我國65歲以上的老年人口，於民國82年底達總人口比率7.1％，正式邁入聯合國世界衛生組織所稱之高齡化社會（7％以上）。根據行政院經濟建設委員會之推估，65歲以上的老年人口比例於97年將達總人口數之10.15％，而於116年達總人口數之20.04％，人口老化速度明顯高於歐美國家，未來人口年齡結構將更趨於高齡化。隨著我國老年人口成長，社會安全制度日益受到重視，提供老人經濟安全之適度保障將成為我國未來福利發展之新方向。 本研究根據世界銀行提出的「三層保障」之老年經濟安全保障制度架構為基礎，說明我國公務人員退休制度在老年經濟安全保障方案之定位，闡述有關第二層保障之職業退休金制度理論演變，以釐清公務人員退休金之屬性及正當性，以助於退休制度及其財務規劃的擬定，期使整套制度循著適當的理論脈絡而發展。基於對退休金重要性的認知，先進國家早已發展成熟的職業退休金制度，而我國公務人員退休制度係建制於民國32年，實施50餘年，雖歷經4次修正，由於退休金給付方式仍屬於恩給制，除造成財政上重大負擔外，也產生退休給與偏低等嚴重問題，相關機關自62年開始研究改革，經過22年研議規劃完成，自84年7月1日實施退休新制，其與舊制最大的差異，是將退休經費籌措方式，由政府編列預算支付之恩給制，改由政府與公務人員共同撥繳費用成立退撫基金之共同提撥制，其餘退休對象、退休年資、退休條件、核給退休金原則大致維持不變，而退休金給付方式，也維持著確定給付制。經分析新退休制度之主要內容，實施迄今8年餘，有關改進退撫經費籌措方式，減輕政府財政負擔；及提高退撫所得，加強安老卹孤之改革目標，均已獲致初步成效。然而現階段面臨之問題，是退休經費導致各級政府財政負擔增加，且依公務人員退休撫卹基金管理委員會委託基金精算結果也顯示基金將面臨財務危機。 本研究係分析新制退休金給付方式，全面採行確定提撥制，對解決基金現存財務危機之可行性，為便於瞭解，爰敘明確定提撥制與確定給付制之意涵與優、缺點，及我國採用此兩種制度之適例。茲因退休金給付方式之政策變革方案，影響層面甚廣，方案之可行性如何，必須審慎探討與分析，爰就制度變革方案可行性列舉幾項評估面向進行分析。 例如為解決基金財務問題，除必須從經濟上分析外，茲因制度變革方案，必須符合現時的政治生態，始能確保政策推行之成果，方案的周詳與否，關係到該方案能否被接受及未來能否順利執行。由於退休舊制恩給制時期，因退休經費籌措方式不當，同樣存在著財政負擔之問題及缺失，其能於84年7月改革成功推動新退休制度，在政治方面包括政黨、民意機關、相關主管機關、公務人員，甚至學者等等支持的因素，在現今新制推行後，為解決財政問題，而將退休金給付方式，全面改採確定提撥制，是否同樣具有政治上支持的可能性，自須審慎分析；此外，退休金政策之改變，直接受影響的便是公務人員之退休所得，在退休金採行確定提撥制後，是否仍能達成新制推行時所設定之提高退撫所得、加強安老卹孤改革目標，應為關鍵之所在，由於職業退休金理論中之維持適當生活，係本研究在規劃退休金制度時所考量的重點，因退休後的生活水準應能與退休前相當，乃是探討退休金制度的核心，爰列為評估面向。又世界各國實施公務員退休金制度之經驗，包括採行確定給付制與確定提撥制例證，及面臨困境或改革之趨勢，均能在我國制訂退休金政策時有所啟示，故亦列為評估面向。本研究依據上述重要項目進行整體性評估，針對現存政經環境及職業特性，歸納我國新制退休金採行確定給付制或確定提撥制之個別效益，深入檢討何種給付方式較能維持公務人員權益？及退休前之生活水準？藉以說明並支持可行方案，以作為方案選擇之參據。最後提出本研究之結論與研究發現，進而本於基金能否永續經營，將是制度得否存續的關鍵，減少財務潛在危機，應具有合理的制度設計與有效的經營管理之基本條件，爰研擬若干建議措施，以降低財政問題的嚴重性，俾確保基金日後退休給付之能力，保障參加基金人員之權益。 / Taiwan has officially joined the “aging society” as defined by the WHO (up to 7% of the senior citizen ratio) because senior citizens aged over 65 accounted for 7.1% as of December 31, 1993. The official forecast by the Council of Economic Planning & Development of the Executive Yuan (the Cabinet) indicates that the senior population age over 65 will hit 10.15% of the total population by 2008 and even up to 20.04％ by the year 2027. Taiwan significantly outpaces their European and American counterparts in terms of the ratio of aging citizens. The aging society problems will likely turn from bad to worse in the future. In turn, the social security system is receiving mounting awareness and attention. The efforts to provide sound financial standing, secured social systems and protection to senior citizens will represent the new orientation of future welfare development in Taiwan. The present study takes the “Three-Level Assurance” oriented senior citizen financial security system proposed by the World Bank as the very grounds to elucidate the positioning of the Public Servant System in the senior citizen financial security system, annotate the evolution pension system of the Second-level Assurance to clarify the attribute and justification of the pension granted to civil servants. The present study is intended to help draw up a retirement system and financial planning so that the entire system will develop toward appropriate and justified orientation. With awareness of the importance of pension, those advanced countries have developed sound and mature professional pension systems for quite some time already. In the Republic of China, the retirement system for civil servants was initiated in 1943 and has been updated four times during the subsequent half century. The pension has been granted as a sort of benefit, or a government favor. As a result, pension to civil servants has become a heavy financial burden to the government and has been illogically insufficient. In response, the competent authorities concerned began initiating research for a reform of the pension system in 1973 and completed the research program 22 years later. The new retirement system was officially put into place on July 1, 1995. Between the old and new retirement system, the greatest difference is that the pension fund is jointly contributed by both the government and civil servants themselves in the new system instead of being solely budgeted by the government as a sort of government favor in the old system. Except for this, the aspects of the target retirees, seniority requirements, prerequisites for retirement and the principles to grant pension largely remain unchanged. Pension is paid in an unchanged “Defined Benefit Plan”. Now, with the new system in enforcement for over eight years, the new system proves to have primarily attained the goals in improving the method of pension fund raising, easing up the government’s financial burden, providing added pension to retirees and better safeguarding the senior civil servants. The problems currently confronting the pension practice are largely the mounting financial burden to the government as incurred by the retirement expenses. Meanwhile, the actual calculation outcome consigned by the Pension Management Committee indicates that the Pension Fund is on the verge of financial difficulties. The present study is to analyze the terms of pension payment to determine the feasibility there-of and to solve the present financial problem by means of the “Defined Contribution Plan”. For better a understanding into the issues, the present study elucidates the connotation, strengths and weaknesses of the “Defined Contribution Plan” and “Defined Benefit Plan”, as well as the precedents in Taiwan in adopting such two systems. Where a reform in the policy of pension payments will create quite an extensive impact, the feasibility of the policies calls for prudent analysis to enumerate a few feasible alternatives before further analyses into a few aspects of the assessment. To solve the financial difficulties in the Pension Fund, for instance, other than the economic analyses, the reform of the system must live up to the current political ecology before it can ensure the effects expected through the enforcement. Whether or not the policies are detailed and comprehensive enough will determine whether or not the policies are acceptable and whether or not they can be put into successful enforcement without a ensuing problems. During the extended practice under the old system while pension was budgeted as a sort of government favor, the pension system led to a heavy financial burden and shortcomings on the government. The new pension system was successfully put into enforcement in July 1995, thanks to the unanimous support from the political parties, congress, competent authorities concerned, civil servants as well as scholars. Now, in an effort to solve the current financial problems under the new system, the pension will be paid under the “Defined Contribution Plan”. Will the present reform receive equal political support? It calls for well-advised analyses. Besides, in a change in the pension system, the top impact will be upon the pension income to civil servants. After the pension is under the “Defined Contribution Plan”, will civil servants receive added pension income and receive better security in their retired life? These will be the key issues under the present study. The core consideration should aim at the retired lifestyle, which should be equivalent to the pre-retirement one. The hands-on experiences in enforcing civil servant pension systems accumulated in other countries the world over, including precedents of their practices in adopting the “Defined Benefit Plan” and “Defined Contribution Plan” will function as the constructive examples in Taiwan’s policymaking process regarding pension systems, and will be, therefore, be covered in the assessment in the present study as well. The present study will launch an overall assessment on the aforementioned key issues. Aiming at the existent political and economic climate as well as the professional characteristics, the present study will generalize the individual effects and benefits under “Defined Benefit Plan” or “Defined Contribution Plan” under the new retirement system to find out the optimal terms of payment to assure maximum possible benefits to civil servants, safeguard the quality of their retired lifestyle to be equivalent to the pre-retirement lifestyle. The findings and conclusions yielded through the present study will function as handy reference materials for policymaking. By submitting the findings and conclusions so yielded, the study will help the policymakers draw up sound enforcement rules to ensure the sustained existence of the Pension Fund, alleviate the potential financial crises through reasonable design of systems and effective management as the very fundamentals. Further by offering constructive proposals, the study will help the competent authorities of the government solve the financial difficulties to ensure sustained sound competence of pension payments and to, in turn, safeguard the Pension Fund and the Fund’s beneficiaries.

為使台灣公部門能利用確定提撥的概念及妥善運用投資資源，以期在減少政府負擔的情況下獲得足夠的退休所得，故本研究以所得替代率、金錢價值比及平均數-變異數比等指標來針對公務人員退撫基金附加節約儲蓄制度採行之可能與投資策略彼此運用之模擬結果加以分析，結果如下： 1. 各情境下以BH策略所得出之期末個人帳戶平均累積值表現最佳，然其具相當大的波動變異程度，投資人需承受相當大的風險。而TIPP策略之表現則與前述完全相反。 2. 若投資者採用BH策略或是採用CPPI與TIPP策略(CM策略)且欲追求較高的所得替代率，則建議採用Lifecycle(平衡型)的投資比例配置方式，加計DB制下之給付則平均可提供男(女)性約70.204%-75.204% (65.49%-70.49%)的所得替代率，而金錢價值比則為2.399(2.95)。 3. 無論投資者採用何種策略進行投資，若欲追求最小的可能變異風險，則建議採取平衡型的投資比例配置方式，加計確定給付制下之給付則平均可提供男(女)性約67.924%-72.924%(65.318%-70.318%)的所得替代率，金錢價值比則為2.6835。 本文模擬結果所得出之所得替代率平均維持於70%上下，代表若政府將可藉此制度減輕政府負擔外亦可使員工擁有一定水平的退休生活，故可採用。至於投資策略與配置方式如何取捨須依不同的投資者而定。 　 關鍵詞：公務人員退撫基金、確定提撥制、所得替代率、金錢價值比、Lifecycle / Abstract Because the improvement of medical technology and the structure of population is aging. It makes human worry about the living in the future. In order to enable the public servants of Taiwan to utilize the system of the Defined Contribution and to relief the pressure of fiscal, so we simulate in this article and analysis the results of simulation by using replacement rate, money’s worth ratio, and mean-variance ratio. The result is as follows: 1.When investor adopt the BH strategy in the process of investment, it will create the best replacement rate and money’s worth ratio under every situation, but it can be anticipated more uncertainty. Investors need to think thrice before they act. The TIPP strategy is opposite. 2.If investors adopt BH strategy or CPPI and TIPP strategy (CM strategy) and wanting to pursue the substituting rate of the higher income , the best selection is proposed adopting the Lifecycle (balanced) scenario, and it can offer replacement ratio about 70.204% - 75.204% (65.49% - 70.49% ) for the man (the woman ) under adding the DB system. Besides, the money’s worth rate is 2.399 (2.95). 3. If the investors want to pursue the least influence in the process of investment whatever investors adopt which strategies, the best scenario is the balanced type, and it can offer replacement ratio about 67.924%-72.924%(65.318%-70.318%) for the man (the woman) under adding the DB system. Besides, the money’s worth rate is 2.6835. The outcome of the simulation in this article is keep the replacement rate maintain about 70% equally, What is the best selection for investor that must be contingent upon different characteristics of investors. Keywords: public servants, Defined Contribution, Replacement rate, The money’s worth ratio, Lifecycle hypothesis.

本研究「台灣醫界聯盟基金會」倡議「台灣加入世界衛生組織（WHO）」議題的過程為觀察對象，探討議題發展的過程中，非政府組織、議題、與議題所處的環境，彼此如何相互影響，以成就議題的生命。 研究發現，就組織層面來看，「台灣醫界聯盟基金會」從社會運動組織轉型為制度化的非政府組織，其發展的過程與台灣許多非政府組織的轉型過程相似，而組織與政府關係的改變，則增加了「台灣加入世界衛生組織」議題的能見度，也成功促使議題進入政府的決策體系。 此外，WHO議題若與其他社會因素（如選舉）或天然災害相結合，能夠增加議題在媒體上的曝光程度；而「台灣醫界聯盟基金會」針對議題進行的各種訊息策略與遊說，雖然不一定完全獲得媒體報導，但的確是促使議題獲得國內或國外能見度的重要因素。

本文探討退休金發展程度與投資策略對股票市場發展的影響，並同時採用「縱橫門檻迴歸模型」（panel threshold model, PTM）及結合縱橫門檻模型與穩健迴歸的「穩健縱橫門檻迴歸模型」（robust panel threshold model, ROPTM）來研究此一議題。我們用退休基金投資證券市場的金額佔總額的比例為分類標準，將樣本分為高投資比例與低投資比例兩部分。對部分OECD國家及台灣的panel data分析後之結果顯示：在股票市場方面，若基金採高投資比例之投資策略，則退休金發展或投資股市比例越高，越能促進股市發展；採低投資比例策略的基金，對股市發展的影響並不顯著。 / This paper analyzes the impact of pension fund investment on securities markets using a panel threshold model (PTM) and a robust panel threshold model (ROPTM) which combines a panel threshold model with a robust regression model. We use panel data for some OECD countries and Taiwan to test the validity of our propositions. The data is divided into low and high investment regions based on the value of securities as a percentage of total financial assets of the pension fund. Our results are the following. In the high stock investment region, pension funds have a positive impact on stock markets. Whereas, in the low stock investment region, the positive impact seems to disappear.

隨著台灣民主的多元深化，各種公共政策議題的倡議也愈趨複雜細膩，而利益團體及非營利組織在政策制訂過程的地位也愈趨重要，但實務上，台灣的非營利組織在政策制訂過程中的地位仍屬模糊，特別是在立法過程中的角色扮演與策略選擇，不僅在理論層次的研究中缺少關懷，在實務操作層次上也未獲一般的非營利組織重視，而使得非營利組織在政策立法過程中的未能適切的發揮其應有的功能。因此，本文希望透過非營利組織理論和議題倡導策略分析的結合，建構一個非營利組織在我國立法運作中倡導議題的基本框架，並作為未來相關非營利組織在立法過程中策略選擇的參考依據。 以非營利組織相關理論和公共政策類型區分，可知相關的組織角色和政策類型種類繁多，但本文限於研究範圍，主要將關注於「價值維護者」非營利組織對於「管制性政策」在立法過程中的倡導策略，並選擇以董氏基金會推動「菸害防制法」修訂作為主要的研究個案。本文並以立法過程作為時間的縱面，切割為程序委員會及院會一讀的「立法形成期」、委員會審查的「法案角力期」和黨團協商及院會二三讀的「折衝妥協期」等三個階段，分別分析董氏基金會在不同階段推動「菸害防制法」修訂所採取的各種議題倡導策略，並透過深度訪談等方式蒐集資料，對其所運用的議題倡導策略的利弊得失進行審視評估。 本文研究發現，董氏基金會在歷時兩年半的菸害防制法修法過程中所採取的議題倡導策略，主要有「道德化『困窘策略』的策略主軸」、「結合媒體訴求的行動策略模式」、「單一而執著的直線操作」等幾項特點，而可能忽略了立法院妥協的議事文化、並對於立法院議事技巧不夠熟悉，從而造成菸害防制法修訂的延宕與議題倡導的挫敗。從董氏基金會推動菸害防制法的案例中，本研究認為，有關國內非營利組織進行議題倡導及立法遊說時，最為缺乏而急迫需要的，就是議題倡導及立法遊說的專業化訓練，因此建議我國非營利組織應該加強對於在立法過程中議題倡導策略的專業訓練，使其能夠更為順暢地完成其議題倡導的使命。 關鍵字：非營利組織、議題倡導、立法過程、董氏基金會、菸害防制法 / As the democracy in Taiwan became more intensely diversified, the promotion of various types of bills on public policies turned more complex and more delicate. In addition, the status of both profit-bearing and non-profit organizations in the process of policy establishment also became rather important. However, practically, the status of Taiwan’s non-profit organizations in the process of policy establishment is still blurred especially in the role-play and the strategy selection in the process of the theories of non-profit organizations, bill promotion and strategy analysis, and to use the research findings as a reference for the relevant non-profit organizations in strategy selections in future legislation processes. It is evident that there are various types of relevant organization roles and policies if the categorization is divided into the relevant theories for non-profit organization and the types of public policies. Due to the limitations on the scope of research, this paper mainly focuses on the promotion strategies of the “value guardian”, the non-profit organizations on “control policies” in the legislation processes. Furthermore, the establishment of the “Tobacco Hazard Prevention and Control Act” promoted by John Tung Foundation, is selected as the main case study for the research. This paper then takes the period of legislation process as the timeline and divides the time into 3 stages: the “legislation formation period” for the Procedural Committee and where the 1st Reading is passed by the Legislation Session; the “bill wresting period” where the bills are examined by the Committees; and the “negotiation period” where negotiations take place between the parties and the organizations and the 2nd and 3rd Readings are passed by the Legislation Session. The 3 different stages are used to analyze the various types of bill promotion strategies employed by John Tung Foundation in the promotion for the establishment of the “Tobacco Hazard Prevention and Control Act” in the different stages, where information are collected through in-depth interviews and other methods to undergo examinations and evaluations on the pros and cons in the bill promotion strategies used. It is found in this research that a number of characteristics including the “strategy focus of a moralized ‘impoverished strategy’”, the “mobile strategy model that combines media appeals”, and the “single and persistent linear operation” are the main bill promotion strategies taken by John Tung Foundation in the promotion for the establishment of the “Tobacco Hazard Prevention and Control Act” that took 2.5 years to get through. The bill discussion culture and the compromise of the Legislative Yuan may have been neglected and the unfamiliarity with bill discussion techniques in the Legislative Yuan may have caused the delay and the failure of the bill promotion in the establishment of the Tobacco Hazard Prevention and Control Act. This research feels that from the example of John Tung Foundation’s promotion of the Tobacco Hazard Prevention and Control Act, the most lacking and the most urgently required for local non-profit organizations in bill promotion and legislation persuasion would be the professional training for bill promotion and legislation persuasion. It is therefore recommended that the local non-profit organizations should strengthen their professional training for bill promotion strategies in the legislation processes in order for them to smoothly complete the mission in bill promotion. Keywords: Non-profit Organizations, Bill Promotion, Legislation Processes, John Tung Foundation, Tobacco Hazard Prevention and Control Act.

台新金控購併彰化銀行可以說是台灣金融業擬以融資購併方式進行合併的第一案，本研究希望透過分析此個案，了解台新金控購併的目的、資金來源與後續合併換股可能衍生之議題，為未來公股釋出，以及金融整併提供可行之方法。 本文就融資購併理論架構說明起，以當前台灣金融政策與購併環境現況分析，這包括實際已發生的金融購併案件及金融購併法規探討，它突顯出台灣在金融合併處理上是保守的。 / / The M&A of Taishin Holdings Cooperation (THC) and Chang Hwa Bank (CHB) could be regarded as the first M&A (Merge and Acquisition) by LBO ( Leverage Buy-out) in Taiwan. This study, by analyzing this case, discusses the purpose, the funding source of THC and the issues after shares-exchange, which indicates the feasible methods for the release of the state holdings and the combination of the financial institutes in the future. The beginning of this study discusses the theory and the structure of LBO to analyze the financial policy and M&A environment in Taiwan at present, including practical M&A cases and legal problems etc., which reveals not very aggressive. /

本文以完全規避通膨風險債券資產為評價基礎，推導出三因子實質消費資本資產訂價模型與s+4共同基金定理。三因子分別為實質消費成長因子、消費習慣因子以及情緒性預期偏差因子。情緒性三因子實證部份，橫斷面報酬模型平均解釋力約有61.79%，此實證結果顯示傳統消費資本資產訂價模型中訂價績效表現不佳，是忽略部份重要因素所致。 s+4共同基金為完全規避通膨風險債券資產、投機性巿場投資組合、s個規避實質狀態變數不利於投資機會集合變動之巿場投資組合、規避情緒性預期偏差風險的共同基金以及維持未來整體生活消費型態的共同基金。這之中完全規避通膨風險債券資產可減少巿場共同基金數目和降低交易成本之實質效果。 / This thesis derives an inter-temporal asset pricing model in a real-term, continuous-time model with uncertain consumption-goods prices and uncertain investment opportunity. When the inflation-indexed securities are available, a three-factor asset pricing model is derived in terms of real consumption growth, consumption-habit variation, and inflation rate change (or sentimental inflation expectation). Empirical results suggest that the derived asset pricing model in real framework can explain above a 60% of the variation in asset returns. Under the real framework, we demonstrate that s+4 fund separation applies. These funds may be chosen to be: (1) the instantaneously inflation-indexed bond, (2) the market portfolio, (3) the sentimental inflation-related asset, (4) the consumption habit-related asset, and (5) the s portfolios having the high correlations, respectively, with the s state variables.

本論文主要分為三個部分，旨以聯合國(United Nations)與中華民國合作開發海埔新生地為例，分析援外機構與中華民國的互動關係，探討雙方在技術合作上的外交斡旋與成效。 第一部分「聯合國與國際合作」，從國際合作的源流角度切入，介紹聯合國成立前後如何吸納國際合作的概念，規劃各時期的合作發展政策；並且著重在冷戰框架下，分析親美國家為了拉攏新興國家，鞏固聯合國票源，如何在1950、60年代推動聯合國援外機構的成立；以及制定各項扶貧政策。第二部分「聯合國協助臺灣開發海埔新生地」，將技術合作層面轉以臺灣開發海埔地為例，首先介紹新生地的成因，敘述中華民國建設海埔新生地的背景因素。接著探討技協機構與中華民國的技術合作，論述來自聯合國的外籍專家與國內技術人員的合作情形，並以聯合國特別基金(United Nations Special Fund)的技術協助與世界糧食方案(World Food Programme)的食糧援助為主要論點。第三部分「國際合作的成效與檢討」，討論聯合國特別基金與世糧方案的開發計畫結束後，各區新生地移交給中華民國政府的維護情形。主要包含中華民國如何回應聯合國提出的建議，國內專家學者對此次合作的評價，以及中華民國政府如何藉由國際合作的名義，發展與周邊國家的關係，突破外交逆境等。 當今的中華民國不時嘗試如何突破外交困境、推動重返聯合國。除了政治性的議題外，我們還應瞭解國際組織存在的意義，是在推動國際合作。1950、1960年代的中華民國，曾與聯合國進行深入的國際合作，也促成了臺灣的發展。因此，本研究由國際合作的觀察入手，俾能為戰後我國國際關係之研究略盡綿薄之力。

隨著金融市場自由化、國際化腳步的加快，新金融商品不斷推陳出新。然而，屬於非傳統性資產的「藝術投資」卻往往被人們所忽略。2006年，以目前世界最高價格成交的藝術品—美國抽象表現主義大師波洛克(Jackson Pollock)的作品《No.5, 1948》，以大約新台幣46億元成交。一幅畫比一棟世界最頂級的豪宅還昂貴，令人側目。據統計，全世界約有5兆美元投入藝術市場，每年成交量220億美元。但在台灣，這樣龐大的產業卻不像金融市場，至今猶未能發展出完整的理論架構。無論何種投資，成功投資的關鍵必須掌握四大金律：一是懂理論，二是懂歷史，三是懂心理，四是懂交易。本研究亦希望涵蓋藝術投資的這四個面向。 藝術品評價困難：不似一般商品，藝術品的價格並無所謂公定價，也不似股票淨值或共同基金有淨資產價值(NAV)可以計算。究詰其故，至少有下列九個原因：1、傳統評價模型難以直接應用2、藝術品與private equity皆有兩個特色：有liquidity risk、無市價，評價上較為困難3、流動性差4、透明度低5、炒作6、非理性驅動力7、專家偏誤8、市場風險9、其它變數。

個人投資理財是近年來熱門的議題，而國內與此相關的研究大都集中在投資績效的提升、投資標的之選擇、資產配置比例與影響投資績效的變數等，較少在探討個人的投資準則與社會關係學習所造成的投資績效差異。本論文利用代理人為基礎的模擬方式（Agent-Based Simulation）與動態虛擬社會關係，模擬共同基金投資市場的交易行為，讓模型中的一個或數個群體裡的所有投資人除了可以依循著自身的投資準則進行投資外，亦有機會藉由虛擬社會關係學習到其他投資人的投資準則，進而提升投資績效。在實驗中，我們針對不同的學習頻率及學習參數觀察學習的效果。我們發現，當有虛擬社會關係學習模式且學習評估頻率為每月一次時，有助於整體投資績效的提升。 / Personal investment is a topic that has attracted much attention in recent years. However, the researches and applications related to this topic are usually concentrated in the area of increase investment performance, portfolio, investment selection, and critical investment performance factors. Less are about investment criteria and social learning that affect investment performance. In this thesis, we use agent-based simulation with dynamic virtual social relationship to simulate artificial mutual fund market. The investors in the model can invest by their own criteria, and learn other agent’s criteria via virtual social relationship to increase investment performance. We use different sets of parameters in the experiments to observe how these parameters affect the result. Our experiments revealed that our new model with social learning mechanism and a learning evaluation frequency of a month, the overall investment performance can be significantly improved.