我國銀行業上市公司股票評等之研究

　　隨著我國股票市場規模日增，股市投資成為全民運動，散戶成為我國證券市場主要的組成份子，但由於大多數的投資者並沒有足夠的投資素養或專業背景，僅靠著股市名嘴或市場的傳聞而盲目投資，容易成為有心人士哄抬股價、操縱股市的工具。　　本研究的主要目的即在於為投資人建立一個可供投資依循的股票評等模型，並以佔有股市交易舉足輕重地位的銀行業為研究對象，建立單一產業的股票評等模型。評量的指標包括依據產業特性選取出來的十五項財務性變數，以及足以代表股票交易性質的五項市場指標變數，經問卷調查眾專家對於各指標重要程度的意見後，以分析層級程序法計算出各指標的權重，據以對受評樣本公司進行股票評等。受評的樣本公司取自我國銀行業上市公司，共31家，財務性變數資料採83年至87年底的年平均值；市場指標變數則採用87年初至88年二月底的月平均值。　　經實證結果得出以下結論：1.財務性變數與市場性變數在評估股票投資等級時皆很重要。2.財務比率變數方面以成長指標最重要。3.市場性變數指標以本益比最重要。4.評等等級的涵蓋範圍從A級到CC級共5級，最高的評等等級為A級，列屬其中的有中國信託、台新銀行、大安銀行、華信銀行、中國商銀等五家，最低評等等級為CC級，列屬其中的有高雄企銀一家。第壹章 緒論第一節 研究動機與目的 1第二節 研究範圍與限制 3第三節 研究架構 5第貳章 文獻探討第一節 評等制度介紹 8第二節 國內實證文獻 25第三節 國外實證文獻 39第參章 產業分析第一節 銀行業的發展階段 45第二節 銀行業市場狀況與行業特性 47第三節 產業結構分析 54第四節 產業發展趨勢 55第肆章 研究設計第一節 研究步驟 58第二節 資料的蒐集與樣本的選取 63第三節 研究變數的操作性定義 66第四節 研究方法 75第伍章 實證結果分析第一節 問卷調查結果 86第二節 分析層級程序法之計算結果 89第三節 股票評等模型的建構 93第四節 銀行業上市公司之股票評等 94第陸章 結論與建議第一節 結論 104第二節 建議 107參考文獻中文部分 111英文部分 114附錄一 問卷 117附錄二 問卷結果統計 122附錄三 受評樣本公司變數資料 12

Studies on Shoot Tip Culture of Wutai Persimmon (Diospyros japonica Sieb. et Zucc.) in Vitro

本研究採用臺灣主要栽培柿之砧木種類-霧台柿(Diospyros japonica Sieb. et Zucc.)為試驗材料，探討培養基組成及培養方法對莖頂生長點 培養成活之影響，以求建立一可行之微體繁殖方法。在霧台柿新梢生長旺 盛期，採取長約 5cm頂部，切取約0.2-0.3 mm大小帶 2片葉原體的生長點 ，植入1/2 MS添加 1 mg/l zeatin、30 g/l sucrose 及 7 g/l agar之固 態培養基進行初代培養，1 日暗處理後再經 29 日持續培養，而後移植於 相同配方濃度之固態培養基繼續培養，可以促進培植體生長。培植體經初 代培養後移至增殖培養基中培養，以MS添加BA或2ip 5 mg/l或10 mg/l 或 zeatin 1 mg/l 及 sucrose 30 g/l 、agar 7 g/l之培養基培養枝梢 40 日後可獲得增殖之枝梢，當增殖倍數低時，可利用添加zeatin 1 mg/l 之 雙相培養基進行增殖，以提高增殖倍數。經增殖培養所得長20mm之枝梢扦 插於含IBA 10 mg/l，sucrose 30 g/l 及agar 6 g/l之1/2 MS培養基中暗 處理培養7 日後，移至auxin-free之培養基培養23日，可獲得發根小苗。 帶根小苗經 2週健化處理後，於混合peatmoss與perlite 之介質中持續生 長，約經 5個月後，成為根系、枝梢發育健全之植株。Shoot tip culture of the Wutai persimmon (Diospyros japonica Sieb. et Zucc.)was studied, optimal micropropagation conditions for culture establishment, sh-oot proliferation, shoot rooting and acclimatization were investigated. Shoottips were harvested about 5cm in length from actively field grown trees and sh-oot apices were excised 0.2- 0.3 mm for initial culture. The best grown were achieved when shoot apices cultured on solid medium with 1/2 strength of Mura-shige and Skoog (MS)containing zeatin 1 mg/l,sucrose 30 g/l and agar 7 g/l andincubated in darkness for 1 days, then incubated in lightness for 29 days. Th-ese explants were transfered to the same component solid medium for further gr-owth. Multiple shoots were induced by MS medium cotaining sucrose 30 g/l and agar 7g/l plus BA 5 mg/l, 10 mg/l or 2ip 5 mg/l,10 mg/l or zeatin 1 mg/l for 40 days.By using double-phase medium culture, the multiplication rate of expla-nt could be increased. For rooting, the shoots grew above 20mm in height, we-re placed on 1/2 MS medium with IBA 10 mg/l, sucrose 30 g/l and agar 6 g/l andincubated in darknessfor 7 days, then transplanted to an auxin-free 1/2 MS me-dium for 23 days. Rooted plantlets were gradually acclimatized during two wee-ks, and planted inplastic baskets filled with peatmoss and perlite. The plant-lets became healthy and developed vigorous roots after five months

促進文化殊異家長參與特殊需求子女的轉銜

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人壽保險公司之最適盈餘管理(Optimal Surplus Management for Life Insurance)

人壽保險機構為中長期經營之投資者，盈餘或是淨值定義為資產市值減除法定負債之餘額，本研究探討保險人於投資評估期限內，欲達到最適盈餘目標之投資策略，於給定之負債組合及預估現金流量，同時考量保險人之風險接受程度、市場隨時間變化程度與財務收益評估目標，求得每期之最適資產組合及報酬後，檢視公司最適盈餘之分佈狀況。為充分說明模型內容及結果，本文以經營達二十年之某人壽保險公司為例，商品類別包括終身壽險、定期險、定期養老險及終身養老險，依據精算模型預估未來各期之現金流量及準備金，以動態控制理論發展之多期最適投資組合模型運算投資不同年期之債券及股票之資產配置，以檢視最適盈餘數值。經由模擬運算歸納分析結果：（1）資產配置差異的重要因素在於公司對風險趨避程度的不同，因此長期而言，公司盈餘的穩定性也不同；（2）投資期間影響債券年期之配置比例，多期投資模型可定期調整資產配置組合，當投資期間愈長，長年期債券配置比例較高，到期績效較佳，（3）由於壽險商品定價利率於商品銷售已訂定，準備金提存利率愈大於市場利率時，盈餘值為負值之機率愈大。預測壽險公司之清償力，除今年七月份即將實行保險法之風險資本額（RBC）制度，亦可參考本研究之動態財務模型，建立公司內部資產負債管理模型，以提供管理者之財務決策參考及經營決策管理工具

霧台柿莖頂組織培養之研究

本研究以砧林用霧台柿(Diospyros japonica Sieb. et Zucc.)為試驗材料，探討培養基組成及培養方法對其莖頂培養之影響。在霧台柿新梢生長旺盛期，採取長約5cm頂部，切取約0.2-0.3mm大小帶2片葉原體的生長點，植入1/2MS添加1mg/l zeatin 之固態培養基進行初代培養，經30日後移植於相同配方濃度之固態培養基培養，可以促進培植體生長。培植體經初代培養後移至增殖培養基中培養，以MS添加BA或2ip 5~10mg/l 或 zeatin 1mg/l 之培養基培養 40日後可獲得增殖之枝梢，當增殖倍數低時，可利用添加 zeatin 1mg/l 之雙相培養基進行增殖，以提高增殖所得長 20mm 之枝梢扦插於含IBA 10mg/l 之1/2 MS 培養基中暗處理培養 7 日後，移至auxin-free 之培養基培養 23日，可獲得發根小苗。Shoot tip culture of the Wutai persimmon (Diospyros japonica Sieb. et Zucc. ) was studied in vitro. Optimal micropropagation conditions for culture establishment, shoot proliferation and rooting were investigated. Shoot tips were harvested about 5 cm in length from actively field grown plants and shoot apices were excised 0.2-0.3 mm for initial culture. The best grown were achieved when shoot apices cultured on solid medium with 1/2 strength of Murashige and Skoog (MS) containing zeatin 1 mg/l, sucrose 30g/l and agar 7g/l for 30 days. These explants were transferred to the same component solid medium for further growth. Multiple shoots were induced by MS medium containing sucrose 30g/l and agar 7g/l plus BA 5mg/l, 10mg/l or 2ip 5mg/l, 10mg/l for 40 days. By using double - phase medium culture, the multiplication rate of explant could be increased. For rooting, when shoot (20mm) were placed on 1/2 MS medium with IBA 10mg/l, and incubated in darkness for 7 days, then transplanted to auxin - free 1/2 MS medium for 23 days, the rooting percentage, number and length of roots appeared better

Composition of Rice Foods Used in Taiwan

省產稻米的種類依據直鏈澱粉含量的多寡，可分為秈米（高直鏈澱粉含量，俗稱在來米）、稉米（中直鏈澱粉含量，俗稱蓬來米）與糯米（低直鏈澱粉含量）三種。雖然國人對此三種米均加利用，製成不同的加工品，不過秈米及糯米因分別具有高直鏈澱粉及高枝鏈澱粉含量的特性，較易被利用，而直鏈澱粉含量不高不低的稉米，在加工上的用途則較少。近年來由於米菜加工技術的開發，稉米和糯米則同時成為米果的製造原料。比較米加工品之碘呈色液波長620nm 與520nm 吸光密度比值可初步了解米加工品使用原料米種類。比值愈大時直鏈澱粉所佔比率愈高，屬於秈米類；反之則愈低，屬於稉米或糯米。 市售米加工品分析結果如下：一、不同米粉樣本其粗蛋白質含量相差懸殊，註明添加澱粉的米粉粗蛋白質含量均低於1 % ，而標示純米製之米粉中也有部份粗蛋白質含量過低的情形。二、大部份的米加工品游離糖含量均較白米高，可能是加糖調味及部份米澱粉水解成糖。三、米加工品因添加物種類及含量不同而造成加工品成分的差異；例如鈉鹽，造成灰分及鈉含量顯著增加、添加磷酸鹽增加磷含量等。四、部份米加工品鋁含量較高，推測可能與添加發粉或蒸煮時使用鋁製器皿有關。五、添加油脂調味、焙燒，造成粗脂肪含量劇增。六、添加大量外來物質，造成產品成分與白米成分大不相同，如：米血糕含有大量動物血液，其粗蛋白質、粗脂肪、灰分及大部份礦物質元素（尤其是鐵）含量均較白米高出甚多。 Three main groups of rice in Taiwan are classified according to their amylose content as Tsailai rice (high amylose, indica type), Ponglai rice (medium amylose, japonica type) and waxy rice (extremely low amylose, glut mouse). Though all three groups of rice are used to produce various rice foods, the Tsailai and waxy rice are more widely used due to their high content of amylose and amylopectin, respectively. Recently, due to the development of rice snacks manufacturing technique, both the Ponglai rice and waxy rice become good materials. What group of rice used as rice foods materials can be preliminarily identified by determined the optial density ratio of 620nm and 520nm of rice starch iodine solution. The high ratio attribute to the high amylose group rice, the low ratio attribute to the waxy rice. The analysis results of commercial rice foods are as the following: 1. The difference of crude protein content among various rice nooldle ( Mifen) samples is great. All the rice nooldes labelled starch added are with crude protein content lower than 1%. 2. Most of the rice foods contain more sugar than that of milled rice. It may be caused by addition and partly by the hydrolysis of rice starch. 3. The different composition of rice foods depend on various kinds and content of additives. For examples, addition of salt induce the obvious in crease of ash and sodium content, and addition of phosphate induce the increase of P content. 4. Some rice foods contain high alluminum content. It implied the Al-made container were used in the processing or applied with soda powder. 5. Addition of oil for flavor and baking cause dramatic increase of crude fat content of rice foods, such as rice snacks. 6. The composition of rice foods is widely different from milled rice for large amount of other substance. Such as the rice cake with pig blood had a lot of animal blood which contains protein, fat and minerals (especially Fe) than milled rice

Technical Research, Innovation and Application in Agricultural Marketing (II)

本研究含括七個子計畫:首先,加強國產農產品品牌與認證制度之研究:探討消費者對果菜的認知和市場競爭性,並特別對都會地區的消費者行為進行賒解.其次,加強國產品促銷之研究;檢討目前的促銷方式,研擬配套,同時以台中縣為例,嘗試構建國產農產品的網路.第三,擴大直接運銷通路建立多元化運銷通路之研究;探討農產品直接運銷通路多元化之現況、課題,分析有機蔬菜的運銷通路及直銷效益.第四、改進農產品批發市場交易效率之研究;包括探討花卉批發市場決價效率和輔導西螺果菜市場正常營運兩項.第五、強調農會和產銷班間的資訊互動,強調資訊化自動化運銷作業環境.第六、農產品批發市場轉型活化之研究.含括魚類和果菜批發市場兩類.第七、蔬果之採收後處理:低溫冷藏、低溫運銷,含括預冷設備和作業規範之研擬.This research endeavor includes seven sub-foci. The first is the enhancement of the branding and certification system for local agricultural produce. Consumer recognition of local fruits and vegetables and their market demand (compared with the demand of imported produce) is analyzed with a particular focus on consumer behavior in metropolis areas. The second is an evaluation of the promotions of local agricultural produce. The current methods of promotion are examined which then provide an idea of public means. In addition, an internet information system of the local agricultural produce of Taichung prefecture is established. The third is an extension of direct marketing channels in order to establish diversified marketing linkage. The current status of direct marketing channels of agricultural produce is evaluated. A special emphasis is placed on the marketing channels of organic vegetables as well as the benefits of direct marketing. The fourth is the improvement of trading in agricultural wholesale markets. This includes the efficiency of both flower wholesale market pricing and the managerial assistance of the Hsilo fruit and vegetable wholesale markets. The fifth is the creation of a more informative environment that enables better communication between farmers' associations and production marketing groups. The sixth is the transformation and activation of the agricultural wholesale market. This includes fish wholesale markets as well as fruit and vegetable wholesale markets. The seventh is the post-harvest handling of fruit and vegetable produce. This procedure entails the maintenance and marketing of produce at low temperatures. The usage of pre-cooling equipment and proper handling practices are also examined