請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/77645
完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 劉啟群,陳坤志 | |
dc.contributor.author | Ching-Hsiang Chen | en |
dc.contributor.author | 陳慶祥 | zh_TW |
dc.date.accessioned | 2021-07-10T22:13:25Z | - |
dc.date.available | 2021-07-10T22:13:25Z | - |
dc.date.copyright | 2018-07-04 | |
dc.date.issued | 2018 | |
dc.date.submitted | 2018-06-28 | |
dc.identifier.citation | 林宛瑩、許崇源、戚務君、陳宜伶,2009,公司治理與信用風險,臺大管理論叢,第19卷第S2期,頁71-98。
卓翠月、黃明祥,2012,經營效率與KMV模型於信用風險管理機制有效性之研究,應用經濟論叢,2012生產力與效率特刊,頁241-278。 黃玉麗、沈中華,2009,盈餘管理對銀行債務資金成本之影響-信用評等觀點,管理學報,第26卷第6期,頁599-623。 黃玉麗、沈中華、林昆立,2012,政治關聯(係)與債務資金成本,管理學報,第29卷第2期,頁155-185。 彭金隆、王儷玲、劉文彬,2015,The Financial Stability Index of the Early Warning System for Taiwan's Life Insurers,財務金融學刊,第23卷第1期,頁31-56。 薛立言、張志向,2004,信用評等:期間與產業差異分析,中山管理評論,第12卷第2期,頁307-336。 鍾經樊、黃嘉龍、黃博怡、謝有隆,2006,台灣地區企業信用評分系統的建置、驗證和比較,經濟論文,第34期第4卷,頁541-590。 蔡豐澤、陳獻儀,2015,信用評等宣告對供應鏈企業之影響,證券市場發展季刊,第27卷第3期,頁31-64。 Adams, R., H. Almeida, and D. Ferreira. 2005. Powerful CEOs and Their Impact on Corporate Performance. Review of Financial Studies 18 (4): 1403-1432. Altman, E. I. 1968. Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. Journal of Finance 23 (4): 589-609. Aldrich, H., and D. Herker. 1977. Boundary Spanning Roles and Organization Structure. Academy of Management Review 2 (2): 217-230. Anderson, R. C., D. M. Reeb, and W. Zhao. 2012. Family Controlled Firms and Informed Trading: Evidence from Short Sales. The Journal Finance 67 (1): 351-386. Andreou, P. C., I. Karasamani, C. Louca, and D. Ehrlich. 2017. The Impact of Managerial Ability on Crisis-Period Corporate Investment. Journal of Business Research 79 (C): 107-122. Bailey, M. 2004. Credit Scoring: The Principles and Practicalities. 2nd Edition, London: White Box Publishing. Bagley, C. E. 2008. Winning Legally: The Value of Legal Astuteness. Academy of Management Review 33 (2): 378-390. Bamber, L.S., Jiang J. X., and Wang I. Y. 2010. What’s My Style? The Influence of Top Managers on Voluntary Corporate Financial Disclosure. The Accounting Review 85 (4): 1131-1162. Bantel, K. 1993 Strategic Clarity in Banking: Role of Top Management Team Demography. Psychological Report 73 (3): 1187-1201. Bantel, K. A., and Jackson S. E. 1989. Top Management and Innovations in Banking: Does the Composition of the Top Team Make a Difference? Strategic Management Journal 10 (Summer): 107-124. Barker, V. L., and Mueller G. C. 2002. CEO Characteristics and Firm R&D Spending. Management Science 48 (6): 782-801. Beck, M., and E. G. Mauldin. 2014. Who’s Really in Charge? Audit Committee versus CFO Power and Audit Fees. The Accounting Review 89 (6): 2057-2085. Bertrand, A., H. N. Rebesahata, A. S. Rakotovao, R. Ratsimbarison, and V. Andriatahiana. 2007. Les Nouvelles Idées De Gestion Locale Des Ressources Renouvelables Et Le Processus De Promulgation De La Loi 96-025: Histoire Du Cheminement D'une évolution Majeure De La Politiqllc Environmentale à Madagascar, In Montagne P., Razanamaharo Z., Cooke A. Le Transfert De Gestion à Madagascar, Dix Ans D'efforts (Eds.), Tanteza, Tantanana Mba Hateza: Gestion Durable, Montpellier: Cirad. Bertrand M., and Schoar A. 2003. Managing with Style: the Effect of Managers on Firm Policies. Quarterly Journal of Economics 118 (4): 1169-1208. Benmelech, E., and C. Frydman. 2015. Military CEOs. Journal of Financial Economics 117 (1): 43-59. Bergstresser, D., and T. Philippon. 2006. CEO Incentives and Earnings Management. Journal of Financial Economics 80 (3): 511-529. Bhagat, S., B. Bolton, and A. Subramanian. 2011. Manager Characteristics and Capital Structure: Theory and Evidence. Journal of Financial and Quantitative Analysis 46 (6): 1581-1627. Burns, N., and S. Kedia. 2006. The Impact of Performance-Based Compensation on Misreporting. Journal of Financial Economics 79 (1): 35-67. Byun, H. Y. 2007. The cost of Debt Capital and Corporate Governance Practices. Asia-Pacific Journal of Financial Studies 36 (5): 765-806. Cai, J. F. 2015. Political Connection, Earnings Management and Auditor Choice. Contemporary Finance & Economics (CSSCI) 11: 118-129. Chen, K. C. W., Z. Chen, and K. C. J. Wei. 2009. Legal Protection of Investors, Corporate Governance, and the Cost of Equity Capital. Journal of Corporate Finance 15 (3): 273-289. Cheng, Q., and T. D. Warfield. 2005. Equity Incentives and Earnings Management. The Accounting Review 80 (2): 441-476. Chiu, M. M., and S. W. Joh. 2004. Loans to Distressed Firms: Political Connections Related Lending, Business Group Affiliations, and Bank Governance. Working Paper, Chinese University of Hong Kong. Claessens, S., S. Djankov, J. Fan, and L. H. Lang. 2002. Disentangling the Incentive and Entrenchment Effects of Large Shareholdings. Journal of Finance 57 (6): 2741-2772. Cohen, J. R., G. Krishnamoorthy, and A. M. Wright. 2008. Form versus Substance: The Implications for Auditing Practice and Research of Alternative Perspectives on Corporate Governance. Auditing: A Journal of Practice & Theory 27 (2): 181-198. Collins, O., and D. G. Moore. 1970. The Organization Makers. New York: Appleton-Century-Crofts. Cornaggia, K. J., G. V. Krishnan, and C. Wang. 2017. Managerial Ability and Credit Ratings. Contemporary Accounting Research 34 (4): 2094-2122. Cull, R., and L. Xu. 2005. Institutions, Ownership, and Finance: The Determinants of Profit Reinvestment among Chinese Firms. Journal of Financial Economics 77 (3): 117-146. D’Aveni, R. A. 1990. Top Managerial Prestige and Organizational Bankruptcy. Organization Science 1 (2): 123-142. Dalton, G. W., L. B. Barnes, and A. Zaleznik, 1968. The Distribution of Authority in Formal Organizations. Boston: Harvard University, Division of Research, Graduate School of Business Administration. de Servigny, A. and O. Renault. 2004. Measuring and Managing Credit Risk. New York: McGraw-Hill. Delmas, M. A., and Toffel M. W. 2012. Institutional Pressures and Organizational Characteristics: Implications for Environmental Strategy. Oxford Handbook of Business and the Environment. Oxford University Press: New York. Dinç, I. S. 2005. Politicians and Banks: Political Influences on Government-Owned Banks in Emerging Markets. Journal of Financial Economics 77 (3): 453-479. Faccio, M. 2006. Political Connected Firms. American Economic Review 96 (1): 369-386. Faccio, M., J. McConnell, and R. W. Masulis. 2006. Political Connections and Corporate Bailouts. Journal of Finance 61 (6): 2597-2635. Fama, E. F., and M. C. Jensen. 1983. Separation of Ownership and Control. Journal of Law and Economics 26 (2): 301-325. Fan, J. P. H., and T. J. Wong. 2005. Do External Auditors Perform a Corporate Governance Role in Emerging Markets? Evidence from East Asia. Journal of Accounting Research 43 (1): 35-72. Farrell, K. A., and D. A. Whidbee. 2003. The Impact of Firm Performance Expectations on CEO Turnover and Replacement Decisions. Journal of Accounting and Economics 36 (1-3): 165-196. Fields, L. P., D. R. Fraser, and M. S. Wilkins. 2004. An Investigation of the Pricing of Audit Services for Financial Institutions. Journal of Accounting and Public Policy 23 (1): 53-77. Finkelstein, S. 1992. Power in Top Management Teams: Dimensions, Measurement, and Validation. The Academy of Management Journal 35 (3): 505-538. Fischer, H., and T. Pollock. 2004. Effect of Social Capital and Power on Surviving Transformational Change: The Case of Initial Public Offerings. Academy of Management Journal 47 (4): 463-481. Fligstein, N. 1987. The Intraorganizational Power Struggle: Rise of Finance Personnel to Top Leadership in Large Corporations, 1919-1979. American Sociological Review. 52 (1): 44-58. Goldman, R. L., H. Tallis, P. Kareiva, and G. C. Daily. 2008. Field Evidence that Ecosystem Service Projects Support Biodiversity and Diversify Options. Proceedings of the National Academy of Sciences 105 (5): 9445-9448. Grimm C. M., and Smith K. G. 1991. Management and Organizational Change: A Note on the Railroad Industry. Strategic Management Journal 12 (7): 557-562. Hambrick, D. C. 1981. Environment, Strategy, and Power within Top Management Teams. Administrative Science Quarterly 26 (2): 253-275. Hambrick, D. C., and P. Mason. 1984. Upper Echelons: The Organization as a Reflection of its Top Manager. Academy of Management Review 9 (2): 193-206. Hambrick, D. C., and Fukutomi G. D. S. 1991. The Seasons of a CEO’s Tenure. Academy of Management Review 16 (4): 719-742. Harrison, J. R., D. L. Torres, and S. Kukalis. 1988. The Changing of the Guard: Tunover and Structural change in the Top Management Positions. Administrative Science Quarterly 33 (2): 211-232. Hinings, C. R., D. J. Hickson, J. M. Pennings, and R. E. Schneck. 1974. Structural Intraorganizational Power. Administrative Science Quarterly 19 (1): 22-44. Hoang, H., and B. Antoncic. 2003. Network-Based Research in Entrepreneurship: A Critical Review. Journal of business venturing. 18 (2): 165-87. Hoitash, R, U. Hoitash, and K. M. Johnstone. 2012. Internal Control Material Weaknesses and CFO Compensation. Contemporary Accounting Research 29 (3): 768-803. Holmstrom, B., and J. Ricart-I-Costa. 1986. Managerial Incentives and Capital Management. Quarterly Journal of Economics. 101 (4): 835-860. Imhoff, E. A. Jr. 2003. Accounting Quality, Auditing, and Corporate Governance. Accounting Horizons 17(s):117-128. Jappelli, T., and M. Pagano. 2002. Information Sharing, Lending and Defaults: Cross-Country Evidence. Journal of Banking and Finance 26 (10): 2023-2054. Jensen, M. C., and W. Meckling. 1976. Theory of the firm: Managerial behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics. 3 (4): 305-360. Jensen, M. C. 1993. The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. Journal of Finance 48 (3): 831-880. Jollineau, S. J., L. J. Tanlu, and A. Winn. 2014. Evaluating Proposed Remedies for Credit Rating Agency Failures. The Accounting Review 89 (4): 1399-1420. Johnson, S. and T. Mitton. 2003. Cronyism and Capital Controls: Evidence from Malaysia. Journal of Financial Economics 67 (2): 351-382 Kaplan, S., and J. Stein. 1990. How Risky is the Debt in Highly Leveraged Transactions? Journal of Financial Economics 27 (1): 215-245. Kesner, I. 1987. Directors' Stock Ownership and Organizational Performance: An Investigation of Fortune 500 Companies. Journal of Management 13 (3): 499-508. Khwaja, A. I., and A. Mian. 2005. Unchecked Intermediaries: Price Manipulation in an Emerging Stock Market. Journal of Financial Economics 78 (4): 203-241. Kosnik, R. D. 1987. Greenmail: A Study of Board Performance in Corporate Governance. Administrative Science Quarterly 32 (2): 163-185. Langevoort, D. C., and R. K. Rasmussen. 1996. Skewing the Results: The Role of Lawyers in Transmitting Legal Rules. Southern California Interdisciplinary Law Journal 5 (1): 375-440. Lewis, B. W., J. L. Walls, and G. W. S. Dowell. 2014. Difference in Degrees: CEO Characteristics and Firm Environmental Disclosure. Strategic Management Journal 35 (5): 712-722. Lin, Y., S. Hu, and M. Chen. 2005. Managerial Optimism and Corporate Investment: Some Empirical Evidence from Taiwan. Pacific-Basin Finance Journal 13 (5): 523-546. Lisic, L. L., T. L. Neal, I. X. Zhang, and Y. Zhang. 2016. CEO Power, Internal Control Quality, and Audit Committee Effectiveness in Substance Versus in Form. Contemporary Accounting Research 33 (3): 1-39. Malmendier, U., and G. Tate. 2005. CEO Overconfidence and Corporate Investment. Journal of Finance 60 (6): 2661–2700. March, J. G. 1966. The Power of Power. Varieties of Political Theory: 39-70. Mester, L. J. 1997. What’s the Point of Credit Scoring? Business Review September: 3-16. Miller D. 1991. Stale in the saddle: CEO Tenure and the Match between Organization and Environment. Management Science 37 (1): 34–52. Moore, D. A., P. E. Tetlock, L. Tanlu, and M. H. Bazeman. 2006. Conflict of Interest and the Case of Auditor Independence: Moral Seduction and Strategic Issue Cycling. The Academy of Management Review 31 (1): 10-29. Mohamed, E. B., M. N. Souissi, A. Baccar, and A. Bouri. 2014. CEO's Personal Characteristics, Ownership and Investment Cash Flow Sensitivity: Evidence from NYSE Panel Data Firms. Journal of Economics, Finance & Administrative Science 19 (37): 98-103. Morck, R., A. Shleifer, and R. Vishny. 1988. Management Ownership and Market Valuation: An Empirical Analysis. Journal of Financial Economics 20 (January–March): 293–315. Morck, R., D. Wolfenzon, and B. Yeung. 2005. Corporate Governance, Economic Entrenchment, and Growth. Journal of Economic Literature 43 (3): 655-720. Myers, S., and N. Majluf. 1984. Corporate Financing and Investment Decisions when Firms have Information that Investors do not have. Journal of Financial Economics 13 (2): 187-221. Padilla, A. J. and M. Pagano. 2000. Sharing Default Information as a Borrower Discipline Device. European Economic Review 44 (10): 1951-1980. Pan, Y., T. Y. Wang, and M. S. Weisbach. 2014. Does Uncertainty about Management affect Firms’ Costs of Borrowing? Working paper, National Bureau of Economic Research. Patzelt, H., Z. Knyphausen-Aufseß, Z., and P. Nikol. 2008. Top Management Teams, Business Models, and Performance of Biotechnology Ventures: An Upper Echelon Perspective. British Journal of Management 19 (3): 205-221. Perrow, C. 1970. Departmental Power in Industry. Power in organizations: 59-89. Nashville: Vanderbilt University Press. Pfeffer, J. 1981. Power in Organizations. Marshfield, MA: Pitman. Pfeffer, J., and G. R. Salancik. 1974. Organization Decision Making as a Political Process: The Case of a University Budget. Administrative Science Quarterly 19 (2): 135-151. Porter, M. E. 1980. Competitive Strategy. New York: Free Press. Rakhmayil, S., and A. Yuce. 2011. Effects of Manager Qualification On Firm Value. Journal of Business & Economics Research 6 (7): 129-138. Reichling, P. and A. Zbandut. 2017. Costs of Capital under Credit Risk. Working Paper. SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2896148. Scharfstein, D. S., and J. C. Stein. 1990. Herd Behavior and Investment. American Economic Review. 80 (3): 465-479. Scott W. R., and J. W. Meyer. 1983. The Organization of Societal Sectors. Organizational environments: Ritual and rationality: 129-153. Selznick, A. 1957. Leadership in administration: A sociological Interpretation. New York: Harper and Row. Sengupta, P. 1998. Corporate Disclosure Quality and the Cost of Debt. The Accounting Review. 73 (4): 459-474. Shen, H., Y. Yang, and F. Pan. 2014. Political Connection, Securities Violation and Earnings Quality of Private Listed Companies. Journal of Financial Research (CSSCI) 1: 194-206. Simon, H. A. 1957. The Compensation of Executives. Sociometry 20: 32-35. Switzer, L. N., and J. Wang. 2013. Default Risk Estimation, Bank Credit Risk, and Corporate Governance. Financial Markets, Institutions and Instruments 22 (2): 91-112. Thomas, L. C., D. B. Edelman, and J. N. Crook. 2002. Credit Scoring and Its Applications, Philadelphia, PA: SIAM. Tushman, M. L., and E. Romanelli. 1983. Uncertainty, Social Location and Difference in Making. Management Science. 29 (1): 12-23. Tushman, M. L., and T. Scanlan. 1981. Characteristics and External Orientation of Boundary Individuals. The Academy of Management Journal. 24 (1): 83-98. Useem, M. 1979. The Social Organization of the American Business Elite and Participation of Corporation Directors in the Governance of American Institutes. American Sociological Review 44 (August): 553-572. Useem, M. and J. Karabel. 1986. Pathways to Top Corporate Management. American Sociological Review 51 (2): 184-200. U.S. News and World Report. 1987. America’s Best Colleges 26 (October): 49-70. Wiersema, M. F., and K. A. Bantel. 1992. Top Management Team Demography and Corporate Strategic Change. The Academy of Management Journal 35 (1): 91-121. Whistler, T. L., H. Meyer, B. H. Baum, and P. F. Jr. Sorensen. 1967. Centralization of Organizational Control: An Empirical Study of its Meaning and Measurement. Journal of Business 40 (1):10-26. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/77645 | - |
dc.description.abstract | 為了解決信用評等機構與利害關係人間存在的利益衝突問題、信用評等的偏誤問題、以及股東與債權人間存在的代理問題,了解經理人特質對信用風險的影響有其必要性。本文主要依循Cornaggia, Krishnan, and Wang (2017)的研究成果,並且結合Finkelstein (1992)建立的經理人特質指標,探討經理人可觀察特質對信用風險的影響。
本文以信用評等與違約機率做為信用風險的代理變數,實證結果顯示,總經理持股比越高、任期越長、曾經擔任過的職務數越多、大學以上學歷、碩士以上學歷、博士學歷、具有商學背景、具有國外學歷、具有美國菁英大學學歷、曾經在NPO組織兼任董監事職務數越多、同時兼任其他公開發行以上公司董監事職務越多,對於信用評等有正面效果;董事長同時兼任總經理、薪酬佔淨利比率越高,對於信用評等有負面效果;總經理是否為企業創辦人、是否具有法律背景、是否具有教授職經歷、是否具有政治或公部門工作經歷,對於信用評等沒有影響。若以違約機率作為信用風險的代理變數時,上述的結果大致不變。 接著,本文進一步以家族企業做為研究樣本,發現上述的總經理特質對信用評等仍具有效性,但效果有削減的跡象。最後,以已違約或預期違約的企業做為研究樣本,發現控制權力越高、專業能力越好、聲譽效果越佳的總經理,均有助於企業脫離已違約或預期違約的窘境。 | zh_TW |
dc.description.abstract | It is necessary to concentrate the impact of manager characteristics against the credit risk in order to get multiple approaches on the issues that are likely to encounter in the near days, for instance, the conflict of interest between rating agencies and interested parties, the biased errors from credit ratings and the principal-agent problems between shareholders and creditors.
This research is basically made on the results of Cornaggia, Krishnan, and Wang (2017) and combined with the indicators of manager characteristics established by Finkelstein (1992) to discuss how the manager's observable traits have an influence on credit risk. The empirical results shown that a general manager has the higher shareholding in a company, takes longer tenure in a position, took more duties in the past years, awarded the bachelor degree, master degree or PhD, possess the business background, foreign degree or graduated from well-known colleges in the United States, occupies more directors and supervisors slots in the NPO organization or in other public corporations will bring the positive effect on credit ratings based on the assumption of credit ratings and default probabilities as the proxy variable of credit risk. The higher salary proportion accounts for the net worth or the person who occupies both chairman and general manager positions will bring the negative effect on credit ratings. However, whether the general manager is a founder of company or not, or even equips the legal background, has teaching experiences, owns political or public sector work experiences will no effect on credit ratings and if the probability of default as the proxy variable of credit risk, the above results are largely unchanged. Then, the family business was taken as a research sample and was found that the above traits general manager possesses against the credit ratings are still valid but reduced. Finally, the defaulted enterprises and the expected defaulted enterprises were used as research samples showing the results that a general manager has the higher control power, superior knowledge or well reputation help the company out of breach challenge. | en |
dc.description.provenance | Made available in DSpace on 2021-07-10T22:13:25Z (GMT). No. of bitstreams: 1 ntu-107-P04744018-1.pdf: 1352444 bytes, checksum: 53a752268f6b14c994c8822995eac3e1 (MD5) Previous issue date: 2018 | en |
dc.description.tableofcontents | 目錄
口試委員會審定書 i 謝誌 ii 中文摘要 iii Abstract iv 目錄 vi 表目錄 viii 圖目錄 ix 第壹章、緒論 1 第一節、研究背景與動機 1 第二節、研究目的 4 第三節、研究流程圖 5 第貳章、文獻探討 6 第一節、信用風險的相關研究 6 第二節、經理人特質的相關研究 10 第三節、建立研究問題 12 第參章、研究設計 13 第一節、研究方法概述 13 第二節、樣本篩選過程 15 第三節、變數定義 16 第肆章、實證結果 29 第一節、台灣上市櫃公司的信用評等狀況 29 第二節、敘述性統計分析 32 第三節、實證分析─經理人特質對信用評等的影響 36 第四節、實證分析─經理人特質對違約風險的影響 39 第五節、額外分析─ 家族企業環境下經理人特質對信用評等的影響 42 第六節、額外分析─經理人特質的救火能力表現 44 第伍章、結論與建議 47 第一節、研究結論 47 第二節、研究建議與限制 49 參考文獻 51 表目錄 表3-1 樣本篩選過程 15 表3-2 變數定義整理表 28 表4-1 信用評等的產業分佈狀況 31 表4-2 變數敘述性統計 35 表4-3 經理人特質對信用評等的影響 38 表4-4 經理人特質對違約風險的影響 41 表4-5 家族企業環境下經理人特質對信用評等的影響 43 表4-6 經理人特質的救火能力表現─差異中差異法檢定 46 圖目錄 圖1-1 研究流程圖 5 圖3-1 TEJ信用評等與信用風險 16 圖3-2 TEJ信用評等流程圖 17 圖4-1 經理人特質的救火能力表現─控制權力 44 圖4-2 經理人特質的救火能力表現─專業能力 45 圖4-3 經理人特質的救火能力表現─聲譽效果 46 | |
dc.language.iso | zh-TW | |
dc.title | 經理人特質對信用風險的影響 | zh_TW |
dc.title | The Impact of Manager Characteristics on Credit Risk | en |
dc.type | Thesis | |
dc.date.schoolyear | 106-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 俞明德,陳聖賢 | |
dc.subject.keyword | 經理人特質,信用風險,信用評等,違約機率, | zh_TW |
dc.subject.keyword | Manager Characteristics,Credit Risk,Credit Ratings,Default Probabilities, | en |
dc.relation.page | 58 | |
dc.identifier.doi | 10.6342/NTU201801169 | |
dc.rights.note | 未授權 | |
dc.date.accepted | 2018-06-28 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 會計與管理決策組 | zh_TW |
顯示於系所單位: | 會計與管理決策組 |
文件中的檔案:
檔案 | 大小 | 格式 | |
---|---|---|---|
ntu-107-P04744018-1.pdf 目前未授權公開取用 | 1.32 MB | Adobe PDF |
系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。