信用違約交換是為一種保護，信用交易市場所謂買入保護或賣出保護。信用相關性產品意指資產組合內個別信用個體之間違約相關性所定價的產品。這些產品包含合成式債信抵押債券（synthetic CDO）、第N次違約組合（The N times To Default baskets or NTD baskets）和與匯率或利率連結合成式債信抵押債券或第N次違約組合之高收益債券（Hybrids），進一步的發展為更具流動性信用違約交換組合指標（CDS indices）。 相關性市場暴露幾種形式的風險。主要風險包括違約風險、突發違約風險、差價風險（spread risk）、差價凸性風險（spread convexity risk）、隱含相關性風險（implied correlation risk）和時間遞減（time decay）。 相關性投資人會因資產組合隱含相關性風險變動而提高市價評估波動性。然而，相關性交易員操作Delta避險部位仍暴露相當高隱含相關性風險。Delta是相關性函數，在不斷的Delta平衡操作中，使得交易員在買入或賣出相關度時產生獲利或是損失。因此，相關性交易隔絕風險是藉由不斷修正結合不同信用層、信用違約交換指標或單一信用標的信用違約交換暴露。 本篇文章提供相關性交易指導，且所包含要點如下： （一）市場展望、規模、結構及參與者。 （二）信用違約交換及違約相關性分析及相關性產品成長。 （三）評估違約相關性及相關性產品定價。 （四）相關性交易Delta避險、敏感度（Rho）、差價凸性（spread convexity）及突發的違約風險（Instantaneous Default Risk）。 （五）相關性策略（Correlation Strategies）。 / Credit default swaps are also known as “protection”. Transactions in the market are usually referred to in terms of either buying or selling protection. Credit correlation products refer to portfolio-based products where the price of the product is a function of default correlation between the individual credits in the portfolio. These include products such as synthetic CDOs（including single-tranche）, Nth-to-default（NTD）baskets and hybrids such as FX or IR structures linked to a CDO or NTD. Participants in the correlation market are exposed to several type of risk. The key risks include default swap, instantaneous default risk, spread risk, spread convexity risk, implied correlation risk and time decay. Correlation investors are exposed to the MTM volatility arising out of changes in implied default correlation of the underlying tranche. However, correlation traders with delta-hedged portfolios maintain a relatively high exposure to implied correlation. Delta is a function of correlation and consequent rebalancing of deltas can lead to gains and losses for correlation traders based on whether they are long or short correlation. Therefore, correlation traders can isolate the risks via a correct combination of different tranches, CDS index and single-name CDS exposures. This report provides a user guide to correlation trading and covers topics including the following： （1）Market prospects、scale、structure and participants. （2）Credit default swap、default correlation analysis and the growth of correlation products. （3）Evaluating default correlation and pricing correlation products. （4）Correlation trading about Delta-hedged、Rho、spread convexity and Instantaneous Default Risk. （5） Correlation Strategies.

台灣自從1997年開放行動電話通訊業務並於2002年開放3G行動業務後，使得手持裝置與動通訊業務蓬勃發展，行動電話普及率於2003年曾經創下世界第一的紀錄，代表著台灣消費者已經接受行動通訊成為生活中的重要環節；隨著個人生活與商業型態的發展，消費者僅用一個門號已經漸漸不敷使用，多門號使用的需要，逐漸成為數位生活裡的新需求。此外，隨著消費者開始普遍地接受智慧型手持裝置在生活的上帶來的便利，智慧型手機的普及率也在這幾年持續快速的增長，利用智慧型手機的擴充方便性，加上對於多門號使用的需要，便衍生出所謂的智慧型手機多門號的衍生性產品的發展。 過去探討創新商品多主要以產品的相對優勢為重心，但是創新產品的擴散還與資訊搜尋、道德危機與專屬資產3大因素有深遠的關係；此外，創新產品在導入一個市場的過程當中，還需要經過通路零售商，才能到達消費者的手中，中間過程當中通路零售商便有舉足輕重的影響力。本研究以台灣智慧型手機消費者為研究範圍，以4C交易成本為主要理論，從消費者的觀點與不同面向，輔以分析通路零售商的關係與影響力，來探討創新產品的進入一個市場的行銷策略。 最後，透過實際個案資料的彙整與關鍵價值鏈中重要角色的深入訪談，分析在該競爭環境之下，除了如何調整行銷策略使消費者更加容易採納之外，並使公司與競爭者相比能擬定出更具競爭優勢的策略規劃。面對未來創新產品開發與利基市場的經營，相信後續之研究可以利用本研究結果為基礎，進行更進一步、更廣泛、更深入的專研。 / Taiwan government, in 1997, releases the license of telecommunication business and enables 3G mobile business in 2002, it has made handheld devices and mobile communications business to flourish. Telecommunication penetration rate hit the record of 1st in the world in 2003, which represents that Taiwanese consumers have accepted the mobile communication and it has become an important part of life. According to the change of personal life and business patterns, consumer with single mobile number has become gradually inadequate. The need for multiple numbers has gradually become the new demand of digital life. In addition, as consumers generally begin to accept the smart handheld device convenience in their life, smart phone penetration also kept rapid growth in the past few years. Make use of the expansibility of smart phone and the need of multiple mobile numbers, it nurtures the development of the so-called smart phone multi-number derivative products. The analysis of innovative product focuses on the comparative advantage. It’s not enough. The diffusion of innovative product has involved other 3 factors, including information search, moral hazard, and asset specificity. Besides, in enabling one innovative product into a market, consumer has to digest the information of the product through distributor and retailer. In the process, Distributor and retailer play the significant role to have the influence on the purchasing. Based on the case study of company A and significant data through interviews with key players in the value chain, this thesis is going to analyze the status of competition of the product and company among competitors. By the analysis, it’s able to figure out the proper strategy, not only encourage consumer to adopt the product, but also secures the vantage position in the market. Hope the thesis can become a good reference to benefit other searchers in the development of innovative product and the approaching of niche market.