整合行銷傳播已是今日及未來傳播業界無法抗拒的風潮，並將進而帶動行銷理念與方式的革命性轉變。所謂「整合行銷傳播」，乃評估各種不同的傳播技能在策略思考中所扮演的角色，如一般廣告、直覆廣告、促銷活動、及公共關係，並將之結合，透過天衣無縫的整合，提供清晰一致的訊息，並發揮最大的傳播效益。這是時代背景與市場競爭因素的驅動下，行銷傳播的必然趨勢。 　　因此本研究期能建立一套適於國內實務界運作的規劃架構模式，提供業界做為消費性產品行銷傳播規劃上之依據。並期能運用一系統化的運用一系統化的規劃模式，發展出對消費者及其他利益關係人的最適溝通策略；有效整合對於各不同利益族群的溝通訊息以產生協調一致的對外傳播訊息；整合各項傳播工具的表現，期使各工具能用整齊劃一的調性，分別發揮其傳播上的功能特性。再進一步以理論模式為依據，分析診斷個案狀況提供可行之建議；探究在面對不同的消費者、產品類別、與環境成員時，行銷傳播策略的相同及相異處，以歸納出企業對外溝通訊息最適之呈現方式與組合。 　　本研究屬於探索性研究，藉由對國內外相關文獻的探討來建立理論架構基礎，再者利用個案深入訪談的方式瞭解及分析實務案例以驗證該架構，並達成本研究之目的。 　　經由文獻探討與對實際個案的研究分析，本研究發現此一理論模式確能做為業界行銷傳播規劃之依據，並可藉以發展對各利益關係人的最適溝通策略、整合對外傳播訊息及各項傳播工具的表現，並適用於不同之個案狀況，可據以分析行銷傳播個案與提供建議。此外並據以提出策略義涵，包括重視消費者資料庫及品牌忠誠度分類、分析企業利益關係人、深入瞭解各傳播工具之特色並靈活運用，以及重視消費者公關等等。

本論文使用大中取小原則及目標規劃技術，提出建構投資組合的數學規劃模型。要求此投資組合面對於不確定的股市，能夠在控制風險最小的情況下穩定且具有成長性的獲利。論文內探討如何透過數學的限制式來控制風險，而又能兼顧穩定且具有成長性的獲利，同時模型也可針對不同投資者的需求設定其數學規劃模型。最後以台灣股票市場做為實證分析的對象，給予不同的參數設定來驗證投資組合的表現。實證發現若以期初的配置比重持有到投資期間結束，此投資方式的績效欠佳。因此論文中進一步探討最佳的調整週期，實證顯示每經過8週，根據最新的資訊，重新調整建立新的投資組合，投資績效最好。 / This thesis proposed a mathematic programming model to construct a growth portfolio by using the mini-max principle and goal programming technique. The constructed portfolio is required to minimize the risk and to earn a stable profit under uncertain market. In the thesis, we discussed how to control the risk and maintain the growth of the portfolio by using the linear constraints. The proposed model also provides several parameters setting to meet the different investors' requirement. Finally, an empirical study will be provided by using the data from Taiwan’s stock market. The portfolios are constructed by giving different parameters and the performances are reported. The empirical study showed that holding a portfolio through the entire investment period without rebalance yield the performances that are not good. Therefore, the rebalance timing is investigated and the empirical study showed that a portfolio with rebalance strategy by every 8 weeks yield the best performance.

台灣電腦週邊設備製造業的發展，一直以來與 PC 產業發展具有高度關聯性。本產業大約從1980 年代開始，國內廠商大多以代工模式興起。自1990 年起，產業進入快速成長階段，產能規模持續成長，台灣亦成為電腦週邊設備的製造重鎮。而近年來隨著科技產業的蓬勃發展，電腦週邊設備更是越來越複雜，產品種類不僅繁多、汰換率高且產品生命週期日趨縮短。再加上產業集中化與微利化的情形下，彼此之間的競爭更是激烈。 本論文研究是以台灣電腦週邊設備製造領導廠商G公司為個案，研究其將近三十年之行銷實務經驗，以提供未來台灣新創中小事業行銷組合策略之參考依據。在藉由本次行銷組合策略的分析過程中，讓我們更加了解電腦週邊設備製造業的現況及未來發展趨勢，以及如何面對產業的快速變化和不確定性。 文中是以訪談G公司經營高層，以及蒐集其他相關文件資料的方式，來探討國內電腦週邊設備製造商行銷組合策略，並將所獲得之成果進行衡量，其中研究之影響變數有市場區隔、目標市場、市場定位、產品定位、研發創新能力、行銷通路布建等等。透過本個案研究之結果，提供下列數點建議，以供台灣新創中小事業之借鏡： 1.透過明確的市場區隔，可穩定成長並避免與市場既有廠商競爭及攻擊。 2.要能掌握通路布局並與經銷商保持良好關係。 3.妥善運用區域彈性定價，以保持公司競爭強度及獲利。 4.發展品牌，以避免落入價格競爭。 5.技術領先與創新產品，保持公司競爭力。 6.積極參與國內、外產品展，藉以快速打開知名度。 關鍵字：新創事業，市場區隔，行銷組合策略。 / In Taiwan, computer peripheral equipment manufacturing industry has been highly associated with the PC industry. About the industry from the 1980s began, most domestic manufacturers rise to the OEM model. Since 1990, the industry entered a rapid growth stage, the capacity continued to grow; Taiwan has become the manufacturing center for computer peripherals. In recent years, the rapid development of the technology industry, computer peripheral equipment is more complex, not only the range of product categories, replacement rate and increasingly shorter product life cycles. Coupled with industry concentration and the case of shrinking profit margins, more competition between them is intense. This thesis is based on Taiwan's leading computer peripheral equipment G Co., as a case study of marketing practices for nearly three decades of experience, to provide for Taiwan's future small new ventures marketing mix strategy of reference. By this time in the marketing mix strategy analysis process, our understanding of computer peripheral equipment manufacturing industry development status and future trends, and how to deal with the rapid industry change and uncertainty. The article is based on interviews with the senior management of G co., and to collect other relevant documents, to explore the domestic manufacturer of computer peripherals marketing mix strategies, and measure the results obtained, which studies the impact of variables there is market segmentation, target market, market positioning, product positioning, R & D innovation, marketing channels, and so on. Through the case study results, the following points provide suggestions for the new ventures: 1.Through the market segmentation, we can stable growth and to avoid competition with existing companies and the victims of its attacks. 2.We should be able to master channel and maintain good relations with retailers. 3.Good use of flexible pricing strategy to maintain ours competitive and profitability. 4.To develop the brand in order to avoid falling into the price competition. 5.Technological leadership and innovative products, to keep the competitiveness of company. 6.Involved in domestic and international electronics show, in order to build brand awareness quickly. Keywords: New Ventures, market segmentation, marketing mix strategies.

本論文研究股票分類與否對投資組合報酬有無差別，因此以目標規畫方式提出兩個混合整數線性規劃模型建立投資組合。在考量市場風險上，兩模型的差別在於一個是單股比重的限制，另一個是類股數目的限制。兩模型中均考慮交易數量為整數與實務中的交易成本，且採用了0-1決策變數，決定股票及類股的選取與否。並以台灣股票市場作為實證研究對象，探討兩模型投資組合在市場不同走勢下的表現，同時也觀察股票分類後，探討選幾個類股數會有較佳的績效，並分析投資組合建立後多久應該進行調整。 / This thesis studies the effect of return of a portfolio while restricting the number of asset category. Two mixed-integer linear programming models are proposed by using the goal programming technique. In consideration of the risk, the difference between these two models is that one focuses on a single stock restriction, and the other is on the asset category restriction. The integer restriction and transaction cost are included in the model while using binary decision variable to indicate the selection of an asset and the selection a category. Finally, an empirical study will be presented by applying to Taiwan’s stock market. The performances of these two models are discussed. Moreover, the best number of category in the portfolio and the best timing of rebalance are also investigated.

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.

關於Merton (1969) 最適投資組合策略問題，所考慮之投資情境為：一個將其財富資金安排配置於風險性資產(各類證券)與無風險短期現金部位之投資人，在給定此投資人心目中財富效用函數之前提下，希望事先決定出投資組合之最適投資權重(策略)，藉此達成在投資期滿時極大化財富效用之期望值。基於Merton (1974) 公司價值觀點，具有違約風險之證券(公司債與股票)乃是公司價值之衍生性商品，無法以傳統資產配置對股票與債券部位採取現貨方式處理最適投資策略，在此必需同時結合財務工程處理衍生性金融商品計價與避險之技術來解決。本研究利用Kron & Kraft (2003) 彈性求解法來針對市場是否有投資限制、債券提前違約、到期違約及利率隨機與否等假設，基於不同投資組合情境分析來最適投資部位策略。本研貢獻和究創新突破之處在於特別探討公司違約時，債券投資人不再享有全部公司殘值之求償權，此時股東亦享有部份比例之求償權，違約後之公司殘值將由債券投資人與股東兩者比例共分之特殊情境下，對數型態財富效用之投資人對於提前違約風險之接受度高於到期違約風險，若一般情境(股東無任何求償權)則為相反。此外亦特別提供最適成長投資組合之動態避險策略封閉解，藉以提供投資人面臨企業違約風險時應制定之投資決策與動態調整，使本研究臻至週延與實用。 / Under the Merton (1969) optimal portfolio problem, we only consider the specific investor, whose wealth utility follows the type of logarithm function; wants to maximize the expected value of the terminal wealth utility through determine the optimal investment strategy in advance. He divides his wealth into the riskless asset and risky assets such as the money market account and the various-risky securities issued by the corporate. Based on the Merton firm value framework (1974), the defaultable securities, such as the corporate bonds and stocks, are the derivatives instruments of the firm value. It will be inappropriate if we deal with this optimal portfolio problem under the original methods. Therefore, we need to handle this optimal asset allocation problem through the pricing, valuation and hedging techniques from the financial engineering simultaneously. This study apply the elasticity approach to portfolio optimization (EAPO, Kraft ,2003) to solve the optimal portfolio strategy under various scenarios, such as the market contains the investment constrain or not, intermediate default risks, mature default risk, interest rate risky under the stochastic process. The innovation and contribution of this paper are especially breaking the common setting and analysis the optimal-growth-portfolio strategy under the special scenario. In the common setting, as soon as the default event occurs, the residual firm value will be claimed by the corporate bondholders with fully proportion and the stockholder cannot share any residual value. Oppositely, the stockholder will be able to share the residual firm value proportionally with the corporate bondholder together under the so-called special scenario. We found that the investor would have higher acceptance of the premature default risk than the mature default risk in the special scenario. This phenomenon will be reversed under the common scenario. Furthermore, in order to make this study more completely and useful, we do not only illustrate the optimal investment strategy but also provide the closed-formed solution of the dynamic hedge strategy of the risky position, composed by the defaultable securities. This could help the optimal-growth-portfolio-oriented investor to make investment decision while they face the firm value downward decreasing.

近十年來，由於金融商品價格波動的劇烈衝擊，而引發許多重大金融事件與危機，再加上我國預計於明年正式實施新巴塞爾資本協定，各金融機構無不卯足全力，重新審視其風險衡量能力。而為了正確且有效地掌握風險曝露情況，金融機構最常採用的市場風險衡量方法，便是風險值（Value at Risk）與壓力測試（Stress Testing）兩大工具。 本論文的主要目的有二：第一、藉由介紹常見的風險值計算方法與壓力測試方法，並探討其優缺點及限制，希望能讓金融機構的風險管理者對其有更深一層的認識。第二、風險值法雖能衡量一般情況下的可能損失，但通常引發金融危機的主因，多是極端損失所造成的強大壓力，故本文透過搜集實際的市場資料，針對過去曾發生的壓力事件，檢驗三種風險值計算方法與兩種壓力測試，在壓力情境下是否仍能準確、有效地衡量風險。 最後透過本文的理論闡述與實證分析結果，希望能在前述五種風險衡量方法中，找出一較為有效的壓力損失衡量方法，提供予金融機構的風險管理者，幫助其更靈活運用風險管理工具，進而提昇國內金融機構的競爭力。

由實務現象可觀察到有愈來愈多的企業採取在同一個產品類別裡，推出多個品牌的模式，亦即以品牌組合的策略來和競爭對手抗衡。而進一步分析這些擁有多個品牌的企業歷史可發現有三項因素會影響到其品牌組合的內涵，即其所採行的企業成長策略、所累積的企業品牌之品牌權益，以及品牌組合所欲追求的目標。 本研究以三種企業成長策略：密集式、整合式、多角化，與五項目標追求：綜效、槓桿運用品牌資產、維持和消費者的相關性、打造強勢品牌、創造產品的明確性，分別檢視六家多品牌企業的品牌組合內涵。 研究方法採用個案研究法，選定六家個案企業：黑松、味全、王品、花王、郭元益、豐田等進行深入訪談並蒐集各類型的次級資料，整理出各個品牌的市場表現及形成背景，還有目前各企業品牌的品牌權益表現，以及從創立到現在採行過的成長策略、策略選擇的背景、所要追求的目標，以及達成的效果；此外更進一步了解個案企業如何將有限資源分配到各品牌以及各品牌如何發揮其角色與功能。 研究發現：(1)成長策略會直接影響品牌組合策略之內涵;(2)「成長策略影響品牌組合策略」之關係會受到企業品牌之品牌權益調節；(3)品牌組合目標之設定有優先順序之別；(4)企業的成長策略會直接影響品牌組合目標之達成；(5)品牌組合目標會直接影響品牌組合策略之內涵；(6)品牌組合目標之追求會直接影響企業成長策略之選擇；(7)企業品牌擔任背書品牌的前提為企業品牌擁有高品牌知名度與極佳的知覺品質認知；(8)形成「共同推動之副品牌」的前提為此副品牌擁有高品牌知名度與極佳的知覺品質認知；(9)主品牌、副品牌、品牌差異者、策略性品牌、增色品牌、品牌活化者愈多時，愈能提升企業品牌之品牌知名度；(10)一企業採行密集式之成長策略有先後關係。 / From practice can observe there is more and more companies take multi-brand strategy in a single product category. In other words, they compete with others by brand portfolio strategy. Further analyze these companies can find there are three factors will influence the content of their brand portfolio strategy: corporate growth strategy, brand equity of corporate brand, and the brand portfolio objectives. This study is trying to examine the content of brand portfolio strategy of six multi-brand companies with three kind’s corporate growth strategy: intensive, integrative, and diversification. And with five types of brand portfolio objectives: synergy, leverage, relevance, strong brand and clarity. This investigation is based on a case study research. The cases include Hey-Song, Wei-Chuan, Wang-Steak, Kao, Kuo-Yuan-Ye, and Toyota. By depth interview and gathering multi-kinds of secondary data, the study gets each company’s contents of brand portfolio, such as current performance, background, brand equity, corporate growth strategy, and brand portfolio objectives. Besides, this study also finds out each case how to allocate the limited resource and how to define each brand’s role and function. The result reveals: (1) growth strategy will directly influence the content of brand portfolio strategy; (2) the relationship between growth strategy and brand portfolio will be adjusted by equity of corporate brand; (3) the brand portfolio objectives have priority; (4) growth strategy will directly influence the effectiveness of brand portfolio objectives; (5) brand portfolio objectives will directly influence the content of brand portfolio strategy; (6) brand portfolio objectives will directly influence the choosing of growth strategy; (7)the premise of corporate brand as endorser brand is that the corporate brand owns high brand awareness and excellent quality perception; (8)the premise of being co-brands is this sub-brand owned high brand awareness and excellent quality perception; (9)the more master brand, sub-brand, brand differentiation, strategic brand, silver brand or brand energizer, the higher brand awareness of corporate brand will be; (10) there is priority when a company taking intensive corporate growth strategy.

本論文主要在探討以移動平均法則為基礎的簡單技術分析指標，以及時間序列模型在台灣股票市場是否具有獲利能力，研究期間為1987/01/01-2006/12/31共20年的樣本期間。我們發現只有使用(1,50,0)和(1,50,0.01) 這兩個移動平均交易法則時才有顯著的報酬；並以AR(1)-GARCH(1,1)-M作為時間序列的預測模型。研究發現在股價上漲的時候，技術分析指標的確有較好的預測能力；而在股價下跌時，利用時間序列模型有較佳的獲利能力。因為技術分析指標與時間序列模型分別捕捉到不同的資訊，將兩預測工具結合在一起應該可以得到一個更好的組合預測指標。本文的實證研究發現此一組合預測指標，不管是在多頭或空頭期間時，都可以比使用單一分析工具獲得更高報酬。

近年由於全球氣候變遷影響及台灣不斷發生有關黑心產品的負面新聞，國人在食衣住行上愈加重視自身健康，而在穿著上，吾人可以察覺許多成衣通路品牌開始主打訴求健康材質的紡織商品，在有機紡織品方興未艾的情況下，有機棉由於較其他有機材質，如蠶絲、竹纖等在成本上更便宜且市場接受度高，諸如Nike、Zara、Muji等品牌產品系內皆可看到有機棉的身影，然而，若論及100%有機棉的紡織品，受限於有機認證的製程，導致現有產品設計感不足；款式與顏色相較於一般成衣製品更加單一。從消費面角度切入，多數品牌業者多著重於婦幼市場，近年則可窺見有廠商著眼於其他利基市場，而這波倡導健康自然的風潮中，同時也吸引許多有志於加強流行元素且改變產業現狀的創業者投入有機棉服飾產業鏈中。本研究的產生，是致力於提供具備小資本額且欲進入有機棉服飾價值活動的新創業者關於有機棉價值鏈的現況與後續策略建議，故在研究方法上第一階段會以質化訪談出發，釐清有機棉服飾產業外部環境與在個別價值鏈關鍵成功因素，配合個案公司新創品牌的內部資源，相互映證後釐清個案公司新創品牌的產業進入策略與後續營運策略。而本研究透過上述整體評估後，認為網路通路端較適合新創品牌，因此在後續研究方法的第二階段的消費屬性量化研究將會根據質化基礎深入研究消費者網購服飾行為，為新創品牌分析進入有機棉服飾網購產業的有效行銷策略。