回商管科技季刊目錄 Return
政策破壞下之房市宏觀審慎治理－建商個案證據與
「特許化×評鑑制×差別信貸」三支柱框架
POLICY-INDUCED DISRUPTION IN MACROPRUDENTIAL HOUSING GOVERNANCE - DEVELOPER-SIDE EVIDENCE AND A THREE-PILLAR FRAMEWORK OF SECTORAL LICENSING, BUILDER RATING, AND DIFFERENTIATED CREDIT
林紹詳
國立中山大學企業管理系博士生
盧憶
國立中山大學企業管理學系副教授
蔡維哲
國立中山大學特聘教授
文藻外語大學副校長
Shao-Hsiang Lin
DBA Student, Department of Business Management, National Sun Yat-sen University
Yi Lu
Associate Professor, Department of Business Management,
National Sun Yat-sen University
Wei-Che Tsai
Distinguished Professor, National Sun Yat-sen University
Vice President, Wenzao Ursuline University of Languages
摘要
本研究以「政策誘發之破壞（Policy-Induced Disruption，以下簡稱『政策破壞』，指制度規則之結構性改寫與資源取得條件之重寫，非政策價值評斷）」視角，分析宏觀審慎房市措施（選擇性信用管制、升息、存款準備率上調）對建商融資與現金流的影響。採質性單一個案設計（A公司），涵蓋期間為2014-2025年，結合文件、半結構式訪談與同業對照，並採用Pre-Post、同業基準與中斷時間序列（ITS）的三重評估設計，重建「政策事件→公司行動→財務結果」鏈條。結果顯示：A公司透過固定利率公司債／可轉債與聯貸／票券的組合，加上到期牆分散與備用流動性，擴張授信額度並降低資金成本（平均借款利率（含債）由2.74%降至2025年8月2.60%），同時縮短決策時滯並降低12/24月到期牆集中度，在量縮與利率上行下維持營運韌性。本文補充建商端制度情境（資訊揭露、授信集中度）之脈絡說明，並將核心指標之操作型定義與更新頻率彙整於附錄二〈Measurement Codebook〉，同時界定外部效度邊界與可移植條件。據此提出三支柱治理方案：特許化（準入）×建商評鑑制（分級）×差別化信貸（風險分層），以準入與評級連動LTV與定價，並設定固定利率最低配比與到期牆上限作為風險配額規則，兼顧總體穩定與資金配置效率。
關鍵字：政策誘發之破壞（政策破壞）、宏觀審慎、建商評鑑制、差別化信貸、平均借款利率（含債）
ABSTRACT
This study adopts a policy-induced disruption lens, defining policy disruption as a structural rewriting of institutional rules and resource-access conditions rather than a value judgment on policy, to examine how macroprudential housing measures (selective credit controls, policy-rate hikes, and higher reserve requirements) reshaped developers’ financing conditions and cash-flow risks. Using a qualitative single-case design focused on Company A over 2014-2025, and drawing on documents, semi-structured interviews, and peer benchmarking, the study triangulates evidence through pre-post comparison, peer benchmarking, and interrupted time-series inspection to reconstruct the chain from policy events to corporate responses and financial outcomes. The findings show that Company A relied on a coordinated mix of fixed-rate corporate and convertible bonds, syndicated loans, and commercial paper, together with maturity-wall diversification and standby liquidity buffers, to expand credit headroom while containing debt-inclusive borrowing costs. Its weighted average borrowing rate declined from 2.74% to 2.60% as of August 2025, decision latency shortened, and 12/24-month maturity-wall concentration eased, allowing the firm to preserve operating resilience under tightening conditions. Building on these findings, the study proposes a three-pillar governance framework of sectoral licensing, builder rating, and differentiated credit, linking entry and rating status to LTV, pricing, fixed-rate floors, and maturity-wall caps. This framework offers a more risk-sensitive alternative to one-size-fits-all quantity controls and seeks to balance macro-financial stability with more efficient credit allocation.
Keywords: Policy-Induced Disruption (Policy Disruption), Macroprudential, Builder Rating, Differentiated Credit, Debt-Inclusive Borrowing Costs
ENTERTAINMENT TO ENDORSEMENT - HOW INFLUENCER
COMPETENCIES SHAPE E-WOM THROUGH TRUST - AN ELM TEST
IN A DIVIDED DIGITAL POLITICAL MARKETPLACE
陳怡昌
朝陽科技大學企業管理系副教授
劉凱睿
朝陽科技大學企業管理系台灣產業策略發展博士生
Yi-Chang Chen
Associate Professor, Department of Business Administration,
Chaoyang University of Technology
Kai-Jui Liu
Ph.D. student, Program of Business Administration in Industrial Development,
Department of Business Administration, Chaoyang University of Technology
摘要
在數位政治傳播日益兩極化的背景下，本研究旨在探討政治網紅（Political Social Media Influencers, PSMIs）的說服機制。本研究整合了推敲可能性模型（ELM）與信任移轉理論，檢驗網紅的「內容規劃能力」（對應中央路徑）與「互動能力」（對應邊陲路徑）如何透過「網紅可信度」與「政黨信任」的連續中介，最終影響「網路口碑」（e-WOM）行為。
本研究採用量化問卷調查法，針對台灣861位有效選民進行資料蒐集，並採用PLS-SEM進行多群組分析（MGA），比較「傳統政黨支持者」、「民眾黨支持者」與「無政黨好感者」三群體之路徑差異。
研究發現，將所有選民視為同質群體的「整體模型」結果具有誤導性。MGA分析顯示了截然不同的三種說服路徑：(1)「傳統政黨支持者」主要依循中央路徑，其信任顯著受「內容規劃能力」驅動；(2)「民眾黨支持者」則依循邊陲路徑，其信任顯著由「互動能力」驅動；(3)「無政黨好感者」展現了「信任防火牆」效應，其「網紅可信度」無法成功轉移為「政黨信任」，導致說服鏈中斷。
本研究證實，政治傾向不僅決定選民偏好哪條ELM路徑，更決定了說服模型「是否成立」。研究結果對政治傳播的「分眾溝通」策略具有重要實務意涵，揭示了在分裂的市場中，採用「一體適用」的說服策略將導致無效。
關鍵字：網紅職能、信任、網路口碑、推敲可能性模型、數位政治市場
ABSTRACT
Against the backdrop of increasing polarization in digital political communication, this study investigates the persuasion mechanisms of Political Social Media Influencers (PSMIs). Integrating the Elaboration Likelihood Model (ELM) and Trust Transfer Theory, we examine how influencer competencies-conceptualized as "Content Planning" (Central Route) and "Interaction" (Peripheral Route)-shape electronic word-of-mouth (e-WOM) via a serial mediation of "Influencer Trust" and "Political Party Trust."
The study employs a quantitative survey (n=861) in Taiwan and utilizes PLS-SEM with Multi-Group Analysis (MGA). We compare the persuasion paths across three distinct voter segments: "Traditional Party Supporters," "TPP (Taiwan People's Party) Supporters," and the "Politically Alienated."
Results demonstrate that the aggregate model (treating all voters as homogenous) is misleading. The MGA reveals three distinct persuasion models: (1) Traditional Party Supporters follow a Central Route; their trust is significantly driven by "Content Planning." (2) TPP Supporters follow a Peripheral Route; their trust is exclusively driven by "Interaction." (3) The Politically Alienated exhibit a "Trust Firewall"; the critical trust transfer path (Influencer Trust → Party Trust) is non-existent, causing the entire persuasion chain to fail.
This study contributes to ELM by demonstrating that political tendency, as a proxy for motivation, not only determines which persuasion path is preferred but whether the persuasion model holds at all. Findings highlight the futility of "one-size-fits-all" political communication, providing critical insights for segmented strategies in a polarized era.
Keywords: Influencer Competency, Trust, Electronic Word-of-Mouth, Elaboration Likelihood Model, Digital Political Market
NON-ARM'S-LENGTH TRANSACTIONS AND TRANSFER OF BENEFITS
- THE CASE OF YANG HUA TECHNOLOGY
梁燕夫
華信光電科技股份有限公司行政處處長
國立雲林科技大學產業經營管理博士學位學程博士生
林尚平
國立雲林科技大學企業管理系教授
Yen-Fu Liang
Director, Administration Department, Arima Lasers Corporation
Doctoral student, Doctoral Program in Industry Management,
Yunlin University of Science and Technology
Shang-Ping Lin
Professor, Department of Business Administration,
Yunlin University of Science and Technology
摘要
本個案為真實事件之管理層級的圖書館個案，藉於2015年6月16日揚華科技被檢調搜索後，爆發震撼資本市場之數十家公司間假交易案，揚華科技利用假發票、虛設人頭公司，製造虛假交易來美化財報，宛如重現電影＜華爾街之狼＞情節般的股市騙局，還隱匿具有控制權的大股東因花費鉅資借殼入主揚華科技後，造成其實質控制公司（鴻測科技）營運資金週轉不及，於是利用中古機台設備交易案，利益輸送數千萬元資金至鴻測科技。
此中古機台設備交易案，不論自交易決策之形成程序與交易條件，均屬不利益且不合營業常規。揚華科技股價自2015年6月5日至8月19日停止交易為止，跌幅95.4%，受害股東超過8千名，具有控制權的大股東利用非常規交易進行利益輸送，不但侵害公司與股東權益，也嚴重危害資本市場發展。
關鍵字：控制股東、非常規交易、利益輸送
ABSTRACT
This case is a primary research based on a real event at the management level. On June 16, 2015, Yang Hua Technology was being searched by prosecutors. The false trading among dozens of companies had thereby been disclosed and shocked the stock market. Since then, Yang Hua Technology used false invoices and dummy accounts to create false trading for the purpose of manipulating financial statements, turning stock market fraud scenarios of the movie The Wolf of Wall Street into reality. Moreover, Yang Hua Technology had concealed the fact that the major shareholder of its actual controlling company (Hongce Technology) had spent an enormous amount of money on taking over Yang Hua Technology, resulting in insufficient working capital in Hongce Technology. To be able to dissemble the truth, Yang Hua had utilized the transactions of aging equipment so as to transfer tens of millions of funds back to Hongce.
The aging equipment transactions between the two companies are regarded as non-arm’s-length transactions, whether in the decision-making process or requirements-fulfilling process. From June 5 to August 19, the point of trading suspension in 2015, the share price of Yang Hua had dramatically fallen by 95.4%, and more than 8,000 shareholders were affected. The non-arm’s-length transactions dominated by shareholders with management power not only infringed upon the interests of the company itself and other minority shareholders, but also seriously threatened the development of the capital market.
Keywords: Controlling Shareholders, Non-Arm's-Length Transactions, Transfer of Benefits
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