Facing this finance tsunami, the small and medium-sized enterprise own should have the correct management idea, understand positively the government provides each assistance, simultaneously the government directs the bank also to have necessity of the adjustment to financing of strategy the small and medium-sized enterprise, this is this article the main purpose. The short-term says, will face the relatively fierce market decline impact inevitably by the foreign trade small and medium-sized enterprise primarily. Even though after the financial tsunami subsides, within from 3 to 5 years, before the global trade demand extremely will be in the future possible the deflation which, because the US will expend, but greatly is inferior, on the other hand, because the enterprise operational risk will elevate relatively, the bank system will give the letter standard also possibly tends to be strict. Origin and influence after this research main discussion finance tsunami, the government loans the strategy small and medium-sized enterprise of by the bank system execution, to relaxes research of our country Small and medium-sized enterprise impact. This research by way of is related Wen Xianzheng , as well as the article offers the methodology and the historical review law studies under the globalization the financial crisis, the small and medium-sized enterprise and the government, in assists the small and medium-sized enterprise to loan in the strategy the result. This research discovered: The latter financial tsunami time, Our country Government is right 'the small and medium-sized enterprise to loan each condition to have the improvement. The research conclusion thought: The government should revise the credit support mechanism, and using the administrative method, enhances the bank to handle time this lending operation the elasticity and the wish, causes the small and medium-sized enterprise to obtain the fund affable synthesis effect, achieves the government to continue to support the industry and the stable economy policy.

Corporate governance is usually related to corporate performance. Corporate governance means company should be controlled and monitored to protect the stakeholder¡¦s rights, and keeps creating profit by making company run well. Usually there are some companies run well during the financial crisis. This essay separates the companies into good corporate governance companies and bad corporate governance companies. First it shows the relationship between performance and corporate governance. Second, it proves companies which have good corporate governance actually perform better during the financial crisis. It classes three industries to discuss, which are financial industry, traditional industry, and electronic industry. It uses 8 corporate governance indexes to identify the relationship between performances. The samples are from 2000 to 2009, and it defines 2008 and 2009 as the span of financial tsunami in the research. In this research it use ROA, ROE , and Tobin¡¦Q to represent the company¡¦s performance.

During Nov.2008 to Apr. 2009, firms in Taiwan encountered dramatic financial crisis, and this impact made unemployment rate still climbing and economic depression. In order to reduce the impact from financial tsunami, every firm takes some strategies to resist it. The objective of our study is to find out the influence from financial tsunami on the listed companies. More importantly, we base on the three mechanisms (mimetic force, normative force and coercive force) of institutional theory and the perspectives of population theory to analyze why firms choose those strategies. We collect and analyze 201 returned questionnaires. We find when firms face both high market force, mimetic force and coercive, they tend to choose manipulation strategies. When firms face both low market force, mimetic force and coercive force, they tend to choose compromise strategies. When firms face high market force and low mimetic force and coercive force, they tend to use defiance strategies. When firms face low market force and high mimetic force and coercive force, they tend to use acquiescence strategies.

In 2008-2009, firms in Taiwan encountered dramatic financial tsunami, and this crisis made unemployment rate still climbing and economic depression. In order to reduce the impact from financial tsunami, every firm chooses some strategies to resist it. The purpose of our study is to find out the influence from financial tsunami on the listed companies. More importantly, we base on the three mechanisms (mimetic force, normative force and coercive force) of institutional theory to analyze the real reason for choosing strategies. We collect and analyze 201 returned questionnaires. The finding of this study is that the main factor of choosing strategies is from the mimetic force and normative force. In fact, the enterprise is affected by mimetic pressure deeply, and then it would tend to use the passive strategies. The enterprise is affected by normative pressure deeply, and then it would tend to use the active strategy. Interestingly, whether the enterprise is affected by coercive pressure or not, it doesn¡¦t affect the strategies choosing.

世界各國人口結構持續改變，高齡化社會正逐漸成形，退休金制度的良窳已成為一國人口未來福利是否受到保障的最關鍵因素。各國政府勞退制度之改革最普遍的就是推動以「確定給付制」改為「確定提撥制」。我國勞工退休金政策亦於2005年7月正式實施勞工退休金新制，以「個人退休金專戶」為中心的「確定提撥制」逐漸取代「確定給付制」之勞退舊制。惟與其他國家最大不同是我國退休基金的管理與運用乃由政府統籌辦理，屬於集中管理模式；反觀先進國家勞工退休金其會員則可依個人風險承擔程度自由選擇投資不同類型退休基金，故自我國勞退新制實施以來，勞工是否傾向自行決定退休金運用方式就值得探討。然2008年金融海嘯發生，勞退基金首次發生虧損，勞工退休金開放自行選擇投資組合是否依然可行？ 本研究之研究方法包括文獻分析法，藉由世界主要國家退休金制度的變革，了解國際間對於勞工自行選擇退休金運用方式之概況與趨勢發展，並比較主要各國運用方式，發現目前國際間採用確定提撥制的國家已多數可由勞工自行選擇退休基金方案；另外採行問卷調查，針對全國總工會之勞工代表與幹部以問卷方式調查其對勞工退休基金運用的看法，發現大部分工會代表在金融海嘯前後均傾向選擇自選，而在教育程度與年齡等變項發現達到顯著性之水準。爰依本研究結論，建議勞工主管單位，應研擬逐步開放的方式推行，且儘速使勞工依個人風險承擔程度，自由選擇不同類型退休基金，並適時給予所需之教育訓練。 / The structure of the world population continues to change; an aging society is gradually taking shape. The virtue of the pension system has become the most critical factor in the future welfare of a country's population. The most of the world‘s governments labor pension system of reform is to promote the "defined benefit" to "defined contribution" system. The new labor pension policy in Taiwan was implemented in July 2005. The individual pension accounts "defined benefit" system was gradually replaced by "defined contribution". But the Taiwan's pension fund management belonging to the centralized management model; which was different with the other countries. On the other hand, other advanced countries, labor pension of its members can choose to invest in different types of pension funds according to personal risk degree of freedom. So the Taiwan’s labor whether the tendency to decide pension use since the implementation of the new labor fun system is worth exploring. In this study, literature analysis was used. We find the international workers to choose the pension use of profiles and the trends by reviewing change of the world's major national pension system. We also found that using defined contribution system in the world the pension fund program was chosen freely by the majority workers. In addition, by using the questionnaire survey of labor representatives and cadres of the China Federation of Trade Unions, we found that the majority of union representatives tend to select the optional before and after the financial tsunami. The level of education and age variables to reach a significant level. In accordance with these conclusions, we recommended that the labor unit in charge opening the way to implement should be developed gradually. To bear the degree of labor as soon as possible according to individual risk, freedom to choose different types of pension funds, and timely given the required training.

本文研究為經營績效與匯率波動之關聯性，以我國30家民營銀行各別加入日本匯率與美國匯率對銀行經營績效之影響進行分析研究，而匯率變動儼然是當前備受關注之重要議題，無論在我國金融機構或進出口廠商之銀行經營績效存在不確定性，因此，本文之探討動機以我國銀行為主體，觀察銀行之經營績效，受到匯率波動之影響。則應變數為資產報酬率，自變數為資本適足率、逾放比率、存放比率與匯率，則探討時期分成三階段，(1)2005年第四季至2013第四季整體期間經歷過金融海嘯；(2)2005第四季至2007年第四季前期期間未經歷過金融海嘯；(3)2009年第一季至2013年第四季後期期間經歷過金融海嘯後。使用Panel Data進行實證分析。如下分析三階段: (1)在整體期間經歷過金融海嘯，各別加入匯率，日本匯率與美國匯率都為負向不顯著，資本適足率與存放比率對是否有加入匯率關係都為正向顯著性，逾放比率為負向顯著性。 (2)在前期期間未經歷過金融海嘯，各別加入匯率，日本匯率為正向不顯著；美國匯率為正向顯著性，資本適足率與存放比率對是否有加入匯率關係都為正向顯著性，逾放比率為負向顯著性。 (3)在後期期間經歷過金融海嘯後，各別加入匯率，日本匯率為負向不顯著；美國匯率為負向顯著性，資本適足率與存放比率對是否有加入匯率關係都為正向顯著性，逾放比率為負向顯著性。 / In this paper, we research for the connection of the operating performance and the relevance of exchange rate fluctuations. The influence of 30 private Banks in own country individually join the Japan and U.S exchange rate is on bank performance are studied, and the exchange rate changes obviously is the important issue that was concerned currently, no matter own country financial institution or import and export companies pair banks operating uncertainty existence, therefore, this text investigate motivation in order to own country banks as the mainstay, observe banks operating performance, by the influence of exchange rate fluctuation .Strain numbers is ROA, and the independent variable is BIS , NPL Ratio, Deposit Loan Ratio and exchange rate, explores period be divided into three stages,(1) During 2005 in the fourth quarter to 2013 in the fourth quarter whole period experience financial tsunami;(2) During 2005 in the fourth quarter to 2007 in the fourth quarter prophase period not experience financial tsunami;(3) During 2009 in the first quarter to 2013 in the fourth quarter late period experience financial tsunami, using panel data do empirical analysis. As follow analysis three stages: (1).During the whole period experienced a financial tsunami, individually joined the exchange rates, Japan exchange rate and U.S exchange rate is positive not significant. BIS and Deposit Loan Ratio whether to join the exchange rates relation are positive significant, and NPL is negative significant. (2).During prophase period not experience financial tsunami, individually joined the exchange rates, Japan exchange rate is positive not significant; the U.S exchange rate is positive significant, BIS and Deposit Loan Ratio whether to join the exchange rates relation are positive significant, and NPL is negative significant. (3).During the late period experience financial tsunami, individually joined the exchange rates, Japan exchange rate is negative no significant; the U.S is negative significant. BIS and Deposit Loan Ratio whether to join the exchange rates relation are positive significant, and NPL is negative significant. / 摘要……… I Abstract………… II 致謝…… III 目錄……….. IV 圖次…… V 表次 VI 第一章緒論 1 第一節研究背景與動機 1 第二節研究目的 2 第三節研究架構 4 第二章文獻回顧 5 第一節國內文獻 5 第二節國外文獻 8 第三節國內文獻敘述結論 10 第三章研究方法 13 第一節研究架構 13 第二節研究變數定義 13 第三節 OLS模型 15 第四節 Panel Data模型 15 第五節固定效果和隨機效果的判斷準則-Hausman Test 19 第四章實證結果 22 第一節敘述統計 22 第二節銀行現況 25 第三節研究模型 38 第五章結論與建議 54 第一節結論 54 第二節建議 55 參考文獻…. 56 圖次 圖1-1研究流程圖 4 圖4-1:我國銀行ROE與ROA 25 圖4-2:各國比較ROA 26 圖4-3:我國銀行之逾放比率 26 圖4-4:我國銀行之逾放比率家數 27 圖4-5:各國銀行業逾放比率之比較 27 圖4-6:我國銀行之資本適足率 28 圖4-7:各國銀行資本適足率比較 28 圖4-8:我國銀行調整後資本適足率之家數 29 圖4-9:我國銀行存放款比率 29 圖4-10:我國銀行之逾放比率 30 圖4-11:我國銀行逾放比率之家數 30 圖4-12:各國銀行業逾放比率比較 31 圖4-13:我國銀行存放款比率 31 圖4-14:我國銀行ROE與ROA 32 圖4-15:各國銀行ROA比較 32 圖4-16:我國銀行之資本適足率 33 圖4-17:各國銀行之資本足率比較 33 圖4-18:我國銀行逾放比率與資金 34 圖4-19:各國之逾放比率比較 34 圖4-20:我國銀行存放款比率 35 圖4-21:我國銀行ROE與ROA 35 圖4-22:各國銀行業ROA之比較 36 圖4-23:我國銀行資本適足率 36 圖4-24:各國銀行業之資本比率比較 37 表次 表1-1中文文獻匯整 10 表1-2國外文獻敘述結論 12 表4-1整體敘述統計結果 2005~2013 23 表4-2前期敘述統計結果2005~2007 24 表4-3後期敘述統計結果2009~2013 24 表4-4本研究銀行列表 37 表4-5整體實證研究結果 39 表4-5-1採用固定變動效果進行分析 39 表4-5-2採用固定變動效果進行分析 40 表4-5-3採用固定變動效果進行分析 40 表4-5-4採用固定變動效果進行分析 41 表4-5-5採用固定變動效果進行分析 41 表4-5-6採用固定變動效果進行分析 42 表4-5-7以總資產報酬率(ROA)為被解釋變數之迴歸模型(未加入匯率) 44 表4-5-8以總資產報酬率 (ROA) 為被解釋變數之迴歸模型(加入日本匯率) 44 表4-5-9以總資產報酬率 (ROA) 為被解釋變數之迴歸模型(加入美國匯率) 44 表4-6為研究前期實證分析結果 45 表4-6-1採用隨機變動效果進行分析 46 表4-6-2採用隨機變動效果進行分析 46 表4-6-3採用隨機變動效果進行分析 47 表4-6-4以總資產報酬率 (ROA) 為被解釋變數之迴歸模型(未加入匯率) 48 表4-6-5以總資產報酬率 (ROA) 為被解釋變數之迴歸模型(加入日本匯率) 48 表4-6-6以總資產報酬率 (ROA) 為被解釋變數之迴歸模型(加入美國匯率) 48 表4-7為研究後期實證分析結果 49 表4-7-1採用固定變動效果進行分析 50 表4-7-2採用隨機變動效果進行分析 51 表4-7-3採用隨機變動效果進行分析 51 表4-7-4以總資產報酬率 (ROA) 為被解釋變數之迴歸模型(未加入匯率) 52 表4-7-5以總資產報酬率 (ROA) 為被解釋變數之迴歸模型(加入日本匯率) 52 表4-7-6以總資產報酬率(ROA)為被解釋變數之迴歸模型(加入美國匯率) 52

國內壽險公司面臨資金不斷累積與同業間激烈競爭，加上全球經濟動盪不安，國際金融偶有黑天鵝事件發生，尤以2008年金融海嘯重創全球產業為最，壽險業亦難以倖免，肇致壽險業者經營益顯艱困。因此，為維繫公司永續經營，規劃長期財務穩健性至關重要。是故，如何訂定投資策略與妥適資產配置，並兼顧風險管理，為當前壽險公司重要課題。 本研究分析郵政壽險資產配置行為，歸納影響公司資產配置之內、外在因素，例如流動性風險、利率風險、信用風險、資本適足率、匯率風險及法令規範等因素，皆影響資產配置策略。另為建構最佳資產配置，提升獲利，逐步改善財務結構，在現行法令限制下，運用Markowitz之投資組合理論為分析工具，導出效率前緣線，再運用夏普指標績效分析，來建立最佳投資組合。 另外分析壽險公司必須正視未來「國際會計準則」（International Financial Reporting Standards, IFRS）IFRS 4第二階段適用公平價值評估負債，利差損問題會更加嚴重，對業務發展與負債評價將產生巨大衝擊。尤其我國壽險業發行商品大都以長年期終身險為主，若壽險商品負債評價與資產不一致時，其缺口將因利率變化影響損益波動。 / Abstract Domestic life insurers are in a challenging environment with increasing asset size to manage and fierce competition within the industry. Moreover, the world economy is going down a bumpy path. Every now and then in the global financial system, we encounter a black swan event. Among them, the financial tsunami of 2008 hit global industries most severely. The financial tsunami of 2008 also left life insurers having an increasingly difficult time running the business. It is crucial to have sound long-term financial plans in order to ensure business sustainability. Therefore, how to form an investment strategy, determine asset allocation and manage risks at the same time becomes a critical issue for life insurers. The research studies the asset allocation behavior of Chunghwa Post insurance sector and lists both the internal and the external factors affecting asset allocation. Factors like liquidity risk, interest rate risk, credit risk, capital adequacy, currency risk and regulations all have some influence on the asset allocation strategy. Meanwhile, the research constructs efficient frontier with Markowitz Portfolio Theory and adopts Sharpe ratio as the performance measure to build an optimal portfolio under current regulations with the goal of optimizing asset allocation, boosting profits and gradually improving the financial structure. The research also studies the tremendous impact of IFRS 4 on business development and liability valuation of life insurance companies. The implementation of IFRS 4 Phase II will require fair value measurement of liabilities, which will exacerbate the negative interest spread problem. When the liability valuation approach of insurance products is not in line with asset valuation, the gap will intensify the income fluctuations from interest rate movements, especially for domestic life insurers whose main products are long-term whole life policies.

中國大陸自西元1979年開始實行經濟改革政策，銀行體系同時經歷了三十年的改革發展，依據中國加入世界貿易組織之承諾，其必須於2006年12月11日全面開放外資銀行登陸投資。為了面對外資銀行業可能帶來的激烈競爭與挑戰，中國政府大力支持與協助國有商業銀行進行一連串的體制改造及上市計畫，近年來中國銀行業整體的表現十分亮眼。 兩岸政府於2010年6月29日簽署之兩岸經濟合作架構協議(ECFA)，正式地為台灣的銀行業開啟通往大陸投資的一扇門，此篇論文藉由全面的研究分析中國銀行業的發展，並透過比較中國、美國及台灣具代表性的銀行在獲利能力、資產品質、流動性風險管理及新巴賽爾資本協議規定指標遵循情形等四個面向的表現，以期提供有意赴中國大陸投資之銀行業者對於當地情況有更多的概念與了解。 / After thirty years of economic and financial reforms, banking system in China has transformed from rigidly controlled to marketization nowadays with a variety of banking institutions coexist in the financial market. Among different kinds of banking institutions, large state-owned commercial banks dominate over half of total banking assets, their huge scale allow themselves to have leading positions and monopoly power in China’s banking industry. Under WTO regulations China must fully open markets for foreign banks’ investment started on December 11, 2006, before that most large state-owned commercial banks have restructured into joint-stock companies and went public sequentially in order to enhance competition for fierce challenges brought from foreign banks. Attributing to China government’s effort and support, the overall domestic banking performance has made a lot of progress in the past few years. By comparing banking performance with USA and Taiwan in four aspects of profitability, assets quality, liquidity risk management and capital adequacy ability, the study results demonstrate that general performance of banking sector and large state-owned commercial banks in China have improved greatly and even better than advanced countries in some respects. The signing of ECFA between cross-strait governments on June 29, 2010 starts a new page of Taiwan banks’ development in China, the study suggests that in the initial stage banks from Taiwan can explore markets of corporate banking by using their expertise in loans for small and medium enterprises which are always neglected by banks in China, and by providing services to Taiwan business people in China to explore markets of consumer banking, and then gradually expand market share.