The article is about the factors that influence the Taiwanese businesses¡¦ decision to go abroad for listing. Our data are mainly about the Taiwanese businesses¡¦ in Hong Kong, Singapore, Thailand, Vietnam, Shanghai, and Shenzhen. The requirements of main board listing in Hong Kong and Singapore are strict and those in Thailand and Vietnam are loose. There are higher average economic growth rate and better market return in foreign listing market. Although the new listing number is higher than Taiwan, the stock liquidity is lower than Taiwan except Shanghai and Shenzhen market. As the P/E ratio , foreign market is similar to Taiwan except Shanghai¡B Shenzhen and Thailand markets. Overall, the advantages of Taiwan IPO market are not too many except the liquidity. As overseas Listing of Taiwanese businesses, we find that shoes companies and growth enterprise will get together in Hong Kong, and the average market values and money- raising ability are higher. In Singapore, the industries of Taiwanese business are widely distributed. Moreover, the industry in Thailand, Vietnam and China are mainly construction and living- related. The founding years before listing of foreign Taiwanese business are longer than those listing in Taiwan. Therefore, Taiwanese businesses display different styles in different listing market. We divided the influencing factors into macro factors, market factors, industry factors, listing requirement factors and unique factors. We used binary logistic regression as our model and found that the macro factors, the market factors, and listing requirement are related to the Taiwanese businesses¡¦ decisions. When there was higher economic growth rate, higher stock return rate or there were more new listed companies in overseas security markets, more Taiwanese business went abroad for listing. But opposite to our intuition, Taiwanese business did not list in a market with higher P/E ratio. The strict listing requirement did not stop Taiwanese business to list there. Therefore, we think only by lowering the listing requirement will not attract Taiwanese business to come back to Taiwan for listing. Finally, we command that by setting three different ways of Taiwanese businesses¡¦ listing, reducing the money limit and strengthening the collecting industries in Taiwan, we can attract more overseas business coming back to Taiwan for listing.

This study has been prompted by the recent introduction of the JSE Alternative Exchange in South Africa, an alternative listing platform for smaller companies compared to the more established JSE Main Board Exchange. This new era has led to information asymmetry among current and prospective investors regarding the risk-return profile of the companies listed on the relatively new JSE Alternative Exchange and how this profile relates to the profile of firms listed on the long established JSE Main Board Exchange. In an attempt to fill the above information gap, this study sheds light on the short, medium and long-term performances of initial public offerings of companies listed on the JSE Alternative Exchange vis-a-vis that of JSE Main Board Exchange. This information is relevant for investment and financing decision making, principally for investors, venture capitalists and entrepreneurs. The findings of this research appear to be contrary to expectations and to corporate finance theory. The results indicate that on average, initial public offerings by larger JSE Main Board companies outperform the smaller JSE Alternative Exchange companies on a nominal and risk-adjusted bases in the short-medium and long-term. It must be noted however that the differences in performance are not statistically significant. On the other hand, in line with documented evidence in the literature, it was found that the risk of returns on the smaller capitalisation JSE Alternative Exchange companies was indeed higher than that of the JSE Main Board companies. A similarity identified between the average performances of the two listing platforms is that, the returns for companies decreased overtime between the short and long-term. This may be partly due to the impact of the 2007 economic recession.

現金是企業流動性最強的一項資產，良好的現金流循環對於企業日常的經營、籌資、投資活動起著重要的作用。本文以2009-2016年中國主板、中小板及創業板上市企業為研究對象，對這三個市場上市企業的現金持有水平及其影響因素進行比較分析。 本文在Opler等(1999)現金持有影響因素模型的基礎上，參考學者對中國大陸上市企業現金持有影響因素的選擇，結合公司治理、行業及宏觀因素，建構了現金持有的影響因素檢驗模型，通過實證研究主要得出了以下結論：1、中小板及創業板市場上市企業現金持有水平均高於主板市場；2、中小板及創業板市場上市企業現金持有水平的構成與主板市場存在顯著差異；3、現金持有水平存在行業差異；4、主板市場及創業板市場“經濟新常態”前後期現金持有水平存在顯著差異；5、股權結構，即管理層持股水平和國有持股水平對現金持有水平在主板市場上呈顯著正相關關係。 本文的研究，從學術的角度看，為企業現金持有水平的影響因素的研究提供了新的切入點，以中國大陸主板、中小板及創業板上市企業作為研究對象，探究三個市場上市企業現金持有水平及其影響因素的差異。從實務的角度看，通過本文的研究，可以明確不同市場現金持有水平及其影響因素的差異，為企業現金管理決策提供新的思路。 / Cash is the most liquid current accent in balance sheets. A good cash flow plays an important role in a firm’s daily operating, investing and financing. In cash flow statement, net cash flow is the main component of a firm’s operating, investing and financing. Base on the enterprises in China A-share stock market from 2009 to 2016, we separate these enterprises into parts according to the enterprises’ offering market, such as the main board, small and medium sized board and growth enterprises board. Basing on the impact factor of cash holdings model from Opler et al. (2002) and the selecting of the impact factor of cash holdings in China stock market, this thesis constructs a testing model of determinants of the level of cash holding and draws to these conclusion: 1. The cash holding level of small and medium sized board market and growth enterprises market are higher than that of main board market. 2. Three types of net cash flow of cash holding level of small and medium sized board and growth enterprises board are significantly different from those in the main board. 3.Different industry has different cash holding level. 4. Cash holding level has significant difference between before and after China's New Normal in main board market and growth enterprises market. 5. Management shareholding level and state holding level, has a significant positive correlation with cash holding level in the main board. This thesis makes a contribution to providing new ideas and methods in studying the impact factor of cash holding level, researching the source and cash holding’s influence to cash from a firm’s operating, investing and financing activities.

Diploma thesis "Media and their management in the region of Pilsen 1945 - 1955" deals with media management in the Pilsen region within historical context of the first decade after the Second World War. It starts with restitution of press in May 1945 and foundation of the radio station in Pilsen. It observes restitution of the journalist organization in Pilsen, including post-war purge of journalists. Further, it describes growing influence of the communist party on media management in the Pilsen region until February 1948 when the communist party definitively gained political power in Czechoslovakia. After the so-called Victorious February, the thesis deals with another wave of purge among journalists in the Pilsen organization and abortion of non-communist press. It introduces the process of nationalization of the printing industry and new goals for journalists and media defined by the communist party. Finally, it describes the first half of the 1950s when other press restrictions and reorganizations of the printing industry in the Pilsen region took place. It presents foundation of a censorship office, the Main Board for Publishing Control (HSTD), within the management of press and radio in the Pilsen region. The thesis is a historical study which tries to approach a less documented period of...