以及因審計者產業專家化策略下，所造成產業市場之區隔，而這些市場區隔內的差異競爭，可能促使審計者作出不同的品質決策。因此，本文藉由不同產業及不同區域具有差異競爭之假設下，探討市場競爭是否損害審計品質。結果顯示，審計者面對競爭愈激烈的市場，提供審計服務之品質愈低，反之，當審計者處於競爭程度愈低的市場，則愈能抑制客戶操縱盈餘之空間並維持品質。

關鍵字：市場競爭、盈餘管理、審計品質

ABSTRACT

　　Previous studies on auditing have generally never considered the effects of competition on the empirical model of audit quality. Additionally, many of these studies were conducted under the assumption that all auditors encounter the same competition. This is possibly because market competition is difficult to differentiate. The scholars conducting these studies have overlooked the differing levels of competition under various markets, such as the different levels of competition resulting from regional differences when auditors engage in competition in different areas, or the different levels of industry competition resulting from auditors’ strategies to specialize in certain industries. The differing levels of competition in various markets may cause auditors to formulate different quality strategies. Based on the assumption that the competition in different industries and areas varies, this study explored whether market competition weakens audit quality. The results showed that the fiercer the market competition, the lower the auditors’ service quality. By contrast, auditors are better able to maintain service quality by limiting their clients’ opportunities to manipulate profits when the level of market competition is low.

Keywords: Market Competition, Earnings Management, Audit Quality

回目錄