The diploma thesis summarizes the history of the insurance industry in the world with a detailed focus on the Czech Republic. The thesis continues to discuss the situation on insurance markets in the last twenty years. It is described how insurance companies deal with natural disasters and a new type of risk - terorism. The thesis proceeds with actual trends in the insurance industry and supervision in insurance.

Cette thèse s’interesse à l’étude des effets des sociétés de Capital-Investissement (SCI) sur la performance des introductions en bourse. La démarche suivie pour argumenter cette thèse nous a conduits, dans une première partie, à justifier notre positionnement théorique et à définir nos hypothèses de recherche. Cette étape nous a orientée vers l’analyse des caractéristiques des introductions en bourse et l’analyse du rôle des SCI notamment sur le marché des introductions en bourse. Nous avons construit une argumentation autour du rôle des SCI en matière de résolution des asyémtries informationnelles caractérisant les sociétés introduites en bourse. Les SCI, étant dotées d’une capacité à concevoir des contrats, d’un réseau de connaissance et d’une expertise, pourraient atténuer les conflits d’agence et émettre un signal positif sur le marché d’IPOs. En revanche, ces sociétés pourraient se retrouver face au problème de sélection adverse au moment de la décision d’investissement et/ou adopter un comportement opportuniste pour servir leurs intérêts. La vérification empirique de cette problèmatique est développée dans la deuxième partie de notre thèse. Elle consiste à comparer la performance à court et à long terme des sociétés financées de celles non financées par CI, ensuite analyser cette performance en foction de l’affiliation institutionnelle des SCI et enfin, expliquer cette performance en fonction de la réputation des SCI et des stratégies d’intermédiation de celles-ci, notamment la syndication, le financement séquentiel et la distribution des droits aux cash-flows et au contrôle / In this dissertation, it is tried to understand the effects of Venture Capital Firms (VCF) on the performance of VC-backed listed companies in France. To do this research, we try to develop, in the first part, theoretical framework and define research hypothesis. This part leads us to examine characteristics of initial public offerings (IPOs) and the role of venture capitalists particularly in conducting an IPO. We develop the argument around the role of VCF in resolving informational problems, characteristics of IPO’s market. A VCF, being specialists to draw up contract with entrepreneurs and possessing expertise and knowledge network, could diminish conflicts of interests and certify IPOs. However, these firms could run a problem of adverse selection and/or adopt opportunistic behaviour to serve their own interests. The empirical validation of this problem is dealt with in second part of this dissertation. It consists, in first place, to compare performance of VC backing IPOs to Non-VC backing IPOs. In second place, we determine the relation between the performance of VC backing IPOs and the institutional affiliation of VCF. In last part, we test explanatory power of reputation of VCF and their mechanisms of intermediation, particularly, syndication, staged financing and distribution of cash-flows and control rights

Submitted by Silvana Teresinha Dornelles Studzinski (sstudzinski) on 2017-03-03T16:02:51Z No. of bitstreams: 1 Rosane Maria Seibert_.pdf: 1131921 bytes, checksum: 737aef3017f39beac30ed6354cbe9c9b (MD5) / Made available in DSpace on 2017-03-03T16:02:51Z (GMT). No. of bitstreams: 1 Rosane Maria Seibert_.pdf: 1131921 bytes, checksum: 737aef3017f39beac30ed6354cbe9c9b (MD5) Previous issue date: 2017-01-11 / CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Este estudo objetiva explicar a evidenciação da responsabilidade social em termos dos seus determinantes. As explicações buscam suporte na teoria da legitimidade estabelecida como apropriado fundamento teórico para a evidenciação da responsabilidade social. A ideia central da tese é que a evidenciação da responsabilidade social é uma função da assimetria da informação e consequente pressão social dos públicos de interesse das Instituições de Ensino Superior Filantrópicas (IESFs), preocupados com a sua responsabilidade social. As IESFs, dado algumas características ambientais, podem sofrer pressão social por transparência e prestação de contas de sua responsabilidade social. Estas características podem determinar o nível de evidenciação das IESFs. Aquelas mais complexas, mais diversificadas, que sofrem maior cobertura da mídia, que se localizam em determinadas regiões do país, que se configuram como comunitárias e ou confessionais, que tem mais qualidade, que tem os maiores conselhos universitários e ou que tem outros conselhos e comitês na sua estrutura de governança, bem como as maiores, mais alavancadas e com os menores resultados econômicos, devem evidenciar em maior extensão a sua responsabilidade social. O estudo iniciou com a criação de uma relação de indicadores de informações quantitativas e qualitativas, representativos de responsabilidade social, que foram observados nas páginas eletrônicas de Internet de IESFs. Essa atividade se desenvolveu em seis fases: sistematização dos indicadores; avaliação dos indicadores; validação dos indicadores; revisão da relação dos indicadores; reavaliação dos indicadores; e refinamento da pesquisa feito na Durham University no Reino Unido. Na sequência, com a relação de indicadores, verificou-se a extensão da evidenciação e se criou os índices de evidenciação da responsabilidade social das IESFs. A partir desses índices e das variáveis explicativas criadas para cada uma das características ambientais, possíveis determinantes da extensão da evidenciação da responsabilidade social, definiram-se os modelos econométricos da pesquisa. Depois, realizou-se os testes de regressão linear múltipla pelo método dos mínimos quadrados ordinários e outros testes complementares para identificar os determinantes da extensão da evidenciação. Os resultados empíricos suportam que a teoria da legitimidade é um fundamento teórico para a evidenciação da responsabilidade social das IESFs. As hipóteses relativas à complexidade, à diversificação, ao fator regional, ao evento específico – comunitárias, à qualidade das IESFs, ao tamanho e à alavancagem das mantenedoras das IESFs não rejeitam esse suporte. Assim, a tese contribui para a lacuna na literatura empírica sobre os determinantes da extensão da evidenciação de IESFs e evidenciação de informações representativas de responsabilidade social a partir dos interesses dos públicos específicos. Também contribui com uma relação de informações que podem nortear legisladores e organismos reguladores dessas organizações, bem como as próprias IESFs, em termos de evidenciação de sua responsabilidade social para atender aos interesses dos públicos que as legitimam. / This study aims to explain the evidence of social responsibility in terms of its determinants. Explanations seek support in the legitimacy theory established as an appropriate theoretical foundation for the social responsibility disclosure. The main idea of the thesis is that the social responsibility disclosure is a function of the information asymmetry and consequent social pressure on Philanthropic Institutions of Higher Education (PIHEs) by the stakeholders, concerned with their social responsibility. PIHEs, given some environmental characteristics, may experience social pressure because of the transparency and accountability of their social responsibility. These characteristics can determine the PIHEs disclosure level. Those that are more complex; more diversified; that suffer more media coverage; that are located in certain regions of the country; that are configured as communitary and / or confessional; that has more quality; that has the majors university councils and or that it has other councils and committees in their governance structure. As well as the larger ones, more leveraged and with the lower economic results, should show their social responsibility largely. The study began with the creation of an indicators list of quantitative and qualitative information, social responsibility representative, which were observed in the PIHEs Internet pages. This activity was developed in six phases: indicators systematization; indicators evaluation; indicators validation; review of the indicators; indicators reassessment; and refinement of research done at Durham University in the UK. Following, with the indicators list, the disclosure extent was verified and the PIHEs social responsibility disclosure indices were created. From these indices and the explanatory variables created for each of the environmental characteristics, which are possible determinants of the social responsibility disclosure extent, were defined the econometric models of the research. Then, the multiple linear regression tests were performed by the ordinary least squares method and other complementary tests to identify the disclosure extent determinants. The empirical results support that the legitimacy theory is a theoretical basis for the PIHEs social responsibility disclosure. The hypotheses regarding complexity, diversification, regional factor, specific event - community, the PIHEs quality, the PIHEs maintainers’ size and leverage do not reject this support. Therefore, the thesis contributes to the gap in the empirical literature on the determinants of the PIHEs disclosure extension and the representative information of social responsibility disclosure based on the interests of stakeholders. It also contributes with an information list that can guide legislators and regulators of these organizations, as well as the IHEPs themselves, in terms of disclosing their social responsibility to serve the interests of the stakeholders that legitimize them.

L’agriculture biologique sort aujourd’hui des frontières des pays du Nord en se développant dans de nombreux pays dits du Sud. Cette dynamique a tout d’abord été celle d’un positionnement sur des filières d’export de produits à haute valeur ajoutée. Parallèlement à l’export, émergent dans un nombre croissant de pays en développement, et notamment au Kenya, des marchés domestiques. La thèse pose la question des dynamiques permettant l’émergence et le développement de ces nouveaux marchés. La recherche est structurée autour de quatre questions. La première porte sur les formes d’organisation des échanges de produits biologiques à Nairobi. À partir du cadre de l’économie néo-institutionnelle, nous expliquons comment, en l’absence de systèmes de certification crédibles, ces produits parviennent à être vendus avec premiums. La seconde question porte sur les conditions d’accès des producteurs à ces marchés. Il est fréquent de mettre en avant leur caractère plus rémunérateur. Or, une partie des producteurs qui pourraient effectivement vendre sur ces marchés privilégient les marchés conventionnels. À partir du concept de coûts de transaction, nous montrons le rôle de coûts de négociation et de suivi. Dans notre troisième chapitre, nous posons la question des effets de l’accès à ces marchés sur la diversification des cultures des producteurs, et par là sur la durabilité économique et environnementale de leurs exploitations. À partir des apports de la micro-économie, nos résultats confirment l’effet positif de l’accès aux marchés biologiques.Enfin, notre quatrième et dernier chapitre consiste en une analyse de l’efficacité de ces marchés et des conditions de leur pérennité. Nous proposons une grille d’analyse associant économie de l’information et analyse de la construction de la qualité. Elle nous permet de comparer les différents dispositifs de certification existant au Kenya. L’analyse montre que le dispositif le moins efficace est celui qui est amené à se développer, posant ainsi la question de la pérennité des marchés biologiques domestiques kenyans. / Over the past two decades the organic agro-food system has been transformed, extending beyond Northern countries and expanding in many so-called developing countries.This dynamic was first a positioning on high added value products’ export markets. Since several years, domestic markets have emerged in a growing number of developing countries, including Kenya. This thesis attempts to shed light on the dynamics explaining these new markets’ emergence and development. The research is based on four questions. The first one concerns the way organic transactions have been organized in Nairobi. Based on neo institutional economics, we explain how, in the absence of credible certification systems, these products are able to be sold with premium. The second question deals with the conditions of producers’ access to these markets. It is common to highlight that organic domestic Kenyan markets are more profitable than conventional ones. However, some producers, who could actually sell in these markets, prefer conventionalones. Thanks to the concept of transaction costs, we show the role of negotiation and monitoring transaction costs. Chapter 3 analyses the effects of selling on organic market on crops’ diversification, as a proxy of economic and environmental sustainability .Based on microeconomics’ contributions our results confirm the positive effect of organic markets. Finally, our fourth and final chapter provides an analysis of the conditions of these markets sustainability. We propose an analysis grid combining economy of information and quality construction approach, based on Hirschman (1970) works.This grid helps us comparing different certification and verification schemes existing in Kenya. Analysis shows that the least effective scheme is the one that is bound to grow,raising the question of the sustainability of Kenyan domestic organic markets.

論文提要 本文主要研究焦點在於「資訊不對稱性下之政府投機行為」，期以發現公職人員投機行為的共同模式與成因。本研究主要採取個案研究的方式，檢視民國50年至民國87年監察院公報所載公務員貪瀆案件，分析其投機型態、方式及過程，以證實「資訊不對稱性」對於官僚投機行為的影響。 本文計分五部份。第一章說明本文研究主旨，以及本研究所採用相關概念的界定；第二章則檢視組織經濟學者與官僚學者在官僚組織「資訊」問題方面的研究，比較兩者的差異，並參考行政資訊公開制度等實務上的作法；第三章以組織經濟學的代理理論為基礎，參考官僚組織的特性，建構「資訊不對稱性」的官僚投機行為理論模型；第四章則由我國監察院公報所載公務員貪瀆案件中，選擇六個具有代表性的個案做進一步分析研究，並述明研究結果；第五章則針對研究發現提供實務上的改進建議。 檢視台灣地區的政府投機行為後，本研究發現官僚投機行為與官僚人員所掌握的決策資訊程度有關。官僚組織的組織形式與偏重文書的作業方式造成官僚人員在決策資訊上的不對稱性，導致官僚人員藉此從事各種投機行為。當投機行為所涉及的利益龐大，且投機者希望確保該投機行為得以延續時，官僚人員的個人投機行為有逐漸組織化的傾向。若有與非官僚人員勾結情事發生時，更將形成惡質的政商利益輸送關係，以及機關內部的貪瀆風氣。 本研究建議，若欲解決官僚投機問題，必須由擴大官僚組織內部的資訊分享，修改組織設計以整合行政流程，確定「資訊所有權」與「課責」彼此配合，以提高官僚投機成功的難度，降低官僚人員投機的「需求」，並解決政府機關內部的管理問題。 關鍵字：資訊不對稱性、官僚投機行為、官僚組織、資訊、管理關係 目次 序 謝辭 論文提要 第一章 緒論1 第一節 研究動機與研究目的1 第二節 研究問題與研究架構2 壹、 研究問題與假定2 貳、 相關概念釐清4 第三節 研究方法及限制9 第二章 資訊不對稱與官僚投機行為之相關理論與研究10 第一節 組織經濟學的相關理論與研究11 壹、 Arrow之代理理論（agency theory）11 貳、 Williamson與Miller的組織經濟學觀點12 參、 理論比較14 第二節 官僚行為相關理論與研究15 壹、 Downs和Tullock的官僚問題模型15 貳、 Kaufman、Lipsky以及Wilson的官僚行為研究17 參、 理論比較17 第三節 行政實務上的作法：「資訊公開」的謎思18 壹、 「資訊公開制度」的立法背景18 貳、 「資訊公開制度」的主要內容19 參、 「資訊公開制度」的問題與限制20 第四節 小結21 第三章 資訊不對稱性下之官僚投機行為模式23 第一節 代理關係和組織內部的管理關係23 壹、 代理關係與管理關係的比較23 貳、 私人企業與官僚組織管理關係之比較25 第二節 「資訊不對稱性」在官僚組織的意涵與來源30 壹、 「資訊不對稱性」的意涵30 貳、 官僚組織之「資訊不對稱性」來源33 參、 官僚組織形式對「資訊不對稱性」的影響33 第三節 官僚投機行為的類型與方式36 壹、 官僚投機行為的意涵與認定標準36 貳、 官僚投機行為的特性37 參、 官僚投機行為的類型39 第四節 「資訊不對稱性」和「官僚投機行為」的關係43 第五節 官僚投機行為的影響46 第四章 個案研究48 第一節 前言48 壹、 名詞界定48 貳、 個案資料來源48 參、 個案研究的特性與限制49 第二節 個案一：榮民總醫院傳統醫學中心主任鍾傑「假公濟私」弊案53 第三節 個案二：彰化縣政府審計室韓松華課長「公器私用」弊案57 第四節 個案三：西濱快速道路野柳隧道工程弊案60 第五節 個案四：賀伯風災彈劾案66 第六節 個案五：空軍總部採購人員勾結廠商圍標弊案74 第七節 個案六：台北縣三芝鄉土地開發弊案78 第八節 小結84 第五章 結論：官僚投機行為改善之道86 壹、 對民眾政治參與的保障86 貳、 組織設計必須結合決策流程87 參、 建立組織內部的資訊交換場域88 附錄89 參考文獻91 跋、公共行政的理論問題與學科危機 表次 表（1-1）：本文主要分析單位與研究假設3 表（1-2）：Rasmusen資訊分類表5 表（2-1）：Arrow、Williamson及Miller理論比較14 表（2-2）：組織經濟學與官僚行為理論比較18 表（3-1）：代理關係與管理關係之比較25 表（3-2）：官僚組織資訊不對稱性界定標準32 表（3-3）：資訊不對稱性來源表33 表（3-4）：官僚投機行為界定標準37 表（3-5）：管理人員與執行人員「勾結」策略表41 表（3-6）：管理人員與執行人員「弊案舉發」策略表41 表（3-7）：官僚投機行為類型43 表（4-1）：監察院公報所載公務員貪瀆案件統計表51 表（4-2）：個案（一）資訊不對稱性衡量表55 表（4-3）：個案（一）官僚投機行為評量56 表（4-4）：個案（二）資訊不對稱性衡量表59 表（4-5）：個案（二）官僚投機行為評量59 表（4-6）：個案（三）資訊不對稱性衡量表64 表（4-7）：個案（三）官僚投機行為評量65 表（4-8）：個案（四）資訊不對稱性衡量表71 表（4-9）：個案（四）官僚投機行為評量73 表（4-10）：個案（五）資訊不對稱性衡量表76 表（4-11）：個案（五）官僚投機行為評量78 表（4-12）：個案（六）資訊不對稱性衡量表82 表（4-12）：個案（六）官僚投機行為評量83 圖次 圖（1-1）：本研究研究推論圖4 圖（2-1）：Tullock層級節制模型16 圖（3-1）：私人企業管理關係模型29 圖（3-2）：官僚組織管理關係模型29 / Theses Abstract This theses was concentrated on“the bureaucratic opportunism under information asymmetry”. Through research, the author hope to find the homogeneous pattern of bureaucratic opportunism and it's cause. This research reviewed the corruption cases of public service in Taiwan which published on the Control Yuan Official Bulletin since 1961 to 1998. To prove the hypothesis, this research analyzed the patterns, means, and process of these corruption cases. The content divided to five parts. In the chapter one, it presented the research goal and concepts definition. The chapter two reviewed the materials of organization economic, bureaucracy theory, and the Information Free Act of several countries. Based on agency theory and bureaucracy theory, the chapter three presented a theory model of bureaucratic opportunism under information asymmetry. In the chapter four, the author selected six topic cases of public service corruption in Taiwan to do more analyses. Finally, the conclusion suggested several means to solve the bureaucratic opportunism problem. After reviewed the corruption cases in Taiwan, the author has found that “bureaucratic opportunism is related to the information what bureaucrat have”. That is to say that organization design and documentary operation caused the information asymmetry between bureaucrats. Then the bureaucrats would take some opportunistic action by this way. If the opportunistic benefits were so plentiful, and the bureaucrats hope to preserve their benefits, the individual opportunism would become a collective opportunism. If bureaucrats conspire with others (especially private business), the opportunism would become collective corruption, even corruptive culture. The conclusion suggested that improving information share, building an integrated administrative process, to be sure the bureaucrat's information jurisdiction is equal to his accountability, would hinder the opportunism, reduce the need to take an opportunism, and improve the management of bureaucracy. Key Words: Information Asymmetry, Bureaucratic Opportunism, bureaucracy, institution, management relation

本研究的主要目的是在於了解台灣企業母公司內與大陸子公司的內部網路 關係，在結合代理理論之下，期望能提出一個適合的海外單位管理模式。 經過對相關文獻的歸納之後，本研究認為多國籍企業母子公司的網路關係 會影響代理型態，由於必須管理不同的代理型態，企業會有較適的內部控 制機制。經過歸納整理後，本研究以「網路間母子公司互動程度」及「子 公司相對重要程度」來區分母子以司網路關係，而「互動程度」與「資訊 不對稱」呈反向關聯；「相對重要程度」與「任務風險性」呈正向關聯， 而在其交互影響下區分代理型態。本研究係屬於探索性之研究，採取個案 研究法進行資料的收集與分析。試圖結合網路理論與代理理論而能對多國 籍企業之內部控制機制有更進一步了解。主要的研究對象是在大陸投資經 營的本國企業。研究結果發現，在由資訊不對稱與任務風險性所構成的四 種代理型態中，其所著重的問題都不太相同，在資訊不對稱高且任務風險 性高的代理型態型Ⅰ中面臨的是雙重的壓力，母公司會傾向採用「掌控代 理」型管理方式。此時公司會有較多的正式化機制；適度中等的授權；採 用社會化機制維持員工的忠誠度；選擇行為統治的績效制度，使員工的作 為能符合公司的目標。在資訊不對稱高但任務風險性低的代理型態型Ⅱ中 ，公司對子公司的控制是設法突破分離可能帶來的問題，母公司會傾向採 用「監控代理」型管理方式。因此公司會有較多的正式化機制；對於子公 司給予相當的授權；透過社會化機制的採行與產出的績效制度，以維持員 工的向心力與激勵員工。在資訊不對稱低但任務風險性高的代理型態型Ⅲ 中公司對子公司的控制應是使子公司能夠正確有效的運作以配合公司的策 略，母公司會傾向採用「主理掌控」型管理方式。因此公司會有較多的正 式化機制；較高的集權掌握子公司的運作；並有社會化機制維持子公司幹 部的向心力，能按步就班完成任務；選擇行為的績效制度來評定員工的貢 獻。在資訊不對稱低且任務風險性低的代理型態型Ⅳ中對子公司的控制應 是如何激勵小兵，使其充分發揮效能，母公司會傾向採用「代理自主」型 管理方式。因此公司並不需投入太多的正式機制；並會給予較高的授權； 主要是透過產出統治的績效制度來加以管理。

本研究主要採用Francis et al.（2005）所提出之應計品質衡量模型作為應計品質的衡量指標，以2003-2007國內上市櫃公司為研究對象，探討應計品質與公司現金持有間之關聯性。本研究另將應計品質拆為裁量性應計品質與非裁量性應計品質，分別探討其對公司現金持有之影響。 　　本研究實證結果顯示，應計品質與公司現金持有率呈顯著負相關。亦即公司應計品質越高，越能有效降低公司及投資者之間的資訊不對稱，進而使公司籌資成本降低，而可持有較少的現金。此外，裁量性應計品質、非裁量性應計品質與公司現金持有率之間均呈顯著負相關，且非裁量性應計品質對公司現金持有率之影響大於裁量性應計品質。 　　根據上述結果，本研究建議管理階層應重視公司之應計品質，並利用裁量性應計項目來提升盈餘數字的品質，以作為公司績效的適當指標。亦即管理階層應使盈餘數字更能可靠、更即時的反映公司的經營績效，並避免以投機目的使用裁量性應計項目。換言之，公司可藉由應計品質之提升，降低資訊不對稱的程度，進而改善公司的現金管理、減少資源閒置及增進投資的效果。 / This study mainly uses the accruals quality measurement model proposed by Francis et al. (2005) to empirically examine the effect of accruals quality on cash holdings of the sampled listed companies at the Taiwan Stock Exchange (TSE) and the Gre Tai Securities Market (GTSM) from 2003 to 2007. This study also distinguishes between accruals quality driven by economic fundamentals (Innate AQ) versus management choices (discretionary AQ) and assesses their individual effects on corporate cash holdings. The empirical results show that accruals quality is negatively associated with cash holdings. That is, the firms with good accruals quality may reduce the negative effect of information asymmetry and adverse selection and, therefore, reduce their level of cash holdings as a result of lower cost of raising capital. In addition, discretionary accruals quality and innate accruals quality are significantly negatively related to cash holdings, and, on average, the innate component of accruals quality has a significantly larger effect on cash holdings than the discretionary component of accruals quality. Our findings suggest that management should be concerned about accruals quality because a higher accruals quality may help firms to improve their cash management, reduce unproductive cash levels, and increase their investment effectiveness.

This study will validate several key results from previous studies of bank loan announcement effects by using the data from Hong Kong market following the 1997 Asian crisis. Banks are believed to play a unique role in financial market which could effectively reduce the problem of information asymmetry and moral hazard. Banks could access borrowers’ inside information which is not available to other participants. Thus bank loan announcements convey valuable information to the market, and market response of the stock price should be positive. However, because of the significant reform in both financial market and information market, the valuation of bank loan announcement conveyed need to be reconsidered. This study investigates whether banks are still “unique” in the financial market or whether they are like middlemen between borrowers and investors. Data used in this study is collected from the Hong Kong Stock Exchange Index, and a standard event study with the market model is applied in the research to conduct the empirical analysis. The results suggest bank loan announcements are associated with significantly higher positive abnormal returns than non-bank loan announcements. Based on the market model of event study, market response is found to be significantly positive for loan syndication, short maturity loan and borrower’s debt ratio, and negatively related to firm size and loan size. Bank loans with refinancing and capital expenditure and no specific purpose have significantly higher positive abnormal returns, and borrowers with property and industrial industry type have more significant positive abnormal returns compared to other industry type. The findings also suggest the Hong Kong stock market is efficient in both strong and semi-strong form for bank loan announcements. A strong evidence of information leakage problem is found for non-bank loan announcements. The results are generally consistent with the existing literature.

Bakgrund: Sedan 1988 har svenska aktiebolag haft en lagstadgad skyldighet att få sina räkenskaper granskade av en kvalificerad revisor, något som snart kommer att förändras. I en pågående utredning presenterades den 3 april 2008 ett förslag om att avskaffa revisionsplikten för 96 procent av de svenska aktiebolagen från och med 1 juli 2010. Bakgrunden till detta är att fördelar för små bolag inte anses uppväga nackdelar av revisionen. Syfte: Syftet med denna uppsats är att beskriva förändringen hos banker i kreditbedömningsprocessen vid ett avskaffande av revisionsplikten och hur dessa förändringar kommer påverka relationen mellan bank och bolag. Referensram och teori: För att analysera det empiriska materialet har intressentteorin, principal-agent teorin och teorin om asymmetrisk information använts varav samtliga är väletablerade och beprövade teorier. Teorin om tillit är en relativt ny teori som även den har använts i syfte att förklara betydelsen av tillit i näringslivet. I referensramen ges information om revision och dess grundläggande principer samt en beskrivning av banker som kreditgivare och deras kreditgivningsprocess. Metod: För att uppnå syftet har en fallstudie utförts bestående av både en kvalitativ samt en kvantitativ insamlingsmetod. Den kvalitativa delen har bestått av intervjuer med representanter från Danske Bank, Handelsbanken, Nordea, SEB samt Swedbank. Ovanstående respondenter har även svarat på en enkät i syfte att komplettera med kvantitativ mätbar information. Utöver detta har litteraturstudier gjorts för att inhämta sekundär data. Slutsats: Banker kommer att drabbas av ökade kostnader till följd av revisionspliktens avskaffande. Direkta kostnader på grund av ökad risk kommer överföras på de enskilda bolagen i form av ökade krav medan dolda kostnader på grund av längre handläggningstid kommer spridas på samtliga företagskunder. / Background: Since 1988, Swedish private limited corporations have been prescribed by law to have their accounts reviewed by a qualified auditor, something that soon will be changed. In an ongoing government investigation, a proposal presented the 3rd of April 2008 suggested that 96 percent of all private limited corporations should be eased from the auditing duty as of 1st of July 2010. The background to this proposal is that advantages for the small corporations are not considered to compensate the disadvantage with auditing. Purpose: The purpose with this thesis is to describe the change for banks in the credit rating process in the case of an abolition of the auditing duty and how these changes will affect the relation between bank and corporation. Frame of references and theory: To analyse the empirical findings the authors have used the stakeholder theory, the principal-agent theory and information asymmetry theory which all are well established theories. The theory of trust is a relatively new theory that has been used in purpose to explain the importance of trust in the business world. The frame of references provides information about auditing and its basic principles as well as describing banks as creditors and their credit rating process. Method: In order to achieve the purpose, a case study consisted of both a qualitative and a quantitative collection method, have been conducted. The qualitative part consists of interviews with representatives from Danske Bank, Handelsbanken, Nordea, SEB and Swedbank. The representatives above have also answered a questionnaire in purpose to complement the interview with quantitative measurable information. In excess of this, literature studies have been done to gather secondary data. Conclusion: As a consequence of the abolition of the auditing duty, the costs for banks will increase. Direct costs due to a greater risk will be transferred to the particular corporations as greater demands while hidden costs due to longer office turnaround time will be spread out on all corporation customers

Globalisering har möjliggjort för svenska företag att expandera utomlands och etablera sig påinternationella marknader. Det största hindret för små- och medelstora företag (SMFs) i ainternationaliseringsprocess är avsaknad av finansiella medel och kunskap om den nyamarknaden. På grund av detta är användandet av en utlandsbaserad agent ett bra alternativ. Enagent har en god lokal marknadskunskap och representerar en etableringsform som är mindrekostsam i jämförelse med etableringen av ett dotterbolag. Med hänsyn till detta äranvändandet av en agent ett vanligt tillvägagångssätt bland internationaliserande SMFs.Samtidigt drivs företaget och dess agent av olika mål på grund av skillnader i egenintresse.Trots att en agent är anlitad i syfte att arbeta i enighet med företagets ambitioner, kan denneha ett egenintresse som kolliderar med företaget. Det är därför nödvändigt för företag attskydda det egna intresset genom implementering av olika kontrollsystem. I denna studie harvi använt oss av principal- agentteorin i syfte att förklara förhållandet mellan svenska SMFsoch dess agenter. Utöver detta undersöker vi även hur svenska SMFs kan kontrollera sinautlandsagenter. För att undersöka detta har vi formulerat följande forskningsfrågor: “Hur kanprincipal-agenteorin tillämpas i syfte att beskriva uppdragsrelationen mellan svenska SMFoch dess agent på den internationella marknaden?” samt ”Hur kan svenska SMFs styra attdess agent på den internationella marknaden arbetar enligt företagets önskemål?”. I syfte attbesvara dessa forskningsfrågor har det insamlats och bearbetats teoretiskt material, vilketutgjort underlag för den semistrukturerade intervjuguide som besvarats av studiensintervjupersoner. Detta har resulterat i en analys följt av slutsats där forskningsfrågornabesvaras. Studien avslutas med rekommendationer till framtida forskning. / Globalization has enabled firms to expand abroad and enter international markets. The mainobstacle for small and medium-sized firms in their internationalization-process is the lack offinancial resources and local market knowledge. Therefore, the use of an offshore agent is agood option. An agent holds good local market knowledge and represents an establishmentform that is less costly, compared to the start-up of a subsidiary. Hence, the use of an agent isa common approach amongst internationalized small and medium-sized firms (SME’s).Simultaneously, a firm and its agent are driven by different ambitions due to divergence intheir self-interests. Although an agent is hired to work in unity with the firm’s ambitions, itmay hold a self-interest that collides with the firm’s objectives. Therefore, it is vital for firmsto protect their own interests by implementing different mechanisms that can control theagent. In this study, the principal-agent theory has been applied in order to explain therelationship between Swedish SME’s and their agents. Additionally, it has been investigatedhow Swedish SME’s are able to control their offshore agents on the international market. Toexamine this, the following two research questions have been formulated: “How can theprincipal-agent theory be applied to describe the relation between Swedish SME’s and theiragent on the international market?” and “How can Swedish SME’s control that their agent onthe international market are working in unity with the firm’s requests?” In order to answerthese two questions, theoretical material has been collected and processed in order toformulate the basis of the semi-structured interview guide that has been answered by therespondents. This has resulted in an analysis followed by a conclusion where the researchquestions are answered.