本研究主要介紹「結合決定的事後評估」(ex-post evaluations of merger decisions)中常用的「事件研究法」，篩選出國內重要之水平結合案件，以事件研究法(event study)針對結合參與事業與其水平競爭事業進行完整的事後評估，並將估計結果以市場力量假說(market power hypothesis)、效率假說(efficiency hypothesis)及其他經濟理論加以解釋。 研究結果發現，結合參與事業與其競爭水平事業在結合事件期間之累積異常股價變化與效率假說的預測部分一致，拒絕了市場力量假說，效率假說指出水平結合案會使參與事業之股價上升，因結合案會導致規模經濟或協同效應，提高企業之生產效率，降低成本進而增加利潤，但對其水平競爭事業的股價影響並不確定，取決於協同效應 (synergy) 與資訊紕漏效應 (information revelation)作用之大小，而研究結果也發現競爭法主管機關之結合決定並未完全被市場所預期。 本研究結果也指出，參與結合的主併公司其累積異常報酬率之正負值與被併的目標公司營運情形息息相關，若目標公司長年虧損，會使市場不看好此結合案，導致主併企業之累積異常報酬為負值；若結合參與事業生產之商品為同質性（本研究為不鏽鋼平板），可能會影響雙方之生產力下降，使結合參與企業利潤下跌進而影響股價下滑，表示市場不看好此結合案。

本文旨在探討台灣產物保險業在併購活動後市場結構之變化與產物保險公司經營之績效。本研究以赫芬德指數(Herfindahl Index)來衡量市場集中度之變化，以核保利潤(Underwriting Profit)作為經營績效指標，並採用Mason(1939)、Bain(1956)與Scherer(1970)等人提出的結構行為績效假說(Structure-conduct-performance Hypothesis)以及Rhoades(1985)提出的相對市場力量假說(Relative Market Power Hypothesis)進行市場結構與經營績效間關聯性的分析，研究期間為2000年至2006年。結構行為績效假說提出廠商的獲利主要取決於市場結構，市場集中度與廠商獲利之間存在正向關係；另一方面，相對市場力量假說主張廠商獲利與市場集中度無關，與市場佔有率呈現正向關係。 研究發現：(1)產物保險市場集中度呈現上升趨勢，市場集中度從2000年的0.0800上升至2006年的0.0913，其中保證保險、火災保險、汽車保險、工程保險、責任保險與貨物運輸保險之集中度呈現上升趨勢，而傷害保險、其他財產保險、漁船保險、船體保險與航空保險之集中度呈現下降趨勢；(2)實證結果支持結構行為績效假說，市場集中度與產物保險公司核保利潤呈現顯著正向關係，其p值為0.004。產物保險業經歷併購活動後造成市場集中度上升，併購活動對於經營績效的改善應有正面助益。 / This thesis analyzes concentration effects of merger and acquisition measured by Herfindahl index in Taiwan property-liability insurance industry. The relationships between market structure and underwriting performance are also analyzed for the time period 2000 to 2006 by testing two hypotheses: structure-conduct-performance (SCP) hypothesis which developed by Mason (1939), Bain (1956), and Scherer (1970) and relative market power (RMP) hypothesis which proposed by Rhoades (1985). The SCP hypothesis proposed that concentration is positively related to performance while the RMP hypothesis asserts that market share is positively related to performance. Implications of study results are: (1) Concentration level experiences increase from 0.0800 in 2000 to 0.0913 in 2006. Bonding & credit, fire, automobile, engineering, liability and marine cargo insurances trends to increase in concentration over the time period, whereas accident, fishing vessel, others, marine hull and aviation insurances trends to decrease; (2) The SCP hypothesis is supported. Concentration level is positively related to underwriting performance with p-value of 0.004. Higher concentration level and positive concentration-performance relationship infer that merger and acquisition activities would have positive effects upon firm performance.

This paper explores the interrelationship between the net interest margin (NIM) and noninterest income and their determinants for banks in 9 Asian countries over the period 1998-2010. A simultaneous equations system is used to deal with endogenous regressors and its structural parameters are identified under a heteroskedastic covariance restriction, proposed by Lewbel (2012). The renovated Lerner Index proposed by Huang et al. (2013) is factored as a more robust proxy for market power over HHI. Our results demonstrate significantly positive relationship between the NIM and noninterest income, suggesting overall benefits for banks from income diversification. In addition, the loss-leader behavior is not supported in the sample countries.

在保險市場中，保險商品主要透過保險經紀人、保險代理人以及保險人所掌握的直接通路予以販售，特別是在大型商業財產及責任保險的行銷通路上，保險經紀人扮演了舉足輕重的角色。本論文主要是以商業財產及責任保險市場為研究重心，並由經濟觀點探討保險經紀人的仲介角色、市場競爭態勢、報酬結構以及業務安排方式等，同時以保險監理的角度檢討保險經紀行業存在的誠信自律、利益衝突以及客戶公平對待等問題。 不同於保險代理人，保險經紀人係基於保單持有人之利益為其安排保險。因此，保險經紀人必須透過多家保險人提供報價的方式，從中選擇價格及條件最佳者做為保險業務安排之對象；換言之，誠實的報價程序，方足以保障客戶之利益並維繫保險市場的健全。然而國外近年發生的大型保險經紀人與部分保險人共謀提供不實之報價事件，不僅嚴重影響到保單持有人的權益，更引發了對於保險經紀人不當市場力量運用以及或有佣金（contingent commissions）制度存廢的廣泛討論。2004年10月14日紐約州總檢察官Eliot Spitzer向紐約州最高法院針對全球最大保險經紀商Marsh & McLennan及部分保險人所涉及的投標詐欺、操縱價格、收受保險公司或有佣金等三大罪狀提出了民事訴訟。此案例不僅使得涉案公司付出鉅額賠償，更暴露出大型保險經紀人公司存在已久的市場壟斷、價格操控、利益衝突等問題。 對照於英、美等國在保險經紀人制度方面的成熟與發達，我國在此方面尚屬新興發展階段，所謂他山之石可以攻錯，借重先行者的經驗，不僅可以避免重蹈覆轍，更可加快成長的腳步；在全球化的浪潮衝擊之下，保險經紀市場唯有與國際充分接軌，並健全相關制度，才能為國內保險市場的業務成長，帶來蓬勃生機，並立下永續發展的堅固磐石。 / In the insurance market, policies are sold through direct channels controlled by insurance companies or intermediaries, such as brokers and agents. Brokers play a vital role in the property & casualty insurance market and serving commercial clients with complex and large exposures. This report focusing on the commercial property & casualty insurance market, we look at the economic performance by brokers, the competitive structure of the marketplace, the compensation arrangements for brokers, and the placement with insurers. Furthermore, we also from regulators’ point of view to study and review a variety of issues, such as the ethics and conduct , conflict of interest, treating customers fairly, which are raised from insurance brokers industry. In contrast to captive agents, brokers act on behalf of the insured, for this circumstance, the role of the brokers is to increase price and coverage competitiveness, by providing the customers access to a wider range of possible insurers. Clearly the integrity of the bidding process is very important to protect the interest of customers and to the health of the insurance brokers market. Unfortunately, the integrity of the placement process by brokers has been questioned due to the allegations of bid rigging in which one or more global brokers and a few insurers appear to have conspired to submit non-competitive bids. This anti-competitive practice is not only detrimental to the customers but also cause public concerned that too much market power lead to abuses by brokers and that contingent commissions should be abolished. On October 14, 2004, New York Attorney General Eliot Spitzer filed suit against Marsh & McLennan alleging that the insurance brokers engaged in bid rigging and received widespread kickbacks from insurance companies. On January 31, 2005, Marsh agreed to pay $850 million in restitution to buyers as part of an agreement to settle the suit, but lawsuits still in progress. The above-mentioned case has revealed conflict of interest, anti-competitive and market manipulation for meg-brokers, in fact, these problems existed for a long time. Comparing with US and UK insurance brokers market, Taiwan is belong to emerging market, to gain knowledge of pioneer’s developing experience, we could shorten the time to get more progress. When we deal with the globalization challenge, local insurance broker market should be complied with international practices, improve relative rules and regulations is also necessary, once above situations are available, it could help domestic insurance market rapid and healthy growth.

數位時代孕育大數據技術的發展並帶動產業的創新，使用者數據的運用也日益活躍於商業領域，並分別為消費者與事業帶來便利的生活與競爭優勢。然而蒐集、處理、運用等數據價值鏈活動對於市場競爭造成相當的影響，也成為事業為反競爭行為的誘因，而引起競爭法的關注，多國競爭執法機關亦已陸續展開調查或進行相關研究。由於使用者數據涉及個人資訊隱私，更因其係產業創新的動力之一，從而競爭法管制的合適性與必要性一直為爭議性議題，後續延伸出對於現有競爭法架構的相容性疑義。本文透過文獻與案例分析，從使用者數據的特色出發，探討使用者數據於競爭法框架下之爭議，包含與隱私法規的競合問題及衝擊現行制度之因應方式。基於競爭法適度管制的觀點，提出可能評估市場力量的方式與使用者數據可能形成的限制競爭或不公平競爭之風險類型。冀望對於我國公平交易法就此議題之剖析與因應有所助益，迎接數據經濟的浪潮。 / Big data analytics technology evolves rapidly and enhances the pace of the innovation of industries in the digital era. Utilizing user data, which is a sort of valuable assets, becomes more popular in business. The new technology brings consumers fitted products and convenience and creates competitive advantages to firms. However, collecting, processing and analyzing large sets of user data not only benefit the entities in the market but also impact market competition. Competition agencies around the world have engaged in related investigations and research on data and competition. The mainly concerns are whether the amount of user data may build a barrier to entry, and whether firms which control user data in a massive amount or essential to competition may have incentives to abuse their market power to foreclose marker. Moreover, because user data is one factor of fostering innovation and has a strong correlation with privacy, the suitability and the necessity of competition law to regulate data issue is still controversial. If competition law intervenes, we should further consider how to adapt it to the present regulation. By reviewing academic literature and practical cases, this thesis begins with the introduction of characteristics of user data, followed by the analysis of the controversy concerning user data under the framework of competition law, including the trade-off between it and privacy laws and possible adjustment to the present framework. This paper also discusses the way to assess market power and specific types of anticompetitive and unfair competition behaviors. Finally, this thesis concludes with a short remark. Hopefully it can provide some references for further discussion on this issue under the Fair Trade Act in Taiwan.