This study investigates the association between traditional and alternative working capital measures and the returns of industrial firms listed on the Johannesburg Stock E"change. Twenty five variables for all industrial firms listed for the most recent 10 years were derived from standardised annual balance sheet data of the University of Pretoria's Bureau of Financial Analysis. Traditional liquidity ratios measuring working capital position, activity and leverage, and alternative liquidity measures, were calculated for each of the 135 participating firms for the 1 0 years. These working capital measures were tested for association with five return measures for every firm over the same period. This was done by means of a chi-square test for association, followed by stepwise multiple regression undertaken to quantify the underlying structural relationships between the return measures and the working capital measures. The results of the tests indicated that the traditional working capital leverage measures, in particular, total current liabilities divided by funds flow, and to a lesser e"tent, long-term loan capital divided by net working capital, displayed the greatest associations, and e"plained the majority of the variance in the return measures. At-test, undertaken to analyse the size effect on the working capital measures employed by the participating firms, compared firms according to total assets. The results revealed significant differences between the means of the top quartile of firms and the bottom quartile, for eight of the 13 working capital measures included in the study. A nonparametric test was applied to evaluate the sector effect on the working capital measures employed by the participating firms. The rank scores indicated significant differences in the means across the sectors for si" of the 13 working capital measures. A decrease in the working capital leverage measures of current liabilities divided by funds flow, and long-term loan capital divided by net working capital, should signal an increase in returns, and vice versa. It is recommended that financial managers consider these findings when forecasting firm returns. / Business Management / D. Com. (Business Management)

本論文主要目地是在研究財務比率對上市公司發生下市事件之預測。我們運用歷史事件研究法和Cox迴歸模型去研究上市公司發生下市事件之原因。同時，我們也針對Cox迴歸模型和Logit模型在發現對下市事件有顯著影響的財務比率作比較。 / This study applies the event history analysis and the Cox regression model to examine the causes of firm delisting, and also compares the performance of the Cox regression model with that of the logit model in detecting factors that have a statistically significant impact on the delisting event. The empirical results show that the hazard rate of firm delisting increases with the ratio of current liabilities to current assets, a binary variable indicating if the total liabilities of a firm is greater than its total assets, and a binary variable indicating if the net income of a firm was negative for the last two quarters, while the hazard rate of firm delisting decreases with increases in the firm size and the ratio of funds provided by operations to total liabilities.

本研究以中國大陸上市公司為研究對象，探討股票報酬與公司治理間之關係。此外，為了檢視中國大陸公司治理是否為股票市場上之系統風險，本研究採用學術上廣為使用之四因子模式（Carhart 1997）作為基本迴歸模型，藉由控制住影響大部分股票變異之四因子，純粹探討公司治理指標對於股票報酬之解釋能力。最後，本研究進一步比較各公司治理指標對於股票報酬變異之解釋力相對強弱為何。 實證結果發現： （1）國家股股東持股比率相對較高、董事會規模相對較大、董事長兼任總經 理之公司具有較高股票報酬；而機構法人持股比率相對較高、公眾股股東持股比率相對較高、獨立董事占董事會比率相對較高之公司則具有較低股票報酬。 （2）絕大部分公司治理指標對於超額股票報酬具有顯著影響力，本研究進而推論中國大陸公司治理為股票市場上之系統風險之一。然而，公司治理指標對於提升四因子模式解釋力之程度相當有限。 （3）在原本四因子模式中加入「國家股股東持股比率溢酬因子」、「獨立董 事占總董事人數溢酬因子」二公司治理指標，會比加入「公眾股股東持股比率溢酬因子」、「董事會規模溢酬因子」指標具有較佳之模式解釋力。而在模式中加入「公眾股股東持股比率溢酬因子」、「董事會規模溢酬因子」二公司治理指標又比「機構法人持股比率溢酬因子」指標具有較佳之模式解釋力。 / This study investigates the relation between corporate governance and stock returns in China’s listed companies. Additionally, I apply four-factor model (Carhart 1997) to examine whether China’s corporate governance mechanisms are systematic risks in stock market. At last, I compare the explanation power of excess returns among all corporate governance indexes. I find that: (1) Firms, with higher level of nation ownership, larger board size and dual roles of chairman and managing director, have higher returns; firms ,with higher level of legal person ownership, of public ownership, of independent directors’ ratio, have lower returns. (2) Most Corporate governance indexes have significant impacts on excess stock returns, so we infer that corporate governance in China is one of systematic risks in stock market. However, I also find that corporate governance indexes add few margin contributions to four-factor model. (3) Governance indexes of nation ownership and of independent directors’ ratio have more impact on stock returns than the index of public ownership and of board size. Meanwhile, index of public ownership and of board size have more impact on stock returns than the index of legal person ownership.

L’objectif principal de la présente thèse est d’examiner l’impact des mécanismes internes de gouvernance sur le risque fiscal dans le contexte tunisien. Les notions de risque fiscal et de gestion du risque fiscal ont été définies dans un premier chapitre. Un deuxième chapitre présente le fondement théorique de notre étude. La théorie des jeux est présentée en premier lieu. Elle constitue un cadre propice pour analyser les comportements des deux acteurs principaux dans le cadre de cette étude, à savoir l’entreprise et l’administration fiscale, vis-à-vis du risque fiscal. La théorie partenariale de la gouvernance a été mobilisée, en deuxième lieu, afin d’examiner le rôle des mécanismes de gouvernance dans la réduction du risque fiscal. Les hypothèses issues de cette théorie supposent l’existence d’un effet négatif de l’indépendance du conseil, de la séparation des postes de directeur général et de président du conseil d’administration, de l’expertise comptable ou fiscale du comité d’audit et de l’expertise comptable ou fiscale de la fonction d’audit interne sur le risque fiscal. La méthodologie de notre recherche comporte trois étapes. D’abord, une analyse de contenu des arrêts fiscaux rendus en cassation entre les entreprises et l’administration fiscale a permis de dégager les divers types de risques fiscaux des entreprises détectés lors du contrôle et confirmés par la procédure juridictionnelle. Ensuite, l’analyse de contenu des états financiers et des rapports généraux des commissaires aux comptes des sociétés tunisiennes cotées sur une période de cinq ans a mis en évidence la divulgation d’informations sur le risque fiscal et ce conformément aux exigences réglementaires. Enfin, l’analyse de régressions logistiques a permis de mettre en évidence le rôle joué par le conseil d’administration et le conseil externe dans la gestion comptable du risque fiscal. Cette analyse a montré aussi que les acteurs qui exercent un impact sur la gestion comptable du risque fiscal différent entre les entreprises non financières et celles appartenant au secteur financier. Globalement, l’analyse de l’interaction entre le système de gouvernance et le risque fiscal a permis d’identifier les acteurs qui participent activement dans la gestion comptable du risque fiscal Ces acteurs semblent en faveur de la transparence fiscale de l’entreprise à l’égard des actionnaires et de l’administration fiscale. Cette thèse s’insère ainsi pleinement dans la problématique plus générale de la responsabilité sociale de l’entreprise. / The main objective of this thesis is to examine the impact of internal governance mechanisms on tax risk in the Tunisian context. The concepts of tax risk and tax risk management were defined in the first chapter. The second chapter presented the theoretical framework of our study. In fact, game theory provides a suitable framework for analyzing the behavior of the two main actors in the context of this study, firms and tax authority, vis-à-vis the tax risk. Governance stakeholder theory was also mobilized to examine the role of governance mechanisms in reducing tax risk. Assumptions from this theory assumes the existence of a negative effect of board independence, separation of the positions of CEO and Chairman of the Board, accounting or fiscal expertise of the audit committee and accounting or tax expertise of the internal audit function on the tax risk. Our research methodology involves three steps. First, a content analysis of tax judgments between businesses and tax administration has identified various types of firm tax risks detected during the control and confirmed by judicial proceedings. Second, the content analysis of financial statements and reports of the auditors of listed Tunisian firms over a period of five years has emphasized the existence of tax risk disclosures in accordance with regulatory requirements. Finally, logistic regression analysis has highlighted the role played by the board of directors and the external advisor in the accounting management of tax risk. This analysis also showed that the actors who have an impact on the accounting management of tax risk differ between financial and non-financial firms. Overall, the analysis of the interaction between governance and tax risk identified actors who are actively involved in the accounting management of tax risk. These actors appear in favor of the tax transparency of the company in respect of stockholders and tax authorities. Thus, this thesis fits into the broader issues of corporate social responsibility.

This thesis examines responses to the problem of stock market short-termism ('SMST'). SMST is defined as investors preferring short-term financial returns over potentially more profitable longer-term investment opportunities. Such short-termism may result in serious real-world consequences. Company executives appear to respond to short-term pressures in ways that jeopardize the long-term sustainability of listed companies negatively impacting investors and other stakeholders including employees, customers and the community at large. This thesis provides an original contribution to the academic literature via an in-depth examination of all significant regulatory and financial industry efforts meant to reform SMST in major capital markets after the global financial crisis of 2007-2009. I hypothesize that the extensive discussion of the SMST issue has generated substantial reforms. Based on an analysis of the implemented reforms, I reveal that the anticipated surge of SMST reform has not occurred. I then explore why the widespread SMST discussion has not resulted in greater reform efforts. This examination reveals the complex nature of the SMST problem and the evidentiary issues inherent in viably identifying and measuring the harms of SMST. However, I determine that there is probable cause for concern justifying SMST reform measures. Further, I conclude that SMST issues arise because investors are biased towards short-term returns when calculating risk. This bias is evident in share pricing, meaning that share prices are not a reliable indicator of fundamental corporate value. Based on this conclusion, an original dual pathway for SMST reform is proposed. This dual pathway indicates that SMST reform measures must either: (1) reduce the actual or perceived excessive discounting of future returns by investors (i.e. make share prices better reflective of long-term value); or (2) cut-off the transmission mechanisms of SMST into the listed company (i.e. sever the link between share prices and corporate decision-making). Assessing the reforms against this dual pathway reveals that few of the reforms are conceptually effective. Of the few reforms that are conceptually effective, most are relatively 'light' touch. A 'light' touch approach may not be problematic, however, as such measures are easier to implement than 'hard' law. In the case of regulatory reforms, a 'light' touch approach provides scope for flexibility to minimize the many potential harms associated with 'hard' law measures. Consequently, this thesis concludes that SMST reform is more likely to occur if reformers pursue a 'lighter' touch approach meant to reduce excessive discounting of future returns and 'nudge' capital markets away from their harmful short-termism focus.

2015~2016年間台灣金融業發生許多重大新聞事件，隨著資訊科技普及，網路搜尋已成為大眾獲取資訊的重要管道。本文利用Google Trends關鍵字搜尋指數作為網路關注度的代理變數，進行與台灣上市金控公司股價報酬相關之研究。 本文使用三種研究方法進行探討，首先利用圖表式比對法，初步觀察異常搜尋指數與異常報酬出現時間之關聯性，結果並未發現搜尋指數與台灣上市金控股價報酬間有明顯且一致的關係；接著套用向量自我迴歸模型進行分析，然而14家台灣上市金控公司中，僅從兆豐金數據可發現前一期搜尋指數的異常變動量增加1%將使下一期異常報酬率下降約2.67%；最後參考相關文獻使用Fama Macbeth兩階段迴歸模型，結果發現平均而言搜尋指數的異常變動量每上升一個標準差會顯著影響兩週後股價的異常報酬率下降約0.17%，SVI對於股價報酬影響為負向符合本文研究動機與背景，且有相關文獻指出投資人對於壞消息的反應較慢，因此使股價報酬有延後反應的現象，但無法解釋兩週的反應時間，因此對於這樣的研究結果持保留的態度。 總結三種研究方法所得結果，本文認為網路關注度對於目前台灣上市金控公司股價的影響仍然有限。 / It’s unquiet for Taiwanese Financial industry between 2015 and 2016. There has been a lot of major news. With the popularity of information technology, Internet search has become an important channel for public access to information. Therefore, we use Search Volume Index (SVI) as a proxy for public online attention and conducts research related to the stock returns of listed financial holding companies in Taiwan. In this paper, three kinds of research methods are used. The first way is chart comparison method for preliminary data analysis. The results couldn’t show a clear and consistent relationship between SVI and stock returns. The second method is vector self-regression model. However, only Mega financial holding company’s result indicates abnormal search volume index(ASVI) increase 1% will decrease next week abnormal return by 2.67%. At last, we use Fama Macbeth two-stage regression model and find that on average 1 standard deviation increased in ASVI will decrease abnormal return by 0.17% after two weeks. The negative impact of SVI on the stock returns of financial holding companies is in line with the research motivation and background, and some relevant literatures prove that investors’ response to the bad news is slow, which leads to the delayed response of stock returns. However, the two weeks of reaction time for stock returns is unknown. In conclusion, this paper finds out that the impact of public online attention on share price of listed financial holding companies in Taiwan is still limited currently.

Esta Tesis Doctoral plantea como objetivo general verificar desde una óptica conceptual (Capítulo I), normativa (Capítulo II) y empírica (Capítulo III), si el resultado global -comprehensive income- presenta una mayor relevancia o calidad informativa que el resultado neto -net income-, en particular, para los inversores, considerados en el Marco Conceptual como usuarios de referencia.De este modo, el Capítulo I, hemos revisado los fundamentos teóricos sobre los que se sustenta el resultado global, particularmente en la literatura y regulación contables norteamericanas, destacando que con su adopción asistimos a un hecho trascendental para la Contabilidad como es el acercamiento al concepto de resultado económico, de especial interés para los suministradores de capital-riesgo. Sobre esa base conceptual, en el Capítulo II hemos realizado un estudio de normativa comparada a nivel internacional, evidenciándose un potente movimiento a favor de la adopción del resultado global, en el que se aprecia una tendencia a la convergencia con el modelo IASB, pero también se han constatado diferencias notables entre las normas que lo regulan en el concierto mundial, que dificultan la comparabilidad. Sobre esta base teórico normativa, en el Capítulo III, hemos desarrollado un estudio empírico con una muestra de 136 grupos empresariales europeos cotizados den NYSE y NASDAQ, tomando información de las reconciliaciones con los US GAAP en el período 1999-2004 cuando presentan cuentas a la SEC en los 20-F, tendente a evaluar a través de un conjunto de herramientas no paramétricas el impacto del comprehensive income frente al net income atendiendo a las variables año, tamaño y sector. Se han rechazado todas las hipótesis nulas formuladas, lo que nos lleva a afirmar que el impacto relativo del comprehensive income frente al net income presenta un elevado poder de discriminación entre los años del período 1999-2004, atendiendo al tamaño de los grupos empresariales, y en menor medida por sectores de actividad empresarial, lo que evidencia una mayor relevancia informativa del primero frente al segundo para los usuarios de la información financiera, en particular, para los inversores.En definitiva, tomando de forma integrada los resultados de las dimensiones conceptual, normativa y empírica, sobre las que ha discurrido esta Tesis Doctoral, hemos evidenciado que el comprehensive income presenta una mayor calidad informativa que el net income, de especial interés para los suministradores de capital-riesgo. / The aim of this Doctoral Thesis, from a conceptual (Chapter I), normative (Chapter II) and empirical (Chapter III) point of view, is to verify if comprehensive income shows greater relevance or information quality than net income, particularly for the investors, considered as reference users within the Conceptual Framework.In Chapter I we have reviewed the theoretical foundations on which comprehensive income is based, particularly in North American accounting regulation and literature, emphasizing that with its adoption we are witnessing a significant event in the world of Accounting as it is the approach to the concept of economic income, of special interest to capital-risk providers. On that conceptual base, in Chapter II we have made a comparative study on standards at the international level, demonstrating a powerful movement in favor of the adoption of comprehensive income, in which there is a noticeable tendency to the convergence with the IASB model, but remarkable differences have also been confirmed between the standards that regulate it on the global stage, which hinder comparability. On this normative theoretical base, in Chapter III we have developed an empirical study with a sample of 136 European corporate groups quoted on the NYSE and NASDAQ, taking information from the reconciliation with U.S. GAAP in the period between 1999-2004 when they file their annual reports with the SEC on Form 20-F, tending to evaluate, through a nonparametric set of tools, the impact of comprehensive income opposed to net income considering the year, size and sector variables. All the null hypotheses formulated have been rejected, which leads us to affirm that the relative impact of comprehensive income in comparison to net income presents a higher power of discrimination between the years 1999-2004, considering the size of the corporate groups, and to a lesser extent to business activity sectors, which in general terms shows a greater informative relevance of the first, as opposed to the second, for users of the financial information, particularly for the investors.In short, taking the results of the conceptual, normative and empirical dimensions as integrated, on this Doctoral Thesis has been developed, we have demonstrated that comprehensive income presents higher information quality than net income, of special interest to capital-risk providers.

Este trabajo se enmarca en el ámbito de las empresas españolas cotizadas durante el periodo comprendido entre el año 2003 y 2007, y concretamente, en la retribución del equipo de alta dirección. Tres son los estudios que se llevan a cabo con el objetivo de determinar hasta qué punto las empresas son capaces de controlar y adaptar las retribuciones de su equipo de alta dirección a los requerimientos económicos, contextuales y políticos -consejo de administración y estructura de propiedad- y en qué medida dichas retribuciones se relacionan con los resultados de las empresas, prestando una mayor atención a los factores políticos. Para lo cual se emplea la metodología de datos de panel. / This work is included in the scope of the Spanish companies during the period between 2003 and 2007, and indeed, in the pay of the senior management team. Three studies carried out in order to determine to what extent companies are able to control and adjust the salaries of its top management team to economic, political, contextual and board and ownership structure " and to what extent these fees are related to business performance, and paid more attention to political factors. To which is used panel data methodology.

為提升台灣資本市場之競爭力與國際化，我國行政院院會於民國97年3月通過「推動海外企業來台掛牌一二三計畫」，正式宣告開放外國企業來台上市。海外企業於我國第二上市發行台灣存託憑證（Taiwan Depositary Receipt，TDR），甫開放之初，市場反應熱烈，引發股市一陣TDR追價效應，有TDR蜜月期之戲稱。然而，資訊不透明、資訊揭露不對等之問題漸漸浮現，以及隨後發生香港僑威原股停止交易兩天，但僑威TDR仍在台繼續摸黑交易、日本爾必達聲請破產保護，爾必達TDR股價連續跌停板並下市等，種種情形影響市場信心、造成投資人卻步，今年更有萬宇科技TDR及超級咖啡TDR在外流通單位數過少，因流動性不足而下市之情形，顯示TDR之制度監理仍有需要改善的空間。 本文首先介紹臺灣存託憑證之發行組織架構與近期發行現況，並就紐約證券交易所、香港交易所以及新加坡交易所對於其境內存託憑證之事前審核、上市條件、事中監理至事後投資人保護措施之制度與我國制度分析比較，並提出我國制度可參考改善之建議。 目前雖然TDR市場進入冰封期，然而臺灣資本市場仍具TDR發展之利基，為提升臺灣之全球金融證券市場地位，主管機關應全面檢討TDR市場與制度，以利外資企業來臺發展TDR市場。同時，主管機關於推動臺灣證券市場國際化之時，亦應同時兼顧我國投資人之權益保障面向，尋求二者間之平衡點，使臺灣資本市場適應國際化之商品及交易，與國際資本市場接軌。 / To advance the competitiveness and internationalization of Taiwan’s capital market, in march 2008, the Executive Yuan passed the plan for promoting foreign companies to list in Taiwan, and announced officially that welcome the foreign companies to issue TDR. At first, TDR was highly thought of by the investors, however, the TDR’s problem comes up, such as the intransparency of information and information asymmetry. The situation led investors hang back. Obviously the regulation of TDR needs to be improved. This thesis introduced the structure of issuing TDR and recent developments, and analyzed the regulation of NYSE, HKEx and SGX to provide suggestions for Taiwan’s capital market. At the present time, the market for TDR is not lively, but there are still advantages of our capital market, the authorities should modify the regulation of TDR to attract foreign companies, meanwhile, to take both internationalization of capital market and investor protection into consideration, so that allow Taiwan’s capital market in connection with international capital market.

中國加入WTO之後，大陸經濟體制轉型。從早期的計劃經濟到現在的市場經濟。投資政策也趨向「引進來，走出去」，此外，有鑑於大陸具有廉價的勞工和市場潛力，外資紛紛從所謂綠地投資或藉由合格境外投資者等間接投資方式轉為合併或收購為主的直接投資為取向。然而，面對上市公司因為涉及中國大陸特有的「股權分置」現象，使外資於併購上有一定困難度。再者，中國大陸特有的「民族情感」因素，使行政機關常常藉由「國家安全」等不確定法律概念而否准外資併購。 本文主要針對外資併購上市公司經常適用之法令作整合及研究，並論及外資併購上常運用之契約條款進行分析。此外，針對外資併購常遇到之問題提出淺見並針對外資併購中債權人及中小股東之保護提出論述，以供外資於併購中如何在外資獲利及中小股東權益保障獲得平衡點。 / Since China has become the members of WTO, the economic structure has transformed. From the early plan structure becomes to market structure. The policy of investments is tend to be “attract in and walk out”, besides, because of the cheaper workers and marketing potential of China, the foreign investor’s investment policy is going to be from the indirect investment of green island investment or QFII to the direct investment of Merger & Acquisition. However, in face of the especially system phenomenon of “delaminate of stock rights”, makes the merger& acquisition by foreign investors difficultly. Moreover, because of the especially factor of “the nationality of friendship”, makes the administrative organizations often refuse the permition of foreign investors by “national security”. In this essay, be focus on the research the merger& acquisition by foreign investors in common use of the authority laws and decrees, and analyzing the common use of the contracts articles. Besides, to be aimed at the problems of the merger& acquisition by foreign investors and the protection of shareholders and creditors, I try to supply some suggestions in order to make the balance of the merger& acquisition by foreign investors and the protection of shareholders and creditors.