Please use this identifier to cite or link to this item: https://ah.nccu.edu.tw/handle/140.119/137061


Title: 探討國際航運投資之關鍵決策因子-結合MCDM之應用
Exploring the Key Decision Factor of International Shipping Investment by Using MCDM Method
Authors: 蔡翔宇
Tsai, Hsiang-Yu
Contributors: 林靖
翁永和

Lin, Jin
Weng, Yung-Ho

蔡翔宇
Tsai, Hsiang-Yu
Keywords: MCDM
混合式MADM
DEMATEL
ANP
VIKOR
修正式VIKOR
國際航運投資
績效評估
基本面分析
MCDM
Hybrid MADM
DEMATEL
ANP
VIKOR
modified VIKOR
Investment of International Shipping
performance evaluation
Fundamental Analysis
Date: 2021
Issue Date: 2021-09-02 17:42:03 (UTC+8)
Abstract: 本文以金融機構觀點對國際航運投資之關鍵決策因子進行關研究,並運用混合MCDM分析法進行探討。首先根據過去文獻及專家問卷,得出20項研究準則,並將這些準則分三個步驟探討。第一,運用模糊決策試驗與實驗評估法(Fuzzy Decision Making Trial and Evaluation Laboratory, Fuzzy DEMATEL)技術,對因素間之相互影響關係進行分析,藉此建構出可視化的影響網路關係圖(Influential Network Relation Map, INRM)並找出因果路徑;第二,運用Fuzzy DANP Type II簡化問卷調查中各準則的成對比較,並獲得各準則的權重值;最後,透過Fuzzy modified VIKOR (VlseKriterijumska Optimizacija I Kompromisno Resenje)技術,經由計算各方案評估值與渴望水準(aspiration level)之接近程度來獲得缺口值(gap),並依此對公司進行缺口改善,使之邁向達到可望水準。配合影響網路關係圖,可以對公司提出根源改善之建議,令其對問題的源頭進行檢視與改良,或可更進一步改善其績效表現。研究結果顯示專家認為以金融機構觀點對國際航運進行投資時首先應優先考量的因素為稅後淨利率。除此之外,藉由缺口值的表現與INRM得以找出準則間影響路徑的源頭,以進行根源之系統改善。經由本研究之實證結果發現,當國際航運公司對內部人持股比例進行改善,可能造成系統性的全面改進,此可幫助航運公司在其績效表現上更進一步邁向達成最佳化。
The dissertaion analyizes the key factors for international shipping investment from the perspective of financial institution with hybrid MCDM method. Based on the literature review and the questionnaire, the dissertaion builds 20 criterition as research indicators, then discusses these indicators by three steps.
The dissertation firstly applies the Fuzzy DEMATEL method to analyze the interactions between the factors to construct the visualized Influential Network Relation Map (INRM) and find the causal path. Second, the paired comparisons of criterition in the questionnaire are simplified via the Fuzzy DANP Type II method in order to obtain the weight rate of indivual criterition. Lastly, the dissertation calculates the gap between the evaluation value of each plan and the aspiration level through the Fuzzy modified VIKOR technique, then optimize companies accordingly.
The result indicates that experts assert that from the perspective of financial institution, the after-tax interest rate should be the first factor to consider in international shipping investment. Additionally, through the performance of the gap and the INRM, the source of the influence path can be found to systematically solve the root cause.
In the empirical results, it is found that when an international shipping company makes changes on the percentage of insider ownership, it may lead to a systematic and comprehensive improvement, and hence contribute to the shipping company for a better performance and reach an optimal level.
Reference: Akhtaruddin, M., Hossain, M. A., Hossain, M., & Yao, L. (2009). Corporate governance and voluntary disclosure in corporate annual reports of Malaysian listed firms. Journal of Applied Management Accounting Research, 7(1), 1.
Alexandridis, G., Kavussanos, M. G., Kim, C. Y., Tsouknidis, D. A., & Visvikis, I. D. (2018). A survey of shipping finance research: Setting the future research agenda. Transportation Research Part E: Logistics and Transportation Review, 115, 164-212.
Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2020). Corporate Economic, Environmental, and Social Sustainability Performance Transformation through ESG Disclosure. Sustainability, 12(9), 3910.
Angelopoulos, J., Sahoo, S., & Visvikis, I. D. (2020). Commodity and transportation economic market interactions revisited: New evidence from a dynamic factor model. Transportation Research Part E: Logistics and Transportation Review, 133, 101836.
Batchimeg, B. (2017). Financial performance determinants of organizations: The case of Mongolian companies. Journal of competitiveness, 9(3), 22-33.
Ben Slimane, M., Le Guenedal, T., Roncalli, T., & Sekine, T. (2019). ESG Investing in Corporate Bonds: Mind the Gap. Théo and Roncalli, Thierry and Sekine, Takaya, ESG Investing in Corporate Bonds: Mind the Gap (November 30, 2019).
Broadstock, D. C., Chan, K., Cheng, L. T., & Wang, X. (2020). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance research letters, 101716.
Brogi, M., & Lagasio, V. (2019). Environmental, social, and governance and company profitability: Are financial intermediaries different?. Corporate Social Responsibility and Environmental Management, 26(3), 576-587.
Chang, M. Y., Cui, X., Liu, C. C., & Lai, Y. T. (2019). Evaluating the criteria for financial holding company operating ability based on the DEMATEL approach–the case of Taiwan. Economic research-Ekonomska istraživanja, 32(1), 2978-2994.
Chen, F. H., Hsu, T. S., & Tzeng, G. H. (2011). A balanced scorecard approach to establish a performance evaluation and relationship model for hot spring hotels based on a hybrid MCDM model combining DEMATEL and ANP. International Journal of Hospitality Management, 30(4), 908-932.
Chen, K. H., Yien, J. M., Chiang, C. H., Tsai, P. C., & Tsai, F. S. (2019). Identifying key sources of city air quality: A hybrid MCDM model and improvement strategies. Applied Sciences, 9(7), 1414.
Chiu, W. Y., Tzeng, G. H., & Li, H. L. (2013). A new hybrid MCDM model combining DANP with VIKOR to improve e-store business. Knowledge-Based Systems, 37, 48-61.
Christensen, P. O., & Sorensen, B. G. (1994). Duration, convexity, and time value. Journal of Portfolio Management, 20(2), 51.
Donnan, R. C., Edwards, C. R., Iyer, A. R., Karamete, T., Myers, P. F., Olson, S. E., ... & Hendrickson, D. C. (2020, April). Enterprise Resilience of Maritime Container Ports to Pandemic and Other Emergent Conditions. In 2020 Systems and Information Engineering Design Symposium (SIEDS) (pp. 1-6). IEEE.
Dubois, D., & Prade, H. (1979). Operations in a fuzzy-valued logic. Information and Control, 43(2), 224-240.
De Villiers, C., Naiker, V., & Van Staden, C. J. (2011). The effect of board characteristics on firm environmental performance. Journal of Management, 37(6), 1636-1663.
Ertuğrul, İ., & Karakaşoğlu, N. (2009). Performance evaluation of Turkish cement firms with fuzzy analytic hierarchy process and TOPSIS methods. Expert Systems with Applications, 36(1), 702-715.
Febi, W., Schäfer, D., Stephan, A., & Sun, C. (2018). The impact of liquidity risk on the yield spread of green bonds. Finance Research Letters, 27, 53-59.
Førsund, F. R., Lovell, C. K., & Schmidt, P. (1980). A survey of frontier production functions and of their relationship to efficiency measurement. Journal of econometrics, 13(1), 5-25.
Gabus, A., & Fontela, E. (1973). Perceptions of the world problematique: Communication procedure, communicating with those bearing collective responsibility. Battelle Geneva Research Centre, Geneva, Switzerland.
Gong, X., Wu, X., & Luo, M. (2019). Company performance and environmental efficiency: A case study for shipping enterprises. Transport Policy, 82, 96-106.
Grammenos, C. T., Alizadeh, A. H., & Papapostolou, N. C. (2007). Factors affecting the dynamics of yield premia on shipping seasoned high yield bonds. Transportation Research Part E: Logistics and Transportation Review, 43(5), 549-564.
Grammenos, C. T., Nomikos, N. K., & Papapostolou, N. C. (2008). Estimating the probability of default for shipping high yield bond issues. Transportation Research Part E: Logistics and Transportation Review, 44(6), 1123-1138.
Habaragoda, B. S. (2018). Corporate Social Responsibility (CSR) and Firm Performance: Impact of Internal and External CSR on Financial Performance. Business and Management, 10(3).
Hirtle, B., Kovner, A., & Plosser, M. (2020). The impact of supervision on bank performance. The Journal of Finance, 75(5), 2765-2808.
Hu, K. H., Chen, F. H., & Tzeng, G. H. (2016). Evaluating the improvement of sustainability of sports industry policy based on MADM. Sustainability, 8(7), 606.
Hu, K. H., Lin, S. J., & Hsu, M. F. (2018). A fusion approach for exploring the key factors of corporate governance on corporate social responsibility performance. Sustainability, 10(5), 1582.
Hu, S. K., & Tzeng, G. H. (2019). A hybrid multiple-attribute decision-making model with modified PROMETHEE for identifying optimal performance-improvement strategies for sustainable development of a better life. Social Indicators Research, 144(3), 1021-1053.
Huang, S. W., Liou, J. J., Tang, W., & Tzeng, G. H. (2020). Location Selection of a Manufacturing Facility from the Perspective of Supply Chain Sustainability. Symmetry, 12(9), 1418.
Hsu, C. H., Wang, F. K., & Tzeng, G. H. (2012). The best vendor selection for conducting the recycled material based on a hybrid MCDM model combining DANP with VIKOR. Resources, Conservation and Recycling, 66, 95-111.
Ikram, M., Zhang, Q., Sroufe, R., & Ferasso, M. (2020). The Social Dimensions of Corporate Sustainability: An Integrative Framework Including COVID-19 Insights. Sustainability, 12(20), 8747.
Jang, G. Y., Kang, H. G., Lee, J. Y., & Bae, K. (2020). ESG Scores and the Credit Market. Sustainability, 12(8), 3456.
Kavussanos, M. G., & Tsouknidis, D. A. (2014). The determinants of credit spreads changes in global shipping bonds. Transportation Research Part E: Logistics and Transportation Review, 70, 55-75.
Khurana, S., Haleem, A., Luthra, S., Huisingh, D., & Mannan, B. (2020). Now is the time to press the reset button: Helping India’s companies to become more resilient and effective in overcoming the impacts of COVID-19, climate changes and other crises. Journal of cleaner production, 280, 124466.
Kondova, G., & Bandyopadhyay, T. (2019). The Impact of Non-bank Lending on Bank Efficiency: Data Envelopment Analysis of European Banks. International Journal of Trade, Economics and Finance, 10(5), 108-112.
Konečný, F. (2020). EVALUATION OF CSR DISCLOSURE OF THE BIGGEST COMPANIES IN CZECH REPUBLIC WITH MCDM METHODS. MEKON 2020, 116.
Kweha, Q. L., Ahmadb, N., Tingc, I. W. K., Zhangd, C., & Hassane, H. B. (2019). Board Gender Diversity, Board Independence and Firm Performance in Malaysia. Institutions and Economies, 1-20.
Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of accounting and economics, 33(3), 375-400.
Lee, C. Y., & Cheng, J. H. (2008). A fuzzy AHP application on evaluation of high-yield bond investment. WSEAS Transactions on Information Science and Applications, 5(6), 1044-1056.
Lee, P. T. W., & Lin, C. W. (2013). The cognition map of financial ratios of shipping companies using DEMATEL and MMDE. Maritime Policy & Management, 40(2), 133-145.
Lee, P. T. W., Lin, C. W., & Shin, S. H. (2012). A comparative study on financial positions of shipping companies in Taiwan and Korea using entropy and grey relation analysis. Expert Systems with Applications, 39(5), 5649-5657.
Lee, W. S., & Yang, Y. T. (2013). Valuation and choice of convertible bonds based on MCDM. Applied Financial Economics, 23(10), 861-868.
Leggate, H. K. (2000). A European perspective on bond finance for the maritime industry. Maritime Policy & Management, 27(4), 353-362.
Li, P., Zhou, R., & Xiong, Y. (2020). Can ESG Performance Affect Bond Default Rate? Evidence from China. Sustainability, 12(7), 2954.
Lin, A. J., & Chang, H. Y. (2019). Business sustainability performance evaluation for taiwanese banks—A hybrid multiple-criteria decision-making approach. Sustainability, 11(8), 2236.
Lin, A. J., Chang, H. Y., & Hsiao, J. L. (2019). Does the Baltic Dry Index drive volatility spillovers in the commodities, currency, or stock markets?. Transportation Research Part E: Logistics and Transportation Review, 127, 265-283.
Lin, P. J., Shiue, Y. C., Tzeng, G. H., & Huang, S. L. (2019). Developing a sustainable long-term ageing health care system using the DANP-mV model: Empirical case of Taiwan. International journal of environmental research and public health, 16(8), 1349.
Lin, W. C., Liu, C. F., & Chu, C. W. (2005). Performance efficiency evaluation of the Taiwan’s shipping industry: an application of data envelopment analysis. In Proceedings of the Eastern Asia Society for Transportation Studies (Vol. 5, No. 1, pp. 467-476). Citeseer.
Liou, J. J., Tzeng, G. H., Tsai, C. Y., & Hsu, C. C. (2011). A hybrid ANP model in fuzzy environments for strategic alliance partner selection in the airline industry. Applied Soft Computing, 11(4), 3515-3524.
Liu, Y., Yang, Y., Liu, Y., & Tzeng, G. H. (2019). Improving sustainable mobile health care promotion: a novel hybrid MCDM method. Sustainability, 11(3), 752.
Lu, M. T., Hsu, C. C., Liou, J. J., & Lo, H. W. (2018). A hybrid MCDM and sustainability-balanced scorecard model to establish sustainable performance evaluation for international airports. Journal of Air Transport Management, 71
Malina, M. A., Nørreklit, H. S., & Selto, F. H. (2011). Lessons learned: advantages and disadvantages of mixed method research. Qualitative Research in Accounting & Management, 8(1), 59-71.
Mantalis, G., Lemonakis, C., Garefalakis, A., Vassakis, K., & Xanthos, G. (2015). Relationship between efficiency and ship class of Greek-owned shipping companies, listed on the NYSE. In Conference: 4th International Symposium & 26th National Conference on Operational Research, at Chania, Greece.
Mitroussi, K., Abouarghoub, W., Haider, J. J., Pettit, S. J., & Tigka, N. (2016). Performance drivers of shipping loans: An empirical investigation. International Journal of Production Economics, 171, 438-452.
Moody’s Investors Service. (2020). Shipping – Global Outlook turns stable on EBITDA growth, improving supply-demand balance.
Mukherjee, T. K., & Naka, A. (1995). Dynamic relations between macroeconomic variables and the Japanese stock market: an application of a vector error correction model. Journal of financial Research, 18(2), 223-237.
Nizam, E., Ng, A., Dewandaru, G., Nagayev, R., & Nkoba, M. A. (2019). The impact of social and environmental sustainability on financial performance: A global analysis of the banking sector. Journal of Multinational Financial Management, 49, 35-53.
Opricović, S. (1998). VIKOR method. Multicriteria optimization of civil engineering systems. University of Belgrade-Faculty of Civil Engineering, Belgrade, 142-175.
Opricovic, S., & Tzeng, G. H. (2003). Defuzzification within a multicriteria decision model. International Journal of Uncertainty, Fuzziness and Knowledge-Based Systems, 11(05), 635-652.
Orsato, R. J., Garcia, A., Mendes-Da-Silva, W., Simonetti, R., & Monzoni, M. (2015). Sustainability indexes: why join in? A study of the ‘Corporate Sustainability Index (ISE)’in Brazil. Journal of Cleaner Production, 96, 161-170.
Peng, K. H., & Tzeng, G. H. (2019). Exploring heritage tourism performance improvement for making sustainable development strategies using the hybrid-modified MADM model. Current Issues in Tourism, 22(8), 921-947.
Pineda, P. J. G., Liou, J. J., Hsu, C. C., & Chuang, Y. C. (2018). An integrated MCDM model for improving airline operational and financial performance. Journal of Air Transport Management, 68, 103-117.
Polbennikov, S., Desclée, A., Dynkin, L., & Maitra, A. (2016). ESG ratings and performance of corporate bonds. The journal of fixed income, 26(1), 21-41.
Prayuda, R. Z., & Praditya, R. A. (2020). Does ISO 26000 Corporate Social Responsibility Influence Company Performance?. Journal of Industrial Engineering & Management Research, 1(1), 83-94.
Qu, G. B., Zhao, T. Y., Zhu, B. W., Tzeng, G. H., & Huang, S. L. (2019). Use of a Modified DANP-mV Model to Improve Quality of Life in Rural Residents: The Empirical Case of Xingshisi Village, China. International Journal of Environmental Research and Public Health, 16(1), 153.
Rabbani, A., Zamani, M., Yazdani-Chamzini, A., & Zavadskas, E. K. (2014). Proposing a new integrated model based on sustainability balanced scorecard (SBSC) and MCDM approaches by using linguistic variables for the performance evaluation of oil producing companies. Expert Systems with Applications, 41(16), 7316-7327.
Rahdari, A. H. (2016). Developing a fuzzy corporate performance rating system: a petrochemical industry case study. Journal of Cleaner Production, 131, 421-434.
Rezaie, K., Ramiyani, S. S., Nazari-Shirkouhi, S., & Badizadeh, A. (2014). Evaluating performance of Iranian cement firms using an integrated fuzzy AHP–VIKOR method. Applied Mathematical Modelling, 38(21-22), 5033-5046.
Rozman, Č., Potočnik, M., Pažek, K., Borec, A., Majkovič, D., & Bohanec, M. (2009). A multi-criteria assessment of tourist farm service quality. Tourism management, 30(5), 629-637.
Schroders (2020). Company announcements, JUST Capital, Schroders. Past performance is not a guide to future performance and may not be repeated.
Seiford, L. M., & Thrall, R. M. (1990). Recent developments in DEA: the mathematical programming approach to frontier analysis. Journal of econometrics, 46(1-2), 7-38.
Sharma, M., Luthra, S., Joshi, S., & Kumar, A. (2020). Developing a framework for enhancing survivability of sustainable supply chains during and post-COVID-19 pandemic. International Journal of Logistics Research and Applications, 1-21.
Shen, K. Y., Yan, M. R., & Tzeng, G. H. (2014). Combining VIKOR-DANP model for glamor stock selection and stock performance improvement. Knowledge-Based Systems, 58, 86-97.
Singh, H., & Harianto, F. (1989). Management-board relationships, takeover risk, and the adoption of golden parachutes. Academy of Management journal, 32(1), 7-24.
Siregar, N. B., & Bukit, R. B. (2018, January). Impact of corporate social responsibility and company size on Corporate Financial Performance with Good Corporate Governance as Moderating Variable. In 1st Economics and Business International Conference 2017 (EBIC 2017). Atlantis Press.
Sirimanne, S. N., Hoffman, J., Juan, W., Asariotis, R., Assaf, M., Ayala, G., ... & Aƒ ˆAguez, L. R. (2019). Review of Maritime Transport 2019. tech. rep.
Theodossiou, P., Tsouknidis, D. A., & Savva, C. S. (2020). Freight Rates in Downside and Upside Markets: Pricing of Own and Spillover Risks from Other Shipping Segments. Available at SSRN 3514142.
Ting, I. W. K., Azizan, N. A., Bhaskaran, R. K., & Sukumaran, S. K. (2020). Corporate Social Performance and Firm Performance: Comparative Study among Developed and Emerging Market Firms. Sustainability, 12(1), 26.
Tsai, P. H., Lin, G. Y., Zheng, Y. L., Chen, Y. C., Chen, P. Z., & Su, Z. C. (2020). Exploring the effect of Starbucks' green marketing on consumers' purchase decisions from consumers’ perspective. Journal of Retailing and Consumer Services, 56, 102162.
Tsai, W. H., Chou, W. C., & Lai, C. W. (2010). An effective evaluation model and improvement analysis for national park websites: A case study of Taiwan. Tourism Management, 31(6), 936-952.
Tseng, M. L., Chang, C. H., Lin, C. W., Nguyen, T. T. H., & Lim, M. K. (2020). Environmental responsibility drives board structure and financial and governance performance: A cause and effect model with qualitative information. Journal of Cleaner Production, 258, 120668.
Tsolas, I. E. (2011). Modelling profitability and effectiveness of Greek-listed construction firms: an integrated DEA and ratio analysis. Construction Management and Economics, 29(8), 795-807.
Tsouknidis, D. A. (2019). The effect of institutional ownership on firm performance: the case of US-listed shipping companies. Maritime Policy & Management, 46(5), 509-528.
Tu, C. A., Rasoulinezhad, E., & Sarker, T. (2020). Investigating solutions for the development of a green bond market: Evidence from analytic hierarchy process. Finance Research Letters, 101457.
UNCTAD (2019a). Review of Maritime Transport 2019 (United Nations publication. Sales No. E.19.II.D.20. New York and Geneva).
Van Laarhoven, P. J., & Pedrycz, W. (1983). A fuzzy extension of Saaty's priority theory. Fuzzy sets and Systems, 11(1-3), 229-241.
Wang, Y. J., & Lee, H. S. (2010). Evaluating financial performance of Taiwan container shipping companies by strength and weakness indices. International Journal of Computer Mathematics, 87(1), 38-52.
Wang, Y. L., Shen, K. Y., Huang, J. Y., & Luarn, P. (2020). Use of a Refined Corporate Social Responsibility Model to Mitigate Information Asymmetry and Evaluate Performance. Symmetry, 12(8), 1349.
Wu, H. Y. (2012). Constructing a strategy map for banking institutions with key performance indicators of the balanced scorecard. Evaluation and Program Planning, 35(3), 303-320.
Wu, H. Y., Tzeng, G. H., & Chen, Y. H. (2009). A fuzzy MCDM approach for evaluating banking performance based on Balanced Scorecard. Expert systems with applications, 36(6), 10135-10147.
Wu, Q., Pan, Y., Zhou, P., & Li, C. (2020, August). The Relationship Between Nonfinancial Measurements and Company Performance-Based on the Level of Customer Satisfaction. In 2020 4th International Seminar on Education, Management and Social Sciences (ISEMSS 2020) (pp. 70-75). Atlantis Press.
Wu, T. H., Chih, H. L., Lin, M. C., & Wu, Y. H. (2020). A Data Envelopment Analysis-Based Methodology Adopting Assurance Region Approach for Measuring Corporate Social Performance. Social Indicators Research, 148(3), 863-892.
Xiong, L., Teng, C. L., Zhu, B. W., Tzeng, G. H., & Huang, S. L. (2017). Using the D-DANP-mV model to explore the continuous system improvement strategy for sustainable development of creative communities. International Journal of Environmental Research and Public Health, 14(11), 1309.
Xu, Q. (2018). Kicking maturity down the road: early refinancing and maturity management in the corporate bond market. The Review of Financial Studies, 31(8), 3061-3097.
Yalcin, N., Bayrakdaroglu, A., & Kahraman, C. (2012). Application of fuzzy multi-criteria decision making methods for financial performance evaluation of Turkish manufacturing industries. Expert systems with applications, 39(1), 350-364.
Yang, Y. P. O., Shieh, H. M., Leu, J. D., & Tzeng, G. H. (2008). A novel hybrid MCDM model combined with DEMATEL and ANP with applications. International journal of operations research, 5(3), 160-168.
Yang, Z., Jiang, Z., Notteboom, T., & Haralambides, H. (2019). The impact of ship scrapping subsidies on fleet renewal decisions in dry bulk shipping. Transportation Research Part E: Logistics and Transportation Review, 126, 177-189.
Yin, H., Chen, Z., & Xiao, Y. (2019). Risk perception affecting the performance of shipping companies: the moderating effect of China and Korea. Maritime Policy & Management, 46(3), 295-308.
Yüksel, İ., & Dağdeviren, M. (2010). Using the fuzzy analytic network process (ANP) for Balanced Scorecard (BSC): A case study for a manufacturing firm. Expert systems with applications, 37(2), 1270-1278.
Zhao, H., & Li, N. (2015). Evaluating the performance of thermal power enterprises using sustainability balanced scorecard, fuzzy Delphic and hybrid multi-criteria decision making approaches for sustainability. Journal of Cleaner Production, 108, 569-582.
Zhu, B. W., Zhang, J. R., Tzeng, G. H., Huang, S. L., & Xiong, L. (2017). Public open space development for elderly people by using the DANP-V model to establish continuous improvement strategies towards a sustainable and healthy aging society. Sustainability, 9(3), 420.
Description: 碩士
國立政治大學
經濟學系
107258004
Source URI: http://thesis.lib.nccu.edu.tw/record/#G0107258004
Data Type: thesis
Appears in Collections:[經濟學系] 學位論文

Files in This Item:

File Description SizeFormat
800401.pdf3367KbAdobe PDF0View/Open


All items in 學術集成 are protected by copyright, with all rights reserved.


社群 sharing