Return and Risk Premium Seasonalities in three Emerging Asian Markets: Hong Kong,Korea and Taiwan*

In this study, we find that seasonal return patterns differ from that implied by risk premiums in three emerging Asian markets; namely, Hong Kong, Korea and Taiwan. Positive January seasonal returns are found in the Hong Kong and Taiwan markets, while positive February seasonal returns are also found in Taiwan. These findings suggest that investors should place their money in these markets during January but not for the months of June and December in Korea, and for the months of May and November in Taiwan. Corporate managers should also be aware of the need to adjust for such seasonal variations when they use market data to evaluate the risk premium or required rate of return for projects in these markets. The results also show that the size effect may also be priced in some of these markets.     

闽台合作升级对福建物流业的影响及其应对策略

加强闽台合作升级过程中的物流合作,可以促进闽台产业的全方位对接,实现海峡经济区经济的共同繁荣。基于区域经济规模、产业结构和发展水平对物流业发展影响的理论指导,归纳了闽台合作升级对福建物流业发展的影响机理。据此提出立足闽台产业升级需要,建立物流业发展中长期规划;立足闽台物流产业转移需要,发展闽台特色的第三方物流;立足闽台农产品加工业转移,发展冷链物流体系;立足闽台产业升级需要,拓宽物流产业投融资平台等对策建议。     

An examination of the cost efficiency of banks in Taiwan and China using the metafrontier cost function

Using the stochastic metafrontier framework of Battese et al. (J Prod Anal 21:91–103, 2004), this study proposes to compare and measure the cost efficiency and cost frontier gap between the banking industry in Taiwan and China. It further identifies environmental variables that determine bank’s cost frontier gap between two countries. Data on 69 sample banks for years 2005–2009 are used in the empirical analysis and inference. The empirical results show that Taiwanese banks have in general the superior cost frontier of production, but inferior cost efficiency of operation than Chinese banks. Private banks in Taiwan have the best cost frontier, whereas foreign banks in China are most cost efficient among all banks in Taiwan and China. The empirical results also reveal that the majority of Taiwanese banks are undersized and that most banks in China are oversized. Finally, the regression results show that the financial market structure, institutional environment, and political development are significant determinants of the cost gap between the cost frontiers of banks in Taiwan and China. Therefore, programs related to changes directed toward a better bank production environment can be initiated to improve the cost technologies of banks in both Taiwan and China.     

台湾农产品主要分类及标准体系研究

在大三通的形势下,了解台湾农产品分类情况,学习台湾农产品标准化建设经验,对于促进两岸农产品贸易合作,减少贸易摩擦,保障两岸民众健康与安全有重要意义。文章从台湾行业分类概况入手,介绍了台湾农产品的主要分类情况,并对农产品标准体系进行了研究。     

Hospital material management in Taiwan: a survey

The new insurance policy that began in 1995 for all people in Taiwan and severe competition within the health care industry are some of the pressing issues forcing hospitals to improve their operational efficiency. A primary productivity improvement for hospitals is the reduction of the cost of material management because the materiel function on average controls 30-40 percent of the operating dollars in a Taiwan hospital. In this article, a fuzzy clustering method is used to classify the different types of materiel management systems within Taiwan hospitals. Inventory turnover rates and fill rates are compared among those different types of systems by using multivariate analysis of variance. The results show that the differences in both inventory turnover rates and fill rates are statistically significant among different material management systems.     

“海西”给福建中小企业财务管理带来的若干思考

"海西"经济区的经济建设上升为国家重大的战略行为后,福建中小企业作为福建经济和社会发展的重要力量,肩负着重要的历史使命,面临着极好机遇与严峻挑战,特别是继续发展所面临的财务方面挑战。在这千载难逢之际,福建中小企业应当抢抓机遇,运用国家给的政策,在充分利用台资、国资、民资方面,在造就一批对台财务通人才队伍方面先行先试,乘势而上。     

Enhance environmental commitments and green intangible assets toward green competitive advantages: an analysis of structural equation modeling (SEM)

This study explores the positive effects of environmental commitments and green intangible assets on green competitive advantages of companies in Taiwan. The results show that environmental commitments and green intangible assets are positively associated with green competitive advantages. Investments in the environmental commitments and green intangible assets are helpful to businesses for the enhancement of green competitive advantages. Furthermore, this study finds that environmental commitments, green intangible assets, and green competitive advantages of small & medium enterprises (SMEs) are all less than those of large enterprises in Taiwan. Hence, there is the advantage of firm size with respect to environmental commitments, green intangible assets, and green competitive advantages in Taiwan, and it is imperative for SMEs to develop their environmental commitments and green intangible assets to strengthen their green competitive advantages.     

Variations in human resource management in Asian countries: MNC home-country and host-country effects

This paper investigates the determinants of HRM strategy in a random sample of firms operating in Korea and Taiwan. Both indigenous and foreign-owned firms are studied. HRM strategy is measured in terms of the company's reliance on high-performance, versus more traditional, HRM policies and practices in several different areas, including staffing, employee influence, employee rewards and employee autonomy. Independent variables include the firm's country or region of origin (USA, Japan, Europe, Korea or Taiwan), the host country (Korea or Taiwan) and the internal culture of the firm, as measured by upper management's perception that human resources constitute a significant source of value for the organization. Pronounced differences are found across countries of origin and between the two host countries. Managerial values and various organizational characteristics that serve as control variables are also found to impact on HRM strategy.     

从台湾农村空间的发展看农村都计区的成败

在1970年代后的工业化快速增长时期,台湾的农村都市计划区被规划为农村的经济中心、公共服务与社区中心,同时进行农村空间与土地利用的管制。从台湾农村空间的实际发展分析农村都计区的成败,认为:台湾的都计区实际上是农村基层开发与经济全球化的空间策略,它确实刺激了农村工商业发展;但因处于全球分工末端,农村又必然存在建设用地蔓延、土地资源耗竭、环境严重污染与公共设施难以实现等诸多问题。在产业外移导致农村全面衰败之后,台湾开始反思外向型的、自上而下的农村经济全球化发展,并积极探索"自下而上"的社区整体营造。作者认为大陆农村应吸取台湾农村在发展过程中的经验教训,也应选择自下而上的发展方式。     

探讨台湾中小型家族企业在大陆市场之经营策略

有鉴于家族企业的经营策略形成有别于一般企业的形成模式，本研究探讨台湾中小型家族企业经营策略之形成模式，利用观念性研究架构、专家问卷以及企业问卷的设计，量化并综合性讨论，归纳出台湾中小型家族企业的经营策略成功因素，为台湾家族企业经营策略提供新的思考，以便在市场机能与商业利益的引导下，研拟具体措施协助台湾中小型家族企业，成功融入不同的文化，以达到永续生存与成功获利的目的。本研究透过文献分析与实证分析结果的汇整，得出三个结论：独立自主的家族管理者是家族企业成功生存的关键；良好的内部凝聚力是家族企业经营的必要条件；良好的外部顾客关系是家族企业的成功要素。     

加强闽台农产品物流合作发展的战略构想

近年来,闽台农产品贸易发展迅速,产生了巨大的农产品物流需求。海峡两岸＂大三通＂后,福建具有特殊的地理优势,探讨闽台农产品物流合作发展具有重要的现实意义。根据闽台农产品贸易的现实状况,分析了闽台农产品物流合作发展的现实条件,对闽台农产品物流合作发展提出战略构想。     

闽台信息产业的转移与承接问题分析

闽台两地隔海相望,产业间交流的日趋频繁为两地经济提供了良好的发展平台。信息产业作为台湾的领先产业和福建省的主导产业近年来已经形成了闽台间转移与承接的合作模式。福建省通过承接台湾信息产业转移获得了极大的发展机遇,然而也正是在承接台湾信息产业的过程中凸显出了福建信息产业发展的不足。闽台信息产业实现深度对接应通过营造良好投资环境、加强集群区域的产学研合作机制、鼓励大型自主投资项目和完善物流配送体系等,以提升闽台信息产业的转移与承接质量,促进两地经济和谐发展。     

中国台湾地区农业标准化研究

中国台湾地区的农业在支持台湾工业发展、保证台湾粮食供应和维护农村稳定中作出巨大贡献,创造了台湾特有的发展模式,享誉全球。而台湾的农业标准化发展历程也独具特色,且内容丰富,可为祖国大陆提供借鉴。本文在阐述台湾农业标准化概况的基础上,对台湾的农业质量标准体系、农业法律法规体系、农产品质量认证体系、农产品检验检测和检疫体系等农业标准化体系建设现状进行深入分析,最后概括了台湾农业标准化发展趋势,即标准内容市场化、农业生产标准化、标准常识普及化、标准事务信息化、标准回馈机制化等。     

大陆与台湾债券市场对比研究

大陆与台湾债券市场在总体架构上相差不大,市场发展轨迹在许多方面也不谋而合,当前都面临着一些共同的发展中的问题。为此,本文根据对台湾债券市场实地考察的情况,通过对大陆与台湾债券市场的对比研究,试图归纳出台湾债券市场发展中的一些基本规律以及对大陆的相关启示。     

从台湾同胞来沪旅游人数统计分析看上海世博会的影响力

从台湾游客的角度出发利用层次分析法引入两个参量:政策因素α(>0)和世博会因素β(>0),并假定这两因素是影响台湾同胞来大陆旅游的主要因素:α+β=1。把台湾同胞到上海旅游的人数与来大陆旅游的总人数的比值作为比重,通过对所得比重进行拟合。由拟合图像得:自2002年成功申办世博会以来,比重呈现递增事态,并保持在高位运行,到2010年2月创下历史新高,突破2.5%。由图像知不同时间到大陆旅游的台湾人数波动性较大,但是不同时间到上海旅游的台湾人数却一直保持平稳增长,则说明世博会因素发挥了较大的作用,政策因素有小幅的波动。     

Sex discrimination in selection and compensation in Taiwan

This article describes the current status of women in the workplace in Taiwan. Statistical evidence shows sex segregation in the labour market. Discriminatory practices in the hiring process are documented via a content analysis of 7,037 classified ads. Overtly discriminatory actions, such as blatantly stated gender requirements in the classified ads, are shown to be still common in hiring practices. Census data on a gender gap in compensation shows that women in Taiwan evidently get less pay than men do for the same work. The ratio of female to male employees is significantly and negatively correlated with the ratio of female to male in pay. The higher the percentages of women in an industry, the lower the pay women get compared to men. Also, the ratio of female to male in pay is negatively related to the turnover rate. Companies that pay women fairly tend to enjoy lower turnover rates. The implications of these women's issues in human resource management in Taiwan are presented.     

中国大陆及台湾地区Blog模式发展比较及其营利模式探讨

随着信息技术发展及人们的需求个性化日益突出,网络发展出不同的模式符合人们的需求,而近年发展的Blog模式成为关注的焦点。本文首先对中国大陆及台湾地区Blog发展模式进行了比较分析, 发现了许多不同之处进而探讨了Blog的营利模式,在此基础之上,提出了未来Blog营利模式的发展方向。     

公司治理结构对财务报告品质可靠性的影响*——从盈余门坎的角度分析

研究重点在于探讨台湾上市公司治理结构是否会影响公司财务报告品质可靠性.由于台湾上市公司的核心代理问题主要来自控制股东与小股东之间的利益冲突.本文预期,控制股东会通过盈余管理达到门坎.实证结果发现,代理问题较严重的公司,裁决性应计项目较大,并会通过盈余管理跨越前期盈余门坎,造成财务报告信息可靠性降低.相较于其他类型的控制股东,具有家族色彩的控制股东较会通过盈余管理达到门坎,并降低财务信息品质可靠性.     

The Economic Incentives and Consequences of Land Write-Ups

Firms in Taiwan are allowed to write up their assets when certain conditions are met. Tax benefits from higher depreciation expenses are granted to encourage corporate investment and capital maintenance. Land write-ups, unlike write-ups of depreciable assets, do not generate tax benefits. This paper investigates the economic incentives for firms in Taiwan to write up their land, and the security price reactions to land write-ups.
An analysis of annual financial data for the manufacturing firms listed in the Taiwan Exchange between 1982 and 1992 shows that firms write up their land by a larger amount when raising capital. Firms with relatively higher debt-asset ratios write up their land by a larger amount. Furthermore, the capital raised was invested in working capital or operational assets, but not in securities of other firms. The results suggest that land write-ups may reduce firms' difficulties in raising external capital, and may enhance corporate investments. The result from capital market analysis offers weak evidence that land write-ups are positively correlated with the market adjusted rate of returns of a firm's stock.     

海峡两岸农产品物流标准化研究——以闽台为例

发展闽台农产品物流具有积极和现实意义。文章明确闽台农产品物流是两岸农产品贸易理想的集散地与物流通道,提出发展闽台农产品物流重点解决的几个问题。标准化在发展闽台两岸农产品物流中具有重要的技术支撑和保障作用。围绕发展闽台农产品物流重点解决的几个问题及两岸农产品物流标准化的宗旨,确定闽台农产品物流标准化建设重点与标准化工作原则。