Conselho Nacional de Desenvolvimento Científico e Tecnológico / The reflections on this research began-taking as a starting point the interest in issues related to the most primitive experiences that underlie the constitution of subjectivity. It is thought, as some authors, that the initial experiences of a baby are very important for the formation of his psychic apparatus, especially those related to the set of sensations in which it is immersed. But then what happens when the baby is born with some deficiency in their sensorimotor apparatus, as in the case of babies born blind? It is known that blind people have to use other means to establish relations with the world of objects, people and things that surround them, implying a process of profound perceptual reorganization in which the stimuli provided by the environment play a key role. However, several studies indicate that many of these children who are blind from birth are not able to develop harmoniously manifesting often similar to autism in children visionaries, among other disorders. It seems that in these cases, visual impairment Baby profoundly affected the capacity to bond with attachment figures and this fact led to important onsequences for the evolution of the child. At the other extreme, infants who achieved an adequate level of development, showed healthy bonds with family, especially his mother. Thus, the purpose of this research concerns on the one hand, the understanding of the path taken by children who do not have the help of the sense of sight and, secondly, the understanding of the role of the first links to both health cases and for cases where the pathology and psychological distress arise. / As reflexões acerca desta pesquisa iniciaram-se tendo como ponto de partida o interesse pelas questões relacionadas às experiências mais primitivas que estão na base da constituição da subjetividade. Pensa-se, tal como alguns autores, que as vivências iniciais de um bebê são bastante importantes para a formação de seu aparato psíquico, sobretudo, as que dizem respeito ao conjunto de sensações nas quais o mesmo está imerso. Mas, então, o que se passa quando o bebê nasce com alguma deficiência em seu aparato sensório-motor, como no caso de bebês cegos de nascença? Sabe-se que as pessoas cegas precisam utilizar outros meios para estabelecer relações com o mundo dos objetos, pessoas e coisas que as cercam, implicando um processo de profunda reorganização perceptiva no qual os estímulos proporcionados pelo ambiente desempenharão um papel fundamental. No entanto, vários estudos apontam que muitas destas crianças cegas desde o nascimento não conseguem se desenvolver de modo harmônico manifestando distúrbios freqüentemente semelhantes ao autismo em crianças videntes, entre outros. Parece que, nestes casos, a incapacidade visual do bebê afetou profundamente as capacidades de vínculo com as figuras de apego e este fato originou seqüelas importantes na evolução da criança. No outro extremo, bebês que conseguiram um nível de desenvolvimento adequado, mostraram vínculos saudáveis com a família, em especial com a mãe. Assim, a finalidade da presente pesquisa prende-se, por um lado, à compreensão do caminho percorrido por crianças que não contam com o auxílio do sentido da visão e, por outro, ao entendimento do papel dos primeiros vínculos tanto para os casos de saúde quanto para os casos em que a patologia e o sofrimento psíquico surgem.

近年來不少上市公司以交叉持股方式炒作或維持股價，而使公司因資金調度困難而爆發財務危機後，讓人不得不注意上市公司過度交叉持股的嚴重性。由於公司法對公司持有庫藏股仍有諸多的限制，集團企業為達其特定目的，大多以交叉持股的方式買賣股票。然而集團若過度的使用交叉持股這個高財務槓桿的方法，是會使整體集團處於高財務風險狀態，大大提高發生財務危機的可能。因此集團以交叉持股方式買賣股票，對集團整體股價會產生什麼樣的影響，便是本研究主要想瞭解的。以期能找出在什麼樣的情況下，集團以交叉持股買賣股票，對集團整體的股價會有最顯著的影響，也希望能從研究過程中提供相關的資訊與建議給有關單位參考。 本論文係以民國85年1月至87年12月，台灣集中市場78家上市公司共33個集團為研究對象，採用事件研究法市場模式，探討集團以交叉持股方式買賣股票對集團整體股價的影響。經實證結果得如下結論： 一、買進組部分在事件期有顯著的異常報酬，顯示集團以交叉持股方式買進集團的股票對股價具有一定程度的影響力，且此影響力為正的。而賣出組因樣本不足則無法做推論。 二、Beta值大於一的集團，其以交叉持股方式買進股票的效果比Beta值小於一的集團為佳。 三、集團以交叉持股買進集團股票，在多頭市場時較易推升股價；但在 空頭市場時要穩定股價，只有在事件發生月有顯著效果，之後則無。 四、若集團在事件發生月之後，仍有持續的買進集團股票，則事件期中 的異常報酬率會比無持續買進的有較高較顯著的異常報酬。 第壹章 緒 論 1 第一節 研究動機 1 第二節 研究問題 2 第三節 研究流程 3 第四節 研究架構 4 第貳章 集團企業之定義 5 第一節 集團企業相關文獻的定義 5 第二節 相關法令的定義及規範 11 第參章 研究設計與研究方法 13 第一節 研究範圍與期間 13 第二節 研究設計 18 第三節 統計檢定方法 21 第四節 研究限制 25 第肆章 實證結果與分析 26 第一節 市場模式適切性檢定 26 第二節 集團間以交叉持股方式買賣股票對集團整體股價的影響 32 第三節 Beta值不同的集團以交叉持股方式買進股票對集團整體股價 影響 36 第四節 在多頭與空頭市場集團以交叉持股方式買進股票對集團整體 股價影響 41 第五節 集團是否以交叉持股方式持續買進股票對集團整體股價影響 之比較 50 第伍章 結論與建議 54 第一節 結論 54 第二節 建議 56 參考文獻 58 一、英文部分 58 二、中文部分 60 附錄一 61 公司法關係企業專章 61

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This study aimed to explore the business strategies of large financial groups and risk management, analysis of its implementation in practice strategy and decision-making process, and the development of this policy consideration. Understanding of how large financial holding group do its own resources and risk management controls in the financial turmoil of can be maintained after the high-performance business performance and strategy differences before and after the financial crisis This study using case study research made exploratory study foundings that with framework of the theory, according to the theory of the systematic collection, induction and data analysis. Research framework is divided into six items: 1.Analysis of the financial industry environment: 2.Before the financial crisis management strategy of the case company's direction. 3. after the financial crisis management strategy of the case company's direction. 4. Response strategy in the future. On selection of Fubon Financial and Cathay Financial Holding and Citigroup Bank of Taiwan.The research findings before and after the strategy differences between the financial financial crisis are listed as below: 1. The strategy differences for Cathay Financial Holding (1)Reorientation recruitment of manpower; (2).More attention to personnel training function; (3).More and more extensive range of professional services; (4). Information technology continue to improve; (5). Risk management control situations contractor for the previous high-risk business 2. The strategy differences for Fubon Financial Holding (1).To attracts more international and the recognition concept of talents; (2). From quantity to quality education and training aspects of the improvement; (3). Actively seeking to expand overseas business base; (4). Emphasis on providing clients with timely and consistent with the needs of the product; (5). Information processing and improve the marketing and organizational effectiveness; (6). On the action more attention to risk management and implementation. 3. The strategy differences for Citigroup Bank of Taiwan (1). More attention to human quality of staff; (2). Employees to obtain relevant training and professional certifications pay more attention to; (3). After the branch has continued to expand product reach economies of scale advantages; (4). Development of the past, Taiwan has not been exposed to products and services; (5). Information technology upgrading hardware and software facilities; (6). into Citigroup's risk control mechanisms.

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Abstract This thesis is examining not only the relationship between earnings management and information disclosure but also which information disclosure dimensions influence earnings management in banks and financial holding corporations. I classified the information into five dimensions and they are independent variables in this thesis. Due to different industrial characteristics among financial and other industries, I didn¡¦t use The Healy Model ( 1985), The Jones Model (1991), The DeAngelo Model(1986), The Modified Jones (1995) Model to estimate earnings management. Instead, I choose eight proxies selected in Liu¡¦s paper (1999), and they are Bad Debt, Provisions of Other Loss, Gain on Disposal of Investment, Loss on Disposal of Investment, Gain -Disposal of Fixed Asset, Loss -Disposal of Fixed Asset, Gain on Trading S-T Investment, Loss on Trading S-T Investment as the earnings management proxies for financial industry. Hence, I also chose those proxies as my earnings management proxies. The results show that the total scores of information disclosure are not related to earnings management in banks and financial holding corporations. On the other hands, it is the score of information disclosure dimensions related to earnings management. It demonstrates that different information disclosure dimensions influence the earnings management in different ways for banks and financial holding corporations. Key words: earnings management, information disclosure, banks, financial holding industry

This research aims at the related cultural heritage of the domestic and international Financial Holding Company to carry on the collection and analysises, and make use of the individual cases in the research analysis method to carry on the research, then the way of the interview through expert, induce to tidy up¡¨ financial merchandise diversification¡¨,¡¨ the control of the marketing thoroughfare and base¡¨ and¡¨ the government-businessman relation ¡§ ,these finally three the items succeeds at the present time for the most main Key Success Factors of the Taiwan Financial Holding Company. This research also develops¡¨ Competitive Advantage¡¨ and¡¨ Competition Scope¡¨ two greatest strategies factor of the Taiwan Financial Holding Company according to the industry competition mode analysis that M. E. Porter put forward, controlling two kinds of Competitive Advantage to be classified into ¡§the government-businessman relation¡¨ and ¡§the profession conducts¡¨, then add to calculate the Financial Holding Company to compete an ¡§Competitive Scope Index¡¨ totally by the amount of the multi-field degree in Financial Holding Company and marketing thoroughfare and base in¡¨ Competition Field¡¨. Because this research problem still belongs to the exploratory research stage, past adoption¡¨ time class data method¡¨ assists to carry on the research with¡¨ expert interview method¡¨. This research assists to regard the concept of the strategic group as the core to carry on the research, the research result knows the Taiwan Financial Holding Company, really can operate according to the strategy different from resource of be classified into four different strategic groups, become the competition strategy matrix compartment of the formation to¡¨ professional niche¡¨,¡¨ the government-businessman relation is concentrated¡¨,¡¨ customer direction¡¨,¡¨ the government-businessman relation is diverse¡¨ four greatest strategic groups, this research and inquire into one by one at the different strategic groups in the Key Success Factors, and each competition set the difference that the Financial Holding Company operation caused , further categorize by a set of as a result the relation of study strategic groups and its results. The research result finds the Taiwan Financial Holding Company controlling the industry development, walking obviously of is a diversification route. The Financial Holding Company of Taiwan is in the operation in the market also be much more than only in order to acquire the economic resource and customers, also must fight for the political power and benefit in the industry, because the latter usually is just the important item of the existence. Therefore, along with for resource, include the marketing of the market and control the increment of the ability with marketing thoroughfare etc., a Financial Holding Company relies on the original government- businessman relation advantage and then be good enough to continue to survive, it is the most important decision factor that profession turn. Large Financial Holding Company due to it oneself have the better finance strength and operation efficiencies, plus the advantage of the scale, a Financial Holding Company of ¡§professional niche¡¨ , although walk the difference turns the management route, the current under the yoke of property scale shortage and product lineses are scattered, can't highlight the main business core competencies, competing down in these three years, perhaps the existence space will be gradually squeezed and smaller and smaller.

Abstract In Taiwan¡¦s production structure, after joining the WTO in 2002, it has to face the global competition. Both the government and the professionals realized the urgency in facing the change of the financial structure. Deployments were made to enhance the competitiveness of banks such as passing a law of amalgamation of banks (2000), six regulations were launched out related to financial matter¡]2001¡^, permission is given to establish financial holding companies and so on. Whether the establishment of financial holding mechanism can respond efficiently to the overall challenges? Can it exercise the effect of synergy and achieve the so called 3 C effects e.g. Cross selling¡B Cost saving and Capital deployment ? It is a question worth our wide to investigate. In the 3 C effects, crossing selling relates to the short term, middle- term and long term business of financial holding. It directly affects the customers¡¦ willingness of saving and contribution. This is a key factor for financial holding to consider. This thesis mainly aims to investigate the cross selling strategy, it policy making process and effectiveness. In analyzing companies Cathay Holdings¡B Taishin Holdings and Mega Holdings have been chosen as our case studies. It is because they have good records in profit making. Also they represent 3 different types of financial holdings when the main companies and their subsidiaries have their own characteristics. Based on three selected companies,we selected the senior managers which are in charge of the decision making for cross selling,to have the broad interview.By collected the primary data,then go to do the comparison & analysis with the second data. In our studies we try to employ ¡§customers which financial holding can be mobilize¡¨ and ¡§human resource in the service¡¦ as the two variables to analyze the phenomena of the cross selling in the model of ¡§Cross Selling Cross Section analysis¡¨. Also in the context of ¡§distant customers¡¨ and ¡§distant products¡¨ , we find out six crossing selling patterns. By doing this we further investigate the cross selling and offer our suggestions. In our analysis we discover the targeted companies has differences and similarities in cross selling strategies. Their senior managements all agree that cross selling is an important strategy in financial holding, and they actively involve into that enterprise. In term of policy making in cross selling, there is lack of long term policy but emphasize on individual cases. There is absence of structural mechanism and cultural in cross selling, and the customers have not established their confidence in financial holdings. The review in risk management is lacking. The consumers¡¦ habits on cross selling haven¡¦t established yet. The financial holding companies haven¡¦t developed a strategy to integrate the know-how which subsidiary companies execute cross selling. In this research findings there are some suggestions in seven areas offered to the concerned parties for their considerations. Key words: Cross Selling, Financial holding company, FHC Marketing Strategy.

Recently, financial holding companies have been reported through various media channels for their sponsorships to art groups. For example, Taishin financial holding company contributed millions of dollars to support the performance The Phantom of the Opera in Taiwan in 2006. And Cathay Financial Holdings supported Cloud Gate Dance Theatre of Taiwan with 14 outdoor performances within the past five years. Both examples show how these companies emphasize on subsidizing art and culture activities. However, why these companies decide to sponsor, and how they choose suitable art and cultural activities? The main purposes of this study are: to discuss the current situation that the financial holding companies sponsorship for art activities and to provide art groups and sponsors suggestions with the acknowledgement of support through relationships. To achieve these goals, a thorough literature review and case interview was conducted. The researcher took examples of four financial holding companies which own Wen-hsin Awards, analyzed the motivation behind the sponsorship, the content of sponsorship package, and evaluated the outcomes of the sponsorship. Finally, the behavior model of financial holding companies to sponsor arts and culture activities is made. The results showed that the key factors to motivate sponsors¡¦ behavior are the company¡¦s social responsibility, benefit for business, and the proprietors¡¦ personal love for arts. It is also found that these four companies are interested in sponsoring the certain visual or performing art groups which hold exhibitions or large shows yearly; and mostly they do not pay much attention to evaluating their sponsorship outcomes.