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20世紀60年代以降，在強調自然環境護與觀光地區永續利用理念的潮流之下，世界上許多關注於生態保育的學者與民間團體，紛紛提出並推廣了兼顧自然保育與遊憩發展目的—生態旅遊(ecotourism)。 台灣地狹人稠且都市擴張迅速，使得許多自然環境資源已逐漸成為都市的一部分，加上近年來國人休閒意識的覺醒與親近自然環境的需求增加，更讓自然環境地區成為都市人們不可或缺的紓壓與渡假場所。位於台北市文山區南端的貓空地區，便是在過去20～30年間休閒遊憩發展蓬勃的景點，以鄰近都會區、特色茶產與宗教聖地—指南宮為名。貓空地區大多屬於農業保護區。海拔在七百公尺以下，雖不甚陡峭但地貌複雜多變、雨量豐沛，植物林相及生物資源豐富。加上貓空地區規劃完善之登山步道系統、遠近馳名的宗教聖地指南宮以及著名的茶產文化，提供了發展生態旅遊的生態動植物資源、休閒遊憩資源、宗教文化資源以及產業文化資源，且因為位於台北市都會區，與近年國際興起的「都市型生態旅遊」之型態不謀而合。 都市型生態旅遊地區除了提供與一般遊憩區皆有的遊憩、休閒、教育等使用價值外，尚有生態環境保育效益的非使用價值存在，為評估都市生態旅遊地區所具有的完整環境價值，本研究運用條件評估法（Contingent Valuation Method, CVM），以支付卡法(payment card method)之詢價方式獲得遊客的願付價格(willing to pay, WTP)，並採用負二元名義(negative binomial)模式建立迴歸模型，獲得主要結果為：存在價值每年約3,693,065,610元，遺贈價值約每年5,368,737,520元，非市場價值高達約每年9,061,803,130元。 / From 1960s, due to the rise of environment protecting concepts and sustainable use of tourist spots, there are more and more non-government organizations and scholars, who care about ecological conversation, propose the importance of ecotourism, which aim at both the conversation of natural and recreation development. Taiwan is densely populated and has rapidly urban expansion, which has caused natural environmental resources gradually becoming a important part of city. Moreover, the awareness of leisure consciousness and increasing need for accessing to the natural have made it an indispensable relaxing and vacation location for Taipei people. Maokong, located at the south of Wen-Shan district in Taipei, is a famous spot with burgeoning creation activities over the past twenty-five years. It is well-known for its convenience, characteristic tea industry and the sacred place-Zhinan Temple. Mostly parts of Maokong belong to agricultural reservation. The altitude is 700 meters below, although not as steep as others, it has a diversity of terrain features, abundant in rainfall, botanical life-form and organism resources. Those plentiful ecological resources above, the great location near the urban, old-line religious history and culture, plus perfect planning of mountain climbing trail. With all the inborn conditions make Maokong perfect for developing the international-popular leisure style - urban ecotourism. Urban ecotourism place provides not only the use value of recreation, leisure and education, but also the non-use value of preservation benefits. In order to evaluate the total value, I used Contingent Valuation Method with Payment Card Method to get the Willing to Pay of tourists, and further I used the Negative Binomial to establish the model. The main result: the Existence Value is about $3,693,065,610(TWD) per year, the Bequest Value is about $5,368,737,520(TWD) per year, finally the Non-market value is about $9,061,803,130 (TWD).

A presente dissertação tem por objeto a análise do poder normativo da Comissão de Valores Mobiliários, que pautar-se-á pelo estudo da Teoria Geral do Direito. Para isso, contribuições de diversos campos do conhecimento serão utilizadas, tais como a teoria analítica da norma, a lógica deôntica, a teoria da linguagem, bem como aportes advindos de outras áreas do conhecimento, como da ciência econômica. Ao longo do trabalho, procuraremos responder a três perguntas chaves que, para o que aqui nos propusemos, serão de grande valia na fixação dos limites a serem observados pela Comissão de Valores Mobiliários no exercício de seu poder normativo. A primeira pergunta que responderemos refere-se à finalidade da regulação no mercado de capitais. Para isso, perquiriremos os motivos que ensejaram a concepção da Comissão, bem como o que se buscava por meio de sua criação. Com isso, demonstraremos que a Comissão de Valores Mobiliários nasce em um ambiente de crise, no qual se buscava restaurar a credibilidade e a segurança do mercado de capitais, por meio da criação de um órgão disciplinador especializado. A segunda pergunta que nos propusemos a responder, nos remete à natureza jurídica da Comissão de Valores Mobiliários. Abordaremos, para isso, o tratamento dado pela doutrina aos órgãos reguladores para, ao final, justificar que sua natureza de autarquia sob regime especial a ela conferiu status de agência reguladora. Por fim, a última questão busca tratar dos limites legais e constitucionais a serem observados pela Comissão de Valores Mobiliários no exercício de seu poder normativo. Para isso, verificaremos as competências, atribuições e deveres que foram por lei conferidos à Comissão, de forma a concluir que se está diante de um órgão de competência híbrida. Explica-se. Nas situações expressamente previstas nas Leis n.o 6.385/1976 e n.o 6.404/1976, caberá à Comissão fazer uso de seu poder regulamentar, a fim de, por meio da operacionalização dos comandos legais, dar o fiel cumprimento às regras ali contidas, nos termos do espírito de sua criação, veiculado nos incisos do artigo 4o, da Lei n.o 6.385/1976, bem como no quanto disposto na Constituição Federal. De outra banda, nos casos que não aqueles expressamente previstos nas Leis n.o 6.385/1976 e n.o 6.404/1976, mas ainda assim intrínseca e legalmente ligados ao mercado de capitais, poderá a Comissão de Valores Mobiliário, no uso de sua competência suplementar reguladora, inovar no sistema, de forma a integrar lacunas na ausência de norma específica legal, a fim de conferir ao mercado eficiência, e a seus agentes segurança jurídica. O exercício desta competência suplementar, a exemplo da competência regulamentar, será também pautado pelos mesmos limites do artigo 4o, da Lei n.o 6.385/1976 e da Constituição Federal. / The present dissertation aims to analyze the normative power of the Brazilian Securities and Exchange Commission (\"Comissão de Valores Mobiliários\") from a Jurisprudential point of view, which means an application of several epistemic tools such as the analytical theory of the norm, deontic logic, philosophy of language and economics in order to accomplish this academic enterprise. There are three key issues to define the threshold of CVMs normative power. The first one is what are capital market regulation main goals and the reasons that lead to the creation of CVM and its mission. The second one is the actual legal status of CVM as a special autarquia and regulatory agency. Finally the statutory and constitutional limits to the normative powers of CVM are analyzed to realize it has a hybrid normative power: partly creating norms to give effectiveness to some sections of Laws n.o 6.385/1976 and n.o 6.404/1976, according to specific statutory and constitutional dispositions; and partly acting as a typical regulatory agency to create independent norms to ensure market efficiency and legal certainty.

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2017-10-02T13:11:30Z No. of bitstreams: 1 Iracy Martins de Amorim_.pdf: 365108 bytes, checksum: 46c3368954b973542ef4125e0a75cc30 (MD5) / Made available in DSpace on 2017-10-02T13:11:30Z (GMT). No. of bitstreams: 1 Iracy Martins de Amorim_.pdf: 365108 bytes, checksum: 46c3368954b973542ef4125e0a75cc30 (MD5) Previous issue date: 2017-07-04 / CRC – TO - Conselho Regional de Contabilidade do Tocantins / Em 2010, com a adoção das normas internacionais de contabilidade IFRS, o Comitê de Pronunciamentos Contábeis (CPC 00), que trata da estrutura Conceitual para Elaboração e Divulgação de Relatório Contábil-Financeiro, modificou a forma de reconhecimento de ativos e passivos regulatórios, direitos e obrigações que as distribuidoras de energia obtêm quando há diferença entre os custos orçados e aqueles que são efetivamente gastos ao longo do período. A mudança principal foi o não reconhecimento dos ativos e passivos regulatórios nas Demonstrações Financeiras no período de 2009 a 2013.Nesse contexto, para reduzir incertezas relevantes quanto ao reconhecimento e à realização ou liquidação, foi aprovada a deliberação CVM n.º 732/14, que autorizou a contabilização desses ativos e passivos. Diante disso, o objetivo deste estudo é verificar os efeitos da Deliberação CVM n.º 732/14 nos indicadores econômico-financeiros das distribuidoras de energia elétrica no período de 2008 a 2015. Para o estudo, 63 distribuidoras de energia elétrica foram selecionadas, mas somente 49 – que publicaram todas as demonstrações financeiras e notas explicativas no período analisado– foram estudadas. Calcularam-se, então, 12 indicadores econômico-financeiros, utilizando como método de análise o teste de diferença de médias.Os resultados encontrados sugerem que houve alterações significativas nos indicadores econômico-financeiros das distribuidoras de energia elétrica nos períodos de 2009 a 2013 após IFRS e de 2014 e 2015 após Deliberação. / In 2010, with the adoption of International Financial Reporting Standards (IFRS), the Accounting Pronouncements Committee (CPC 00), which focuses on the Conceptual Framework for Preparation of Financial Accounting and Reporting, has changed the recognition of regulatory assets and liabilities, rights and obligations that energy distributors obtain when there is a difference between the budgeted costs and the actually spent over the period. The main change was the non-recognition of regulatory assets and liabilities in the Financial Statements for the period between 2009 and 2013. In this context, in order to reduce relevant uncertainties regarding recognition and realization or settlement, CVM Resolution No. 732/14 was approved, which authorized the accounting of these assets and liabilities. Therefore, this academic research aims to verify the effects of CVM Resolution No. 732/14 on the economic-financial indicators of electricity distributors in the period from 2008 to 2015. For the study, 63 electricity distributors were selected, but Only 49 – which have published all the financial statements and explanatory notes in the analyzed period – were studied. Then, twelve economic-financial indicators were calculated using the mean difference test as method of analysis. Results suggest that there were significant changes in the economic and financial indicators of electricity distributors in the periods from 2009 to 2013 after IFRS and from 2014 to 2015 after deliberation.

Made available in DSpace on 2016-04-25T18:40:12Z (GMT). No. of bitstreams: 1 Tais Bastos e Santos Smetana.pdf: 2000998 bytes, checksum: c5f13c795a39bd230fc25fcaf7bcd432 (MD5) Previous issue date: 2015-12-11 / This research addresses issues related to performance of the Compliance function and its relationship with the sanctioning administrative proceedings of the CVM. The objective was to examine whether common administrative processes with conviction are linked to the compliance department of the accused. The CVM regulates the market through regulations, those who do not comply are condemned in administrative proceedings. The methodology consists of an exploratory research through the mining of secondary data sources in the public domain, CVM and BM&F. It was analyzed the menu of 846 cases (ordinary and summary proceeding) separately. To examine whether the convicted companies belong to the New Market; mined the classification of companies in the new market available in the database of BM&FBovespa. Raising skills and compliance function, based on the theoretical foundation available in bibliographies it was conducted. Finally, it was concluded that the incentive socially good behavior reduce market distortions and prevent illegal practices, of 550 ordinary sanctioning administrative proceedings condemned related to compliance, only 24 (4%) companies listed are in New Market, Level1, Level2 and Bovespa More, and 526 (96%) are the traditional market, companies with a compliance program act preventively and thus focus less on administrative processes. Urges point out that corporate governance is a set of mechanisms of incentives and controls, internal and external, aimed at minimizing the costs of the problem of agency. Thus, the Compliance area is inserted into the corporate governance context, it is a control mechanism created by companies to ensure compliance with regulatory requirements and provide transparency in business. The Compliance of Brazil has influence of international law as the UK Bribery Act 2010 and The FCPA (Foreign Corrup Practices Act). Both take into account the liability of legal entities based on internal controls and compliance procedures. Such procedures may mitigate or completely exempt the responsibility of the agents. Brazilian law Anti 12.846 / 2013 to create the leniency agreement, equivalent to an award-winning snitching also softens, its own way, the liability of legal entities. Therefore, companies that have an effective program of Compliance has a mitigating effect on corrupt practices / Esta pesquisa aborda questões relacionadas à atuação da área de Compliance e sua relação com os processos administrativos sancionadores da CVM. O objetivo da pesquisa foi analisar se os processos administrativos ordinários com condenação estão vinculados à área de compliance dos acusados. A CVM regula o mercado através de normas, aqueles que não as cumprem são condenados em processos administrativos sancionadores. A metodologia consiste em uma pesquisa exploratória, através da mineração de fontes de dados secundários de domínio público, CVM e BM&F. Analisou-se a ementa dos 846 processos (rito ordinário e sumário), individualmente. Para analisar se as empresas condenadas pertencem ao Novo Mercado; minerou-se a classificação das empresas do novo mercado disponibilizadas no banco de dados da BM&FBovespa. Foi realizado o levantamento das competências e função de compliance, com base na fundamentação teórica disponível em bibliografias. Finalmente, concluiu-se que o incentivo de condutas socialmente boas reduzem distorções no mercado e evitam práticas ilícitas, dos 550 processos administrativos sancionadores ordinários condenados relacionados com compliance, somente 24 (4%) empresas listadas estão no Novo Mercado, Nível1, Nível2 e Bovespa Mais, e 526 (96%) são do mercado tradicional, ou seja, empresas com um programa de Compliance agem de forma preventiva e consequentemente incidem em menos processos administrativos. Insta ressaltar que a governança corporativa é um conjunto de mecanismos de incentivos e controles, internos e externos, que visam minimizar os custos decorrentes do problema da agência. Destarte, a área de Compliance está inserida dentro do contexto de governança corporativa, pois é um mecanismo de controle criado pelas empresas para garantir conformidade com as demandas regulamentares e proporcionar transparência nos negócios. O Compliance do Brasil tem influência das legislações internacionais como o UK Bribery Act de 2010 e o O FCPA (Foreign Corrup Practices Act). Ambas levam em consideração a responsabilidade da pessoa jurídica com base nos controles internos e procedimentos de Compliance. Tais procedimentos podem mitigar ou isentar totalmente a responsabilidade dos agentes. A lei brasileira Anticorrupção - 12.846/2013 ao criar o acordo de leniência, equivalente a uma delação premiada, também ameniza, de uma forma própria, a responsabilidade da pessoa jurídica. Portanto, as empresas que possuem um programa efetivo de Compliance tem um efeito mitigador nas práticas de corrupção

A liquidação das operações internacionais com valores mobiliários suscita questões de grande relevância em decorrência das diferenças entre os sistemas jurídicos envolvidos e a pluralidade de participantes. O objetivo desta tese é analisar as normas jurídicas brasileiras em relação às estrangeiras relevantes, por força de operações transfronteiriças que tenham por objeto valores mobiliários escriturais, notadamente operações de compra e venda de ações, para verificar a situação do sistema jurídico brasileiro e sua estrutura de pós-negociação em relação a outros países. Haverá descrição e análise da estrutura de liquidação de operações domésticas e da estrutura envolvida em operação com componente estrangeiro. Como aspectos necessários para a compreensão do tema, abordam-se as consequências jurídicas decorrentes da imobilização e desmaterialização dos valores mobiliários e da interposição de intermediários entre o investidor final e o emissor dos valores mobiliários usual nas operações transfronteiriças. Todo o trabalho considera as tendências e esforços de harmonização das normas aplicáveis que vem ocorrendo no plano internacional, podendo-se verificar que as normas e estruturas brasileiras para liquidação de operações com valores mobiliários são sólidas, adequadas e precisam apenas de aprimoramentos pontuais para atingir os melhores padrões internacionais. / The settlement of international securities transactions raises important issues due to the differences among legal systems and the pluralism of participants involved. The purpose of this thesis is to analyze Brazilian legal rules in relation to relevant foreign rules by virtue of cross border transactions involving book entry securities, mainly purchase and sale of shares, in order to assess the situation of the Brazilian post trading system and structure compared to other countries. There will be a description and analysis of domestic settlement structure and cross border structures involved in transactions with foreign elements. Other relevant topics are the legal consequences arising from securities immobilization and dematerialization and from the existence of intermediaries between the final investor and the issuer, frequent in cross-border transactions. The whole thesis considers the existing trends and efforts to harmonize legal rules, and the conclusion is that Brazilian rules and structure for securities settlement are sound, appropriate and meet the best international standards, although minor adjustments may be implemented.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-03-16T12:13:24Z No. of bitstreams: 1 Anderson Rodrigues da Silva.pdf: 678300 bytes, checksum: 39f8f1ad9d537878a75d76630333f2b0 (MD5) / Made available in DSpace on 2018-03-16T12:13:24Z (GMT). No. of bitstreams: 1 Anderson Rodrigues da Silva.pdf: 678300 bytes, checksum: 39f8f1ad9d537878a75d76630333f2b0 (MD5) Previous issue date: 2018-02-23 / Over the past decades, technological advances have been so significant, that it was not possible to accurately measure such effects; however, it is possible to say that communities worldwide have been transformed. Such transformation brought an impact on stock exchanges around the world as well as at the development of the capital market. It can be said that all areas of social interaction have been reached, ranging from the way people relate to each other, to the way the investors trade their shares on the stock exchanges. The purpose of this article is to analyse the development of the Brazilian stock exchange, its main aspects and characteristics, the way in which its regulation is made, its self-regulation, the securities market and the essential role of the Brazilian Securities and Exchange Commission (CVM), in favor of the market and its investors, in view of its significant social impact / Nas últimas décadas, o avanço tecnológico foi tão significativo que ainda não se sabe ao certo qual será o seu alcance, mas é possível afirmar que toda a sociedade foi transformada. Tal transformação teve impacto nas bolsas de valores ao redor do mundo e no desenvolvimento do mercado de capitais. Pode-se dizer que todas as áreas sociais foram atingidas, compreendendo desde a forma de as pessoas se relacionarem até o modo como negociam ações nas bolsas de valores. O objetivo do presente estudo será abordar o desenvolvimento da bolsa de valores no Brasil, seus principais aspectos e características, a forma como é feita sua regulamentação, sua autorregulação, o mercado de valores mobiliários e o papel essencial da Comissão de Valores Mobiliários a bem desse mercado e dos investidores, tendo em vista o seu relevante impacto social

Classification algorithms have been widely used in many application domains. Most of these domains deal with massive collection of data and hence demand classification algorithms that scale well with the size of the data sets involved. A classification algorithm is said to be scalable if there is no significant increase in time and space requirements for the algorithm (without compromising the generalization performance) when dealing with an increase in the training set size. Support Vector Machine (SVM) is one of the most celebrated kernel based classification methods used in Machine Learning. An SVM capable of handling large scale classification problems will definitely be an ideal candidate in many real world applications. The training process involved in SVM classifier is usually formulated as a Quadratic Programing(QP) problem. The existing solution strategies for this problem have an associated time and space complexity that is (at least) quadratic in the number of training points. This makes the SVM training very expensive even on classification problems having a few thousands of training examples. This thesis addresses the scalability of the training algorithms involved in both two class and multiclass Support Vector Machines. Efficient training schemes reducing the space and time requirements of the SVM training process are proposed as possible solutions. The classification schemes discussed in the thesis for handling large scale two class classification problems are a) Two selective sampling based training schemes for scaling Non-linear SVM and b) Clustering based approaches for handling unbalanced data sets with Core Vector Machine. To handle large scale multicalss classification problems, the thesis proposes Multiclass Core Vector Machine (MCVM), a scalable SVM based multiclass classifier. In MVCM, the multiclass SVM problem is shown to be equivalent to a Minimum Enclosing Ball (MEB) problem and is then solved using a fast approximate MEB finding algorithm. Experimental studies were done with several large real world data sets such as IJCNN1 and Acoustic data sets from LIBSVM page, Extended USPS data set from CVM page and network intrusion detection data sets of DARPA, US Defense used in KDD 99 contest. From the empirical results it is observed that the proposed classification schemes achieve good generalization performance at low time and space requirements. Further, the scalability experiments done with large training data sets have demonstrated that the proposed schemes scale well. A novel soft clustering scheme called Rough Support Vector Clustering (RSVC) employing the idea of Soft Minimum Enclosing Ball Problem (SMEB) is another contribution discussed in this thesis. Experiments done with a synthetic data set and the real world data set namely IRIS, have shown that RSVC finds meaningful soft cluster abstractions.

<p>Currently, there is a great rampage among conservationists looking for useful approaches that can be used to bring efficiency towards conservation of global natural ecosystems. But which approach can be really effective to halt destruction of a particular natural ecosystem where the local people depend on the same ecosystem resources for their livelihoods? Do the local communities accept to refrain themselves from using natural ecosystem resources (loss of free access), which they believe is under their local territory since they are born, without having alternatives that will replace and improve economic gain of their livelihoods? Are the consumers who benefited from the ecosystem services always willing to compensate local communities around natural ecosystem as a means of replacing what they lose?</p><p>This study looks at the reliability of Payment for Water Environmental Services (PWES) approach at Kiwengwa-Pongwe Forest Reserve (KPFR) as a device aimed at promoting the sustainable management of KPFR watershed resources without undermining livelihoods of the Kiwengwa-Pongwe local communities. Hoteliers along the Kiwengwa-Pongwe Tourist Area (KPTA) are the potential customers benefiting from water resources found in the KPFR, which is claimed to be deteriorated by the intensity of the livelihood activities of Kiwengwa-Pongwe (KP) local communities. Based on Contingent Valuation Method (CVM), KPTA hoteliers were asked about the amount they would be willing to pay as maximum (WTP) for improvement of water services through sustainable management of watershed areas in KPFR. On the other hand, KP communities were asked what level of compensation they would be willing to accept as minimum amount (WTA) for a loss of free access to KPFR.</p><p>Both hoteliers (75 %) and KP communities (91 %) agreed on the establishment of the PWES system. However, there were differences between amount accepted by KP communities (10 US$ per 200 litres) and the amount claimed to be paid by hoteliers (1US$ per 200 litres), thus giving a gap of 9US$. Based on the overall study findings and experiences from other parts of the world where similar systems have been implemented, this issue is negotiable. It is upon existing KPFR management team and proposed board from Zanzibar water authority to launch a constructive dialogue between stakeholders to reach the amount that can be used as compensation causing no harm to both parts and without compromising the sustainable management of KPFR.</p>

目前臺灣農村面臨許多的問題，設立「生態村」結合農村社區總體營造與生態旅遊，可以同時兼顧農業生產、農村生活、以及生態保育「三生」的功能，為臺灣的農村社區，指引出一條不一樣的發展途徑。南投縣埔里鎮桃米社區在結合觀光服務業與自然生態資源，轉型成為「桃米生態休閒農業村」之後，為該社區居民保有優美、豐富的生態資源並且帶來了更多的經濟收入。 臺灣生態村的類型，可分為(一)著重建築規劃設計、(二)著重社區整體規劃、(三)兼具建築技術與社區規劃，以及(四)既有農村社區轉型而成之類型，目前許多農村地區「生態村」的經營模式，多以休閒農業及發展生態旅遊為規劃方向，因此較著重於生態保育以及社區整體規劃。未來，生態村除了著重於自然環境資源的保育之外，亦可加強生態建築的規劃，營造一個重視保育、循環與低負荷的社區環境。 環境資源所具有的總價值基本上可分為「使用價值」與「非使用價值」兩種，使用價值是實際使用資源所產生的價值，而非使用價值係目前沒有使用資源所具有的價值。通常在評估環境資源的方法有(一)特徵價格法、(二)旅行成本法、(三)條件評估法，三種評估方法，而評估非使用價值目前僅有條件評估法而供使用，當然條件評估法不可避免地存有缺點，但目前國內外實證研究仍多視條件評估法為可行之方法，因此本研究係採用條件評估法探求桃米生態村之非使用價值。 桃米生態村的轉型經驗，可謂兼具天時、地利、人和，在社區居民、專家團體以及政府的共同努力，將農村社區做一、二、三級產業的垂直整合，透過居民參與，凝聚社區向心力與歸屬感，共同致力於桃米社區的發展，不僅創造了社區三級產業的收入，更可達到生態保育的效果，此實例可供許多農村社區做為社區轉型的參考依據。 在建立非使用價值評估步驟之後，依順序逐步完成問卷調查，本研究同時分析單界二元Probit與Logit模型，以及完整決策Tobit模型，最後採Tobit模型的估計結果，受訪者每戶每年願意支付桃米生態村的「存在價值」為363.98元；「選擇價值」為328.63元；而「遺贈價值」則為548.53元。