DSpace Collection:
https://ah.lib.nccu.edu.tw/handle/140.119/102383
2024-03-29T08:33:04Z臺灣海外可轉換公司債之設計與外匯避險問題
https://ah.lib.nccu.edu.tw/handle/140.119/102973
題名: 臺灣海外可轉換公司債之設計與外匯避險問題
摘要: 本研究主要是從商品設計角度探討台灣公司發行海外可轉換公司債的動機及其所涉及的外匯風險問題。公司在發行海外可轉換公司債時,必須考量債券與權益兩部分,票面利率可用來衡量債券部份的價值,而執行價格與固定轉換匯率反應的則是權益部分的價值。本研究採Mishra與Naranyanan(1991)的方法來探討台灣上市公司發行此衍生證券背後的動機。實證結果發現,就代理理論的觀點而言,上市公司並非基於降低代理成本的動機而發行海外可轉換公司債。就公司管理當局的觀點而言,實證結果不支持公司想以較高的價格出售股票,同時,也拒絕降低融資成本的說法。但是,本研究發現,當外幣傾向升值時,公司會傾向賦予這類衍生證券較高權益的成份。基於此發現,可能的解釋是,海外可轉換公司債的發行公司希望能藉此分散融通的資金來源。最後,關於海外可轉換公司債的發行公司是否要積極管理所面對的外匯風險問題,本研究利用套利定價理論的兩因子模式對發行海外可轉換公司債的二十二家上市公司進行實證。結果發現,由於外匯風險並不被股市投資人評價,就降低資金成本的考慮上,發行公司並不需要對海外可轉換公司債所產生的匯兌風險進行避險。; This paper is composed of two related topics about the Euroconvertibles: One is to test the rationales behind the issuance of Euroconvertibles. The other is to investigate, based on a viewpoint of their cost of capital, whether the firms should hedge their foreign exchange exposure.For the topic of the design of Euroconvertible, this study examines agency rationale and other managerial rationales behind the issuance of Euroconvertibles. Analysis of empirical results shows that the agency rationale cannot be supported, furthermore, the managerial rationale about the position to utilize Euroconvertibles as delayed equity sold at a premium also cannot be supported. As from the point of view of lowering the funding cost, the argument to issue the Euroconvertibles rather than straight debts when the level of interest rate is high is not empirically supported. This study also employs this method to testing how the Euroconvertibles react to the level of foreign exchange rate. It presents that when the level is relatively high; i.e., when the foreign currencies tend to appreciate, the issuers significantly put more weights on the equity component, rather than debt component. It might be explained as the surmise that the firm aimed to diversify its financing sources when designing the Euroconvertibles.As for the second topic, the empirical results showed that the foreign exchange risk is not priced in the Taiwan stock market. Thus, the issuers of Euroconvertibles need not to hedge against their foreign exchange risk under the considerations of lowering their cost of capital.2016-10-18T07:05:11Z美國成長管理制度之分析
https://ah.lib.nccu.edu.tw/handle/140.119/102972
題名: 美國成長管理制度之分析
摘要: 台灣行之有年之土地使用分區管制及相關之土地政策,無法有效達臻既定目標。因此,如何重新思考新的策略來管理脫序的都市發展所產生的問題,已是政府必須面對的挑戰。由經建會召開之國土綜合開發研討會,會中曾指出以成長管理之理念,採用發展許可制規範未來土地開發行為與都市發展。由於美國實施成長管理制度已有四十年的歷史,因此,本文企圖分析美國成長管理制度之優缺點,提供政府一個政策的參考基礎。本文歸納分析美國各州之相關法令、報告、及現有之文獻,探討成長管理制度形成之背景環境、理論性概念、地方政府所採用的策略方法、要求配合之措施、各級政府之角色、政府之組織架構與職能、及現況面臨之挑戰。美國成長管理制度實施以來已對地方上之都市規劃與都市發展、土地政策及各級政府間之關係產生重大影響。因此,本文期待能藉由美國經驗之分析,來提供台灣實施發展許可制與建立新方法策略之重要參考,期使未來都市走向永續發展之目標。; While zoning controls mixed with various policy strategies in Taiwan could not effectively achieve the projected goals, it is critical for Taiwan to reconsider alternative tools to manage its outpacing development. The Seminar on "Comprehensive National Land Development," held by Council for Economic Planning and Development in 1995, suggested development permit system mixed with growth management concept to regulate land development and guide urban growth. Thus, the purpose of this paper is intended to present a reference basis for Taiwan from a view of the American growth management systems. Based on state statutes, papers, and the available literature, this paper discusses the background, theoretical concept, the conceptual approaches, operational \nrequirements, governmental roles, and challenges that exist in ten current state growth management systems in the Unites States. These systems have a tremendous influence on planning, policy context, urban development, and intergovernmental relationships. Therefore, it is hoped that the American experiences in the management of urban growth and development can serve as a valuable source of methods and systems that, with appropriate modification, might be useful for Taiwan.2016-10-18T07:04:56Z中華民國總統民選後,海峽兩岸的政策與對策評析
https://ah.lib.nccu.edu.tw/handle/140.119/102971
題名: 中華民國總統民選後,海峽兩岸的政策與對策評析
摘要: 面對台灣在總統民選後,在國際社會產生了「國家主權」的印象,北京當局亟思如何讓台北繼續留在既存的兩岸關係框框裏,不致跳出框外,成為北京當局的棘手之事,也是首要解決的當務之急,而原本其所認為兩岸應該儘快走向整合過程的看法,反而成為解決台灣問題優先順序的次要目標。這種轉變,影響了兩岸的情勢。在台灣總統大選後,北京與台北在兩岸關係的架構上,仍將以「江八點」與「李六條」為遵循的原則,並以「台灣問題與中國統一白皮書」與「台海兩岸關係說明書」為立場,兩岸政策制定與策略運用所呈現的內涵將影響未來兩岸關係的實質發展。2016-10-18T07:04:37Z俄語詞彙中的時空概念
https://ah.lib.nccu.edu.tw/handle/140.119/102970
題名: 俄語詞彙中的時空概念
摘要: 本文以俄國經典文學作品為材料,分析俄語中《時--空》的表達。俄語在表達時空關係時,個人的主觀觀點辦演非常重要的角色,時間與空間可能被擴大,也可能被壓縮成一點。俄國人表現在語言上的思維特色是:喜動不喜靜,寄望未來,深思過去,莫視現在。此外,並以人名與地名為例,分析時空變動造成詞彙意義的改變。2016-10-18T07:04:09Z