追求顧客滿意度極大化向來是企業提升獲利的首要方法，相關研究中亦顯示提高整體顧客滿意度有助於企業整體營運績效提升。然或囿於資料蒐集不易等因素，針對個別顧客之滿意度高低是否實際上能影響其貢獻度的研究卻付之闕如。本研究欲探討顧客滿意度與其貢獻度是否存在明顯之關聯性，故先依據過去學者針對滿意度所提出的理論基礎，修正調整後進行顧客滿意度調查，再針對相對應顧客之實際交易行為進行分析，期望能為缺乏相關研究的顧客滿意度及顧客貢獻度之關聯性，做出學術上的貢獻，並對現在蓬勃發展的銀行理財業務，提出具體的建議。 / 本研究針對個案銀行顧客發放3,000份滿意度調查問卷，並比對回收有效問卷（有效問卷共373份）之個別客戶實際貢獻度資料。本研究主要發現及建議如下： / 一、提高個別顧客的滿意度無法顯著提升（或僅能微幅影響）其貢獻度。 （一）目前銀行業者為了提高顧客滿意度所進行各式各樣的投資，並不具有太多的實質效益，對於現今銀行業發展財富管理的方向而言，不啻為一種警訊。 （二）未來業者發展財富管理業務，不能只把重心放在如何提高顧客滿意度上，或誤認企業獲利的目標等同於顧客滿意度的提升。 （三）銀行業者未來應該將資源分散，不盲目的集中於提升顧客滿意度的投資上，而是積極的尋找其他能真正創造顧客貢獻度的投資標的，諸如經營體質的強化、風險控管的落實、企業形象的提升等。 / 二、在台灣，由於大多數顧客同時與一家以上的金融機構有存款、投資等業務往來，在銀行業務極為競爭的年代，為免造成客戶的移轉或流失，維持與同業相當的顧客滿意度水準仍十分重要。 / 三、產品品質、服務品質與顧客滿意度皆有正向影響，而由於服務業的行業特性，影響銀行業顧客滿意度的主要因素仍為服務品質。本研究建議銀行業者若要藉由提升產品品質、服務品質，來提升顧客滿意度，應特別重視專業度、實體設施，以及產品多樣性這些方面的提升。 / Increasing customer satisfaction has become the guiding principle for many enterprises in order to maximize their profit. Although many researchers have conducted studies regarding the relationship between customer satisfaction and profitability, these studies are mainly focused on the organizational level, comparing organizational performance with customer satisfaction across firms. In contrast, there is limited evidence of the relationship between customer satisfaction and customer contribution at the individual level. In other words, we are not sure whether more-satisfied customers really bring in more profit. / This empirical study examines the correlation between customer satisfaction and customer contribution at the individual customer level. Combining both customer satisfaction survey results and archived customer contribution data, the study examined responders’ satisfaction with their actual contribution to firm profits. / The case studied is a large bank in Taiwan. By sending out 3,000 questionnaires to customers of the consumer banking services, we collected 373 effective responses. The empirical results of this study are as follows. / Both product quality and service quality have positive effects on customer satisfaction, but service quality is more important than product quality in the retail banking business. It was determined that the top three effective ways to improve customer satisfaction are to improve professionalism of financial advisors, to make the facility more customer friendly and more comfortable, and to offer a greater diversity of financial products. However, the findings also indicate that customer satisfaction has very low correlation or even no significant correlation with individual customer contribution. / Although banks today invest much in creating customer satisfaction, this strategy may not be the way to achieve profit maximization. There are numerous other issues involved in profitability increase, including managerial efficiency, corporate governance, corporate image, etc. In fact, the most important factor that influences bank customers’ investment decisions may be the state of the economy (i.e., the stage of the business cycle) rather than customer satisfaction.

人口預期壽命的變化一直以來皆被視為是人類發展與進步的指標之一，其成長更為人們所樂見。當人類預期壽命普遍成長且達一定壽命水準時，兩性存活年數的差距仍為一常見的現象。假設社會的發展與變遷對同一社會中的兩性人口造成相異的衝擊，此種差異性會進一步透過兩者間壽命差距的狀況加以反映時，在追求兩性平等與均衡發展此社會目標之驅動下，對兩性壽命水準差距狀況的瞭解乃為提升兩性存活狀況、創造均衡之兩性社會並進而採取相關策略前重要的一步。 本研究利用內政府統計處所編列之台灣地區簡易生命表做為主要的分析資料，從透過對台灣地區兩性壽命差距於國民政府遷台後之1950起至2004年此55年間變化之關注做為出發點，發現兩性壽命於55年間其增長變化上雖然呈現相似的變動狀態，然而女性於各時期內優於男性之成長幅度則是造成日趨擴大之兩性壽命差距之由來。又兩性出生時平均餘命其變動上所呈現的階段性則與兩性壽命差距水準變化上所出現的四階段有其關聯性。此外，兩性於各年齡別平均餘命之增長，大致來說，主要發生在10-60歲組中，70歲以後之較高年齡組中，兩性存活餘命的成長則較不顯著，且兩性餘命差距隨著年齡別的增加而減少。兩性於各年齡別上餘命之差距，在研究觀察的55年間呈現穩定，只是，1960年以前兩性出生時平均餘命與其他較高年齡組上之平均餘命間呈現較為特殊的型態，此乃說明造成兩性壽命差距之年齡別死亡率有異。 本研究將Arriaga(1984)所提，用以分解兩相異之平均餘命，而以不同年齡別中兩性死亡率差異分別對兩性預期壽命差距所作之貢獻加以表示時，發現，兩性在40-79歲間死亡率的差異是造成兩性壽命差距最主要的貢獻年齡別，其中以60-69歲組為最。此外，面對0-9歲組中兩性死亡率差異狀況對該時期兩性預期壽命差距之貢獻型態於1960年前後所呈現之相異性時，一方面有對該時期兩性死亡率之資料加以檢定之必要性外，其所可能象徵之女性生存狀況受其地位改善之影響，抑或為男性存活狀況變化等推測的驗證雖不在本研究所觸及之範圍內，然而透過本研究分析結果中所掌握造成兩性壽命差距之年齡組別，則有助於日後在企圖釐清造成兩性壽命差距之因以進一步改善兩性存活狀況時一切入點。 / Life Expectancy of human beings, one of the indices of human development, has been generally growing since the beginning of the 20th century and the increase in the life span of human is also taken as the result of the improved medical techniques and social conditions. In the face of the growth in life expectancy at birth both of the male and female populations in Taiwan during the past 55 years, 1950-2004, the gender differential of life expectancy at birth or at any other specific age still exited and even got expanding. The difference in life expectancy at birth between the male and the female was 2.64 years and in the year of 2004, it came to be 6.24 years. Suppose the growth of human life expectancy at birth or at any specific age in both female and male populations implies that social changes and developments brought positive impacts not only on the female but also on the male during the observation period of 55 years. Obviously, the existing and expanding gender differences in life expectancy somewhat indicates that the impact of the social changes and developments on the male and the female weren’t comparable in qualities. The main concern of this article is about the change of the differences in life expectancy at birth between the male and the female in Taiwan during the past 55 years, 1950-2004. Dismissing the discussion and investigation of the practical and real causes of the gender difference in life expectancy, the researcher intended to give the reason to the expanding gender difference in life expectancy by comparing the way male and female life expectancies evolved. In addition, adopting the decomposition method developed by Arriaga(1984) originally for decomposition of changes in expectation of life at birth, the researcher was using this method to decompose the gender differential in life expectancy at birth and evaluated the contribution of the gender differential in mortality within each specific age group to the ultimate differential in life expectancy at birth between the male and the female each year during the observation period and the shifts in the significance of these age groups in the past 55 years. In this article, the researcher separated a person’s life into several age groups,0-9,10-19,20-29,30-39,40-49,50-59,60-69,70-79 and 80 above, to symbolize the different stage of a person’s life. The male and the female experienced similar pattern in the changes of life expectancy. However, the improvement of female life expectancy was greater than that of the male’s in any specific period of the past 55 years , which caused the increasing difference in life expectancy between the male and female in Taiwan. The higher the age is, the less the gender difference in life expectancy at that specific age is. As the male is able to live long enough to a higher age, they are more likely to overcome the survival predominance of the female and the gender difference in life expectancy at a specific age would diminish. In addition, as for the contributions made by each specific age group, during the observation period of 55 years, gender differential life expectancy at birth had been coming from the gender differential in death rates within 40 to 80 years old. The contribution made by the age group of 60-69 made had been the most significant one. Mostly, the living ability of the female was much more superior to that of the male at any specific age even if the significance, each age groups held, somewhat had been shifting during the 55 years. Noticeably, the type of the contribution, age group of 0-9 made, was very different after 1960. Before 1960, men demonstrated a better survival ability than women did within this age group; however, after 1960, the superiority of men came into disappearance. As for the change of the contribution this age group of 0-9 made, we need to have more information and data to gain the further ideas it might bring about.

近年來金融市場情勢瞬息萬變且波動劇烈而令投資人難以捉摸，導致被動式投資重獲投資人的青睞。市值加權法是最普遍被使用的指數編製方法，傳統市值加權指數的缺點，主要有投資組合主要集中於特定成份股與暴露於不會吸引風險溢價的各類風險因子中，這些缺點促成Smart Beta策略的發展，未來將有許多具備不同風險與報酬水準的指數供投資人參考。本研究選用近幾年提出不需仰賴預期報酬假說的等量風險貢獻度投資組合(ERC)建構方式，以台灣50為基準，利用其成份股建構投資組合，探討權重與風險分散特性，並且檢視其績效表現與報酬風險輪廓。為了有比較上的基礎，除了與台灣50做比較外，也另外選用以風險分散角度所配置的投資組合建構方法：等權重投資組合(EW)作對照。 　　研究結果發現全樣本時期，等量風險貢獻度投資組合在事後相較於台灣50擁有較低的波動度。當市場趨勢向下時，除了能維持其低波動的特性，還能提供某種程度上的抗跌能力。然而，以報酬率和Sharpe Ratio指標來看，表現皆不如台灣50，但優於等權重投資組合。同時，依不同經濟狀況與時間區間檢視投資組合績效表現，等量風險貢獻度投資組合能將波動度控制在較低水準，但績效表現上較不穩定。 　　本文透過HHI指數及吉尼係數衡量持股集中度與風險集中度。以持股權重分配的特性來說，台灣50極端集中於少數股票上，等量風險貢獻度投資組合和等權重投資組合則相對較平均。以風險權重分配的特性來說，台灣50風險權重過於集中，風險權重較平均分散的組合則為等量風險貢獻度投資組合。 / Traditional capitalization-weighted approaches are the most common ways to construct indexes. However, during market up turns, the capitalization-weighted indexes may be influenced by a small number of large-cap stocks. Smart beta indexes have recently prompted great interest among academic researchers and market practitioners. Risk-based indexes are an important category of smart beta. In this article, we explore equal risk contribution portfolio (ERC), which is risk-parity based smart beta. The portfolio implies to determine the weights so as to obtain the same risk contribution for each asset. The aim is to minimize the concentration in terms of risk contributions. In this paper, we examine whether or not ERC portfolio can outperform a buy and hold, capitalization-weighted and equally-weighted allocation in different economic environments. We also compute the parity in portfolio “risk allocation” and parity in “asset class allocation” using HHI index and Gini coefficient. 　　We consider here real-life applications with stock universe: the Yuanta /P-shares Taiwan Top 50 ETF. We compute smart beta portfolios by using the one-year empirical covariance matrix of stock returns. Empirical applications show that ERC portfolios generally are inferior in terms of return performance and Sharpe ratios. It does have some characteristics such as balanced risk allocation and less volatile performance characteristics. It also exposes to lower maximum drawdown. ERC portfolio provides the best ex ante and ex post “parity “in asset class risk contribution. On the other hand, the capitalization-weighted portfolio is concentrated in terms of weights and risk contributions. The statistics suggest to us that the capitalization-weighted portfolio’s superior Sharpe ratio is largely due to its higher returns.

由於智慧型手機與各種手持裝置日漸普及，4G行動上網速度與行動支付安全性、便利性與即時性的提升，行動支付（Mobile Payment）在這幾年已然成為電信、金融、手機軟硬體製造產業之間最熱門的話題之一，多樣化之支付型態因應而生。將個人行動裝置結合金融支付工具進行交易，讓使用者不需帶錢包出門即能輕鬆完成小額支付是未來趨勢，世界各國行動支付的比例逐漸提高，邁入無現金社會。 台灣電信運營商也積極在行動支付戰場爭取一席之地，陸續推出電信運營商帳單代付（Direct Carrier Billing，DCB）及近距離無線通訊（Near Field Communication，NFC）相關行動支付應用服務，以增加創新服務體驗及客戶黏著度，最終目標為提高客戶平均貢獻度（Average Revenue Per User，ARPU）。 本研究採用質性研究方法，透過次級資料蒐集、整理及分析，瞭解國外電信運營商之成功案例從中擷取鑑往知來的想法和做法，再深入觀察目前國內電信運營商在DCB的壞帳風險過高的問題及NFC電子錢包等行動支付之發展現況與窘境。最後提出建議，建議一為推動成立「電信聯合徵信中心」以共同降低壞帳風險，同時針對DCB用戶之消費項目進行分析以精準行銷並提升ARPU；建議二為推廣以「行動號碼」為數位身份認證（Mobile Connect）之行動支付平台，不僅可增加電信運營商之營收，更能夠滿足消費者追求快速、便利、安全性的需求。 / With the increasing popularity of smart phones and handheld devices, The 4G high mobility speeds and the security, convenience and real-time of mobile payment were improved. In recent years Mobile Payments have become a hot topic between the telecommunications, financial industry, mobile hardware and software manufacturing industry, diversified payment patterns in response. It is the future trend to combine personal mobile devices with financial payments tools so that users can easily make small payment no need to bring their wallet. The proportion of the Mobile Payment by countries in the world is gradually increasing and moving towards a cashless society. Taiwan's telecom operators are also preparing to carve out a niche for themselves in the mobile payment battlefield by launching Direct Carrier Billing （DCB）and Near Field Communication（NFC）related mobile payment application service to increase innovative service experience and customer adhesion, The ultimate goal is to enhance their Average Revenue Per User（ARPU）. This research uses Qualitative Research Methods by collect, collate and analyze secondary data to understand the ideas and practices of observing the successful cases of foreign telecom operators to capture from the past to further understanding and solutions. And in-depth observation of the current domestic telecom operator’s highly bad debt risk in DCB and development situation and dilemma of the NFC related mobile payments. Finally, suggestion one is to facilitate the establishment of "Telecom’s Joint Credit Information Center" to reduce the risk of bad debts and then analyze the consumption items of DCB subscribers for precise marketing to enhance ARPU. Suggestion two is to promote “Mobile Connect” digital authentication solution with “Mobile Directory Number” in mobile payment’s platform. It not only increases the revenue of telecom operators, but also satisfy needs of consumer’s about seeking fast, convenient and safe.