隨著全球經濟的不斷發展和台灣海島型經濟的本質，台灣經濟體容易受到國際經濟的影響，相應地，國際經濟帶來的匯率波動也牽動台灣企業的獲利能力，特別是依賴進出口維生的國際貿易企業。因此以從事國際貿易為主的台灣進出口商不得不正視外匯風險議題，且須理解到唯有透過外匯風險管理機制才能幫助企業有效地規避風險，達到企業風險控制之效。 有鑑於此，本研究選取台灣某家以進口建築用與電子用膠帶為主的 A 國際貿易進口商為個案。由於 A 公司核心業務主要是透過與日本企業合作，因此交易幣值也以日幣計價。由此可知，在現行的浮動匯率制度下，匯率的變動勢必大幅度地影響本研究個案公司的財務表現。這也明確點出，對本研究個案公司而言，外匯風險管理機制顯得格外重要，也有其存在的必要性。因此，為解決本個案公司的外匯風險管理議題，本研究將使用個案研究法，借鏡國外企業普遍使用的外匯風險管理機制，將該套機制引用至本個案公司，以建立適用於本研究個案公司的外匯風險管理機制。 透過本研究針對 A 公司的個案分析後，本研究發現「交易風險」與「經濟風險」是A 公司面臨的兩大主要風險議題。再者，A 公司現缺乏完善的外匯風險管理相關機制，導致風險控管能力不足。為有效地解決現存問題，本研究建議 A 公司可先從建立「外匯風險管理組織」與「外匯風險管理資訊系統」著手，以補足目前尚未建構外匯風險管理機制的劣勢，就長期而言，方能有效地達成控管外匯風險之效。 / Taiwan’s economy is significantly influenced by the world economy due to the development of globalisation and the essence of an island-type economy. Accordingly, fluctuations in exchange rates which are predominately affected by the world economy play an important role in the Taiwanese enterprises’ profitability, especially the enterprises relying on import and export trade for generating revenue. This indicates that the foreign trade enterprises must take the issue of foreign exchange risk into account, and realise that a structured approach to enterprise risk management enables the enterprises consider the potential impact of all types of foreign exchange risks on all processes and provides benefits to monitor overall levels of foreign exchange risk. In order to deal with the above issues, this study selected a Taiwanese foreign trade company A, which mainly imports masking tapes and electrical tapes, for a case study. The core business of the A company is to cooperate with the Japanese enterprises, and therefore the most frequent transaction for the currency is Japanese Yen to New Taiwan Dollars. Obviously, this shows that fluctuations in exchange rates dramatically impact on its financial performance due to a current floating exchange rate regime. In other words, it is crucial and essential for the A company to manage the foreign exchange risk. In order to improve the A company’s foreign exchange risk management performance, the case study methodology is used to carry out this study. The aim of the study is to assist the A company to establish its own foreign exchange risk management system based on the most prevalent approach to the foreign exchange risk management which is implemented in foreign enterprises. According to the case study analysis, there are two findings in this study. Firstly, the study found out that there are two major risk issues, ‘transaction exposure’ and ‘economic exposure’, for the A company to consider. Secondly, the A company’s ability to manage the foreign exchange risk is weak for lack of the complete foreign exchange risk management. In order to develop useful solutions to the existing problems, the study has put forward suggestions for the A company to improve the current weaknesses, i.e. unestablished the foreign exchange risk management system, through setting up an organisation and an information system to manage the foreign exchange risk management in advance. In this way, this enables the A company to efficiently achieve the goal of managing the foreign exchange risk in the long run.

時代學風對王弼的思想造成影響，時代學風經由王弼的篩選、吸收而反映在他的《老子注》中。作者並不是一部冷冰冰的傳輸機器，不可能毫無選擇性地接收了所有的訊息，又毫無保留或篩檢地將它拋擲出去；作者在吸納時代風氣時，已因個人思想性格的好惡而對時代風氣有所選取、有所拋棄。因此，王弼的《老子注》所呈現的，除了他個人的思想之外，也反映了時代學術風氣的特色。而這樣的作品不僅在魏晉學術思潮中得到了相當高的評價，也對魏晉學術產生影響。 「時代學風對個人著作的影響」和「個人著作對時代學風的影響」形成了一個循環：時代學風影響了個人著作，而個人著作完成後，又反過來對時代學風造成影響，為時代學風所吸收，成為其中的新要素，推動時代學術風氣的發展變化。王弼《老子注》與魏晉學風即為此一想法之例證。

本研究主要從法律環境、退出機制和企業競爭力三方面評估目前中國大陸創業投資市場是否完整，並分析國內創投業者進入中國大陸創業投資市場可能會面臨的挑戰。 本研究主要結論如下: 外國創業資本進入中國大陸較重要的條文包括:《外商投資創業投資企業管理規定》、《中國國家級高新技術產業開發區高新技術企業認定條件和辦法》、《公司法》、《知識產權保護相關法令》、《中外合資經營企業法》、《外商投資企業和外國企業所得稅法》等六種法令。由本文分析發現，近年中國大陸陸續推出和修改創業投資相關法律，創業投資的法律環境已有大幅進步。 退出機制是創業投資市場的核心所在，本文在創業資本的退出機制方面分析了「主板直接上市」、「二板(創業板)上市」、「中小企業板上市」、「買殼上市」、「場外交易市場(未上市市場)」、「產權交易市場」、「香港股票市場」、「海外上市」、「購併」、「回購」及「破產清算」十一種可能的資金退出方式。就目前中國大陸的資金退出機制而言，主板和中小企業板上市門檻太高，其他退出方式大都有流動性不足和交易成本過高的問題，最受創業投資機構青睞的二板市場又尚未設立，整體而言，目前中國大陸的資金退出機制仍不算完善。若中國大陸能開辦二板市場，中國大陸形式上的退出機制就算完整，對創業投資機構也更具吸引力。 中國大陸企業的主要競爭優勢在人力成本、廣大的內需市場和政府扶持高新技術產業的政策。隨著中國大陸經濟的發展和產業逐漸多樣化，可以預期符合創業投資機構投資標的的高新技術企業數量將愈來愈多。 本文提出國內創投業者前進中國大陸可能面臨的挑戰包括:「創業投資資金退出機制尚未完全建立」、「法律環境尚待加強」、「缺乏企業家精神」、「其他國家創投業者的競爭」及「中國大陸潛在的巨大政經風險」等五項。企業家精神其實是創投業者決定是否投資一家企業的最重要因素，誠信和創新能力是高新技術企業的經營者最需具備的特質，但中國大陸企業主普遍缺乏此二項特質之一或全部，國內創業投資機構必須更加小心選擇投資標的才能全身而退。

本研究運用調查研究和訪談法進行學校校門的研究，以進行學校校門的分析，以作為學校校門規劃時的參考。 本研究的結論如下：一、學校校門兼具具體及抽象兩方面的功能；二、校門建築的範圍應廣義地涵蓋各項表達具體及抽象功能的元素；三、校門建築的構成形象相當多元化；四、校門建築的位置、風水圖讖有其一定的功能；五、臺北市學校校門門扇建築大多以不鏽鋼為材質、以金屬柵欄門為造型，並採推拉門的開啟方式，一致性相當高；六、臺北市公立高國中學校校門建築多採雙柱式門柱造型；七、臺北市公立高國中學校校門建築多採無門頂式造型，但亦有部分學校利用門頂造型表現風格；八、臺北市公立高國中學校利用附屬建物展現學校特色與傳達訊息之情況不普遍；九、臺北市公立高國中校門的位置受社區環境及交通動線的影響較大；十、臺北市公立高國中校門建築以風水圖讖作為建築裝飾者不多；十一、校長風格、時代及文化背景皆可能影響校門建築的風格。 綜合以上結論，本研究提出下列建議：一、規劃校門建築應更注重整體性，且與學校整體建築配合，以發揮校門建築最大的功能；二、校門建築應充分利用標誌及附屬建築來展現學校特色、整體意涵與作為傳達訊息的藝術空間；三、臺北市各級學校校門建築年代多已久遠，配合改建時，應考慮造型、材質、交通動線、安全等優先考量；四、學校校門改建時，可一併考量風水規劃；五、學校校門改建的規劃應徵詢地方的意見，將地方文化特性意涵融入校門建築；六、推廣無圍牆學校概念，增加學校與社區互動的機會；七、設立學校建築資源中心，彙集學校建築相關資料。 / The prupose of this study is to analyze the conditions of the school door in order to get some references about the layouts of school door throught survey research and interview research. The major findings of this study are xhown as follow: 1. The school door possesses both concrete and abstract functions. 2. The scope of the school door consruction must involve all elements that can convey both concrete and abstract functions. 3. The image of the school door consruction is diversified. 4. The FengShui elements related to the school door are the situation and the FengShui totem. 5. Most of the Taipei municipal high school doors’ gate are metal fences, and the method of opening doors is push–pulling. 6. Most of the Taipei municipal high schools have even doorjambs. 7. Most of the Taipei municipal high schools have no lintel. 8. The Taipei municipal high schools using accessory constructions to express the features of school and convey informations are few. 9. The relation of most Taipei municipal high school doors and the FengShui situation are not significant. 10. The Taipei municipal high schools using FengShui totem to decorating the school door are few. 11. The style of the principal, age, and culture are the possible factors to affect the style of the school door. Based on the previous findings, the fllowing recommendations are proposed: 1. To combine the layout of the school door and all the school constructions. 2. To use marks and accessory constructions to express the features of school and convey informations in the school door consruction. 3. To consider the style, materials, traffic line, security, and so on, when adapting the school doors. 4. To involve the factors about FengShui when adapting the school doors. 5. To integrate the opinons of the community to display the local feaures when adapting the school doors. 6. To pursue the conception of “nowall school” to increase the interaction between the community and the school. 7. To establish the resource centers of school constructions.

This paper provides an analytical framework for dynamic portfolio strategies that are mean-variance efficient and subjected to a principal-guaranteed rate. Specifying a numeraire known as growth-optimal portfolio, we apply martingale method instead of dynamic programming approach to solve the optimal problem. Under the general assumptions of the price dynamics being a semi-martingale with finite expectation and variance, the efficient strategies are identified as a combination of put options on minimum norm portfolio and zero coupon bonds with the maturity of investment horizon. In the case of a single factor interest rate model, we derive the closed-form formula for optimal weights on securities. We conduct numerical simulations to illustrate the performance of the optimal strategies in the case of an economy comprising a stock index fund, a bond index fund and a money market account. In addition, for different investors with various interests like principal guaranted rate and investment horizon, we also show how investors ought to allocate their funds. / This paper provides an analytical framework for dynamic portfolio strategies that are mean-variance efficient and subjected to a principal-guaranteed rate. Specifying a numeraire known as growth-optimal portfolio, we apply martingale method instead of dynamic programming approach to solve the optimal problem. Under the general assumptions of the price dynamics being a semi-martingale with finite expectation and variance, the efficient strategies are identified as a combination of put options on minimum norm portfolio and zero coupon bonds with the maturity of investment horizon. In the case of a single factor interest rate model, we derive the closed-form formula for optimal weights on securities. We conduct numerical simulations to illustrate the performance of the optimal strategies in the case of an economy comprising a stock index fund, a bond index fund and a money market account. In addition, for different investors with various interests like principal guaranted rate and investment horizon, we also show how investors ought to allocate their funds.

This paper will first explore the effect of interest rate changes on the stock returns of Taiwan-listed life insurance companies. Then, we will examine the sensitivity of Taiwanese life insurance companies to interest rates by assuming and explicitly testing a two-factor model. Surprisingly, we found that stock return of the life insurance companies are not significantly affected by the interest rate movement. We will investigate and analyze the reasons why the result is inconsistent with our knowledge. One reason might be due to lack of timely financial reports. We observed that embedded value might be a better financial indicator used to evaluate the interest rate impact on life insurance company financial soundness. / This paper will first explore the effect of interest rate changes on the stock returns of Taiwan-listed life insurance companies. Then, we will examine the sensitivity of Taiwanese life insurance companies to interest rates by assuming and explicitly testing a two-factor model. Surprisingly, we found that stock return of the life insurance companies are not significantly affected by the interest rate movement. We will investigate and analyze the reasons why the result is inconsistent with our knowledge. One reason might be due to lack of timely financial reports. We observed that embedded value might be a better financial indicator used to evaluate the interest rate impact on life insurance company financial soundness.

自1991年銀行開放民營，到2001年11月金融控股公司法實施後，此段可說是我國金融業最大一次變革。從成立15家新銀行，到先後成立14家金融控股公司，以分食銀行、保險、證券三大市場，亦開始台灣金融史真正的競爭，也迎接WTO後之市場競爭，同時政府宣佈2006年實新巴塞爾協定BaselII，亦使金融機構不得不對風險管理更加重視。 本論文首先就金融控股公司之相關法令之訂定，與亞洲日本、美洲美國之比較，及金融控股公司之發展沿革先行說明。其次，分析其產業現況，從以前股權分散到某程度之集中，使集團內資源有效之運用，金控公司之優缺點，在金控法下之分析，以往我國金融業由於國營者多，公務員心態對風險管理意識薄弱，自亞洲金融風暴後，新政府力主大改革情況下，開始視風險管理為首務，因此它在金業務上所扮演角色也甚重要。 最後，第四章以風險管理在金融控股公司應有之角色，做深入探討，從觀念、準則、執行、新巴塞爾協定、BaselII與風險之分析，到與我國93年7月1日上路的金融監理委員會關係的探討，再以財政部九家銀行用BaselII試算結果為例子說明之，再簡單結論與建議。

銀行風險管理架構的建立必須與銀行的經營管理相結合，如資產品質管理、資本分配、績效評估與發展策略等。面臨新的風險管理觀念與架構趨勢，銀行的資訊系統也必須做結構化的調整，以有效支援銀行風險控管的決策與執行。 本研究以銀行信用風險管理整合需求為出發點來推導信用風險管理資訊架構： 一、銀行信用風險管理資料蒐集、風險量化與驗證、風險監控與審核， 必須建立資訊運作流程。 二、因應系統平台的多元性，銀行必須建置整合性信用風險控管系統， 以建立即時監控風險機制。 三、風險預警機制與風險定價決策支援整合至現有銀行資訊系統。 四、建立資本配置與績效衡量決策支援與管理系統，以建立風險與績 效之連結機制，提升銀行經營績效。

本文研究外資進入與亞洲融風暴對於本土銀行業的影響，在所選取的樣本中，我們發現國際化會提升銀行的獲利但不見得改善營運的效率性與穩定性。實証結果也不支持亞洲金融風暴對於亞洲銀行業有顯著影響的假說。同時發現市場的集中程度對於銀行業的獲利有些微影響，主要是關於銀行的訂價能力。最後，就所選取的十一個亞洲國家中討論，本文顯示在樣本時間點內，外資進入本土市場設立分行對於本土的效率性與穩定性的影響並不顯著。 / This research examines the effect of foreign banks penetration and financial crisis on the banking sectors in Asian countries. We find that internationalization improves the profitability of banks in our sample countries, but not necessarily improve their operational efficiency and financial stability. Our empirical results do not support the hypothesis that Asia Financial Crisis has a significant impact on Asian banking sectors. We also show that, bank concentration has little effect on the profitability of banks, and it was related to the pricing ability of banks. Lastly, our research shows that there is insignificant effect of foreign bank penetration on the efficiency and stability over these eleven Asian countries during our sample period.

廬隱、蕭紅去世至今已六、七十年了，兩人以女性特有的細膩觀察，加上獨具的才華，寫出超越時空的不朽篇章。從二0年代到三0年代，自「文學革命」到「革命文學」，兩位一生流離，敏感深情的女作家，在筆下各自展延出屬於她們自身與時代的標記，也展現出各自不同的熠熠豐華。 本論文第一章說明研究此論文的動機、目的，並將廬隱、蕭紅兩人的成長經歷、性格、時代背景、文風、作品主題和生平作一比較介紹。 第二章介紹廬隱、蕭紅兩人所處的時代背景，以及這大環境給兩人的小說帶來什麼影響。 第三章主要著墨於探討廬隱小說個人獨具的藝術魅力，分析她小說特有的藝術風格。廬隱的小說廣泛運用日記和書信的形式，這一點在「五四」小說家中是首屈一指的，堪稱為日記書信體的專家。強烈的主觀抒情，濃郁的傷感，是廬隱小說的基調，具有豐富的文化內涵。 第四章主要在探討蕭紅小說的藝術魅力，何以過了這麼久，她的小說依舊為人所喜愛。蕭紅對小說的創作有獨到的見解，認為一個有出息的作家，在創作上應該走自己的路，有自己的文學表達方式。蕭紅小說採用自傳體，充滿詩的意境，連語言、韻律、節奏都詩化，充滿濃厚的感情色彩。 第五章是針對廬隱、蕭紅這兩位女作家藝術風格的同異之處加以比較。兩人的相同處在於彼此都善用抒情筆法，將自己的生平遭逢溶入筆下的人物之中，同具自敘傳風格。廬隱、蕭紅書寫的人物大多以女性為主，主要在突顯出女性在男權社會中所遭遇的不公平待遇。廬隱、蕭紅透過這些不幸的女性的經歷，展現出兩人的女性意識以及對芸芸眾生的悲憫。廬隱、蕭紅藝術風格的相異之處則在於兩人寫作表現的差異。廬隱採以日記體和書信體的文體，用第一人稱的表達方式將處於新舊交接的女性悲哀抒發出來。蕭紅致力於建構一種介於散文和小說之間的特殊文體，在敘事、寫景、狀物中融入深情。集散文筆法、抒情詩手法、繪畫技法於一體，運用兒童視角，營造優美的意境，創造出令人驚奇的蕭紅體抒情小說。 第六章針對前五章論文，提綱挈領的作一總結，並提出此論文未來可再延伸、拓展的願景。