Efter den relativt stora nedgången på börsen, som skedde i februari 2020 till följd av Covid-19pandemin, hade börsen en mycket stark uppgång mellan mars 2020 och november 2021. Närinflationen ökade under 2021 började fler prognostisera att det framgent skulle komma räntehöjningar.Detta, i kombination med andra faktorer, som exempelvis Rysslands invasion av Ukraina i början av2022, ledde till att många investerare blev passiva och skeptiska till hur aktiemarknaden skulleutvecklas. Från november 2021 till november 2022 föll det breda Stockholmsindexet, OMXStockholm PI, med 22 procent. Fastighetsindex OMX Stockholm Real Estate PI, hade en betydligtstörre nedgång på 44 procent. Syftet med studien var att undersöka vilka fastighetsbolag vars aktiekurser hade störst avvikelse frånfastighetsindex under tidsperioden november 2021 till november 2022, och varför. Studien harbaserats på både en kvalitativ och kvantitativ undersökning. I den kvalitativa undersökningen har 6mycket relevanta personer intervjuats. Den kvantitativa delen består av en sektorjämförelse samtdjupgående analyser av de 10 fastighetsbolag som avvek mest från index under den valda perioden. Resultatet visar att samtliga fastighetsbolag hade en negativ utveckling i dess aktiekurser mellannovember 2021 och november 2022. En orsak varför fastighetsbolagen påverkats mer negativt, jämförtmed andra sektorer, är att fastighetsbolag generellt använder högre nivåer av hävstång vilket blir merkostsamt i sämre finansiella klimat med högre räntor. Det finns många individuella faktorer somförklarar utvecklingen för varje specifikt bolag, dock har fyra faktorer konstaterats inneha en extra storbetydelse för hur aktiemarknaden har reagerat på de individuella bolagen. Detta har varitägarstrukturen, kapitalstrukturen, fastighetsportföljen och värderingen på bolaget vid ingången tillperioden. Det har varit viktigt att ha en stark finansiell position, både för bolaget men också dess ägare. Detta ärett mönster som har kunnat tydas via nyheter samt intervjuer. Gällande fastighetsportfölj haraktiemarknaden, bland de bolag som analyserats, handlat ner de fastighetsbolag som haft majoritetenav sin fastighetsportfölj bestående av bostäder och samhällsfastigheter. Bolagen som hade den störstanedgången i dess aktiekurser mellan november 2021 och november 2022 hade generellt högrevärderingar vid ingången till perioden. Detta berodde på att aktiemarknaden, vid de förändrademarknadsförutsättningarna, skiftade i vad som premierades. / After the relatively large drop in the stock market in February 2020 due to the COVID-19 pandemic,the stock market experienced a very strong recovery between March 2020 and November 2021. Asinflation increased in 2021, more people started to forecast future interest rate increases. This,combined with other factors, such as Russia's invasion of Ukraine in early 2022, led many investors tobecome passive and skeptical about the performance of the stock market. From November 2021 toNovember 2022, the broad Stockholm index, OMX Stockholm PI, fell by 22 percent. The real estateindex, OMX Stockholm Real Estate PI, had a much larger decline of 44 percent. The purpose of the study was to investigate which real estate companies whose share prices had thegreatest deviation from the real estate index during the period November 2021 to November 2022, andwhy. The study has been based on both a qualitative and quantitative survey. In the qualitativeresearch, 6 highly relevant persons have been interviewed. The quantitative part consists of a sectorcomparison and in-depth analysis of the 10 real estate companies that deviated the most from the indexduring the selected period. The result shows that all real estate companies had a negative development in their share pricesbetween November 2021 and November 2022. One reason why real estate companies have been morenegatively affected, compared to other sectors, is that real estate companies generally use higher levelsof leverage, which becomes more costly in poorer financial climates with higher interest rates. Whilethere are many individual factors that explain the performance of each specific company, four factorshave been found to be particularly important in determining how the stock market has reacted toindividual companies. These have been the ownership structure, the capital structure, the real estateportfolio and the valuation of the company at the beginning of the period. It has been important to have a strong financial position, both for the company and its owners. This isa pattern that has been evident from news reports and interviews. Regarding the real estate portfolio,among the companies analyzed, the stock market has traded down the real estate companies that hadthe majority of their real estate portfolio consisting of housing and community properties. Thecompanies that experienced the largest decline in their share prices between November 2021 andNovember 2022 generally had higher valuations at the beginning of the period. This was because thestock market, in the context of changing market conditions, shifted in what was rewarded.

In recent years, the growth of Internet¡¦s popularity and prosperity not only brings about people¡¦s intention to utilize Internet service, but also enhances the attractiveness of e-commerce. Many entrepreneurs spot how usages of Internet can benefit their business due to its main advantages, such as low cost and fast reaction. As the result, besides the traditional retail sales and leaguers, many other businesses gradually started to adopt Internet as a mean to interact with their customers, including online shopping and other services. On the other hand, for customers, it is extremely convenient to simply sit in front of their desktops, look through catalogs, and buy what they like with several simple clicks on their computer screens. Because of the convenience of online store, more and more people started trying this modern way of shopping. The purpose of this study is to investigate what external factors would affect online shoppers¡¦ intention to purchase items online, and how various available items influence shoppers¡¦ intention to buy things through Internet. The result of the study shows that internet shoppers¡¦ intention to purchase items online is directly proportional to the products¡¦ digitalized degree, network readiness index, and geographical factors; inverse related to the information richness and technology acceptance. Moreover, there are also significant differences in ratios of online shopping among various countries and products.

Abstract The object of this research was to analyze external and internal environments of information systems and to find factors that influence the acquisition, provisioning and utilization of information systems, and to identify the effects. The research object was to identify relations between the environmental factors’ impacts and information systems in an education and research organization. The empirical research was executed at the University of Oulu. In this research the qualitative method was utilized. The research data was gathered through interviewing the personnel of the university, altogether 35 persons, standing for four groups: administration, education and research, services and information system support. At first the environmental factors influencing on the information systems were identified and analyzed from related studies. Their impacts on an education and research organization’s information systems’ acquisition, provisioning and use were then empirically analyzed. The impacts of generic environmental factors, regulation factors, financial factors and internal environmental factors were evaluated. The internal environment’s factors had relatively intensive and plentiful influence, because also external factors influenced trough the internal environment. This research gives a rigorous conceptual view to information systems’ environmental factors and their impacts in an education and research organizations and provides perspectives to additional studies, too. / Tiivistelmä Tämän tutkimuksen tarkoituksena oli analysoida tietojärjestelmien ulkoista ja sisäistä ympäristöä ja löytää tekijöitä, joilla on vaikutuksia niiden hankintaan, käyttöönottoon ja käyttöön samoin kuin tunnistaa niiden vaikutuksia. Tavoitteena oli kehittää malli, joka ilmentää ympäristövaikutusten suhteita tietojärjestelmiin koulutus- ja tutkimusorganisaatiossa. Tutkimus tehtiin Oulun yliopistossa. Tässä tutkimuksessa käytettiin laadullisen tutkimuksen menetelmiä. Tutkimusaineisto perustui Oulun yliopiston henkilökunnan haastatteluihin, joihin osallistui 35 henkilöä. He edustivat yliopiston johtoa, koulutus- ja tutkimushenkilöstöä, palveluyksiköitä sekä tietojärjestelmien parissa työsteleviä. Tietojärjestelmien käyttäjinä heistä monella oli suhteellisen monipuolinen ja vankka, mutta toisaalta joillakin kapea-alainen kokemus. Aikaisempia tutkimuksia ympäristötekijöiden vaikutuksista organisaatioihin on varsin paljon, mutta ei juurikaan suoranaisesti tietojärjestelmiin liittyen. Tässä tutkimuksessa jäsennettiin ympäristötekijöiden vaikutuksia tietojärjestelmiin ja analysoitiin empiirisesti, mitkä tekijöistä vaikuttivat koulutus- ja tutkimusorganisaatiossa tietojärjestelmien hankintaan, käyttöönottoon ja käyttöön. Työssä tutkittiin yleisten ympäristötekijöiden, sääntely-ympäristön, taloudellisten ja sisäisen ympäristön tekijöiden vaikutuksia. Sisäisen ympäristön tekijöiden vaikutukset olivat suhteellisen voimakkaita ja runsaslukuisia johtuen siitä, että ulkoisen ympäristön tekijät vaikuttavat myös sisäisen ympäristön kautta tietojärjestelmiin. Tutkimuksessa havaittiin useita ympäristötekijöiden vaikutuksia tietojärjestelmien elinkaaren eri vaiheissa. Tutkimus antaa kokonaiskuvan ympäristötekijöiden vaikutuksista koulutus- ja tutkimusorganisaatiossa ja tarjoaa myös näkökulmia jatkotutkimukselle.

本論文是從外部環境的觀點，探討金融環境與總體經濟因素對企業長期融資的影響。鑑於近年來國際化、自由化的腳步不斷加快，國內金融環境產生了相當大的變遷，企業最常使用的長期融資方式，不外乎股票增資、發行公司債及銀行中長期借款三種，因此本論文先整理三種長期融資方式的特性，並就個別發行成長率和佔相對融資比例加以分析，且採股票增資成長率、發行公司債成長率及銀行中長期借款成長率為因變數，利用多元迴規模型，分別以「全部選取法」及「逐步選取法」為三種長期融資方式建立多元迴歸模型，並經由檢定結果找出具顯著影響的金融環境與總體經濟因素。 實證結果發現：股價指數報酬率對企業股票增資成長率具顯著正向關係之解釋能力；民國八十四年起債券型基金的蓬勃發展對企業發行公司債成長率具顯著正向關係之解釋能力；而基本放款利率、逾放比率以及民國八十一年起銀行法修正後新銀行紛紛開業的競爭狀況皆對企業中長期借款成長率具顯著負向關係之解釋能力。 研究發現外部金融環境與總體經濟因素的確對企業長期融資有著不可輕忽的影響力，因此也建議政府應研擬適宜、有效的相關政策並修改法令創造一個健全、多元的資金籌措環境；另由於金融逆中介情況逐漸深化，亦建議銀行可逐漸從事投資銀行路線，積極參與證券市場；而企業從事融資決策時，則應多考慮外在金融環境的變遷，瞭解各種融資工具特性並妥善運用。 / Abstract The purpose of the thesis is to state the effect of finance and macroeconomic factors on long-term financing and analyze the cause and factor for three funding methods. The source of fund empirically is defined by Bank Acceptance, Corporate Bond , and Stock Issue . Dividing them into stock quantities and flow quantities and estimitating by normal and stepwise OLS is to analyze the reason of the low increasing rate by loan and rapid growth by bond or stock in recent years. Empirical Results predict high over loan rate and some revolution in external Financial environment. Despite the ex-post analysis of thesis is consistent with financial situations well but there are some biases in source of data. In addition, result also tell what should commercial bank go and the best financing tools of enterprise.