一、

大學研發成果關聯性研究及台美狀況比較

耿　筠、張彥輝、陳達仁、林佩芬　

二、

旁支整合策略對網路競爭力影響–製傘產業網路觀點

吳建明、胡哲生　

三、

台灣銀行業生產力變動、產出偏誤技術變動與投入偏誤技術變動

陳振銘、楊永列　

四、

多空市場之股價指數報酬風險值研究

張巧宜、林鴻儒　

五、

台灣散戶投資人與機構法人處分效果之研究：考量資訊揭露、股票風險與投資人情緒之實證結果

徐中琦、黃劍鈺　

六、

技術創新模式與事業策略關係之研究–以台灣中小企業製造業為例

蔡裕源、邱嘉新　

七、

個案教學的準備－教師備課、學校硬體環境配置與學生的準備

周淑卿、俞慧芸　

八、

淺論傳統課堂講授以及主動式學習的系統觀–商業個案教學以及推動博雅教育的省思

王偉華　

大學研發成果關聯性研究及台美狀況比較

THE RESEARCH OF RELATIONS AMONG ACADEMIC R&D RESULTS AND COMPARISON BETWEEN TAIWAN AND US　

耿筠

國立雲林科技大學企業管理系教授

張彥輝

和春技術學院觀光與休閒管理系助理教授

陳達仁

國立台灣大學機械工程學系教授

林佩芬

國立勤益科技大學企業管理系副教授　

摘要

　　無疑地，產學合作是許多國家最重要的科技政策之一，特別是像我國一樣缺乏研發經費的國家。自從我國科學技術基本法在1990年實施後，研發成果商品化運用的責任與利益歸屬於大學所有。本法部分的目的是在創造學術界與產業界間知識的交流與提升，及提升產學合作的氛圍。根據陳達仁（2007）的研究，在美國大學中，研發經費支出與專利數量的關係，及專利數量與授權收入的關係皆呈現出顯著的正相關。由於所有權下放到大學已經有長遠的歷史，美國拜度法案（Bayh-Dole Act）似乎已經達成他的基本目標。而我國在實施科學技術基本法近十年後的今天是什麼樣的狀況？資料收集是驗證該法效果最困難的事。教育部在2007年首次完成全國163所大專校院產學合作績效的調查，使用本項資料將可以驗證三者間的關係。本研究發現，在我國研發經費支出、專利數量、與授權收入兩兩間皆具有正向的關係。　

關鍵詞：研發經費、研發成果、專利數量、授權收益　

ABSTRACT

　　Undoubtedly, academic-industry cooperation is one of the most important policy for many countries. Especially for our country, while we are short of R&D budget. Since the passage of “Science and Technology Basic Act” in 1990, the responsibilities and the benefits of commercialization of R&D results are belonged to universities. Partially, the goals of the act are to create the motivations of knowledge transaction between academic and industries and to promote the atmosphere of academic-industry cooperation. In previous study (Chen, 2007), we find that the relation between R&D expenditure and patents counted and the relation between patents counted and licensing income are positively significant in territory of the United States. Long history of the title right assigned to universities, the enforcement of Bayh-Dole Act of US seems to reach its essential target. What is the result of our Science and Technology Basic Act almost after a decade later? Data collection is the most difficult in order to verify effectiveness of this Act. Ministry of Education had completed an performance survey of academic-industry cooperation in 2007. This is the first data collection of all 166 universities of Taiwan, which have ever done before. Using the data of that survey, this research could verify some relations therein. We find there have positive correlation between R&D expenditure, patent counted, and licensing income in pairs.　

Keywords: Expenditure of Research and Development, Outcome of Research and Development, The Number of Patens, License Income　　

回目錄

旁支整合策略對網路競爭力影響–製傘產業網路觀點

THE IMPACTS OF LATERAL INTEGRATION STRATEGY ON NETWORK COMPETENCE
 – UMBRELLA INDUSTRIAL NETWORK PERSPECTIVE　

吳建明

環球技術學院行銷管理系助理教授

胡哲生

輔仁大學企業管理學系教授

摘要

　　旁支整合策略乃企業為促進產業網路資源整合與策略地位提升所進行的「旁支事業投資」模式，目的在提升企業的網路競爭力。隨著產業競爭日益激烈，該模式的應用與重要性日益增加，但相關研究並不多見。 基此，本研究以臺灣某紡織企業「旁支事業投資」歷程為研究對象，透過參與觀察與深度訪談等方式，揭露該模式如何為企業締造網路競爭力。 研究結果顯示：「旁支事業投資」建構的多元能力有助於引發企業的「價值創新」行為；而居間的跨層次組織學習、動態化組織慣例等則有助於改善來自「網路慣性」的箝制。　

關鍵詞：旁支事業投資、價值創新、網路慣性　

ABSTRACT

　　‘Lateral business investment’ has gained increasing attention among traditional industries in Taiwan. It is a strategic model which helps create strong network competence through industrial network integration and strategic position change. However, the benefits deriving from adopting ‘Lateral business investment’ have not yet been well documented. This research aims to conduct a longitudinal study on this issue via an investigation of a selected Taiwanese traditional fabric firm. A qualitative research methodology was applied in historical documentary data collecting, observations and in-depth interviews with key managers. The result suggests that the construction and application of multilateral capabilities play a crucial role in value innovation from the strategy of Lateral Business Investment. Whereas, the barriers caused by network inertia could be reformed via multilevel organizational learning process and dynamic organization routines.　

Keywords: Lateral Business Invest, Value Innovation, Network Inertia　

回目錄

台灣銀行業生產力變動、產出偏誤技術變動與投入偏誤技術變動

THE PRODUCTIVITY CHANGE, OUTPUT-BIASED TECHNICAL CHANGE AND INPUT-BIASED TECHNICAL CHANGE IN THE TAIWANESE BANKING INDUSTRY – AN APPLICATION OF DEA-MALMQUIST PRODUCTIVITY INDEX　

陳振銘

真理大學財政稅務學系助理教授

楊永列

嶺東科技大學財務金融系副教授

摘要

　　近年來有關台灣銀行業生產力的實證文獻，皆利用Färe, Grosskopf, Norries, and Zhang（1994）以產出或投入距離函數為基礎的生產面Malmquist生產力指數，將生產力指數分解成與生產結構有關的技術效率變動指數與生產技術變動指數，冀掌握銀行產業技術的動態特質。但隨著時間經過，生產技術可能呈現非中性技術變動，使得各期生產邊界存在相交現象，導致以Färe et al.作法，來判斷受評估銀行生產力進步或退步，可能產生誤判。同時，一些有關生產力變動來源與型態等技術相關訊息也因而被忽略。本文承襲Färe, Grifell-Tatjé, Grosskopf, and Lovell（1997）與Nin, Arndt, & Preckel（2003）作法，討論台灣銀行業生產力、產出偏誤技術變動與投入偏誤技術變動。主要實證結果顯示，近十餘年間台灣銀行業生產邊界呈現非中性技術變動，產出偏誤、投入偏誤兩項偏誤技術變動，全期間以1.44%速度帶動生產力改善；惟就生產面而言，銀行業投入與產出組合調整方向並不利於生產力之提升。未來，銀行業提高資本使用、資金使用，取代勞動投入，而提高淨投資／放款淨額比，將有助於進一步改善生產力。　

關鍵詞：銀行產業、資料包絡法、Malmquist生產力指數、產出偏誤技術變動、投入偏誤技術變動　

ABSTRACT

　　There are recently substantial papers that use the DEA-Malmquist productivity index developed by Färe, Grosskopf, Norries, and Zhang (1994) and identify the sources of productivity change in the Taiwanese banking industry. However, DEA-Malmquist productivity index may give misleading information when technical change is not neutral. This paper, following Färe, Grifell-Tatjé, Grosskopf, and Lovell (1997) and Nin, Arndt, & Preckel (2003), tends to decompose further the technical change component of DEA-Malmquist productivity index, which we express as the product of a magnitude index, the output-biased index, and the input-biased index. The approach is illustrated with a set of 36 banks in Taiwan from1995 to 2005. Empirical results show that Taiwanese banking industry experienced a non-neutral technical change. Combined output-biased and input-biased technical change index value, these two biased technical change components make together positive contribution to productivity change at a rate of 1.44 per year during periods from 1995 to 2005. During the same time periods, the direction of adjustment of production point between two periods is less favorable situation for whole DMUs. For the purpose of productivity improvement, Taiwanese banking industry may increase further the investment/loan ratio associated with more use of physical capital and funds.　

Keywords: Banking Industry, Data Envelopment Analysis, Malmquist Productivity Index, Output-biased Technical Change, Input-biased Technical Change　

回目錄

多空市場之股價指數報酬風險值研究

A STUDY ON VAR OF STOCK RETURN UNDER BEAR AND BULL MARKET

張巧宜

國立高雄第一科技大學金融系助理教授

林鴻儒

國立高雄第一科技大學碩士　

摘要

　　風險值為應用於評估市場風險的風險管理技術，一個投資組合的風險值為其隨著持有期間變化，給定既定的百分比，對此投資組合價值變化的機率分配做簡單的估計。本文的研究使用變異數-共變異數法來計算風險值，並加入區分多空市場之概念，以GARCH-Normal、GARCH-t估計風險值，模型中以馬可夫轉換模型、日報酬、月報酬、以及技術分析作為區分多空市場之依據。本研究以台灣加權股價指數作為研究對象，由失敗率、Kupiec（1995）、Christoffersen（1998）涵蓋比率LR檢定結果顯示，相較於傳統計算風險值的模型，在模型中加入區分多空頭的虛擬變數，確實能夠有效的降低模型預測失敗次數。　

關鍵詞：風險值、GARCH模型、馬可夫轉換模型、技術分析　

ABSTRACT

　　Value at Risk（VaR）is a risk-management technique that has been widely used to assess market risk. VaR of a portfolio is an estimation of a specified percentile of the portfolio loss over a given holding period. In this study, we uses the variance-covariance method to calculate VaR. The purpose of this study is to assess the GARCH-Normal model and GARCH-t model for measuring VaR under bull and bear markets. The distinction of bull or bear market is according to four methods based on daily return, monthly return, moving average, and Markov-Switching model, respectively. Based on failure rates, Kupiec（1995）and Christoffersen（1998）LR test, to separate market conditions to bull and bear markets could help to make the results more precise.　

Keywords: Value at Risk, Markov Switching, Bull and Bear Markets　

回目錄

台灣散戶投資人與機構法人處分效果之研究：考量資訊揭露、股票風險與投資人情緒之實證結果

THE DISPOSITION EFFECT OF INDIVIDUAL INVESTORS AND INSTITUTIONAL INVESTORS IN TAIWAN STOCK MARKET: EVIDENCE FROM INFORMATION DISCLOSURE, STOCK RISK AND INVESTOR SENTIMENT　

徐中琦

國立台灣科技大學企業管理學系（所）副教授

黃劍鈺

中國信託商業銀行企業理財部專員　

摘要

　　處分效果（disposition effect）為投資人有急售獲利、惜售損失的傾向，也是行為財務學探討投資人非理性行為的論點之一。本研究參考Weber and Camerer（1998）所提出的處分係數方法，對台灣股票集中市場的散戶、自營商、投信基金、外資法人進行處分效果之驗證，並探討考慮了公司資訊揭露透明度、股票風險與投資人情緒等變數後，是否會對處分效果產生影響。實證結果發現散戶的處分效果最為強烈，其次為自營商，投信基金的處分效果最弱，外資法人則不具有處分效果。散戶與自營商不論投資資訊揭露透明度較佳或較差的公司，都具有處分效果；但是自營商在投資透明度較佳的公司時，處分效果比較輕微；而投信基金在投資資訊揭露透明度較差的公司時，具有處分效果，但是在投資透明度較佳的公司時，處分效果則不顯著；外資法人不論投資資訊揭露透明度較佳或較差的公司，都具有逆處分效果。此外，散戶與自營商不論投資風險較大或較小的公司都具有處分效果，但股票過去報酬率波動幅度的大小並不會影響散戶、自營商與投信基金的處分效果。最後，投資人不論情緒樂觀或悲觀，都具有處分效果，當投資人的情緒樂觀時，有較弱的贏家出盈傾向，較強的輸家保虧傾向。

關鍵詞：處分效果、資訊揭露、股票風險、投資人情緒　

ABSTRACT

　　The disposition effect, the tendency of investors to sell winning investments too soon and hold losing investments too long, which explores the irrational behavior of investors, is one of the important issues in behavioral finance. We employ the disposition coefficient approach proposed by Weber and Camerer (1998) to test the disposition effect of all kinds of investors in Taiwan stock market. In addition, we also study the potential effect of information disclosure、stock risk and investor sentiment on the disposition effect .The empirical results show that the disposition effect of individual investors is the strongest. Dealers are in the next place. The disposition effect of securities investment trust companies is relatively weak. Qualified Foreign Institutional Investors（QFII）exhibit no disposition effect. Moreover, individual investors and dealers show the disposition effect, no matter what degree of company’s information disclosed. But when dealers invest in highly information disclosing company, the disposition effect is weaker. Securities investment trust companies show the disposition effect when they invest in low information disclosing company, however, when they invest in highly information disclosing company, the disposition effect become insignificant. QFII exhibit no disposition effect, no matter what degree of company’s information disclosed. Individual investors and dealers show the disposition effect when they invest in high risk or low risk stock. In addition, we also find that the volatility of past stock return doesn’t influence the disposition effect of individual investors、dealers and securities investment trust companies. Finally, investors show the disposition effect no matter what sentiment they have. When investors are optimistic, they show weaker winning disposition effect and stronger losing disposition effect.

Keywords: Disposition Effect, Iinformation Disclosure, Stock risk Investor Sentiment　

回目錄

技術創新模式與事業策略關係之研究–以台灣中小企業製造業為例

THE STUDY OF THE RELATIONSHIP BETWEEN TECHNOLOGY INNOVATION MODEL AND BUSINESS STRATEGY: THE CASE OF MANUFACTURING SMES IN TAIWAN　

蔡裕源

國立東華大學企業管理學系教授

邱嘉新

國立東華大學企業管理學系碩士　

摘要

　　金融海嘯引起的全球景氣衰退，不論對於國內外的大型企業皆造成了嚴重的傷害，反觀國內的中小型企業，根據IMD的2008年全球競爭力年報指出，其競爭力相較於去年更為向前提升10名，位居全球第4，似乎不受這波景氣寒冬影響。雖然中小型企業相較於大型企業在資源上有較多的限制，但根據國內近幾年的統計結果顯示，中小企業以活力、彈性的策略應用、勤奮、誠信等特質，已逐漸提升了其競爭力更甚於大型企業；且已有許多學者指出，在現今競爭劇烈的環境下，中小企業必須進行技術創新才能為企業開創出新的市場，鞏固其競爭優勢；由此可知，技術創新已成為企業成長與存活的重要驅動力之一。因此，本研究欲探討中小企業有哪些類型的技術創新模式，且其與可採行的事業策略之關聯性為何？本研究以台灣中小型製造業為研究對象，共發出1,000份問?，有效回收165份，實証結果發現：(1)公司在技術上若採行「開創式創新」將有助於原本所採行的「彈性策略」(2)公司在技術上若採行「開創式創新」將與原本所採行的「效率策略」無顯著相關(3)公司在技術上若採行「盡用式創新」將有助於原本所採行的「效率策略」(4)公司在技術上若採行「盡用式創新」將與原本所採行的「彈性策略」無顯著相關。

關鍵詞：技術創新、開創式創新、盡用式創新、彈性策略、效率策略　

ABSTRACT

　　The financial tsunami has caused the economic recession and harmed many large enterprises deeply. But surprisingly, the small and medium-sized enterprises (SEMs) in Taiwan had little affected by the financial tsunami. According to the 2008 World Competitiveness Yearbook of IMD, the competitiveness of Taiwan SEMs has progressed from 14th to 4th among the world, ranked up 10 this year. Although SEMs have many restrictions in their resources, recent studies show that their characteristics like vitality, strategic flexibility application, diligence, and honesty…etc. have improved their competitiveness so that they can compete, even defeat large enterprises. Moreover, many researchers had argued that SEMs must undertake technological innovation so that they can create new markets in rapidly changing environment. In this study, we find that technological innovation is essential to the growing and surviving for the enterprises. Meanwhile, this research also investigates which types of technological innovation are more appropriate for SEMs, and the relationship between technological innovation and business strategy.The SMEs of manufacturing firms in Taiwan were taken as the survey population in this research. One thousand questionnaires were mailed out, and eventually 165 valid responses were collected. The statistical result of this research indicates that: (1)enterprises take flexibility strategy will be facilitated by adopting exploratory innovation of technological innovation; (2)enterprises take efficiency strategy have no significant effect on adopting exploratory innovation of technological innovation; (3)enterprises take efficiency strategy will be facilitated by adopting exploitative innovation of technological innovation; (4)enterprises take flexibility strategy have no significant effect on adopting exploitative innovation of technological innovation.

Keywords: Technological Innovation, Exploratory Innovation, Exploitative Innovation, Flexibility Strategy, Efficiency Strategy　

回目錄

個案教學的準備–教師備課、學校硬體環境配置與學生的準備

PREPARING FOR CASE STUDY TEACHING – TEACHER, FACILITY AND STUDENTS　

周淑卿

國立雲林科技大學財務金融學系副教授

俞慧芸

國立雲林科技大學企業管理學系副教授

摘要

　　哈佛個案教學對教師在備課、學校硬體環境配置及學生課前準備的要求較一般傳統課程來的複雜。哈佛個案教學教師需準備的內容包括個案、個案教學大綱、分組名單、座位表、教師個人的筆記，但不鼓勵教師提供作業答案予學生等。個案教學所需的硬體主要包括個案教室、個案討論室、下課休憩空間及宿舍。除此之外，學生的課前閱讀與準備，也是重要不可忽視的一環。整體而言，個案教學需多方面的配合，任何一個環節的瑕疵都可能影響預期的效果，本文的目的即針對哈佛個案教學所需的軟硬體配置進行討論並分析台灣個案教學的現況。　

關鍵詞：個案教學、教師備課、個案教室、學生準備　

ABSTRACT

　　The case study teaching in Harvard Business School has more complicated requirements on instructor’s preparing, school’s facility and students’ pre-class preparing than traditional teaching. The instructor needs to preview case contents, read related teaching notes, list students groups, prepare name cards, prepare self-study notes, whereas he/she is not obliged to provide solutions of the discussed questions to students. The school’s facility includes big classrooms for case discussion of all students and instructor, small group discussion rooms, aisle space for tea time and additional materials and hostel for students. The student’s pre-class preparing includes reading case content and related material and participating in group discussion for assignment questions. In overall, a successful case study teaching needs the coordination from all the three aspects. This study is aimed to discuss the requirements of instructor’s preparing, school’s facility and students’ pre-class preparing and analyzes the current situation in Taiwan.　

Keywords: Case Study Teaching, Instructor’s Preparing, School’s Facility, Student’s Pre-class Preparing　

回目錄

淺論傳統課堂講授以及主動式學習的系統觀–商業個案教學以及推動博雅教育的省思

A PRELIMINARY SYSTEMATIC VIEW OF PASSIVE LEARNING TO ACTIVE LEARNING　

王偉華

東海大學工業工程與經營資訊系副教授

博雅書院副書院長　

摘要

　　這些年在國內的高等教育，學生普遍缺乏學的動力與習慣，一方面教育內容過於專業的訴求，另一方面教育過於強調教師的教，而缺乏整體的設計與著重學生的學，都是重要的因素。倘若要改進，整體教育所需注意的要素為何？作法為何？本文嘗試從系統思維來勾勒問題發展的複雜度轉變，也藉由推動博雅書院的經驗與參加哈佛商學院參與者中心學習課程的體會來建議一些主動學習須考量的因素和設計原則。　

關鍵詞：高等教育、主動學習、博雅教育　

ABSTRACT

　　This paper describes a systematic view of the past and to-be models of learning from the lecturing-only type to the active learning. For years, the desire and momentum of learning is an issued need to be cared about in most levels of schooling system, especially in the higher one. From the past, the focus of higher education has been emphasized on the teaching instead of learning. Thus, the system is designed accordingly. The inefficiency and ineffectiveness might be caused by the increasing complexity and, thus, resulting the paradigm shift. In this paper, we are to investigate the changing of the complexity and via the experience of HBS PCMPCL and Po-Ya School of Tunghai University to propose a proposed structure of learning system.　

Keywords: Higher Education, Active Learning, Po-Ya Education　

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