從1G、2G到3G，行動通訊技術快速發展，以往單純的語音通訊服務，逐漸演變至資料傳輸、多媒體應用，行動服務日趨多元，「內容」在行動通訊服務中所扮演的角色愈加重要。是故，電信業者無不積極發展內容相關商品。然而，這類產品的開發往往牽涉到不同領域的專業（如美工、音樂、文化創意、科技、社會、政治等），因此，吾人可以預期這些廠商勢必需要藉用大量的外部資源才能適時地推出內容商品。 在目前的行動內容服務當中，由於手機鈴聲能彰顯與眾不同的個人特色，且越來越多手機支援播放數位音樂的功能，因此，行動音樂一直以來都是最受消費者歡迎的行動加值服務，也是各家電信業者除了語音通訊之外最大的營收來源之一。然而，過去的研究重點往往著重在電信產業相關業者發展策略、關鍵成功因素等策略層面的探討，對於行動加值服務新產品開發實務歷程的研究則較少著墨。故本研究針對我國電信業者行動加值服務的「新產品發展」進行研究，以行動音樂商品為例，試圖以較為整體性的架構，探討其新產品發展之相關議題，期能對於「外部導向的產品創新管理」方面，提供一些實務上與學理上的貢獻。 本研究之研究問題有四：1.我國電信業者發展行動加值服務的策略性資源為何？2.我國電信業者在行動加值服務發展過程當中的價值網絡為何？3.我國電信業者開發行動加值服務過程中，運用內外部資源的機制為何？4.我國電信業者行動加值服務的新產品策略與開發流程為何？ 透過深度訪談電信業者，並配合相關次級資料蒐集與整理，進行彙整及分析之後，本研究獲得以下之主要結論：1.就策略性資源而言，電信業者掌握行動音樂服務之通路。2.電信業者建構之策略性資源與原有資源具有相關性。3.就新產品發展策略而言，行動音樂發展重點仍在於「強化現有行動用戶忠誠度」。4.電信業者委外動機與型態會影響其新產品發展。 / From 1G, 2G to 3G, the technology of telecommunication developed rapidly. The voice communication service gradually evolved towards the data transmission and the multimedia application and the mobile content services become much more important and diversified than before. Accordingly, tele-operators develop content products actively. However, the development of these products involves with many kinds of knowledge, such as fine art, music, programming, etc. Thus, we would expect that the enterprises have to utilize external resources to develop products timely. Because many cell phones provide functions of digital music and ring tones can show forth users’ characteristics, therefore, the mobile music becomes one of the most popular service product. However, most of the past studies focused on strategy rather than new product development. Thus, we focus on the new product development of mobile value-added services in the research. The study aims to investigate the questions: 1. What are the strategic resources for developing mobile value-added services? 2. What is the value network to develop mobile value-added services? 3. What is the mechanism of utilizing external resources in the process of new product development? 4. What are the new product strategy and process of developing mobile value-added services? The study takes mobile music as an example to explore how tele-operators can accumulate enterprise resources and better utilize external resources for developing value-added services. This study applies the deep interview method of qualitative research and secondary data analysis to study tele-operators in Taiwan. The preliminary research findings include: 1.The major marketing purpose of tele-operators’ developing mobile music is to reinforce the loyalty of existing customers. 2. What tele-operators dominate in the mobile music business is the channel. 3. The new strategic resources which the tele-operators build in the mobile music business is highly related to those existed before. 4. What motivates tele-operators to outsource will affect their ways of new product development.

投資型商品是近幾年來壽險業的新興戰場，壽險經營者不但對投資型商品未來的發展深具信心，也對多元通路銷售投資型商品抱持樂觀其成以及積極促成的態度；但主管機關雖針對熱絡的投資型商品市場陸續推出（修正）相關規範，卻並未使得日漸升高的申訴率得以降溫，本研究擬就投資型商品通路與申訴率問題探討壽險經營者以及主管機關可調整改善的方向。 各通路銷售投資型商品有其不同的特性與優勢，目前業者仍以業務大軍以及銀行保險（理財專員）為銷售投資型商品的主要通路；而以金管會保險局的申訴統計資料分析後也歸納出三點重要的結論：（1）自引進投資型商品以來，壽險業非理賠類的申訴率就居高不下；（2）近三年來，越是以投資型商品為主力商品的業者其申訴率（非理賠類）也相對較高；（3）以多元化通路（銀行理財專員、保險經紀人）銷售投資型商品的業者其申訴率也較僅以業務人員通路銷售投資型商品的業者為高。 現行投資型商品申訴的問題多與資訊不對稱以及銷售誤導相關，因此，建議壽險業者應從商品規劃以及銷售管理上預防投資型商品申訴問題的發生；主管機關則應從投資型商品銷售通路特性與問題訂定相關的監理規範，才能有效匡正不當銷售的問題。也唯有健全此市場的經營、提升壽險業正面的品牌形象及改善社會大眾對投資型商品負面的觀感，投資型商品市場才有更長遠經營的希望。 / Investment-linked product is becoming a popular insurance product in the recent years. Many insurance companies holds great confidence in the development of this product, and encourages the growing sales of investment-linked product thru multiple channels. The governing authorities continuously publishing new regulations or making amendments to better manage the product and the process. However, the statistics showed regulatory requirements did not help to reduce the investment-linked product compliant ratio. By analyzing the sales channels and complaint ratio, this study wishes to put forward recommendations for the governing authorities and the insurers to improve the complaint ratios. Different sales channel is characterized by its specialty and strength. Currently, investment-linked products are being sold thru agency and bancassurance channels. According to the publicly released statistic of insurance compliant by Insurance Bureau of Financial Supervisor Committee (FSC), there are three main issues: 1.Non-claim compliant ratio remains high since the inception of investment-linked product. 2.In the recent three years, insurance companies whose sales are mostly investment-linked product have higher ratio of non-claim compliant. 3.Bancassurance and brokerage channels experience higher ratio of non-claim compliant comparing to agency channel when selling investment-linked product. Complaints of investment-linked product in the life insurance companies mostly resulted from improper selling and misrepresented or misleading information. Thus, suggestions for insurers and the governing authorities are followed: 1.For insurers, they have to revisit their product design methodology, and also need to manage and educate each channel to prevent the occurrence of insurance compliant. 2.For authorities, the regulatory focus should be channel specific since channels operate differently. Only when improper selling and misrepresenting issues are being addressed, and customer’s image for investment-link product being corrected, then we can see light and hope in the growing needs of investment-linked product.

本文建立了當違約機率及回收率為隨機變動，同時信用等級移動有記憶性，且回收率和無風險利率期間結構相關之信用風險價差期間結構模型。並評價信用價差選擇權及有對手違約風險普通選擇權之價值。 此模型產生的信用價差有更多的變化性，將可描述：信用價差的隨機波動行為，且即使信用等級沒變，價差仍可能發生改變；信用價差與無風險利率期間結構有相關性；公司特定或證券特定的價差及其變動行為；處於等級上升或下降趨勢公司債券之殖利率曲線，能更準確配適有風險債券的價格等實際現象。 並可應用至有對手違約風險之商品及多種信用衍生性商品等的評價與避險，且可進行風險管理方面的應用。 關鍵詞：信用風險；信用風險價差；馬可夫模型；信用衍生性商品 / In this thesis we develop a credit migration model with memory for the term structure of credit risk spreads. Our model incorporates stochastic default probability, stochastic recovery rate, and the correlation between the recovery rate and the term structure of risk-free interest rates. We derive valuation formulae for a credit spread option and a plain vanilla option with counterparty risk. This model provides greater variability in credit spreads, and it has properties in line with what have been observed in practice: (1) credit spreads show diffusion-like behavior even though the credit rating of the firm has not changed; (2) the model injects correlation between spreads and the term structure of interest rates; (3) the model enables firm-specific and security-specific variability of spreads to be accommodated; and (4) the model enables us to estimate the yield curves corresponding to the positive and negative trends of credit ratings and match the observed risky bond prices more precisely. This model is useful for pricing and hedging OTC derivatives with counterparty risk, for pricing and hedging credit derivatives, and for risk management. Key Words: Credit Risk, Credit Risk Spread, Markov Model, Credit Derivative.

這些年來，經濟環境持續惡化，市場利率不斷下滑，壽險公司面臨利差損的巨額損失，然而相關修正法規通過投資型商品的銷售，因此壽險公司積極開發投資型商品，運用此商品來對抗利率下跌所產生的風險，同時提供消費者「保險」與「投資」雙重功能的新商品。 本文根據當前金融環境及壽險業所面臨的問題，來探討壽險公司對投資型商品的經營策略，並實際訪談己推出投資型商品外商、本土具代表性的壽險公司，最後依據研究結果做出結論及建議。 本研究得到的結論歸納如下：(1)壽險公司銷售投資型商品，朝改善商品結構，有效防範和化解經營風險，提升核心競爭力，亦是建立長期競爭優勢。(2)經營投資型保險經管風險的評估，其最大費用是教育訓練及軟体系統的投資與維護，即作業風險是最大考量。(3)外商保險公司發展投資型保險商品速度快於本土保險公司，對市場反應力較強。而本土保險公司，要落實教育訓練較為費時，因此本土公司都從簡單易懂商品開始，漸進式轉入投資型保險。(4)外商公司的競爭優勢是商品設計，行政作業靈活及電腦系統優異，而本土公司的核心競爭力則是行銷通路及眾多業務員，因此由簡易套裝商品切入市場建立客戶群。(5)保險公司業務員仍為主要行銷通路，而「全方位理財顧問」將是業務人員的定位，因此教育訓練及選才是壽險公司進入投資型保險的重要課題。(6)對行銷人員來說，以往「人情保」或「退傭金」的銷售模式己不適用，而是要規劃客戶需求的責任風險，及提供相關金融知識，成為客戶個人及家庭的理財顧問。(7)金融自由化及金控法規通過，壽險公司必需整合資源形成經濟規模，對於投資型商品的投資靈活性、商品成本透明度與投資種類的組合等方面將是壽險業之間競爭模式的轉變。(8)投資型商品具有保障和投資雙重功能，但需將投資型保險當作保險商品來運用而非投資工具，並且要「長期持有」才能顯現基金績效；而業務人員誠實揭露相關費用及明確告之消費者權益和義務是避免銷售糾紛的最重要關鍵。 關鍵字：投資型保險商品，經營策略，行銷通路，教育訓練 / Because economic environment is getting worse and the interest rate is lower and lower, the life insurance companies are in face of huge profit loss. In the meaning time, the related laws and regulations were released； therefore the hfe insurance companies strongly developed the investment-linked insurance to overcome the impact of lower interest rate and to offer new products to customers, which meet insurance and investment both benefits. Based on financial environment has today and the problems of insurance industry, this study is to discuss the operation strategies of investment- linked insurance products. By extensive interview with the major of four insurance companies, we come out conclusions and related suggestions. The main conclusions of this study are described as followings： (1) For effective and solving the operation risk, the life insurance companies should sell investment-linked products and keep improving the structure of the products. In the long run, the life insurance companies need to build up core competence through investment-linked insurance products. The middle size company may consider Investment-linked products as major products to develop business. (2) There are two major factors to evaluate the business risk, which are the training course and the cost of software. (3) Foreign insurance companies very fast-developed investment-linked insurance products to meet market request. The local insurance companies have to build up customers based through simple-packaged products. The large size companies have to consider the training system early and to help sale improving the financial knowledge. (4) The competitive advantages of foreign companies are design products, operation system and computer hardware. The strength of local companies is having channel infrastructure and many salesmen. (5) The agents are main marketing channels and to be a financial consonant. The training course and selection are important to the life insurance companies. (6) By brothering customers or returning commission, it is not a suitable sales model for salesmen. To offer right risk plan and financial knowledges, salesmen are a financial consonant for customers or customers’family. (7) The completive situations between life insurance companies are to offer investment-linked insurance products, which have investment information, cost and investment portfolio. (8) The investment-linked insurance products have insurance and investment both benefits, but tibey should be regarded as a tool of insurance. Customers have to keep them long turn to get the benefits of fund. Salesmen also have to tell customers clearly about their rights and all costs to avoid argument after sell. Key words: investment-linked insurance products, management strategies, marketing strategies, training course.

本文採用三階段之DEA經濟效率分析民國93年至民國96年46家臺灣本國銀行的表現，其中第二階段依Fried et al. (1999)所示，利用Tobit迴歸將可能的外部環境因素排除，本文特色為在此階段考慮臺灣於民國95年甫正式上路之財務會計準則第34號公報及其對金融資產，特別是衍生性金融所造成的影響。本文發現：經二階段調整後效率值確有顯著的差異，故壞帳、公民營、衍生性商品使用程度、分行數等非內部經營管理所能掌握因素排除後，效率值確實改變；且衍生性商品使用程度，以各銀行衍生性金融商品名目本金除以總資產以為衡量之，將此一外在環境制度因素加入第二階段TOBIT分析，結果顯示其確實顯著的影響資本資金及投入等三項差額變數，且均為遞增關係。 / In this research we try to analyze the efficiency of Taiwan’s banking industry with multi-stage DEA approach. Following Fried et al. (1999), we exclude the environmental factors by running Tobit regressions for every input variables at the second stage. Among all existing researches focus on banking efficiency, this is the only one which take into account the effect of Accounting Standards No. 34. The new rule set up different concepts about how to disclose financial assets and derivatives properly, which may also change consumers’ behaviors. We find out that the second stage adjustments did make differences on efficiency scores. Also the usage of derivatives are proved to be significantly and positively related to three input slake variables.

目前國內銀行針對無擔保消費金融業務，不再僅是重視放款量，控制申請人的信用風險、提高授信品質，更是不能等閒以對的重點。如何建構信用評分機制，降低呆帳率和授信逾放比，以減少銀行損失、增加實質獲利，已成為國內銀行共同關切與努力的課題。本研究擬藉由對無擔保消費金融商品之研究，瞭解該類借款人之信用風險，透過建置信用評分模型，做為銀行決策之參考。 國內銀行在審核無擔保消費金融貸款時，因貸款件數多，大都使用信用風險評分模型評估借款人風險。但實務上常發生借款人無JCIC資料，可評估其違約風險。目前可查到的建立信用風險模型研究中並沒有針對無JCIC資料借款人之研究。如何強化信用風險模型對於此客群之評估為本研究的目的。最後，本研究亦提出了一些重要的未來研究建議，以供後續的研究作為參考。

本文分別評價了中國大陸地區發行之利率結構型商品及股權結構型商品，並針對其風險及條款設計進行分析。文中所選的利率結構型商品為「每日計息利率連動理財產品」，在對數常態遠期LIBOR模型的假設下，我們先利用市場報價校準參數化之波動度及相關係數函數，再使用最小平方法蒙地卡羅模擬利率路徑，以處理此商品的提前贖回條件；為了產生非標準期間之遠期LIBOR利率，在模擬過程中加入了Brigo和Mercurio(2006)提到的漂移項插補法。另一個股權結構型商品為「人民幣A股多資產連結理財產品」，由於此商品連結標的多達五個，本文中使用風險中立下股價的動態過程，以及蒙地卡羅模擬來求算其合理價格。此外，針對這兩個商品所需要注意的風險，本文皆提出了建議。

本論文旨在探討台灣運動節目性別偏差之成因，從運動產業複合體運作過程的角度切入，了解運動產業中資本流動對於節目性別偏差的影響為何。本論文主要有兩個研究問題：（一）了解台灣的運動產業複合體的運作情況；（二）台灣的運動產業複合體架構對運動節目性別偏差之影響。本論文所採用的研究方法為深度訪談法，來了解運動產業複合體三者（運動組織－媒體組織－企業組織）之間的互動關係，針對性別偏差的部分則是以文本分析為主、深度訪談為輔。 　本論文以SBL及WSBL為研究案例。研究結果發現，台灣運動產業複合體的運作邏輯，大致符合西方文獻中所述的運動與資本的關係，三者間的資金流動造成其相互依賴；而性別偏差的部分，從量與質兩大面向的分析結果，發現台灣運動轉播節目確實有性別偏差的現象，且造成此一現象的原因，是因為運動產業三者間存有「群眾≒利潤」的思考邏輯，使得運動組織、媒體組織、企業組織皆以男籃為主、忽視女籃，而形成了節目偏異的結果。 / This paper purposes to discuss the reasons of the gender disproportion of the sports programs in Taiwan. The main direction of this paper is the sport/industry complex, and this paper tried to understand how the capital circulating in the complex effects the gender disproportion of sports programs. The two main questions include: (1) How the Taiwan sport/industry complex works? (2) How the framework of Taiwan sport/industry complex influences the gender disproportion of sports programs? I used the method of in-depth interviewing to find out the relationship within the three parts of sport/industry complex (sport organizations-media organizations-enterprise organizations). Text analysis is the major method to analyze the gender deviation, and the secondary method is in-depth interviewing. 　The study cases are SBL and WSBL in this paper. The result reveals that the logic of working sport/industry complex approximately conforms with the relationship of sport and capital described in the west literature. From two directions of quality and quantity, the observing results show that there is gender disproportion in Taiwan sport programs. More important, the logic “audience≒profit” within the three kinds of organizations is the reason of gender deviation. It also makes the sport, media, enterprise organizations put their resources on the male basketball games and ignore the female basketball games. Therefore, the gender disproportion in the Taiwan sport programs forms.

本篇論文分為兩個部份。第一部份驗證隨機波動度SABR 模型以臺灣證券交易所發行量加權股價指數選擇權為驗證產品所描繪出來的波動度微笑曲線，分析其特色與值得關注的地方。由於長期以來研究者所使用的Black模型評價選擇權公式無法衡量波動度風險；雖然局部波動度模型(Local Volatility Models)能描繪出波動度所形成的波動度微笑曲線(Volatility Smile)，其動態走勢卻與標的資產價格相反，兩模型皆與真實情形不符，唯以SABR模型能順利的解決以上問題。 第二部份討論結構型商品。此部份以中國招商銀行發行的股權連結型商品作為範例，進行商品的拆解及評價，並分析其潛在風險，加以進行不同經濟情勢下的情境分析。評價個案為「掛勾香港地產股票人民幣理財計畫產品」，由於此商品連結標的達四個且有提前到期事件，並沒有封閉解。必須以風險中立下股價的動態過程模擬股價，使用蒙地卡羅模擬法來逼近合理價格。此外，亦針對評價結果進行避險參數及收益分析。

本篇論文共分為兩部分，第一部份是以每年交易量非常大的外匯選擇權（FX Option）市場以及台指選擇權為例，以Brigo 及Mercurio這兩位學者於2000年提出的Lognormal Mixture model (簡稱LM model)為基礎，捕捉選擇權市場中典型的波動度微笑（Volatility smile）曲線之特性。第二部份係商品評價之應用，是以大陸地區發行的匯率連動結構型商品（Structure Notes）為主。 第一部份中我們分別採用LM 模型（Lognormal Mixture Model）、Shifting LM模型（Shifting Lognormal Mixture Model）及LMDM模型（Lognormal Mixture with Different Mean Model）等三種模型，用以衡量其實際上在外匯選擇權市場及台指選擇權中波動微笑曲線校準的準確性。結果顯示LM模型、Shifting LM模型及LMDM模型均能有效地反應並捕捉出選擇權市場中波動度微笑曲線之特性，而其中又以LMDM模型的效果最佳，其無論在波動度校準或是選擇權價格評價上的誤差均最小。 第二部分是以「中國銀行匯聚寶0709G掛鉤美元兌加元匯率之加元產品」的匯率連動結構型商品為例，以Garman and Kohlhagen（1983）外匯選擇權模型求出其封閉解並作發行商期初利潤分析，然後再用蒙地卡羅模擬法進行投資人期末報酬分析。此外，亦針對此種商品的敏感性與避險參數作分析。