Baigiamajame magistro darbe nagrinėjama verslo sąlygų palankumo vertinimo objektyvumo problema, verslo sąlygų vertinimo tikslai ir būdai. Išnagrinėtas esamas metodinis verslo sąlygų palankumo vertinimo potencialas ir atlikta verslo sąlygų palankumo vertinimo modelių ir metodikų tinkamumo analizė. Tarpusavyje palyginti dažniausiai vertinami verslo sąlygų palankumo veiksniai ir atlikta pagrindinių analizuojamų veiksnių įtakos galutiniam rezultatui pagal skirtingus modelius ir metodikas analizė. Nustatyta ir palyginta pagrindinių verslo sąlygų palankumo veiksnių koncentracija pagal esamus vertinimo modelius ir metodikas. Remiantis atliktomis analizėmis ir palyginimais, nustatytos verslo sąlygų vertinimo tobulinimo krypties alternatyvos. Remiantis atlikta alternatyvų analize, pasirinkta tinkamiausia tobulinimo kryptis, pateikti pasiūlymai verslo sąlygų palankumo vertinimo tobulinimui. Patobulinus verslo sąlygų palankumo vertinimo modelį, atliktas empirinis tyrimas. Gauti tyrimo rezultatai palyginti su tyrimo rezultatais pagal bazinį modelį. Baigiamojo darbo pabaigoje pateikiamos darbo išvados ir siūlymai. Darbą sudaro 6 dalys: įvadas, teorinė dalis, analitinė dalis, empirinis tyrimas, išvados ir siūlymai, literatūros sąrašas. Darbo apimtis – 68 p. teksto be priedų, 13 iliustr., 11 lent., 64 bibliografiniai šaltiniai. Atskirai pridedami darbo priedai. / Final paper analysis the problem of assessing ease of doing business and methods to assess ease of doing business. Part of available models and methodologies evaluating ease of doing business level are overrwieved and compared in this paper. After comparison current methods of assessing ease of doing business are evaluated. Most ofently used indicators from different models that are used in assessment process of ease of doing business are compared. Concentration of most ofently used indicators is stated afterwards in a comparison way. Concentration in this work is the term used to describe influence of indicators, that are included into list of most ofently used indicators to final score of ease of doing business. Alternatives to improve current methodological potential of assessing ease of doing business are stated. After alternative analysis decision of improving current World Bank‘s ease of doing business assessment model is made. Author‘s proposals in improving the model are stated and research is carried. Results are compared with World Bank‘s „Doing Business“ results. Conclusions and suggestions for further are stated at the end of the paper.

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隨著新興國家金融管制的鬆綁，國際間銀行業併購的標的已逐漸由美國、歐洲等已開發國家延伸至拉丁美洲、東南亞等新興國家。本論文以事件研究法對2005年到2014年，已開發國家銀行跨國併購新興國家金融產業的併購活動，共49個樣本進行分析，藉由迴歸分析的結果去觀察目標國家的經商環境對於併購績效的影響。 本研究的立論在於，過去文獻表示銀行跨國併購的主要動機之一為追隨客戶，而如今許多銀行的客戶為了降低勞動成本，紛紛前往新興國家設廠，而新興國家相較於已開發國家的其中一個特點為，其經商環境尚未發展健全，不如已開發國家穩定，故目標國的經商環境好壞很可能是影響主併銀行客戶決定是否進入或擴大投資的因素，進而成為影響主併銀行跨國併購的成敗因素之一。 而本論文的結果可分為三個層級。第一層是各別經商環境指標對主併銀行宣告效果的影響；第二層逐漸收斂為企業創立、企業擴建與企業經營三組指標對主併銀行宣告效果的影響；第三層則收斂為綜合性經商環境指標對主併銀行宣告效果的影響。在第一層級中發現：目標國家開辦企業程序的便利簡潔度、取得信貸的流程明確度與能否有效執行合約等排名，在事件窗口(-1,+1)呈現顯著負相關，亦即此三項經商環境指標排名越高（數字越小）對主併銀行的宣告效果有正面影響。在第二層級中則觀察到企業擴建層面的指標對主併銀行宣告效果的解釋力是最大的、其次是企業創立，最後為企業經營。在第三層面中發現收斂後的綜合經商環境指標確實對銀行的宣告效果1%的顯著水準，亦即當主併銀行選擇經商環境較佳的目標國家進行跨國併購時，市場的反應會較為正面。 / Prompted by financial liberalization and the expansion into emerging market economies (EME) by corporate customers, international banks increasingly penetrated EME. This research uses 49 cross-border M&A samples between 2005 and 2014 in which the acquiring banks is in developed countries and the targets is the financial industry of emerging countries. Using event study methods, the study establish whether the business environment of target countries explain returns to shareholders in acquiring banks from cross-border M&A. From the past study, we observe that one of the main motivations for the banks to cross-border M&A is following customers to new markets. Recently, in order to reduce labor costs, the customers of bank have more FDI in emerging countries. However, the feature of emerging countries is that the business environment is not as stable and clear as the developed countries. Therefore, the business environment will affect the customers of banks decide whether to enter or expand investment in EME and further affect the acquiring banks. The results of this research can be divided into three levels. (1) in the individual business environment indicators level, the study find when the target countries are easier starting a business, getting credit or enforcing contracts, the CAR of acquiring banks will significant negative in event window (-1, +1); (2) in the group of business environment indicators level, the study observe the explanatory power of the business expansion group is larger than the group of start-up and operations; (3) the composite business environment indicator have significant negative affect to the CAR of acquiring banks.