University of Macau / Faculty of Law

傳統探討分析師推薦資訊價值的研究多採用累積超額報酬的方式，近年來研究顯示個別投資人的績效顯著低於機構投資人，因此是否分析師推薦能夠幫助提升個別投資人的福利。本論文的第一個貢獻在檢定是否個別投資人能夠獲取分析師推薦的資訊價值，為區分推薦資訊分別對於個別與機構投資人的價值為何，本研究採用的每種投資人實際的交易利潤作為衡量指標。 研究結果顯示所有投資人都可以透過買入推薦獲取顯著的正報酬，但在賣出推薦上，僅外資與共同基金仍能維持獲取正的報酬。同時發現在推 薦事件期間，專業機構投資人的利潤顯著高於一般散戶的獲利。 進一步，本論文的第二的主題在探討此推薦的資訊價值對於不同投資人的差異，是否肇因於推薦券商所提供的私有資訊，因此進一步將各類投資人分成推薦券商的客戶與非客戶。結果顯示國內機構投資人的利潤在客戶的身上顯著高於非客戶的獲利，顯示推薦券商在對外公佈推薦資訊前的確提供私有資訊給其國內機構客戶，但此現象在賣出推薦並不存在。 第三，本論文進一步分析是否拿到推薦券商所提供私有資訊的客戶也是推薦券商的經紀業務收益的主要貢獻者。在比較推薦券商與非推薦券商在被推薦股票上的相對交易量(金額)中，發現推薦券商的確因為買入推薦股票而增加經紀業務量，但很驚訝的發現貢獻最多交易量的是個別投資人，而非拿到最多好處的機構投資人。 最後，本研究透過迴歸分析探討不同投資人的交易利潤與推薦券商所獲得的經紀業務量的關係。在控制推薦類型、推薦評等與被推薦股票之股票特性後，發現投資人的交易利潤與推薦券商的經紀業務收益成正相關，再次顯示券商推薦與其各項業務收益間的關係。 / Traditionally, information value of analysts’ recommendations has been well-recognized by cumulative abnormal returns. Recent studies show that individuals are underperformed, and therefore, it is a critical issue on if analysts’ recommendations are helpful to individuals’ welfares. The first contribution of this dissertation to the literature is to examine whether individual investors are capable of capturing the information value. To classify the information value of recommendations for individuals and institutions, respectively, I, thus, use a direct measure to calculate the actual trading profits of types of traders. To our best knowledge, this is the first paper that demonstrates the information value for types of investors. Our results indicate that, all investors get positive and significant profits in brokerages’ buy recommendations, no matter what types of investors are measured. As to sell recommendations, only foreign investors and mutual funds have positive returns. We also find that professional institutions earn more profits than retail investors during the recommendation event periods. Further, the second objective of this dissertation is to test whether the information values are caused by private information from brokerages’ houses, we separate the profits of types of investors into customers and non-customers based. The findings are that only domestic institutional customers of recommending brokerages are more beneficial than those of non-recommending brokerages in buy recommendations, which implies that brokerage houses may reveal private information to their own institutional customers before buy recommendations make public. This does not hold for sell recommendations. Third, we are interested in analyzing whether the private information that recommending brokerages provide to their own customers may, indeed, contribute to brokerages’ commission revenues. By comparing the trading volume of recommending brokerages and non-recommending brokerage for the covered stocks, we find that the volumes of covered stocks issued in the recommending brokerages are increased for buy recommendations. Particularly, we find that the main contribution of trading volume is from individuals. Furthermore, we run regressions to study the relationship between trading profits of types of investors and trading volume of recommending brokerages. After controlling recommendation types, consensus rating of recommendations, and stock characteristics, our results indicate that trading profits of all types of investors are positively related to commission revenues of brokerages. This may justify the importance of brokerage recommendations on their business relationships.

馬列主義揭示無產階級政黨必然會帶領群眾走向共產天堂，這樣的「目的論」賦予了共產黨作為無產階級先鋒隊統治上的合法性。1978年以來，中共為了發展經濟改革而多次進行意識型態的修正，2000年以前中共所修正的意識型態都謹守在社會主義框架中，自我定位為工農階級政黨，但「三個代表」允許資本家入黨，卻將合法性基礎轉向了其他社會階層。 為什麼中共要提出「三個代表」，以及為何提出的時間點會在2000年？本文認為要從經濟結構和領導互動兩個變數來解釋。市場化的改革造成中國大陸經濟和社會的變動，私營經濟發展迅速、公有制經濟的優勢地位受到挑戰、紅色資本家人數上升，這些變化使理想與現實嚴重脫節。由於延續市場化路線在1990年代後已成為領導人的既定政策，加上前蘇聯因為脫離群眾而崩潰的經驗，使中共面對經濟社會變動時，選擇調整意識型態以符合現實需求。 1998年以後，經濟社會的變動更形劇烈，私營經濟負擔稅收、產值與就業的功能顯著提升，學界發表大量調研報告，加重了領導人的壓力，調整意識型態已經勢在必行。合法性基礎轉變以後，中共必需以政績尋求支持，並解決民眾需求。然而當「由下而上」的民意日趨重要時，勢必在未來衝擊「由上而下」的一黨專政體制。 / Marxism-Leninism theory claims that proletariat party will inevitability lead the people to arrive the paradise of communism. Such the “teleology” gives the legitimacy on as proletariat vanguard for Communist Party. Since 1978, the CCP revised ideology for many times to develop the economic reform. Ideology revised by CCP before 2000 was kept in the frame of socialism; the CCP positioned oneself as the class parties of workers and peasants. However the “Three Represents” allows capitalists to join the party, and turns the foundation to other social strata. Why did the CCP propose the “Three Represents” in 2000? I think there are two factors: the economic structure and interactions between the senior level. The market-based reform causes the economical and social change; like the rapid development of private economy, the challenge in the advantage of public economy, and the red capitalist's number rises. Which changes make ideal and reality disconnect seriously. The leaders extend the market-based policy, and the experience of the Soviet Union collapse, make the CCP in the face of the change of economy and society, choose to adjust ideology in order to accord with the current demand. After 1998, the violent change in the economic society appears even more violently, became that tax from private economy, the functions of the growth of output value, employment improve apparently, a large number of research reports were delivered by educational circles, has been imperative for the leader's to adjust ideology. After the transition of the legitimacy foundation, the CCP has to seek the support from the people by achievement in politics, and needs the demands of people. From top-to-bottom dictatorship system of one party will certainly be assaulted, when the “bottom-to-top” opinions of people become more important in the future.

本研究探討私募宣告事件之資訊內涵，以瞭解私募宣告事件對公司整體價值所造成之影響，進而探討影響私募宣告效果的可能因素，並比較具備投資機會組與不具備投資機會組之累積平均異常報酬。 實證結果發現以股東大會日為宣告日之私募股權宣告具有資訊內涵，而且宣告效果提早反應。影響私募宣告後累積異常報酬之因素包括價格壓力、投資機會、發行價格及資訊不對稱程度。股票流動性高、股價波動程度低、具備投資機會、發行價格高或資訊不對稱程度高時，私募宣告後之累積平均異常報酬會較高。在事件日前，無投資機會組比具備投資機會組有較高之累積平均異常報酬；在事件日之後，具投資機會組比無投資機會組有較高之累積平均異常報酬。 / This study examines the information content of private placement announcement to unveil its impact on firm value, explores the factors affecting the effect of private placement announcement, and compares the market performance of firms with investment opportunities and those without investment opportunities. The results indicate that the information content of private placement announcement exists with early information leakage. Firms with higher stock liquidity, lower stock price variation, more investment opportunity, higher subscribed price or higher degree of information asymmetry will have higher cumulative average abnormal returns after the announcement. The cumulative average abnormal returns of companies without investment opportunity are higher than those with investment opportunity before the announcement date.

本論文共分為六章。第一章旨在概略介紹本論文之基本理念與架構，俾使讀者能初步瞭解本論文題目之爭點所在。 第二章針對內線交易在立法政策上應否予以禁止之議題，本章首先將釐清內線交易之基本內涵，並具體闡述內線交易對社會及經濟等各層面所帶來的影響與危害，以期對內線交易首先建立一個宏觀印象。進而分別從經濟與法律兩個不同層面，彙整不同學派提出之見解，並針對各種論調提出本文想法。最後說明我國對內線交易採取之立法政策及規範意旨。 第三章以美國法院判例之演變為討論中心，美國判例法下之內線交易理論歷經幾十年之建構與變動。最早在法制規範前，法院採取普通法下特殊情事理論作為禁止內線交易之論據；其次發展出「公開否則戒絕交易原則」，繼而逐漸延伸出「傳統信賴關係理論」、「訊息傳遞責任理論」以及「私取理論」，依據實際規範需要而對於內線交易行為主體範圍作適度地限縮與擴張。本章主要目的即在於，藉由詳細地分析美國判例法上深具代表性之案例，以及各種內線交易理論基礎之構成理由，進一步釐清內線交易行為主體之射程與規範現狀。另外亦將透過各種交易關係模式之分析，檢視理論之間的協調性，並提出本文意見。 第四章介紹「歐洲內線交易行為主體之規範」。1989年歐洲部長理事會頒佈《歐洲共同體內線交易協調指令》（89/592/EEC），此項指令列出內線交易規範之最低標準，要求其會員國在1992年7月1日前完成國內法之制訂，以實現指令規範內線交易之目標。2003年《內線交易及市場操縱之指令》（2003/6/EC），更針對現有內線交易指令進行修正，並新增市場操縱行為之規範，以取代89/592/EEC號指令。本章之目的，即在於介紹歐洲共同體針對內線交易行為主體之規範內容，進而探討內線交易之規範基礎。 第五章首先對於我國內線交易之規範作一概略性之介紹，並從規範架構探討我國內線交易理論之取向。第二節次就我國內線交易行為主體之規範範圍進行分析，並進一步探討理論與規範在實際應用上是否協調一致，抑或相互矛盾。第三節則歸結前兩節所論述之爭點，提出完整之規範建議。 第六章主要在於彙整前面各章之重點，並再一次強調本文立場與建議。

冷戰結束後，全球化成為世界趨勢。全球化帶來經濟的繁榮與發展，但同時也便利了組織犯罪活動的擴張，升高了國際犯罪率，其中毒品走私即為最具代表性組織犯罪類型。毒品危害世界已有半世紀之久，儘管在國際組織及各國共同努力防制下，毒品問題卻仍持續升高，根據「聯合國毒品控制和犯罪預防辦公室」(United Nations Office on Drugs and Crime)2006年全球毒品報告指出，全球毒品濫用人數高達2億人，占世界15-64歲人口之5%。另據統計，國際間非法毒品走私日趨熱絡，其交易金額亦逐年上升，進入21世紀後全球毒品每年交易金額高達八千億至一兆美元，與全球武器交易金額相差無幾，顯見在全球化的趨勢下，毒品犯罪活動逐漸國際化、組織化、專業化、智慧化，並造成全球毒品泛濫的加遽。 在全球化時代下，亞洲毒品犯罪也更形嚴峻，其中以中國大陸毒品犯罪成長最快速，同樣我國毒害亦升高。臺灣地區毒品犯罪於90年代逐漸嚴重，主要濫用的毒品種類為海洛因及甲基安非他命，1993年臺灣因毒品犯罪進入高峰期而正式「向毒品宣戰」，之後毒品問題明顯下降，惟在反毒十餘年後，毒品犯罪又見升高，特別是近年來新興合成類毒品(搖頭丸、K他命、FM2等)的出現，使毒品種類更多元化，犯罪更複雜化，而毒品快速的泛濫已造成國家、社會安全重大危害。中國大陸自1996年起即成為台灣地區海洛因等毒品的主要來源地，隨著全球化的發展，大陸地區已成為毒品重要的生產、轉運及輸出國。而當今兩岸交流快速增加，人民往來日益密切，隨著兩岸加入WTO及開放小三通、觀光等措施，販毒集團更容易活動，致兩岸毒品犯罪也面臨更嚴厲的挑戰。 有鑒於毒品犯罪日益升高，臺灣地區復於2004年宣布，將2005年至2008年定為「全國反毒作戰年」，再次全面向毒品宣戰。儘管如此，以國內現行查緝毒品的制度、資源及相關法令等，能否與全球化下國際販毒趨勢潮流或者是販毒集團相抗衡，令人懷疑。特別是在我國毒品問題占有非常重要部分的兩岸毒品犯罪，迄今兩岸間尚未建立任何合作機制，致完全無法有效遏止日益升高的兩岸毒品走私活動，及剷除跨境販毒集團。鑒此；如何健全國內緝毒機制、整合資源、提昇緝毒技能等，以及如何強化國際及兩岸合作關係，積極發揮國內「拔根」、國際、兩岸「斷源」的相輔相成效果，以遏止國內毒品氾濫趨勢，實為當務之急。 關鍵字：全球化、毒品走私、毒品犯罪、合成毒品、緝毒工作、兩岸緝毒 合作、國際緝毒合作 / After the Cold War, globalization has become an international trend. Globalization brings economic prosperity and development. However, it also assists the expansion of organized crime and increases the international crime rate. Among all the different types of organized crime, drug smuggling is the most representative of this. Drugs have been a major problem in the world and have threatened society for more than half a century. Although international organizations and governments in different countries have worked together to prevent drug trafficking, the problem is still getting worse. According to the United Nations Office on Drugs and Crime’s report in 2006, up to 200 million people, which was about 5% of the world population aged between 15 and 64, abused drugs. According to a statistical data, the crime rate of illegal drug smuggling in the world has risen, and amount of drugs sold has increased year by year. In the 21st century, the total amount of drugs sold in the world is up to USD.800 billion to USD.1 trillion every year, which is not different than amount of the international trade of weapons. It is obvious that under the trend of globalization, drug trafficking has become more international, organized, professional and technical. In addition, the flooding of drugs internationally has become more and more serious. In the age of globalization, the problem of drug crime in Asia is getting more and more serious. Among all the Asian countries, the related crime rate in China has increased most rapidly. In Taiwan, the crime rate also has increased. The problem has been getting worse in Taiwan since the 1990s. Heroin and methamphetamine were the most commonly abused drugs in the 1990s. In 1993, the Taiwan government declared a war against drug trafficking because of the high peak in the crime rate. Afterwards, the problem improved noticeably. However, after a decade of the anti-drug campaign, the problem got serious again. Recently, the appearance of newly synthetic drugs (such as MDMA, ketamine and FM2) has caused a great diversity of drugs to spring up and the result has been a corresponding increase in the complexity of related crimes. The flooding of drugs at a fast pace has already endangered the country and the society as a whole tremendously. Since 1996, Mainland China has become the main supplier of heroin to Taiwan. Owing to the trend of globalization, China has also become the main country producing, transporting and exporting drugs in the world. At present, dealings and contacts between Taiwan and China have become more frequent, and has led to some significant changes across the strait. Some of these changes include membership in the WTO, the development of trade links (the mini three links), and the development of tourism between Taiwan and China. These factors have made it easier for drug gangs to smuggle drugs back and forth between the two countries. This has made it more challenging for authorities in dealing with the rise in drug trafficking. Respecting the fact that drug trafficking is getting more and more serious in Taiwan in recent years, the Taiwan Government announced in 2004 that from 2005 to 2008 would be the “Years to fight drugs nationally”. It also declared a war against drugs once again. Still, whether or not the current drug inspecting system, resources, and related laws in Taiwan can match against international drug smuggling trend is still questionable. Especially when it comes to the issues of drug smuggling between China and Taiwan, which is an important part of the drug problem in Taiwan, there is still no cooperative mechanism across the strait. Therefore, there is still no effective way to stop the crime rate from rising and to eradicate cross-border drug gangs. In lieu of this, how to improve the anti-drug mechanism is a serious issue. Some suggestions have been to combine different resources, and enhance skills of the drug enforcement units in Taiwan, as well as to promote international cooperation between Taiwan and China are necessary so that the drug trafficking problem can be solved and the supply of drugs from other countries can be stopped at the same time. Key words: Globalization, drug smuggling, drug trafficking, drug gangs, synthetic drugs, drug enforcement, drug enforcement cooperation across the strait, international drug enforcement cooperation

我國早年已與中國簽署《金融監管合作備忘錄》和《海峽兩岸經濟合作框架協議》，這標誌著兩岸經貿往來和金融合作進入制度化軌道，開啟了兩岸經貿關係的新紀元。自《海峽兩岸經濟合作框架協議》ECFA簽署以來，經貿聯繫及金融合作愈來愈緊密，兩岸金融機構及商貿企業信用業務大幅增長，信用管理將呈現跨地域、多層次、多元化的態勢。這時，徵信作為信用管理的起點和其基礎地位的重要性日益突顯，徵信領域廣泛且深入的交流合作愈發頻繁，兩岸徵信平台的彼此互相聯通將有助於形成良好的金融信用環境，而彼此徵信的聯通有賴於彼此對於對岸徵信業管理制度之瞭解。 本論文共分五章，第一章緒論;第二章針對徵信起源、定義、特徵、功能、分類及相關概念作說明，並介紹近代中西方徵信演進發展之概況;第三章以徵信機構體制為方向，說明徵信機構的定義、角色、分類、監管及設立退出條件，並對公共徵信機構與私營徵信機構進行比較。接著介紹世界上主要國家徵信機構發展之過程，並以此為基礎，對我國與中國徵信機構體制進行比較;第四章先點出隱私權與徵信間的衝突後，再介紹隱私權的內涵、發展，最後由隱私權衍生出信息隱私權之概念，並進而對徵信業務規則進行討論並比較我國與中國對於信息隱私權保護的差異性;第五章，總結兩岸徵信業之差異，期以之能作為兩岸共建聯合信息平台之基礎，並對兩岸信息共享提供未來發展方向之建議。 / Taiwan has signed "Financial Regulatory Cooperation" and "Cross-Strait Economic Cooperation Framework Agreement" with China in the early years, which marks that the cross-strait economics, trade exchanges and financial cooperation has been in the orbit, which opens up a new era of cross-strait economics and trade relations. Since the "cross-strait economic cooperation framework agreement" ECFA was signed, economic ties and financial cooperation are more closely. Substantial growth in cross-strait financial institutions, commercial enterprise type, and credit management will present cross-regional, multi-level and diversified trend. At this time, credit management between Taiwan and China can be as a basis to highlight the growing of more frequent exchanges and Cross-Strait economic cooperation. The establishment of Unicom credit information exchange platform between Taiwan and China will help create a good financial credit environment .For the goal, realization of the credit industry management system difference between Taiwan and China is a must. The paper is divided into five chapters: the first chapter is an introduction; the second chapter introduces credit origin, definition, features, functions, classification and related concepts, and makes an overview of the evolution and development of modern Western and Eastern countries; the third chapter discusses credit institution, indicating that the definition of credit institutions, the role of classification, the establishment of entrance and exit conditions, and the comparison between public credit institutions and private credit bureaus . Then, the paper introduces the world's major national development process of the credit bureaus, and on this basis, compare credit institution between Taiwan and China; the fourth chapter points out the conflict between privacy and credit, and then introduces privacy connotation, development, and finally privacy of information is derived from the concept of privacy. Then discuss the rules for the credit industry. Finally, make a comparison of Taiwan and China Information Privacy differences; the fifth chapter summarizes the differences between the two sides of the credit industry, in order that it can build a basis for cross-strait joint platform of credit information, sharing of credit information of Taiwan and China. Finally, the paper provides the future direction of the sharing of credit information between Taiwan and China.

社會秩序維護法第80條之規定，是我國目前性交易管制政策之法源依據，該條文係採原則禁止、例外許可之管制原則。然就憲法保障人權之基本精神而言，性交易開放與否關係著憲法保障人民之工作權、生存權、性自主權及隱私權等。本文將從憲法保障人權的角度出發，以各號有關於工作權、性自主權、隱私權等大法官解釋，檢視當下我國社會秩序維護法對於性交易之管制是否符合時宜，是否有侵犯人權及違反比例原則之虞。 在論文章節安排部份，第貳章除了蒐集相關文獻外，另以大法官釋字第666號解釋為主軸，結合各學者的看法及其他大法官協同意見，進一步對解釋文做說明。之後再針對釋憲及修法前後警察機關對於性交易案件之取締方式及外國性交易管制政策做比較，分析評估性交易合法化是否有違社會善良風俗，社會善良風俗的定義是否一成不變；第叁章部分則依研究目的、研究問題及研究倫理擬定訪談大綱，並律定訪談過程及對象；第肆章部份則以親自訪談方式，針對性工作者及基層實務警察人員進行訪談，請受訪者對於當下性交易管制政策，分別就工作特性、執法取締、人權保障及其他建議等四部分提出看法；第伍章結論部分，除了提出本研究之發現外，並評估開放性交易之可行性及對我國當下性交易管制政策提出修法的建議。 從事性交易之性工作者，大多數為面臨龐大經濟壓力的弱勢婦女，法令的禁止只會迫使她們淪為制度性剝削的受害者。我國政府針對性交易行為，應擬定適宜的管制政策，以有效的管理政策替代執法取締，如此一來，才能體現我國憲法保障人權之基本精神。 / Our regulations on sexual trade is based on Social Order Maintenance Act (abbreviated to SOMA), which adopts the principle of what in main provisions are prohibited yet the exceptional causes are permitted. Regarding the Constitution of R.O.C on citizen rights , such as work, sexual autonomy, and privacy, however, such ideas above are all referred to whether the permission of sexual trade is OK or NOT. We will look into some regulations of sexual trade, via bits of Grand justice interpretations, to determine if SOMA would be appropriate now days and if it would defy the principle of proportionality and human rights, from the aspect of the Constitution that ought to secure Human rights. Besides collecting related materials, we will further explain the No.666 Grand justice interpretation by combining some scholars’ researches and opinions and some Concurring opinions, and that would be demonstrated on Chapter 2. Secondly, we’ll analyze whether the legalization of sexual trade would be against the social convention, or whether the definition of public order and good morals is permanent. On chapter 3, we’ll establish the main structure and distinguish those who necessarily receive our interview in line up with the cause, problems and ethics of researching. On Chapter 4, we’ll interview the police officers and sexual traders in person to absorb their opinions on by-then regulations, clampdown, human rights of sexual trade and their recommendations. In the final part of the essay, in addition to proposing our discoveries, we will put forward our suggestions on the revision of by-then sexual trade regulations and evaluate the possibilities of validation of sexual trade. Those who feed on sexual trade mostly are afflicted from enormous economic pressure and the ban on sexual trade of regulations make them institutionally deprived. In order to exert the spirit of the Constitution that ought to secure human rights, we advise the government need to enact appropriate laws and rules focusing on sexual trade behavior to effectively replace the clampdown.

在中國大陸的法律環境中，外商私募股權基金是較新的議題，它同時牽涉了「外商投資」與「私募股權投資」兩個領域。因此，就外商私募股權基金而言，其為中國大陸在國外法律繼受嬗變後，再於法律雙軌制下的二次嬗變。 外商私募股權基金，是指由外國投資者注資或者外國投資者管理的私募股權基金。因此，它的市場屬性為「外國直接投資」、「國際金融服務」。 由於中國大陸對外商採取「外資法群」進行規範，而並沒有一部外商法典做集中、統一的規定。因此，彼此間存在一定程度的分散、重複、衝突等問題。再加上中國大陸對外商、內資採取雙軌制立法，故法律規範雖有創新但也常有彼此扞格或不足之處。也因此造成運作上的幾個問題：外匯管制、投資待遇、雙軌制、地方政府隨意的政策、實務操作的衝突(投資協議、有限合夥)、及優先股的欠缺。 財經法律因應經濟市場而生，惟經濟市場逐年改變。外商私募股權基金既是經濟市場的產物，就無法透過行政力量加以限制，也無需透過偏頗政策揠苗助長。僅需創造一個平等的法治環境，讓市場自行運作。 本文探討中國大陸對外商私募股權基金相關法規的發展現狀、投資障礙與內外資衝突等議題。除對如何完善立法略盡棉薄之力外，並希冀能提供台灣投資者於前進中國大陸時有所參考。 / In the legal environment of China, the foreign private equity fund is a relatively new issue, it involves two areas of "foreign investment" and "private equity investment” simultaneously. Therefore, with respect to the foreign private equity fund, it is subject to transmutation of foreign laws and subsequently the second transmutation under the dual system of laws in China. The foreign private equity funds refer to the private equity funds injected by foreign investors or managed by foreign investors. Therefore, its market attribute to the "foreign direct investment", "international financial service." Although China has adopted a series of laws to regulate foreign enterprises, there is not one foreign investment code as centralized and unified regulation. Thus, there exists a certain degree of dispersion, overlap, conflict problems among them. Along with the duel system of legislation adopted for foreign enterprises and domestic investments, there are often discrepancies or deficiencies between the legal requirements, although they have been innovated. This resulted in several operational problems: foreign exchange controls, investment treatments, duel system, arbitrary policies of local governments, conflict in practices (investment agreement, limited partnership), and the lack of preference shares. Financial laws are established in response to the market economy, but the economic market changes every year. Since the foreign private equity funds are the production of the market economy, they cannot be restricted only by the administrative power, and they don’t need partial polices to pull up. They only require creating an equal legal environment to make the market operate under its own mechanism. This paper discovers the issues with respect to the current development status of related regulations on the foreign private equity funds, foreign investment barriers and conflicts between domestic and foreign investment in China. In addition to make a little contribution to improve the legislation, it’s also expected to provide reference to Taiwan investors for developing business in China.

人口販運是一個已經全球化大大增加了全球性的問題，非法貿易的興起，以及冷戰的結束. 販毒後. 販賣人口是脖子到脖子軍火工業作為世界上第二大犯罪行業. 其目的是研究拉丁美洲的人口販賣情況和瓜地馬拉的公私營界別合作推行的反人口販賣活動. 由於在該區域的有限調查, 這項研究將是讀者不知道在拉丁美洲人口販賣的情況作出了貢獻。這項研究將使用輔助數據，如多邊組織的報告，政府機構，而且最重要的進行了訪談，以非政府組織。PPP的工作經歷在瓜地馬拉的兩個信道是積極的。政府機構間和打擊販賣人口的政府機構，非政府組織，政府間組織和非政府組織組成的網絡。這項研究描述了從政府方面所做的努力，以及在打擊人口販運瓜地馬拉非政府組織的知識和專長。 / Human Trafficking is a global issue increased dramatically with globalization, the rise of illicit trade, and the end of the Cold War. After drug trafficking, human trafficking is neck-to-neck with the arms industry as the second largest criminal industry in the world. The purpose is to study Latin America’s human trafficking situation and Guatemala’s Private-Public Partnership in implementing anti-human trafficking activities. Due to the limited investigations in the region, this study will be a contribution to readers that do not know the situation of human trafficking in Latin America. The study will use secondary data such as reports from multilateral organizations, government institutions, and most importantly conducted interviews to NGOs. The PPP work has been positive through two channels of communication in Guatemala. The interagency of government institutions and the network against human trafficking composed of the government institutions, INGOs, IGOs and NGOs. This study describes the efforts from the government side as well as the knowledge and expertise on NGOs in combating human trafficking in Guatemala.