本文以三階段賽局，在消費者偏好異質、只有下游廠商 (即線上音樂服務提供廠商) 擁有消費者偏好資訊、上游 (即傳統唱片音樂製作廠商)只 能透過猜測之下，分析資訊財上游內容製造、實體提供廠商、及下游平台銷售廠商之間的互動關係。 在上游廠商猜測需求的值對其利潤的影響方面：其猜測值若小於實體唱片的願付價格，表示廠商對消費者願付 價格的猜測較低，此時提高猜測的值能使利潤增加；反之，當猜測需求的值大於實體唱片的願付價格，此時提高猜測的值會使利潤下降。 並且發現，上游廠商若能提升實體唱片的價值，即能提高其利潤。 在下游提供的平台水準方面，不論上游廠商是否提供資訊財、下游廠商是否選擇商品組合或個別出售，下游廠商的最適平台投入水準皆相同。 在上游廠商決定不提供實體資訊財，只藉由授權下游廠商以獲利下，下游廠商在商品組合的內容夠多時，商品組合能為其帶來較個別銷售高的 利潤。因在此情況下，只有商品組合的最適定價考慮了消費者偏好，使廠商利潤得以較個別銷售下提升。 在上游廠商提供實體資訊財下，下游廠商在上游對實體資訊財的定價高於消費者對此資訊財實體收藏價值的評價，且商品組合內容夠多時， 採商品組合能為其帶來較個別銷售高的利潤。 最後，本論文認為線上音樂的興起除了受消費者收聽習慣改變及網路普及的影響外，更重要的是由原本傳統唱片業者組成的市場環境有利於 線上音樂的發展，並認為因應線上音樂的崛起，傳統實體唱片廠商並非走入夕陽，仍可透過其身為資訊財內容提供者、握有曲目版權的優勢 ，和下游廠商透過授權契約議定有利於自身的契約，或是更進一步，推動產業進行上、下游的整併。

銀行保險通路近年來成為壽險公司主要保險通路之一，因此壽險公司在銀行保險通路所承擔的風險逐漸加重。近年來金融市場處在一個低利環境下，儲蓄型商品（例如：利率變動型年金）為銀行定存商品替代品之一，故，儲蓄型商品逐漸成為銀行保險通路吸引銀行客戶的主力商品。因此可知，壽險公司對銀行保險通路，尤其是，儲蓄型商品之風險管理日漸重要。主管機關為了確保壽險公司清償能力，近年來針對儲蓄性商品制定相關策略，希望藉由限制儲蓄型商品之銷售比例，加強壽險公司之風險管理，防止壽險公司因為銷售過多儲蓄型商品而造成財務負擔。 本研究以商品組合互補效果的概念達到風險管理，其中儲蓄型商品以利率變動型年金作代表；傳統型商品以傷害保險與定期壽險作代表。本研究使用現金流量分析法，透過壓力測試和敏感度分析，嘗試在不同情境下，尋找一個規律，並簡易設算銀行保險通路下主力商品之最適銷售比例。 模擬結果發現，傳統型商品可有效彌補儲蓄型商品帶來的風險；而銷售比例之訂定，應該依照壽險公司在不同壓力測試、可控制之利差之下，設算出最適可銷售比例；只要壽險公司將其資本額大小、預計總保費收入、預計銷售商品、宣告利率策略及各項利率關係在不同情境下作設算，即可求出在不發生盈餘虧損下，商品組合之最適銷售比例。 另外本研究也發現，傷害保險與利率變動型年金保險之替代效果，比定期壽險與利率變動型年金保險佳，因此可作為商品組合搭配之參考。 本研究貢獻在於透過簡易的測試，設算出實際數值，可望提供壽險公司在資產負債管理方面的新思維。 / In recent year, baccasurance has become one of the major channels for life insurance companies. Therefore, adding up the risk the baccasurance channel imposes, life insurance companies has undertaken heavier risks. Due to the fact that the interest rate has been comparably low for the last ten years, more and more consumers choose to buy deposit insurance (EX：interest sensitive annuity ) the substitute for periodic deposit. As the vital product in baccasurance channel, managing the risk of deposit insurance become more and more important. This study adopted the idea of mixing products to achieve complementary effect, so that the risks might be better managed. Interest Sensitive Annuity was chosen to represent deposit-oriented products, and Injury Insurance and Periodical Annuity Life Insurance to represent traditional commodities. The method used for analysis was Cash Flow Test, in which stress test and sensitivity analysis were included, through which the researcher attempted to induce a rule from various situations and compute out the optimum ratio of the major products on the bancassurance channel. The simulation result showed that traditional insurance products are able to compensate the deposit-oriented insurance, and the maximum percentage this product accounts for should be computed abiding by to controllable interest gain under various kinds of stress tests, for which the companies need to take into account its capital size, total premium, products being promoted, declared interest rate, and interest rates to help simulate all kinds of situations. It is possible to compute out the optimum ratio for the products when the goal surplus more than or equals to zero. In addition, it was also found that injury insurance is a better substitute for interest sensitive annuity insurance than term life insurance. It is suggested that insurance companies to carefully gauge the respective proportion for Periodical Annuity Life Insurance, Injury Insurance, and Interest Sensitive Annuity Insurance. Finally, it is hoped that the numerical number tested out by the current study provides insurance companies a new insight in asset liability management.