2007 年1 月9 日的MacWorld 活動中，Apple 公司的執行長在其每一屆Macworld 活動都會給予的演說 (Keynote) 中，介紹了一款Apple 公司最新的、具革命性的研究成果－iPhone。iPhone 隨及引爆了話題，並在2007 年 7 月上市時引爆了搶購熱潮，這是第一款能讓手機廠商和營運商分享利潤的手機，也是極少數的一款毛利高達50%以上的手機，更直接影響了整個手機產業。本研究從iPhone 的產品、技術探討iPhone 包含軟體、硬體的研發成果暨智慧財產，從商品化與商業模式的角度試圖討論Apple 公司如何以手機產業的新進入者而推出高附加價值的手機並在短時間內建立品牌，進而與營運商分享利潤，更以手機廠商的身份建立內容服務平台而創造高價值。最後，本研究將總結Apple 公司iPhone 研發成果與智慧財產的商品化與商業模式，以及iPhone 為產業帶來的衝擊，並給予台灣廠商幾點建議，僅供參考。 / In the Keynote of Macworld 2007 on January 9th, Steve Jobs, the CEO of Apple Company introduced the latest and revolutionary product of Apple Company whitch is actually a mobile phone, and its name is iPhone. The term“iPhone” was getting hot soon. On Junly 29th, iPhone was onto the market, and its sales soared in the market. No doubt, iPhone is the first phone earns Apple the shared revenue from mobile operater, a very small number of phones with a more-than-50% profit margin rate, and a phone changes the whole communication industry. This article starts from the product structure and technology view of iPhone, and then tries to discuss the commercialization and the business model of iPhone. It would try to probe into the key elements of the commercial success of iPhone, including the high value-added product feature, the branding of iPhone, the innovated platform providing contents and services to iPhone user, and the cooperation and revenue share with mobile operators. Finally, the article would summarize the Research on the Commercialization and Business Model of R&D results and Intellectual Properties of Apple iPhone with an additional discuss on the impact that iPhone brings to the communication industry, then give some suggestions to the Taiwan companies.

隨著低利率時代的來臨，投資人不能再從定存或證券中獲取高報酬率，在另一方面，許多的結構型商品相繼出現，如高收益票券、投資型定存、投資型保單等，打著高收益的稱號來吸引市場上的投資人購買。但是許多投資人持有負面的見解，認為此種商品並非無風險，甚至時常出現血本無歸的情形，究竟投資人如何在眾多商品中選擇出最有利的商品？另外，近年來金融業的商品朝向國際化與多元化發展，但是國內銀行及券商能夠承作金融商品創新及設計有限，不僅無法滿足國內投資人，對於證券商與銀行業來說也有不利的影響，因此健全結構型商品的發展才能使得金融業，證券商與一般投資人三贏的局面。 / 本文分別評價了ING銀行發行之利率結構型商品及元大證券之股權結構型商品，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「ING五年期目標贖回連動債券」，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。另一個股權結構型商品為「「絕對保富」結構型商品」，由於此商品連結標的多達三個，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。

本文分別評價了美元交換利率連結之結構型商品及在香港發行的一檔股權結構型商品，並針對其風險、報酬及條款設計進行分析與建議。文中所評價的利率結構型商品為「11倍利差連動債券」，在對數常態遠期LIBOR模型(LFM)的假設下，我們先利用市場報價的Swaption求出期初的殖利率，再以殖利率求算期初的遠期利率。而交換利率可由一連串的遠期LIBOR利率計算出來，模擬之前我們還需先校準模型的波動度函數及相關係數函數，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。另一個股權結構型商品為「Fortune Accumulator」，假設股價變動皆符合幾何布朗運動(Geometric Brownian Motion)，並且在風險中立的條件下，其動態過程可經由Ito’s Process轉換出其股價路徑，再利用蒙地卡羅模擬來求算其合理價格。

本文分別評價了目前市面上最常見的利率連動與股權連動之結構型商品，並針對其風險及條款設計進行分析。文中所選擇的利率結構型商品為「10年期長短期利差型連動債券」，在對數常態遠期LIBOR模型（LFM）的假設下，首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。另一個股權結構型商品為「美日爭鋒連動債」，由於此商品包含S&P500與Nikkei225兩個連結標的指數，文中針對兩指數套用不同的參數以利後續的蒙地卡羅模擬之進行，並依此求算其合理價格。文末，針對此兩商品所必須注意的風險，本文亦提出了建議。

美國次級房貸風暴自2007年7月爆發以來，除重創金融市場外，亦導致相關會計準則之修訂。本研究以我國金融業為對象，探討：（1）以公平價值認列之金融商品及相關金融資產負債之損益，其財務報導是否具有價值攸關性；（2）金融資產減損損失對投資人之影響是否重大；（3）可能產生減損損失之金融資產其財務報導是否具有價值攸關性；以及（4）財務會計準則第34號公報第二次修訂對投資人之影響為何。 / 本研究之主要發現如下：（1）以公平價值認列之金融商品具有價值攸關性，亦即其對投資人具有參考價值；（2）金融資產減損損失及無活絡市場之債券投資具有價值攸關性，金融資產減損損失增加時，會降低公司之價值，而影響投資人決策；以及（3）第34號公報第二次修訂之內容，對股價具有負向之解釋能力，亦即投資人並不認為金融商品重分類規定之放寬，有助於降低金融風暴對於金融業可能帶來的衝擊。 / Since the U.S. subprime mortgage crisis broke out in July, 2007, it not only inflicted heavy losses to global financial markets, but also caused changes in accounting standards. Using the financial industry in Taiwan as research sample, this study examines: (1) whether financial instruments measured at fair value and their reported gains and losses in the financial statements have value-relevance; (2) the influence of impairment losses of financial assets; (3) whether the financial instruments related to impairment losses of financial assets are value-relevant; and (3) the influence to investors before and after the Statements of Financial Account Standard (SFAS) No. 34 second revised. / This study’s major findings are as follows. The financial instruments measured at fair value are value-relevant and can provide incremental information to investors. Impairment losses on financial assets and non-active market investments also have value-relevance. If a company has more impairment losses on its financial assets, it may negatively affect the firm’s value and change investors’ decisions. As for the second revision of SFAS No. 34, it did not reverse investors’ expectations of the negative effect of the aforementioned financial crisis on the financial industry in Taiwan.

本研究之研究主題有兩大部份。第一部份探討公司特質與其使用衍生性金融商品之關聯性。第二部份探討公司特質與其使用衍生性金融商品程度之關聯性，並檢驗我國財務會計準則第34號及第36號公報實施後，對企業操作衍生性金融商品之影響。 第一部份之實證結果顯示，公司規模愈大、長期負債比率愈高、股利發放率愈高、流動比率愈低、研發費用率愈高以及外銷比率愈高之公司，愈傾向使用衍生性金融商品。上述公司特質為企業使用衍生性金融商品之決定因素。 第二部份之實證結果顯示，公司規模愈大、長期負債比率愈高、股利發放率愈高以及外銷比率愈高的公司，其衍生性金融商品使用程度愈大。此外，第34號及第36號公報實施後，樣本公司使用衍生性金融商品之程度低於公報實施前，故推論此兩號公報之實施，的確影響公司對於衍生性金融商品之操作，使其態度趨於保守。 / This study focuses on the following issues. First, this study examines the relationship between corporate characteristics and its use of derivatives. Second, I further investigate the relationship between corporate characteristics and its degree of use of derivatives. In addition, the impact of SFAS No.34 and No.36 on corporate use of derivatives is also examined. The main conclusions are as follows. On the first issue, the empirical results show that for the firms with greater size, greater long-term liability ratio, greater dividend payout ratio, lower current ratio, greater R&D ratio and greater export ratio, they are more likely to use derivatives. These characteristics are important determinants for corporate use of derivatives. In the second issue, the empirical results indicate that for the firms with greater size, greater long-term liability ratio, greater dividend payout ratio and greater export ratio, their degrees of using derivatives are greater. In addition, the degree of corporate use of derivatives decreases after SFAS No. 34 and No. 36 became applicable. The corporate use of derivatives became more conservative after the application of these two pronouncements.

近年來，透過社群媒體向消費者宣傳商品與理念的旅遊服務供應商日益增多，但卻有不少企業苦於衡量其中的效果。雖然文獻已提出社群媒體的行銷機會與發展性，然而實際對商品銷售進行分析的文獻仍有限，因此本研究試圖驗證社群媒體行銷活動是否會正向影響旅遊商品的銷售。此外考量到不同的商品特質可能會對媒體行銷效果帶來不同程度的影響，因此本研究將藉由以下五種旅遊商品特性，包括旅遊結構、旅客參與度、旅遊範圍、商品價格與天數，來探討社群媒體行銷與商品銷售的關係。 本研究將一間國內知名旅行社於2012至2013年期間在Facebook粉絲專頁上所行銷過的相關商品作為實驗組，並找出同時期販售但未在Facebook上行銷的類似商品作為控制組，進行差異中之差異法(Difference in Difference)，以探討在Facebook行銷前後，實驗組與對照組商品銷售的差異。研究結果顯示Facebook行銷活動對旅遊商品的購買有正向影響，此外透過社群媒體宣傳較低結構的旅遊、較為放鬆的行程、範圍較小的目的地或相對低價的商品更有機會提升銷售，而天數為唯一無法調節Facebook行銷活動與銷售關係之商品特性。 / A growing number of tourism industry suppliers are using social media to promote their services and reach target customers despite some doubt regarding the effectiveness of these tools. Nevertheless, few researchers have examined the effects of social media marketing, and especially its effects on sales. Therefore, our study aims to assess the impact of social media on the purchase of tourism products. Additionally, to explore whether the influence of social media marketing changes among different types of tourism products, we develop a typology of tourism products that classifies tourism along the following five dimensions: (1) the structure of tourism, (2) the involvement of tourists, (3) the scope of tourism, (4) the price of products, and (5) the length of a tour. All tours with Facebook campaigns conducted by our case company from February 1, 2012 to November 30, 2013 are selected as our target tourism products. Moreover, we choose certain products without Facebook campaigns that were available for purchase during the same time period as a control group. We obtain the sales data from the case company and calculate the sales of each product before and after the Facebook campaigns. We then apply a difference-in-difference approach, comparing the average changes in sales performance of the treatment group with those of the control group. The results show that Facebook campaign activities have a positive impact on purchases of tourism products. Furthermore, sales are more likely to increase when a travel agency promotes products that are less structured, limited in scope, relatively lower-priced, or require less tourist involvement.

在醫療科技與衛生技術飛快地進步下，死亡率不斷改善所帶來不確定產生的長壽風險，已經成為世界各國重視的議題之一，為了因應長壽風險所帶來的衝擊，壽險公司與退休基金發展出多種避險策略，商品內自然避險為其中一種。 本文以淨值免疫和現金流免疫的方法來探討商品內自然避險的效果，發現因為長壽風險造成錯誤定價的緣故，在被保人邁向高年齡時，壽險商品因死亡率改善的效果與一般預期有明顯出入，造成商品保單期間末期自然避險效果消失，本文定義此現象為“壽險反轉效果”，本文並進一步探討其生成原因與解決方法，發現其與亡率改善以及生存曲線矩形化的現象有關，本文接著探討台灣的生存曲線矩形化現象，以釐清“壽險反轉效果”的發生原因。 / Thanks to the improvement of technology and medicine, mortality rate has been improved but also triggered the uncertainty of longevity risk, making longevity risk an important issue around the world. In order to decrease longevity risk, the insurers and pension funds has developed several hedging strategies. Natural internally hedging is one of the common hedging strategies. Some of the insurance products share the concept of Natural internally hedging, such as endowment. The advantage of Natural internally hedging is that it helps the insurer to avoid basis risks and lower the management costs and expenses. However, it fails to be adjustable by varies of the unexpected mortality rate. This thesis will discuss and analyze the trend of cash flow of life insurance and annuity, aiming at establishing principles for insurance product design, which are designated to hedge longevity risk by the offset of the value of life insurance and annuity. During the research, this thesis found that the longevity risk can’t be hedged because the impact of “The reversion of Life product”. The following parts of this thesis discussed the reason why “The reversion of Life product” happened and how to solve it.

投資型保險商品乃為因應市場利率走低，提高壽險業之競爭力而設計之產品，適逢主管機關修正保險業資金運用之相關法令限制，投資型保險商品在台灣市場推行之時機似已來臨。 本文根據英、美發展投資型保險商品之金融、產業環境背景，檢視當前環境狀況，評估我國是否具有發展投資型保險商品之條件與需求；並透過個案研究方式，對八家壽險公司進行深度訪談，以了解壽險業者對投資型保險商品之經營策略，經由個案分析比較，依循研究架構發展出相關命題，並據此歸納出研究結論及建議。 本研究主要結論如下：(1)利率持續走低與法令的開放，象徵投資型保險商品時代臨。(2)外商公司未來將以經營投資型保險商品為主，本土公司將採取投資型保單與傳統保單並重的經營策略。(3)外商公司競爭優勢為擁有國外經驗，本土公司優勢為擁有較大的通路。(4)高所得、有投資共同基金或股票經驗、有退休金規劃者為業者主要的目標市場。(5)目標客戶及通路的選擇將影響產品策略。(6)公司業務員為主要行銷通路，銀行、證券公司為積極開發的次要通路(7)壽險公司今後的競爭取決於管理、服務和資金運用績效。 / To comply with the down trend of market interest rates, enhance the competibility of insurance industry, at this time the governmental institutions revised investment limitation of the related laws & regulations, it seems the time to promote investment linked insurance products is comming. This study will help us to overview current situation and evaluate whether Taiwan owns enough criteria and demand to develop investment linked insurance products based on the financial environmental background to develop investment linked insurance products. By extensive interviews with the major of eight insurance companies, the case study oriented approach will help us better understand the operation strategies of investment linked insurance products whatever insurance companies will take. We will build up key points following study structure and come out conclusions and related suggestions through case study comparisons. The main conclusion of this study are described as followings: (1) Due to going down interest rates and the regulation liberalization, this trend symbolically indicates that the era of investment linked insurance products is coming. (2) Foreign insurance companies will mainly focus on running investment linked insurance product business in future; local insurance companies will involved in both investment linked insurance product business and traditional insurance products business. (3) The competitive advantage of foreign companies is that they have strong international experiences; the strength of local companies is having sales channel infrastructure. (4) The target market will focus on those who have higher income, have experiences in mutual funds and stock investment, and have planning for pensions. (5) The choice of target market and channels will affect product strategies. (6) The agents are main marketing channels; bank and security companies will be subsequent channels we have to aggressively target on. (7) The competitive strength of insurance companies depends on management, services, and performances of utilizing capitals since now.

本論文研究動機主要是體認電子商務所帶來產業革命的衝擊之後，探討稅制及傳統課稅理論是否有適用上之疑慮。研究目的在於瞭解下列事項：1、電子商務之「網路商店」的經營模式、交易型態及流程。2、電子商務所衍生的各項租稅問題。3、數位化商品在稅法上的定性。4、分析及評估電子商務發展對稅務行政執行所帶來的衝擊。研究架構是在瞭解電子商務定義及性質，從而進一步辨識電子商務環境下所引發的課稅爭議，並在租稅原則、課稅觀念、稽徵原則的理論基礎下，佐以國際間各國對電子商務課稅問題的主張，分析及檢視我國目前稅制的適用，最後歸納出結論及建議。本研究認為就課稅議題而言，在電子商務下有其獨特的考量點： 一、全球性銷售行為 電子商務之跨國際交易特別容易造成各國租稅管轄權的爭議。此外電子商務使得「新的公司型態-小型多國籍企業」更是快速發展設立，但傳統國際間租稅規範或絕大多數的各國稅法卻是以大型跨國際企業為其主要規範及稅捐稽查對象。再者現行科技亦未提供一個關於計算及支付稅賦的機制，無疑地將加深稅務行政的負擔，對於租稅的課徵有不利的影響。 二、遠端經營的網路商店 在電子商務的環境下，企業得以遠端營運網路商店。在關於電子商務新稅制尚未建立之前，伺服器的架設雖就稅法上的目的並不清楚且明確，因此網際網路無疑的將提供納稅義務人在網路上得以充分的選擇租稅管轄地。 三、匿名性 網際網路的匿名性，使得稅捐機關對網路交易者的身份和所在地不易辨識，並且藉由匿名式的電子付款工具，特別是電子現金的使用，將提高逃漏稅捐及侵蝕稅基的可能。因此可研議：1、加強有效應用目前現行的科技技術。2、關於稽核電子現金的新查核技術須加速發展出來。3、要求電子現金的發行者做為中間媒介，採用具交易記錄的電子現金系統，提供相關報告及資料。 四、數位化商品 數位化商品在課稅引發的爭議，除其定性問題外，特別在跨國際交易下，銷售數位化商品所得性質究竟為營業利潤、權利金或勞務報酬，國際間尚未有一致看法。而數位化技術亦造成在稅務行政課徵的難題。