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[[alternative]]A Study on the Key Success Factors of Indigenous Harvest Festival Events in Hsinchu City
No full text[[abstract]] 新竹市原住民豐年祭活動是一個文化保存、傳承和展現的重要平台，同時也連結原住民社群與主流文化。透過層級分析法（AHP）探討該活動的關鍵成功因素，評估其對文化可持續性的影響，並強調活動組織者的專業能力、社區參與度、資源整合等關鍵成功因素，分析這些因素對活動成功的貢獻。 進一步探討豐年祭對當地社區的影響，包括社會凝聚力、文化認同感、教育傳承等。透過深度訪談主辦單位、原住民社團聚落、學校單位和社區成員，研究揭示了活動對當地社會結構和文化認同的影響，並促進了原住民文化在都市中的發展。同時關注文化可持續性，分析豐年祭活動在文化保存、傳承以及在現代社會中的永續發展。AHP方法客觀評估了各項因素對文化可持續性的貢獻，為制定相應策略提供了參考。結果顯示，豐年祭的成功與文化傳承的完整性、活動組織的效率、行銷宣傳達到社區參與度等多個因素密切相關。文化傳承的完整性是最重要的因素，其次是組織管理的效率和活動行銷宣傳。基於這些發現提出針對未來原住民豐年祭活動規劃和執行的建議，以促進原住民文化在都市中的維護和發展，以及如何讓原住民融入都巿中的多元文化的社群團體。[[abstract]] The Hsinchu City Indigenous Harvest Festival serves as a crucial platform for cultural preservation, transmission, and display, bridging indigenous communities with mainstream culture. Using the Analytic Hierarchy Process (AHP) to explore the key success factors of this festival, we assess its impact on cultural sustainability, emphasizing the professionalism of event organizers, community participation, and resource integration. This analysis examines the contribution of these factors to the festival's success. Further investigation into the festival's impact on the local community includes aspects such as social cohesion, cultural identity, and educational transmission. Through in-depth interviews with event organizers, indigenous community settlements, educational institutions, and community members, the study reveals the festival's influence on local social structures and cultural identity, fostering the development of indigenous culture in urban areas. Additionally, attention is given to cultural sustainability, analyzing the festival's role in cultural preservation, transmission, and sustainable development in modern society. The AHP method objectively evaluates the contribution of various factors to cultural sustainability, providing a reference for formulating corresponding strategies. Results indicate that the success of the Harvest Festival is closely related to the integrity of cultural transmission, the efficiency of event organization, and marketing strategies that achieve community participation. The integrity of cultural transmission emerges as the most crucial factor, followed by the efficiency of organizational management and event marketing. Based on these findings, recommendations are made for the planning and execution of future indigenous Harvest Festivals, promoting the maintenance and development of indigenous culture in urban settings and facilitating the integration of indigenous people into the multicultural urban community
[[alternative]]A Study on Innovation Services and Marketing Strategies in the Dairy Farming Industry--A Case Study of Ganglian Ranch
No full text[[abstract]] 自從台灣開始發展酪農產業後，牛乳及其乳製品逐漸成為台灣人營養補充來源之一，我們常聽到「要長高就要喝牛乳」、「選對奶粉對嬰幼兒的成長非常關鍵」等說法，根據衛福部國健署網站指出，乳品類是建議民眾攝取的六大類食物之一，每日建議喝500cc的乳製品以補充營養，這是因為牛奶富含蛋白質、鈣質、脂質、維生素B2等營養素，由此可見乳品的重要性，我們可以說酪農業的發展程度，將影響台灣人日常的營養攝取。 為了解酪農業，就必須從酪農業的歷史開始爬梳，從民國60年代，政府開始大力推動酪農產業，由旅外學者歸國輔導成立酪農專區開始，乃至於70年代致力於解決牛隻患病問題，以及80年代完成完整的集乳產業鏈，確保牛乳從農場到消費者端都能保持在最新鮮的狀態，時至今日，整套酪農產業已經非常成熟，台灣人也很習慣飲用鮮乳。 不過，隨著時代變遷，即使成熟的酪農業也面臨著全新挑戰，例如國際局勢動盪造成的飼料價格波動問題，《臺紐經濟合作協定》即將生效，屆時本土牛乳將面臨紐西蘭牛乳零關稅的競爭，生乳收購價格難以反應逐漸高漲的飼養成本，甚至是農村地區人口高齡化，加上青年人口流失嚴重，導致酪農產業人才流失等，這些問題都大大衝擊著整個酪農業，使得酪農產業勢必面臨傳型的壓力，無法再像過去只要照顧好牛隻即可，這將成為酪農的新挑戰。 為了擴展更多客源，有許多酪農開始多元化經營，結合創新服務，將農場開放觀光，讓更多民眾認識酪農產業；抑或是致力於行銷策略，開發出多樣化的乳製品，並經由行銷手段，吸引顧客上門，達到開源效果。本文將以彰化縣秀水鄉的岡聯牧場為例，探究其十幾年來的轉型經驗，如何成功打造出一個屬於自己的品牌，其多樣化的乳製品，如：冰淇淋、奶酪、鮮乳吐司、牛軋糖，是如何吸引顧客上門購買，以及面對未來各種挑戰，農場主人如何看待，又該如何因應。 最後，本文作者將深度訪談酪農產業相關人士，找了產、官、學等各界專業人士，請他們談談關於酪農產業的看法，以及在台灣酪農業面臨到的諸多困境中，該如何走出屬於自己的路。盼能集結各界智慧，推動台灣的酪農產業進入下一篇章，使酪農產業永續發展，以確保台灣人民能長期穩定獲得優質乳品的營養補充。[[abstract]] Since the development of the dairy farming industry in Taiwan, milk and its dairy products have gradually become one of the sources of nutrition for the Taiwanese people. We often hear statements like "Drink milk to grow tall" and "Choosing the right infant formula is crucial for the growth of infants and young children." According to the website of the Health Promotion Administration, dairy products are one of the six major food categories recommended for daily intake, with a daily recommendation of 500cc of dairy products to supplement nutrition. This is because milk is rich in nutrients such as protein, calcium, fats, vitamin B2, and more. Therefore, the importance of dairy products is evident, and we can say that the development of the dairy farming industry will affect the daily nutrition intake of the Taiwanese people. To understand the dairy farming industry, we must start by tracing its history. From the 1960s, when the government began to actively promote the dairy farming industry and the establishment of dairy farming zones with the guidance of returning scholars from abroad, to the 1970s when efforts were made to solve the problem of diseased cattle, and the 1980s when a complete dairy production chain was established to ensure that milk remained fresh from the farm to the consumer. Today, the entire dairy farming industry is very mature, and Taiwanese people are accustomed to drinking fresh milk. However, with the changing times, even the mature dairy farming industry faces new challenges. For example, the fluctuation in animal feed prices caused by the international situation, the upcoming “Agreement between New Zealand and the Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu on Economic Cooperation”, which will result in zero tariffs on New Zealand milk, the difficulty of milk acquisition prices reflecting the gradually rising feeding costs, and even the aging population and severe youth population loss in rural areas leading to a loss of talent in the dairy farming industry. These issues greatly impact the entire dairy farming industry, making it inevitable for the industry to face the pressure of transformation. It can no longer rely solely on caring for cattle as in the past, posing a new challenge for dairy farmers. To expand its customer base, many dairy farms have begun diversified operations, combining innovative services by opening up farms for tourism to allow more people to understand the dairy farming industry. Others are dedicated to marketing strategies, developing a variety of dairy products, and attracting customers through marketing methods to achieve increased sales. This essay will take Ganglian Ranch in Xiushui Township, Changhua County, as an example to explore its transformation experience over the past decade, how it successfully created its own brand, and how its diversified dairy products such as ice cream, cheese, fresh milk toast, and milk candy attract customers to purchase. Moreover, facing various challenges in the future, how does the farm owner perceive them, and how should they respond? Finally, the author of this essay will conduct in-depth interviews with relevant professionals in the dairy farming industry, including representatives from the production, government, and academic sectors, to discuss their views on the dairy farming industry in Taiwan and how to overcome the challenges it faces. By gathering wisdom from all sectors, we hope to propel Taiwan's dairy farming industry into the next chapter, ensuring the sustainable development of the dairy farming industry and ensuring that the Taiwanese people can continue to receive high-quality dairy products for long-term nutrition supplementation
[[alternative]]A Study on the Relationship between Truth and Fiction in Feng Menglong’s “San Yan”
No full text[[abstract]] 馮夢龍所編撰的《喻世明言》、《警世通言》、《醒世恒言》三部小說集，合稱《三言》，是晚明最具代表性的白話通俗話本小說，馮夢龍以市井小民為題材，在其作品中注入開放的力量，間以道德教化的思維，並開創出動人的藝術風貌，無論在主題思想、人物形象塑造、語言藝術及情節結構等方面，皆有其獨特的審美風貌。 本論文以《三言》之幻異類型故事為研究範圍，爬梳《三言》故事內容，試圖針對小說中的普遍性原則進行探討──「情感」、「真理」如何被作家巧手建築在小說「虛構」之上。更進一步地說，小說是個虛構世界，而這個虛構世界填補了人們的生活，反映出人類的真實情感，小說中的跌宕起伏，都是為了要彰顯某個「真情」、「真理」，或是崇高的道德勸世，或是最根本的「人性」。這些「真情」與「真理」，正是優秀的小說作品，經過時間的淘洗之後，仍在文學的沙灘上熠熠閃亮的原因。[[abstract]] Feng Menglong's three collections of short stories, namely "Stories to Caution the World," "Stories for Warning the World," and "Stories to Awaken the World," collectively known as "San Yan," represent the most representative vernacular fiction of late Ming Dynasty. Feng Menglong employed the themes of commoners and injected an open-mindedness into his works while imparting moral teachings. He created a compelling artistic style that stood out in terms of thematic concepts, character development, language artistry, and plot structures. This thesis focuses on the "San Yan," utilizing text analysis and inductive reasoning to explore the universal principles within these novels—how "truth" is artfully constructed upon the foundation of "fiction" by the author. Furthermore, it delves into the notion that novels, as a world of fiction, fill the lives of people, reflecting genuine human emotions. The ups and downs within novels serve to highlight certain "true emotions," "truths," lofty moral teachings, or fundamental aspects of "human nature." These "true emotions" and "truths" are the reasons why outstanding novels continue to shine brightly on the literary horizon even after the passage of time
[[alternative]]A Study on the Correlation among Tourist’s Experiential Value, Satisfaction and Willingness to Revisit in Tourist Night Markets--Taking Zhongyuan Night Market as an Example
No full text[[abstract]] 中原夜市在中壢地區的定位，若以中壢火車站為分水嶺，前站生活圈的庶民消費是以新明夜市為代表，則後站就屬中原夜市，可見其重要性。然而翻閱學者研究大都著重在新明夜市，卻鮮少在中原夜市的現況上著墨。因此，本研究主要探討觀光夜市的體驗價值、遊客滿意度與重遊意願的關聯性。研究對象以有逛過中原夜市之遊客，採取便利抽樣的方式。共回收354份有效問卷進行統計分析，研究結果發現逛中原夜市的遊客滿意度為高，最主要影響的構面為「商品滿意度」、「服務品質滿意度」與「價格滿意度」，在體驗價值構面為「趣味價值」；針對未來夜市管理單位應該更著重於夜市「服務優越性」與「組織氛圍」的管理，提高遊客對夜市的認同感與提升遊客的重遊意願。[[abstract]] Zhongli railway station is the historical location to divide consumers in Zhongli area. Xinming Night Market is the place where could reveal the consumption patterns of residents in the area of “front railway station”; on the other hand, Zhongyuan Night Market is the one for “rear railway station” area which is important for the research as well. However, most of the studies conducted by scholars focus on Xinming Night Market, but few focus on Zhongyuan Night Market. Therefore, this research mainly investigates the correlation among tourist’s experiential value, satisfaction and willingness to revisit. The participants in this research were tourists who had visited Zhongyuan Night Market, and the participants were selected by convenience sampling. A total of 354 valid questionnaires were collected for statistical analysis. The research results found that tourists visiting Zhongyuan Night Market are highly satisfied. The major aspects bring the positive results are "customer satisfaction", "service quality satisfaction" and "price satisfaction". In the experiential value is affected by "playfuless value". The night market organizers should focus more on "service" and "atmosphere" where the night market can bring to tourists, to improve tourists' recoganization and increase ratio of revisit
[[alternative]]A Study on the Impact of Experiential Marketing and Tourist Involvement on Revisit Intention via Anime Convention
No full text[[abstract]] 近十幾年台灣積極發展博覽會產業，因其經濟效益龐大，動漫展算是博覽會的一種，希望可以推動經濟發展，主要參加人群為青少年至青年，政府為青少年辦理的博覽會其實相對較少，而青年是台灣社會中很重要的經濟運轉中心。因此，本研究主要探討動漫展體驗行銷與遊客涉入對重遊意願的關聯性。研究對象以有參加過動漫展的遊客，採便利抽樣的方式。共回收293份有效問卷進行統計分析，研究結果發現逛動漫展的遊客重遊意願為高，主要影響構面為體驗行銷還有遊客涉入；針對未來動漫展之活動主辦單位應著重於這兩部分，提高動漫展遊客的重遊意願。[[abstract]] In the past ten years, Taiwan has been actively developing the expo industry. Due to its huge economic benefits, animation exhibitions are regarded as a kind of expos, hoping to promote economic development. The main participants are teenagers and young adults. In fact, the government organizes relatively few expos for teenagers. Youth are a very important economic center in Taiwanese society. Therefore, this study mainly explores the correlation between comic exhibition experiential marketing and tourists' involvement in revisit intention. The research subjects are tourists who have participated in animation exhibitions, and convenience sampling is adopted. A total of 293 valid questionnaires were collected for statistical analysis. The research results found that tourists who visited Comic Exhibitions had a high willingness to revisit, and the main influencing factors were experiential marketing and tourist involvement; event organizers for future Comic Exhibitions should focus on these two In part, it increases the willingness of Comic-Con visitors to return
[[alternative]]The Impact by Changes in the Constituent Stock of the Taiwan High Compensation 100 Index on Wealth of Shareholder
No full text[[abstract]] 本文採用臺灣高薪100指數成分股之審核結果做為研究資料，並探討臺灣高薪100指數成分股異動對股東財富之影響，研究方法運用事件研究法估算異常報酬率，並對臺灣高薪100指數在2015至2022年成分股異動進行研究，觀察異動之成分股的異常報酬及交易量的變化。另外，檢驗新冠肺炎疫情前及期間指數成分股異動事件宣告後，新增(剔除)股是否會產生顯著正(負)的異常報酬率；研究結果顯示，在新增股異常報酬率方面，事件日後第2日開始顯著負異常報酬率遞增效果，並隨著事件期的增加，效果更加明顯，而剔除股異常報酬率方面，事件發生後5日開始出現直至第26日， 市場上持續出現賣壓，且有跌幅擴大的趨勢。在異常交易量的實證結果顯示，新增股在事件日前後窗口以及剔除股在事件日前後窗口皆出現顯著的異常交易量，表示交易活動非常熱絡。另外，新冠肺炎疫情前及期間的實證結果發現，新冠肺炎疫情前新增股及剔除股在事件日之後幾乎呈現負的異常報酬率，而新冠肺炎疫情期間新增股及剔除股在事件日之後也幾乎呈現負的異常報酬率，表示當遭遇全球經濟金融危機時，無論企業有無落實企業社會責任，投資人都會因為全球經濟的負面因素而降低持股部位，有放空套利空間。[[abstract]] This study used the audit results of the constituent stocks of the Taiwan High Compensation 100 Index as the research data and discussed the impact by changes in the constituent stock of the Taiwan High Compensation 100 Index on wealth of shareholder. To estimate the abnormal returns by event study and studied the changes in the constituent stocks of the Taiwan High Compensation 100 Index from 2015 to 2022 to observe the changes in the abnormal returns and trading volume of the constituent stocks changed. In addition, examining whether the addition or deletion stocks will produce a significant positive (negative) abnormal return rate after the announcement of the index constituent stock change event before and during the COVID-19? The results show that in terms of the abnormal return rate of addition, the increasing effect of negative abnormal return rate began to be significant on the second day after the event date, and the effect became more obvious with the increase of the event period, while in terms of abnormal return rate of deletion, it began to appear from 5 days after the event to the 26th day, and there was a trend of selling pressure in the market, and there was a trend of expanding the decline. The empirical results of the abnormal trading volume show that there are significant abnormal trading volumes in the window of addition and deletion before and after the event date, indicating that the trading activities are very hot. Besides, the empirical results showed that the addition or deletion before COVID-19 showed almost negative abnormal returns after the event date, and it was same during COVID-19, indicating that when the global economic and financial crisis was encountered, no matter whether the company has invested a lot of resources in CSR, investors will reduce their holdings due to the negative factors of the global economy for going short
[[alternative]]A Study on Eggshell Glaze and Its Application
No full text[[abstract]] 台灣農委會表示，每年雞生產約 3.2 億隻、雞蛋 65 億顆（行政院農業委員會全球資訊網，2010），因此雞肉和雞蛋已經是大家可廉價取得的重要動物性蛋白質來源。但是溯及雞肉或雞蛋之上游，家禽種雞場或孵化場則為雞隻生產的源頭，除供應雛雞外，每年也產生約 692 公噸之廢棄蛋殼，若沒有處理將造成嚴重污染。 近幾年來，環保意識漸漸受到大家的重視，環保文化也慢慢容入在我們生活周遭，許多生活常見產品會看到它們是用生活周遭可重複使用和可腐化的綠色資源拿來再利用製造而成，從資源永續的角度，進行廢棄蛋殼回收再利用，除了可達到垃圾減量與避免環境污染外，還可將蛋殼進一步煅燒後研製成粉末並運用在研究者擅長的陶瓷領域（在釉藥配方中加入一定比例的蛋殼粉調製成釉藥），透過這次研究的機會來了解蛋殼對於釉藥的可能性，也可增加蛋殼再利用之價值。 本研究是以彰化縣大村鄉食尼尼早午餐店用完後丟棄的蛋殼為主要釉藥原料進行釉藥調配研究，在研究過程中首要將收集來的蛋殼研磨成灰，並將其煅燒，透過三角座標實驗方式，將得到的蛋殼灰結合其他釉藥原料燒製，求得穩定的釉方，並應用於陶瓷花器，便於觀看釉藥大面積的整體表現來做結論。[[abstract]] The Taiwan Council of Agriculture has stated that around 320 million chickens and 6.5 billion eggs are produced each year, making chicken meat and eggs an important and affordable source of animal protein. However, the production of poultry, including chicken farms and hatcheries, also generates approximately 692 tons of discarded eggshells annually, which if not properly handled, can cause severe pollution. In recent years, environmental awareness has gradually become a focus for many people, and eco-friendly culture is slowly being integrated into our daily lives. Many commonly used products are made from reusable and biodegradable green resources. From the perspective of sustainable resources, recycling discarded eggshells can reduce waste and prevent environmental pollution. Further, by calcining eggshells and turning them into powder, they can be used to develop glazes and increase the value of eggshell reuse. This study focuses on the research and formulation of glazes using discarded eggshells from the Shih Ni Ni Breakfast Shop in Dacun Township, Changhua County. During the research process, the collected eggshells were first ground into ashes and then calcined. Through the triangular coordinate experimental method, the resulting eggshell ash was combined with other glaze materials to obtain a stable glaze formulation. Then applied to ceramic flower vases to observe the overall performance of the glaze and draw conclusions
[[alternative]]A Study on the Application of Coral Stone in Wall Construction of Traditional Houses in Penghu
No full text[[abstract]] 澎湖群島的拓墾相較於臺灣本島早數百年歷史，但在早年生活物資缺乏的時期，建築材料選擇的種類較有限且不易取得，因此在地先民便就地取材，運用「咾咕石」作為構築民宅之主要建材，其具有輕巧、質地堅實等特性，咾咕石民宅經過建構形式多年的發展與成長後，亦成為澎湖獨有的建築風格，更在當地形成了聚落文化與建築景觀，展現出在地的文化特色和地域代表，然而，隨著建材的引進、大自然環境改變等因素，使得充滿年代風華的咾咕石建築生態逐漸式微。 鑒於現今對於文化資産保存議題的興起和重視，因此研究者想透過本研究針對澎湖傳統建築的空間組織、形式、建材、營建方法等面向做相關的探討，其中也包括當地特有的天然資産「咾咕石」，作為建材運用於傳統民宅牆體上的施作方式、建造流程以及儀式等，故本論文採取質性研究，透過文獻資料的收集、田野調查與訪談匠師等方式進行研究。 本研究除了針對澎湖傳統民宅牆體之構造、建造程序和施工技法為研究的重點外，也進一步探討咾咕石建築的保存與活化再利用，讓這珍貴的文化資産得以受到重視並永續發展，透過詳實的記錄與描述，希望對於往後歷史建築之重建與修復的匠師、相關技術及研究人員提供幫助和參考依據。[[abstract]] The development of land reclamation in the Penghu Islands dates back several hundred years earlier than that of Taiwan Island. However, during the early period when daily necessities were scarce, the choices of building materials were limited and not easily accessible. Therefore, the early inhabitants of the area used local materials, utilizing "coral stones" as the main building material for constructing residential homes. Coral stones are known for their lightweight and solid texture. Over the years, the development and growth of coral stone houses have led to the unique architectural style of Penghu, forming a settlement culture and architectural landscape that showcases the local cultural characteristics and regional representation. However, with the introduction of new building materials and changes in the natural environment, the once flourishing coral stone architectural ecology is gradually fading away. In view of the current rise and emphasis on the preservation of cultural heritage, researchers aim to explore aspects such as spatial organization, form, building materials, and construction methods of traditional architecture in Penghu through this study. This includes the unique local natural asset "coral stone," examining its use as a building material in traditional residential walls, construction processes, and rituals. Therefore, this thesis adopts a qualitative research approach, conducting research through the collection of literature, field surveys, and interviews with craftsmen. In addition to focusing on the structure, construction process, and construction techniques of traditional residential walls in Penghu, this study also further explores the preservation and revitalization of coral stone buildings, allowing this precious cultural heritage to be valued and sustainably developed. Through detailed documentation and description, it is hoped that this research will provide assistance and reference for craftsmen, relevant technicians, and researchers in the reconstruction and restoration of historical buildings in the future
[[alternative]]A Research on the Female Buddhist Practitioners during the Buddha's Lifetime: Focused on the “Upāsika Chapter” in the “Ekottara Āgama”
No full text[[abstract]] 本研究旨在探討佛陀時代在家女信徒的地位和貢獻，以突顯出重要的研究價值。 主要從以下幾個方面進行，首先，以漢譯四部《阿含經》的《增一阿含經》裡的〈清信女品〉，該部分詳細描述了三十位在家女信徒的故事，挑選出其中十位為對象特別探討。其次，藉此等文獻為基礎研究，有皈依和無皈依的在家女信徒進行人口普查並得出數據；再者，佛陀與女性的互動和佛陀對待女性的態度；最後，在佛陀時代的在家女信徒的德行事蹟和修行成就。 經過上述處理後得到的結論，核心內容展現在家女信徒具有不同的特點和品質，信仰和修行方面的品質、道德和品行方面的品質、其他方面的品質，具有以下共同特質，信仰虔誠、品德高尚、修行成就經歷尤為突出；並從文學和宗教的角度思考在家女信徒在面對生活，各種挑戰和困境時如何堅守信仰，成為後代佛教徒的典範值得深入研究和探討。[[abstract]] This study aims to explore the status and contribution of female lay followers during the Buddha's time to highlight the important research value. It mainly proceeds from the following aspects. First, it takes the pure and faithful women in the four Chinese translations of the Āgama Sutra and the Zengyi Āgama Sutra. This part describes in detail the stories of thirty female lay believers. Secondly, using this document as a basis for research, we conducted a census of lay women believers with and without conversion and obtained data; secondly, as well as the interaction between the Buddha and women and the Buddha's attitude towards women; finally, the lay women in the Buddha's era The believer’s spiritual qualities, moral character and spiritual achievements. The conclusions obtained after the above processing, the core content shows that these female lay believers have different characteristics and qualities, including the qualities of faith and practice, the qualities of morality and conduct, and other qualities. Special attention is paid to ten of them. , have the following common characteristics, especially devout faith, noble moral character, and experience of spiritual achievement. From the perspective of literature and religion, they think about how lay female believers stick to their faith when facing various challenges and difficulties in life, and become a model for future generations of Buddhists. It deserves further study and discussion
[[alternative]]The Research on the Indicator of Shareholding Ratio of Directors and Supervisors for Constructing Portfolio Return
No full text[[abstract]] 本研究以董監事持股比率指標建立投資組合策略，探討董監事持股比率指標的績效表現。研究期間自2010年1月到2023年6月，依每月董監事持股比率、公司市值規模大小及每月報酬率為研究樣本，並區分為電子股與非電子股兩大類股，檢驗董監事持股比率高低之投資策略是否存在超額報酬。實證結果顯示，採用董監事持股比率投資組合策略，投資在台灣全體上市公司、台灣上市電子股公司與非電子股公司的十一個投資組合差異檢定中，各投資組合報酬間並無顯著差異。另外，董監事持股比率建置投資組合策略是否會受到多空頭時期及盤整時期影響，發現高董監事持股之投資組合在空頭時期是較合適的投資策略。最後，全體上市董監事持股比率指標之投資策略易受到景氣循環影響，但在上市電子股公司中，景氣循環並不影響董監事持股比率指標之投資策略。[[abstract]] This study uses the indicator of shareholding ratio of directors and supervisors for constructing portfolio strategy, to explores the performance of directors and supervisors' shareholding ratio indicators. Using the shareholding ratio of directors and supervisors, market capitalization scale and closing price of all listed companies by each month in Taiwan as the research samples from January 2010 to June 2023, and divided into two major categories of electronic stocks and non-electronic stocks, to investigate whether there is excess return in the investment strategy of the shareholding ratio of directors and supervisors. The empirical results show that when adopting shareholding ratio of directors and supervisors for constructing portfolio strategy,eleven portfolio difference tests that investing in all listed companies in Taiwan, electronic stock companies and non-electronic stock companies have no significant differences. In addition, it is found that the indicator of shareholding ratio of directors and supervisors portfolio strategy will be affected by bull market,bear market and business cycle. Finally, it is found that the indicator of shareholding ratio of directors and supervisors portfolio strategy is observable to business cycles in all listed companies in Taiwan. At the same time, this portfolio strategy in Taiwan’s electronic stock companies cannot affect by business cycle