The master's thesis focuses on the issue of consolidated financial statement. The first part of the master's thesis contains the theoretical basis for the preparation of the consolidated financial statements. Subsequently, the theoretical knowledge is applied to the practical part of the master's thesis, which deals with opportunity of expansion of the consolidation group and afterwards, there is the evaluatoin of financial situation of the new concern.

The master's thesis deals with the optimization of the tax burden of a concern based in the Czech Republic, which receives income from abroad. Optimization should be achieved through a change of the subsidiary's head office. Another proposal is a creation of a permanent establishment abroad. The output of the work is to decide on the most suitable structure of the concern in terms of head office and the number of its companies. The decision will be made on the basis of a comparison of the results of tax obligations calculated according to the legislation of the proposed countries and the related tax levies. The diploma thesis is focused on corporate income taxation, as the subjects of the group are limited liability companies. This issue will be explained theoretically on the basis of professional literature and practically using a comprehensive example.

This diploma thesis deals with the consolidated financial statements. The thesis includes theoretical basis for the preparation of consolidated financial statements, the individual process steps consolidation methods and evaluation approach. Then theoretical knowledge is applied in preparing the consolidated financial statements of the chosen company.

This master thesis deals with the issue of consolidated financial statement. It is focused on incorporating of a new subsidiary item into the consolidation using the equivalent method. Subsequently, the performance of the newly formed group is assessed in comparison with the original consolidation unit. Throughout the theoretical part chapters, all significant principles, procedures and methods of the financial statement consolidation are described and analyzed. In practical part, the results of the consolidated financial statement are inerpreted and analyzed. The very last part of the thesis contains proposals to improve and increase effectivity of the group of companies.

The master’s thesis focuses on the issue of the consolidated financial statement of WOOD-FOREST GROUP a. s.. On the basis of theoretical knowledge referred to in the first part of the work is then reviewed consolidated group and its changes are made. Due to insignificance selected subsidiaries not included in the consolidation and the preparation of a new consolidated financial statements is made. At the conclusion are evaluated the impacts of the changes by using selected indicators.

Cette thèse examine l’autonomie décisionnelle des gestionnaires au sein des filiales des entreprises multinationales. Tout en reconnaissant l’impact de l’autonomie au sein des filiales des entreprises multinationales sur l’innovation et la création et le maintien d’emploi local, cette recherche se penche sur l’étude de ses déterminants multiniveaux. Elle propose d’aller au-delà des explications classiques de l’autonomie décisionnelle, souvent de niveaux institutionnel et organisationnel, en explorant les déterminants individuels des hauts gestionnaires des filiales. Ce sont les profils de ces gestionnaires, et plus spécifiquement leurs identités, qui sont étudiées en lien avec leurs niveaux d’autonomie décisionnelle en matière de politiques et pratiques des ressources humaines. Afin de construire notre modèle conceptuel multiniveau, trois grandes approches théoriques ont été mobilisées. Il s’agit de : l’approche néo-institutionnelle, l’approche des ressources et l’approche d’analyse stratégique. Ces trois approches permettent d’étudier l’autonomie décisionnelle des gestionnaires comme un concept à la fois, encastré dans une structure institutionnelle particulière, dépendant des ressources organisationnelles et négocié par les acteurs individuels en fonction de leurs identités. L’approche méthodologique est qualitative. Dix études de cas de gestionnaires de filiales émanant de deux entreprises multinationales françaises ont été analysées. La collecte de données s’est faite, pour la plupart, par les technologies de l’information et de la communication sans limitation d’espace géographique. La base de données est composée de 40 entretiens semi-directifs avec des gestionnaires des entreprises multinationales, principalement responsables de la fonction RH et des centaines de documents internes, de rapports organisationnels et de revues de presse. Ces données ont été codées et analysées. Les résultats de notre étude sont porteurs de cinq contributions à l’étude de l’autonomie décisionnelle des gestionnaires des filiales. 1. Ce concept d’autonomie est multifacette, dynamique et variant en fonction des entreprises multinationales, des politiques RH et des gestionnaires. 2. Il gagne à être étudié au niveau du haut gestionnaire de la filiale et par un cadre multiniveau et multithéories. 3. Les institutions nationales et les structures organisationnelles sont des déterminants nécessaires, mais non suffisants de l’autonomie décisionnelle des gestionnaires. 4. Les identités de ces gestionnaires telles que l’identité sexuelle, l’identité professionnelle, l’identification organisationnelle et le pays d’origine contribuent à une meilleure compréhension de l’autonomie. Les acteurs individuels ont toujours une marge de manoeuvre même dans les structures les plus centralisées. 5. C’est la combinaison de ces différents facteurs multiniveaux qui est déterminante. Cette recherche incite les hauts gestionnaires des filiales à repenser leur rôle au sein de l’entreprise multinationale et en matière de politiques et pratiques RH. Avec la montée des projets de normalisation de la gestion au sein des entreprises multinationales et pour gagner plus d’autonomie, ils doivent revoir et actualiser leurs identités professionnelles et leurs identifications organisationnelles tout en restant ouverts à l’expérience internationale. / This thesis examines the decision-making autonomy of managers within the subsidiaries of multinational companies. While acknowledging the impact of subsidiary autonomy on innovation and creating and maintaining local jobs, this research examines its multilevel determinants. It suggests going beyond traditional explanations of decision-making autonomy, often at institutional and organizational levels, by exploring the individual determinants of subsidiaries' senior managers. These managers' profils, more specifically, their identities, are studied in this thesis in connection with their decision-making autonomy in terms of human resources policies and practices. In order to build our multilevel conceptual model, three major theoretical approaches were used: the neo-institutional, the resources, and the strategic analysis approaches. These three approaches allow us to study managers' decision-making autonomy as a concept simultaneously embedded in a specific institutional structure, dependent on organizational resources and negotiated by individual actors according to their identities. The methodological approach is qualitative. Ten case studies of senior managers of subsidiaries from two French multinational companies were analyzed. Much of the data was collected through information and communication technologies without any geographic space limitation. The database consists of 40 semi-structured interviews with senior managers of multinational companies, mainly responsible for the HR function and hundreds of internal documents, organizational reports, and press reviews. These data were coded and analyzed. Our study's results provide five contributions to the study of the decision-making autonomy of subsidiary managers. 1. The concept of autonomy is multifaceted, dynamic and varies in terms of multinational companies, HR policies, and managers. 2. It benefits from being studied at the level of the subsidiary managers and by a multilevel and multi-theory framework. 3. National institutions and organizational structures are essential but not sufficient determinants of managers' decision-making autonomy. 4. These managers' identities, such as gender, professional, organizational, and country of origin, contribute to a better understanding of autonomy. Individual actors always have a margin the maneuver, even in the most centralized structures. 5. It is the combination of these different multilevel factors that is decisive. This research prompts senior managers of subsidiaries in charge of HR policies and practices to rethink their role within the multinational company and in terms of HR policies and practices. With the rise of management standardization projects within multinational companies and to gain more autonomy, they must review and update their professional identities and organizational identification while remaining open to international experience.

中文摘要 由於跨業經營已是國際間金融業整合之趨勢，因此，我國金融控股公司法的設立將付予國內金融機構進行整合、轉型的機制，讓其更具競爭力，只是是否每一金融集團均能成功轉換，恐怕短期問業者仍要面臨階段性的調整壓力，並非一蹴可及；再則，在該法設立後，金融監理一元化將更形重要，否則當金融機構跨業經營形成金融巨人後，未來發生弊端時，就會變成金融怪獸，所引爆的金融危機，將更為迅速且嚴重，連鎖反應將更為擴大。故本研究以我國金融控股公司之經營規範為主題，並以中華開發為個案探討藉以論述金融控股公司之因應策略。 究竟金融控股公司的設立，能否為國內的金融業帶來生機？以及政府應在准許業界設立金融控股公司的同時，要如何建立專業、獨立與有效率的監理機制，以避免增加業者的管理成本，並提升金融業的競爭力？此乃本論文之研究目的。 本研究亦提出在我國加入世界貿易組織(WTO)後，銀行業必然面臨與先進國家相互角逐金融市場之局面，故宜及早檢討其經營策略，俾掌握業務與客戶群，再造一個具有競爭力的經營體系；本研究並提出相關之建議。 摘要 鑒於美國、日本、韓國、歐盟之金融服務現代化改革中，均已朝向金融百貨化方式發展，並以金融控股公司作為發展跨業經營之主要型態，以利防火牆之設計及風險之區隔，並提高聯屬公司專業化經營效率。金融控股法是重整金融體質的法源，它能加快金融業走向大型化和國際化的腳步，進而提升我國金融業的國際競爭力。故政府為配合此一國際金融發展趨勢及符合國內現行體制與實務之需要，已於民國九十年六月二十七日通過金融控股公司法。因此，銀行、保險、證券等金融機構均得選擇以金融控股公司型態，以提高跨業經營之效率，並加速金融市場之整合。 同時在金融市場陸續開放後，金融機構所面對的風險愈趨複雜化，為因應金融環境的變遷，我國監理機關及監理制度規劃上亦宜有所興革。因為目前不同金融業問彼此互動頻繁，關聯度亦相對提高，近年來世界各國如英、美、日及韓等國，為強化金融主管機關合併監理功能，皆已完成對金融監理機構的整合。有鑑於此，我國必須積極落實金融監理機制的再造工程，推動金融監理一元化，以建立金融監理的整合體制。 第一章說明本研究的動機在於省思「金融控股公司法」之設立，能否付予國內金融機構進行整合、轉型的機制，但未來「金融監理一元化制度」將更形重要。本論文之研究目的在於探討究竟金融控股公司的設立，能否為國內的金融業帶來生機?以及政府應在准許業界設立金融控股公司的同時，要如何建立專業、獨立與有效率的監理機制，以維護社會公益，並提升金融業的競爭力?第二章論述金融控股公司之經濟意義和功能，以及弊病；第三章回顧先進國家跨業經營之沿革與規範；第四章說明我國金融控股公司法之監理規範；第五章：個案探討一以中華開發金融控股公司為例；第六章：結論與建議。 / Abstract Because it is the trend to cross running business within the integration of the international banks, our government set up “the Law of Bank Holding Company”for the local banks to enter into integration and transformation to improve their competition。But it is essential to establish the independent supervisory system to prevent the defaults in advance。Otherwise, its exposure will be serious and its contagious effect is more extensive。 Will Bank Holding Company bring the new era for the local banks ? How will the government set up the independent, professional, and effective supervisory system ? The above topics are the studying purposes of the essay。 The essay also indicates that our banks will have a fierce competition with international banks after we are allowed to enter WTO, and submits suggestions to set up well-run Bank Holding Company -----

La mondialisation de l’économie, le développement des moyens de transport et de communication et l’émergence des paradis fiscaux rendent la connaissance de la fiscalité d’autres pays indispensable, tant par le fiscaliste praticien que par le chercheur.La France et la Belgique ont une communauté de langue et de culture en plus de la proximité géographique. Connaître sa fiscalité et la comparer à la fiscalité française est utile à tout fiscaliste qui pourra alors se faire sa propre idée sur le statut de paradis fiscal qu’on lui attribue. Nous avons choisi de comparer l’imposition des revenus étrangers car, ceux qui changent de pays pour éviter la pression fiscale, sont souvent des personnes ayant une forte activité internationale. En l’absence de convention préventive de double imposition, l’imposition de tels revenus est plus favorable en France, quand ils sont encaissés par des personnes morales. En revanche, lorsqu’ils sont encaissés par des personnes physiques, l’imposition est plus avantageuse en Belgique.Mais les deux pays ont conclu beaucoup de conventions préventives de double imposition de sorte qu’il est difficile de trouver un pays qui ne leur est pas lié par une convention fiscale. Or, il s’avère que la Belgique, à travers ses conventions, adopte des mesures fiscales nettement plus favorables que la France et ce, afin de favoriser l’expansion économique de ses résidents et attirer aussi des capitaux étrangers.A cette situation, s’ajoute le fait que ce pays autorise des montages fiscaux qui seraient sanctionnés en France sous l’angle de l’abus de droit.On comprend alors pourquoi certains hommes d’affaires n’hésitent pas à s’y domicilier. / According to several factors such as the economy globalization, the development of transportation and communication supplies and the rising of tax heavens, tax lawyers have to reach a high expertise and knowledge of foreign tax systems.Belgium and France share common roots of language and culture in addition to the geographical proximity. To be especially aware of the Belgium tax law scheme is absolutely necessary for every tax lawyer in particular in a view to compare and have an opinion about the heaven nature of the Belgian system.As far as it is impossible to compare every point of the two systems, we decided to focus only on the taxation of foreign income, because of the international activity of the taxpayers willing to lower the tax pressure. Without an international tax treaty, foreign incomes are less taxed in France when they are received by a company but the situation is different when the receiver is a person. However it has to be noticed that Belgium and France have developed a huge international tax treaty network. The Belgium one is analyzed as being more attractive for foreign investments and national economic expansion. Besides, Belgium has a tax system which authorizes tax schemes seen sometimes as an abuse of right in France. As a consequence the exile of business men can be understood.

La délimitation des frontières maritimes revêt une importance capitale pour un grand nombre États, que cela soit d’un oint de vue symbolique, culturel, stratégique ou économique. Néanmoins, le droit international conventionnel reste au mieux largement ambigu, au pire entièrement silencieux sur la question de savoir quelles sont les méthodes précises pour résoudre les éventuels différends entre États pouvant surgir lors de la délimitation de leurs espaces maritimes. Face à ces ambiguïtés et silences conventionnels et face aussi à une pratique étatique incohérente et dépourvue d’une opinio juris, c’est principalement dans leur propre vision que les juridictions internationales ont puisé la règle de l’équidistance/circonstances pertinentes, en vertu de laquelle toute délimitation maritime décidée, quel que soit l’espace maritime considéré, y inclus le plateau continental étendu, et quelle que soit la configuration côtière, débute par la construction d’une ligne d’équidistance provisoire. Cette ligne pourra éventuellement être modifiée pour tenir compte descirconstances particulières de chaque affaire dans une deuxième phase de la délimitation. En dépit de la consécration claire et – une première dans l’histoire de la CIJ – unanime de la règle de l’équidistance/circonstances pertinentes dans l’affaire de la Délimitation maritime en mer Noire en 2009, de nombreuses zones d’ombre et difficultés d’ordre technique existent dans sa mise en œuvre pratique par les cours et tribunaux internationaux, notamment en ce qui concerne le risque d’une part trop importante de subjectivité, voire d’arbitraire, particulièrement en ce qui concerne le choix des points de base et le rôle joué par la proportionnalité. De même, afin de garantir une « matérialisation » efficace de la frontière maritime décidée sur le « terrain », une collaboration étroite entre le juriste d’une part et le cartographe, l’hydrographe, le géologue et le géographe d’autre part s’impose. / The delimitation of maritime boundaries is of utmost importance for many states, whether on a symbolic, cultural, strategic or economic level. Nevertheless, international treaty law is at best largely ambiguous, at worst entirely silent as to what the precise methods for resolving possible disputes that might surface during the delimitation process are. Confrontedwith these ambiguities and silences, but also with incoherent state practice devoid of any opinio juris, it is primarily from their own vision that international jurisdictions have drawn the equidistance/relevant circumstances rule, according to which, regardless of the maritime zone concerned, including the extended continental shelf, and regardless of the coastalconfiguration, every decided maritime delimitation begins with the establishment of a provisional equidistance line. This line can later be modified in a second phase of the delimitation to take into account the particular circumstances of each case. In spite of the unequivocal and – a premiere in the history of the Court – unanimous consecration of theequidistance/relevant circumstances rule by the ICJ in the Delimitation in the Black Sea case in 2009, numerous unsettled areas and technical difficulties remain in the delimitation process, notably regarding the risk of too great a degree of subjectivity, if not arbitrariness, particularly regarding the choice of the base points and the role to be played by proportionality. Likewise, in order to guarantee a smooth “materialisation” of the border on the “ground”, a close collaboration between the jurist on the one hand and the cartographer, geologist, hydrologist and geographer on the other hand is indispensable.

Emerging markets such as India have witnessed waves of domestic and cross-border mergers and acquisitions. This historical analysis, which consists of two parts, tests central tenets of resource dependence theory. The first part entails an analysis of the transition in public policy governing corporations between 1991 and 2005. The second part tests hypotheses derived from resource dependence theory relating to a firm’s decision to acquire. The analysis explores the factors that explain why firms engage in mergers and acquisitions by examining three specific policy periods (i.e., 1991-1996, 1997-2001 and 2002-2005). The findings from the historical analysis suggest that firms did not merely react to the conditions (i.e., constraints on capital) in their environment by undertaking merger and acquisition activity, but attempted to alter them as resource dependence theory suggests. Findings from the event history logit model also support resource dependence theory. Overall, the study shows that merger and acquisition activity increased during a period of intense deregulation (i.e., 1991-2005) brought about by the adoption of neo-liberal reforms, change to the multilayer subsidiary form, deregulation of the banking and financial sectors’ and reforms in foreign direct investment and equity markets. During this period of uncertainty, firms controlling more resources in terms of earnings, efficiency and number of subsidiaries were more likely to undertake acquisition activity as they have leverage in organization-environment relationships. The effect of number of subsidiaries on acquisition activity was the most consistent across policy periods’. This dissertation is organized in the following manner: Following the introductory chapter, Chapter II is a historical examination of the three policy periods and includes an analysis of the effect of the political-legal environment on mergers and acquisitions between 1991 and 2005. Chapter III reviews the propositions of resource dependence theory that pertain to organizational change and presents research hypotheses related to mergers and acquisitions. Chapter IV describes the data, measurement and methodology employed in the quantitative analysis. Chapter V presents the findings from the quantitative analysis and discusses the results. The concluding chapter (Chapter VI) includes a presentation of the theoretical findings and discussion of the limitations and scope of the study.