Il presente lavoro di tesi analizza da un punto di vista teorico i contratti di debito con collaterale e la scelta di specializzazione degli asset produttivi. Le imprese soggette a vincoli finanziari danno in pegno i loro asset come collaterale per migliorare l’accesso al credito. Tuttavia, i prenditori di fondi trovano spesso difficoltà nel finanziare progetti con asset eccessivamente specializzati perché il loro valore di liquidazione è basso (asset troppo specializzati hanno un valore di riutilizzo limitato) anche quando i progetti hanno un rendimento atteso elevato. In questo contesto, questa tesi vuole rispondere alle seguenti domande di ricerca: in quale modo la scelta di specializzare un asset produttivo influisce sui contratti finanziari? Quali sono gli effetti delle diverse scelte di specificità su quantità e condizioni del credito? E sulla competizione nel mercato del prodotto? La tesi tratta sia temi di finanza aziendale che temi di organizzazione industriale, e, utilizzando un nuovo approccio teorico, analizza congiuntamente il grado di specificità degli asset e il loro valore di liquidazione. La specializzazione degli asset aumenta il ritorno dei progetti ma diminuisce il valore di liquidazione degli asset stessi. Quando le imprese devono impegnare gli asset come collaterale, questo implica un aumento del costo del debito. Analizzando questo “specificity trade-off”, la tesi dimostra che: nel mercato secondario il valore di liquidazione di un asset dipende dal grado di specificità, dai costi di riutilizzo e dalla presenza di potenziali acquirenti; imprese che devono ricorrere a finanziamenti investono meno in specializzazione degli asset rispetto a imprese che riescono ad auto-finanziarsi; la struttura del mercato e il grado di specializzazione scelto sono influenzati dalle condizioni finanziarie; quando il grado di specificità degli asset produttivi influisce sul grado di differenziazione dei prodotti, il trade-off implica che le imprese che devono finanziarsi attraverso il mercato dei capitali investono meno in specializzazione e, di conseguenza, sono esposte ad un grado di concorrenza maggiore nel mercato del prodotto. / My dissertation is about collateral debt contracts and the choice of specializing productive assets, from a theoretical perspective. Financially constrained firms pledge their productive assets as collateral in order to enhance their access to credit. However, firms may find it difficult to finance projects when their collateralized productive assets are too specialized since their liquidation value is low (as a matter of fact redeployability of those assets to alternative uses is scarce) even when their projects have large expected returns. In this context, my dissertation aims to answer the following research questions: how does the choice of asset specialization affect financial contracts? Which are the implications of different degree of asset specificity for the amount of credit and product market competition? This dissertation is at a cross road between industrial organization and corporate finance and uses a novel approach where the choice of asset specialization and the liquidation value of a productive asset are analyzed together. Asset specialization increases firms' project returns, but decreases the liquidation value of productive assets. When firms are credit constrained this implies a higher cost of debt. By examining this specialization trade-off, I am able to prove the following results: in the secondary market the resale value of a productive asset is determined by its degree of asset specificity, redeployability costs and the presence of firms willing to acquire the it; financially constrained firms invest less in asset specialization compared to self-financing firms; market structure and the degree of asset specialization may be influenced by financial choices; when asset specificity affects product market differentiation, the specialization trade-off implies that financially constrained firms invest less in product differentiation, and, as a consequence, face tougher competition compared to non-financially constrained firms.

本研究旨要探討加盟總公司對於加盟業者所提供的服務的實際程度？這些對滿意度真的很重要？亦或關係導向及其因素對滿意度的影響較重要？加盟業者對加盟總公司的滿意度是否對績效有所影響？或可增加未來合作的程度？加盟業者對總公司所提供的好處的實際感受？對關係行銷中的信任程度及未來合作影響如何？綜合以上的架構，建立一整體的概念，以加盟業者為研究對象，獲得實證結果，實際了解加盟業者對總公司所提供的服務與關係行銷品質對滿意度及未來合作的影響，並從結果中提出建議，以供參考。 依據實證結果，影響加盟業者滿意度的主要因素為總公司的關係行銷的活動，而非總公司所提供的服務項目。因此總公司是否造成業者的信任及良好的溝通品質，形成彼此的穩固的關係；及總公司與業者建立資產專屬性，使業者更加信任總公司的供需決定及績效的提升，這些才是業者對總公司的總體滿意度主要關鍵條件，進而直接或間接使未來合作意願的提升，支持理論發展出的假說。 根據實證結果，建議業者如何經營關係行銷的實際活動，讓彼此更加的信任及未來合作的意願更加穩固。

由於全球競爭日益激烈，傳統組織面對新環境紛紛適應不良而重新檢討、調整。我國之中小企業佔九成以上，面對國際強大之競爭壓力下，履創佳績，根據專家學者的研究指出，我國企業能小兵立大功之主因在於產業間特殊緊密的合作網路，因此本研究乃針對我國最具競爭力的產業之一--資訊電子業，進行實証了解其網路合作行為，並進而提出未來的策略方向，期能對我國企業在網路合作管理上有所貢獻。本研究根據Williamson(1991)所提之資產特殊性程度之高低，會影響交易的完成的型式之假設下，進而推導資產特殊性及正式化程度之高低會使網路合作型式有所不同；本研究依據資產特殊性由低至高將網路型式分為市場型、動態型、穩定型（組織型）網路，而分析的對象乃為資訊產業價值鏈上之價值活動(Jarillo,1988)，而各型網路有其形成之主動機，而根據資產特殊性、正式化程度及形成動機進而可對各型網路內之廠商提出未來之策略方向。研究結論發現，當資產特殊性高時，網路合作傾向於以正式化程度高的層級組織式；而若資產特殊性相對低時，其合作形式以市場機制為主導。而資產特殊性的運用是區分不同網路型態的重要依據，而各型態有其特色及不同的網路合作行為有著不同的策略方向。

近年來，隨著國內產業結構之轉變，以及金融自由化政策之推動，企業經營環境已隨著大幅改變。本研究的目的，主要在於探討這些轉變對於國內上市公司資本結構是否會造成重大的影響。 　　本研究資料乃取自教育部EPS資料庫與臺灣經濟新報社資料庫，樣本期間為民國78年到82年，共120家上市公司。研究方法主要採用變異成份模型(Variance Component Model)與誤差成份模型(Error Component Model)來研究上市公司資本結構的影響因素。並作共線性檢定、自我相關檢定及異質性檢定，若有異質變異數之現象產生，則以White [1980]之方法加以修正。 　　變異成份模型實證結果發現在分析資本結構的時候，以個別公司為分析單位較以假設個別公司同質的整個產業為分析單位為適當。 　　誤差成份模型實證結果發現（一）在全部產業方面：獲利能力、股利支付率與負債比率呈顯著負相關；資產抵押價值、成長機會、規模大小、稅盾利益、金融開放程度與負債比率呈顯著正相關；而營運風險、研究發展費用率、廣告費用率與負債比率雖不顯著，但是為負值。（二）在製造業方面：獲利能力、股利支付率、研究發展費用率與負債比率呈顯著負相關；成長機會、稅盾利益、金融開放程度與負債比率呈顯著正相關；而營運風險、廣告費用率與負債比率皆不顯著，但為負值，而資產抵押價值、規模大小與負債比率亦不顯著，但為正值。（三）在非製造業方面：獲利能力、廣告費用率、股利支付率與負債比率呈顯著負相關；資產抵押價值、規模大小、研究發展費用率、金融開放程度與負債比率呈顯著正相關；而營運風險與負債比率呈不顯著，但為負值，而成長機會、稅盾利益與負債比率呈不顯著，但為正值。

有越來越多品牌商除了管理直接客戶(代理商)外，也會積極與非直接客戶(下游客戶)建立關係，這樣的拉式策略不但能夠幫助品牌商取得市場資訊，也可藉此讓下游客戶對品牌商產生偏好，讓代理商因此對品牌商的產品產生需求；在這樣的情況下，代理商可能套牢在與該品牌商的關係中。本論文探究在品牌商的拉式策略下，對於品牌商、代理商與下游客戶的三方交換關係所造成的影響，以及處於中樞地位的代理商應如何降低負面衝擊。 本論文以台灣代理商為研究對象，藉由177份有效樣本進行實證研究。子研究一以品牌商觀點出發，研究結果指出，「品牌商對下游客戶的專屬資產投入」與「品牌商的品牌形象」將正向影響「下游客戶對品牌商的關係承諾」，進一步提高「代理商對品牌商的依賴」；另外，此研究也發現，代理形式將在「下游客戶對品牌商的關係承諾」與「代理商對品牌商的依賴」兩者的關係間扮演調節變數的角色。 子研究二則從代理商觀點出發，研究結果指出，當「下游客戶對品牌商與代理商的關係承諾正向差距」越大，則「代理商對品牌商的依賴」將越高；在這樣的情況下，若代理商提高「對下游客戶的專屬資產投入」與「對下游客戶的快速回應能力」，將有助於減少「下游客戶對品牌商與代理商的關係承諾正向差距」。另外，「代理商高層與下游客戶高層間的人際關係」與「代理商與品牌商的結盟程度」在本研究中則扮演調節變數角色，當「代理商高層與下游客戶高層間的人際關係」及「代理商與品牌商的結盟程度」越好時，將弱化「下游客戶對品牌商與代理商的關係承諾正向差距」與「代理商對品牌商的依賴」的負向關係。 / Increasing numbers of brand owners are actively investing marketing resources in not only their direct customers(distributors), but also those customers’ customers (downstream customers). This indirect customer marketing approach follows the “pull strategy” principle proposed in the channel literature. This kind of strategy provides the brand owner with valuable market information, creates product preference among the downstream customer, and aims to stimulate derived demand. Thus, the distributor faces a lock-in situation, and this leads to the brand owner occupying a stronger position and enhancing its profits. Under such a situation, the distributor may change its cooperative behaviors with the brand owner. The study interviewed 177 independent distributors who sell brand owners' products to downstream customers. The dissertation has two sub-studies. Study One is from the brand owner's perspective to investigate how the brand owner get stronger position in the channel system when it expands in overseas markets. The result showed specific investments from the brand owner to the downstream customer and the brand owner's good brand image may increase the downstream customer's relationship commitment to the brand owner. If the downstream customer’s commitment to the brand owner is high, the distributor may increase its dependent on the brand owner. In addition, the research also found that the number of distributors plays a moderating role in this study. If there are multiple distributors, the positive relationship between commitment of the downstream customer to the brand owner and the dependence of the distributor on the brand owner may become stronger. Study Two of the dissertation is from the distributor’s perspective. The brand owner's pull strategy may cause a decrese in the relationship performance of the distributor to the downstream customer. In order to solve this difficult situation, the study provides the distributor with the following solutions. The distributor can make specific investments to the downstream customer or improve its responsive ability to decrease the difference of commitment between the downstream customer to the distributor and the downstream customer to the brand owner. Moreover, the distributor can develop personal guanxi with the downstream customer or try to align with the brand owner to reduce the negative impact from this commitment disparity.

Made available in DSpace on 2010-04-20T20:47:59Z (GMT). No. of bitstreams: 0 Previous issue date: 2003-03-27T00:00:00Z / Como resultado da ênfase na minimização da dependência de fornecedores e na maximização do poder de barganha do contratante, os modelos tradicionais de terceirização têm-se restringido à gestão da estrutura de suprimento da atividade-meio. Esta pesquisa tem por propósito contribuir para a mudança desse paradigma tradicional de decisão de terceirização, descrevendo como os modelos de cooperação no relacionamento contratual podem capitalizar as decisões na atividade dos negócios com eficácia, flexibilidade e adaptabilidade. Esta pesquisa em trinta e sete firmas, engajadas em contratos de terceirização da tecnologia de informação no Brasil, tem por propósito examinar a barreira do relacionamento na transação com ativos específicos e a explicar porque os modelos tradicionais ignoram o processo de relacionamento nas análises de decisão de comprar ou fazer atividades da cadeia de valor. Integrando-se a teoria econômica dos custos de transação com a teoria da organização, a teoria de agência e a teoria jurídica dos contratos, introduziuse nesta pesquisa um modelo de análise e gestão de relacionamento contratual que complementa as abordagens neoclásslcas. / As a result of the increasing emphasis being placed on minimizing dependence on suppliers and maximizing bargaining power of contractors, the traditional framework of outsourcing is bounded to the supplying organization of support activities management. This research paper aims at expanding this traditional paradigm of outsourcing decisions by describing how the cooperation models of contractor- vendor relationship may capitalize business activities decisions with effectiveness, flexibility and adaptability. This research on thirty-seven technology of information outsourcing contracts in Brazil, attempts to examine the barriers of the relationship in specific assets transactions and why traditional models usually ignore the relationship process in their analysis of make-or-buy value channel activities. By integrating criticai issues from the economic transaction cost analysis, the organization theory, the agency theory and contract law; a conceptual framework of relationship contracting analyses has been introduced in this research paper that complements neoclassical approaches. Key words: shifting costs; coordination costs, transaction costs, asset specificity, governance structure, agency problem, commitment, opportunism, economic rents, bargaining power, asymmetric information, implicit tax, opportunity cost, organizational rational open system.

This doctoral thesis presents the basic and the main developments of the theories of the firm rooted in Transaction Cost Theory (TCT). Since the article of Coase on the nature of the firm, this question has been elaborated by number of economists. In my point of view, I would like to introduce the last theory developed by the representative of the school called New Institutional Economics. The theory concentrates on the role of institutions. We distinguish institutions formal and informal. The formal are laws, constitution, regulations, contracts and other written rules. The informal don't require a written form and they represent informal restrictions such as rules of behaviour, conventions, traditions and habits. The main purpose of the institutions in their various forms is mainly to protect property rights, enforce voluntary contracts and establish the physical and regulatory infrastructure to facilitate economic activity. Generally, we can call them the rules of the game. They inform us about possible economic behaviour and give us basic restrictions in this sense. First -- the theoretical part of this thesis, we can find a simple model with human asset specificity based on TCT. The main proposition is that transactions with a high level of asset specificity are more probably internalised because the firm handles better such transactions compared to the market, even if asset specificity increases the cost of coordination in the firm. If the hierarchy, for example through the formation of routines, may enhance the efficiency compared to the market, we can modify the previous model. The model developed according to a Knowledge-based view assumes that asset specificity reduces transaction costs inside the firm and increases transaction costs on the market. In the conclusion of the theoretical part is discussed the reply on first formulate hypothesis if the TCT is still compatible with a newer Capability and Knowledge based view. In my opinion based on the presented arguments and views, both theories are compatible, they can answer more questions and explain more issues. The last step links the aforementioned theories into one Theory of firm boundaries. In the practical part of the thesis, I bring basic arguments about the institutional framework quality in the Czech Republic. These arguments rely on the latest studies of the international institutions such The Transparency International, The Heritage Foundation, The Kurtzman Group and mainly The World Bank. Studies reveal certain weak arrangements concerning for example the number of procedures when starting a business, complicated construction permits, rigidity of working hours, time-consuming and administrative demanding tax system, duration of judicial process which results in ineffective contract enforcement and mainly poor protection of property rights. Taking these disclosures into account we have to say that emergent transaction costs are enormous. These transaction costs influence negatively the competitiveness of the firms and the whole Czech economy. Therefore a negative response to the second hypothesis relating to the quality of the institutional framework in the Czech Republic.

我國主機板業在短短不到二十年的時間內迅速竄起並獨霸全球，但由於市場的飽和、產品的規格化，主機板業邁向產業集中化及強者恒強、弱者恒弱的趨勢日趨明顯。因此，各廠商經營效率的改善及提升，及同業間生產規模擴展之競爭，乃至於對未來市場變化之因應便成為一重要研究之探究課題。 本研究採用問卷調查的方式，從主機板產業中選擇中國大陸大學二年級學生為研究對象，發現入學後購買電腦的學生比例達到71％。從各個時段的購買相對值來看，假期結束後回校的前兩個月是購買高峰。按購買電腦類型，DIY的整體份額在29％，筆記型電腦最高在62％；按計劃購買的性別來看，不論是男性或女性，皆是以筆記型電腦為主，其次是DIY；沒有計劃購買電腦的同學中，目前沒有需求是主要原因，而受限於價格是其次。質量可靠、知名品牌與朋友推薦是同學們選擇主板的主要因素。 產品規格及性價比，事先搜尋相關產品資訊確認主板產品的確能提供其廠商所強調的功能或價值，同學多會通過 「詢問朋友」、「媒體推薦」、「網上搜索」等來獲取相關信息，因此相關之「外顯單位效益成本」、「買者資訊搜尋成本」、「買者道德危機成本」等預算，應當維持相當水準， 對於「買者專屬陷入成本」的行銷預算，可以酌情減少， 當廠商了解客戶在面臨的問題及顧慮後，即可透過4C策略行銷的分析，設計出能夠解除客戶疑慮的方案，建立共識，降低雙方的交易成本及風險，以確保合作有個好的開始。本論文從廠商的角度以4C架構進行行銷策略分析，以協助廠商隨著專案進展也可以很方便地檢視各種策略組合，故即使是在多專案併行時，依然能有效掌握各種策略的執行。 / The motherboard industry has developed soon within 20 years and now become the top in the world. In 2000 the market share reached to 84.7%. However, due to the saturation of the whole market and the standardization of the products, it is obvious that the industry has stepped to centralization. The trend of “The stronger will be stronger; the weaker will be weaker” can be seen in the industry. Therefore, the improvement of efficiency, the competition within the industry, and the ways to cope with the market changes in the future are critical topics to research. This research adopted the method of questionnaire survey and took sophomore from universities in China as research objects. We could found in this research that the time students bought their computers concentrated on 2008 and 2009；That is, the frequency which students bought their computers peaked when they were freshmen and sophomore. Also, according to this research, we could found, in the type of computers students bought, that students who bought DIY computers account for 29% and who bought note books account for 62%, the highest percentage. Furthermore, we could found, in the gender who bought computers, that the percentage of boys who bought DIY computers is obviously greater than the percentage of girls and that the percentage of girls who bought note books is obviously greater than the percentage of boys. The primary factors influenced the decision that students bought motherboards are the quality, famous brand, and friends’ recommendation.

Submitted by RODRIGO DE HOLANDA SCHMIDT (rodrigohs1979@gmail.com) on 2018-01-17T18:29:25Z No. of bitstreams: 1 PROJETO Posdefesa Versão FINAL.pdf: 1906537 bytes, checksum: 3b5e67507ea1b0d7bda550480252ae26 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2018-01-18T18:30:52Z (GMT) No. of bitstreams: 1 PROJETO Posdefesa Versão FINAL.pdf: 1906537 bytes, checksum: 3b5e67507ea1b0d7bda550480252ae26 (MD5) / Made available in DSpace on 2018-01-30T12:08:34Z (GMT). No. of bitstreams: 1 PROJETO Posdefesa Versão FINAL.pdf: 1906537 bytes, checksum: 3b5e67507ea1b0d7bda550480252ae26 (MD5) Previous issue date: 2017-11-30 / Purpose – The aim of this study was to comprehend the main determinant factors for vertical integration in the pulp and paper sector in Brazil, from a perspective of pulp manufacturers. Design/methodology – The research adopted a qualitative approach, through a multiple case study with three of the main companies in the pulp and paper sector in Brazil. The data collection was done through semi-structured interviews of executives of the selected companies. Findings – The main competitive advantage arises from the vertical integration backward, of the pulp mill towards the forestry. The main factors for this are the exercise of the market power of oligopoly by the pulp companies, assurance of supply of their main input, the wood, asset specificity of site, shortening the distance between the forest and the pulp mill, and mitigation of uncertainty. There is tapered integration of pulp mill and forestry, mainly due the use of advantages of site specificity of forest producers near the mill, the need to mitigate social risks and to develop a mature market for the commercialization of wood in the country. Research limitations – The main limitation of this work is the fact that the pulp sector is a concentrated oligopoly, with few companies, which restricts the diversity and number of respondents. Practical implications – The results can be applied to organizations in the pulp and paper sector, as well as to other capital-intensive industries with high dependence on a particular raw material. Originality– To our knowledge, this is the first study about vertical integration in the pulp and paper sector in Brazil. / Objetivo – Este estudo pretende compreender os principais determinantes para a integração vertical no setor de papel e celulose no Brasil, a partir de uma perspectiva das fabricantes de celulose. Metodologia – A pesquisa seguiu uma abordagem qualitativa, por meio de estudo de casos múltiplos com três das principais empresas do setor de papel e celulose do Brasil. A coleta de dados foi feita por meio de entrevistas semiestruturadas de executivos das empresas selecionadas. Resultados – A principal vantagem competitiva verificada se deu na integração vertical realizada à montante pela fábrica de celulose, em direção à produção florestal. Os principais fatores para isso foram o exercício do poder de mercado de oligopólio pelas empresas de celulose, a garantia de fornecimento do seu insumo principal, a madeira, a especificidade de local dos ativos, dada pela proximidade necessária entre a floresta e a unidade de celulose, e a mitigação da incerteza. A integração vertical entre fábrica de celulose e produção florestal é realizada de forma parcial, principalmente devido ao aproveitamento de vantagens de localização de produtores florestais próximos à fabrica, à necessidade de mitigar riscos sociais e de desenvolver um mercado maduro de comercialização de madeira no país. Limitações – A principal limitação deste trabalho é o fato do setor de celulose ser um oligopólio concentrado, com poucas empresas, o que restringe a diversidade e o número de entrevistados. Aplicabilidade do trabalho – Os resultados obtidos podem ser aplicados às organizações do setor de papel e celulose, bem como a outras indústrias de capital intensivo e com alta dependência de uma matéria-prima em especial. Originalidade – Pelo que conhecemos, é o primeiro trabalho sobre integração vertical no setor de papel e celulose no Brasil.