Social media is becoming a popular disclosure channel with higher speed, reach, and extensive network effects. A negative information role of social media is to increase the spread of information disorder defined as false information or truth presented with the intent to harm. This study investigates whether and how auditors react to information disorder on social media, in the context of clients' merger and acquisition (M&A) rumors. I document that information disorder is positively associated with audit fees but not associated with audit delay and the likelihood of audit resignations. Additionally, increased social media attention can elevate the level of risk associated with rumors. I therefore predict that the associations will be more pronounced with greater social media influence. Using a manually collected Twitter rumor subsample, I find mixed results. This dissertation contributes to the auditing literature by documenting how external auditors incorporate social media-induced information disorder into client retention and pricing decisions.

隨著國內企業的成長，以及商業競爭的國際化，併購已成為企業在維持及增加成長幅度時考慮的主要策略之一。過往的文獻對於企業成長理論有相當多的研究，經理人在成長歷程中的角色也被深度討論。另一方面，許多學者針對併購的動機進行討論，其中又以綜效、經理人自利與過度自信經理人為最被廣泛認可的併購動機。 　　雖然過去已經有非常多文獻分別針對企業成長理論與併購動機理論深入研究，但少有文獻對於兩者的關係進行研究，尤其未有文獻對台灣企業的情況進行研究。為了理解台灣企業的成長與併購之間的關係，本研究以台灣2008年至2014年以台灣企業為主併企業之併購案作為研究樣本，藉由統計迴歸的量化研究，釐清企業成長之速度對於併購行為之影響，解釋企業併購機率、併購股數、國際化併購與成功機率等併購相關變數。 　　本研究分別以營業收入及資產總額來衡量企業成長，發現在兩種衡量方法下，企業成長越快的企業皆越可能進行併購。但營業收入成長越快的企業，越可能併購國外的企業；資產總額成長越快的企業，則是在併購時會購入越多標的企業之股票。結果顯示，企業成長確實會增加併購的機率，但若企業有不同的成長模式，也會導致併購行為上的差異。 / With the growing of firms in Taiwan and the internalization of commercial competition, merger and acquisition (M&A) have become one of the main strategies that firms consider when they want to keep growing. Previous studies have done a lot of research of firm growth and managers’ role on the path of growth. The antecedent of M&A has been discussed widely as well. Synergy, managerialism and hubris are the most recognized antecedents of M&A in these studies. Although there were a large number of studies concerning firm growth and antecedents of M&A, few focused on the relationship between them, especially none was about Taiwan’s situation. With the sample of M&A cases of Taiwanese firms from 2008 to 2014, this study examines the relationship between firm growth and antecedents of merger. This study uses regression model to analysis the impact of firm growth rate on M&A behavior. Furthermore, M&A related variables such as probability of M&A, equity bought, international M&A percentage and success rate are explained in this study. Two methods are used in this study to measure firm growth: sales revenue and total assets. The regression result shows that firms with higher growth rates are more likely to participate in M&A activities in both methods. While firms with higher sales growth tend to merge more foreign companies, firms with higher assets growth tend to buy more equity in M&As. To sum up, firm growth increase the probability of M&A activity. But different growth patterns can lead to variation of M&A behavior as well.

本論文研究主題是「私募股權基金法規規範之理論與實務」，透過比較法之方式，本論文首先說明外國私募股權基金之實務運作、風險及相關法規規定，再者分析外國私募股權基金在我國之具體個案，瞭解其失敗或成功之原因，以探討我國法律適用於具體個案之相關問題。 本論文分為七章。第一章說明論文研究動機、目的及範圍。第二章闡述私募股權之定義，並探討私募股基金之種類，復剖析私募股權基金之特點及優缺點。第三章分析私募基金可能造成之風險。第四章主要探討先進國家對私募股權基金之規範及監管方式，包括美國、英國、日本等國。第五章說明外國私募股權基金在我國之發展及分析我國私募制度之規範。第六章探討我國政府就私募股權基金併購活動之現行相關法律規範，並探討我國目前法令之缺失或不足。第七章為總結。 關鍵字：私募股權基金、私募、併購 / This thesis focuses on the issue concerning “the theory and practice of the legal system of private equity funds.”By adopting the method of comparative legal study, the author first illustrates the practice, risk and regulations of foreign private equity funds. Further, this thesis discusses the actual transactions conducted by foreign private equity funds in Taiwan. Through the analysis of the reason for the success or failure of such transactions, the author discusses the problems arising when applying current laws to such transactions conducted by foreign private equity funds. This thesis is comprised of seven chapters. Chapter One explains the motivation, purpose and scope of the thesis. Chapter Two illustrates the definition of private equity fund as well as types, pros and cons of private equity funds. Chapter Three analyzes the risks caused by private equity funds. Chapter Four discusses regulations and supervision over private equity funds in developed countries, such as the U.S., U.K, and Japan. Chapter Five states the development of foreign private equity funds in Taiwan and introduces the private placement system of Taiwan. Chapter Six discusses the current regulations concerning M&A transactions conducted by foreign private equity funds and analyzes the demerit or deficiency of these regulations. Chapter Seven finalizes the issues raised in the previous chapters and reaches the conclusion of this thesis. Keywords: private equity fund, private placement, merger and acquisition

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2016-11-25T13:30:33Z No. of bitstreams: 1 Marco Antonio Sanson.pdf: 2879241 bytes, checksum: a163284019eb2482df5c49aafbe7aa64 (MD5) / Made available in DSpace on 2016-11-25T13:30:34Z (GMT). No. of bitstreams: 1 Marco Antonio Sanson.pdf: 2879241 bytes, checksum: a163284019eb2482df5c49aafbe7aa64 (MD5) Previous issue date: 2016-09-12 / The phenomenon of globalization has caused many changes in the world scene, bringing greater integration between companies of different nationalities, and the expansion of its business worldwide. In order to ensure the continued growth and competitiveness in their markets the companies have adopted various methods, being mergers and acquisitions one of its main, since this strategy is responsible for the market power, the scale economies gain and the access to technological innovations. From these findings the present study was designed with a national company, which held merger with another of the same sector. He sought to understand the role played by the leaders and the challenges faced in the integration process, focusing on organizational culture and people management. The research has a quantitative and qualitative nature by conducting case study. The sample was composed of two professional categories: partners and employees, who participated in the merger process and have remained in the company until the date of the survey. The study was composed of 6 semistructured interviews with company partners and 43 questionnaires with others employees. In this research were made statistical analysis using SPSS 17.0 software (Mann-Whitney and Kruskal Wallis) and the SPAD program 4.1 (lexical and semantic analysis). The main challenges and problems overcome by the leaders in the integration of the companies were caused by the formation of "cliques" among employees and the initial resistance of the teams to adopt a more complex and bureaucratic work methodology. It is noteworthy that the problems encountered during the process of post-merger company, were relate to the integration of people and cultures. This confirms the points presented in the theoretical framework in which these problems are still the most sensitive and require greater concern among leaders for ensure the success in a merger and acquisition process and achieve the proposed objectives. The study results show that when there is effective participation of leaders in the integration of culture and people, the problems caused by the process are overcome more quickly, which reduced the stress of this operation and generated more credibility in the work of leaders. This credibility in leadership was the keyfactor to the success of the post-merger / O fenômeno da globalização tem causado várias mudanças no cenário mundial, trazendo uma maior integração entre empresas de diferentes nacionalidades, bem como a expansão de seus negócios em todo o mundo. A fim de assegurar o crescimento contínuo e competitividade em seus mercados as empresas têm adotado vários métodos, sendo fusão e aquisição um de seus principais, já que esta estratégia é responsável pelo aumento do poder de mercado, ganho de economias de escala, o acesso às inovações tecnológicas. A partir de tais constatações o presente estudo foi concebido junto a uma empresa nacional, que realizou a fusão com outra do mesmo setor. Buscou-se compreender o papel assumido pelos dirigentes e os desafios enfrentados no processo de integração, com foco na cultura organizacional e a gestão de pessoas. A pesquisa é de natureza quantitativa e qualitativa mediante a realização de estudo de caso. A amostra foi composta de duas categorias profissionais: dirigentes e colaboradores, que participaram do processo de fusão e que permaneceram na empresa até a data da pesquisa. O estudo foi composto por 6 entrevistas semiestruturadas com dirigentes da empresa e de 43 questionários aplicados aos colaboradores. Nesta pesquisa foram feitas análises estatísticas utilizando o software SPSS 17.0 (testes de Mann-Whitney e Kruskal Wallis) e o programa SPAD 4.1(análises léxica e semântica). Os principais desafios e problemas superados pelos dirigentes na integração das empresas foram a formação de “panelinhas” entre os colaboradores e a resistência inicial das equipes em adotarem uma metodologia de trabalho mais complexa e burocrática. Destaca-se que os problemas encontrados durante o processo de pós-fusão da empresa, relacionam-se a integração das pessoas e culturas. Isso confirma o discutido no referencial teórico em que, esses problemas continuam sendo os mais sensíveis e requerem maior preocupação por parte dos dirigentes para que o processo de fusão e aquisição seja bem-sucedido. Os resultados do estudo demonstram que quando há participação efetiva dos dirigentes na integração da cultura e das pessoas, os problemas ocasionados pelo processo são superados com mais celeridade, o que reduziu o stress dessa operação e gerou maior credibilidade no trabalho dos dirigentes. Essa credibilidade nos dirigentes foi fundamental para o sucesso do pós-fusão

臺灣在面臨臺幣升值、工資與房地產價格狂漲的經營困境之下，企業開始藉由購併活動來取得現成的管理經驗與經營資源，來彌補對海外經營環境缺乏認識或經驗不足的弱勢。國內企業因經營規模普遍太小，難以發揮規模經濟的綜效，以致相對削弱競爭能力，不利於產業升級。近年來由於政府的支持與推動，以及企業多年來累積的財富與股票市場的推波助瀾，更興起企業購併的風潮。而本研究的目的，為探討資本市場對上市公司的購併宣告有何反應。 　　本研究以民國78年1月至83年12月為研究期間，經蒐集相關資料後，選取42個進行購併宣告的上市公司樣本，利用傳統事件研究法及殘差分析，探究臺灣上市公司進行購併活動的宣告對股東財富之影響。所獲得的結論如以下四點： 　　1.就全體樣本實證結果顯示，上市公司的購併宣告將影響公司的市場價值，在宣告日當天有顯著正的異常報酬值1.192%(t=2.195)，表示股東財富將因此宣告訊息而增加。2.國際購併與國內購併的事件宣告在資本市場的反應均具有正的異常報酬值，但其結果不甚相同。3.在購併型態方面，非相關購併事件因為產業關聯性較低，綜效的價值較不能發揮，因此，此二購併類型的差異效果的確存在。4.位處不同產業的購併宣告亦有所差異。

Across six Chapters, this thesis examines the legal effects of mergers and acquisitions (M&As) on the employees, Board of Directors and shareholders of companies with the objective of gaining in-depth understanding of this area. The thesis then develops legal and practical solutions for the problems and negative effects associated with M&As, specifically regarding employees, Boards of Directors and shareholder companies involved in such operations. This research determines to answer the following question: How do mergers and acquisitions (M&As) affect employees, management and shareholders rights and obligations? And what the legal basis for transferring their rights and liabilities between companies involved in M&As? Despite the importance of M&As as a means of economic concentration and emergence in terms of major commercial or industrial projects, the laws of both the UAE and Qatar do not sufficiently address the issue of mergers or their goals and conditions. They also fail to regulate acquisitions or to otherwise specify when acquisitions become necessary for companies. Furthermore, the laws do not specify the rights of workers regarding their knowledge of or participation in M&As or developed adequate solutions for the negative impacts on companies workers in such processes. These laws do not provide the right for the Board of Directors of the transferor company to merge with the Board of Directors of the transferee company. Additionally, they also unsuccessfully address the minority shareholders right (those not interested in the merger) to exit the merged company and recover the value of their shares. Moreover, the UAE and Qatar have not developed appropriate solutions for the exchange of shares between companies involved in mergers in the case of dissimilarity between the actual values of the shares of both companies. This has notably led to jurisprudence and judiciary confusion between the concept of M&As, their legal nature and the legal basis or theory for the transfer of the rights and liabilities of employees, management and shareholders between companies involved in M&A operations. In accordance with legal texts, the above discussion, M&A legal theory and the theory of the agency contract between a company and its Board of Directors, the thesis argues that M&As should not lead to cutting labour contracts or negatively affect employee rights as long as corporate ventures remain in place and M&A operations do not lead to the liquidation of merged or acquired companies. Also, the thesis shows that a company is linked with its Board of Directors through a special form of agency contract, which justifies the transfer of the rights of the Board of Directors of the merged company with regards to the merging or new company management. The thesis also develops solutions and processes for the exchange of shares between merged companies when there are differences between the actual values of their shares, through the shareholders of the merged company buying shares from the merging company or by selling their shares to the merging company and recovering the value of their shares in cash. The study also recommends taking a set of procedural measures during M&As, modifying some of the relevant legal texts of the UAE and Qatar, which would mitigate the negative effects of mergers and acquisitions. Furthermore, this research suggests ways to improve such laws to reach the level of those of developed countries, in order to encourage mergers and acquisitions in the region.

M&A has for decades been an important topic within the corporate world as well as financial research, due to its performance and the impact it generates. The main objective of this study is to explore the effect of M&A announcements on the short-term performance of acquiring firms on the Swedish stock market. By conducting an event study with a sample of 194 M&As in various industries from 2007-01-01 to 2018-02-07, we are able to retrieve abnormal returns, analysing cumulative abnormal returns in order to measure the effect the announcements have on the stock price. Three performance factors are included in order to get an understanding of the potential impact they have, and if so, how strong that impact is. The performance factors are (1) payment method, (2) diversified versus focused M&As, and (3) cross-border versus domestic M&As. The empirical findings tell us that the abnormal returns are significant for most industries, and to a great extent positive. The performance variables only show significance for cash as a payment method where it generates a negative effect on the main event window (-1, +1). With these findings we hope to contribute to existing research by creating higher awareness to society and organisations about the performance M&As bring.

隨著全球化的趨勢，企業經營所面對的不僅是國內同業的競爭，更面臨國外同業的競爭。企業透過組織調整，在資金、人才以及經濟規模的議題，企業併購已成為近年來台灣之趨勢及風潮。企業進行併購活動熱絡時，對於企業之組織調整、轉型具有正面效益，可促使規模經濟，降低成本，發揮經營效率，提升國際競爭力。 本研究主要探討併購宣告、支付工具的選擇以及跨國因素之不同，對主併公司股東財富的影響。以民國89年1月1日至民國96年12月31日間，主併公司為台灣地區之上市櫃公司、標的公司為全球任一國家註冊之公司的所有併購事件，計有527個觀察值。採用事件研究法(event study)進行實證研究結果如下： 一、對主併公司股東而言，併購宣告效果 本研究以事件研究法進行實證分析，發現併購宣告日前後期間，對於主併公司股東財富有顯著正向異常報酬。但若拉長事件觀察期間，則變得不顯著。也就是主併公司的併購活動無法獲得營運綜效。 二、併購支付工具對主併公司股東財富之影響 本研究實證結果發現企業併購採用現金支付及混合支付，31天的事件期間對主併公司股東而言，皆呈現不顯著之正向平均累積異常報酬。採取換股支付則有不顯著之負向平均累積異常報酬。以混合式支付，於事件期間有正向不顯著平均累積異常報酬；於宣告日前後期間則有正向顯著平均累積異常報酬。 三、宣告國內併購及國際併購對主併公司股東財富之影響 本研究實證結果為國內併購中主併公司在31天的觀察期間，對於主併公司股東而言，僅於宣告日前後期間會有正向平均累積異常報酬，但是拉若拉長觀察期間，其結果並不顯著。國際併購則有不顯著之負向平均累積異常報酬。 / The issues on capital funding, people asset and business scoping are becoming more significant topics with the increasing activities in corporate merger and acquisition (M&A). It has been said that the corporate reorganization through M&A has positive effect within the business because of larger business scope and more efficient in cost management. The corporation will be able to compete better in the international market. This study will focus on the market reactions on the merger and acquisition announcement, the method of payment choice and domestic or international M&A. The observation study cover 527 M&A cases from year 2000 to 2007. The study result based on event study research method are as followed: 1. The M&A announcement result to acquiring company shareholders: The study shows significant remuneration to acquiring company shareholders’ wealth before and after the M&A announcement. Less significant once we observe the case at longer time period. The result shows that the acquiring company can not achieve synergy effect. 2. The wealth effect to shareholders with different means of payment: The study shows that the combination of cash payout and exchange of stocks and cash payment method shows insignificant positive accumulative abnormal return to shareholders within 31 days before and after the M&A. Settlement with only exchange of stocks shows insignificant negative cumulative abnormal return to shareholders. 3. The effect to shareholder’s wealth from announcing domestic M&A or international M&A: The study shows that in the case of announcing domestic M&A, the acquiring shareholders has positive cumulative abnormal return within the 31 days before and after the announcement. Once we observe longer period, the result is less significant. International M&A shows negative insignificant cumulative abnormal return.

本文研究銀行業要進行併購時，主併銀行與目標銀行為了要使合併能更順利地進行而雇用投資銀行，同時希望投資銀行所為他們帶來更多的的合併效益。本文依循William and Julapa（2002）所設的三個變數來衡量投資銀行帶來的效益，檢視雇用投資銀行是否對合併案有幫助：第一個變數是併購案完成的機率；第二是完成的速度；第三為合併後主併銀行的利得。並且探討合併雙方支付給投資銀行的顧問費會受到哪些因素的影響。 文中選取了銀行業作為資料分析的樣本，期間是以合併宣告日從1990年1月1日到2006年12月31日止，總樣本共有242件合併案。 實證結果顯示合併雙方雇用的投資銀行數量越多，不只有更大的機率會合併成功，主併銀行合併後利得也更多，且與合併雙方所支付的顧問費有正向關係。主併銀行雇用更高階的投資銀行，合併從宣告到完成所需要的時間越少。當目標銀行支付越多的顧問費，對於合併完成的機率有重要影響；不過主併銀行卻沒有這現象。 / This paper investigates that how the acquirers and targets choose the investment banks in mergers and acquisitions to make these deals successfully. According to William and Julapa（2002）, we proxy the effort put forth by investment banks in three different ways . The first variable is whether the deals complete or not. Another is the number of days between the merger announcement date and the effective date. The other is the post-acquisition gains for the acquirers. We also discuss the advisory fees paid by the acquirers and targets. Our samples are about the commercial banks and bank holding companies that includes 242 merger deals announced during the period 1 Jan 1990 to 31 Dec 2006. We find the more investment banks be advised, the more likelihood the deals being completed and post-acquisition gains acquirers acquire. This result also has the positive relation with the fees paid by acquirers and targets. We also find that top-tier investment banks advised by acquirers spend less time completing the deals than the lower tier one. Finally, the more advisory fees paid by targets, the more likelihood the deals being completed.

近幾年企業跨國併購活動頻繁，尤其亞洲企業併購歐美知名品牌形成一種趨勢。亞洲各國政府有感品牌對於消費市場的重要性，因此建置併購外國企業的鼓勵政策，藉此汲取跨國營運與品牌經營經驗。例如：自1997年起中國政府鼓勵企業「走出去」，透過海外直接投資活動形成跨國企業，2004年之後對知名品牌企業進行併購引起全球關注。而我國政府於2003年積極輔導「品牌台灣發展計畫」，希冀企業能著眼於「品牌」的培養，另外為加速台灣跨國企業品牌能在全球舞台嶄露頭角，外貿發展協會在2005年正式推動「併購國外品牌與通路計畫」，透過政府單位與併購專業機構等管道，著眼於品牌與通路資產尋找適合的對象，協助我國廠商拓展國際市場以進行跨國營運、提升企業品牌權益，進而打響台灣的國家品牌形象。 本研究即以亞洲企業併購歐美品牌為研究主體，探討企業併購動機與企業內部品牌資產（專利、商標、通路）的關連性，以及併購後對外品牌策略的使用，結合內部資產與外部品牌策略的使用，說明主併企業的品牌權益能否借他人力量提升並立足於跨國市場上。 本研究以個案分析的方式，以「聯想併購IBM PC部門」與「成霖全球品牌併購」進行探討，得出亞洲企業併購歐美知名品牌後，保留被併標的的品牌並採取聯合品牌、彈性使用品牌策略，來提升主併企業的品牌權益或維持各區域品牌的營運。另得出以下建議，希冀能對我國企業採取併購活動時有所助益： 1.提升併購品牌的策略層次： 併購動機的層次會影響併購後企業營運方式及品牌策略，如聯想藉由併購及聯合品牌策略提升其內部技術與亞洲品牌的層次，成霖的併購與品牌策略展現其現階段以佈局國際市場的營運、增加營收為主，對自身品牌權益的提升較少。 2.併購標的應具備多項品牌資產： 品牌資產可使企業掌握市場的競爭優勢，除掌握通路進入市場外，亦應觀察其專利、商標等權利運用與移轉，牽制競爭對手與影響市場結構，利於主併企業品牌權益的提升。 3.注重併購品牌的整合： 要使被併品牌發揮市場效益，併購後資產的整合與運用更須注意，對外需熟知當地政府對企業之獎懲法規、勞工保護規範以及當地顧客市場的需求，對內則瞭解被併企業營運方式與員工需求以此進行融合管理，讓內部員工與當地市場能接受主併企業，由內而外槓桿併購品牌的實質效益。 / The mergers between Asian enterprises and famous American and European brands become a trend in the frequent international mergers and acquisitions in recent years. Asian governments become more aware of the importance of brand in the markets and thus formulate policies to encourage cross-border M&A, through which enterprises can learn international corporation and brand management. For example, China government had urged enterprises become international corporation through foreign direct investments since 1997. The mergers of famous companies and brands after 2004 become a global concern. Taiwan government enthusiastically developed “Branding Taiwan” to encourage enterprises to focus on brand development. Taiwan External Trade Development Council started “M&A Foreign Brand and Channel” in 2005 to promote Taiwan brand to global business. Government units and M&A professional organizations try to help Taiwan firms find suitable merging targets of good brand and channel to get more brand equity and experience concerning international business management, thus to promote Taiwan brands. This thesis aims to focus on Asian enterprises merging famous American and European brands to explore the correlation between M&A motives and internal brand assets of enterprises and to analyze the external brand strategies in post merger. The discussion will involve the possibility whether the acquiring firm can enhance their brand equity through M&A. This thesis will take “Lenovo Acquired IBM PCD” and “Globe Union M&A Global Brands” for case studies. Asian firms retain acquired brand and take co-brand strategy to raise their corporate brand equity, or take flexible brand strategy to operate regional brand enterprise individually. Further, it provides three suggestions to Taiwan enterprises when they decide to proceed with a merger. 1.Enhancing Motives to Strategic Level: acquiring firms would be led to different business operation level by what goal they set. 2.Acquired targets should possess more brand assets: the more brand assets acquiring firm can manipulate, the much competency they will have. 3.Emphasizing on Brand Integration after Merger: In order to obtain more revenues from acquired brands, acquiring firms have to pay more attention to all factors through the integration, including local industrial policies and labor protection regulations. They should also know the corporate culture and employees’ expectations of the acquired companies to better management and lessen the resistance from the employees and local market.