The dawn of international banking has already sparked some of the most well known mergers in the financial industry. Following the recent merger waves of the major developed economies, Taiwan¡¦s industry also engages merger and acquisitions to pursue external growth. Firms may merge for various reasons and generates totally different result in shareholder¡¦s wealth. Thus, capture the factors which drive the merger activity is very critical issue to all the participants of Taiwan¡¦s equity market. The objective of this study is to analyze the determents of target selection in the merger and acquisition activity in Taiwan¡¦s financial industry. The subject what the research are going to study and development. There is acquired Cooperative Association what characteristics are owned. Logit regression is utilized to investigate a sample of 12 listed firms which engaged mergers after the government has passed the Financial Merger Institutions Law over the period from 2000 to 2007. Consistent with literature of merger and acquisitions, the empirical result suggests that the firms with weaker debt structure, good loan quality and Capital Adequacy, to become good targets.

This thesis deals with financial reform, which was conducted in the United States. The fundamental law of this reform is The Dodd-Frank Wall Street Reform and Consumer Protection Act. The basic document deals with the legislative changes that relate primarily to changes in institutional arrangements and organization of supervisory activities in the U.S. with a greater emphasis on the banking system. The last part deals with some consequences of the changes to the banking system.

INTRODUCTION: Non-communicable diseases (NCDs) burden has increased significantly over the past decade in Saudi Arabia (SA). Disparities of NCDs disease prevalence have been documented; however, little is known regarding inequities in NCDs health services access and delivery especially at the primary health care (PHC) level. Moreover, equity considerations have not explicitly been part of allocative financial decision-making criteria. The goal of this study is to assess equity-related challenges in accessing NCDs services as well as the current NCDs priority setting and financial resources allocation process to support the ongoing health system transformation efforts. METHODS: This study used a mixed methods approach. The quantitative data was obtained from existing secondary data of 10,000 households’ surveys, The Kingdom of SA World Health Survey, 2019. The primary collected qualitative data consist of 33 in-depth interviews (IDIs) with public officials from national and regional level using an interview guide supported by documents review. A multiple logistic regression and thematic analysis were used for the analysis. RESULTS: More than 35% of people with diagnosed diabetes, hypertension or dyslipidemia have an unmet need of primary care services. Only 20% of surveyed women had a cervical cancer screening during their last pelvic exam while only 18% of eligible women ever had a mammogram. Significant factors affecting primary care services utilization were region of residence, population density, wealth, income and education. Findings from the interviews revealed that NCDs and PHC are top priorities of the Saudi health reform with strong political commitment and major investments. However, there is no clear strategic direction to improve NCDs services given the highly centralized financial system with suboptimal resources allocation towards PHC and where increasing efficiency focuses mainly on higher level care. Governance-related challenges include accountability and power struggle, partly due to financial and human resources variations across the region. DISCUSSION: Improving budget formulation for primary care and NCDs programs, and harmonizing NCDs programs funding across sectors apart from the health sector while defining what equity and allocative efficiency mean for the Saudi health system transformation are priorities to achieve the health system transformation goals. / 2025-12-11T00:00:00Z

台灣、泰國與馬來西亞這三個國家分別在1997年與1998年遭受到了嚴重的金融危機，這三個國家也都分別採取了相關的政策進行金融改革。但是在危機發生五、六年的時間之後，這三個國家的金融改革成效卻出現了差異。因此本論文最主要的問題即在於：這三個國家金融改革成效出現差異的最主要原因為何？為了有效分析與解答這一問題，本研究透過三研究層次的建立：制度(治理結構)、組織(監理架構)與市場(金融體系)，以及四個主要概念的釐清：自主性(autonomy)、職能(capacity)、透明化(transparency)與問責(accountability)，建構出所謂的「ACTA理論」(ACTA Theory)。 本研究主要論點為：台灣、泰國與馬來西亞這三個國家金融改革成效出現差異的原因在於，這三個國家治理結構與監理架構的ACTA不同所導致。泰國在危機之後，有了一部新憲法，並啟動大規模的政治改革，大幅提昇了治理結構與監理架構的ACTA，使得泰國的金融改革成效為這三個國家中最好的。馬來西亞在危機發生之後，並未進行政治改革，治理結構與監理架構的ACTA與危機發生之前相比，並未有明顯的改進，也因此其金融改革的成效為三個國家中最差的。至於台灣雖然在危機發生之後，出現了首次的政黨輪替，順利啟動了相關的改革工作，治理結構與監理架構的ACTA也有些許的提升，但是改善的幅度不如泰國，也因此台灣的金融改革成效位居三個國家之中。因此，若要有效進行金融改革，相關的政治改革是必要的，只有當治理結構與監理架構的ACTA獲得提升，金融改革才得以發揮其效用。 / The thesis focuses on the domestic institutional arrangements and relationships among key political and financial actors in Taiwan, Thailand, and Malaysia after the financial crisis. As we know, Thailand and Malaysia were attacked seriously by the Asian financial crisis in 1997. Meanwhile, also affected by the 1997 Asian financial crisis, many Taiwanese enterprises have reported serious problems in their financial structures and suspended their payments of loans to the banks. What happened in Taiwan, Thailand and Malaysia after the crisis? Though these three countries were all attacked by the financial crisis, but with different hurts. Thailand seemed to be the worse, and Taiwan was better than Malaysia. In addition to, all these three countries adapted financial reform policies after the crisis, but still with different degrees of recovery. Malaysia had a fast recovery, but short-term and unstable. Thailand recovered slowly but strong and stable. Taiwan speeded up the reform after the first party turnover in 2000. What are the causes of the financial reform differences in Taiwan, Thailand, and Malaysia? Why did these three countries go in different ways on recovery? In order to answer this question, I develop a theory, called “ACTA Theory”. I use these four institutional variables: autonomy, capacity, transparency, accountability (ACTA), and three analysis levels to analysis the financial reform in Taiwan, Thailand, and Malaysia. The first level is the governance structure, including the bureaucracies, politicians, political parties, conglomerates, and local factions, etc. The second level is the regulatory framework, including the financial regulatory agency, like Central Bank, Ministry of Finance, or other financial restructuring authority, like FRA, CDRAC, TAMC in Thailand, Danaharta, Danamodal, CDRC in Malaysia, and Financial Supervisory Authority in Taiwan. The third level is the financial system, including the banks, finance companies, and merchant banks, also the performance of financial consolidation plan. In conclusion, the ACTA of governance structure will influence the ACTA of regulatory framework from the top, and the institutional relationships between the governance structure and regulatory framework will influence the financial system jointly. Therefore the ACTA of governance structure and regulatory framework are critical for financial reform.

台灣的金融體制從戰後國民政府接收建立之後，隨著政治與經濟的發展而開始逐漸自由化。雖然經過80年代末期的第一波金融自由化，一直到2000年政黨輪替後民進黨政府的第二波自由化與兩次金改，但事實上過去由政府完全抓牢的金融體系一直未改變政府影響力持續介入的現狀。國民黨的改革與民進黨的金融改革，都是在金融體制在面對因為經濟發展與政治變遷的結果所產生的新問題極需改善的壓力之下，政府一邊改革、一邊換一種新的方式去想辦法抓住金融利益的結果而已。金融改革在表面上是為了要解決所浮現的金融問題，但實際上卻是政府換個掌控方式去攫取金融利益的表現，而民進黨政府一連串金融改革所引發的爭議也是由於民進黨政府太過於想要藉改革之名來接收過去國民黨所享有的金融利益而引發。雖然經濟發展確實帶給金融體系必須配合經濟環境演進的改革壓力，但是政治上的鬆動對金融資源的引用才是決定金融改革方向的關鍵因素。國民黨的金融改革與民進黨的金融改革，都是在金融體制因為經濟發展的局勢不得不進一步改革的壓力下，政府一邊改革、一邊換一種新的方式去想辦法抓住金融利益的結果而已。金融改革在表面上是順應經濟發展與金融問題之所需的結果，但實際上卻是政府換個掌控方式去攫取金融利益的表現。 在本研究的發現與結果中，我們可以預見到，將來的金融改革不論執政黨是國民黨或是民進黨，改革的政策不論是偏向效率或是偏向公平，只要政府依然在金融改革的幕後扮演著掌握全局的角色，那麼台灣的金改永遠都將是持續引發爭議與弊端的。在這樣一個正式監督機制缺乏的情形下，唯有仰賴台灣的「民主政治」能夠進步成熟、茁壯發展，來對政府的改革作為提供強力的監督，讓政府在做出對的事情之後能夠得到肯定、做出錯的事情之後能夠得到懲罰，才是將未來台灣金改弊端減至最低的一個可行的方向。

本文的研究問題為「同樣在國家介入引導的經濟發展過程下，是什麼原因使台灣與韓國在1998-2008之間金融改革的政策制定過程出現差異？」。藉由Oliver Williamson的四層次研究法，本文將台灣與韓國的金融改革分為社會鑲嵌、制度環境、治理機制、資源分配四層次，並藉此了解制度環境設計對行為者的能力給與或限制，也通過檢視政策制定過程中行為者的互動來了解金融改革的推動與資源分配。本文分開檢視四個層次的內容，再綜觀探討層次間的相互影響。政策的制定雖然是行為者之間的角力，但是同時也必須看環境賦予行為者的能力與限制，這是在分析任何政策的制定與執行時都必須注意到的。在台灣與韓國，因為制度的設計，使得總統可以主導政策的立法與執行。但是因為非正式制度的環境因素影響，使陳水扁與金大中兩位總統在政策的推動上有很大的差異。同時，因為台灣與韓國的政黨體系、財團結構不一樣，加上金融改革推行時的環境也不同，因此最後兩國改革的成果呈現很大的差異。此外，針對金融改革是否解決了原本的問題，本文也藉由國家主權債信評等以及金融機構的逾放比等指標來做出評比。藉由分析比較文獻，本文討論出主要是由於兩國的制度環境給與兩國的行為者不同的能力與限制，致使行為者在政策制定的治理機制層次擁有不同的考量，進而影響了政策執行的結果。 / This thesis ponders over the following question: under the same process of state led economic development, what caused the difference in the policy-making process for financial reforms between Taiwan and Korea in the decade 1998 – 2008? Applying Oliver Williamson’s “four-levels of social analysis,” this thesis divides the financial reforms in Taiwan and Korea into embeddedness, institutional environment, governance and resource allocation and employment. Through level analysis, we will come to understand how design of the institution setting gives or restricts the capability of political actors. Even though policy making is a competition of force among actors, contextual restrictions and endowments on actor capability should be taken into account at the same time, as it is a notable factor in policy formation and execution. Due to institution design, the president dominates policy making and execution in both Taiwan and Korea. However, due to influence from informal institutional setting, Chen Shui-Bien and Kim Dae-Jung demonstrated great differences on the movement of policy. Moreover, because of differences in party system, conglomerates and the setting for financial reform, the outcome of reform shows a wide difference in the two countries. Regarding the issue of whether financial reform resolved the basic problem, this thesis grounds its evaluation based on indices such as sovereign rating and percentage of non-performing loans of financial units. Through comparison and analysis of existent literature, this author concludes that that the difference in institution setting provides actors in the two countries with different capabilities and restrictions, which generates different considerations in actors on the governing level and influence the outcome of policy execution.

Structural adjustment programmes have been promoted globally by international financial institutions as an answer to the financial problems of developing countries like Samoa. This thesis is a study of the history of structural adjustment programmes in the Independent State of Samoa, and focuses specifically on a case study of one particular programme: the restructuring and privatisation of the former Public Works Department (PWD). It seeks to compare the claims made for the reform process by development economists, development consultants and planners, politicians and reform managers, with the experiences of those who were involved in various roles in a particular type of reform: the privatisation of a Government utility. The PWD was chosen by the Samoan Government to kick-start its institutional reform programme. The Department had, over the years, suffered from poor management, corrupt practices, overspending and unaccounted funds which were all revealed in an Auditor General's Report tabled in Parliament in Samoa in 1994. This caused great embarrassment to the Government which had then to respond to these accusations. Government saw the reform of the PWD as a means to respond to public criticism of its lack of oversight, and discontent with the standard of the department's services in public works, institutional construction, repair and maintenance programmes. The study used a case study methodology to interview the people that were involved in the privatisation of the old Public Works Department (PWD). Various people who were, and are still, involved in the process of reforming Government institutions were interviewed. These included the politicians who both advocated and opposed the implementation of the reforms, the consultants who managed them for the Government and international agencies, and employees at all levels of the former Public Works Department. It explored PWD employees' personal and institutional experiences of the period before, during and since the reform of the agency. Despite the propaganda on the benefits that reform programmes have for the countries that implement them, the study has revealed different findings. It identifies and examines some important differences between the claims made by various stakeholders about the reforms, and the experiences of those who were directly involved in various ways. It has shown that people in different positions have different experiences of the same programmes, and that their experiences are significantly influenced by their social location and, specifically, whether they are "insiders" or "outsiders." It concludes by suggesting that since the structural reform project is likely to continue in Samoa for the foreseeable future, it is useful to identify those lessons from the PWD privatisation which might be applied to future projects to mitigate their social and organisational impact.

Made available in DSpace on 2016-04-26T20:48:50Z (GMT). No. of bitstreams: 1 Dissertacao_WGLucas.pdf: 757519 bytes, checksum: 47335cf960121877cadc10b474ac8413 (MD5) Previous issue date: 2005-05-16 / Fundação Cearense de Apoio ao Desenvolvimento Cientifico e Tecnológico / Leaving of the hypothesis of the financial cycle of Minsky of that a financial crisis if becomes each most likely time the measure that three disequilibria grow: a disaligning of the growth of the product and the prices of the actions; a disequilibrium of the market of action and the prices of production of the capital (being the first greater that as) and a growth in the relation debt/income, the agreement of the propagation of the financial crisis is seen, in this in case that, as condition necessary and enough to understand the Necessity of International the Financial Reform. Ahead of this scene, it is placed as question for this paper: How financial volatileness became evident? What it took the countries (Mexico, East Asian and Brazil) to the occured financial crises in the decade of 1990? What he is being considered for the international agencies to structuralize system financial e, thus, to contain volatileness that become the vulnerable countries the crises? Amongst the proposals suggested for the international agencies, the inquiry will be delimited to the application of the Tobin Tax that will be analyzed having as experience to the measures adopted for the governments of Chile and Malaysia to contain the capital of short term. / Partindo da hipótese do ciclo financeiro de Minsky de que uma crise financeira se torna cada vez mais provável à medida que três desequilíbrios crescem: um desalinhamento do crescimento do produto e dos preços das ações; um desequilíbrio do mercado de ações e dos preços de produção do capital (sendo o primeiro maior que o segundo) e um crescimento na relação dívida/renda, o entendimento da propagação da crise financeira é visto, nesse caso, como condição necessária e suficiente para compreender a Necessidade de Reforma Financeira Internacional. Diante desse cenário, coloca-se como questão para esta dissertação: Como a volatilidade financeira tornou-se evidente? O que levou os países (México, Leste Asiático e Brasil) às crises financeiras ocorridas na década de 1990? O que está sendo proposto pelos órgãos internacionais para estruturar o sistema financeiro e, assim, conter a volatilidade que tornam os países vulneráveis às crises? Dentre as propostas sugeridas pelos órgãos internacionais, a investigação será delimitada à aplicação do Imposto Tobin que será analisada tendo como experiência às medidas adotadas pelos governos do Chile e da Malásia para conter o capital de curto prazo.

由於國內金融（包括銀行、保險、證券商等）家數過度膨脹，形成惡性競爭，導致金融服務品質低落，而且獲利式微，面對金融市場自由化與國際化之趨勢，政府為改革金融體制，引進金融控股公司制度，使金融機構跨業經營機制更具規模，滿足顧客得一次購足金融商品，促使金融機構朝大型化發展，發揮金融綜效與規模經濟，以提升國際競爭力。 本文主題「論金融控股公司保險子公司之經營策略與內部稽核」，理論與實務並行探討，先論述控股公司之相關法律問題、金融控股公司之立法例。其次以「五力分析術」探討保險子公司經營環境之優劣勢及風險，提出創新之經營策略，並實例引證美國花旗集團異業聯盟之成功經營策略。為確保投資大眾及保戶之權益，同步探討公司治理制度及內部稽核制度之重要性。 本文「結論」：評述政府金融政策之缺失，成立金融控股公司推動金融改革，保險子公司應強化競爭力。「建議」：金融控股公司及各子公司均應加強風險管理，政府並應建置金融監理制度。 關鍵字：保險子公司、金融改革、控股公司、金融控股公司、跨業經營、一次購足商品、金融綜效、規模經濟、五力分析術、異業聯盟、公司治理、內部稽核、風險管理、金融監理 / Due to the over-supply and severe competition among financial institutions (namely banks, insurance companies and security firms), the quality of finance service deteriorates and the profit margin of financial industries decreases. To cope with the global trend of liberalization and internationalization of financial services, the Government has undertaken the reform in the aspect of financial service system and enacted the “Financial Holding Company Act”. Under new current mechanism, a financial conglomerate can sell its products by means of cross selling. Not only it may benefit consumers with a “one-stop shopping”, but also may create a synergy in economies of scale to enhance financial institutions in global competition. The main theme of this thesis focuses on the managerial strategy and internal auditing in an insurance subsidiary under a financial holding company. It addresses in the first place the legal issues related to a holding company and a financial holding company. Then the author adopts five factors approach to analyze the business environment of an insurance subsidiary under a financial holding company. As a successful case for its' strategic alliance,the CitiGroup experience in the United States is also examined. In addition, to protect the interest of investors and policyholders, corporate governance and internal auditing issue is also explored. In the conclusion, it is observed that under the new era of financial conglomeration, an insurance subsidiary still needs to enhance its competition ability. It is suggested that the government should continue to reform the financial regulatory system and to require financial holding companies and their subsidiaries to implement a comprehensive risk management. Keywords: Insurance Subsidiary, Financial Reform, Holding Company, Financial Holding Company, Cross Selling, One-Stop Shopping, Financial Synergy, Economies of Scale, Analysis of Five Factors, Strategic Alliance, Corporate Governance,Internal Auditing, Risk Management, Financial Regulation.

科学研究費補助金 研究種目:基盤研究(C) 課題番号:14530108 研究代表者:家森 信善 研究期間:2002-2005年度