Kyoto University (京都大学) / 0048 / 新制・課程博士 / 博士(工学) / 甲第17570号 / 工博第3729号 / 新制||工||1568(附属図書館) / 30336 / 京都大学大学院工学研究科電気工学専攻 / (主査)教授 引原 隆士, 教授 萩原 朋道, 教授 山川 宏 / 学位規則第4条第1項該当

Kyoto University (京都大学) / 0048 / 新制・課程博士 / 博士(工学) / 甲第17603号 / 工博第3762号 / 新制||工||1573(附属図書館) / 30369 / 京都大学大学院工学研究科化学工学専攻 / (主査)教授 山本 量一, 教授 佐藤 啓文, 教授 宮原 稔 / 学位規則第4条第1項該当

京都大学 / 0048 / 新制・課程博士 / 博士(工学) / 甲第22413号 / 工博第4674号 / 新制||工||1729(附属図書館) / 京都大学大学院工学研究科化学工学専攻 / (主査)教授 松坂 修二, 教授 宮原 稔, 教授 山本 量一 / 学位規則第4条第1項該当 / Doctor of Philosophy (Engineering) / Kyoto University / DFAM

京都大学 / 0048 / 新制・課程博士 / 博士(情報学) / 甲第19128号 / 情博第574号 / 新制||情||101(附属図書館) / 32079 / 京都大学大学院情報学研究科通信情報システム専攻 / (主査)教授 守倉 正博, 教授 高橋 達郎, 教授 梅野 健 / 学位規則第4条第1項該当 / Doctor of Informatics / Kyoto University / DFAM

本研究利用元大台灣50 ETF作為樣本資料，檢測2006年至2016年實證期間風險基礎指數和市值加權指數所分別建構的投資組合，其績效表現、風險表現、分散性表現的優劣性；其中Choueifaty, Froidure, and Reynier (2011) 所建構的最佳風險分散投資組合 (most diversified portfolio) 為近年來新起的風險基礎指數投資組合，我們將證實在獲得良好的投資組合分散性同時，如同其他的風險基礎指數投資組合的目標，同時也能獲得超越以追蹤市值加權指數為標的的投資組合績效。 本研究以夏普比率、信息比率、阿爾法作為衡量績效的指標；以標準差、貝他作為風險衡量的指摽；另以Choueifaty and Coignard (2008) 提出的分散性比率作為分散性衡量的指標。實證結果顯示，在整體實證期間，最佳風險分散投資組合在績效、風險、分散性的指標上皆有超越市值加權指數投資組合的能力，再以年為單位的個別期間，其績效衡量上大致優於市值加權指數投資組合，風險和分散性衡量上則優於市值加權指數投資組合的表現，但論以其整體表現，並非為本研究所提出的風險基礎指數投資組合中最佳者，因此投資人在選擇該類投資組合策略時，建議從該投資組合過去表現中判斷，選擇符合自己投資習慣者為之。 / This article examines the performance, risks and diversification of different types of portfolio strategies such as risk-based indexes and cap-weighted index during 2006- 2016. We introduce the recent most diversified portfolio (MDP), which was proposed by Choueifaty, Froidure, and Reynier (2011) and find the result that like the goal of other risk-based portfolios, which is to improve the risk-return profile of cap-weighted portfolio, MDP surpasses overall performance, risks and diversification compared to cap-weighted portfolio while achieving diversification. We use Sharpe ratio, information ratio and alpha as the performance indicators, use standard deviation, beta as the risk indicators, and adopt diversification ratio (DR), which was proposed by Choueifaty and Coignard (2008), as the diversification indicator in our analysis. The results of this study show that MDP surpasses overall performance, risks and diversification compared to cap-weighted portfolio in the full empirical period. In addition, MDP is generally superior to cap-weighted portfolios in terms of performance in many single years of the whole period, and completely beat cap-weighted portfolios in terms of risks and diversification in every single year of the whole period. Although the ability of exceeding cap-weighted portfolio, MDP do not win first place of mentioned risk-based portfolios in our research. As a result, we suggest investors choose their portfolio strategies refer to its past performance, risks and diversification, and select the best according to their investment preference.

科学研究費補助金 研究種目:基盤研究(C) 課題番号:16560225 研究代表者:樋野 励 研究期間:2004-2005年度

In two-level fractional factorial designs, homogeneous variance is a commonly made assumption in analysis of variance. When the variance of the response variable changes when a factor changes from one level to another, we called the factor dispersion factor. Formerly, many researches have discussed about how to define the dispersion effects, but the problem of finding optimal designs when dispersion effects present is relatively unexplored. However, a good design not only save the experiment cost but also let the estimation more efficiency. In this research, we focus on finding optimal designs for the estimation of location main effects when there are one or two dispersion factors, in the class of regular unreplicated two-level fractional factorial designs of resolution Ⅲ and higher. We show that by an appropriate choice of the defining contrasts, A-optimal and D-optimal designs can be identified. Efficiencies of an arbitrary design are also investigated.

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本研究主要使用財務績效、經營品質、策略發展及公司治理等四指標構面對台灣金融控股公司之經營績效進行評估，再選定富邦金、國泰金、台新金、中信金、玉山金、永豐金及元大金七家金融控股公司進行分析比較，本研究資料顯示金融控股公司表現可從以下的效果觀察： 一、風險分散效果 金控的經營業務範疇應涵蓋銀行、證券及保險等業務，就靜態面而言，將不致因其中一項產業之衰退而侵蝕整體金控獲利，此外金控各子公司獲利也會因整體景氣循環、利率匯率變動產生互補之效果。 二、綜效 從動態面來講，金控旗下子公司透過龐大的客戶基礎可以引進更大的銷售滲透力。這是金控3C之交叉銷售（Cross-selling）最重要的獲利擴大效應。就資本效率而言，金控可透過資本配置將資源移轉到獲利潛能較大的公司，資本的運用效益將可有效發揮。 三、經濟規模 金控夠大所產生的市佔主導效果相當顯著，以證券業為例，元大證券購併多家券商後，一舉成為國內證券市場龍頭，證券行銷通路資源也為旗下金融商品提供強勢的銷售管道。

本研究旨在瞭解國民中學校長分散式領導與學校教育成效現況，並探討國民中學校長分散式領導對學校教育成效之影響。本研究採用調查研究法，自編「分散式領導量表」與「學校教育成效量表」，以八個縣市的公立國民中學正式教師為研究對象，並另外發送校長版問卷以求得校長基本資料。藉由專家效度審查與預試回收有效教師問卷173份，進行項目分析、一階驗證性分析、二階驗證性分析以及信度分析，以形成正式問卷。正式問卷發送1000份教師問卷和100份校長版問卷，回收有效教師問卷567份，回收率為56.7%。本研究以描述性統計、單因子變異數分析、多變量變異數分析、皮爾森積差相關以及結構方程模式等統計方式，對回收資料進行分析。 本研究獲致之結論如下： 一、國民中學校長分散式領導實施現況，尚稱良好。 二、校長分散式領導目前最需加強的是學校「情境」文化部分。 三、校長分散式領導目前表現最好的前三項指標是「校長謙遜有禮」、「校長鼓勵團隊合作」、「校長有清楚的學校願景」。 四、校長分散式領導目前表現最差的三項指標是「本校教職員工勇於嘗試學校新事物」、「本校會依同仁的實際表現來評鑑教職員工的績效」、「本校針對表現不佳的同仁會給予改善建議」。 五、國民中學學校教育成效現況方面，教師部分尚稱良好，學生部分尚可。 六、國民中學學校教育成效，教師成效表現最好的是「教師信任」，最差的是「教師學習」。 七、國民中學學校教育成效方面，學生成效表現最好的是「學生教育機會均等」，最差是「學生學習」。 八、教師因「教師擔任職務」不同，知覺校長分散式領導有顯著差異。 九、教師因「教師性別、教師擔任職務」不同，知覺學校教育成效有顯著差異。 十、教師因「學校規模、校史、學校地區」不同，知覺校長分散式領導有顯著差異。 十一、教師因「學校規模、校史、學校地區」不同，知覺學校教育成效有顯著差異。 十二、教師因「校長性別、校長曾經主要任教領域」不同，知覺校長分散式領導有顯著差異。 十三、教師因「校長性別、校長年齡、校長最高教育程度、校長曾經主要任教領域」不同，知覺學校教育成效有顯著差異。 十四、分散式領導與學校教育成效（學生、教師），均有高度正相關。 十五、校長分散式領導可以有效的預測學校教育成效。 根據研究結果分別提出對教育行政機關、校長以及未來研究的建議如下： 一、對教育行政機關的建議 (一) 宜多辦理教育理念與教育革新議題的相關研習給教師進修。 (二) 舉辦分散式領導相關研習，鼓勵學校成員參與。 (三) 檢視校史達60年以上的學校之教師責任與教師信任。 (四) 建立更有效的學校成員績效評鑑機制。 (五) 加強鄉鎮地區的教育成效關注。 (六) 在學生教育機會均等的進步上，可以參考「導師」的建議。 二、對校長的建議 (一) 校長宜增加與學校成員的互動機會。 (二) 校長可以多鼓勵學校成員嘗試學校新事務。 (三) 學校宜建立更專業發展的回饋機制。 (四) 鼓勵教師主動研究與學習。 (五) 提升學生學習動機。 (六) 關心學生自我概念與具備優良公民美德的能力。 (七) 支持學校成員團隊合作。 三、未來研究的建議 (一) 研究對象：包括不同層級的校長、家長、學生對分散式領導的知覺均為 可能的研究對象。 (二) 研究工具：針對不同研究對象發展不同的問卷。 (三) 研究變項：家長背景亦為可行之研究變項。 (四) 研究方法：加入質性研究加以後續探討。 (五) 統計方法：探討更複雜的分散式領導與各種教育內涵的線性關係。 / The study was to understand the current status of the distributed leadership for junior high principals and effectiveness of school education and to probe into the influences of the distributed leadership for junior high principals on the effectiveness of school education. In this study, I adopted the investigation method, self-prepare the “Distributed Leadership Scale” and the “Effectiveness of School Education Scale”, and took the public junior high school formal teachers in 8 counties/cities as my research samples. Then, I additionally distributed questionnaires to principals for basic information. Through the expert review of validity and pretesting on 173 effective questionnaires, I conducted the item analysis, first order confirmatory factor analysis, second order confirmatory factor analysis, and the reliability analysis to construct the formal questionnaires. Then, 1000 formal questionnaires were issued to the teachers and another 100 questionnaires were issued to the principals with 567 effective teacher questionnaires returned, i.e., 56.7% return rate. Also in this study, I analyzed the returned data by using the descriptive statistics, one-way analysis of variance (or one-way ANOVA), multivariate analysis of variance (or MANOVA), Pearson's correlation and simple linear regression and the structural equation models. The study concludes as follows： 1. The current implementation status of the distributed leadership for junior high principals was moderately good and what needs to be improved most is the “cultural environment” part. 2. The top 3 indexes of the distributed leadership for junior high principals were that “the principal is civil”, that “the principal encourages teamwork”, and that “the principal has a clear vision for the school” while the bottom 3 indexes were that “the faculty staff at this school are brave to try new things”, that “the faculty at this school evaluate each other’s performance based on reality”, and that “the school recommend improvement to the underperforming staff.” 3. For the current status of effectiveness of junior school education, it was moderately good for teachers and above average for the students; Teachers performed best at “teacher trust” but worst at “teacher learning” while students performed best at “equal educational opportunities for students” but worse at “student learning.” 4. For teachers, there was a significant difference in the consciousness of the distributed leadership for principals due to different “teachers positions”, “school size, history, and districts”, and “principal genders and main teaching fields in the past” while there was a significant difference in consciousness of the effectiveness of school education due to different “teacher genders and positions” and “principal genders, ages, and the highest levels of education.” 5. There was a high positive correlation between the distributed leadership and the effectiveness of school education (both for students and teachers) and through the distributed leadership for principals, I could effectively predict the effectiveness of school education. Recommendations for the educational administration, principal, and future research are as follows: Recommendations for the educational administration I recommend the educational administration conduct more workshops concerning further educational believes and innovations for teachers, hold the distributed leadership, encourage school members to participate in relevant workshops, review teacher responsibility and trust at the 60-year-old or older schools, build a more effective school member performance evaluation mechanism, enhance its focus on the educational effectiveness in the rural areas, and refer to “recommendations for the mentors” based on the equality of educational opportunities for the students. Recommendations for the principals I recommend the principals increase opportunities for school member interactions, encourage school members to try new things more, build a more professionally developed mechanism for the students, encourage the teachers to research and learn actively, promote students’ learning motivation, care about student self-concepts and virtues of citizens, and support teamwork at school. Recommendations for future research I recommend the future research include different levels of principals, parents, elder siblings, and students, and their consciousness in distributed leadership in research objects, develop various questionnaires for various research objects in research instruments, include parents and elder siblings in feasible research variables, supplement with qualitative research for further probe in research methods, and probe into the linear relationship between the distributed leadership of more complexity and all kinds of educational contents in statistical methods.