This thesis looks into the law and policy implications of law-making within the EU in pursuit of the internal market, while protecting other interests such as those of consumers. The discussion concentrates in the field of services addressed to consumers and more specifically in harmonising at EU level the national liability rules governing their defective supply. This case study is developed on the following strands. Firstly, the withdrawal of the European Commission’s ‘Proposal for a Council Directive on the liability of suppliers of services’ [COM (90) 482 final] is examined from the following aspects: a) the political reactions which have preceded its withdrawal, b) its compliance with the constitutional principles governing the legislative process at EU level and c) the assessment of the substantive regime which it purported to establish. Secondly, having regard to a) the aftermath of the Proposal’s failure, b) the evolution of the constitutional debate concerning the existence, the nature and the exercise of EU competence to set harmonised rules and c) the law-making standards which the Union’s Institutions have set to self-restrict their regulatory power, the perspective of harmonising the liability of suppliers of services to consumers is further explored. Drawing on this case-study, this thesis examines the limits to EU law- making activity which are imposed by primary European law and also considers the policy standards which the EU has set for itself in engaging in its law-making commitments. This examination allows in turn the pursuit of broader reflections I about the law and policy factors which become crucial and deserve particular attention by the EU lawmaker when harmonising national rules governing market transactions – such as the liability for the supply of defective services – with a view to attaining and managing the internal market along with protecting other interests recognised at EU level, such as those of consumers.

Market evidences of the last three years show that the application of the Emission Trading Scheme (ETS) may endanger the European electricity intensive industries both directly and indirectly. The direct ETS burdens come from the costs of both abating emissions from old technologies and buying emission allowances on the market. The pass through of carbon cost in electricity price implies an indirect ETS charge. The combined action of these two carbon burdens may negatively affect European industries' competitiveness at international level. Some of these industries are threatening to relocate their production activities outside of Europe. This would lead to the so-called "carbon leakage" phenomenon. Taking stock of a French industrial proposal, I consider some special contractual policies whereby electricity intensive industries can buy electricity at average cost. The rest of the market is instead priced at marginal cost. Thanks to these contracts, generators reserve part of their power plants for these industries and apply to them a price depending on the average capacity, fuel and emission costs of these dedicated units. In addition, these contracts account for the average transmission charges. Industries can choose to be supplied either at a single regional average cost price or at zonal (assimilated to nodal) average cost prices (in which case transmission costs are equal to zero). The final objective consists in analyzing the effects provoked by the application of the single and the nodal average cost prices in the cases where generators dispose of fixed capacity or can invest in new technologies. The market for transmission services is of the "flow based market coupling" type and the allowance price is endogenous. The results show that power contracts indeed partially relieve the direct and the indirect carbon costs and mitigate the incentive of European electricity intensive industries to relocate their activities, but with quite diverse regional impacts in correspondence with different national power policies. Finally, the EU-ETS drives generators' investment choices towards clean and nuclear based technologies. Models are formulated as non-monotone complementarity problems with endogenous electricity, transmission and allowance prices. These are implemented in GAMS and solved by PATH. They are applied to a prototype power system calibrated on four countries of the Central Western Europe represented by France, Germany, Belgium and The Netherlands.

This diploma thesis deals with the impact of legislation on information system in a particular bank institution. Based on the proposal of European Market Infrastructure Regulation it identifies areas where the bank institution does not fulfill the regulation requirements. The thesis also tries to suggest existing processes adjustment and guarantee for them the support of information systems. During the existing processes investigation it discovers other weaknesses and suggests solutions leading to their elimination. These solutions would also lead to acceleration and increase in efficiency within the Straightthrough Processing model. The thesis devotes to all points of European regulation which should be fulfilled in the bank institution's point of view. First the current situation and then the solution of the particular point are mentioned. The thesis looks more detailed into central clearing. There are analyzed possible options in the process point of view. The impacts on the information system are specified for the chosen and most appropriate option. In order to secure the compact understanding of investigated issues, the thesis includes relations of European Market Infrastructure Regulation to the BASEL III concept, regulation supervision authorities in the European Union or introduction to functioning and core of financial derivatives.

This thesis wants to explore the forecasting potential of the multi-factor models to predict excess returns of the aggregated portfolio of the European stock mar- ket. These factors provided by Fama and French and Carhart are well-known in the field of asset pricing, we also add several financial and macroeconomic factors according to the literature. We establish a benchmark model of ARIMA and we compare the forecasting errors of OLS and the LSTM neural networks. Both models take the lagged excess returns and the inputs. We measure the performance with the root mean square error and mean absolute error. The results suggest that neural networks are in this particular task capable of bet- ter predictions given the same input as OLS but their forecasting error is not significantly lower according to the Diebold-Mariano test. JEL Classification C45, C53, C61, E37, G11, G15 Keywords Stocks, European market, Neural networks, LSTM, Factor Models, Fama-French, Predic- tions, RMSE Title Does LSTM neural network improve factor mod- els' predictions of the European stock market?

This study examines how the stock market reacts when a publicly-listed company announces a corporate green bond issuance in the European market. We examine 155 corporate green bond issuance announcements from 2017 to 2021 made by companies listed on the European stock exchange. Our findings can not confirm a stock market reaction to the announcement of a corporate green bond. The result shows no significant positive stock market reaction when a company announces a corporate green bond issuance for the first time. This finding suggests that the signaling argument is not necessarily applicable, as it suggests that companies signal their environmental commitment to the investors by announcing a corporate green bond issuance. Our findings do neither show a stronger stock market reaction due to a company having a low environmental performance at the time of announcement. This means that companies that actively try to transition into climate-friendly financing are not rewarded by the stock market.

Estudos têm demonstrado que idéias pré-estabelecidas e estereotipadas dos indivíduos com relação a países podem afetar suas atitudes em relação a produtos oriundos dessas nações. Tal fato é conhecido como efeito país de origem. Nesse contexto, vale destacar que apesar de o Brasil ter assumido nesta década a posição de maior exportador de carne bovina do mundo, seu papel de liderança nesse campo é criticado por muitos europeus, que acreditam que a pecuária brasileira é responsável por grande parte da destruição da floresta amazônica, pela exploração da mão-de-obra barata e até mesmo escrava e, ainda, por realizar baixo investimento na sanidade dos animais. O objetivo geral desta pesquisa é, portanto, analisar a influência da imagem do Brasil na comercialização da carne bovina brasileira na Europa. Este estudo possui uma parte exploratória e outra descritiva, composta por uma etapa quantitativa e outra qualitativa. Além da revisão bibliográfica, foram realizadas entrevistas com exportadores brasileiros, membros de entidades de classe que representam o setor exportador e importador europeu, com o objetivo de complementar os resultados da etapa quantitativa, foco principal da pesquisa. Durante a etapa quantitativa foi realizado um levantamento junto a estudantes e funcionários de universidades na França, Alemanha, Irlanda e Inglaterra, de forma a analisar em que medida a imagem do Brasil pode afetar suas atitudes em relação à carne bovina. Esta pesquisa pôde concluir que crenças em relação a países podem diferir de acordo com o grau de similaridade percebida entre o país do respondente e o país analisado, além de questões demográficas, como local de residência, sexo e faixa etária.Tais fatores também podem moderar a magnitude do efeito país de origem. Conclui-se, também, que os aspectos relativos à comunicação, distribuição e diferenciação dos produtos brasileiros foram os que receberam a pior avaliação por parte dos consumidores que participaram do levantamento, o que significa a necessidade de maior investimento do setor privado e do Governo em ações voltadas para a comunicação dos produtos brasileiros no exterior. Além disso, parece fundamental exaltar nessas campanhas de comunicação, aspectos relacionados às artes e à festividade e amabilidade do povo brasileiro, dimensões bem avaliadas pelos respondentes em todos os países. Observou-se que o total de respondentes avaliou de forma neutra a imagem do Brasil, de uma forma geral, e não houve influência significativa da imagem do Brasil na atitude em relação à carne bovina. Pode-se concluir, portanto, que o efeito país de origem para o total de respondentes foi, apesar de positivo, pouco expressivo. Ao analisar grupos separadamente, observou-se diferenças significativas do efeito país de origem entre as distintas faixas etárias, país de residência, os diferentes gêneros e, entre os grupos com maior ou menor grau de familiaridade e, ainda, envolvimento com o produto. Houve, ainda, diferenças entre os grupos com maior ou menor nível de conhecimento do Brasil. No que se refere às limitações da pesquisa, pode ser destacada a população-alvo definida para esse estudo, tendo em vista que a mesma não abrange outros importantes mercados com os quais o Brasil mantém relações comerciais, como outros países europeus, os Estados Unidos e países asiáticos, ou mesmo diferentes segmentos de consumidores europeus. Pôde-se, com os resultados da pesquisa, avançar no estado da arte nas pesquisas sobre imagem de país e, ainda, colaborar com os profissionais e teóricos de marketing, para que possam melhor gerenciar o construto país de origem como ferramenta de marketing. / In the last years, studies has showed that pre-established ideas and stereotyped from individuals about countries can interfere in their attitudes concerning products from theses nations, phenomena denominated by some authors as the country origin effect. In this context, is important to say that even Brazil has become the main Beef exporter of the world, your leadership in this area has been criticized for some Europeans, who believe that the Brazilian livestock is responsible for Amazon Deforestation, slave work and also, the producers has a low concern with animal health. this position was achieved despite of Amazon deforestation, slave work and not enough animal health care. Brazilian government and the exporter sector have been working to change the image of all productive chain has abroad, showing measures to reduce the environment impact of the activity, in the health care of the animals and in the labor law attendance. Therefore, the main goal of this research is to analyze the influence of Brazilian image in the Brazilian beef trade in Europe. This research is exploratory and descriptive and had a quantitative and a qualitative part. Further the bibliography research, interviews were made with representatives of Brazilian beef exporters and European importer, with the aim of complementing the main focus of this research, the quantitative part. During the quantitative part, a survey was administrated with students and professionals from Europeans universities in France, England, Ireland, and German, in order to know how can Brazilian image affect their attitudes concerning Brazilian beef. This study could conclude that beliefs about countries could be different according the perceived similarity between the respondent country and the analyzed nation, as well as demographic factors, such as place of residence, gender and age. These factors can also moderate the country of origin effect. It also possible to conclude that the aspects related to the communication, distribution and differentiation of Brazilian products receive the worst evaluation from the consumers that had participate of the survey, which means the necessity of improve the investments from the Government and the private sector in this area. Therefore, seems to be very important to give emphasis in theses campaigns, in aspects related with arts, festivity and the friendliness of Brazilian people, dimensions very well evaluated by the respondents. The total of respondents present, in a general way, a neutral evaluation about Brazilian image and the influence of this on the attitude concerning Brazilian beef was not expressive. It is possible to conclude that the country of origin effect, despite of positive, was inexpressive. Analyzing groups separately, it is possible to affirm that the country of origin effect were different between ages, gender and country of residence. It is also different according the level of enrollment and familiarity with Brazilian beef, and between the levels of Knowledge of Brazil. Concerning the limitations from the study, the target population do not achieve others important markets with them Brazil has commercial relations; such as another European countries, Asian countries, USA, even others segments of European consumers. With the results of this study, it was possible to go forward in the state of art in the research about country image and also help marketing professionals and theorist in order to better manage the country of origin as marketing tool.

Estudos têm demonstrado que idéias pré-estabelecidas e estereotipadas dos indivíduos com relação a países podem afetar suas atitudes em relação a produtos oriundos dessas nações. Tal fato é conhecido como efeito país de origem. Nesse contexto, vale destacar que apesar de o Brasil ter assumido nesta década a posição de maior exportador de carne bovina do mundo, seu papel de liderança nesse campo é criticado por muitos europeus, que acreditam que a pecuária brasileira é responsável por grande parte da destruição da floresta amazônica, pela exploração da mão-de-obra barata e até mesmo escrava e, ainda, por realizar baixo investimento na sanidade dos animais. O objetivo geral desta pesquisa é, portanto, analisar a influência da imagem do Brasil na comercialização da carne bovina brasileira na Europa. Este estudo possui uma parte exploratória e outra descritiva, composta por uma etapa quantitativa e outra qualitativa. Além da revisão bibliográfica, foram realizadas entrevistas com exportadores brasileiros, membros de entidades de classe que representam o setor exportador e importador europeu, com o objetivo de complementar os resultados da etapa quantitativa, foco principal da pesquisa. Durante a etapa quantitativa foi realizado um levantamento junto a estudantes e funcionários de universidades na França, Alemanha, Irlanda e Inglaterra, de forma a analisar em que medida a imagem do Brasil pode afetar suas atitudes em relação à carne bovina. Esta pesquisa pôde concluir que crenças em relação a países podem diferir de acordo com o grau de similaridade percebida entre o país do respondente e o país analisado, além de questões demográficas, como local de residência, sexo e faixa etária.Tais fatores também podem moderar a magnitude do efeito país de origem. Conclui-se, também, que os aspectos relativos à comunicação, distribuição e diferenciação dos produtos brasileiros foram os que receberam a pior avaliação por parte dos consumidores que participaram do levantamento, o que significa a necessidade de maior investimento do setor privado e do Governo em ações voltadas para a comunicação dos produtos brasileiros no exterior. Além disso, parece fundamental exaltar nessas campanhas de comunicação, aspectos relacionados às artes e à festividade e amabilidade do povo brasileiro, dimensões bem avaliadas pelos respondentes em todos os países. Observou-se que o total de respondentes avaliou de forma neutra a imagem do Brasil, de uma forma geral, e não houve influência significativa da imagem do Brasil na atitude em relação à carne bovina. Pode-se concluir, portanto, que o efeito país de origem para o total de respondentes foi, apesar de positivo, pouco expressivo. Ao analisar grupos separadamente, observou-se diferenças significativas do efeito país de origem entre as distintas faixas etárias, país de residência, os diferentes gêneros e, entre os grupos com maior ou menor grau de familiaridade e, ainda, envolvimento com o produto. Houve, ainda, diferenças entre os grupos com maior ou menor nível de conhecimento do Brasil. No que se refere às limitações da pesquisa, pode ser destacada a população-alvo definida para esse estudo, tendo em vista que a mesma não abrange outros importantes mercados com os quais o Brasil mantém relações comerciais, como outros países europeus, os Estados Unidos e países asiáticos, ou mesmo diferentes segmentos de consumidores europeus. Pôde-se, com os resultados da pesquisa, avançar no estado da arte nas pesquisas sobre imagem de país e, ainda, colaborar com os profissionais e teóricos de marketing, para que possam melhor gerenciar o construto país de origem como ferramenta de marketing. / In the last years, studies has showed that pre-established ideas and stereotyped from individuals about countries can interfere in their attitudes concerning products from theses nations, phenomena denominated by some authors as the country origin effect. In this context, is important to say that even Brazil has become the main Beef exporter of the world, your leadership in this area has been criticized for some Europeans, who believe that the Brazilian livestock is responsible for Amazon Deforestation, slave work and also, the producers has a low concern with animal health. this position was achieved despite of Amazon deforestation, slave work and not enough animal health care. Brazilian government and the exporter sector have been working to change the image of all productive chain has abroad, showing measures to reduce the environment impact of the activity, in the health care of the animals and in the labor law attendance. Therefore, the main goal of this research is to analyze the influence of Brazilian image in the Brazilian beef trade in Europe. This research is exploratory and descriptive and had a quantitative and a qualitative part. Further the bibliography research, interviews were made with representatives of Brazilian beef exporters and European importer, with the aim of complementing the main focus of this research, the quantitative part. During the quantitative part, a survey was administrated with students and professionals from Europeans universities in France, England, Ireland, and German, in order to know how can Brazilian image affect their attitudes concerning Brazilian beef. This study could conclude that beliefs about countries could be different according the perceived similarity between the respondent country and the analyzed nation, as well as demographic factors, such as place of residence, gender and age. These factors can also moderate the country of origin effect. It also possible to conclude that the aspects related to the communication, distribution and differentiation of Brazilian products receive the worst evaluation from the consumers that had participate of the survey, which means the necessity of improve the investments from the Government and the private sector in this area. Therefore, seems to be very important to give emphasis in theses campaigns, in aspects related with arts, festivity and the friendliness of Brazilian people, dimensions very well evaluated by the respondents. The total of respondents present, in a general way, a neutral evaluation about Brazilian image and the influence of this on the attitude concerning Brazilian beef was not expressive. It is possible to conclude that the country of origin effect, despite of positive, was inexpressive. Analyzing groups separately, it is possible to affirm that the country of origin effect were different between ages, gender and country of residence. It is also different according the level of enrollment and familiarity with Brazilian beef, and between the levels of Knowledge of Brazil. Concerning the limitations from the study, the target population do not achieve others important markets with them Brazil has commercial relations; such as another European countries, Asian countries, USA, even others segments of European consumers. With the results of this study, it was possible to go forward in the state of art in the research about country image and also help marketing professionals and theorist in order to better manage the country of origin as marketing tool.

此篇論文利用馬可夫狀態轉換模型實證出在歐元區的股票市場中，以規模溢酬、價值溢酬以及市場溢酬建構的投資組合存在兩個不同的情境狀態。以歐元區市場溢酬和規模溢酬建構的投資組合(SMB portfolios)在牛市存在較高的平均報酬，另一方面以價值溢酬建構的投資組合(HML portfolios)則在熊市有較高的平均報酬。而以規模溢酬、價值溢酬以及歐元區市場溢酬建構的投資組合，其報酬率變異數在熊市皆比牛市來得高。由於此篇論文實證出不論在樣本內或樣本外的測試中，以規模溢酬以及價值溢酬建構的投資組合，其特色反轉投資策略皆優於買入並持有的投資策略，因此本篇論文建議，在歐元區以規模因素（size factor）及帳面價值與市價比因素（book-to-market factor）為考量建構投資組合時，考慮規模溢酬以及價值溢酬在不同情境狀態下的反轉異常現象是重要且不可忽視的課題。 / This paper documents the presence of two regimes in the joint distribution of stock returns on European market premium portfolio and portfolios tracking size- and value effects in the Euro area. The mean returns of the EMU market portfolio and SMB portfolios are higher in the bull state while the mean return of the HML portfolio is larger in the bear state. Volatilities of the EMU market portfolio, SMB portfolio and the HML portfolio are all larger in the bear state compared to the bull state. This paper uses the Markov regime-switching model to generate the switching signal of market, size and value portfolios in the stock market and reallocates the market, size and value portfolios in the stock market by the mean-variance approach. Since both in the in-sample and out-sample test, the performance of the style rotation strategy outperforms style consistent strategy of the SMB portfolio and HML portfolio, this paper proposes that when analyzing investments in returns of size and value portfolios in the European market, it is important for us to account for anomalies for size and value effects in European market under different regimes. In the regime-switching VAR(1) model to account for the net capital flow predictability on the stock returns of EMU market, SMB and HML portfolios and the interrelationships among these variables. The result shows that adding the European Union net capital flow in relation to the economy's size as the predictor variable to the regime switching VAR(1) model, it improves the asset allocation outcomes both in the in-sample and out-sample test. Furthermore, this paper has found that both in the bull and bear states, the impulse response function shows that a shock of one standard deviation of net capital inflows last month will reduce the EMU market return up to near three months. Besides, the net capital inflow shock in European stock market will generates appreciation of companies with low book-to-market ratios (growth stocks) and large-sized firms in the bull state, while it generates appreciation of companies with high book-to-market ratios (value stocks) in the bear state.

L’objectif de cette thèse doctorale est de contribuer à l’ensemble de la recherche sur les agences de notation. Elle couvre les trois aspects : théorique, conceptuel et empirique. La première partie se focalise sur le Néo-Institutionnalisme. Le Capitalisme d’État propre au marché chinois a été mis en avant, et un bilan comparatif a été dressé entre les marchés chinois et européens. Une analyse dynamique nous permet ensuite d’illustrer l’interaction des agences de notation avec les autorités régulatrices, les émetteurs de titres financiers, et les investisseurs. Dans la seconde partie, nous avons réalisé une vaste revue de la littérature, et proposé d’ajouter les spécificités institutionnelles chinoises aux variables déjà prises en compte dans les études. Au niveau de la méthodologie, certains outils qualitatifs et quantitatifs ont été envisagés. Diverses approches sont choisies en fonction du contenu de chacun des chapitres : le rôle, la stratégie et l’impact des agences de notation en Chine.Premièrement, par une approche comparative, nous avons montré qu'en Chine, le rôle des agences de notation ne se limitait pas à celui qui leur est habituellement assigné. Il semble aussi que les agences de notations se laissent tenter par le « rating shopping », le « split rating » et le « rating inflation », sous la pression des émetteurs. En revanche, les investisseurs sont relativement prudents lors de « multiples ratings ». Deuxièmement, nous avons mis en évidence que les agences de notation internationales ont tendance à noter plus strictement que les agences locales. Nous nous sommes rendu compte que les comportements stratégiques variaient d’une à l’autre, lorsque l’on étudie les déterminants des notations initiales des émetteurs. Troisièmement, en menant une étude d’événements sur le marché chinois des actions, nous avons trouvé des rendements anormaux significatifs sur quelques sous-échantillons des « modifications de notation », après avoir adopté différentes méthodes d’estimation, et mené divers tests paramétriques et non-paramétriques. Enfin, les analyses et résultats que nous avons apportés au cours de chaque chapitre empirique, ont enrichi en retour, nos discussions sur l’environnement institutionnel du marché chinois / In this Ph.D. thesis, we aim to contribute to the entire research on CRAs, with theoretical, conceptual and empirical aspects. We used the New-institutionalism as a theoretical frame of reference to justify the importance to have a good understanding of Chinese institutional characteristics. Chinese State-capitalism and Socialist-market economics, along with the interaction of CRAs with regulators, issuers and investors are devoted to setting the stage. We implemented various methodological approaches that seemed the most appropriate, on the sample that the most suitable, according to each of the objectives that we set, to better comprehend CRAs’ role, strategy and impact, under Chinese market context.Firstly, we found that CRAs were not expected to play “their main role” in assessing the credit default risk for market investment in China, as they are usually assigned to do so in Europe, and other developed countries. After running the frequency test, to register the words most used in the written regulatory and normative documents, we concluded that the expectation of roles of CRAs was also different in Continental China and in Hong Kong. At the expectation of issuers, CRAs also seem to play a role in rating “shopping”, in split rating, and even in rating inflation. Investors are very cautious to the multiple ratings. Secondly, by using logistic models, we found that global CRAs tend to rate more strictly than local CRAs, ceteris paribus. We also realized that the strategical behaviors of Chinese local CRAs are distinctive one from the other, when we studied the determinants “behind” initial issuer ratings. These findings confirmed the preliminary quantitative tests that we executed on the descriptive data. Thirdly, we failed to find informative impact of credit rating changes on the stock market, through a classic event study relying on the market model. Even if we refined the methodology by completing GARCH to OLS estimation model, and non-parametric tests to parametric tests, we only found significant outcomes in some subsamples, and for negative watch-lists.In the end, the analyses we led and the findings we reported from each of these empirical chapters have contributed to enrich, in return, our discussion of Chinese institutional characteristics

電視機產業的發展在全世界各個國家區域，與媒體及通訊業者之間乃是息息相關，除了涉及社會安全與播放頻道管理等敏感問題外，背後還牽涉龐大無限的商業利益；而液晶面板向來皆是電視與顯示器產業發展的重要元件之一，由於涉及複雜的光電科技以及綿密之上、下游供應鏈，其所帶動所屬相關的產業與經濟發展之價值，一直都是名列於日本、韓國、台灣、中國等國家之重點培植項目。 自2006年開始，歐洲市場已經超越北美、並成為全球電視機的第一大銷售市場，全球主要的品牌都投入重兵、深度耕耘歐洲市場，尤其是日本與韓國品牌；對照韓國廠商在歐洲地區已有之深度垂直整合的供應鏈，以及已達經濟規模的生產、運籌基礎，日本與歐洲品牌則必須完全仰賴歐洲區域內或是遠從亞洲的韓國及台灣供應鏈廠商，否則難以在歐洲市場中立足。 本研究經由相關文獻探討後，以賽局理論架構來分析研究個案企業B公司，與母公司從「策略結盟」、「合資公司經營模式」、「客戶關係與利益」等角度，探討所經歷之資源重整、經營創新、暨競爭又合作的多重關係；同時本研究亦採用個案研究法深入訪談相關之高階主管，以了解其實務作為與成效。 由個案分析與研究發現，得出研究結論如下： 1.兩家母公司T公司與A公司在參賽者的價值網關係中，彼此對於歐洲市場的互補加乘之綜效是最大的；同時若對特定之歐洲及日本品牌客戶而言，合資成立的B公司正好可以提供這些品牌客戶之最佳服務價值，並更強化這些客戶與兩家母公司的經營合作關係。 2.個案B公司在兩家母公司之加持及協助下，就附加價值的速度、成本、品質及與客戶關係等方面，的確有效地幫助歐洲及日本品牌客戶穩固、提昇其在歐洲市場的市佔率。 3.兩家母公司在市場、客戶及供應商規則的挑戰與反應，對於合資成立的個案B公司提供最即時與最有效的奧援，讓個案B公司能夠穩健地發展出適合市場、符合客戶需求之經營模式。 4.兩家母公司在客戶及供應商戰術的指導與支援，對於合資成立的個案B公司亦提供最符合客戶需求的價值，除了提供一站購足的整合服務外，還可以幫助歐洲及日本客戶避免完全被韓國供應鏈所挾持。 5.由於兩家母公司在個案B公司合資成立之初，對於其B公司經營目標的賽局範圍定義便早已形成共識，所以無論是客戶之選定、產品與技術之發展以及資金與人材的支援等，B公司都能依據歐洲市場的發展趨勢，按部就班地耕耘與發展。 6.個案B公司在成立時之組織設計與重要職務的安排，兩家母公司便已排除己私之小利，同時周延地考量何者模式是對於個案公司的經營是最適切，所以讓經營團隊能夠密切、順利地經歷磨合期，並領導公司的營運達成目標。 / TV industry in countries around the world regions is closely related with huge unlimited commercial interests involved between the media and communications behind, in addition to involving the Social Security and the play channel management, and other sensitive issues, driven by the TV-industrial development opportunities is also important to Governments; LCD panel has always been one of the components important to the development of TV and display industries, as it involves complex electro-optical technology and dense above, the downstream supply chain, they led their respective related value of the industrial and economic development have always been ranked in the focus of Japan, Korea, Taiwan, China to cultivate the project. Since 2006, the European market has gone beyond North America, and become the biggest TV market in the world, the world's leading brands have invested heavily with depth of plowing to European market, especially Japanese and Korean brands; South Korean companies in Europe has been working on deeply vertical integration of supply chains, and has reached economic scale of production and logistics base; Japanese and European brands must be totally dependent on local supply chains in Europe or far away from Asian vendors, otherwise it is difficult to secure their market shares in Europe. With through literature review, this study has adopted the game theoretical framework to analyze the case of B Company and its parent companies. From the perspectives of strategic alliance, joint venture business model, customer relationships and interests, this study explores the experience re-engineering, business innovation, cum multiple relationships between competition and cooperation. Furthermore, this study has used the case study method to do in-depth interviews with relevant executives to understand their substantive acts and effectiveness. By case analysis and research findings, this study draws conclusions as following: 1.The value of participants' gateway system to parent companies T and A makes the largest multiply synergy of complementation with each other for European market. To the specific European and Japanese brands customers, joint venture case B can provide the best service value to these brands. 2.Under the assistances of two parent companies, B Company’s added value of the speed, cost, quality and customer relations is indeed effective in helping European and Japanese brands to enhance their market shares in Europe. 3.As to the rules of the market, customers and suppliers, two parent companies do provide the most immediate and effective support to B Company on steady marketing development to meet customers’ demands. 4.Regarding the tactical guidance and support of customers and suppliers, two parent companies also provide the best assistances to B Company and meet customers’ needs and values. 5.With mutual consensuses of the game scope definition by two parent companies in the beginning of joint venture established, B Company is able to step by step develop its business objectives based on market trends in Europe such as customer selection, product and technology development, financial and human resources planning. 6.In the beginning of B Company established, two parent companies had comprehensive consideration about what the most appropriate model of organizational design and role assignment of important duties to B Company is. So during run-in period, the management team of B Company can easily get a close and smooth result, and achieve the successful business goals.