本論文包含台灣壽險業資產配置國際化及匯率避險兩個主題。首先，探討台灣壽險業積極向主管機關申請核准提高國外資產配置比率，與美國投資人偏好投資自己國家資產不一致的現象，是台灣壽險業資產配置不得不的策略，或是國際化的迷思? 以25家壽險公司2004 年至2008年財務資料實證結果發現，國外資產納入投資組合對壽險業投資績效有利。如果將樣本公司依據所有權區分為本資公司與外資公司，資料顯示，本資公司國際資產配置較為積極，惟其報酬績效與外資公司差異並不顯著。研究亦發現，2008年美國次貸風暴顯著負向影響台灣壽險公司國外投資報酬，即提高國外資產配置雖可提高報酬，惟匯率風險、信用風險及系統風險暴露亦相對提高，建議壽險公司於追球較高報酬同時，應同時加強風險管理。另實證亦發現，資產規模愈大公司之投資報酬率相對較遜，建議於追求保費市占率成長時，應重視投資報酬績效的實質提升。 第二部分探討2004年至 2008年台灣壽險業國外投資匯率風險管理策略對投資績效影響。以整體產業觀察，匯率避險對投資報酬率有正面效果；本資公司避險策略相較外資公司積極，報酬率亦相對較優；股票上市公司有財報揭露股價波動之壓力，經理人有較強誘因採取避險策略，投資報酬率相較優於股票未上市公司，惟差異並不顯著。實證結果支持Glen and Jorion (1993) and Campbell et al. (2010)避險可以降低匯率風險提升投資報酬績效之研究結論，2006年實施之34號會計公報，顯著影響本資公司與上市公司之避險行為。 / In this study, we study two essays on international asset allocation and the currency hedging problem for Taiwan life insurer industry. In the first essay, we investigate the high percentage of foreign investments placed by Taiwan life insurers and how this phenomenon is at odds with the bias for investing at home common among American investors. The holdings of 25 Taiwan life insurance companies, between the years 2004 and 2008, are scrutinized with a view towards evaluating home bias and its financial impact. We find that foreign investment has proven profitable for the life insurance industry. However, if the life insurance industry is divided into two categories according to its ownership structure, i.e., domestic-owned and foreign-owned companies, and that while the performance of investments made by domestic-owned life insurers differs from that of foreign-owned life insurers, the difference is insignificant. We also found that global financial turmoil in 2008 had a massively negative impact on the foreign investments of Taiwan life insurance companies and firm size and return on investment is negative correlated, suggesting that life insurers should focus on enhancing investment performance and risk management. In the second essay, we examine the currency hedging strategy and its impact on the performance of Taiwan life insurance industry investments from 2004 to 2008. We find that currency hedging strategies have yielded positive results, overall, for the industry. However, if the life insurance industry is divided into two categories according to its ownership structure, i.e., domestic-owned and foreign-owned companies, the results show that the currency hedging strategies employed by the domestic-owned companies enjoy advantages over those of foreign-owned firms. If the sample is further divided into those publicly listed on the TAIEX and others, our results show that a hedging strategy has positive effects on listed company. Our findings support the work in Glen and Jorion (1993) and Campbell et al. (2010), which reveal that hedging strategies improve foreign investment returns and can reduce currency risks in comparison to non-hedging strategies. Our empirical results indicate that SFAS No. 34 has a significant effect on currency hedging behavior among domestically owned and listed companies.

我國全民健康保險制度自2004年1月1日開始使用健保IC卡後，醫療資訊電子化的趨勢，某種意義上來說，已經如凱撒（Gaius Julius Caesar）渡過盧比孔河（Crossing the Ribucon）時所說：「骰子已經投下（the die is cast）」一般，只能前進不能後退了！ 時至今日，電腦、網路連線、憑證簽章已經成為任何一間醫療院所從事醫療行為時的開門七件事之一，民眾用健保IC掛號、醫師用電腦下診斷作病歷、行政人員用健保VPN申報費用等，皆成為醫療實務中的標準模式。而我國衛生署也信心滿滿地希望能於2011年達到全國80%醫院實施電子病歷、60%醫院可為院際交換互動之目標。在此「全民電子病歷」旋將施行之當下，相關隱私權之配套對於病人之保障是否足夠，即成為該政策是否受到國人支持之關鍵所在。 本研究透過整理衛生署自2000年迄今所有與電子病歷相關之專案計畫，以及與電子病歷領域，產、官、學界共9位受訪者進行深度訪談後發現，我國現行電子病歷政策推廣有架構、標準、法制、補助、動機等五大問題，其中關於法制規範及隱私保障不足所造成的民眾疑慮與醫事人員躊躇，已成為電子病歷發展上的一大阻礙，而其中計畫推行的電子病歷索引交互中心，更可能對於病人資訊隱私權產生重大危害與影響。另一方面，若回頭省視司法院大法官釋字第603號解釋，大法官們其實已對涵蓋電子病歷等個人資料之資訊隱私權，有過相當明確的闡釋。其所強調「個人自主控制其個人資料之資訊隱私權」，若能配合2010年5月26日修正通過但尚未施行之個人資料保護法，並非不能為電子病歷提供一個基本、框架式的法律基礎。 在此前提之下，本文提出「電子病歷自主控制機制」之概念，主張在現行憲法資訊隱私權之精神下，應該讓病人在充分瞭解到其權益後，得以選擇「是否將病歷電子化」、「電子病歷儲存場所」、「是否放於交換區」、「是否留存索引紀錄」、「是否允目的外利用」，並能透過管道隨時查詢其「電子病歷使用紀錄」。本文並認為，藉由「推力理論（Nudge）」中「自動加入（Opt-in）」與「主動加入（Opt-out）」等「預設值（Default）」概念之運用，資訊科技中「隱私偏好選項（Privacy Preference）」與「電子病歷使用紀錄明細」等系統之設立與使用，以及國際相關隱私及安全規範之借鏡，與我國健保IC卡推行之在地經驗，或許能夠解決論者對於電子病歷自主控制機制，在參與度、決定能力、行政成本、法規及技術架構、多元價值上的各項疑慮與爭論，並進而證明該構想之初步可行性。 / After implementation of the National Health Insurance (NHI) IC Card on January 1, 2004, the trend of e-health, including enforcing a national electronic medical record (EMR) system in Taiwan, is reminiscent of Julius Caesar’s words when he crossed the Rubicon, “The die is cast.” The return point has been passed; there is no return. Nowadays in Taiwan it has become routine in hospitals and clinics for medical practitioners to use a digital authentication or signature transmitted via a computer scan of an NHI IC card to register patients for diagnosis and treatment, and for administrtive staff using Virtual Private Network (VPN) to file fee claims. Furthermore, the Taiwan Department of Health has announced its implementation of the EMR system and has pledged that, in 2011, 80 percent of hospitals and clinics will start to use a more comprehensive EMR system and 60 percent of hospitals will be able to exchange EMRs. However, while Taiwan’s government is very proud and eager to enforce the EMR system, an increasing number of people doubt that adequate regulations have been put in place to protect against the violation of patients’ information privacy rights. This paper first reviews all former DOH projects related to EMRs, and interviews nine industry, government, and academic professionals who have EMR experience. It next argues that the current laws and regulations in Taiwan cannot provide sufficient protection of patients’ privacy rights, especially with regard to information privacy and autonomy. This is a cause for concern for patients and practitioners who are leery of further EMR implementation or development. This paper proposes a controlling mechanism for patients’ autonomy that will empower patients to determine if they want to electronize their medical records, where they will store their EMRs, and if it is in their best interests to set up an index and allow the transmission of additional EMRs. Moreover, patients will have unrestricted access to a log of all users and uses made of their EMRs and be able to set up their own privacy preferences with opt-in and opt-out choices. This paper concludes that the controlling mechanism for patients’ autonomy will solve the current concerns about the implemenation of a national EMR system and improve patients’ ability to enforce their information privacy and information autonomy rights.

我國勞工退休金新制自2005年7月1日開始實施，由過去的確定給付制改為具有確定提撥特色的「個人帳戶制」。對於勞工而言，確定提撥制和過去確定給付制不同之處在於承擔退休金投資風險的責任將由雇主轉由個人承擔。如何透過退休機制的設計以降低退休金的投資風險是近年來的重要議題，因此本文主要從個人偏好與風險的觀點探討保證投資收益率制度與制度轉換選擇權等兩個降低確定提撥制投資風險的重要配套措施。 在本論文的第一篇研究中發現，資產配置與國際投資對保證成本的影響頗大，在個人可選擇資產配置的情況下，高投資風險的資產選擇將造成政府未來龐大的或有負債。為了解決政府保證成本過高造成代內與代間的財富移轉，本文從使用者付費與個人效用的觀點探討保證投資收益率制度的設計，發現藉由設立保證投資收益上限可提升風險趨避者、損失趨避者與後悔趨避者等偏好下的預期效用，且能降低個人管理下方風險所需的提撥成本與退休計畫參加者所需繳交的保證費用，故建議政府可將投資收益率上限納入保證投資收益率制度，供退休計畫參加者選擇合於本身偏好的保證收益率上限。 在近來許多國家的公、民營退休體系由過去以確定給付制改為確定提撥制，為了降低在確定提撥制下的退休金投資風險，在美國的佛羅里達州之公務人員退休體系中，存在著可供個人選擇是否轉換到確定給付制的機制。在我國勞退新制中除了從過去的確定給付制改為確定提撥制外，亦輔以「年金保險制」供勞工選擇與轉換，若年金保險制具有確定給付制的特徵，則勞工等於是擁有一個從確定提撥轉換轉到確定給付制的選擇權，因此制度選擇權的探討對我國而言亦是相當地重要。在本論文的第二篇研究中發現，當風險趨避程度越高則轉換至確定給付制的機率越高，轉換到確定給付制的高峰期會出現在開始工作的初期與屆臨退休之際等兩段期間。隨著工作期間的延長，個人轉換到確定給付制的機率越低，但仍可有效地提升退休金的所得替代率與達到降低退休金下方風險的效果，在加入退休制度初期不得轉換的限制之後，會降低轉換到確定給付制的機率。 / The Labor Retirement Pension Act enacted in 2005 introduced defined contribution (DC) pension plan for substituting the traditional defined benefit (DB) pension plan. In the defined contribution pension plan, the investment risk is transferred to the participants. However, the design of rate of return guarantee makes the investment risk less severe for participants. In the first essay, we find that the asset allocation and foreign investment have large impact on the guarantee cost: the high risky investment may result in large potential liability of the government in the future if participants have the investment portfolio choice. This study develops a framework to analyze design of rate of return guarantee from the financial engineering and user paid principle view. We find that the cap of investment return guarantee not only increases the expected utility of risk aversion, loss aversion and regret aversion, but also decreases the contribution cost to participant associated with managing the downside risk. Around the world, the defined contribution (DC) plans have been the primary trend of pension reform in the both public and private sector. In an attempt to decrease the investment risk associated with DC plan, the public employees are provided with an option to buy back DB plan in the Florida State of U.S.A. In the second essay, we find that the higher level of risk aversion is, the higher probability to buy back DB plan is. During the employee’s early years of service and as the employees near retirement, the probability to exercise the option is the highest. The probability to exercise the option is decreasing with the years of service being increasing; the option also increase the pension replacement rate as well as decrease the downside risk of pension. The probability to exercise the option is lower, when the option to buy back the DB plan is prohibited during the employee’s early years of service.

本研究由科技接受度模型為出發點，探討台灣50歲以上國民對於網路購物平台的使用習慣及態度，加入不同的外部因素分析，包含人群接觸偏好、自我實踐、認知有用、認知易用、購物動機、知覺風險及關係品質，目的在於了解不同的外部因素對此一族群最後是否會回到同一個購物平台購買商品之影響，意即對網路購物平台產生忠誠度，並且加入寂寞感作為使用者態度與忠誠度之間的調節變數。採用問卷調查法隨機抽樣，同時發放紙本及網路問卷，有效回收173份，網路回收效果較佳，佔有效問卷的84%。 透過研究結果得知，自我實踐與人群接觸偏好皆對於科技接受模型當中的認知有用有直接的影響，顯示出50歲以上的國民在使用網路時，會受到過去的購物經驗（與人購買商品）的影響，不過對於新科技保持積極學習心態的個體會有意願嘗試使用網路購物。而當個體感受到網路購物是省時或是省錢的（認知有用）、認為操作是簡單明瞭的（認知易用）都會提高消費者使用網路購物的意願。 此外，消費者對於在網路購物平台上付費是否安全以及付費之後是否真的能拿到符合期待的商品有疑慮時，會降低網路購物的意願，因此網路購物平台業者要重視並且消弭這樣的知覺風險，這同時也將會提升消費者在網路購物的動機；如同實體商店，消費者也重視與網路購物平台業者之間的關係，也就是說，當有網路購物平台業者提供的客服是良善的，在購物前、中、後都重視消費者的感受、照顧消費者，建立一個良好的顧客關係，不僅提升消費者使用網路購物平台的意願，更能夠加深消費者對該網路購物平台的忠誠度。 然而，在調節項寂寞感的作用之下，並無明顯的調節效果，本研究建議後續相關研究者可以針對此項因素的影響力進行質化研究，例如深度訪談法。實務貢獻提供網路購物平台業者對於50歲以上國民的行銷策略上，除了以折扣優惠吸引此一族群的消費者之外，也應重視消費者心理層面上的感受、並且提供完整的資訊及即時有效的客服幫助消費者解決購物問題，建立消費者在網路購物平台上的專屬資產成本，達到良好的顧客關係循環。 / The purpose of the present study was to examine the influence of various external factors, including preference of human contact, self-actualization, perceived usefulness, perceived ease of use, shopping motivation, perceived risk, relationship quality and loneliness on consumer attitude toward online shopping and customer loyalty to the particular online shopping platform. We studied the relationship among the variations by using paper-based survey and the online survey. Our target participants were the people who over 50 years old in Taiwan. The data supports the following findings: if the consumer who has higher self-actualization would more likely agree that using online shopping platform to buy goods is useful. However, if the consumer has a higher preference for human contact will have a negative impact on perceived usefulness. Besides, to increase consumer's desire to use online shopping, we should notice that decreasing consumer’s perceived risk such as secure payment service and clear return rules and build a reliable customer relationship are crucial. That means, in addition to giving discounts to attract this group of consumers, online shopping platform company should also pay attention to consumer feelings. In the end, limitations and suggestions to future studies were provided.