DSpace community: 產業經濟研究所碩士在職專班

中美貿易戰爭對採購經理人指數影響;The impact of the Purchasing Managers′ Index on the US-China trade war

title: 中美貿易戰爭對採購經理人指數影響;The impact of the Purchasing Managers′ Index on the US-China trade war abstract: 本研究以2012年07月至2021年12月間，以2018年7月中美貿易戰前後比較，觀察製造業採購經理人指數(PMI)國家別臺灣、中國、南韓、日本、美國及台灣六大產業別是否有影響。本研究在分析上區分成基本統計分析與迴歸模型分析，在基本統計分析將區分成中美貿易戰前後進行比較分析。在迴歸模型分析則設定中美貿易戰前後的虛擬變數做探討，在控制變數上則加入出口金額變數，以單根檢定、一階差分檢定、OLS模型與共整合檢定分析。以國家別觀察，由基本統計分析發現，中美貿易戰後，美國、台灣、韓國指數平均值為上升，中國指數平均值下降，與預期相符，意謂著受到美國關稅制裁因素造成採購經理人指數影響。日本平均值為下降，則不符合本研究之預期。由迴歸模型估算結果，中美貿易戰變數對於各國PMI指數的影響均呈現負向影響，在日本與臺灣的PMI指數上，呈現高度統計顯著負面影響，在中國、美國與南韓則未達到10%統計顯著水準。各國出口值對於指數的影響，除了在中國的模型估計外，其餘各國都出現正向而且高度統計顯著的結果。就共整合檢定，中美貿易戰與出口值對於PMI指數變動分別為負向與正向顯著影響，但在非定態一階差分模型估算，則在日本與臺灣的PMI指數解釋上，則不具解釋能力。以臺灣產業別觀察，由迴歸模型估算結果，中美貿易戰對電子暨光學產業、交通工具產業、電力暨機械設備產業具有明顯負面影響且具統計顯著性。在出口值的影響估算上，所有產業出口值對於產業別PMI指數都具有統計顯著正向影響。;This study examines the impact of the Purchasing Managers′ Index on t the US-China trade war across six major industries in Taiwan， China， South Korea， Japan， and the United States， comparing the period from July 2012 to December 2021. The analysis is divided into basic statistical analysis and regression model analysis. The basic statistical analysis compares the period before and after the US-China trade war. The regression model analysis introduces dummy variables related to the trade war and includes export value as a control variable， employing single-root tests， first-difference tests， and OLS model tests. By country， the basic statistical analysis reveals that after the US-China trade war， the average PMI for the United States， Taiwan， and South Korea increased， while the average PMI for China decreased， consistent with expectations. This indicates that the US tariff sanctions affected the PMI. The decrease in the average PMI for Japan is contrary to the study′s expectations. The regression model estimates show that the US-China trade war has a negative impact on the PMI indices of all countries. For Japan and Taiwan， the negative impact is highly statistically significant， while it does not reach the 10% statistical significance level for China， the US， and South Korea. Regarding the impact of export values on the indices， except for China， the model estimates show a positive and highly statistically significant impact for all other countries. While by using the cointegration test， the explanatory variables of US-China trade war and export values have the significant negative and positive effects on the PMI indices， however， both the statistical significant effects do not exist by using the non-stationary first-difference estimation. About the estimation results of Taiwan′s industries， the regression model estimates show that the US-China trade war has a significant negative impact on the electronics and optics industry， the transportation equipment industry， and the power and machinery equipment industry. Regarding the impact of export values， all industries have a statistically significant positive impact on their respective industry PMI indices.

論健康食品管理法制—以食品健康功效資訊之提供與管制為核心;A Study on the Legal Framework of Health Food Regulation: Focusing on the Provision and Regulation of Health Claim Information for Foods

title: 論健康食品管理法制—以食品健康功效資訊之提供與管制為核心;A Study on the Legal Framework of Health Food Regulation: Focusing on the Provision and Regulation of Health Claim Information for Foods abstract: 本文以我國健康食品管理法制為研究標的，從企業經營者的視角出發，探討我國現行健康食品制度運作與食品廣告管制規範下所產生之結構性問題。本文指出，現行制度下取得健康食品認證須負擔較高時間及金錢成本，相較於一般食品違規廣告之裁罰，致使合規成本與違規成本之間有明顯落差。此種成本結構失衡，使企業於經濟性考量下傾向規避健康食品制度，改以誇大或違規廣告作為市場競爭手段，進而產生制度逆向現象，削弱原欲遏止不實廣告規範功能。本文採文獻分析、制度比較及實證資料分析方法，並以美國膳食補充品制度為比較基礎，檢視功效聲明分級之管制模式。研究發現，美國制度透過功效聲明與事後監管機制，在確保資訊透明及保護消費者食品安全前提下，提供企業經營者較彈性的市場進入機制。反觀，我國採取事前審查管制，輔以嚴格且僵化之廣告詞句限制，不僅壓縮企業經營者合法聲明之空間，亦未有效降低違規廣告之發生頻率。本文主張現行制度過度偏重風險防範而忽略產業誘因，致使制度功能降低。本文建議應重新檢視制度架構，朝向擴充健康食品認證項目、放寬保健功效聲明方向，在有條件的放寬下，始可同時兼顧食品安全、消費者知情權與產業研發創新，達到三贏的目標。;This study focuses on Taiwan’s legal framework for health food management. From the perspective of business operators， it explores the structural issues arising from the current health food regulatory system and food advertising regulations. The research indicates that obtaining health food certification under the current regime entails significant time and financial costs. Compared to the administrative penalties imposed for illegal food advertising， a distinct disparity exists between the cost of compliance and the cost of violation. This imbalanced cost structure incentivizes businesses， driven by economic considerations， to circumvent the health food certification system and instead employ exaggerated or illicit advertising as a market competition strategy. Consequently， this may reduce the effectiveness of the regulatory framework in achieving its objective of preventing misleading advertising. Employing literature review， comparative institutional analysis， and empirical data analysis， this study uses the United States′ dietary supplement regulatory framework as a comparative baseline to examine the regulatory framework governing health-related claims in dietary supplements. The findings reveal that the U.S. system， through its framework of efficacy claims and post-market surveillance， provides a more flexible market entry mechanism for businesses while ensuring information transparency and protecting consumer food safety. In contrast， Taiwan relies on a strict pre-market approval system coupled with rigid restrictions on advertising terminology. This approach not only restricts the scope for lawful claims by businesses but also fails to effectively mitigate the frequency of illegal advertising. This thesis argues that the current system excessively prioritizes risk prevention at the expense of industry incentives， thereby diminishing its regulatory efficacy. It is recommended that the regulatory framework be re-evaluated to expand the scope of health food certification categories and conditionally relax restrictions on health claims. Such reforms may better balance food safety， consumers′ right to information， and incentives for industrial innovation.

台灣養生村產業之結構－行為－績效分析;台灣養生村產業之結構－行為－績效分析

title: 台灣養生村產業之結構－行為－績效分析;台灣養生村產業之結構－行為－績效分析 abstract: 本論文以台灣養生村產業為研究對象，在人口快速老化與「在地老化」政策背景下，探討其由傳統安養設施轉型為跨域整合服務的發展脈絡。本研究運用產業經濟學之「結構－行為－績效（S-C-P）」分析架構，輔以文獻回顧與產業現況數據，系統性解析養生村的基本條件、法規環境，以及其市場競爭與經營特性，藉此釐清產業運作機制與未來發展之困境。研究結果深刻揭示了台灣養生村產業從市場結構、廠商行為到經營績效的因果連動關係。在市場結構（Structure）方面，受限於極高的土地取得成本、龐大的初期資本投入與特許法規限制，產業形成了顯著的進入障礙，導致台灣養生村市場呈現寡占的結構特性。基於上述高資本門檻與高集中度的結構壓力，廠商在市場行為（Conduct）上為求加速回收成本，普遍避開價格戰。業者轉以醫養結合與高端品牌深化差異化，並廣泛運用「高額保證金」與「兩部訂價法」精準鎖定金字塔頂端客群。此市市場結構與廠商行為，最終決定了產業的經營績效（Performance）呈現強烈的異質性。在財務績效上，成熟業者憑藉差異化行為與保證金帶來的無息資金，一旦入住率跨越損益兩平門檻，即可享有極高的邊際獲利率與資本回報；相對地，缺乏品牌溢價能力的中小型業者，則深陷入住率波動與回收期漫長的財務風險中。在社會績效上，廠商極大化利潤的訂價行為雖然減輕了政府長照的財政負擔，卻也產生了強烈的價格排他性，導致中低收入與一般中產階級被排除在外，加劇了「人老屋老」的雙老困境，突顯出產業獲利與社會公平之間的矛盾。綜合上述 S-C-P 連動關係的分析結果，本論文建議：業者應持續深化服務創新以鞏固競爭壁壘；而政府若欲兼顧社會大眾利益，必須從改變市場結構著手，透過公有土地釋出或稅賦誘因降低廠商的進入門檻，藉以引導民間資金投入平價合宜型養生村之開發。;This study investigates Taiwan′s retirement community industry in the context of rapid pop-ulation aging and the government′s "Aging in Place" policy. As traditional long-term care facil-ities have gradually evolved into integrated service communities that combine housing， healthcare， long-term care， and lifestyle services， this study examines the industry′s develop-ment using the Structure–Conduct–Performance (S-C-P) paradigm in industrial economics. Through a comprehensive literature review and industry data analysis， the study systematically explores the industry′s fundamental conditions， regulatory environment， market structure， firm behavior， and operating performance to clarify its operating mechanisms and future develop-ment challenges. The findings reveal a strong causal relationship among market structure， firm conduct， and industry performance. From the perspective of market structure， the industry is characterized by significant barriers to entry resulting from high land acquisition costs， substantial initial cap-ital requirements， and strict regulatory restrictions. These factors have contributed to a highly concentrated oligopolistic market. Under such structural conditions， firms generally avoid price competition in order to accelerate capital recovery. Instead， they adopt differentiation strategies by integrating healthcare and long-term care services， strengthening premium brand positioning， and widely applying high-security deposit systems and two-part tariff pricing to target high-income consumers. The interaction between market structure and firm conduct ultimately determines the indus-try′s performance. In terms of financial performance， established operators benefit from differ-entiated services， strong brand equity， and interest-free capital generated through refundable security deposits. Once occupancy rates exceed the break-even point， these firms can achieve substantial marginal profits and attractive returns on investment. In contrast， small and medium-sized operators with limited brand recognition face greater financial risks arising from fluctu-ating occupancy rates and extended investment payback periods. Regarding social performance， although profit-maximizing pricing strategies help reduce the government′s long-term care ex-penditure， they also create significant affordability barriers that exclude middle- and lower-income households from accessing retirement communities. This pricing exclusion further ag-gravates the dual challenges of population aging and housing deterioration， highlighting the inherent tension between industry profitability and social equity. Based on the S-C-P analytical framework， this study suggests that industry operators should continue to strengthen service innovation， integrated healthcare services， and brand differenti-ation to reinforce their competitive advantages. Meanwhile， the government should improve market structure by lowering entry barriers through policies such as releasing public land， providing tax incentives， and encouraging private investment in affordable retirement commu-nities. Such measures would facilitate the development of a more inclusive retirement commu-nity industry while promoting both industrial sustainability and social welfare in Taiwan′s aging society.

我國開放虛擬資產ETF之法制研究-以虛擬資產市場風險事件與監理發展為中心;我國開放虛擬資產ETF之法制研究-以虛擬資產市場風險事件與監理發展為中心

title: 我國開放虛擬資產ETF之法制研究-以虛擬資產市場風險事件與監理發展為中心;我國開放虛擬資產ETF之法制研究-以虛擬資產市場風險事件與監理發展為中心 abstract: 自2008年第一枚比特幣誕生以來虛擬資產市場蓬勃發展，無論是資產規模、種類、交易平台數均不斷擴大，近年來國際間更有開放虛擬資產現貨ETF發行之趨勢，我國亦有呼籲主管機關開放一般投資人購買海外虛擬資產現貨ETF的聲音。然而虛擬資產性質複雜，其波動度相較於傳統金融投資工具更劇烈，尤其2022年發生FTX破產與Terra-LUNA崩盤等重大風險事件，更揭露虛擬資產監理法制之不足。是以，我國是否適合開放虛擬資產ETF實有研究其法制之必要。虛擬資產的監管最先係從洗錢防制開始，而近年來國際間對於虛擬資產的監管愈加重視，然各國均有不同的措施。歐盟實施專法來監理虛擬資產；美國透過Howey測試來判斷虛擬資產之主管機關；新加坡由金融管理局擔任虛擬資產之主管機關。在我國現行法規下，目前僅開放專業投資人購買海外虛擬資產ETF，且係透過複委託的方式，然適逢我國主管機關研擬虛擬資產專法之際，開放虛擬資產ETF仍面臨現行標的基礎市場價格形成與透明度不足等問題，因此本文希冀透過分析市場風險事件與國際監理趨勢，為我國未來若開放虛擬資產ETF建立兼顧創新與安全的法制建議。;Since the inception of Bitcoin in 2008， the virtual asset market has flourished rapidly， characterized by the continuous expansion of asset scale， variety， and the number of trading platforms. In recent years， there has been a global trend toward permitting the issuance of virtual asset spot ETFs， accompanied by growing calls in Taiwan for regulatory authorities to allow retail investors to purchase overseas virtual asset spot ETFs. However， the nature of virtual assets is highly complex， and their volatility is significantly more severe compared to traditional financial investment tools. In particular， major risk events in 2022， such as the bankruptcy of FTX and the collapse of Terra-LUNA， have further exposed the inadequacies of the existing virtual asset regulatory framework. Therefore， whether Taiwan is suited to open up to virtual asset ETFs necessitates a thorough study of its legal and regulatory framework. The regulation of virtual assets initially began with anti-money laundering (AML) measures. In recent years， international attention toward virtual asset regulation has intensified， though different jurisdictions have adopted distinct approaches. The European Union has implemented specialized legislation to regulate virtual assets; the United States utilizes the Howey Test to determine the competent regulatory authority; and Singapore designates the Monetary Authority of Singapore (MAS) as the primary regulator for virtual assets. Under Taiwan′s current regulations， only professional investors are permitted to purchase overseas virtual asset ETFs through sub-brokerage. However， as Taiwan′s competent authorities are currently drafting specialized laws for virtual assets， opening up to virtual asset ETFs still faces challenges， such as the unclear legal characterization of underlying assets， as well as insufficient price discovery and transparency in the underlying markets. Therefore， by analyzing market risk events and international regulatory trends， this study aims to provide legal and regulatory recommendations that balance innovation and security for Taiwan′s potential future opening to virtual asset ETFs.