http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/111 2026-04-06T01:21:45Z 2026-04-06T01:21:45Z 楊恩智 En-Zhi Yang http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/97523 2025-07-03T04:16:59Z 2025-01-01T00:00:00Z

標題: 點數生態圈策略之研究：台灣四家金控個案分析; An Analysis of Loyalty Point Ecosystem Strategies: Case Studies of Four Financial Holding Groups in Taiwan 作者: 楊恩智; En-Zhi Yang 摘要: 本研究旨在探討台灣金融機構在數位轉型與點數經濟背景下，其點數策略模式、市場互動動態及未來點數聯盟化發展潛力。研究以質性多重個案方法，分析國泰、富邦、中信、台新四家金控的點數策略，並運用數個商業與管理相關理論，建立出「結構—策略—價值」三層構面進行剖析。 研究發現，各金控依據歷史路徑與資源差異，發展出多元點數策略模式，如內部整合型、電商場景閉環型、異業串接型及模組化合作型。這些差異化策略引發市場策略擾動，並逐步催生「策略陣營化」現象。 關於大型跨產業點數聯盟，研究認為台灣市場具備透過規模經濟提升點數價值的潛力，但其發展面臨顯著的生態系統風險，特別是協同創新、協作調整及時序協調風險。基於價值創造與風險管理的綜合分析，本研究推演出台灣點數市場未來可能發展的三種情境：高度整合的「贏者全拿」（參考日本樂天模式）、數個大型聯盟並存的「多元陣營」，以及市場分散的「碎片僵局」。 本研究不僅描繪了台灣金融業點數生態圈的現況與趨勢，更將生態系統理論應用於點數策略分析，為理解多方參與者協作競合提供了新視角。同時亦為金融機構、異業夥伴及監管單位提供了策略啟示。; Within the contemporary contexts of digital world and the burgeoning royalty-point economy, this study aims to explore the choices regarding royalty-point strategies, market evolutionary dynamics, and prospective inter-organizational collaborations among Taiwanese financial companies. Employing a qualitative, multiple-case study methodology, the thesis systematically examines the point-based strategies implemented by four prominent Taiwanese financial holding companies (FHCs). The analytical framework is structured into three distinct layers—structure, strategy, and value—and is grounded in established business and management theories. The empirical findings show that FHCs have developed a range of distinct point strategy paradigms, which are largely influenced by their historical trajectories and available resources. These paradigms include internal integration, e-commerce-centric closed-loop systems, cross-industry alliances, and flexible modular cooperation. Such differentiated strategic approaches have demonstrably disrupted the existing market landscape, leading to the formation of emergent "strategic camps" within the Taiwanese financial sector. The study further identifies that large-scale, cross-industry royalty-point alliances, while offering potential for enhanced value through economies of scale, are simultaneously exposed to substantial ecosystemic risks. These risks include, but are not limited to, challenges in co-innovation, complexities within the adoption chain, and critical timing discrepancies. Based on a comprehensive analysis of value creation potential and associated risk management considerations, three distinct future scenarios are projected for the Taiwanese point market: a highly integrated "Winner-takes-all" model (analogous to Rakuten's established ecosystem), a "Multi-polar alliances" scenario characterized by the coexistence of multiple collaborative alliances, and a fragmented "Stalemate" scenario. This thesis contributes to the current knowledge of Taiwan's royalty-point ecosystem. By applying ecosystem theory to the analysis of point strategies, the study provides valuable insights into the dynamics of multi-party cooperation/competition. Furthermore, it offers actionable strategic implications for financial institutions, their collaborating partners, and regulatory bodies operating within this evolving digital landscape.

2025-01-01T00:00:00Z Pin-Sheng Yao 姚繽勝 http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/35107 2021-06-13T06:41:07Z 2011-01-01T00:00:00Z

標題: 黑色行銷-透過模仿行為建構真實性; Black Marketing-Constructing Authenticity through Mimicry 作者: Pin-Sheng Yao; 姚繽勝 摘要: 黑色行銷（Black Marketing）是指發生在黑市（Black Market）的一連串行銷活動之集合。然而，黑市的地下和非法特性，使其所進行的經濟活動並非為一般人所熟知，亦導致黑色行銷一直是行銷領域較少著墨的區域。本研究以詐騙（Scam）地下經濟產業為例，試圖以瀰因（Meme）觀點，探討詐騙產業的行銷活動，藉此瞭解詐騙者與被害者之互動發展歷程；同時企圖解釋被害者上當受騙可能原因。 瀰因一詞由英國學者Dawkins提出，說明文化內涵將透過模仿行為（Mimicry）而達到傳遞與傳承的作用。其中，每一種可以依靠模仿而被複製和傳遞的東西都是一種瀰因，包括從電視劇情模仿而來的擄人勒贖手法即是一例。本研究以質化研究的方法，透過深入訪談被害者以及利用內政部警政署所提供的次級資料，將被害者的經歷過程劃分為四個階段，依序為瀰因認知、瀰因聯想、瀰因對齊和瀰因加強階段；並將詐欺者所進行的行銷活動內容分解成瀰因和事件兩要素。 本研究結果指出詐騙者與被害者的互動發展歷程為一動態的互動模式。被害者所經歷的詐騙情境為一連串的詐騙事件所組成，而每一詐騙事件需搭配數個瀰因，亦即（詐欺者的）模仿行為來展現事件的真實性，且唯有當被害者建立事件之真實性後才可能引發後續事件的發生，進而使其上當受騙。同時，本研究結合真實性（Authenticity）之論點，提出詐騙活動所進行的黑色行銷實為一參雜指標性、象徵性和存在主義真實性之建立過程。; Black marketing is the aggregation of a series of marketing activities took place in the black market. However, the underground based and illegal features make it hard to be identified by public, and that is why previous marketing research focuses less in this area. The study focus on Scam industry and take the view of Meme to explore the marketing activities happened in scam process, also to understand the development of interaction mechanism between scammer and victim and attempt to explain the possible reasons why victims fall for it. The concept of Meme is brought up by Dawkins to explain how culture connotation transmitted and passed down by mimicry. The thing that can be replicated and transmitted by mimicry is one kind of Meme, including the skill for kidnapping learned and mimicked from plots in drama. The study use qualitative method including deep interview with victims and secondary data obtained from the government to analyze the scam mechanism, moreover, divided the victim’s experience into four stages in turn: Meme Awareness, Meme Association, Meme Alignment and Meme enforcement stage. Furthermore, we figured out the two construct elements in black market activities: Meme and event. The study concluded that the interactive mechanism between scammer and victim is a dynamic and interactive process. Scams which victim encounter are made up of a series of scam events. Every event however, comes along with few Meme, as well as mimicry to render authenticity of events. Only when its authenticity constructed by victim, can the next event follow and finally made the victim fall for it. Meanwhile, the study combines the viewpoint of authenticity, demonstrating the black marketing in scam including construction of indexical, symbolic and existential authenticity.

2011-01-01T00:00:00Z Kun-Yu Cheung 張君如 http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/61881 2021-06-16T13:17:02Z 2013-01-01T00:00:00Z

標題: 黑天鵝事件與報酬—以台灣加權股價指數為例; Black Swans and Return —With Case Study on the Taiwan Capitalization Weighted Stock Index 作者: Kun-Yu Cheung; 張君如 摘要: 過往歷史上曾經有不少學者對於資產定價模型(CAPM)的有效性做了許多發表，因此，在本研究中我們捨去先前其他對於系統性風險(Beta)與報酬率之間的關係的結論而重新檢驗Beta與報酬率的關係。本文主要探討從2003年1月到2013年3月的台灣加權股價指數中各類股的Beta與投資報酬率是否有正相關性，以及運用Estrada and Vargas(2012)的研究方法在衡量Beta是否可以作為一個投資組合的選擇工具時，根據均值回歸理論(mean-reversion theorem)以及Beta值來設定一個投資策略。 研究結果顯示，雖然Beta與台灣股票市場各類股報酬率的表現並沒有呈現一個非常嚴格的正相關，但我們還是可以隱約地看出Beta對於預期報酬率有正相關的影響。在運用Estrada and Vargas(2012)的投資策略來投資於台灣加權股價指數的由各類股所組成的投資組合中，從2003年1月直到2013年3月這段投資時間可以明顯看到運用投資策略的報酬率遠遠高出大盤。 根據本研究結果我們認為運用Beta值來選擇投資組合這個方法可以作為投資時的參考之一。; Capital asset pricing model (CAPM) has been discussed by so many scholars, and beta has been a controversial measure of risk since a half century ago. In this paper, we focus on two parts. (1) Is beta a good measure of risk? We examine this by measuring if there is a positive relationship between betas and monthly returns in industries during the period from January 2003 to March 2013. (2) Is beta a good tool for portfolio selection in TAIEX? We examine this by applying the strategy developed by Estrada and Vargas (2012) to invest in portfolios during the period from January 2003 to March 2013. Our focus is on economic significance. The result shows that beta is not strictly positively related to monthly returns in industries during our sample period, but there is a positive tendency between betas and returns. Based on the positive tendency between betas and returns, we apply the strategy developed by Estrada and Vargas (2012) on TAIEX between January 2003 and March 2013, and we find that the strategy significantly outperforms a passive investment. According to the results, we find that beta is a good measure of risk and that beta is a valuable tool for portfolio selection.

2013-01-01T00:00:00Z Jenn Pa 巴鎮 http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/37754 2021-06-13T15:42:07Z 2008-01-01T00:00:00Z

標題: 魔術產業結構變遷研究; A Study on the Structure Change of the Magic Industry 作者: Jenn Pa; 巴鎮 摘要: 「魔術」雖是當今眾所皆知的娛樂表演藝術，但在數千年前最早與魔術有關的文獻記載出現時，其所扮演的角色及功能是十分神秘而嚴肅甚且充滿了宗教性，和現在的樣貌截然不同。這意味著或許其產業結構在這段長遠的時間中，經歷了許多變化。現今早已脫離了宗教色彩的魔術屬於「創意產業」(Creative Industries)的一部分，但不同於一般的創意產業，魔術長久以來的價值都架構在「秘密」上，其性質與產業結構能否和創意產業的性質相呼應則十分耐人尋味。本研究旨在藉由魔術產業的發展歷史軌跡，探討其產業結構變遷、其變遷背後之原因，並就現今魔術產業做分析以推導出其產業特色，進而比較和一般創意產業相關理論的相符程度。 首先本研究將魔術產業數千年歷史分成如下四個關鍵性的年代探討以尋找產業結構變遷成因：(1)十七世紀中葉前：超自然與宗教藝術 (2)十七世紀中葉至十九世紀中葉：娛樂表演藝術 (3)十九世紀末期至二十世紀初期：輝煌的劇場年代 (4)二十世紀中葉至今：劇場與電視並行年代。次之，本研究再以Scherer (1990)所提出的S-C-P架構針對現今的美國魔術產業作分析，進而和創意產業相關理論作比較。 根據研究結果顯示，魔術產業過去數千年來的關鍵性結構變遷都和「魔術秘密及相關知識」的變化有關：當這些秘密與知識越容易被獲得，競爭就越激烈，產業結構也因業內廠商的策略行為而改變。此外，魔術產業和創意產業理論最大的不同處在於，一般創意產業中的創作人可藉由智慧財產權相關規定保護自身權益，魔術師則否。因此魔術產業內部形成了整合魔術師的團體和網絡社群。進而使得過去改變魔術產業結構的「魔術秘密及相關知識」，再也不是現在的魔術師所競爭的重點了。; “Magic” has been an entertainment art for a long time. However, its role and function in the very beginning were very religious. This might implies that the magic industry has experienced some major changes. It would be meaningful to figure out how and why the industry transformed and to investigate the structure characteristics of the magic industry nowadays. Moreover, due to the value of secrets, it would be intriguing to compare those characteristics of the magic industry and the theories about creative industries in which the magic industry belongs to. First, in an effort to find out how and why the industry evolved, this study investigated the development of the magic industry, by dividing its history into four major ages: (1) Before the middle 17th Century: Supernatural and Religious Art, (2) From the Middle 17th Century to the Middle 19th Century: Entertainment Art, (3) From the Late 19th Century to the Early 20th Century: The Great Vaudeville Era, (4) From the Middle 20th Century to Present: Big Shows and Small Screens. Next, this study investigated the current U.S. magic market with the S-C-P paradigm, proposed by Scherer (1990). By so doing, we could reveal the underlying factors leading toward players’ behavior and hence structural changes. Our research findings indicated that the main factor of the industrial transformation is “the source of the magic knowledge.” The easier the magic knowledge could be accessed, the fiercer competition would be and players’ behaviors responding to the competition would further change the industrial structure as well. Moreover, the magic industry is very dissimilar from other creative industries in terms of IP protection. Given poor IP protection, there came some associated organizations and networks to make magicians cooperative and functions integrated as an alternative for IP protection. Due to this kind of collaboration, the magic secrets, which used to affect the industrial transformation, is not what magicians compete for anymore.

2008-01-01T00:00:00Z