知訊者與非知訊者資訊不對稱之議題在學術殿堂一直廣為學者所研究討論，且各國證管機關為了維持證券市場公平性、保護非知訊者權益並且維持股票市場的穩定運作，適度的資訊揭露以維持證券市場的公平性一直都是各國證券交易所重視的政策目標。 是故，本研究利用代理人基人工股票市場來探討資訊揭露對於金融市場之影響。在此架構下之交易者皆已有限理性方式來呈現。他們是以遺傳規劃(genetic programming)之方式來學習並修正他們對於未來之金融市場之預期。在透過即時的模擬價格之資訊揭露，我們嘗試探討此資訊揭露之金融政策措施對於市場之波動性、市場之流動性之影響。 / The topic of asymmetric information between the informed traders and uninformed traders has been widely discussed by researchers in academics. To maintain the fairness of securities market, an appropriate information disclosure is quite important for authorities of securities regulation to protect the rights and interests of uninformed traders, and to maintain the operations of securities market stable. Based on these reasons, we construct an agent-based artificial stock market to investigate how information disclosure affects a financial market. In this framework of artificial stock market, all traders are characterized by bounded rationality. The traders are able to learn and adjust their predictions of financial market by means of a genetic programming algorithm. We try to understand how market transparency affects the volatility and the liquidity of a securities market.

為改善資訊揭露環境，並增進上市公司的資訊透明度，上海證券交易所在2004年起對所有上市公司強制實施XBRL財務報導格式，本研究檢驗強制實施XBRL財務報導格式對於公司經營績效之影響，以上海證券交易所上市公司為研究對象，研究期間為2003年至2010年，並考慮中國國有企業的特色，將樣本公司分為國有企業與民營企業，分別檢視強制實施XBRL財務報導格式對其經營績效之影響。基於中國國有企業之組織特性，本研究假設僅有民營企業可獲益於強制實施XBRL財務報導格式，並因此提升經營績效。實證結果顯示，確實僅有民營企業獲得XBRL財務報導的效益，在強制實施XBRL財務報導格式後經營績效提升，但由於組織特性的關係，強制實施XBRL財務報導格式的預期效益並未顯現在國有企業，對中國國有企業來說，資訊透明度與外部監督的提升不足以解決其經營上之代理問題。

Šiuo metu vyraujanti pasaulinė ekonominė krizė, taip pat ankstesni bendrovių bankrotų pavyzdžiai (tokių kaip Enron, Parmalat) signalizuoja apie būtinybę tinkamai sureguliuoti bendrovių valdymo teisinę bazę, o ypač aspektus susijusius su bendrovės akcininkų ir valdymo organo santykiais. Todėl šiame magistro darbe yra analizuojamos teisinės priemonės, kurios padeda sumažinti interesų konfliktus kylančius tarp bendrovių, kurių vertybiniais popieriais yra prekiaujama reguliuojamoje rinkoje, akcininkų ir valdymo organo. Šiam tikslui pasiekti yra išskiriamos penkios teisinio reguliavimo sritys: bendrovių kontrolės rinkos ir bendrovių perėmimo, informacijos atskleidimo, valdymo organo narių finansinio skatinimo, valdymo organo struktūros bei bendrovės akcininkų teisių teisinis reguliavimas. Kiekviena reguliavimo sritis yra aptariama dviem aspektais, pirmiausia, analizuojant Europos Sąjungos lygiu egzistuojantį teisinį reguliavimą, po to vertinant tokio reguliavimo įgyvendinimą Lietuvos Respublikoje bei pateikiant pastabas ir pasiūlymus. Darbe padaroma išvada, kad norint sumažinti neigiamas pasekmes atsirandančias dėl nuosavybės teisės ir valdymo atskyrimo bendrovėse, reikia, kad visos aukščiau išvardintos priemonės papildytų viena kitą ir būtų taikomos sistemiškai. / The ongoing economic crisis around the world and the recent events in corporate bankruptcy sector (including Enron and Parmalat cases) have shown a clear signal to regulate more efficiently the corporate governance laws and especially the relations between shareholders and the governance body of the company. This thesis paper addresses the regulatory framework issues, which mitigate the conflict of interests between the shareholders and the governance body of publicly traded companies. Five legal instruments are analyzed in order to achieve this objective: market for corporate control and takeovers, information disclosure, director remuneration, structure of governance body and shareholder empowerment. Each legal instrument is analyzed from two legal perspectives, first, the European Union legal framework is described and then analysis concentrates on the implementation of European law in the Republic of Lithuania. Comments and proposals are given to existing implementation problems. The conclusion emphasizes that a systematic use of all the above mentioned legal instruments is required in order to mitigate the costs of separation of ownership and control in publicly traded companies.

Efficient records management is a founding block for successful transparency and accountability initiatives. Extractive Industries Transparency Initiative (EITI) promotes transparency and accountable management of extractive resources by disclosing governments’ and extractive companies' value chain information in resource-rich countries. Without proper management of records, transparency and accountability in the extractive industry become difficult. This study sought to explore the integration of records management in the Tanzania Extractive Industries Transparency Initiative (TEITI) with the view to develop a framework for incorporating records management in such an initiative. This qualitative case study anchored on the interpretivism research paradigm used the researcher’s conceptual framework as a theoretical lens. The study sample was purposively selected from the public institutions involved in TEITI, namely, TEITI Committee and the Secretariat, Mining Commission, Records and Archives Management Department, Tanzania Revenue Authority, and Regional Mines Office Dodoma. Data were collected through in-depth interviews, focus group discussions, observation, and analysis of documents. The study established that Tanzania has a well-established archives and records management infrastructure. However, institutions involved in TEITI did not implement the infrastructure or developed in-house procedures to incorporate records management in the initiative. Also, the non involvement of various players of the extractive sector in TEITI resulting in silos approaches to the initiative was noted. In addition, the studied institutions do not plan for their records management activities, and the budgets to support records management activities are inadequate. Records management staff are also insufficient, and their competencies to manage records mining activities is limited. The study concludes that because of the failure to integrate records management in TEITI, the initiative will not succeed in releasing its goal of bringing about transparency and accountability in the extractive sector in Tanzania until deliberate efforts are taken to incorporate records management as a critical component of the initiative. The study proposes a framework upon which the TEITI Committee, institutions and governments can apply to integrate records management in the EITI. Overall, the study bridges the gap of a missed inclusion of records management in the EITI initiative by proposing a framework. A further study on the underlying factors deterring the integration of records management in the organisational business process of institutions involved in TEITI is proposed. / Information Science / Ph. D. (Information Science)

自我國企業併購法容許以現金作為併購對價後，現金逐出合併即成為我國法制上適法之併購類型。惟現金逐出合併通常為控制股東利用股權優勢，以現金對價剝奪少數股東留存於併購後公司之手段，故控制股東是否濫用資本多數決侵害少數股東權益以獨占併購利益乃成為現金逐出合併上不可忽視之討論重點。 本文以比較日本法之觀點，針對專屬於併購之保護機制及公司法上既有之救濟機制進行比較分析，以釐清及了解現行制度於實際操作上是否確實能夠在現金逐出合併之實行過程中發揮保護少數股東之功能。討論範圍上，前者，包含「資訊揭露制度」與「股份收買請求權」；後者，包含「股東制止請求權」與「爭執併購決議效力之訴訟」。比較內容圍繞在此四項制度於解釋適用上之學說與實務觀點。 除保護機制之討論外，本文另從二階段收購之角度探討少數股東之權益侵害。討論範圍上，主要以與股份收買請求權具有密切關係之控制權溢價分配及公開收購壓迫性兩者作為討論之對象，並從日本法之比較分析觀點，探討是否可透過股份收買請求權使少數股東分享控制權溢價，及解決二階段收購下可能引發之壓迫性問題。 最後，本文針對現行制度提出檢討與建議。在保護機制部分，資訊揭露制度應補強揭露內容與強化非公開發行公司之保護，股份收買請求權應調整目前實務採用之計算方式，股東制止請求權與爭執決議效力之訴訟應作一體性之調整。至於二階段收購部分，則應容許少數股東可分享控制權溢價，並暫以股份收買請求權解決公開收購之壓迫性問題。