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貨幣政策與財政政策在內生成長模型下的經濟成長效果;The Economic Growth Effect of Monetary and Fiscal Policy in the Endogenous Growth Model
No full text[[abstract]]本文建立一個內生成長模型，在考慮累進稅以及政府發行公債以平衡預算的情況下，利用貨幣效用函數法(money-in-the-utility-function approach, MIU approach)，探討貨幣政策與財政政策之互動會如何影響經濟成長與經濟體之穩定性。我們發現在考慮累進稅以及發行公債以平衡政府預算之下，政府提高貨幣供給成長率時，將會提高長期經濟成長率，表示貨幣供給成長率不僅不具備長期超中立性，對於經濟成長率亦有正面貢獻。此結論與Sidrauski（1967）相左，而與Van der Ploeg and Alogoskoufis（1994）相同。此外，透過模型的動態分析，我們得知在考慮累進稅的MIU內生成長模型以及政府預算平衡之下，經濟體呈現馬鞍均衡。
This paper establishes an endogenous growth model with progressive taxation and public debt to balance the budget of the government. We adopt the money-in-the-utility-function approach to analyze how the interaction of monetary and fiscal policy affects economic growth and the stability of the economy. We show that when the government raises the growth rate of money supply, it will lead to a higher long-run economic growth rate. It means that money is not only non-superneutrality, but also bringing a positive contribution to the economic growth. This conclusion is different from Sidrauski（1967）, but the same as Van der Ploeg and Alogoskoufis（1994）. Moreover, through the dynamic analysis of the model, we reach a conclusion that the economy shows saddle-path equilibrium under the MIU endogenous growth model with the consideration of the progressive taxation and a balanced government budget
探討VIX恐慌指數與股價報酬之間的線性與非線性關係-以亞洲六國及美國股市為例;An Empirical Study of Linear and Non-linear Relationship Between VIX and Stock Return for Asia Six Countries and United States' Stock Market
No full text[[abstract]]本文研究使用ADF單根檢定、KPSS單根檢定、VAR模型、GRANGER因果關係檢定、衝擊反應函數分析以及門檻式自我相關結構轉變模型（TAR Model），進行香港HANG SENG、韓國KOSPI、日本NIKKEI 225、美國S&P 500、美國NASDAQ、中國CSI 300、新加坡STI和台灣TAIEX等加權股價指數與美國VIX恐慌指數之間的線性與非線性關係探討。 不同於以往文獻，如Whaley（2009）、Sarwar（2012a）和Sarwar（2012b）在研究中，將股價報酬設為自變數，美國VIX恐慌指數設為應變數，本文仿效Wang et al.,（2014）將美國VIX恐慌指數設為自變數，股價報酬設為應變數，探究變數之間的關係。經由實證結果分析，在所有變數的序列資料均為定態下，香港、韓國、日本、中國、新加坡和台灣的加權股價指數落後期報酬率和VIX恐慌指數變動率之間有負向關係，唯獨美國的S&P 500、美國NASDAQ加權股價指數落後期報酬率和VIX恐慌指數具有正、負向關係。在GRANGER因果關係檢定方面，除了S&P 500、NASDAQ加權股價指數之外，VIX恐慌指數能作為其餘亞洲六個加權股價指數的領先指標。而透過衝擊反應分析，可以看到當期亞洲六個加權股價指數報酬率面對VIX恐慌指數落後期變動率的改變，一開始會造成顯著的負向衝擊，可是在短期之內衝擊逐漸消逝，回到均衡水平。而美國S&P 500、NASDAQ加權股價指數方面，當VIX恐慌指數落後期變動率改變，兩個加權股價報酬率一開始會在正負兩端輕微擺盪，短期之內會回到均衡水平。最後，藉由設立TAR模型，進行Wald檢定，我們觀察VIX恐慌指數變動所促成的結構性改變。和Whaley（2009）情況類似，當VIX恐慌指數飆升到一定的高度時,會對股價報酬產生結構性的轉變。可以看到香港、韓國、日本、中國和台灣加權股價指數報酬，在VIX指數落後期高於門檻值21至22時，產生了結構性改變，對亞洲五個加權股價指數報酬率帶來顯著的負向影響；而美國S&P 500、NASDAQ加權股價指數與新加坡STI部分，VIX指數落後期一定要上升超過33.38、26.62以及36的門檻值，美國和新加坡的三個加權股價指數報酬才會出現結構性改變，對美國兩個加權股價指數報酬率帶來顯著的正向影響，以及為新加坡加權股價指數報酬率帶來顯著的負向影響。 作為情緒變數的VIX恐慌指數，近幾年來，成了全球投資人參考指標之一。在金融市場越來越開放的時代，唯有真正釐清VIX恐慌指數跟股價報酬之間的領先、落後關係，以及可能存在的結構性改變問題，才能在人云亦云的股海中，脫穎而出
公司特性、相對效率與權益報酬之追蹤資料 - 以台灣上市公司為例;The Firm Characteristics, Relative Efficiency, and Equity Returns – An Evidence from Taiwan Stack Market.
No full text[[abstract]]本研究以隨機邊界法來評估公司效率，而公司效率由公司特性與其資產配置後所得到的績效表現所決定。低效率公司所組成的投資組合，其報酬表現會優於高效率公司所組成的投組，甚至在公司調整後報酬與考慮風險因子後，依然存在著上述的結果，將兩組投組報酬持有五年，仍然存在報酬差異，因此公司效率在追蹤資料上，對於平均權益報酬存在著重大的解釋力
致股東報告書之資訊內涵關聯性研究;The Information Content of The President’s Letter To The Firm’s Shareholders
No full text[[abstract]]本研究旨在探討致股東報告書之內容是否具有資訊內涵。透過文字探勘方式，使用R語言搭配EXCEL VBA進行編碼，並根據中文版LIWC辭典將致股東報告書中之文字，分為正面語調與負面語調兩類，以衡量致股東報告書之語調為樂觀或是悲觀。挑選2014年、2015年上市上櫃企業中，選取172家企業為研究樣本，針對所選樣之致股東報告書進行編碼。分析結果顯示，在年報公告日附近，無論致股東報告書語調呈現樂觀或是悲觀、獲利公司/虧損公司之致股東報告書的語調樂觀或是悲觀、或是致股東報告書語調的改變，對於累積異常報酬並無顯著相關，表示致股東報告書對於投資者並沒有資訊內涵，不是投資者做投資決策的主要參考依據。
The purpose of this study is to explore whether the content of the report to shareholders has the information content. Through the text to explore the way, the use of R language with EXCEL VBA for coding, and according to the Chinese version of the LIWC dictionary will lead to the shareholders of the report of the text, divided into positive tone and negative intonation in order to measure the tone of the shareholders report for the optimistic or Is pessimistic. Select from 2014 to 2015 listed on the OTC enterprises, select 172 companies as research samples, for the sample of the shareholders to report the code. The results of the analysis show that the tone of the shareholders' report is optimistic or pessimistic, or the change in the tone of the shareholder's report, in the event that the tone of the shareholder's report is optimistic or pessimistic, There is no significant correlation to the cumulative abnormal remuneration, that the shareholders report for the investors and no information content, not investors make investment decisions the main reference
法令遵循對企業組織衝擊與因應之探索:以個人資料保護法導入為例;The Exploration of the Legal Compliance toward the Impact and Response among Corporations and Organizations: Evidence from the Implementation of Personal Information Protection Act
No full text[[abstract]]過去研究文獻中較少由歷程觀點探究法令遵循對內部控制制度與組織變革之影響，本研究透過個資新法在個案企業組織中衝擊與因應衍變，俾以瞭解在法令遵循要求下，企業組織在內部控制下會如何因應以符合法令要求。本研究目的希望透過法令遵循對企業組織衝擊與因應措施之觀察，能瞭解與發現及詮釋下列事項:1.在外部法令遵循要求下，企業組織會如何啟動其企業政策要求以符合法令要求。2.組織政策要求對內部單位間因應措施如何調適修正。3.在遵循法令過程中，企業組織內部相關部室交互影響的特徵與影響因素。本研究結論為企業組織政策要求與其內部因應措施，其成功與困難之關鍵 (critical factors)因素為，有(1)組織記憶、(2)法律實行日期明確性、(3)企業績效目標、(4)企業組織文化、(5)高階主管支持影響企業資源配置、(6)外部資源導入會加速組織整合成效。
In past literatures, there was a lack of research that the effect of legal compliance influencing over the internal control system.This research is based on the impact of Personal Information Protection Act on the organization and responses of the Case, the corporation, in order to understand how the organization will meet the requirements of the law and regulation under the internal control. The purposes of this study are to observe the impact of corporate organizations and responses and measures through legal and regulation compliance to understand and find and interpret the following:1. Under the requirement of legal compliance from outside, how does an organization initiate its business policy to meet the requirements of legal compliance,2. Under the requirement of Corporation policy, how does an organization adjust and amend the measurement of the internal units among the company,3. In the process of legal and regulations compliance, what are the characteristics and critical factors of the interaction among the relevant departments in the organizations?The results of this study are as following critical factors: (1) Organizational memory, (2) The date for enforcement of Act or regulation shall be precise date of date, (3) Corporate performance objectives, (4) The organizational culture of the enterprise, (5) The top managements’ participation affects the allocation of the enterprise resource, (6) The implementation of external resources will accelerate integration effect
薪酬委員會品質與董事超額薪酬之關聯性;The Association between Compensation Committee Quality and Directors' Excess Compensation
No full text[[abstract]]本文以2012至2014年之非金融保險、證券和投資信託產業之上市公司作為樣本，探討薪酬委員會品質(薪委會獨立性、兼任超過3家薪酬委員、薪委會規模、專業背景、兼任審計委員會)與董事超額薪酬之關聯性。實證結果發現，當薪酬委員由獨立董事擔任的比例越高，能抑制董事之超額薪酬。當薪酬委員中具有大專教師背景的比例越高能抑制董事的超額薪酬。另外，當薪酬委員同時身兼審計委員會委員的比例越高時，會降低其監督效果，導致超額薪酬增加。綜上所述，本研究發現部分特定薪酬委員會品質(薪委會獨立性、專業背景、兼任審計委員會)有助於薪酬委員會發揮其監督效果，訂定合理之董事薪酬政策，提升公司之治理品質。
This study examines the relationships between compensation committee quality and directors' excess compensation. This study measures compensation committee quality using variables of compensation committee independence, compensation committee with overlapping more than three companies, the size compensation committee, professional background and overlapping audit and compensation committees. The sample is collected from Taiwan listed companies for the period of 2012 to 2014, which is excluded financial, insurance, securities and investment trust industries. The result indicated that the higher proportion of independent directors serve in compensation committee can reduce directors' excess compensation. The higher proportion of scholars serves in compensation committee can reduce directors' excess compensation. The higher proportion of overlapping membership on compensation and audit committees increases directors' excess compensation.In sum, this study finds compensation committee independence, professional background and overlapping membership on compensation and audit committees can enhance monitoring effects of compensation committee and set reasonable directors' compensation policies, and then improve the company's governance quality
研發人力資本對公司價值之影響：以台灣上市櫃電子業為例;The Effects of R&D Human Capital on Firm Value：Evidence from Taiwanese Electronic Industry
No full text[[abstract]]本研究目的係以探討台灣上市櫃電子業面對新經濟環境下的經營能力，因為公司未來的轉型及跨業發展惟有依賴創新「人才」的注入，才能將核心能力培養與延伸成為新的典範。再者，根據過去文獻對創新多以整體研究發展費用衡量創新活動對公司價值影響，卻忽略人才所帶來的實際效益，是故本研究透過人工方式，逐步檢視樣本各年度之財務報告，以蒐集研究發展費用明細表中，所提供攸關人力資源投入之要素。實證結果發現，研發人力資源投入對資產報酬率（ROA）有正向顯著效果，進一步說明小規模公司較大規模公司更具有效果，但未能從Tobin’s Q及Fama-French三因子得出相同論證。
The purpose of this study is to investigate the managerial capabilities of Taiwan’s listed and OTC firms in the new economic era. Since the transformation and cross-industry development of the corporation depends on creative employees, it can cultivate and extend core abilities to the new paradigm. Moreover, prior studies use total R&D expense to examine firm value. However, they ignore the actual benefit that human can create. Thus, this paper examines financial reports by gathering and analyzing relevant human resource inputs from operating expenses of financial statements. The empirical result shows that R&D human capital is positive significantly on ROA for the small firm. However, this study finds no significant effect of R&D human capital on Tobin's Q and Fama-French three-factor alphas
政治選舉中競選歌曲的媒介化：以2016年《台灣美樂地》專輯為例;The Mediatization of Politics in Election Campaign: The Case of DPP’s Campaign Song Strategy in the 2016 Presidential Election
No full text[[abstract]]自解嚴以來，台灣每逢政治選舉時，競選歌曲的使用已逐漸成為候選人造勢活動中不可或缺的一環。伴隨商業化媒體數量的增加，政黨間競爭轉趨激烈，政治與媒體的互動關係產生改變，媒體不再有聞必報。而「網路化選戰」時代的來臨，更加速政黨改變宣傳、展演與表達的方式。本研究以競選歌曲，探討政黨的選舉策略與媒介環境之間的關係，透過「媒介化」（mediatization）概念的檢視，本研究以2016年總統大選前、民進黨競選專輯《台灣美樂地》為個案，探討該競選專輯從製作、產出到推行的過程，與政治媒介化的關聯。研究發現：該專輯從競選主視覺、競選口號擬定、到歌曲募集等系列活動，皆已融入選舉策略主軸，政黨從原本「政治為主，音樂為輔」的產製思維，演化成「競選歌曲內化為專業政治策略」的結構之中。競選歌曲除了成為政治人物形象塑造的工具，更成為政黨品牌化的重要媒介。
In Taiwan, since the lifting of martial law in 1987, more and more candidates use popular lyrics for their campaigns. This is the case when the increasing number of commercial media outlets has driven the party competition to go fierce. Particularly in the internet campaign era, campaign strategies are more diversified than before. The research employs the concept of “mediatization” to examine the role of campaign songs in Taiwan’s political campaign, with particular attention paid to examine how campaign songs were integrated in the election campaign since the mid-1990s. Making the DDP’s campaign album Taiwan Melody as the case in point, the study found that the album features a new style of mediatized campaign, which is characterized by the branding desire of the political party and the internalization of the industrial logic of pop-music making in the strategy of producing and distributing campaign songs
利用色彩嵌空技術以提升磨課師課程的互動能力;Toward Understanding the Influenc of Presenter's Interactive Level in Recording a Keying-Style MOOCs Content
No full text[[abstract]]目前在許多的大學裡，都已建置了多媒體錄製工作室，用以錄製磨課師課程MOOCs(Massive Open Online Courses)，大規模開放式線上課程，而錄製課程的演講者，通常是該課程的授課教師，課程內容則以原教材的簡報檔為主。在錄製的過程中，通常會要求演講者與課程內容進行更多的互動，而不僅是報告簡報檔的內容。然而，高互動的演出會干擾到攝影棚內的光線變化，進而影響到錄製的成果。因此本研究提出一個修正光線照明的策略，來去除光線變化的不穩定，同時可以得到一個良好的錄製成品。在本研究中，我們對於互動要求提出了五個等級，等級一是演講者站立在簡報的旁邊，錄製過程中不使用手勢及肢體語言進行講述。等級二是演講者坐著或站立在簡報的旁邊，並使用手勢或肢體語言進行講述。等級三是演講者不與簡報進行互動，而是在簡報旁邊來回走動並講述。等級四是演講者除了使用手勢及肢體語言講述外，並且會在簡報旁來回走動。等級五是演講者除了使用手勢及肢體語言講述外，並搭配觸控筆與教材內容直接互動。本研究發現，最高等級與最低等級相比，等級一的互動品質是最低的。另外，也提出了去除背景效果的錄製品質，第一級是在錄製的背景中，發現一些綠色雜點。第二級是在錄製的人物身體周邊出現綠色雜點。第三級是在錄製的人物身上出現綠色雜點。第四級是在錄製人物的頭髮上發現變形的影像。第五級則是錄製的結果完美，沒有任何雜點。在不同的互動等級會影響到去除背景的錄製等級，更高的互動等級會使得錄製成品變的更糟糕，是由於演講者與教材互動的關係，影響到錄製現場的光影變化，因此本研究提出了現場光源調整的策略，用以改善原有的三點打燈法，經由新的策略，大部分的錄製結果都能達到等級五。在本研究中，使用李克特量表來檢驗互動等級與去除背景的錄製等級。要達到一個理想的錄製品質，須達到3.5以上才能吸引學生更有願意的進行遠距學習。
At present, in many universities, multimedia recording studios have been set up to record Massive Open Online Courses, large-scale open-ended online courses, and speakers for recording courses, usually the course Of the instructor, the course content is based on the original textbook brief file. In the recording process, the speaker is usually asked to interact more with the course content, not just the contents of the report brief. However, the high interactive performance will interfere with the changes in the light within the studio, which in turn affects the results of the recording. Therefore, this study proposes a strategy to correct the lighting, to remove the instability of light changes, and can get a good record of finished products.In this study, we presented five levels of interaction requirements, one for the presenter standing next to the briefing, and not using gestures and body language during the recording process. Level 2 is the speaker sitting or standing next to the briefing, and use gestures or body language to tell. Level 3 is the speaker does not interact with the briefing, but in the briefing next to move around and tell. Level 4 is the speaker in addition to the use of gestures and body language, and will walk back and forth in the briefing. Level 5 is the speaker in addition to the use of gestures and body language, and with the stylus and teaching materials directly interact. The study found that the highest level and the lowest level compared to the level of an interactive quality is the lowest. In addition, also proposed to remove the background effect of recording quality, the first level is in the recording of the background, found some green noise. The second level is in the recording of the body around the body of green miscellaneous points. The third level is in the recorded characters who appear green miscellaneous points. The fourth level is in the recording of the hair of the characters found in the deformation of the image. Fifth level is the result of recording perfect, there is no miscellaneous. In different levels of interaction will affect the removal of the background of the recording level, a higher level of interaction will make the finished product becomes worse, is due to the interaction between the speaker and the textbook, affecting the recording site changes in light and shadow, so this study The scene of the light source adjustment strategy to improve the original three-point light method, through the new strategy, most of the recording results can reach level five.In this study, the Likert scale was used to examine the recording level of the interaction level and the removal background. To achieve an ideal recording quality, to be more than 3.5 in order to attract students more willing to distance learning
飯店業職場安全衛生保護措施適切性之探討-以第一線服務人員為例;The Appropriateness about Protection of Workplace Safety and Hygiene in Hotel Industry-Take Frontline Service Staff for Example
No full text[[abstract]] 飯店業屬於中華民國所定之第三級產業服務業的一環，更屬於職場保護的一環，惟飯店與一般公司不同的是，因其身為公共場所並為消費者而存在，除像一般產業於勞動、商業與環境部分受勞動部、環境保護署、與商業司…等機構管轄外，同時也就消費者與公共安全受衛生福利部、交通部觀光局、消費者保護會…等機構所管轄。其除了要遵守商業規範、維護勞工權益外，亦要維護消費者之權益，比其他產業需要注意到更多的規範，飯店業針對職業安全衛生區塊之安全衛生保護措施因其非屬易產生重大危害特殊作業場所或職業，因此並無特別法規單獨規範，在此種狀況下，飯店業之安全衛生措施非常值得令人探討。本研究共訪談十二位飯店業主管與員工，了解飯店之職場安全衛生保護措施。 本研究發現，飯店業就職者對於職場安全衛生的意識稍嫌薄弱，不知道或不認為所遇到的職場安全衛生危害是屬於職場所引起，進而影響到對於職場安全衛生危害保護措施的責任歸與與權益爭取的認知，而目前飯店所提供的保護措施是不妥適的，無法提供勞工足夠的保護，政府所提供的保障由於缺乏適當的宣導與稽查導致勞工對這部分較為無感。 本研究建議從三個方面著手，雇主部分，希望能夠做好保護措施以避免不安全的設備、環境以及不安全的動作，提供勞工個人適合且充足的護具，並給予正確的宣導與訓練，搭配日常的檢查以確保勞工有執行雇主提供的保護措施。政府部分希望能夠在正確的管道多加強宣導以及提供培訓教材與講座，使勞工與雇主能夠更了解正確的資訊，讓勞工在權益受損時知道如何進行爭取。最後是勞工的部分，希望能夠自立自強，除去政府與雇主所提供的保障外，要自律遵守安全的規定，並且勇於維護自己的權益。
According to the rule of Republic of China (Taiwan) , Hotel industry is a part of the service industry, and is also under the workplace protection. Hotel is different with other companies that it exists for public and consumer. Therefore, it does not only need to follow the rule of Ministry of Labor, Environmental Protection Administration, Department of Commerce..etc. but also need to follow the rule of Ministry of Health and Welfare, Tourism Bureau..etc. Hotel needs to protect both consumers’ and labors’ right, that it need to watch out more rule and standard than other industry. Working at Hotel is not dangerous so the government doesn’t make a special law for it. It’s worthy to research how Hotel protects its employees. Twelve managers or staffs were interviewed in this research to know what protection Hotels do provide to employees and if that is appropriate.The research shows that the staffs in Hotel rarely know the knowledge of the safety and hygiene of workplace. They don’t know or think the dangers they met were caused by the workplace. It leads to the consequence that they don’t fight their right against the Hotel. The protection provided by Hotel is not enough and suitable. It can’t make employees 100% safe. There is not appropriate propaganda and check by government that makes labors do not know the related information.Finally, I recommended government , employers and employees for better protection of employees in Hotel. Government should have more propaganda and training materials appears to Hotels’ employers and employees. Employers should avoid un-safety equipment ,workplace and behavior. Providing personal protective garments and training. After that , Hotels should check if the employees equipped themselves and follow the directions. Employees should follow the directions and collect relevant information to protect yourselves.Keywords: Hotel industry, workplace safety and hygiene, workplace danger, protectio