傳統探討分析師推薦資訊價值的研究多採用累積超額報酬的方式，近年來研究顯示個別投資人的績效顯著低於機構投資人，因此是否分析師推薦能夠幫助提升個別投資人的福利。本論文的第一個貢獻在檢定是否個別投資人能夠獲取分析師推薦的資訊價值，為區分推薦資訊分別對於個別與機構投資人的價值為何，本研究採用的每種投資人實際的交易利潤作為衡量指標。 研究結果顯示所有投資人都可以透過買入推薦獲取顯著的正報酬，但在賣出推薦上，僅外資與共同基金仍能維持獲取正的報酬。同時發現在推 薦事件期間，專業機構投資人的利潤顯著高於一般散戶的獲利。 進一步，本論文的第二的主題在探討此推薦的資訊價值對於不同投資人的差異，是否肇因於推薦券商所提供的私有資訊，因此進一步將各類投資人分成推薦券商的客戶與非客戶。結果顯示國內機構投資人的利潤在客戶的身上顯著高於非客戶的獲利，顯示推薦券商在對外公佈推薦資訊前的確提供私有資訊給其國內機構客戶，但此現象在賣出推薦並不存在。 第三，本論文進一步分析是否拿到推薦券商所提供私有資訊的客戶也是推薦券商的經紀業務收益的主要貢獻者。在比較推薦券商與非推薦券商在被推薦股票上的相對交易量(金額)中，發現推薦券商的確因為買入推薦股票而增加經紀業務量，但很驚訝的發現貢獻最多交易量的是個別投資人，而非拿到最多好處的機構投資人。 最後，本研究透過迴歸分析探討不同投資人的交易利潤與推薦券商所獲得的經紀業務量的關係。在控制推薦類型、推薦評等與被推薦股票之股票特性後，發現投資人的交易利潤與推薦券商的經紀業務收益成正相關，再次顯示券商推薦與其各項業務收益間的關係。 / Traditionally, information value of analysts’ recommendations has been well-recognized by cumulative abnormal returns. Recent studies show that individuals are underperformed, and therefore, it is a critical issue on if analysts’ recommendations are helpful to individuals’ welfares. The first contribution of this dissertation to the literature is to examine whether individual investors are capable of capturing the information value. To classify the information value of recommendations for individuals and institutions, respectively, I, thus, use a direct measure to calculate the actual trading profits of types of traders. To our best knowledge, this is the first paper that demonstrates the information value for types of investors. Our results indicate that, all investors get positive and significant profits in brokerages’ buy recommendations, no matter what types of investors are measured. As to sell recommendations, only foreign investors and mutual funds have positive returns. We also find that professional institutions earn more profits than retail investors during the recommendation event periods. Further, the second objective of this dissertation is to test whether the information values are caused by private information from brokerages’ houses, we separate the profits of types of investors into customers and non-customers based. The findings are that only domestic institutional customers of recommending brokerages are more beneficial than those of non-recommending brokerages in buy recommendations, which implies that brokerage houses may reveal private information to their own institutional customers before buy recommendations make public. This does not hold for sell recommendations. Third, we are interested in analyzing whether the private information that recommending brokerages provide to their own customers may, indeed, contribute to brokerages’ commission revenues. By comparing the trading volume of recommending brokerages and non-recommending brokerage for the covered stocks, we find that the volumes of covered stocks issued in the recommending brokerages are increased for buy recommendations. Particularly, we find that the main contribution of trading volume is from individuals. Furthermore, we run regressions to study the relationship between trading profits of types of investors and trading volume of recommending brokerages. After controlling recommendation types, consensus rating of recommendations, and stock characteristics, our results indicate that trading profits of all types of investors are positively related to commission revenues of brokerages. This may justify the importance of brokerage recommendations on their business relationships.

本研究旨在運用經濟的觀點與計量的方法來探討中華職棒球員的表現與薪資間的關係。究竟中華職棒勞動市場中，對於球員是存在超額給付(overpayment)？還是過低給付(underpayment)？我們將運動產業勞動市場之三大決定要素結合在一起：球團收益、球員表現與球員薪資，並蒐集中華職棒1997~2005年間相關的資料，以此探討球員薪資之決定。 本文首先對台灣的職棒運動作一鳥瞰式的歷史回顧，並將中華職棒球員薪資、年資的基本統計量提出與日本職棒做一比較。接著以Scully(1974)、MacDonald and Reynolds(1994)和Krautmann(1998)所提出的薪資估計方法，將球團收益、球員表現和薪資決定變數結合在一起，估計出中華職棒球員的邊際報酬貢獻(marginal revenue product)，以此進行球員薪資的檢視。合理的情形下，球員邊際報酬貢獻應該等於球員薪資。本研究並將中華職棒的球員群組分為本土球員與洋將部分，觀察是否因為勞動市場條件的不同，而使兩群組球員薪資與表現間的關連性存在異同。在本土球員中，我們進一步以美國大聯盟的年資分類方式，將球員分為新人(apprentice)、中堅球員(journeymen)與老將(experienced players)三大群組，以觀察同樣的薪資決定變數在不同年資間造成的影響是否有異。我們並檢視年薪超過240萬的球員，其技術是否存在規模報酬遞增的情況，若存在，則中華職棒與國外成熟的職業運動一樣都存在所謂的「超級明星現象」。 實證結果發現，整體而言，中華職棒聯盟當中存在超額給付(overpayment)，而洋將因為勞動市場條件較為接近完全競爭市場，因此表現更能反映到薪資的改變上。超額給付的存在應是由於中華職棒的賽程密集度不足，且缺乏二軍與完善的球員交易制度。另外，由於球團經營與行銷手法上仍未臻成熟，中華職棒球員尚未存在「超級明星現象」。我們並以在1997~2005間250位至少完成六個球季的選手，以這些球員的薪資檢視是否存在明顯結構性的轉變，以作為將來制訂自由球員年限的參考。實證結果發現這樣的年限並不存在，我們因此推論，中華職棒應要加強基本面的基礎與改善球員交易制度，當這些基礎獲得良好的改善後，自由球員制度就會是一個水到渠成的結果。 / In this thesis we mainly discuss the relationship between players’ performance and their salaries in the CPBL (Chinese Professional Baseball League) through the point of economics view. Are the players overpaid or underpaid? Are the whole environ -ment in the CPBL mature enough to adopt the FA (Free-Agent) system? To analyze these issues, we combine three main factor of determinants in the field of sports economics together, which are team revenue, players’ performance, and players’ salaries, and use the skills in econometrics with data from 1997~2005, we illustrate an overview of these issues. First of all we make a brief description of the history of CPBL, and we also present some comparison of basic statistics between CPBL and NPB (Nippon Professional Baseball) players. In the following section we introduce the most popular model in the similar research, such as Scully’s model (1974) and the salary determination equation (MacDonald and Reynolds, 1994). Following the methodology of these research, we divide players in the CPBL into some different groups by players’ experience and nationalities. With the ZSUR (Zellner’s Seemingly Uncorrelated Regresion) model, and traditional OLS (Ordinary Least Square) regressions, we could have some empirical results which imply that players are actually overpaid. However, players are overpaid due to the degree of tension and intensiveness are neither sufficient in the CPBL rather than their skills are amateurish. We also find that unlike the English Soccer, MLB, and NBA, there does not exist superstar phenomena in the CPBL. Moreover, the conditions of environment in the CPBL are not mature enough for CPBL to apply the FA system: It would be very possible for the CPBL to face the same dilemma which the NPB are facing now if we prematurely implement the FA system.

對於資金的大量需求是汽車行業維持生產和銷售的主要特徵；運用消費金融業務擴大汽車廠家的產銷規模，成為了汽車消費財務服務產生的基礎。 最早的汽車消費財務服務業務，起源於1907年的美國，伴隨著汽車在美國、德國、日本等汽車行業發達國家的普及，汽車消費財務服務的業務規模也急劇擴大。在汽車消費財務服務的沿革過程中,汽車製造廠商藉助自身獨有的專業化和規模化優勢, 投資了汽車財務服務公司，逐漸成為國際汽車消費財務服務的經營主體。 汽車消費信貸 (Hire Purchase) 和汽車融資租賃 (Operating Lease) 是汽車財務服務的主要業務型式。隨著消費觀念的改變，汽車財務服務的業務重心也漸漸從消費信貸移轉到融資租賃。 融資租賃是將傳統的租賃提升到貿易與金融相結合的方式，透過「融物形式」達到「融資目的」的一種交易方式。融資租賃逐漸成為現代企業設備融資的重要形式之一，甚至在面對金融海嘯的衝擊時，扮演「拉動內需導航儀」的角色，對現代經濟的影響越來越大。 本文以多國籍企業的國際型車廠角度，闡釋消費財務服務的業務以及功能，並進一步分析汽車財務服務公司的快速發展現狀，以及多元化和產業化的發展趨勢。在內容的編寫上，先針對過去臺灣地區，對於提高汽車產業競爭力之歷史做回顧，並說明目前臺灣地區，汽車產業的現狀與優勢，再以企業五力分析，研究政策制定與產業趨勢的關係，並強調政策推動之方向與管理資訊的內容及其重要性。 最後，本文結合了不同發展階段和時期的國內經濟和汽車產業的發展特徵,剖析了當前限制汽車消費財務服務進一步發展原因，提出了推動汽車消費財務服務在我國發展繁榮的條件和建議。 / Capital intensive is the key character of vehicle industry in its production and sales cycle. Employ consumer finance to expand sales and manufacture scale is the strategic intent among vehicle industry which paved the way to flourish the Vehicle Financial Services (VFS) Business. VFS Business was originally from America in 1907. Like emergent market, VFS extends the business along with the vehicle universalism in USA, Germany, Japan and even other developed countries. Through the pipeline control, the Vehicle Manufactures fully take the advantage from their core competence, get involved into Financial Services business and then earn the operating ownership accordingly. Hire Purchase (HP) and Operating Lease (OL) both are the major business models for VFS. Time is changed. The business was mainly focus on HP, but shift to OL followed by the Consumption Concept changed. OL is a kind of transaction which develops the traditional leasing into trading and financing, by pass the purely money financing. OL is currently playing the key role for cooperate equipment leasing. Further more, OL was also the key driver to pull the domestic demand, great help to Economy Status. This article is trying to illustrate the consumer financial services and features from Multinational Vehicle Manufacture point of view. Meanwhile, it also further analyzes the strong growth on VFS business as well as diversification and industrialization trends. Structure wise, we started out the historical review for improving competitiveness on Taiwan market, got on the current SWOT, and then turned point to Porter's 5 Forces Analysis. We went through all the way from “country policy development linked with vehicle industry trends” to stress “the importance on cooperate policy and information management”. Eventually, this article lists down the market development from different stages, profiles the domestic economy together with industry characteristic, dissects the obstructions on VFS from further development, ends up with movement proposal.

收益還原法，係學習不動產估價者所熟習的「三大估價方法」之一，以學術立場而言 ，因係直接從不動產價值之定義推導而來，深具理論基礎。並有具體之數學公式加以 支持說明，故學者推許其為較符合理論之方法。考諸國外文獻，探討收益還原法(In- come Approach)之著述論文汗牛充棟，據以建立之價格模型亦不勝枚舉。反觀國內， 卻始終將之束諸高閣，少有專論，亦不見實用，其因若何，頗值深究。 目前台灣社會正值轉型期，工商業發達，不動產之使用方式亦有改變，所有權垂直分 割之觀念逐漸形成，因此估價之標的亦隨之多樣化。市價比較法需有同質事例為前提 之要件，使其倍受考驗，且適用必有窮時，需謀求其他解決方法。此時，收益還原法 或許正可滿足此一趨勢的需要，據以評估不動產各項具經濟效益之權利價值。 本研究根據收益還原法之諸項課題，探討其基本結構與實質內容，並針對收益還原法 傳統理論之假設與現實環境背離的現象，藉現金流量折現模型(Discounted Cash Fl- ow Model) 之導入，加以說明、修正，並廓清以往觀念上之偏誤。 經研究發現，現金流量折現模型實即收益還原公式，惟其透過現金流量變動性的顯現 ，去除不必要之假設條件而更具現實性，並經由電腦之強大運算功能，克服了繁複之 計量難題。經由反向之推求，更可掌握不動產投資報酬水準等資訊，提供決策時之參 考依據。

國際經濟學者長期使用比較利益或規模經濟模型討論貿易問題，決定貿易型態及貿易 利得，但是卻忽略了某些命題的動態本質，例如技術進步在長期下會改變比較利益， 以及貿易政策及經濟成長的關係(Grossman & Helpman1988)，此乃近年來動態貿易理 論逐漸為人重視的原因，應用最適動態模型來處理這些新問題，較能了解其動員態調 整過程，本文的動機便是利用跨期性動態模型探討技術進步，在長期對經常帳，資本 累積的沖擊效果，是否能獲得與靜態貿易理論不同的內涵，及結論。 利用最適動態模型來分析經常帳及資本累積理論，根據其時間的界定可分為三類 (1) 兩期模型(Two-Period Model)(2) 跨代模型(Overlapping Generation Model)(3) 無 限期模型(Infinite-horizon Model)，此三類模型對此主題之研究是非常混亂旦不完 整，不同的模型會有不同的結論，本文所採用的模型乃第 (3)種，其主要依據為Abel & Blanchard(1983) 的單部門投資與儲蓄模型延伸為一個可以涵蓋兩部門的小型開放 經濟模型，試建立一個無限期動態化的兩部門小型開放國家的模型，本模型的特點在 於利用一個收益函數r(p,k,Q)取代了Abel & Blanchard的單部門生產函數f(k)，代表 一般化的兩部門生產架構來探討資本累積和經常帳的動態調整，利用及所沒有探討的 特性 (Dixit & Norman 1980)，我們可以探討文獻上所探討及所沒有探討的，有關技 術進步對資本存量及經常帳的影 。

本研究探討長期投資人之最適資產配置問題，並著重於通貨膨脹風險之分析。第一部份討論確定提撥退休金制度下，機構投資人或高所得自然人如何擬定投資策略規避通貨膨脹風險，達到極大化期末財富效用期望值。此研究擴展Battocchio與Menoncin (2004)所建構資產模型，不僅探討市場風險，亦考量通貨膨脹不確定性與基金費用誘因、下方風險保護兩機制，研究對資產配置行為之影響，並依動態規劃方法求得投資策略公式解。第二部份則強調下方風險之重要性，檢視在最低保證收益下，長期投資人跨期資產配置之財富管理議題，並回顧Deelstra et al.(2003)之模型架構，依平賭方法求得投資策略公式解，研究結果顯示基金投資策略可表示為最適CRRA(γ,T)型態共同基金與最低收益避險之組合。另一方面，如何估計通貨膨脹風險亦為本文強調之重點。Campbell和Viceira (2001)首次納入通貨膨脹風險並探討跨期投資議題，結論市場缺乏通貨膨脹連動投資標的時，投資人將減碼長期債持有比例。Brennan和Xia (2002)假設通貨膨脹率服從Ornstein-Uhlenbeck過程，結論投資人之避險需求隨持有債券到期日與投資期限改變。但以上結論未將通貨膨脹學習機制納入模型，因此，在第三部份提出依學習機制修正之投資策略可顯著增加財富效用，並分析在不同參數設定下，學習機制對於期末財富效用之影響。 / In this study, we study three essays of asset allocation problem for long term investors, which means that in this discourse we emphasis the importance of inflation risk. In the first topic, we derive the dynamic optimal investment strategy of the defined contribution pension schemes which include two mechanisms of partial floor protection and incentive fees and their benchmarks. We find investors should hold high proportion of stock index fund to hedge the inflation risk; moreover, the ratio of incentive fees to the setting of benchmark will change the optimal investment trend of underlying assets. In the second topic, we introduce the optimal investment portfolio with minimum guarantees and show that the fund manager should adjust the optimal weights of underlying assets with the ratio of the guarantee fund's value to the value of fund. Finally, this work focuses on how to precisely predict the dynamics of inflation rate. We apply learning method to adjust the prediction of inflation process and we use numerical analysis to study the effect of learning mechanism under different parameter setting.

研發計畫的評估是一個複雜且重要的問題，特別是在新興的生技醫藥產業，生技醫藥產業雖然爆發力強，卻具有研發時程長、風險大的特性，再加上投資金額龐大，回收期長，如何在有限的資源及高度的不確定性下，進行正確的投資評估變成了關乎未來公司存亡的關鍵。 一般而言，質化的評估方式，容易受決策者主觀意見所影響，造成決策品質的不確定性。而量化的評估方式，並不易讓企業管理者瞭解與使用，加上模式的限制可能只適用於某些特定情形，造成決策的真實情境無法完全由數學模式中表達出來，而降低了決策的參考性。 以藥物開發為例，針對生醫產業的特性，從評估參與人員、質化評估、量化評估、評估要求、評估標準、評估程序等不同的構面去探討與分析可能合適的研發評估模式。本論文進一步以個案訪談的方式，收集實際運作的經驗與意見，瞭解目前業界目前實務上使用的評估方式，並與先前的生醫產業評估模式對照比較，瞭解理論與實務上的落差，探討其關鍵要素，以整體的效益評估觀點，對公司決策者或研發主管提出建議。 / The evaluation for R&D project is usually regarded as an important and complicated issue for enterprises, especially in the biomedical industry. Such a concern may be highly applied to the biomedical industry, which is involved with lengthy R&D process, high level of risk, and large cost. This project, therefore, will attempt to study the appropriate approaches to determine whether a proposed R&D project is worthwhile to be launched for a biomedical enterprise with limited resources. In general, qualitative research may be involved with the evaluator’s personal experience, negatively influencing the evaluation results. On the other hand, not each of the selected models employed by quantitative research is fully compatible to evaluation process. This study suggests that either qualitative or quantitative research may not be the most appropriate tool to conduct R&D project evaluation. This study aims to use drug development as a study target and further to discuss the most appropriate evaluation approach from the five aspects, including reviewer’s professional, evaluation items of qualitative research, evaluation items of quantitative research, requirement for evaluation process, and criteria for project approval. This study also assumes that a final review process is required to be proceeded in addition to taking the above five aspects into account. This study begins with related references and collecting the opinions provided by the professionals working in the biomedical industry about real cases. Through the case study method, the study may better understand the difference between the theoretical models and real practices and further to identify the key successful factors for the evaluation model. Finally the study suggests a comprehensive evaluation model to decision makers or research managers.

退休金是退休人未來生活的依靠，確保在退休後能得到適足的退休給付，政府在退休金上實施保證收益制度，此制度為最低保證利率與投資報酬率連結。本文探討退休金給付標準為確定提撥制，當退休金的投資報酬率是根據其連結之股價指數的表現來計算時，股價指數報酬率的模型假設為馬可夫調控跳躍過程模型，考慮市場狀態與布朗運動項、跳躍項的跳躍頻率相關，即為Elliot et al. (2007) 的模型特例。使用1999年至2012年的道瓊工業指數與S&P 500指數的股價指數對數報酬率作為研究資料，採用EM演算法估計參數及SEM演算法估計參數共變異數矩陣。透過概似比檢定說明馬可夫調控跳躍過程模型比狀態轉換模型、跳躍風險下狀態轉換模型更適合描述股價指數報酬率變動情形，也驗證馬可夫調控跳躍過程模型具有描述報酬率不對稱、高狹峰及波動叢聚的特性。最後，假設最低保證利率為固定下，利用Esscher轉換法計算不同模型下型I保證之確定提撥制退休金的評價公式，從公式中可看出受雇人提領的退休金價值可分為政府補助與個人帳戶擁有之退休金兩部分。以執行敏感度分析探討估計參數對於馬可夫調控跳躍過程模型評價公式的影響，而型II保證之確定提撥制退休金的價值則以蒙地卡羅法模擬並探討其敏感度分析結果。 / Pension plan make people a guarantee life in their retirement. In order to ensure the appropriate amount of pension plan, government guarantees associated with pension plan which ties minimum rate of return guarantees and underlying asset rate of return. In this paper, we discussed the pension plan with defined contribution (DC). When the return of asset is based on the stock indices, the return model was set on the assumption that markov-modulated jump diffusion model (MMJDM) could the Brownian motion term and jump rate be both related to market states. This model is the specific case of Elliot et al. (2007) offering. The sample observations is Dow-Jones industrial average and S&P 500 index from 1999 to 2012 by logarithm return of the stock indices. We estimated the parameters by the Expectation-Maximization (EM) algorithm and calculated the covariance matrix of the estimates by supplemented EM (SEM) algorithm. Through the likelihood ratio test (LRT), the data fitted the MMJDM better than other models. The empirical evidence indicated that the MMJDM could describe the asset return for asymmetric, leptokurtic, volatility clustering particularly. Finally, we derived different model's valuation formula for DC pension plan with type-I guarantee by Esscher transformation under rate of return guarantees is constant. From the formula, the value of the pension plan could divide into two segment: government supplement and employees deposit made pension to their personal bank account. And then, we done sensitivity analysis through the MMJDM valuation formula. We used Monte Carlo simulations to evaluate the valuation of DC pension plan with type-II guarantee and discussed it from sensitivity analysis.

我國勞工退休金新制自2005年7月1日開始實施，由過去的確定給付制改為具有確定提撥特色的「個人帳戶制」。對於勞工而言，確定提撥制和過去確定給付制不同之處在於承擔退休金投資風險的責任將由雇主轉由個人承擔。如何透過退休機制的設計以降低退休金的投資風險是近年來的重要議題，因此本文主要從個人偏好與風險的觀點探討保證投資收益率制度與制度轉換選擇權等兩個降低確定提撥制投資風險的重要配套措施。 在本論文的第一篇研究中發現，資產配置與國際投資對保證成本的影響頗大，在個人可選擇資產配置的情況下，高投資風險的資產選擇將造成政府未來龐大的或有負債。為了解決政府保證成本過高造成代內與代間的財富移轉，本文從使用者付費與個人效用的觀點探討保證投資收益率制度的設計，發現藉由設立保證投資收益上限可提升風險趨避者、損失趨避者與後悔趨避者等偏好下的預期效用，且能降低個人管理下方風險所需的提撥成本與退休計畫參加者所需繳交的保證費用，故建議政府可將投資收益率上限納入保證投資收益率制度，供退休計畫參加者選擇合於本身偏好的保證收益率上限。 在近來許多國家的公、民營退休體系由過去以確定給付制改為確定提撥制，為了降低在確定提撥制下的退休金投資風險，在美國的佛羅里達州之公務人員退休體系中，存在著可供個人選擇是否轉換到確定給付制的機制。在我國勞退新制中除了從過去的確定給付制改為確定提撥制外，亦輔以「年金保險制」供勞工選擇與轉換，若年金保險制具有確定給付制的特徵，則勞工等於是擁有一個從確定提撥轉換轉到確定給付制的選擇權，因此制度選擇權的探討對我國而言亦是相當地重要。在本論文的第二篇研究中發現，當風險趨避程度越高則轉換至確定給付制的機率越高，轉換到確定給付制的高峰期會出現在開始工作的初期與屆臨退休之際等兩段期間。隨著工作期間的延長，個人轉換到確定給付制的機率越低，但仍可有效地提升退休金的所得替代率與達到降低退休金下方風險的效果，在加入退休制度初期不得轉換的限制之後，會降低轉換到確定給付制的機率。 / The Labor Retirement Pension Act enacted in 2005 introduced defined contribution (DC) pension plan for substituting the traditional defined benefit (DB) pension plan. In the defined contribution pension plan, the investment risk is transferred to the participants. However, the design of rate of return guarantee makes the investment risk less severe for participants. In the first essay, we find that the asset allocation and foreign investment have large impact on the guarantee cost: the high risky investment may result in large potential liability of the government in the future if participants have the investment portfolio choice. This study develops a framework to analyze design of rate of return guarantee from the financial engineering and user paid principle view. We find that the cap of investment return guarantee not only increases the expected utility of risk aversion, loss aversion and regret aversion, but also decreases the contribution cost to participant associated with managing the downside risk. Around the world, the defined contribution (DC) plans have been the primary trend of pension reform in the both public and private sector. In an attempt to decrease the investment risk associated with DC plan, the public employees are provided with an option to buy back DB plan in the Florida State of U.S.A. In the second essay, we find that the higher level of risk aversion is, the higher probability to buy back DB plan is. During the employee’s early years of service and as the employees near retirement, the probability to exercise the option is the highest. The probability to exercise the option is decreasing with the years of service being increasing; the option also increase the pension replacement rate as well as decrease the downside risk of pension. The probability to exercise the option is lower, when the option to buy back the DB plan is prohibited during the employee’s early years of service.

本文係在我國勞退新制改以個人帳戶制及年金保險制中併行下，針對其中年金保險制度之爭議、規範缺失做一整理研究，並參酌美國ERISA對於企業退休計畫之相關法制提出相關建議。 自立法機關確定勞退新制將揚棄過去確定給付制之設計，改以確定提撥制作為企業退休制度之主軸起，勞動法學者即針對確定提撥制對勞工之保障不足，新舊制轉換等爭議提出諸多質疑與討論，但對於其中年金保險制之規劃多僅止於條列介紹而未多加著墨。本研究以敘述性、回顧性之方式將我國與美國之退休金制度作歸納探討，針對目前年金保險制中較有疑義之部分，以比較法之方式進一步檢討，最後提出若干建議。 本研究共分為四個部分，第一部份為我國勞工退休制度之變革。針對我國由確定給付制發展為確定提撥制之風險轉換作一分析，次介紹新制之規範內容。第二部分以美國ERISA法案為中心，對美國企業退休計畫之發展及基本實質規範進一步整理探討，以為後續我國年金保險規範分析之參考。第三部份探討我國企業年金保險之法制爭議，以現行之勞工退休金條例年金保險實施辦法及企業年金保險保單示範條款為基礎，剖析其與保險法及相關子法間之互動。並針對其中有關最低保證收益、非退休給付及退休金運用管理人之忠誠義務等議題，參酌美國之規定進行深入探討。第四部份為結論及相關立法建議。 / This thesis analyzes and examines various issues regarding the anuuity insurance scheme under the modified Taiwan Labor Pension Act (hereinafter the “Act”), which together with the individual account scheme forms the keynote of the retirement scheme under the Act. Moreover, this thesis also provides several suggestions on the Act and relevant regulations with special reference to the Employment Retirement Income Security Act of 1974. Beginning with the announcement that the prevailing defined benefit retirement program previously in effect under the Act would be discarded and replaced by a new retirement program adopting the spirit of the defined contribution program, scholars specializing in labor law ceaselessly questioned and discussed the inherent deficiency of the proposed defined contribution program as well as various issues regarding transitional measures. Most articles pertaining to the newly presented annuity insurance scheme, however, merely introduced its operation mechanism and provided little commentary. This thesis descriptively and retrospectively studies the pension system of Taiwan and the United States and reviews the discrepancy and other issues in a comparative way. Finally, this thesis will provide several suggestions for relevant issues. This thesis is organized into four parts. First is the reformation of the labor retirement scheme in Taiwan. This section begins with a risk analysis between a defined benefit and defined contribution program and further elaborates on the related content of the Act. The second part introduces the development of the Employee Retirement Income Security Act (ERISA) in the U.S. and discusses the fundamental regulations of the plan. The third portion of this thesis probes into the legal issues arising from the current annuity insurance scheme, mainly the Enforcement Rules of the Annuity Insurance Scheme under the Labor Pension Act and the Example of the Annuity Insurance Clauses, both being promulgated by the Financial Supervisory Commission, Executive Yuan, and how those regulations coordinate with the Insurance Law and its ancillary regulations. Issues arising from guaranteed minimum returns, non-retirement benefits and fiduciary duty were analyzed through comparative research with special reference to the similar provisions under ERISA. The final portion of this thesis contains concluding statements on the above analyses and offers several suggestions with respect to the current regulations of the annuity insurance scheme.