本研究針對每日利率區間型連動式債券，以及一籃子信用連結式債券－首次違約型進行評價與避險分析。由於法令的開放，結構型商品推陳出新，商品設計條款日趨繁複。利用理論的模型運用於市場上的結構型商品，使發行者與投資人清楚了解商品的利潤與風險。 在每日區間型利率連動式債券的評價模型上，採用Hall and White(1994)的利率三元樹模型求算債券價值。透過市場可90天期商業本票報價，建構符合市場利率期間結構之利率模型，並以路徑函數計算配息，以求算利率連動債券合理價格。 在一籃子信用連動式債券可拆解為持有固定利息債券，並賣出一信用交換。參考Kijima與Muromachi（2000）模型設定，模擬出不同回收率下的第一違約信用交換價值；使用Hall and White的利率三元樹模型，計算連動債券中的固定利息債券價格，最後，針對參數可能的變動進行敏感度分析。

有越來越多品牌商除了管理直接客戶(代理商)外，也會積極與非直接客戶(下游客戶)建立關係，這樣的拉式策略不但能夠幫助品牌商取得市場資訊，也可藉此讓下游客戶對品牌商產生偏好，讓代理商因此對品牌商的產品產生需求；在這樣的情況下，代理商可能套牢在與該品牌商的關係中。本論文探究在品牌商的拉式策略下，對於品牌商、代理商與下游客戶的三方交換關係所造成的影響，以及處於中樞地位的代理商應如何降低負面衝擊。 本論文以台灣代理商為研究對象，藉由177份有效樣本進行實證研究。子研究一以品牌商觀點出發，研究結果指出，「品牌商對下游客戶的專屬資產投入」與「品牌商的品牌形象」將正向影響「下游客戶對品牌商的關係承諾」，進一步提高「代理商對品牌商的依賴」；另外，此研究也發現，代理形式將在「下游客戶對品牌商的關係承諾」與「代理商對品牌商的依賴」兩者的關係間扮演調節變數的角色。 子研究二則從代理商觀點出發，研究結果指出，當「下游客戶對品牌商與代理商的關係承諾正向差距」越大，則「代理商對品牌商的依賴」將越高；在這樣的情況下，若代理商提高「對下游客戶的專屬資產投入」與「對下游客戶的快速回應能力」，將有助於減少「下游客戶對品牌商與代理商的關係承諾正向差距」。另外，「代理商高層與下游客戶高層間的人際關係」與「代理商與品牌商的結盟程度」在本研究中則扮演調節變數角色，當「代理商高層與下游客戶高層間的人際關係」及「代理商與品牌商的結盟程度」越好時，將弱化「下游客戶對品牌商與代理商的關係承諾正向差距」與「代理商對品牌商的依賴」的負向關係。 / Increasing numbers of brand owners are actively investing marketing resources in not only their direct customers(distributors), but also those customers’ customers (downstream customers). This indirect customer marketing approach follows the “pull strategy” principle proposed in the channel literature. This kind of strategy provides the brand owner with valuable market information, creates product preference among the downstream customer, and aims to stimulate derived demand. Thus, the distributor faces a lock-in situation, and this leads to the brand owner occupying a stronger position and enhancing its profits. Under such a situation, the distributor may change its cooperative behaviors with the brand owner. The study interviewed 177 independent distributors who sell brand owners' products to downstream customers. The dissertation has two sub-studies. Study One is from the brand owner's perspective to investigate how the brand owner get stronger position in the channel system when it expands in overseas markets. The result showed specific investments from the brand owner to the downstream customer and the brand owner's good brand image may increase the downstream customer's relationship commitment to the brand owner. If the downstream customer’s commitment to the brand owner is high, the distributor may increase its dependent on the brand owner. In addition, the research also found that the number of distributors plays a moderating role in this study. If there are multiple distributors, the positive relationship between commitment of the downstream customer to the brand owner and the dependence of the distributor on the brand owner may become stronger. Study Two of the dissertation is from the distributor’s perspective. The brand owner's pull strategy may cause a decrese in the relationship performance of the distributor to the downstream customer. In order to solve this difficult situation, the study provides the distributor with the following solutions. The distributor can make specific investments to the downstream customer or improve its responsive ability to decrease the difference of commitment between the downstream customer to the distributor and the downstream customer to the brand owner. Moreover, the distributor can develop personal guanxi with the downstream customer or try to align with the brand owner to reduce the negative impact from this commitment disparity.

租稅協定不僅協調各國間稅收關係並妥善劃分課稅管轄權，進而降低企業全球化經營下所面臨的租稅課徵不確定性。然而國外文獻關於租稅協定對直接投資或海外關係企業活動之成效仍有諸多爭議，且國內仍未有利用長期性個體資料來檢視租稅協定效果的研究，因此本文以 2000 年至 2013年台灣上市公司之海外關係企業的財務資料進行分析。另外，因近年各國日益重視反避稅措施與跨國間稅收的徵管合作，故本文也進一步探討利益限制條款和資訊交換的嚴謹程度對於海外關係企業營運活動之影響。 本文建構三個固定效果模型來分析不平衡追蹤資料，其中模型一分析租稅協定對於海外關係企業營運活動的影響，而模型二檢視利益限制條款是否為其中的重要因素，模型三則分析資訊交換條款的嚴格程度是否影響海外關係企業的營運規模。實證結果顯示不論是租稅協定本身、利益限制或是資訊交換皆為影響台灣上市公司海外關係企業營運活動之重要關鍵。租稅協定的生效不僅造成海外關係企業的銷售額下降，並隨著資訊交換規範越嚴格，其下降的幅度越大。最後，在細分不同產業的條件下，得歸納出租稅協定帶來的效果並不一致之結論。

本論文旨在藉助理論研究與歐美等先進國家之實證分析，說明於通貨膨脹及快速變遷 的環境下，利率管制無法有效地應因環境的波動，利率自由化遂成為世界之潮流。我 國利率自由化構想的開端，始於民國六十三年，於本文中詳細介紹現階段下，我國利 率自由化之發展經過，進而探討信用評等制度之建立，及金融制度之改革，以期利率 自由化之發展更臻成熟，最後，就以上之內容，針對各項問題，提出改進建議與解決 方案。 壹、前言 貳、利率自由化的意義與功能 參、自由利率與管制利率之比較分析 肆、世界主要國家推行利率自由化的情形－介紹德、英、美等國之情形 伍、我國利率自由化之發展經過 1.各種短期流通工具之發展 2.短期票卷交易市場之建立 3.公開市場之操作 4.貼現窗口之建立 5.銀行同業拆款中心之設立 6.放款利率彈性之加大 7.利率調整方案之公布與實施 陸、我國推動利率自由化初期所產生的影響 柒、利率自由化與信用評等制度之建立 捌、利率自由化輿金融制度之改革 玖、建議與結論

XML (eXtensible Markup Language)已經快速成為網際網路上資料交換的標準，其架構適合用來描述複雜的資料結構並提供XML文件驗證的機制。要交換XML文件，就必須使用綱要語言來制定XML語彙，因而由此衍生出XML綱要設計之問題。在本篇研究中，將研究UML資料模型與XML綱要之間轉換的議題並發展一個可進行雙向轉換的模型。此轉換模型包含二部份，一是從UML資料模型結構轉換為XML綱要結構，一是從XML綱要結構反向轉換為UML資料模型結構；這二個模型將分別探討XML DTD (Data Type Definition)及 W3C XML Schema二個主題，將這二個子模型分別從語法及語意轉換之層面切入進行一連串結構轉換規則之延伸及建立。在XML綱要結構反向轉換為UML資料模型結構之模型中亦包含二個子模型，分別由XML綱要結構建立轉換之規則。我們建立此轉換模型之目的在於使UML資料模型結構及XML綱要結構間之轉換方法更為明確、簡單及容易使用，並透過系統實作來驗證其可行性。 / The (eXtensible Markup Language) XML is fast becoming the standard data exchange across the Internet. It is suitable to describe complex-structured data. It also provides a validation mechanism to validate vocabulary used in the XML document. In order to exchange XML document, XML vocabulary needs to be defined. As a result spread out the issues of XML schema design from here. In the research, UML data model and XML schema transformation issue have been studied to develop a bi-directional mapping and transformation model. We design the bidirectional mapping and transformation model in two parts. One is from UML data model to XML schema; another is from XML Schema to UML data model. Each part has two explored subject, including XML DTD (Data Type Definition) and W3C XML Schema. We develop a sequence of transformation rules from the viewpoints of syntactic and semantic transformation. These are also two parts in the transformation model of mapping from XML schema to UML data model. We develop transformation rules from the viewpoints of generic XML constructs step by step. We build up the transformation model to make transformation method more generic, genuine, systematic, explicit, simple and easy to use. Besides, we implement a transformation editor to validate the bi-directional transformation model.

台灣自1994年首家廠商明基電通投入手機的研發，在1997年第一支自製手機問世，開啟手機產業嶄新的一頁，短短的十年間，成就「 手機代工王國」的美譽，並且在2006年攀上最高峰，手機整體出貨量終於突破1億支（黃建智，2007），全球市佔率也衝上13.8%（葉憶如，2007）。過去十年來，手機廠商的生存契機，主要來自於代工訂單的爭取。而基於各別公司生產策略之不同，自製與外包的程度差異頗大，一直以來釋單較積極的國際大廠只有美商Motorola。 台灣有研發及製造的實力，但是因為廠商過度集中於代工客戶的訂單，在代工大餅沒太大增加，但手機廠商家數直線成長的情況下，部份廠商乃積極轉型發展品牌並加強行銷管理。過去有關手機品牌發展的研究，大多是由競爭策略、整體通路之價值鏈活動等觀點著手，但專注於品牌策略，進行4C交換成本態勢分析之探討者，則尚不多見，因此，本研究乃有其先導性。 本研究以台灣地區的大學生手機市場為研究對象，期望所做研究結果可供台灣手機廠商，做為規劃手機品牌行銷策略之實務參考。本研究經由問卷調查以灰階層統計分析，並將其結果以4C交換成本理論的四個主要變數：外顯單位效益成本、資訊搜尋成本、道德危機成本、專屬陷入成本，進行大學生消費族群之消費偏好分析，並歸納出： 首先，台灣的手機品牌廠商在專利成本高於國際大廠而品牌知名度低於國際大廠的情況下，其「外顯單位效益成本」高。其次， 台灣的手機品牌在市場定位不是很清楚的情況下，它的「資訊搜尋成本」偏高。此外，與品牌歷史悠久的歐美品牌及積極擴張的韓國品牌比起來，台灣的手機品牌在消費者的心中屬於高「道德危機成本」風險的選擇。最後，在專屬資產的建立上面，台灣的手機廠商因為品牌的發展資歷較淺，經驗累積不足，在這一方面的操作略顯不成熟，因此對消費者而言也沒有很高的一般專屬陷入成本。 / In 1994, the first Taiwanese company –BenQ Corporation (former Acer Peripherals)– started the involvement on the research and development of mobile phone, and it was the beginning of the new era of mobile phone industry has been started since the launch of the first “Made in Taiwan” handset in 1997. After one decade, Taiwan became the “ODM Kingdom of mobile phone”, and reaching a historical high on 2006 of the overall shipping volume — 100M units, meanwhile achieved a 13.8% of the global market share. In the pass decade, the survival opportunity of Taiwanese mobile phone maker was from ODM orders。And Motorola was the only among the international brands, which released the ODM orders aggressively. However, as the source of ODM orders is not in an upward trend and the growing number of mobile pone makers are all concentrate on ODM business, as a result that part of makers try to move toward OBM business to look for a bigger room and better development. Most of the researches stood on the views about the OBM development on the competition strategies, value chain activities of the mobile phone channels, etc., but the point on the 4C exchange cost analysis has not been seen much, which is important for this research. This research is expected to provide the result for the practical reference of the branding marketing strategy to the Taiwanese mobile phone makers. This research is been developed by the survey of questionnaire and is been analyzed by Grey Relational Analysis (GRA) and Analytical Hierarchy Process（AHP）, and then through the four primary parameters of the 4C exchange costs, the cost： the external cost on utility, information searches, moral hazard and asset specificity. Finally, following important result have been pointed out: First of all, the patent cost is higher and the brand awareness is lower to the Taiwanese branded mobile phone makers compare to the international branded companies, and as a result of high external cost on utility. Next, due to the market positioning developed by most of the Taiwanese mobile phone makers is unclear; the cost of information searches is obviously high to consumers. In addition, compare to the well know western brands and the aggressive Korean brands, the choice of Taiwanese brands of mobile phone has high risk on morals hazard to consumers. Finally, as a new player for mobile phone branded business, the skill on branding manipulation requires more experiences, and the cost of asset specificity is low for consumers from the Taiwanese mobile phone brands.

過去的三十年間由於評價美式選擇權所產生的自由邊界問題已經有相當的研究成果。本論文將證明自由邊界問題的解為遞增函數。更進一步提出自由邊界凹性的嚴謹証明。利用我們的結論可以得知美式選擇權的最佳履約邊界對時間而言為嚴格遞減的凹函數。這個結果對可用來求導最佳履約邊界的漸近解。 對於美式交換選擇權，我們將其自由邊界問題轉換成單變數的積分方程，同時提供一個永續型美式交換選擇權的評價公式。對於有限時間的美式交換選擇權的最佳履約邊界，我們將提供一個接近到期日的漸近解並發展一個數值方法求其數值解。數值計算的結果顯示漸近解在接近到期日時與數值解非常接近。 對於評價美式選擇權，我們提出使用混合整數非線性規劃(MINLP)的模型，這個模型的最佳解同時提供賣方的完全避險策略、買方的最佳交易策略與美式選擇權的公平價格。因為求算MINLP模型的解需耗用大量的計算時間，我們證明此模型和其非線性規劃的寬鬆問題有相同的最佳解，所以只需求算寬鬆問題即可。觀察數值結果亦顯示非線性規劃的寬鬆問題可以大幅的降低計算的時間。此外，當市場的價格低於公平價格時，我們提出一個最小化賣方期望損失的數學規劃模型，此模型的解提供賣方最小化其期望損失的避險策略。 / In the past three decades, a great deal of effort has been made on solving the free boundary problem (FBP) arising from American option valuation problems. In this dissertation, we show that the solutions, the price and the free boundary, of this FBP are increasing functions. Furthermore, we provide a rigorous verification that the free boundary of this problem is concave. Our results imply that the optimal exercise boundary of an American call is a strictly decreasing concave function of time. These results will provide a useful information to obtain an asymptotic formula for the optimal exercise boundary. For pricing of American exchange options (AEO), we convert the associated FBP into a single variable integral equation (IE) and provide a formula for valuating the perpetual AEO. For the finite horizon AEO, we propose an asymptotic solution as time is near to expiration and develop a numerical method for its optimal exercise boundary. Compared with the computational results, the values of our asymptotic solution are close to the computational results as time is near to expiration. For valuating American options, we develop a mixed integer nonlinear programming (MINLP) model. The solution of the MINLP model provides a hedging portfolio for writers, the optimal trading strategy for buyers, and the fair price for American options at the same time. We show that it can be solved by its nonlinear programming (NLP) relaxation. The numerical results reveal that the use of NLP relaxation reduces the computation time rapidly. Moreover, when the market price is less than the fair price, we propose a minimum expected loss model. The solution of this model provides a hedging strategy that minimizes the expected loss for the writer.

隨著產業環境的改變，製造業的附加價值越來越低，品牌已經是繼品質之後，成為提升產品附加價值之關鍵。也因此，品牌的建立成為台灣產、官、學界十分重視的課題。學術界和實務界對於品牌的建立，與品牌權益的解釋眾多紛紜，然而這些品牌權益模型涵蓋的構面都不太一樣，且品牌權益的建構順序也不相同。本研究目的是整合各品牌權益的模型，建立一個完整而周延的品牌權益構面，並發展有學理基礎的品牌權益建構順序。 本研究收集學術界及實務界普遍在運用的品牌權益模型，以邱志聖（2006）提出的策略行銷分析架構，以及交易成本的觀念為出發點，整合其他的品牌權益建構模型。並且提出「品牌外顯效益」構面，補足策略行銷分析架構在建構品牌權益的不足之處。研究提出品牌權益的構面包含有：上市後外顯單位效益成本、品牌外顯效益、資訊搜尋成本、道德危機成本以及專屬陷入成本。並以Roger（1962）提出的創新決策過程為理論基礎，建立本研究的品牌權益模型建構順序。 本研究提出品牌權益的建構順序，應該是在新品牌上市前，1. 先從降低外顯單位效益成本開始。而新品牌上市之後，2. 應逐步降低買者資訊搜尋成本，3. 建立品牌外顯效益，4. 降低買者道德危機成本，5. 降低買者專屬陷入成本，6. 跟買者建立專屬資產。企業應按照上述順序建立品牌權益，可以讓投入的行銷資源發揮最大的效益。 研究選擇5個不同產業（家具、電腦、鞋、飲料、通訊）的知名品牌（IKEA、Acer、NIKE、可口可樂、NOKIA），收集各知名品牌建立時採行的行銷活動，以本研究建立的品牌權益模型來作分析。研究發現各知名品牌，皆按照本研究提出的建立順序建構品牌，證實本研究提出的品牌權益模型具有廣泛的適用性。

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本篇論文旨在分析神經網路學習績效，並提出一套學習演算法，結合倒傳遞網路(BP)與理解神經網路(RN)，命名為RNBP，這套學習演算法將與傳統的BP做比較，以兩個不同的財務金融領域的應用，一個是選擇權上Black-Scholes訂價模式的模擬，一個是金融交換上利率的預測。主要績效的評估準則是以學習的效率與模擬、預測的準確度為依據。 此外，本論文的另一個重點是提出一套對於神經網路系統進一步分析的方法與工具，敏感度分析(Sensitivity Analysis)與滯留區(Dead Region)分析，藉以瞭解神經網路系統是否具有效地良好學習或被一般化的能力，從神經網路的角度來說，這也是BP與RNBP的另一個績效比較標準。本研究的結果顯示RNBP在預測準確度上較BP為優良，但是在學習效率與預測能力的穩定性上並沒有呈現一致性的結論；此外，敏感度分析與滯留區分析的結果也幫助神經網路在應用領域上有更深入的瞭解。 在過去，神經網路的應用者往往忽略了進一步瞭解神經網路的重要性與可行性，本論文的貢獻在於藉由分析神經網路所學習的知識，幫助應用者進一步瞭解神經網路表達的訊息在應用領域上所隱含的實質意義。 / The study attempts to analyze the learning performance of neural networks in applications, and propose a new learning procedure for the layered feedforward neural network systems, named KNBP, which binds RN and BP learning algorithms. Two artificial neural networks, BP and KNBP, here are both applied to two financial fields, the simulation of Black-Scholes pricing model for the call options and the midrates forecasting in financial swaps. The explicit performance comparison between the two artificial neural network systems is mainly based on two criteria, which are learning efficiency and forecasting effectiveness. Then we propound a mathematical methodology of sensitivity analysis and the dead regions to deeply explore inside the network structures to see whether the models of ANNS are actually well trained or valid, and thus setup an alternative comparable criterion. The results from this study show that RNBP performs better than BP in forecasting effectiveness, but RNBP obtains neither a consistent learning efficiency in cases nor a stable forecasting ability. Furthermore, the sensitivity analysis and the dead region analysis provide a deeper view of the ANNs in the applied fields. In the past, most studies applying neural networks ignored the importance that it is feasible and advantageous to obtain more useful information via analyzing neural networks. The purpose of the research is to help further understanding to the information discovery resulted from neural networks in practical applications.