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The Effects of Executive Stock Options and Stock Bonuses on Payout Policies in Taiwan
Chia-Ying Chan,Vivian W. Tai,Chi-Hung Chan,Kuo-An Li 한국증권학회 2012 Asia-Pacific Journal of Financial Studies Vol.41 No.2
This study investigates how executive stock-based compensation affects the payout policies of a company. Stock bonuses, which are dividend-protected, induce executives to pay out cash dividends. Conversely, stock options, which are not dividend-protected, discourage the payment of dividends. We posit that the structure of executive stock-based compensation plays a crucial role in determining the payout policies of a firm, particularly for those firms with higher percentages of institutional investors and shareholders with ultimate controlling power. We further examine the effects of the 2008 stock option expensing policy reform in Taiwan as well as the repercussions, if any, that this policy had on payout choices in 2009. The empirical results not only indicate that executive stock-based compensation has a conspicuous influence on the payout policies of a firm, but also that there is a positive relation between stock bonuses and cash dividends. Furthermore, in the case of Taiwan, which has a relatively low corporate income tax rate, firms with higher percentages of shareholders with ultimate controlling power have less preference to pay cash dividends and greater preference to retain profits within the company.
Chia-Hung Kuo,Hsin-Yin Teng,Cheng-Kang Lee 한국생물공학회 2015 Biotechnology and Bioprocess Engineering Vol.20 No.1
Glucose dehydrogenase (GDH) locates in thecytoplasmic membrane of Gluconacetobacter xylinus oxidizesglucose to gluconic acid that decreases the conversion ofglucose to bacterial cellulose (BC). In this study, a mutantof G. xylinus was generated by knocking-out the membranebound GDH gene via homologous recombination of adefect GDH gene. The production of BC by G. xylinusmutant (GDH-KO strain) using glucose as a carbon sourcewas investigated. Without the membrane bound GDHactivity, the mutant strain still produces BC and increasesglucose utilization efficiency for cellulose biosynthesis. Incontrast, the wild-type strain oxidized a large fraction ofglucose to gluconic acid that decreased the conversionyield of glucose to BC. Our results showed that the BCproduction from GDH-KO strain was about 40 and 230%higher than that of wild-type strain in static and shakenculture, respectively.
Combined Assessment of Serum Alpha-Synuclein and Rab35 is a Better Biomarker for Parkinson’s Disease
Hung-Li Wang,Chin-Song Lu,Tu-Hsueh Yeh,Yu-Ming Shen,Yi-Hsin Weng,Ying-Zu Huang,Rou-Shayn Chen,Yu-Chuan Liu,Yi-Chuan Cheng,Hsiu-Chen Chang,Ying-Ling Chen,Yu-Jie Chen,Yan-Wei Lin,Chia Chen Hsu,Huang-Li 대한신경과학회 2019 Journal of Clinical Neurology Vol.15 No.4
Background and Purpose It is essential to develop a reliable predictive serum biomarker for Parkinson’s disease (PD). Te accumulation of alpha-synuclein (αSyn) and up-regulated expression of Rab35 participate in the etiology of PD. Te purpose of this investigation was to determine whether the combined assessment of serum αSyn and Rab35 is a useful predictive biomarker for PD. Methods Serum levels of αSyn or Rab35 were determined in serum samples from 59 sporadic PD patients, 19 progressive supranuclear palsy (PSP) patients, 20 multiple system atrophy (MSA) patients, and 60 normal controls (NC). Receiver operating characteristics (ROC) curves were calculated to determine the diagnostic accuracy of αSyn or/and Rab35 in discriminating PD patients from NC or atypical parkinsonian patients. Results The levels of αSyn and Rab35 were increased in PD patients. The serum level of Rab35 was positively correlated with that of αSyn in PD patients. Compared to analyzing αSyn or Rab35 alone, the combined analysis of αSyn and Rab35 produced a larger area under the ROC curve and performed better in discriminating PD patients from NC, MSA patients, or PSP patients. When age was dichotomized at 55, 60, 65, or 70 years, the combined assessment of αSyn and Rab35 for classifying PD was better in the group below the cutof age than in the group above the cutof age. Conclusions Combined assessment of serum αSyn and Rab35 is a better biomarker for discriminating PD patients from NC or atypical parkinsonian patients, and is a useful predictive biomarker for younger sporadic PD patients.
Drafting the Basic Provisions for a Bicoastal Chinese Peace Agreement: A Preliminary Proposal
( Chia Hung Su ),( Peter Kien Hong Yu ) 한국국방연구원 2000 The Korean Journal of Defense Analysis Vol.12 No.1
The relationship between Taiwan and mainland China is "intranational interstate relations or transpolital relations," and signing a peace agreement seems necessary. There is a strong desire among the people of the Republic of China on Taiwan to maintain peace and tranquillity in the Taiwan Strait. The Taiwanese people also find that policies fostering the beliefs that "Chinese people won`t attack Chinese people" and "national reconciliation" match their basic interests in sharing Chinese sovereignty and gradually moving towards integration with the mainland people. After describing the peace agreement process between Taipei and Beijing, this research affirms that the core of a peace agreement should be arms control. In this paper an attempt is made to draft a bicoastal Chinese peace agreement from Taipei`s perspective. The draft agreement consists of a preamble and eleven provisions. Provision II, for example, states the following: "Under the principle of sharing sovereignty, both sides of the Taiwan Strait would not invade the other`s land (as opposed to territory) under jurisdiction nor interfere in each other`s internal affairs." As another example, Provision III stipulates, "To avoid military confrontation, a buffer zone will be designated by both sides of the Taiwan Strait." The final section discusses how the United States would regard bicoastal Chinese arms control. Taipei must make sure that the outcomes of any arms control agreement with the mainland not threaten Taiwan`s sovereign existence.
Delay of Surgery for Spinal Metastasis due to the COVID-19 Outbreak Affected Patient Outcomes
Chia-Jung Hsieh,Chun-Yu Wu,Yen-Heng Lin,Yu-Cheng Huang,Wen-Chi Yang,Tom Wei-Wu Chen,Wei-Li Ma,Wei-Hsin Lin,Feng-Ming Hsu,Furen Xiao,Shih-Hung Yang,Dar-Ming Lai,Chang-Mu Chen,Shin-Yi Chao,Fon-Yih Tsuan 대한척추신경외과학회 2023 Neurospine Vol.20 No.4
Objective: The present study is to analyze the effects of the coronavirus disease 2019 (COVID 2019) outbreak and the subsequent lockdown on the outcomes of spinal metastasis patients. Methods: The study was a retrospective analysis of data from a prospective cohort study. All patients underwent surgical intervention for spinal metastases between January 2019 and December 2021 and had at least 3 months of postoperative follow-up. The primary outcome was overall mortality during the 4 different stages (pre-COVID-19 era, COVID-19 pandemic except in Taiwan, national lockdown, lifting of the lockdown). The secondary outcomes were the oncological severity scores, medical/surgical accessibility, and patient functional outcome during the 4 periods as well as survival/mortality. Results: A total of 233 patients were included. The overall mortality rate was 41.20%. During the Taiwan lockdown, more patients received palliative surgery than other surgical methods, and no total en bloc spondylectomy was performed. The time from surgeon visit to operation was approximately doubled after the COVID-19 outbreak in Taiwan (75.97, 86.63, 168.79, and 166.91 hours in the 4 periods, respectively). The estimated survival probability was highest after the national lockdown was lifted and lowest during the lockdown. In the multivariate analysis, increased risk of mortality was observed with delay of surgery, with emergency surgery having a higher risk with delays above 33 hours, urgent surgery (below 59 and above 111 hours), and elective surgery (above 332 hours). Conclusion: The COVID-19 pandemic and related policies have altered daily clinical practice and negatively impacted the survival of patients with spinal metastases.