當今績效評估已成為非營利組織中的核心管理議題。實施績效評估的首要之務就是訂定績效指標，藉由績效評估，非營利組織可以改善或提昇組織的績效或表現。本研究旨在建構教育基金會之績效指標，並瞭解實務工作者對績效指標建構與衡量的看法，期能提供教育基金會與相關主管機關之參考。 本研究以全國性教育基金會為研究對象，採文獻分析、專家效度、及問卷調查進行。首先，透過「教育事務財團法人績效指標建構調查表」整合專家意見，建構五大績效指標構面及28項績效指標；其次，訂定「教育基金會績效指標問卷調查表」，針對教育部評鑑績優及獲頒社會教育有功團體表揚的基金會進行調查。共計152份問卷，回收有效問卷計108份。 本研究經統計結果分析，發現基金會最重視組織的財務管理、服務品質及組織管理等構面，較不重視政府互動與網絡關係的構面；對基金投資之效率與效果（3,000萬元以上）、專兼職人員之職務發展與進修管道、與公益團體聯繫程度、政府政策受基金會影響之程度，以及依政府政策發展組織各項工作之程度等5項指標也最不被看重。另不同性別、職稱與非營利組織服務年資的填答者，以及教育基金會設立年限或類別之不同，對績效指標的重視程度無顯著差異，惟41歲以上填答者對組織管理的重視程度高於30歲（含）以下；基金規模在3,000萬（含）以下之基金會在網絡關係上之重視程度也比基金規模5,000萬至1億元間的基金會為高。 綜合有關發現，提出下列結論： 一、內部管理績效指標的重視程度高於外部影響指標，顯示非營利組織治理的重要性，以及財務管理是非營利組織募款責信之基礎，然仍不宜忽略組織的人力資源與組織的外部資源。 二、「中小型」基金會重視網絡關係，中壯年也比年輕人重視組織管理。 三、績效評估有其必要與重要性，惟應針對組織特性找到適當的指標，並讓受評對象充分知悉評估模式。 綜合上述結論，並提出下列幾項建議： 一、教育基金會方面： （一）為基金會永續發展，需重視管理觀念與管理方法。 （二）瞭解組織使命，擬訂具體策略與創新服務內容。 （三）加強人才培育，充分運用志工人力資源。 （四）擴大策略聯盟，加強資源連結，提昇組織績效。 二、相關主管機關方面： （一）設計質量並容具特色之績效指標，引領教育基金會績效之提昇。 （二）辦理業務研習、觀摩，以利專業知能提昇與經驗交流。 （三）提供友善網路環境，建立共同作業平臺，便利相關人員參考運用。 （四）表揚表現績優單位，擴大社會學習效果。 / Performance evaluation has become the core management issues in the non-profit organizations recently. It’s necessary to set the performance indicators before implement the performance evaluation. Furthermore, the non-profit organizations can improve or enhance their performance through the evaluation. This research is aimed to construct the performance indicators for educational foundations and to collect the opinions of indicators constructing and evaluating from the foundation workers. All the results will be shared to the educational foundations and related official authorities. The target of this research is the national educational foundations and will be performed by document analysis, expert validity, and questionnaire survey. First, to integrate expert advices through "The survey form to construct performance indicators of the educational foundations" and to set five dimensions of performance indicators and 28 performance indicators. Second, to collect the opinions from the foundations which assessed to be excellent or received award from Ministry of Education through "Questionnaire to survey performance indicators of the educational foundations". The total amount of questionnaires are 152 and 108 are considered as effective among them. By the statistical analysis, it appeared that foundations pay more attentions on the financial management, service quality, and organization management but less on the reaction and connection with government and foundations. In addition, the performance indicators of the efficiency and effectiveness of fund investments (30 million), the duty development and training or study of full-time and part-time staffs, contact with other public interest groups, government policy by foundation impact, and development organization's work in accordance with government policy are not taken seriously. Besides, on the emphasis of performance indicators, there is no obvious diversity between people fill in answering with different gender, professional title, and service period or foundations with different founding year or classification. But people fills in answering over age 41 take more seriously on the organization’s management than people under 30(inclusive). The foundations with fund size less than 30 million pay more attentions on the relationships than the one which fund size over 50 million to 100 million. To integrate the discovery, some conclusions are made as following: 1.The performance indicator of the internal management is taken more seriously than the external effect that underlined the importance of management in non-profit organization. It also means that financial management is the base of fundraising and accountability, but the human resources and external resources should not be ignored. 2.Foundations with small and medium size pay more attention to the relationship. The mature persons emphasized the importance of organization management than young persons. 3.It is necessary and important to perform performance evaluation. However, the appropriate indicators should be found for organization character and the way of evaluation must be explained clearly to the persons whom are taken evaluation. By the above conclusions, some recommendations are made as following: 1.Regarding educational foundations: (1)For the sustainable development, the foundations should put more emphasis on the concepts and strategies of management. (2)To correspond with the missions of the organization, foundations should develop strategies and innovative services. (3)To reinforce personnel training and to manipulate volunteers completely. (4)To expand the strategic alliance, reinforce links of resources, and to enhance organizational performance. 2.Regarding government authorities: (1)Designing the distinctive performance indicators with quality and quantity to enhance the performance of educational foundations. (2)Handling seminars or observations to increase professional knowledge and experience. (3)Providing a friendly network environment, establishing a common platform as reference for the related personnel. (4)Praising excellent units to expand the effectiveness of social learning.

這篇論文研究跨國投資與監理寬容下保險公司之破產問題，同時論文的相關內容簡述於論文第一章中。第二章研究考慮匯率可預測下對跨國投資人資產配置的影響，結果顯示匯率可預測性能有效的提升投資人期末財富。第三章考慮監理寬容下保險公司的破產問題，在美國破產保護法第11章的架構下，保險人與被保險人之權利義務關係，可利用巴黎式選擇權描述，同時建構保證給付指標來衡量不同監理干預準則，數值結果顯示過於寬鬆的監理準則將導致被保險人的財務損失。第四章探討監理寬容下保險安定基金保險費率問題，依照美國破產保護法第11章的架構，安定基金保費可簡化成2個巴黎式選擇權，結果顯示，當前台灣保險單定基金費率有偏低的情形，建議主管機關訂定安定基金費率時需更加謹慎小心。 / This thesis focuses on the international portfolio selection and the bankruptcy cost of the insurance company under regulatory forbearance. The main theme of this thesis is outlined in chapter 1, which also serves as an introduction to the three papers (appearing here as Chapter 2, Chapter 3 and Chapter 4) collected in this thesis. In the theme of the international portfolio selection, Chapter 2 investigates the investment behaviors when learning effect is considered. According to the exchange rate predictability, the investor updates his information and adjusts his portfolio allocation. Finally, the numerical results show that the learning mechanism significantly improves the terminal wealth. In the theme of the regulatory forbearance, Chapter 3 provides an illustration of the impact on the ruin cost due to regulatory forbearance. The concept of the U.S. Chapter 11 bankruptcy code is employed to determine regulatory forbearance. Throughout the framework of Parisian option, a quantitative index of regulatory forbearance called Guarantee Benefit Index (GBI) is developed. The GBI is used to evaluate the different supervisory intervention criteria i.e., relative and absolute intervention criteria. Finally, numerical analysis is performed to illustrate the influence of different financial factors and the intervention criteria. Another important issue in bankruptcy problem is discussed in Chapter 4, i.e., the cost of insurance guaranty fund. It is important to determine the cost of bankruptcy when the insolvent insurance company is took over by the government. Under the U.S. Chapter 11 bankruptcy code, the cost of guaranty fund can be determined through Parisian options. Results show that the current premium rates of Taiwan insurance guarantee fund are far from risk sensitive. Hence the results suggest the government should more prudent to face the bankruptcy problem in insurance industry.

本研究焦點為身心障礙者之多元化管理，而在我國《身心障礙者權益保障法》中，以第四章規範及引導政府、民間企業一同促進就業。但身心障礙勞工，無法只仰賴政策保障，緩不濟急，其需透過特殊職業訓練來融入社會，並渴望有一個機構能作為和雇主、政府間的橋樑。在新的全球治理觀念下，這個要角當為非營利組織，該等組織除了在國內蓬勃成長外，還拓展至其他國家。而在台灣推動身心障礙者之多元化管理，當中翹楚就屬伊甸社會福利基金會，該基金會並把台灣經驗傳遞到如馬來西亞、越南、中國四川等地區，其中馬來西亞的双福殘障自強發展協會是伊甸的第一個海外姐妹會。 本研究區分出多元化管理的學術內涵：人力資源層面、組織建制層面、文化價值層面，和實務內涵：法案政策層面，即美國發展的四階段—平等就業機會、弱勢優先、重視差異性、多元化管理。運用文獻分析法、深度訪談法、個案研究法，分析我國目前身心障礙者之多元化管理政策，包含：個別化職業重建服務、支持性與庇護性就業服務、定額進用政策、設置與運用身心障礙者就業基金、視覺功能障礙者之工作權優先保障等。並以伊甸社會福利基金會作為個案主體，觀察其推動國內及跨國身心障礙者之多元化管理的各層面策略、現況、困境，跨國部分以馬來西亞双福殘障自強發展協會為代表。 本研究發現：一、我國多元化管理的學術及實務內涵仍待更多文獻及研究補充；二、我國身心障礙者之多元化管理法令精神和政策發展與國際接軌，雖然腳步較美國緩慢，但已從「重視差異」邁向「多元化管理」階段；三、政策需仰賴更密集人力資本的投入來從事推廣；四、政策單從公部門角度思考籌劃有其侷限性，缺乏創意與彈性；五、伊甸基金會的職業與能力訓練計畫，是整合身心障礙者生活與就業服務的全方位體系，從該計畫所呈現的人力資源策略、組織建制策略、文化價值策略、法案政策創建策略中均發揚出多元化管理的精神；六、伊甸基金會推動身心障礙者之多元化管理，對身心障礙者、雇主、政府均有正面影響力，但資源困窘與補助縮減讓服務工作變得吃力；七、馬來西亞双福發展協會以伊甸的基督教精神與服務模式立基並傳承延續；八、馬來西亞双福發展協會揉合台灣經驗與馬來西亞本土特色，發展出嶄新的身心障礙者之多元化管理策略，不同分會自主運作落實在地深化服務；九、馬來西亞欠缺保障身心障礙者的完整政策法案，政府對非營利組織的態度，還有對相關福利的重視程度，是未來多元化管理發展能否漸臻成熟的關鍵；十、多元文化與族群是馬來西亞最珍貴的資產，但也加深推動身心障礙者之多元化管理的挑戰性。 依據上述研究發現，茲歸納本研究建議如下：一、未來相關多元化管理研究，可針對其他多元化表徵、身心障礙者政策、研究主體、國家地區做研究；二、期許我國政策，應追求實現各層面環境的無障礙化，並確保不同障別之身心障礙者，皆能獲得資源使用、就學機會、生活及職業重建、輔導創業等服務；三、伊甸基金會在國內應加強輔導身心障礙者、雇主的心態調適，還有倡議改革社會福利資源的配置；四、伊甸基金會在國外可參考扶植双福發展協會的做法，讓其他海外分會各自成長獨立；五、双福發展協會可藉由與其他鄰近國家非營利組織的交流與合作，聚合成積極鞭策政府的力量，並累積資源，朝專業化組織發展，成立更多分會以服務到不同地區的身心障礙朋友。

近二、三十年來，台灣在貿易自由化趨勢、產業結構調整以及外勞政策等多重因素的影響下，使得原住民社會傳統封閉的部落生產型態逐漸遭受瓦解，許多原住民因為原鄉欠缺就業機會，紛紛離鄉背井移居至都市謀生，但因競爭力不足、適應力不佳而就業困難，致使原住民失業率大幅提高。為能改善現狀，創業便成為良好的途徑之一。政府雖有提供各項措施扶持原住民創業，然而政府所提供之各項政策措施是否能實質有效地協助原住民創業成功？同時在原住民創業過程中，是否不同原住民的特質會影響創業成功模式？緣此，本研究先從「推拉理論」及相關文獻分析光復後原住民遷移都市之原因，選定台北市原住民企業為主體，採用問卷調查方式，以了解其於創業過程中之困境，並探討政府所提供之創業輔導措施能否有效協助原住民創業。最後歸納台北市原住民創業成功模式之四大面向，分別提出改進策略與建議，希冀由不同面向探悉都市原住民創業成功之內涵，以提供原住民改進內在自我特質、政府相關單位形塑適當之外在環境條件的參考。 要言之，本研究所獲致之結論歸納如下： 一、原住民陷入就業困境之主要原因為︰特殊原住民文化與主流文化應對下之社會歧視、原住民人力提供與社會所期待之人力需求未能符合、外籍勞工大舉入境排擠原住民就業，以及政府長期缺乏積極有效之就業政策。 二、影響台北市原住民創業成功之四大面向，包括：（一）個人特質：舉凡教育程度愈高、原住民在家中的排行或有負擔家計的責任感、以及與原漢接觸的程度高，都有助於創業成功。（二）創業歷程：若在創業前有關工作經驗豐富、取得多項相關證照、自有資金充裕，以及積極拓展人際關係等，都能促使創業計畫順利實現。（三）經營方法：如於行銷、財務、會計、帳務等層面處理良好，且能善用原住民文化資源，凸顯產品的獨特價值，當能彰顯創業績效。（四）政府輔導措施：善加利用政府提供的輔導企業營運措施及原住民族綜合發展基金貸款，有助於創業順遂。 三、此外，本研究發現台北市政府雖針對原住民創業提供多項的輔導措施，然而實際申請相關之原住民企業仍為少數；且原住民族綜合發展基金貸款政策，也因貸款過程及貸款擔保方式有欠妥適，致使原住民創業受惠有限，實有必要進行全面之檢討。 / Over the past 20 or 30 years, Taiwan under the multiple influence of factors in liberalization of trade trend, industrial structure adjustment and foreign labor policy, etc. make Indigenes productive attitude of clan with close social tradition disintegrated gradually. Because a lot of Indigenes are short of employment opportunity in original country, they migrate to the city in order to make a living. But it is difficult to obtain employment because the competitiveness is insufficient, adaptive capacity is not good, cause Indigenous rate of unemployment to improve by a wide margin. In order to improve the current situation, initiating becomes one of he good ways. Although the government offers multiple measures to help Indigenes initiate, we want to know if the measures are truly and effective to assist Indigenes initiate. And if the different idiosyncrasy of Indigenes, it will affect the initiating model. Therefore, this research is based upon “pull-push theory” and the relevant documents to analyze the reasons the Indigenes migrate to city. And select Taipei Indigenous enterprise, with a series of interviews, to understand their predicament met with course of initiating and whether the government offer could help Indigenes to initiate effectively. Finally, four major factors were sum up, and propose improving the tactics and suggestion separately. It hopes to find out the intension that the urban Indigenes initiate successful, and offer some reference of Indigenes to improve inherent self-specially, and the relevant units of government properly. In short, the study results have shown as follows: 1. The main reasons that the Indigenes falls into predicament of obtaining employment are the social discriminate under the specially Indigenous culture and the major culture, Indigenous manpower offers can’t accord with the society need, foreign labors of manpower demand that the society expects on a large scale , and the government lacks the positive and effective employment policy for a long time. 2. Influence Taipei key factors of successful initiation, including: (1) Idiosyncrasy: The higher education degree, the first kid of a family, the responsibility for home, and high degree contracted with original Chinese, contribute to starting an initiating successfully. (2) Course of initiation: If it is abundant to work relevantly experienced, obtain multiple relevant certificates, own enough fund and actively expand interpersonal relationships, etc., can all impel the plan of initiation to realize smoothly. (3) Management method: Dealing with such aspects as marketing, financial affairs, accounting, account, etc. well, and make the best use and the unique value of Indigenous culture resources can reflect the performance of initiation. (4) The government’s coaching measure: Exploiting enterprise’s operation measure of coaching offered by government and the loan of Indigenous comprehensive expansion funds properly, will contribute to initiating smoothly. 3. Besides, the study shows that the government of Taipei offers multiple coaching measures to the Indigenes, but enterprises are still minority to apply to the coaching measure of government. In addition, the policy of lending of Indigenous comprehensive expansion funds cause Indigenes receive benefits not proper and rightly limitedly, due to its loan course and loan guarantee way. And it carries on overall self-criticism really and necessarily.

本研究的主要目的，在於探討中國大陸的得獎基金之績效持續性是否存在？本研究利用晨星與理柏兩家國際專業評級機構於2004年至2012年所頒發的中國大陸得獎基金為研究樣本（前者的樣本為41檔基金，後者的樣本為53檔基金），資料來源分別為晨星資訊（深圳）有限公司及新浪網。在分別採用累計淨值報酬率、Sharpe指標作為績效衡量指標，並使用Spearman等級相關檢定、績效二分法與迴歸分析，以驗證中國大陸得獎基金在頒發前後不同期間的績效表現是否具有持續性。研究結果發現，前兩種檢定方法皆呈現基金績效在短期（三個月及六個月）具有持續性，而在長期甚至出現績效反轉的現象。而迴歸模型分析的主要發現為，在控制其他變數後，獲得晨星中國基金獎之基金在短期才具持續性，在一年時出現績效反轉。而獲得理柏中國基金奬之基金，在六個月的評估期間就可能出現績效反轉的現象。 / The purpose of this study is to investigate whether the persistence of awarded funds’ performance exist in China. This study employs awarded funds of MorningStar award and Lipper award in China as the sample provided by Morningstar website in China and Sina website. Using accumulated rate of return and Sharpe index as the measurements of awarded funds’ performance and Spearman’s rank correlation coefficient, two-way table constructed by Goetzmann and Ibbotson (1994) and regression analysis as methodologies to analyze this issue in different before-and-after periods, the primary finding of this study is that the former two methodologies show that the performance persistence of awarded funds exist only in three- and six-month periods, and performance reversal appears in the long-run. According to regression analysis, this study suggests that MorningStar awarded funds might have persistent performance in the short-run, but performance reversal after 1-year period. However, Lipper awarded funds do not have persistent performance, but performance reversal after six-month period.

本研究旨在建立高級中等學校校務基金績效評鑑系統， 並以「模糊德菲法」蒐集政策利害關係人意見，共建立5項構面29項指標。 本研究結論如下： 一、本研究共建立五大構面， 以構面權重高低排序分別為： 「財務收支及財產管理績效」（21.28%）、 「基金運用、預算編製及執行績效」（20.52%）、 「學校經營目標及經營計畫」（19.72%）、 「基金管理及學校組織運作」（19.51%）、 「學習品質及滿意度」（18.96%）。 二、依照各構面內指標權重高低，依序如下： （一）「財務收支及財產管理績效」構面內最重要者為「教學研究及訓輔費 用占業務成本與費用比率」。 （二）「基金運用、預算編製及執行績效」構面內最重要者為「建立預算編 製與執行作業程序」。 （三）「學校經營目標及經營計畫」構面內最重要者為「學校校務發展定位 與特色」。 （四）「基金管理及學校組織運作」構面內最重要者為「內部審核執行成效」。 （五）「學習品質及滿意度」構面內最重要者為「建立歷年校務基金報表公 開專區」。 最後，依據研究結論分別給予教育主管機關、學校以及後續研究相關建議。 / The purpose of this study is to establish a system about the performance evaluation indicators for the school funds of high schools in Taiwan. By using the fuzzy delphi method with opinions of stakeholder, the study consists of 5 dimensions and 29 indicators in total. According to priority of 5 dimensions, the conclusions are as follows： 1.“performance of financial receipts, expenditures and property management”(accounts for 21.28%) 2.“performance of funds, budget planning and execute”(accounts for 20.52%) 3.“performance of school management goal and planning ”(accounts for 19.72%) 4.“performance of fund management and school organization operation ”(accounts for 19.51%) 5.“performance of learning quality and satisfaction degree”(accounts for 18.96%) According to priority of intra-dimension indicators ,the conclusions are as follows： 1.In the dimension “performance of financial receipts, expenditures and property management”, the indicator “the ratio for teaching, research ,discipline and counseling cost to operation cost ” accounts for the most part. 2.In the dimension “performance of funds, budget planning and execute”, the indicator “establishing standard of procedure for budget planning and execute” accounts for the most part. 3.In the dimension“performance of school management goal and planning ”, the indicator “status and feature for school development” accounts for the most part. 4.In the dimension “performance of fund management and school organization operation ”, the indicator “performance of internal auditing” accounts for the most part. 5.In the dimension“performance of learning quality and satisfaction degree”, the indicator “establishing school-fund statements website over the years” accounts for the most part. According the conclusions, some suggestions had been proposed: 1. suggestions for ministry of education 2. suggestions for school administrators 3. suggestions for further study

本研究以修改傳統 模型為出發點，探討基金經理人所具備的動態行為特質。傳統模型重點主要放在經理人對於市場報酬率走勢的預期，並未考慮到其對市場未來波動性走勢的預期能力。因此本文認為有失偏頗。故研究方法即加入波動擇時能力特質進入模型，希望能強化傳統模型的擇時能力表現，以更完整地建立有關經理人擇時能力的資訊。 本研究採用三十支國內股票型共同基金為研究樣本。研究期間為2001//7/1~2005/6/30四年。利用日資料方法來補捉基金經理人每日動態特質，並且建立了隨機投資組合作為比較基準點，期望能更客觀的分析經理人是否具備優良從事交易策略的能力。 研究結果發現，研究樣本的基金經理人，以三因子或單因子模型分析，多數經理人具備波動擇時能力，但是報酬擇時能力並不顯著。這說明國內共同基金經理人在面對股市的未來報酬高度不確定性，會重視高波動所帶來的高風險。故會在未來走勢高波動時，適時的減少市場風險曝露及投資部位。 另外，研究結果也發現，當模型中異常報酬考慮到市場上波動時，基金經理人波動選股能力係數並不顯著，故無法說明其會隨著市場波動性改變，而運用選股能力強化績效，創造基金異常報酬。

我國自1959年12月運用美援資助，派遣第一個農業技術團前往越南協助其農業改良，因駐越南農業技術團工作績效良好，對增進兩國之外交關係有很大的幫助，政府乃於1960年實施「先鋒案」計畫，之後陸續成立「中非技術合作委員會」、「海外技術合作委員會」、「海外經濟合作發展基金管理委員會」，直到現今的「國際合作發展基金會」。 農業，一直在台灣經濟發展過程中扮演要角，更可說台灣農業發展成果為「台灣經濟奇蹟」奠定了良好的基礎。台灣地狹人稠，農業發展著重於技術創新，適時適地突破自然資源瓶頸限制，開啟了台灣的農業對外援助，是為台灣外交困境上一有利的突破手段。 台灣運用純熟的農業技術對外實施農業援助，派遣各農業援助技術團到各國家，藉以提升台灣的國際地位。本論文選取泰國、印尼此兩東南亞國家作一詳細論述，探討該種農業援助之過程和效果，並從歷史、政治、經濟等層面加以比較，並可藉此做為研究其他東南亞國家或其他地區國家之用。我國與印尼、泰國均無外交關係，透過農業援助的方式對於雙方之實質關係亦具有正面功能。 / Since December 1959, Taiwan took advantage of the United States Aid Funding to sent the first agricultural technological mission to help Vietnam. Due to the good performance of agricultural mission, it contributed to promote diplomatic relations between the two countries. In 1960, the government of ROC executed “the Operation Vanguard Plan” to help African countries, and then setup the Sino-Africa Technical Cooperation Committee (SATCC). Then in 1972, the SATCC was incorporated into the Committee of International Technical Cooperation (CITC). In 1989, the government established the International Economic Cooperation Development Fund (IECDF), and reorganized into the International Cooperation and Development Fund in 1996. Agriculture has been playing an important role in economic development in Taiwan, also lays a good foundation for the 'Taiwan economic miracle'. Taiwan is so densely populated, agricultural development focused on the technological innovation in order to break down the barriers of natural conditions. Agricultural aid opened up an unique way for Taiwan’s foreign relations. Taiwan applied the skillful agricultural technologies for foreign aid and sent agriculture technological mission to certain countries in order to enhance the international status of Taiwan. This paper selects two Southeast Asian countries, Thailand and Indonesia, as a case study, and tries to explore the procedures and effects of agricultural aid for using that to study the other countries and understand the advantages and disadvantages of Taiwan’s agricultural aid. Taiwan has no diplomatic relations with Indonesia and Thailand, but it gets a positive effects through such an agricultural aid.

針對各國普遍面臨人口結構逐漸老化、退休人口增加問題，世界銀行曾提出應建立至少三層保障的養老制度之呼籲；而我國迄今尚未建構出一套全面性之老年經濟生活安全保障制度，現有退休制度係依國民職業身分作為區分基礎。近幾年政府財政日趨惡化，加以國內經濟景氣不佳，失業率節節升高，公務人員由於工作與薪資相對較為穩定，其退休給付亦較完備；因此，遂引起各界對公務人員退休給付及其條件之合理及公平性的諸多討論。而公務人員退撫基金管理良窳，除攸關公務人員退休權益，亦牽涉政府最後給付責任，在政府可用資源相對減少下，如何防範政治力介入，暨因應現有制度與管理上的若干缺失，避免未來發生嚴重財務危機，均為本研究之重點。 本研究採取文獻探討、比較研究法，並輔以德菲爾法（Delphi Method）、問卷調查等方法，就公平及管理角度檢視現行公務人員退休制度所存在之缺失及具體改進之道。研究結果發現大多數受訪者認為我國對老年經濟生活安全之保障，與個人從事職業別有很大關聯；除軍公教人員以外之其他職域與非工資勞動者的老年經濟生活保障普遍不足，故在制度比較上常衍生出差別性待遇公平性問題；而退撫基金經營決策又常有政治力介入，特別是政經情勢不穩定時，除非逐漸民營化，政府僅擔任監督者角色，否則既使修法明定政府干預、挪用基金等限制條文，只要仍維持現行制度精神，由政府管理，便很難防範政治力介入該基金之實際運作。 基此，本研究提出下述幾點建議：1.政府應致力提升其他職域（身分）人員之老年經濟生活安全保障；2.公務人員請領月退休金年齡條件應予以延後，並適度降低現行給付水準；3.研議增訂彈性退休規定，並研酌展期年金及減額年金之可行性；4.宜朝向「確定給付制」兼採「確定提撥制」混合制方向發展，並逐步提高「確定提撥制」比例及採個人退休金帳戶制；5.修法明確規範退撫基金提撥率之調整機制，以健全基金財務結構；6.宜逐步增加退撫基金國外投資配置比例；7.應研酌未達法定最低收益由國庫補足差額之規定，以免否對資產長期配置造成扭曲；8.對於有價證券之投資應改採市價法評價，以反映基金資產真實價值；9.加強退撫基金財務資訊公開，以利全體投保人之監督；10.現行基金管理與監理組織，可研酌精簡合併為一獨立專業監理機關。11.修法使退撫基金經營管理趨向私有化與自由化。 / To confront the ever growing ageing trend and consequent retirement tide, the World Bank has contended three pillars of old age security over the past few years. The ROC government, however, has not yet launched a national pension scheme to ensure the elderly economic security so far although the Plan has been worked out for some time. The country is currently adopting a retirement system based on people’s occupation. Civil servants all along enjoy relatively sound and stabilized retirement benefits even under the aggravating financial difficulties and the economy recession. Together with the increasing unemployment rate, this phenomenon has augmented a great deal of discussion with regard to its fairness. In addition, since the government has played significant role in terms of Pension Fund Management, how to prevent political intervention and avoid mismanagement particularly during economic crisis certainly deserve close scrutiny. In light of the aforementioned, this study, based on literature review, survey, and Delphi, focuses on the fairness and management perspectives of the existing pension system for civil servants. It is found that most interviewees agree that civil servants comparatively enjoy better retirement benefits than the rest of the population since the current pension system has been designed on occupational basis. It is further observed by the interviewees that political intervention does exist in terms of Pension Fund Management especially during economic recession. It is thus harbored that perhaps only through “privatization”, such intervention can come to its stop. The study, among other things, suggests the followings: 1.A national pension scheme covering all people is required. 2.Postponing the age of receiving annuity from the current 50 to a later age and reasonably cutting off some civil servants’ pension benefits need to be addressed. 3.Adding flexibility to current civil servants’ retirement system is worth pondering. 4.Working out a system blending together “defined benefit” and “defined contribution” in which the proportion of “defined contribution” should be gradually enlarged. Thoughts with regard to “individual account” should also be studied. 5.Adjusting the insurance fee for pension fund is necessary in order to ensure financial viability. 6.Bigger proportion of pension funds’ overseas investment should be allowed. 7.Investment in securities should be evaluated with market price to reflect the actual value of fund assets. 8.Pension funds management report should be released to the general public for supervision. 9.Professional pension fund supervision mechanism has to be established. 10.Law provisions as to privatize and liberalize the pension fund need to be worked out.

本研究探討於連續時間下，跨國投資者於匯率可預測下之最適投資決策問題。我們假設隨著時間改變，利用可預測之資訊動態修正投資決策。首先我們假設匯率可經由利率過程預測，探討相對風險趨避(CRRA)之投資經理人於跨國投資時之避險需求。研究方法是結合Cox與Huang (1989)之平賭方法與Lioui與Poncet (2003)於跨國投資所建構之財務模型。本研究歸納學習效果會影響匯率期望報酬，利用利率資訊會修正匯率過程之風險市場價值。最適投資決策因此受到調整因子之影響。因此投資人必須依照過濾進來的財務訊息(利率對匯率的改變)動態的調控持有之投資部位。最後，理論結果顯示投資部位必須針對可預測性下匯率避險效果作調整。 / In this study, we explore the effects of uncertainty about the exchange rate predictability on international portfolio choice in a continuous time setting. Uncertainty regarding to the predictive relation affects the optimal portfolio choice through dynamic learning, and leads to a state-dependent relation between the optimal portfolio choice and the investment time horizon. First we investigate the hedge demands in international portfolio management for constant relative risk averse investors where the exchange rate can be predicted by the change of interest rate. Then our approach is implemented through the use of the martingale methodology developed by Cox and Huang (1989) as proposed in the work of Lioui and Poncet (2003). Since the learning processes influence the premium of exchange rate movements, the crucial changes lie in the difference of market price of risk of the interest rate movements to the updated exchange rates. The constructed optimal investment strategy is influenced by the adjusted factors. Hence the investors should dynamically rebalance their holding portfolio according to the filtering mechanism. Finally, the theoretical results show that the adjustment for the optimal weights are required to reflect the prediction effects in hedging the exchange rate risks.