我國於2001年通過金融控股公司法（以下簡稱金控法）以來，迄今已逾十年，金融控股公司（以下簡稱金控）之家數已達16家，其中所整合的金融機構型態包含銀行、證券、保險、投信等相關事業等，多達9 0家以上，子公司之總數量高達100家，顯見金控為增加其股東及公司利益、擴展事業體等目的，而對於併購活動日益頻繁。 依據金控發動併購時是否已取得目標金融機構的同意，可區分為合意收購或非合意收購之屬性，然金控是否均適合兩種屬性？本文藉由金控收購的相關法制深入研究本議題。金控收購子公司之法制歷經三次重大修訂，爰將歷次更迭區分為三個階段分別論述，配合實務上真實發生之個案進行研析，論究金控收購子公司之成敗因素，亦即，本文藉由法制演繹、文獻整合、案例分析之研究方法，探究我國金控法收購子公司之法制，並提出結論與建議。

This thesis is an exploration on the growth and profitability models of Internet enterprises. Via literature review and interview with experts ,we try to answer the following questions: 1.What's the vision of Internet? 2.How Internet enterprises expand and grow? 3.How to earn profits? And how to generate the synergy by connecting them with each other? 4.Are there any ways to maintain continuous growth and profitability? From the general influence diagram of Heijden, we could believe that knowledge management is the basis of growth, value chain is the gravity center of development, and continuous innovation is the driver of growth. However, the main actions to make external growth are strategic alliance and M&A, and they are also the fastest ways to expand the scale of business. Furthermore, our research also finds that there are ten profit models with respect to dot com companies. They are (1)Customer Solutions Profit, (2)Value Chain Position Profit , (3)Time Profit , (4)Specialization Profit, (5)Brand Profit , (6)New Product Profit , (7)Switchboard Profit , (8)Blockbuster Profit, (9)Patronize Profit ,and (10)Returns Sharing Model¡C Every dot com company could select 2 or 3 models to manage her business and make profits. For network ecology being continuously changeable, every company could develop suitable profit models according to her management character. Finally, by analyzing that how SOFTBANK CO., a venture capital, expands her Netbatsu kingdom, we conclude that cooperation between dot com companies is the best way to survive and grow stronger.

Tillväxt genom företagsförvärv har under de senaste årtiondena blivit allt mer förekommande.Genom att köpa upp konkurrenter, leverantörer eller distributörer kan företag öka sinamarknadsfördelar och detta kan leda till högre vinst. Det råder ingen tvekan om attföretagsförvärv är en komplex och riskfylld transaktion. För att ta rätt beslut behöver köparenha god kunskap om vad köpet kan medföra. Av denna anledning genomförs en undersökningav företaget. Due Diligence är ett relativt nytt begrepp som i vardagliga ord innebärbesiktning av målföretaget. Undersökningen bidrar till att genomlysa det företag som skallförvärvas och används i slutet som beslutsunderlag för köparen.Due diligence är en typ av informationshantering mellan köpare och säljare. Detta innebär ettinformationsutbyte mellan parterna och därmed har köparen och säljaren förpliktelsergentemot varandra. Vid företagsförvärv regleras dessa förpliktelser med hjälp av köplagen.Köparens undersökningsplikt kopplas till att köparen inte får åberopa fel som denne kände tilleller förväntades känna till. Den upplysningsplikt som åligger säljaren innebär att allinformation som anses vara relevant och kan påverka köparens beslut skall presenteras.Utöver köparen och säljaren finns det ytterligare parter som är delaktiga vid ettföretagsförvärv. Då due diligence berör främst legala, finansiella och kommersiellaundersökningar är det vanligt förekommande att externa parter tas in som rådgivare. Detta dåde flesta företag inte besitter kunskapen att göra due diligence själv. De externa rådgivare somanlitas är vanligtvis advokater och revisorer.Syftet med vår studie är att undersöka vilken betydelse due diligence har vid företagsförvärv.Vidare undersöker vi ansvaret som åligger köparen och säljaren vid due diligence samt detansvar som rådgivare har vid due diligence.I uppsatsen har vi använt oss av en kvalitativ metod och tillämpat en abduktiv ansats. För attuppnå vårt syfte och kunna besvara våra forskningsfrågor har vi genomfört fyra semistruktureradeintervjuer, dessa ligger till grund för empirin. Samtliga är med personer som, istörsta mån, arbetar dagligen med att genomföra företagsförvärv. Intervjuade personer bestårav två finansiella rådgivare från revisionsbyråer samt två legala rådgivare.Efter genomförd studie kan vi konstatera att due diligence har stor betydelse vidföretagsförvärv. Inte minst för eventuella justeringar av köpeskillingen utan även att duediligence-materialet fungerar som beslutsunderlag vid slutförhandlingarna av förvärvet.Vidare visar studien att köparens och säljarens ansvar stämmer bra överens med köplagensbestämmelser. Lagen används som underlag men är inte det faktiska regelverket somtillämpas, istället hänvisar man till det avtal som skrivs mellan köpare och säljare.Avslutningsvis kan vi konstatera att revisorer och advokater som genomför due diligence harett stort ansvar både under och efter genomför due diligence. Agerar rådgivaren vårdslöst kandenne bli skadeståndsskyldig. Således krävs det att både revisorer och advokater begränsar sittansvar redan innan due diligence genomförs. / Growth through mergers and acquisitions has during the last few decades increasedexponentially. The company in charge of the purchase can increase their market share andcompetitive advantages by acquiring competitors, distributors or suppliers. There is no doubtin that it is a complex and risky process. To make the right decision the buyer needs to havein-depth knowledge of the company and what the transaction might result in. For this reason athorough investigation of the company is carried out. Due diligence is a relatively newconcept which highlights the process of examining a company. The examination providesdetailed information and is thereby used a tool when making the final decision, to buy or notto buy.Due diligence is used as an information trade between buyers and sellers. As with alltransactions, this exchange means that both parties have obligations to each other. When itcomes to mergers and acquisitions these obligations are regulated by means of the Sales ofGoods Act. The buyer’s duty to examine is linked to that the buyer may not invoke defectswhich he was aware of, or was expected to know. The duty of disclosure imposed on theseller means that all information which is deemed relevant and which may affect the buyer’sdecision should be presented. In addition to the buyer and the seller, there are more partiesinvolved in a business transaction of this kind. As the due diligence process primarilyconcerns legal, financial and commercial studies, it is very common for external parties to behired in order to conduct the due diligence process in these areas. The reason behind it isbecause most companies do not possess knowledge to do it themselves. External consultantshired are lawyers and accountants.The purpose of this study is to examine the impact of the due diligence process in mergers andacquisitions. Further, we explore the responsibility linked to to buyers and sellers in a duediligence process. In addition we also explore the responsibility linked to the lawyers andaccountants involved in the process.The study is conducted by means of a qualitative method where we apply an abductiveapproach. To achieve the purpose of our study and answer our research questions we heldfour semi-structured interviews, these form the base for our empirical data. All interviewedare with people who work with due diligence on a daily basis. Two of the interviewees areconsultants from accounting firms, and the other two are legal advisors.The paper shows that due diligence is of great importance in acquisitions. Not only for anyadjustments in purchase sum, but also that it is a useful tool when making a final decision.Furthermore, the paper also shows that the obligations buyer and seller has rhymes pretty wellwith those written in the Sales of Goods Act. The act is use as a basis but it is not the actualrules that apply, instead you refer to the agreement signed between buyer and seller. Lastly wecan note that the obligations related to accountants and lawyers are fairly strict. If theconsultant acts recklessly, the consultant may be sued. Thus, both accountants and lawyerslimit their responsibility before the due diligence process commences.This study is written in Swedish.

本研究利用資料包絡分析法探討被併購標的銀行於購併前後是否能增加效率，以及具有何種特徵之銀行較易成為金控公司併購之對象。 研究結果發現標的銀行於購併之後，雖能促進效率，但結果並不顯著，顯示合併之後效率提升是綜合標的銀行之高資產品質、高獲利能力、低利率風險及分行數少才使購併後效率提升。在標的銀行的特徵方面顯示當銀行處於非遞減規模報酬、財務上呈現弱點，但銀行資本結構較佳、利率風險較低時，容易成為金控公司購併的對象。 / This paper tried to apply Data Develop Analyis (DEA) to examine whether M&A could promote the targeted banks’ efficiency and the criterions when financial holding companies choose the targeted bank. The experical resoults suggested that although the targeted banks denoted higher efficiency gains, however, the gains do not achieve statiscally signicant level. The results implied that the higher efficiency gains might come from the targeted banks’ high quality assets, greater profitability, lower interest risk and less number of branches. On the other hand, the banks operated under non-decreasing return to scale, financially vulnerable banks, better capital structure, and lower interest risks were more likely to be the acquisition targets.

Taking a sociological perspective on the market for corporate control this thesis calls into question financial capitalism with its preference for clear shareholder-value governance of the corporation. The institutional setting chosen to show this is Sweden, with its particularly shareholder friendly governance regime and its very active takeover market. To this is added three longitudinal case studies of cross-border hostile takeover processes during the sixth takeover wave in Europe. These reveal that the success of cross-border hostile bids has little to do with the theory of the market for corporate control, as a market where contests enable “good managers” to win over “bad managers”, with the overarching goal of enhancing wealth creation for society at large. Instead the most successful actors on a market for corporate control are those who best understand that market’s power dynamics – including the use of regulatory and moral arbitrage between different national frameworks and the leveraging of short-termism of institutional investors. The case studies are then analyzed in relation to the revised Swedish takeover rules of 2009. This shows that the revision did not address the problems detected, focusing instead on enhancing deal making and further limiting the board’s ability to work for long term value creation. As a whole this thesis calls for a development of a theory of a market for corporate control that in a more sustainable way will enable board of directors to focus on the corporation as value accretive entity. Sophie Nachemson-Ekwall has conducted her PhD work at the Stockholm School of Economics and is today a researcher
at the Center for Management and Organization at the Stockholm School of Economics Institute for Research (SIR). She has a background as a prize winning financial journalist for over 20 years and has co-authored three books about delicate issues in large Swedish corporations. / <p>Diss. Stockholm : Handelshögskolan, 2012</p>

Este trabalho objetivou fazer uma análise da gestão de pessoas na subsidiária brasileira de uma empresa multinacional do segmento de produção e distribuição de equipamentos de refrigeração diante de situação de transformação dos negócios oriunda da fusão com outro grupo econômico, considerando seu impacto no ambiente interno e no ambiente de negócio em um momento de instabilidade na economia mundial e de importantes alterações no segmento onde a Empresa opera. Para tanto, foi conduzido um estudo de caso, com a realização de 10 entrevistas e consulta a dados e documentos internos, sendo as informações levantadas analisadas com base no referencial teórico e mediante análise de conteúdo. Dentre os principais resultados, destacam-se: a necessidade de revisão dos processos e práticas de gestão de pessoas neste novo cenário, o foco na gestão da transformação com suporte da área de RH, o valor da comunicação interna para assegurar o alinhamento de todas as partes interessadas e a demanda por reforço no desenvolvimento da liderança, preparando-a para gerir a Empresa em tempos de transição e mudanças. / This study aimed to analyze the human resource management in a Brazilian subsidiary of a multinational enterprise in the production and distribution of refrigeration equipment segment, facing business transformation due to the merger with another economic group, considering the impact on the internal environment and the business environment in a time of instability in the world economy and important changes in the field the company operates. To that end, a case study was conducted, composed of 10 interviews and consultation to internal documents and data, analyzing the collected information in the light of theoretical framework and content analysis. Among the key findings, we highlight: the need to review processes and practices of people management under the new scenario; the focus on managing the transformation of human resources support; the value of internal communication, ensuring alignment and leadership development of all stakeholders, preparing them to manage the company in times of transition and change.

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No. of bitstreams: 1 Dissertação - Carolina Kern.pdf: 6779685 bytes, checksum: 144cc5dc364ecdc5e259325de6c72322 (MD5) Previous issue date: 2015-11-17 / Mergers and acquisitions activities, also known in the market as M&A, have been an important strategy adopted by CEOs to ensure domestic and international competitiveness, motivated by many reasons: need for growth, market share increase, entry barriers increase/growth, knowledge acquisition (human capital, tecnology and process), synergies, among others. Even though there are studies about M&A seeking for a better understanding of the problems related to strategy and decision making process alignment, critical success factors, due diligence best practices, valuations and integrations needs during the implementation of a merger or acquisition, only a few have focused on the cognitive biases of a M&A decision making process. In this way, the main purpose of this research is to present a consolidation of the main hidden traps in M&A decision making process. In a complementary manner, this study also sought the following secondary goals: understand the process of mergers and acquisitions, identify the main steps and decision points in the M&A process, analyse the traps regarding a decision making process. Therefore, it was conducted a qualitative research contemplating interviews with 15 profissionals that have had relevant participation on M&A projects of brazilian companies from different industries that have been merged, have acquired or have been acquired by another company, between 2009 and 2015. The informations obtained in the interviews were consolidated and analysed by the discourse analysis methodology. As a result, this research showed that M&A decisions are extremely complex and involve great uncertainty, which implies a bigger risk of decision traps occurrence. Among these hidden traps that have greater influence in M&A decisions, according to this study, contextualization was the one that presented the most dominance, followed by evidence of confirmation and anchoring. / A atividade de fusões e aquisições, também conhecida no mercado como M&A (Mergers and Acquisitions), tem sido uma relevante estratégia adotada pelos CEOs para garantir a competitividade em mercados doméstico e internacional, sendo justificada por diversos fatores, dentre eles: necessidade de crescimento, aumento do market share, criação e/ou aumento de barreiras de entrada, aquisição de conhecimento (capital humano, tecnologia e processos) e busca por sinergias. Ainda que existam estudos sobre M&A visando uma melhor compreensão dos problemas relacionados ao alinhamento entre a estratégia e a tomada de decisão, dos fatores críticos de sucesso, melhores práticas para condução de due diligence (processo de investigação e auditoria), valorações econômicas e integrações na implementação da fusão ou aquisição, poucos se debruçaram em analisar as armadilhas do processo decisório de M&A, no que diz respeito aos vieses psicológicos existentes ao longo da tomada de decisão. Desta forma, o objetivo central da presente pesquisa é apresentar a consolidação da análise das principais armadilhas que interferem no processo decisório de fusões e aquisições. De maneira complementar, também se almejou alcançar os seguintes objetivos intermediários: compreender o processo de fusões e aquisições; identificar as principais etapas e pontos de decisão no processo decisório de fusões e aquisições; analisar as armadilhas inerentes a uma tomada de decisão. Assim, foi realizada uma pesquisa qualitativa que, além de revisão de literatura, contou com a realização de entrevistas com 15 profissionais que tiveram atuação relevante em projetos de M&A de empresas brasileiras que adquiriram, foram adquiridas ou realizaram fusões entre 2009 e 2015, em diversos segmentos da indústria. As informações obtidas foram compiladas e analisadas através da metodologia de Análise de Discurso. Como resultado, esta pesquisa mostrou que decisões de M&A são extremamente complexas e apresentam alto grau de incerteza, o que implica em um maior risco da ocorrência de armadilhas psicológicas. Dentre as armadilhas que exercem maior influência nas decisões de fusões e aquisições, de acordo com este estudo, a contextualização foi a que apresentou maior dominância, seguida pela evidência de confirmação e ancoragem.

Este trabalho objetivou fazer uma análise da gestão de pessoas na subsidiária brasileira de uma empresa multinacional do segmento de produção e distribuição de equipamentos de refrigeração diante de situação de transformação dos negócios oriunda da fusão com outro grupo econômico, considerando seu impacto no ambiente interno e no ambiente de negócio em um momento de instabilidade na economia mundial e de importantes alterações no segmento onde a Empresa opera. Para tanto, foi conduzido um estudo de caso, com a realização de 10 entrevistas e consulta a dados e documentos internos, sendo as informações levantadas analisadas com base no referencial teórico e mediante análise de conteúdo. Dentre os principais resultados, destacam-se: a necessidade de revisão dos processos e práticas de gestão de pessoas neste novo cenário, o foco na gestão da transformação com suporte da área de RH, o valor da comunicação interna para assegurar o alinhamento de todas as partes interessadas e a demanda por reforço no desenvolvimento da liderança, preparando-a para gerir a Empresa em tempos de transição e mudanças. / This study aimed to analyze the human resource management in a Brazilian subsidiary of a multinational enterprise in the production and distribution of refrigeration equipment segment, facing business transformation due to the merger with another economic group, considering the impact on the internal environment and the business environment in a time of instability in the world economy and important changes in the field the company operates. To that end, a case study was conducted, composed of 10 interviews and consultation to internal documents and data, analyzing the collected information in the light of theoretical framework and content analysis. Among the key findings, we highlight: the need to review processes and practices of people management under the new scenario; the focus on managing the transformation of human resources support; the value of internal communication, ensuring alignment and leadership development of all stakeholders, preparing them to manage the company in times of transition and change.

The objectiv of my dissertation is mainly to introduce the problems of economic competition to the readers and to refer to the incidents of anti-competitive practices. In the introduction I defined the European Community from the historical aspect and I named all the legislative rules and contracts, that are pivotal to the European Community. In order to define in more profound terms I applied myself to Treaty of the establishement of the European community (articles 81 and 82 EC). Moreover, the readers can gain insights into various forms of violating the rules of economic competition such as abuse a position of dominance, dumping, mergers and acquisition, cartels, developing countries, ect. The practical part is based on the most serious anti-competitive practices in the European Community, which was handled by the European Commission, European Court of First Instance and by the antimonopol offices. At the end of my work, there are some practical tips for the companies, which either consciously or unconsciously behave anti-competitively which influences the common European market. The main sources of my dissertation were the basic treaties of the European Community, the Treaty of Maastricht, the Treaty of Amsterdam and treaty of Nice.

Este trabalho objetivou fazer uma análise da gestão de pessoas na subsidiária brasileira de uma empresa multinacional do segmento de produção e distribuição de equipamentos de refrigeração diante de situação de transformação dos negócios oriunda da fusão com outro grupo econômico, considerando seu impacto no ambiente interno e no ambiente de negócio em um momento de instabilidade na economia mundial e de importantes alterações no segmento onde a Empresa opera. Para tanto, foi conduzido um estudo de caso, com a realização de 10 entrevistas e consulta a dados e documentos internos, sendo as informações levantadas analisadas com base no referencial teórico e mediante análise de conteúdo. Dentre os principais resultados, destacam-se: a necessidade de revisão dos processos e práticas de gestão de pessoas neste novo cenário, o foco na gestão da transformação com suporte da área de RH, o valor da comunicação interna para assegurar o alinhamento de todas as partes interessadas e a demanda por reforço no desenvolvimento da liderança, preparando-a para gerir a Empresa em tempos de transição e mudanças. / This study aimed to analyze the human resource management in a Brazilian subsidiary of a multinational enterprise in the production and distribution of refrigeration equipment segment, facing business transformation due to the merger with another economic group, considering the impact on the internal environment and the business environment in a time of instability in the world economy and important changes in the field the company operates. To that end, a case study was conducted, composed of 10 interviews and consultation to internal documents and data, analyzing the collected information in the light of theoretical framework and content analysis. Among the key findings, we highlight: the need to review processes and practices of people management under the new scenario; the focus on managing the transformation of human resources support; the value of internal communication, ensuring alignment and leadership development of all stakeholders, preparing them to manage the company in times of transition and change.