Institutional environments and the following institutional factors are viewed as the important characteristics in examining firm¡¦s strategic choices as well as the firm¡¦s endogenous resources and the industrial factors. In addressing the multinational company¡¦s location choices issues, institutional factor and the MNC¡¦s reactive strategies are seldom examined since the data limitation. This research tries to discuss the possible institutional sources impact on multinational company¡¦s location choices in China from the institutional theory viewpoint. There are giant institutional transitions in China since the open-market policies in the early 1990s. The announcement of the 12th ¡§five year plan¡¨ in China has estimated to generate great impact on multinational company¡¦s location choices. Thus, this research tries to addressing the multinational company¡¦s location choice issues in China context. Utilizing the in-depth interviewing method from Taiwanese multinational companies, this research supports the arguments from the institutional theory in location choice issues. In that, the higher coercive forces, or the formal forces instead, in a host country, the more likely that the multinational company will choose the acquiesce strategy to move. Moreover, the multinational company¡¦s acquiesce strategy in reaction will also generate economic side-effect in decision-making process. Additionally, in deciding the new location choice, the formal as well as the informal institutional forces will generate impact in multinational company¡¦s location choice, as argued from revised eclectic paradigm. The results provide a beginning in addressing location choice issues in China from the institutional viewpoint.

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy

The purpose of this study is to access the development of The Link REIT as a kind of REITs in Hong Kong. By evaluating the performance of The Link REIT, its shopping centres and the customer satisfaction, implication of The Link's management to the REIT, the shopping centres and even the society were identified. In this research, the evaluation for performance of The Link REIT would be divided into three scopes. Firstly, the performance of REIT would be evaluated by analyzing the indices. Secondly, the attributes of The Link's shopping centres would be evaluated by analyzing the determinants of rental income. Last but not least, customer satisfaction would be evaluated by measuring the service quality based on SERVQUAL instrument. The first two scopes of evaluation would be mainly based on the secondary data. Primary data obtained by questionnaire survey would be collected for the evaluation of customer satisfaction. After collecting and analyzing all data, position impacts of The Link's management was identified to the performance of REIT and the attributes of its shopping centres. In contrary on the first two evaluations, customers including both of the visitors and tenants were found dissatisfied to the empathy attributes of The Link's shopping centres. The customer expectation valued greater than the customer perception. In other words, The Link failed to understanding or providing what customers need. Upon conducting the regressive analysis of the secondary data, contradiction between the development of The Link and public expectation was finally concluded. The Link aimed at maximizing the interest or benefits for the shareholders while visitors or tenants requested The Link to ensure the low price of products and low rental charge. In considering the historical responsibility of HKHA, The Link was being over-expected in performing its social responsibility. To be a responsible asset manager and also a social company, recommendation or suggestions were made based on the analysis. / published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Business Administration / Master / Master of Business Administration

by Tong Yuen Mun Andy. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1989. / Bibliography: leaves 76-77.

Wang, Yu. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2011. / Includes bibliographical references (leaves 33-35). / Abstracts in English and Chinese. / Abstract --- p.ii / 摘要 --- p.iii / Chapter I. --- Introduction and Overview --- p.1 / Chapter II. --- Literature Review --- p.6 / Chapter 1. --- Price Impact Literatures --- p.6 / Chapter 2. --- Cost Measurement Literatures --- p.9 / Chapter 3. --- Trading Friction Literatures --- p.11 / Chapter III. --- Sample Description --- p.13 / Chapter 1. --- Data Source --- p.13 / Chapter 2. --- Selection Criteria for Sample Stocks --- p.14 / Chapter 3. --- Summary of Statistics --- p.15 / Chapter i. --- General Description --- p.15 / Chapter ii. --- Shanghai Stock Exchange versus Shenzhen Stock Exchange --- p.16 / Chapter iii. --- Normality Test --- p.17 / Chapter IV. --- Regression Analysis --- p.19 / Chapter 1. --- Sales Premium Estimation --- p.19 / Chapter 2. --- Statistics of the Estimated Sales Premium --- p.20 / Chapter 3. --- Factors that Impact the Sales Premium --- p.22 / Chapter i. --- Panel Data Regression --- p.22 / Chapter ii. --- Results and Interpretations --- p.23 / Chapter iii. --- Sales Premium versus Economic Events --- p.25 / Chapter IV. --- Robustness Tests. --- p.27 / Chapter 1. --- Common Robustness Tests --- p.27 / Chapter i. --- Validity of Fixed-Effect Model --- p.27 / Chapter ii. --- Autocorrelation Problem: Durbin-Watson tests --- p.27 / Chapter iii. --- Heteroskedasticity --- p.28 / Chapter iv. --- Consistency of Estimators --- p.28 / Chapter 2. --- Additional Variable for Sales Premium Estimation in Shenzhen Stock Exchange --- p.29 / Chapter V. --- Conclusion --- p.30 / Bibliography --- p.33 / Chapter Appendix A. --- Graphs --- p.36 / Chapter Appendix B. --- Tables --- p.41

The Asian REIT market has been developing quickly in recent years and gradually attracted attention of international investors. However, compared with other developed markets such as the US and Australia, very little is known about the Asian REIT market. This research examines the impact of the quality of corporate governance on the performance of two major and similar REIT markets - Hong Kong and Singapore. In this research, the quality of corporate governance is measured by a scoring system that is based on the APREA Corporate Governance Scoring Framework (APREA CGSF) developed by Lecomte and Ooi (2012) for Singapore REITs but modified to suit the characteristics and regulatory requirements of both Hong Kong and Singapore REIT markets. Firm performance is measured by Tobin’s Q. The empirical analysis is based on panel data during 2007-2011 from Hong Kong and Singapore REIT markets. The empirical results show that the quality of corporate governance (as measured by the Integrated Corporate Governance Index or ICGI) has a significant and positive impact on firm performance, holding other factors constant. However, closer examination shows that only about 20% of all the governance provisions included in the ICGI have significant impact on firm performance. This research also finds that REITs with corporate governance that takes into consideration of the interests of other stakeholders in addition to those of the shareholders (such as provision for corporate social responsibility) do not perform better. Incidentally, the empirical results strongly suggest that Singapore REITs perform better than Hong Kong REITs after controlling for all known factors including the quality of corporate governance. This result calls for a deeper explanation. A more detailed study from a new institutional economics perspective may shed light on this issue. / published_or_final_version / Real Estate and Construction / Master / Master of Philosophy

published_or_final_version / Business / Master / Master of Philosophy

本研究分為兩大部份，第一部份採用法令分析及文獻探討方式，從台商赴大陸投資架構及營運型態進行綜合分析，以得出台商在大陸地區投資生產性企業之完整租稅規劃模式；第二部份則是就某家上市公司進行個案分析，瞭解其赴大陸投資前、後之投資架構，大陸子公司之營運型態，及其在大陸地區所遭遇之問題等議題，歸納彙總其投資經驗，以做為其他台商赴大陸投資時之參考。 就投資架構而言，台商赴大陸投資時，以個人名義投資比以企業名義進行投資為宜，間接投資比直接投資為宜。當以企業名義進行投資時，企業營運總部比一般企業之租稅負擔為輕，多層控股比單層控股為宜。 台商赴大陸投資前，應充分瞭解大陸地區給予外商之租稅優惠以事先做好租稅規劃。大陸地區之租稅優惠主要可區分為「對象」、「年度」及「地區」上之優惠，因此，在選擇企業之組織型態時，除應考量其經營權、銷售對象、以及收益分配等因素外，尚應審慎規劃設立地點。 而在規劃兩岸三地之營運型態時，則應考量大陸企業之設立地點、進貨地點及銷貨對象。生產性企業不論在大陸從事內銷或外銷時，均以保稅區為最佳之設立地點。此外，尚應考量客戶、盈餘分配及收入認列方式等因素，以決定兩岸三地貿易之接單地與供料地。 在機器設備之選擇方面，符合「外商投資產業指導目錄」中鼓勵類和限制乙類之企業，購買國產設備之成本較低，故在投資前應審慎規劃投資總額及註冊資本，以享受採購國產設備退稅之租稅優惠。如必須使用進口機器，則應於區內設立企業為宜，至於區外企業，則須符合特定條件，方可享受免徵增值稅之租稅優惠。 透過對個案公司的瞭解，發現投資管理上的方便及資金運用效率等其他因素亦是影響投資架構安排的原因，另外，該公司對於未來租稅優惠期屆滿及大陸租稅變革之因應之道，亦是值得供做其他台商參考之處。 關鍵字：大陸投資、投資架構、營運型態、租稅規劃。 / Using case study method, this study completes a tax-planning model and discusses investment planning for investing in China. The analyses suggest that, in investing in China, individual investors have more tax advantages than corporate investors. Further, setting up holding companies in tax heaven countries provides substantial tax planning opportunities. For corporate investors, it is better to structure the investment structure by using multiple holding companies. This study also discusses nontax factors in choosing organizational types for investing in China, such as ownership structures, customer management, earnings distribution, and location of corporations. In choosing the location of corporations, tax treatments provided by the local government, product markets and suppliers of materials are most important factors. For manufacturing firms, it is better to locate in special tax-exempt zones established by the Chinese central government. Furthermore, in structuring transaction framework, firms should take into account important nontax factors such as product markets, suppliers of materials, financial reporting, earnings distribution, and cash flows. Finally, in purchasing production equipment, the China-made equipment bears lower value-added taxes than the imported one, ceteris paribus. Therefore, companies located in the special tax-exempt zones are tax-advantageous entities to import foreign-made equipments. Keywords: Investment in China, Tax planning, Investment Structure, Business model.