O presente trabalho examina trabalho avulso, consórcio de empregadores rurais e contrato de trabalho rural por pequeno prazo enquanto alternativas para a formalização da relação de trabalho rural de curta duração. Sob a ótica do trabalho decente e da preservação da dignidade do trabalhador, preocupa-se o estudo em pesquisar a adequação do ordenamento jurídico nacional à realidade do pequeno produtor rural e do trabalhador por ele contratado, para atividades que duram não mais que alguns dias ou semanas. A adaptabilidade do direito à realidade e a adequação dos modelos jurídicos às necessidades dos atores sociais são percebidas como condição necessária para a proteção da dignidade do trabalhador rural. Analisa-se de maneira crítica cada uma das três figuras jurídicas, a fim de apontar em que medida estão adaptadas às peculiaridades do campo e quanto estão aptas a tutelar os direitos fundamentais dos trabalhadores rurais. A partir de tal verificação, sugerem-se elementos a serem considerados na busca de alternativas viáveis para a formalização das relações de trabalho rural de curta duração. / The present paper examines trabalho avulso, consórcio de empregadores rurais and contrato de trabalho rural por pequeno prazo as alternatives to formalize the rural work with short duration relationship. From the perspective of decent work and preserving the workers dignity, this study is concerned in researching the legal national system adequacy with the small rural producers reality and workers contracted by it for activities that do not last more than a few days or weeks. The adaptability of the right to the reality and legal models adequacy to social actors needs are perceived as a necessary condition for the protection of the rural workers dignity. Each of the three legal figures are critically analyzed to point to what extent are adapted to the peculiarities of the field and how much they are able to protect the rural workers fundamental rights. Upon such verification, elements are suggested to be considered in the search of viable alternatives to formalize the relations of rural work of short duration.

Cardiovascular complications associated with elevated levels of glucose in the blood (Hyperglycemia, HG) is a growing health concern. HG is known to be associated with a variety of cardiovascular morbidities including higher incidence of electrical disturbances. Although effects of chronic HG have been widely investigated, electrophysiological effects of acute hyperglycemia are relatively less known. Further, hyperglycemic effects on adrenergic response is not widely investigated. We used excised ventricular tissues from mice to record trans-membrane potentials during a variety of pacing protocols to investigate cellular/tissue level electrophysiological effects of acute hyperglycemia and adrenergic stimulation (1µM Isoproterenol, a β-adrenergic agonist). A custom program was used to compute action potential durations (APD), maximal rates of depolarization (dv/dtmax), and action potential amplitudes (APA) from the recorded trans-membrane potentials. From these computed measures, electrical restitution and alternans threshold were quantified. Restitution was quantified using the Standard Protocol (SP; basic cycle length BCL= 200ms), Dynamic Protocol (DP; 200-40ms or until blockade) and a novel diastolic interval (DI) control protocol with Sinusoidal Changes in DI. Results from 6 mice show that acute hyperglycemia causes prolongation of the APD. Effects of adrenergic stimulation during acute hyperglycemia were partially blunted compared with non-hyperglycemic state, i.e. hyperglycemia minimized the decrease in APD that was produced by adrenergic stimulation. Similar, but less consistent (across animals) effects were seen in other electrophysiological parameters such as alternans threshold. These results show that acute hyperglycemia may itself alter cellular level electrophysiology of myocytes and importantly, modify adrenergic response. These results suggest that in addition to long term re-modeling that occurs in diabetes, acute changes in glucose levels also affect electrical function and further may contribute to systemically observed changes in diabetes by blunting adrenergic response. Therefore, further investigation into the electrophysiological effects of acute changes in glucose levels are warranted.

本研究以免疫理論（Immunization Theory）與投資組合理論（Portfolio Theory）來架構退休基金的資產負債管理模型，希望在免除利率風險的情況下，極大化退休基金的投資報酬率。本文以退撫基金86年到88年實際投資的實證資料及其對未來給付支出的預測模擬值，在不同考慮年限與提撥率下，建議其最適投資組合，並計算出資產負債管理的成本。最後，再以84年到88年市場平均資料的實證結果，支持並驗證我們以退撫基金內部資料所做的實證結果。研究發現： 1、資產負債管理的成本相當少，因此退撫基金應該儘早進行資產負債管理。若以資產負債管理前後效率前緣下投資報酬率的差異為資產負債管理的成本，以退撫基金內部資料的研究顯示，資產負債管理的平均成本為0.133﹪；以市場平均資料的研究顯示，資產負債管理的平均成本為0.234﹪。 2、在進行資產負債管理的分析後，退撫基金的薪資提撥率應提高至14.84﹪，才能確保未來的30年內，退撫基金不會因為利率變動而導致基金破產甚至無力清償。 3、要使退撫基金免於利率風險的年限愈長，其投資重心必須從短期票券和債券移到債券與股票或受益憑證上。 / This paper investigates the Asset-Liability Management for pension fund. We utilize Immunization Theory and Portfolio Theory selection model to immunize the surplus of pension funds against interest-rate fluctuations and to maximize expected return of pension fund simultaneously. In addition, we use the public trading data of the investment market in Taiwan from 1995 to1999 and the data from the Taiwan Public Employees Retirement System（TPERS）from1997 to 1999 to demonstrate the implementation of our model. We calculate the optimal asset allocation and the ALM cost under different time horizons and contribution rates. The empirical results from this study show that: 1、 The ALM cost is very small. Therefore, we suggest TPERS should start to implement ALM as soon as possible. Given the investment performance of TPERS, We find the ALM cost is 0.133﹪. Given the performance of the investment market, the ALM cost is 0.234﹪. 2、 The TPERS must increase its contribution rate to 14.84﹪ in order to make sure that the TPERS will not be insolvent as a result of interest-rate fluctuations in 30 years. 3、 To prolong the period over which the TPERS can immunize its surplus against interest-rate fluctuations, a large proportion of the investment asset should be allocate from commercial paper and bond to bond and stock.

過去二十年以來，美國金融機構的財務狀況不斷遭遇挑戰，許多同業或相關行業紛紛發生財務危機甚至破產，其間不乏一些知名大公司，探究原因發現利率是大元凶，因在一九七Ｏ年代末至一九八Ｏ年代利率產生劇烈變化，面對利率如此驟變，對其業務與利率有息息相關的金融保險機構而言，無疑是極大考驗，為此各種金融創新的商品亦陸續出籠，但亦產生新風WP在未尋求避險工具下暴露出金融機構對於利率風險的管理仍有所欠缺。且在金融自由化、國際化施政方針之下，利率自由化及金融商品創新之陸續推展，利率顯得較具變動性，主管機關為維持保險公司之清償能力，對此一風險勢必應加以注意，以免保險業因利率風險變動造成巨額虧損影響保戶權益甚或影響其清償能力。 而資產負債管理係維持現金流入與現金流出量相等Cash Flow Matching，避免利率風險、流動性風險及再投資風險；資產負債管理有別於傳統財務管理方法，其具有下列特色：□重視資產負債表資產與負債二方面的關連性；□在達成可接受的投資報酬之際，同時兼顧利率風險；□促使資產管理人員(投資部門)及保險商品管理人員(精算及行銷部門)的連繫協調，進而使投資策略及商品策略之運作能相互配合；□有益於新產品開發及管理；□最終可促使獲利能力提昇，進而穩定獲利模式並促使公司穩定成長。 資產負債管理方法，包括獲利力分析(Profitability Analysis)、利率分析(Rate / Volume Analysis)、期間分析(Duration Analysis)、Gap Analysis 等，其中較廣為使用者為：□平均存續期間(Duration) ；□利率期貨（Interest RateFutures)；□股價指數期貨（Stock Index Futures）；□息票內化法（Internal Coupon Stripping）；□利率交換（ Interest Rate Swaps ）；□資產負債的區隔(Segmentation of Assets/Liabilities)；□現金流量情境分析（Cash Flow Projection under Multiple Economic Scenarios）。以監理立場考量，選擇採用的資產負債管理方□k除須顧及壽險公司之利率風險外，尚須考慮其流動性及收益性，在我國正漸漸鬆綁金融政策及邁進國際化之際，不宜對壽險公司之監理政策採取過於嚴謹手段，而平均存續期間之方法除可包融其他資產負債管理方法並可加以綜合運用，故便針對平均存續期間方法詳加介紹。 經上述之分析討論後，若要此資產負債管理分析落實及在不對壽險公司予以過多限制下，在壽險監理上應如何規範呢？歸納結果如下：□對於模擬之利率設定，採用一綜合式規定，每期依市場狀況指定2至3種利率，其餘數種由各公司視情況選用；□避免壽險公司過多困擾及考量我國目前尚無採用市價會計之實力下，仍以法定會計原則作為衡量標準，惟對於預期交易量將日益增多之衍生性金融商品，應要求於財務報表中揭露交易活動之質與量，且當實際結果有損失部分應於報表內表達；□要求壽險公司作區隔化，便於作預測及現金流量管理，且因應我國未來人口結構老齡化之年金。 商品開始販售之年金保險，其性質不同於一般之壽險商品區隔化更有其必要。有關免疫化的分析報告於利率環境變動不大時，每季提出並須經由會計師、精算師複核簽證及每月提出資產變動情況報告；若利率產生遽烈變動(如3%)時應於一個月內再作調整及編製免疫化分析報告，以避免影響壽險公司之穩定性；□對於壽險公司平均存續期間差距情況作一評等，列入經營風險評估及稽核抽檢之考量；有關平均存續期間之分析報告採不對外公開形式。

退休基金面臨的風險來自資產與負債兩方面，負債的風險為實際給付大於預期給付的不確定性，資產面的風險為實際價值小於預期價值的不確定性。造成這兩個風險的因素有很多，其中利率風險是引起資產與負債不確定性的重要因素。因為非預期的利率變動會使資產與負債價值發生變動，而影響退休基金的給付能力。如果資產與負債之間能維持一適當關係，退休基金則可免於利率變動所帶來的不利益。本研究以存續期間作為退休基金資產負債管理的方法，債券為投資工具進行退休基金免疫策略的模擬，結果發現：在資產與負債名目現金流量不受利率變動影響的假設下，不論市場利率如何變動，在傳統的免疫策略下，投資組合必能創造出預期的報酬率；但當上述假設不存在時，免疫狀態將不復存在。為防止退休基金給付能力不足，除應每年確實進行精算評估外，應於市場利率、投資報酬以及薪資上漲率發生變動後，立刻衡量資產與負債現金流量受此變動所引起的改變，並計算變動後資產與負債現值的差額，若發現資產現值小於負債現值時，基金管理人可買賣期貨以延長或縮短投資組合的平均存續期間，促使資產與負債對利率之敏感性不同，好讓投資組合能於利率變動後自動補足此差額。或甚於平均存續期間的計算公式中，將此種變動狀況考慮進去，使免疫策略於資產與負債的名目現金流量因利率變動而改變時仍能發揮免疫效果。

本研究探討國內債券市場如何決定債券殖利率之風險貼水及交易成本貼水，其中風險貼水可分為時間及信用風險貼水兩部份，屬於前者之重要變數有存續期間(Duration)與凸性(Convexity)，屬於後者則有信用評等(Credit Ranking)與銀行擔保效果，而交易成本分析是在控制風險貼水因素後，看稅賦效果是否會影響投資者之必要報酬率。此外，本研究亦對殖利率曲線作分析，討論長短期資金市場是否存在明顯互動關係。首先對存續期間及凸性之特性作研究，檢測在既有到期期間變數下，加入存續期間及凸性對於債券殖利率邊際解釋能力的影響，冀描述國內投資者之訂價行為。其次就債券信用評等與銀行擔保效果作分析，公司債可能有不同信用等級，面對不等級公司債券，投資人或會要求不同程度之違約風險貼水，本文以實證對此作探討。又公司債因擔保與否，區分為擔保公司債及無擔保公司債，因此本研究關心的第二組變數是發行人為政府抑民間機構暨公司債之信用評等與銀行擔保效果。本研究亦對債券交易成本作探討，就證券交易稅而言，政府公債免徵交易稅而公司債券買賣須課徵千分之一的交易稅，因此我們想要知道存在公債與公司債之間，因稅賦差異造成交易成本不同，是否會影響到投資者的意願，故第三項變數為以證交稅為主之交易成本。最後對市場資金供需情形作分析，同時探討長短期資金市場是否存在互動關係，故第四項變數為全面資金供需情況。本研究藉檢測總體經濟資金供需變數對債券殖利率之影響，同時也可檢驗國內長短期資金市場之區隔程度。由於國內債市尚淺，仍舊有很大的發展空間，因此在可預期的未來，國內債券市場勢必會受到應有的重視。但由於早期國內債市之不發達及不受重視，使得有關債券資料的保存，特別是公司債券部份十分缺乏，連帶相關文獻亦寥寥可數，故本文以國內債券市場資料做實證研究、分析，冀望能有邊際之貢獻。

本論文共分七章、二十七節，內容如下：　第一章　前言。對研究動機、 目的、範圍與限制、內容架構做一簡扼說明。第二章 利率風險之概述。 分別就利率風險之定義，對資產、負債之影響，及評估利率風險的方法， 分別加以闡述。第三章 期間分析之理論基礎。期間分析乃是管理利率風 險的方法之一，本章主要就期間分析的演進、目的、計算、特性做一詳述 。第四章 現金流量之預測－－利率情境分析。此章就資產、負債現金流 量之形成，現金流量與利率風險的關係，以及利率情境分析之定義、模型 、假設、優缺點依序加以介紹。 第五章 期間分析之應用。以前兩章為 基礎，對期間窗口(Duration Window)， 投資周期 ( The Planning Period)，利率風險與投資報酬率的關係，最適期間決策 ( The Optimal Du- ration )，資產負債期間的配合，及期間分析的修正，分別逐一探討 。第六章 實證。以保証利率契約 ( GICs; Guarante- ed Interest Contracts ) 為例模擬操作，說明運用資產負債期間配合達到免疫之效果 。第七章 結論與建議。

近年來台灣的市場利率持續下滑，可能造成保險公司無法實現對被保險人之高預定利率的保單給付承諾，利率風險已經成為壽險公司是否能繼續經營之重要關鍵。壽險公司如未能衡量利率變動風險而貿然推出保單，將對財務造成極大的負擔，不但會影響公司清償能力，亦會對社會造成衝擊，因此壽險公司應先衡量現在及未來將面臨多大的利率風險，做適當資產負債管理，以避免將來失卻清償能力。 　　本研究利用財務上平均存續期間（duration）觀念與Barney（1997）所提出之K值來衡量利率風險，以民國87-89年財務報表資料，實證研究利率風險會對那些經營指標產生影響，以喚起業界對於利率風險之重視。研究結果發現： 　　1.利率風險對於壽險公司之投資報酬率、股東權益報酬率有顯著的影響，並且呈負相關。 　　2.利率風險對於壽險公司之流動比率無顯著相關；與負債比率有顯著之正相關。 　　3.利率風險對於新契約保費成長率、保單繼續率無顯著影響，顯示國內並無明顯之逆中介情況。 　　4.壽險公司可藉由投資較長期之公債、公司債及減少保單貸款、不動產投資與固定資產項目之利率敏感度，以增加壽險公司之獲利性。 / The interest rates have been decreasing recently. Under this circumstance, it might be difficult for insurance companies to gain sufficient investment returns to fulfill the commitment of insurance policies. The interest-rate risk has become one of the critical factors for the solvency of life insurance companies. Therefore, life insurance companies should evaluate the impact of interest-rate risk and perform asset-liability management to prevent insolvency. 　　This study applies the concept of duration and K value (Barney 1997) to measure interest-rate risk and its impact on the operations of life insurance companies in Taiwan. The empirical analysis is conducted based on the financial data of life insurance companies in Taiwan during the period of 1998-2000. The empirical findings are listed as follows: 　　1.Interest-rate risk has a significantly negative impact on both investment return and ROE.. 　　2.Interest-rate risk does not have significant impact on current ratio of the life insurance companies, but it is positively related to debt ratio. 　　3.Interest-rate risk does not have significant impact on either new contract growth rate or policy renewal rate, which indicates that the process of disintermediation does not happen in life insurance industry in Taiwan. 　　4.By investing in the long-term government bonds and corporate bonds and reducing the interest-rate sensitivity of policy loans、investment on real estates and fixed assets , life insurance companies may be able to increase their profits.

本論文是由三篇關於金融市場的實證研究組合而成。第一篇以權益存續期間為主題，主要是利用迴歸模型估計台灣上市產業指數的實證權益存續期間，以探討股票報酬率的利率敏感度。迴歸模型中控制了三個重要的股票風險因子─市場因子、規模因子與價值因子。但其中，我們改以正交市場因子代替市場因子，以避免因為利率變動與市場報酬間存在共線性，而造成權益存續期間有可能錯估的問題。此外，基於權益存續期間具有會隨時間改變的動態特性，本文亦對各產業指數最近一次結構性變化的發生時點進行偵測，並據以推估最近期的權益存續期間。實證結果顯示：除了鋼鐵業的權益存續期間不顯著之外，其他所有產業指數皆具有負的權益存續期間，表示其報酬率與利率變動呈現出正向關係。在程度上，則以營建類指的利率敏感度最大，汽車類指最小。 第二篇應用了Diebold and Yilmaz (2009)的外溢指標分析台灣上市產業指數間的連動性，其優點是可以瞭解到產業間相互影響的方向以及程度。實證結果顯示：台灣上市產業指數間的外溢程度頗高，並以營建業為最主要的影響者，而相反地，鋼鐵業則是主要的被影響者。外溢指標具有隨時間改變的動態特性，而且透過動態外溢指標可觀察到次貸風暴蔓延的嚴重性。 第三篇應用了Goyal, Perignon and Villa (2008)所提出的多群組因素分析法，檢測美國總人口死亡率的共同因子個數。該方法最大的優點是能夠有效地辨識出真正的共同因子，避免了一般因素分析容易將解釋能力高的群組內獨特因子誤認為共同因子的缺點。根據檢測結果顯示，美國總人口死亡率的共同因子共有兩個，而且第二個因子的重要性隨時間愈來愈明顯。 / This thesis consists of three empirical essays about financial markets. The first essay analyzes the sensitivity of stock returns to changes in interest rates by estimating empirical equity duration of 18 industrial indices in the Taiwan Stock Exchange. In the regression models, we also control for the market excess return and the Fama-French mimicking returns for size and book-to-market factors. To avoid the effects of the multicolinearity between the market excess return and the interest rate changes, we replace the market excess return by the orthogonalized market factor. In addition, considering the time-varying pattern of empirical equity duration, we further adopt the reversed ordered Cusum test proposed by Pesaran and Timmermann (2002) to identify the most recent break of the regression relationship, and then extract the post-break data to re-estimate the up-to-date empirical equity duration. The result shows that except the Steel index, all industrial indices exhibit significantly negative equity durations, indicating a positive relationship between industrial index returns and interest rate changes in Taiwan. Among them, the Construction index has the largest interest rate sensitivity, while the lowest one is for the Automobile index. The second essay focuses on the nature of financial market interdependence, both in terms of returns and returns volatilities. Being capable of identifying the direction and magnitude of linkages among financial markets, the spillover index proposed by Diebold and Yilmaz (2009) is used to measure return and volatility spillovers between the top eight industrial indices based on market value in the Taiwan Stock Exchange. We find that for both returns and volatilities, the spillover effects among industrial indices in Taiwan are substantial. In particular, the Construction index is the major transmitter of shocks to other industries, and the Steel index, in contrast, suffers the most shocks from others. The spillover index fluctuates over time and indeed detects the severity of subprime mortgage crisis. The third essay adopts the multigroup factor analysis proposed by Goyal, Perignon and Villa (2008) to estimate the number of common pervasive factors for annual age-specific mortality for the entire U.S. populations. While the standard principal component analysis easily treats any group-specific factor as pervasive one due to its high contribution to total system variance, this methodology is able to estimate the space spanned by common and group-specific pervasive factors and recognize the true common factors. Empirical result shows that there are only two common pervasive factors governing the death rates in the United States; in particular, the importance of the second factor increases over time.

以哲學的角度來關注自我、他人與世界的關係，可以從各種面向來談論，這其 中包括意識、行動等關鍵概念，柏格森以「生命綿延」為存在的基本單元，在 創造的過程中，融合意識與行動於生命的整體經驗之中。德勒茲的柏格森詮 釋，對此創造過程進行了存有學的奠基，以「虛擬性」為柏格森哲學的最終原 則，形成了一種柏格森主義。本論文試圖延著德勒茲的柏格森詮釋，返回柏格 森的諸文本，考察柏格森與德勒茲詮釋下的柏格森面對虛擬的方式與態度有何 異同，進而呈顯出各自對生命創造的動態存有論之理論特徵與意蘊。從而，可 以藉由對意識與行動處理方式的展開，以更新的態度與眼界去重新面對自我、 他人與世界的關係。 本論文將於第一章概述德勒茲的《柏格森主義》之詮釋脈絡與相關問題；第二 章將帶出與意識及行動相關的身心問題，如何在柏格森的哲學脈絡下轉換為動 態生命之虛擬與現實的問題；第三章將從意識層面處理生命綿延與自由行動之 關係與連結；第四章將從行動層面帶出生命綿延之創造過程的特徵與意義。並 在經過考察之後，於結論提示出柏格森的哲學在德勒茲詮釋之外的其他意涵與 在當代脈絡下的可能發展。 關 / From the philosophical point of view, the relationships between self, others, and world are considered in various ways, which include consciousness, action and other key concepts. Henri Bergson suggested "duration of life" as the basic unity of the existence. In the process of creating , consciousness and action are integrated into the whole experience of life. According to Gilles Deleuze's interpretation of Bergson, the process of creating became the foundation of Bergson’s ontology. The concept of "virtuality" palys the role as the ultimate principle of the philosophy of Bergson, and therefore, the interpretation forms a kind of bergsonism. In this paper, with the context of the Deleuze’s interpretation of Bergson, the author tries to return to the Bergson’s own texts , examine the similar or different points of view and attitudes toward "virtual" between the Deleuze’s interpretation of Bergson and Bergson himself, and then manifest the theorical characteristics and meanings of their dynamic ontologies in life creating. Eventually, after disclosing the operations of consciousness and action, one can get an attitude and a horizon renewed to rehold the relationships between self, others, and world. In the first chapter, it will focus on Deleuze's "Bergsonism", elucidating the context of interpretation and the related issues; in the second chapter, it will bring out that in the context of Bergson's philosophy, how the mind and body issue related to consciousness and action concerns about the issue of dynamic life between virtual and actual.; in the third chapter, from the consciousness side, it will deal with the relationships and connections between duration of life and free act; in the fourth chapter, from the action side, it will deal with the characteristics and meanings in the process of creating of duration of life. After the examinations, the conclusion will suggest the other significations of Bergson’s philosophy except of Deleuze's interpretation and explore the potential developments in the contemporary thinking.