本研究之模型乃採用Hansen於1999年提出之Panel Threshold Model，並針對全球23個不同國家中之23間證交所於1995~2006年間的資料，探討各類影響企業選擇跨國上市之因素，是否會因模型的門檻變數─經濟成長率的變動而對被解釋變數─跨國上市率出現結構改變的影響。實證的結果發現：各變數中唯有市場集中度此一變數具顯著的門檻效果，且在其兩個門檻值的分類中都和跨國上市率呈顯著正相關；這樣的結果除了符合Heiko (2001) 的研究之外，更近一步的我們還發現低於門檻值部分的樣本其對跨國上市率的影響大於高於門檻值部分的樣本。此外，本文的實證結果也指出：對跨國上市率有顯著正相關的因素分別為：本益比、通貨膨脹率及經濟成長率。而對跨國上市率有顯著負相關的因素則為：週轉率、利率和新上市籌資率。 / This paper adopts the Panel Threshold Model suggested by Hansen in 1999 as our main idea to make a study of contributors of cross-listing ratio of stock exchanges. In order to find out whether the explanatory variables will make cross-listing ratio occur structure change, we use GDP growth rate as our threshold variable and take 23 stock exchanges of 23 different countries as research samples. The results are as follows, we found that the only one variable that has threshold effect is the degree of market concentration, and in both regimes it has positive relations to the cross-listing ratio. The result not only supports the research of Heiko (2001), but also points out that the higher regime part has more powerful influence to the cross-listing ratio than the lower regime part. Besides, we still found that variables have positive relations to the cross-listing ratio are PE ratio, inflation rate and GDP growth rate. Furthermore, variables like turnover ratio, interest and capital raised by new shares ratio have negative relations to the cross-listing.

This dissertation comprises two topics. In Chapter 1, I explore the short- and long-run relation between insurance development and economic growth for 40 countries between 1981 and 2010. Applying a pooled mean group estimation, I find that life and nonlife insurance have different short- and long-run effects on the growth. On a full sample analysis, life insurance exerts a significantly positive long-run effect on the growth, while its short-run effect is not significant. Nonlife insurance, in contrast, has a significantly positive short-run growth effect but no long-run effect. On a reduced sample analysis, the observation on life insurance is qualitatively similar, but the growth effect of nonlife insurance is no longer significant both in short and long run, suggesting that specific countries drive the overall effect in the full sample. The results pass a battery of robustness tests. The analysis on individual countries reveals that the short-run effect and adjustment speed toward the long-run equilibrium varies across countries. I also analyze if the level of income and insurance development makes any difference on the growth effect of insurance. The results show that the growth effect of life insurance is significant in non-high income countries and countries with low level of life insurance development, while the effect is not significant both for life and nonlife insurance in high income countries. In Chapter 2, I employ the dynamic panel threshold model to investigate how institutional environments shape the impact of insurance development on economic growth. I conduct four hypotheses for possible intermediate effects of institutional environments on insurance-growth nexus: quasi-institution positivity, quasi-institution negativity, quasi-institution duality, and quasi-institution neutrality. I use multiple measures related to political, economic, and legal environments to evaluate the soundness of institutional environments. Empirical results show that the quasi-institution negativity hypothesis is supported for life insurance because the observation is consistent across all institution-related measures. The results in nonlife insurance are not as uniform as those in life insurance. The quasi-institution positivity, negativity, and neutrality are respectively supported in different institutional measures, and the coefficients in most cases are significant only at a marginal significance level. The overall findings suggest that a sound institutional environment does not necessarily benefit the growth effect of life insurance, but an unhealthy one does deter it and that the effect depends on specific measure in the case of nonlife insurance. In Chapter 3 I briefly introduce some directions for further research.

La rémunération des grands dirigeants a augmenté de façon substantielle ces dernières décennies et a participé à l’accroissement des inégalités par les hauts revenus. Deux typologies pour les actionnaires de contrôle sont proposées pour analyser l’évolution et les pratiques de rémunérations des (P-)DG au sein des grands groupes cotés français. La première typologie se fonde sur l’identité de l’actionnaire et différencie des actionnaires actifs et engagés dans la stratégie de la firme, et des actionnaires passifs ou diversifiés. Parmi ces derniers se trouvent des actionnaires dont la stratégie est essentiellement financière. Les rémunérations sont plus élevées et plus sensibles aux performances de court-terme pour ces derniers. La seconde typologie se fonde sur deux critères : le degré (participation au capital) et l’ancienneté (années d’exercice du contrôle) du contrôle. En s’appuyant sur un modèle de données de panel à effet de seuil (modèle PTR), les politiques de rémunération des dirigeants permettent de différencier quatre régimes dans le degré, et deux dans l’ancienneté du contrôle. Cette typologie différencie les contrôles de type dispersé, influent, dominant et majoritaire, d’une part, et les effets des actionnaires de contrôle récents et de long-terme, d’autre part. L’évolution des rémunérations est enfin étudiée en se fondant sur ces deux typologies et sur une période de 12 années. Au-delà de facteurs liés au fonctionnement du « marché des dirigeants », les typologies mettent en évidence un phénomène de rattrapage et de contagion consécutif à la transparence des rémunérations depuis 2001, et une forte augmentation des bonus sous l’effet de l’augmentation des capitalisations boursières et des transformations de l’actionnariat qui l’ont accompagnée. / CEO compensation rose substantially in the last decades and contributed to the rise in high revenues. Two typologies for the controlling shareholders are suggested to study the evolution and the pay-setting process of CEO compensation in large French listed firms. The first typology is based on the identity of shareholders and differentiates active and involved ones to passive or diversified ones. While the former are involved in the industrial strategy of the firm, the latter comprise shareholders whose strategy is mainly financial. CEO pays are higher and more sensitive to short-term performance in this latter case. The second typology is defined according to two criteria, namely the degree and seniority of control. They respectively refer to the share of equity and the number of years of control. Based on a Panel Threshold Regression (PTR) model, CEO pay policies allows to differentiate four regimes in the degree of control, and two in the seniority of control, namely dispersed, influent, dominant, and majority control on the one hand, and new and long-term controlling shareholders, on the other hand. These two typologies are eventually used to study the evolution of CEO pay over a 12-year period in France. Beyond factors related to the so-called “market for CEOs”, the typologies reveal a catching up and contagion effect since the implementation of transparency since 2001, and a tremendous rise in bonuses that went hand in hand with the rise in market capitalizations and subsequent changes in ownership patterns.

本文探討退休金發展程度與投資策略對股票市場發展的影響，並同時採用「縱橫門檻迴歸模型」（panel threshold model, PTM）及結合縱橫門檻模型與穩健迴歸的「穩健縱橫門檻迴歸模型」（robust panel threshold model, ROPTM）來研究此一議題。我們用退休基金投資證券市場的金額佔總額的比例為分類標準，將樣本分為高投資比例與低投資比例兩部分。對部分OECD國家及台灣的panel data分析後之結果顯示：在股票市場方面，若基金採高投資比例之投資策略，則退休金發展或投資股市比例越高，越能促進股市發展；採低投資比例策略的基金，對股市發展的影響並不顯著。 / This paper analyzes the impact of pension fund investment on securities markets using a panel threshold model (PTM) and a robust panel threshold model (ROPTM) which combines a panel threshold model with a robust regression model. We use panel data for some OECD countries and Taiwan to test the validity of our propositions. The data is divided into low and high investment regions based on the value of securities as a percentage of total financial assets of the pension fund. Our results are the following. In the high stock investment region, pension funds have a positive impact on stock markets. Whereas, in the low stock investment region, the positive impact seems to disappear.

Dans le but de faire face aux défis interdépendants en termes d’épuisement des ressources énergétiques, de dégradation environnementale et des préoccupations de santé publique dans le contexte chinois en réponse au développement durable, nous nous concentrons sur l'étude des politiques en matière d’énergie, d’environnement et de santé en Chine. Dans le chapitre 1, nous donnons un aperçu des politiques chinoises en matière d’énergie, d’environnement et de santé au cours des 20 dernières années afin de connaître les orientations politiques futures auxquelles le gouvernement n'a pas donné une attention suffisante. Dans les trois chapitres suivants, nous proposons une série d'études empiriques afin de tirer quelques implications politiques utiles. Dans le chapitre 2, nous étudions l'impact de l'urbanisation, de l'adaptation de la structure industrielle, du prix de l'énergie et de l'exportation sur les intensités énergétiques agrégés et désagrégés des provinces. Dans le chapitre 3, nous étudions les facteurs qui expliquent la transition énergétique vers des combustibles propres des ménages ruraux. Dans le chapitre 4, nous examinons les effets conjoints des risques environnementaux, du revenu individuel, des politiques de santé sur l'état de santé des adultes chinois. En particulier, nos résultats empiriques suggèrent d’intégrer le développement urbain dans la stratégie d'économies d'énergie; de considérer des substitutions/complémentarités complexes parmi les sources d'énergie et entre l'énergie et l’alimentation pour les ménages ruraux; d’aligner les politiques environnementales, énergétiques et alimentaires avec les politiques de santé. / With the purpose of coping with the intertwined challenges of energy depletion, environmental degradation and public health concerns in the Chinese-specific context in response to sustainable development, we focus on investigating China’s energy, environment and health policies. In chapter 1, we provide an overview of China’s energy, environment and health policies over the past 20 years in order to know about the future policy directions to which the government has not given a sufficient attention. In the following three chapters, we provide a series of empirical studies so as to derive some useful policy implications. In chapter 2, we investigate the impact of urbanization, industrial structure adjustment, energy price and export on provincial aggregate and disaggregate energy intensities. In chapter 3, we study the factors explaining the switches from dirty to clean fuel sources in rural households. In chapter 4, we examine the joint effects of environmental hazards, individual income and health policies on the health status of Chinese adults. Our empirical findings particularly suggest integrating urban development into the strategy of energy saving; considering the complex substitutions/complementarities among energy sources and between energy and food for rural households; aligning the environment, energy and food policies with health policies.