淡江大學覺生紀念圖書館 (TKU Library)
進階搜尋


下載電子全文限經由淡江IP使用) 
系統識別號 U0002-0307202018025900
中文論文名稱 人壽保險公司資產管理三議題:信用交換交易、CEO向日葵行為與CEO過度自信行為
英文論文名稱 Three Essays on Asset Management of Life Insurer Behavior: Credit Swap Transaction, Sunflower Behavior, and CEO Overconfidence
校院名稱 淡江大學
系所名稱(中) 管理科學學系博士班
系所名稱(英) Doctoral Program, Department of Management Sciences
學年度 108
學期 2
出版年 109
研究生中文姓名 黃富瑋
研究生英文姓名 Fu-Wei Huang
電子信箱 kwala.wei@mail.tku.edu.tw
學號 806620042
學位類別 博士
語文別 英文
口試日期 2020-06-18
論文頁數 119頁
口試委員 指導教授-李培齊
指導教授-林志鴻
委員-張慶暉
委員-張純萍
委員-陳水蓮
委員-曹銳勤
中文關鍵字 保險人保證金  信用交換交易  CEO向日葵行為  CEO過度自信行為 
英文關鍵字 Insurer interest margin  Credit swap transaction  Sunflower management  CEO overconfidence 
學科別分類
中文摘要 本文建立一個評估人壽保險公司報酬權益的市場價值之或有請求權模型。從以下三個議題關於保險公司資產負債匹配管理的文獻進行補充:信用交換交易、向日葵行為和CEO過度自信行為。研究方法的共同基礎是基於或有請求權模型分析。這三個議題主要假設分別為:(i) 假設保險公司所面對的資本投資市場和人壽保險市場是不完全競爭市場結構,為保險公司行為與信用交換交易問題建立了或有請求權模型。 (ii) 假設資本投資市場為不完全競爭市場,建構基於或有請求權的效用函數來討論人壽保險管理中的向日葵行為。 (iii) 資本投資和人壽保險市場是不完全競爭的,模型針對CEO過度自信和影子保險問題展開建立了或有請求權模型。
主要研究結果如下:(i) 第2章通過分析信用交換交易對保險公司利差行為和保戶保護的影響,以及在不同程度的資本監管、提早違約風險和利潤分享參與下,信用交換交易可能存在的差異,對保險文獻進行了補充。我們發現,當保險人作為風險承擔的賣方獲得風險補償時,保戶受到了保護。 (ii) 第3章建立或有請求權模型來評估CEO效用函數的價值,該效用函數被定義為喜歡較高的報酬風險和不喜歡較高的厭惡風險,以取悅董事會。CEO的向日葵行為降低了董事會的效用,並使CEO在提供人壽保險單時、提高利率時更加謹慎地承擔風險。 (iii) 第4章通過將影子保險與金融危機期間的政府援助結合,為有關過度自信行為的文獻做出了貢獻。我們發現從CEO的過度自信到投資效率提高,政府的援助有利於保險公司的生存。綜合上述,或有請求權方法與信用交換交易、CEO向日葵行為和CEO過度自信行為這三個問題密切相關。
英文摘要 In the dissertation, we develop a contingent model to evaluate the equity of a life insurer. The dissertation complements the literature about the insurer’s asset-liability matching management in three aspects: credit swap transaction, sunflower behavior, and chief executive officer (CEO) overconfidence. The common base of the research approach is based on a contingent claim analysis. The main assumptions of the three issues are, respectively, (i) the invested-asset market and the life insurance market faced by the insurer are assumed imperfectly competitive and a down-and-out call option is developed for the issue of the linkage between insurer behavior and credit swap transaction; (ii) the invested-asset market is assumed to be imperfectly competitive and a utility function based on the standard call option is developed to discuss the sunflower behavior in life insurance management; and (iii) both the invested-asset and life insurance markets are imperfectly competitive and a down-and-out call option is employed to analyze the issue of CEO overconfidence and shadow insurance. The main findings are summarized as follows, respectively. (i) Chapter 2 complements the insurance literature by analyzing how the effects of credit swap transactions on insurer spread behavior and policyholder protection, and how they might differ across various degrees of capital regulation, premature default risk and profit-sharing participation. We find that the policyholder is protected when the insurer as a protection seller benefits risk-taking compensation. (ii) Chapter 3 is the first one to develop a contingent claim model to evaluate the value of the CEO’s utility function defined as the like of higher equity return and the dislike of higher equity risk to please the board. The CEO’s sunflower aptitude yields lower board utility and makes the CEO more prudent to risk-taking at an increased interest margin for the provision of life insurance policies. (iii) Chapter 4 contributes to the literature on overconfidence behavior by linking shadow insurance and the government's bailout during a financial crisis. We show that there is an efficiency gain from CEO overconfidence to investment and government bailout helps insurer survival. In conclusion, it is shown that the contingent claim approach is intimately relevant to the following three issues in the dissertation: credit swap transaction, sunflower management, and CEO overconfidence.
論文目次 Contents
Acknowledgment I
Abstract III
Contents VII
Chapter 1 Introduction 1
1.1. Contextual background 1
1.2. Problem statement 2
1.3. Aim and objectives of the study 3
1.4. The rationale of the study 5
1.5. Significance of the study 5
1.6. Structure of the study 6
Chapter 2 Credit Swap Transaction 9
2.1. Features of credit swap transaction in asset-liability matching management 9
2.2. Related literature and background 12
2.3. Model basics 14
2.4. Solutions and comparative statics 21
2.5. Numerical results 24
Chapter 3 Sunflower management 38
3.1. Importance of sunflower utility 38
3.2. Related literature 42
3.3. Sunflower management model 45
3.4. Solution and results 52

Chapter 4 CEO Overconfidence 63
4.1. Characteristics of CEO overconfidence, insurer performance, and bailouts 63
4.2. Literature and motivation 66
4.3. Model framework 70
4.4. Optimal decisions and comparative static analyses 81
4.5. Numerical analysis 87
Chapter 5 Conclusion 106
5.1. Main results 106
5.2. Implications 108
5.3. Future research directions 109
References 110

Table of contents
Table 1. Life insurer’s initial balance sheet. 16
Table 2. Responsiveness of insurer asset-leading interest margin to or 26
Table 3. Responsiveness of insurer liabilities to based on Eq. (15) or based on Eq. (16). 28
Table 4. Responsiveness of guaranteed rate to or 32
Table 5. Responsiveness of insurer liabilities to or . 33
Table 6. The life insurance company’s balance sheet at 46
Table 7. Values of and evaluated at its approximate optimal with various levels of required guaranteed rate 55
Table 8. Responsiveness of insurer interest margin to required guaranteed interest rate 57
Table 9. Responsiveness of insurer interest margin to participation coefficient 59
Table 10. Responsiveness of insurer interest margin to substitution elasticity 60
Table 11. The life insurance company’s balance sheet at 71
Table 12. Responsiveness of asset-side interest margin (asset interest rate) and default risk to CEO overconfidence degree based on Eqs. (44) and (46). 89
Table13. Responsiveness of liability-side interest margin (guaranteed interest rate) and default risk to CEO overconfidence degree based on Eqs. (45) and (47) 93
Table 14. Responsiveness of asset-side interest margin (asset interest rate) and default risk to buying distressed assets based on Eqs. (48) and (50) 95
Table 15. Responsiveness of liability-side interest margin (guaranteed interest rate) and default risk to buying distressed assets based on Eqs. (49) and (51). 99
Table 16. Responsiveness of efficiency gain from CEO overconfidence to buying distressed assets when asset-side interest margin is considered, Eq. (52) 100
Table 17. Responsiveness of efficiency gain from CEO overconfidence to buying distressed assets when liability-side interest margin is considered, Eq. (53) 103

Figure of contents
Figure 1. Structure of the study …. 8
Figure 2. Responsiveness of insurer liabilities to based on Eq. (15) or based on Eq. (16) at various levels of 29
Figure 3. Responsiveness of insurer liabilities to based on Eq. (15) or based on Eq. (16) at various levels of 30
Figure 4. Responsiveness of insurer liabilities to based on Eq. (15) or based on Eq. (16) at various levels of 31
Figure 5. Responsiveness of insurer liabilities to based on Eq. (19) or based on Eq. (20) at various levels of 34
Figure 6. Responsiveness of insurer liabilities to based on Eq. (19) or based on Eq. (20) at various levels of 35
Figure 7. Responsiveness of insurer liabilities to based on Eq. (19) or based on Eq. (20) at various levels of 35
Figure 8. Responsiveness of default risk to overconfidence degree at various levels of shadow-banking transaction based on Eq. (46) 91
Figure 9. Responsiveness of default risk to overconfidence degree at various levels of buying distressed assets by the government based on Eq. (46) 91
Figure 10. Responsiveness of default risk to buying distressed assets at various levels of CEO overconfidence based on Eq. (50) 97

Figure 11. Responsiveness of default risk to buying distressed assets at various levels of shadow-banking transaction based on Eq. (50) 97
Figure 12. Responsiveness of efficiency gain to buying distressed assets at various levels of shadow-banking transaction based on Eq. (52) 101
Figure 13. Responsiveness of efficiency gain to buying distressed assets at various levels of barrier based on Eq. (52) 102
參考文獻 Adams, R. B., and Ferreira, D., 2007. A theory of friendly boards. Journal of Finance, 62 (1), 217-250.
Adrian, T., and Shin, H. S., 2009. Money, liquidity, and monetary policy. American Economic Review, 99 (2), 600-605.
Adrian, T., and Westerfield, M. M., 2009. Disagreement and learning in a dynamic contracting model. Review of Financial Studies, 22 (10), 3873-3906.
Alicke, M.D., 1985. Global self-evaluation as determined by the desirability and controllability of trait adjectives. Journal of Personality and Social Psychology, 49 (6), 1621-1630.
Barnes, M.L., 2016. Did life insurers benefit from TARP or regulatory forbearance during the financial crisis of 2008–2009? FRB of Boston Working Paper, 16-24. https://ssrn.com/abstract=2917098
Bell, F. W., and Murphy, N. B., 1968. Costs in commercial banking: A quantitative analysis of bank behavior and its relation to bank regulation. Federal Reserve Bank of Boston (41).
Ben-David, I., Graham, J.R., and Harvey, C.R., 2013. Managerial miscalibration. Quarterly Journal of Economics 128 (4), 1547-1584.
Bernard, C., Le Courtois, O., and Quittard-Pinon, F., 2005. Market value of life insurance contracts under stochastic interest rates and default risk. Insurance: Mathematics and Economics, 36 (3), 499-516.
Berry-Stölzle, T.R., Eastman, E.M., and Xu, J., 2018. CEO overconfidence and earnings management: evidence from property-liability insurers’ loss reserves. North American Actuarial Journal, 22 (3), 380-404.
Biagini, F., Rheinländer, T., and Schreiber, I., 2016. Risk-minimization for life insurance liabilities with basis risk. Mathematics and Financial Economics, 10 (2), 151-178.
Boot, A.W.A., Milbourn, T.T., and Thakor, A.V., 2005. Sunflower management and capital budgeting. Journal of Business, 78 (2), 501-528.
Braun, M., and Muermann, A., 2004. The impact of regret on the demand for insurance. Journal of Risk and Insurance, 71 (4), 737-767.
Brighetti, G., Lucarelli, C., and Marinelli, N., 2014. Do emotions affect insurance demand? Review of Behavioral Finance, 6 (2), 136-154.
Breitenfellner, B., and Wagner, N., 2010. Government intervention in response to the subprime financial crisis: the good into the pot, the bad into the crop. International Review of Financial Analysis, 19 (4), 289-297.
Briys, E., and de Varenne, F., 1994. Life insurance in a contingent claim framework: pricing and regulatory implications. Geneva Papers on Risk and Insurance Theory 19 (1), 53-72.
Brockman, P., and Turtle, H. J., 2003. A barrier option framework for corporate security valuation. Journal of Financial Economics 67 (3), 511-529.
Campbell, T. C., Gallmeyer, M., Johnson, S. A., Rutherford, J., and Stanley, B. M., 2011. CEO optimism and forced turnover. Journal of Financial Economics, 101 (3), 695-712.
Calomiris, C.W., and Khan, U., 2015. An assessment of TARP assistance to financial institutions. Journal of Economic Perspectives, 29 (2), 53-80.
Ceci, C., Colaneri, K., and Cretarola, A., 2017. Unit-linked life insurance policies: optimal hedging in partially observable market models. Insurance: Mathematics and Economics, 5 (76), 149-163.
Ceci, C., Colaneri, K., and Cretarola, A., 2015. Hedging of unit-linked life insurance contracts with unobservable mortality hazard rate via local risk-minimization. Insurance: Mathematics and Economics, 1 (60), 47-60.
Chen, A., and Suchanecki, M., 2007. Default risk, bankruptcy procedures and the market value of life insurance liabilities. Insurance: Mathematics and Economics, 40 (2), 231-255.
Chen, S., Lin, J. H., Yao W., and Huang, F. W., 2019. CEO overconfidence and shadow-banking life insurer performance under government purchases of distressed assets. Financial Risks and Regulation, 7 (1), 28.
Cheng, C., and Li, J., 2018. Early default risk and surrender risk: impacts on participating life insurance policies. Insurance: Mathematics and Economics, 1 (78), 30-43.
Choi, P. M. S., Chung, C.Y., and Liu, C., 2018. Self-attribution of overconfident CEOs and asymmetric investment-cash flow sensitivity. North American Journal of Economics and Finance, 4 (46), 1-14.
Daily, G., Hendel, I., and Lizzeri, A., 2008. Does the secondary life insurance market threaten dynamic insurance?. American Economic Review, 98 (2), 151-156.
Dyreng, S. D., Hanlon, M., and Maydew, E. L., 2010. The effects of executives on corporate tax avoidance. Accounting Review, 85 (4), 1163-1189.
Eckert, J., Gatzert, N., and Martin, M., 2016. Valuation and risk assessment of participating life insurance in the presence of credit risk. Insurance: Mathematics and Economics, 6 (71), 382-393.
Episcopos, A., 2008. Bank capital regulation in a barrier option framework. Journal of Banking and Finance, 32 (8), 1677-1686.
Ergungor, O. E., 2005. The profitability of bank-borrower relationships. Journal of Financial Intermediation, 14 (4), 485-512.
Fahlenbrach, R., and Stulz, R. M., 2011. Bank CEO incentives and the credit crisis. Journal of Financial Economics, 99 (1), 11-26.
Fama, E. F., 1980. Agency problems and the theory of the firm. Journal of Political Economy, 88 (2), 288-307.
Faust, R., Schmeiser, H., and Zemp, A., 2012. A performance analysis of participating life insurance contracts. Insurance: Mathematics and Economics, 51 (1), 158-171.
French, A., and Vital, M., 2015. Insurance and financial stability. Bank of England Quarterly Bulletin, 55 (3), 242-258.
Gatzert, N., 2008. Asset management and surplus distribution strategies in life insurance: an examination with respect to risk pricing and risk measurement. Insurance: Mathematics and Economics, 42 (2), 839-849.
Gerstner, T., Griebel, M., Holtz, M., Goschnick, R., and Haep, M., 2008. A general asset-liability management model for the efficient simulation of portfolios of life insurance policies. Insurance: Mathematics and Economics, 42 (2), 704-716.
Giat, Y., Hackman, S. T., and Subramanian, A., 2010. Investment under uncertainty, heterogeneous beliefs, and agency conflicts. The Review of Financial Studies, 23 (4), 1360-1404.
Goel, A.M., and Thakor, A.V., 2008. Overconfidence, CEO selection, and corporate governance. Journal of Finance, 63 (6), 2737-2784.
Gómez, F., and Ponce, J., 2018. Systemic risk and insurance regulation. Risks, 3 (6), 74.
Gorton, G., and Metrick, A., 2010. Regulating the shadow banking system. Brookings Papers on Economic Activity, FALL (2010), 261-297.
Grosen, A., and Jørgensen, P. L., 2002. Life insurance liabilities at market values: an analysis of insolvency risk, bonus policy, and regulatory intervention rules in a barrier option framework. Journal of Risk and Insurance, 69 (1), 63-91.
Harrington, S. E., 2009. The financial crisis, systemic risk, and the future of insurance regulation. Journal of Risk and Insurance, 76 (4), 785-819.
Heaton, J. B., 2002. Managerial optimism and corporate finance. Financial Management, 31 (2), 33-45.
Hermalin, B. E., 2005. Trends in corporate governance. Journal of Finance, 60 (5), 2351-2384.
Hermalin, B. E., and Weisbach, M. S., 2003. Boards of directors as an endogenously determined institution: a survey of the economic literature. Federal Reserve Bank of New York Economic Policy Review, 4 (9), 7-26.
Hermalin, B. E., and Weisbach, M. S., 1998. Endogenously chosen boards of directors and their monitoring of the CEO. American Economic Review, 88 (1), 96-118.
Hilary, G., and Hsu, C., 2011. Endogenous overconfidence in managerial forecasts. Journal of Accounting and Economics, 51 (3), 300-313.
Hirshleifer, D., and Luo, G. Y., 2001. On the survival of overconfident traders in a competitive securities market. Journal of Financial Markets, 4 (1), 73-84.
Ho, P. H., Huang, C. W, Lin, C. Y., and Yen, J. F., 2016. CEO overconfidence and financial crisis: evidence from bank lending and leverage. Journal of Financial Economics, 120 (1), 194-209.
Hong, J., and Seog, S. H., 2018. Life insurance settlement and the monopolistic insurance market. Insurance: Mathematics and Economics, 81 (C), 36-50.
Hoshi, T., and Kashyap, A. K., 2010. Will the US bank recapitalization succeed? eight lessons from Japan. Journal of Financial Economics, 97 (3), 398-417.
Hsieh, T. S., Bedard, J. C., and Johnstone, K. M., 2014. CEO overconfidence and earnings management during shifting regulatory regimes. Journal of Business Finance and Accounting, 41 (9-10), 1243-1268.
Huang, H. C., and Lee, Y. T., 2010. Optimal asset allocation for a general portfolio of life insurance policies. Insurance: Mathematics and Economics, 46 (2), 271-280.
Insurance Europe, 2014. Why insurers differ from banks. Insurance Europe Publication, 5 November 2014, Insurance Europe, Brussels, Belgium. Available at http://www.insuranceeurope.eu/sites/default/files/attachments/Why%20insurers%20differ%20from%20banks.pdf
Insurance Europe and Oliver Wyman, 2013. Funding the future: insurers’ role as institutional investors. Available at www.insuranceeurope.eu. and www.oliverwyman.com
Irresberger, F., and Peng, y., 2017. Shadow insurance usage and capital management in life insurance groups. Fox School of Business Research Paper, 16-22.
Ishikawa, M., and Takahashi, H., 2010. Overconfident managers and external financing choice. Review of Behavioral Finance, 2 (1), 37-58.
Jeffers, E., and Baicu, C., 2013. The interconnections between the shadow banking system and the regular banking system. evidence from the Euro Area. CITY PERC Working Paper Series 2013-07, Department of International Politics, City University London. Available at http://openaccess.city.ac.uk/2119/1/CITYPERC-WPS-2013_07.pdf
Jensen, M. C., and Meckling, W. H., 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3 (4), 305-360.
Jørgensen, P. L., 2004. On accounting standards and fair valuation of life insurance and pension liabilities. Scandinavian Actuarial Journal, 2004 (5), 372-394.
Kim, K., Leverty, J. T., and Schmit, J. T., 2017. The effect of investment advisors in the life insurance industry. Working Paper, University of Wisconsin-Madison. Available at https://bus.wisc.edu//media/bus/knowledge -expertise/academic-departments/asrmi/events/2017-2018/kyeongheekim_jobmarketpaper.pdf?la=en.
Kleinow, T., 2009. Valuation and hedging of participating life-insurance policies under management discretion. Insurance: Mathematics and Economics, 44 (1), 78-87.
Kling, A., Richter, A., and Ruß, J., 2007. The interaction of guarantees, surplus distribution, and asset allocation in with-profit life insurance policies. Insurance: Mathematics and Economics, 40 (1), 164-178.
Koijen, R. S. J., and Yogo, M., 2016. Shadow insurance. Econometrica, 84 (3), 1265-1287.
Li, X., and Lin, J. H., 2016. Shadow-banking entrusted loan management, deposit insurance premium, and capital regulation. International Review of Economics and Finance 41 (8), 98-109.
Lin, J. H., Huang F. W., and Chen, S., 2018. Sunflower management and life insurance: modeling the CEO’s utility function. Review of Behavioral Finance, 11 (3), 309.
Lin, J. H., and Li, X., 2017. Regulatory policies on Gramm-Leach-Bliley consolidation of commercial banking, shadow banking, and life insurance. Journal of International Financial Markets, Institutions and Money, 50 (6), 69-84.
Lin, J. J., Chang, C. P., and Chen, S., 2018. How does distress acquisition incentivized by government purchases of distressed loans affect bank default risk? Risks, 6, 39.
Lin, J. H., Lii, P. C., Huang, F. W., and Chen, S., 2020. The linkage between life insurer spread behavior and credit swap transaction: policyholder protection analysis. Applied Economics, 52 (33), 3600-3613.
Ma, Y., 2014. Bank CEO optimism and the financial crisis. Unpublished Working Paper, Harvard University, Cambridge, MA. Available at http://scholar.harvard.edu/files/yueranma/files/bankoptimism_0
Malmendier, U., and Tate, G., 2005. CEO overconfidence and corporate investment. Journal of Finance, 60 (6), 2661-2700.
Marciukaityte, D., and Szewczyk, S. H., 2011. Financing decisions and discretionary accruals: managerial manipulation or managerial overoptimism. Review of Behavioral Finance, 3 (2), 91-114.
Merkle, C. and Weber, M., 2011. True overconfidence: the inability of rational information processing to account for apparent overconfidence. Organizational Behavior and Human Decision Processes, 116 (2), 262-271.
Merton, R. C., 1974. On the pricing of corporate debt: the risk structure of interest rates. Journal of Finance, 29 (2), 449-470.
Merton, R. C., 1978. On the cost of deposit insurance when there are surveillance costs. Journal of Business, 51 (3), 439-452.
Moore, D. A., and Healy, P. J., 2008. The trouble with overconfidence. Psychological Review, 115 (2), 502-517.
Muermann, A., Mitchell, O. S., and Volkman, J., 2006. Regret, portfolio choice, and guarantees in defined contribution schemes. Insurance: Mathematics and Economics, 39 (2), 219-229.
Neal, R. S., 1996. Credit derivatives: New financial instruments for controlling credit risk. Economic Review-Federal Reserve Bank of Kansas City, 81 (2), 15-28.
Niehaus, G., 2014. Managing capital and insolvency risk via internal capital market transactions: the case of life insurers. Available at https://ssrn.com/abstract=2429024
Plantin, G., 2015. Shadow banking and bank capital regulation. Review of Financial Studies, 28 (1), 146-75.
Pozsar, Z., 2013. Institutional cash pools and the Triffin dilemma of the US banking system. Financial Markets, Institutions & Instruments, 22 (5), 283-318.
Ronn, E.I., and Verma, A.K., 1986. Pricing risk-adjusted deposit insurance: an option-based model. Journal of Finance, 41 (4), 871-895.
Safa, M. F., Hassan, M. K., and Maroney, N. C., 2013. AIG’s announcements, Fed’s innovation, contagion and systemic risk in the financial industries. Applied Financial Economics, 23 (16), 1337-1348.
Shim, J., 2017. An investigation of market concentration and financial stability in property-liability insurance industry. Journal of Risk and Insurance, 84 (2), 567-597.
Slovin, M. B., and Sushka, M. E., 1983. A model of the commercial loan rate. Journal of Finance, 38 (5), 1583-1596.
Sorensen, E. H., and Bollier, T. F., 1994. Pricing swap default risk. Financial Analysts Journal, 50 (3), 23-33.
Tarkovska, V. V., 2017. CEO pay slice and firm value: evidence from UK panel data. Review of Behavioral Finance, 9 (1), 43-62.
Thimann, C., 2014. How insurers differ from banks: a primer in systemic regulation. SRC special paper No 3. Available at https://ssrn.com/abstract=2502458
Tsagkanos, A., and Siriopoulos, C., 2015. Stock markets and industrial production in north and south of Euro-zone: Asymmetric effects via threshold cointegration approach. Journal of Economic Asymmetries, 12 (2), 162-172.
Vassalou, M., and Xing, Y., 2004. Default risk in equity returns. Journal of Finance, 59 (2), 831-868.
Veendorp, E. C., 1991. Entry deterrence, divisionalization, and investment decisions. Quarterly Journal of Economics, 106 (1), 297-307.
World Bank, 2009. The leverage ratio. Financial and Private Sector Development Note, 11.
論文使用權限
  • 同意紙本無償授權給館內讀者為學術之目的重製使用,於2020-07-21公開。
  • 同意授權瀏覽/列印電子全文服務,於2020-07-21起公開。


  • 若您有任何疑問,請與我們聯絡!
    圖書館: 請來電 (02)2621-5656 轉 2486 或 來信