本論文以2010年6月底仍存續之36間本國銀行為研究對象，以2006年第一季至2010年第二季為研究期間，首先探討金控銀行是否因異業整合，具經濟規模優勢，使銀行業務多角化，而提升經營績效；並進一步分析，資本適足率與銀行經營績效間之關係。最後，本論文從股權結構探討官股銀行與非官股銀行在經營績效上的差異。 本論文之主要實證結果顯示，研究期間台灣銀行業的獲利表現受到金融風暴影響。對金控銀行而言，資本適足率與獲利能力間呈正向關係。金控銀行放款成長率及投資成長率與獲利能力呈負向關係，表示透過多角化業務發展對金控銀行獲利有所幫助。針對官股銀行與非官股銀行獲利表現之探討，實證結果顯示其差異並未達顯著水準，表示非官股銀行與官股銀行的經營績效差異不顯著。 / Using a sample of 36 local banks in Taiwan over the period of March 2006 to June 2010, this thesis first investigates empirically that the effects of integration and diversification on operating performance of banks resulting from the formation of their financial holding companies (holding banks). In addition, this thesis also examines that the impact of capital adequacy ratio on operating performance. And finally, based on the ownership structure perspective, this thesis investigates the difference in operational performance between state-owned banks and non-state-owned banks. The empirical results indicate that the financial crisis has a negative impact on the return of banks’ asset during the research period. The capital adequacy ratio is positively related to the operating performance of holding banks, while the growth in loan and investment of holding banks is negatively related to the operating performance. The results therefore implies that the diversification of the banking businesses probably enhance operating performance of holding banks. With respect to the findings regarding the effect of ownership structure on performance, this thesis fail to provide significant evidence. The results indicate that there is no significant difference in operating performance between the non-state-own banks and the state-own banks.

Denna uppsats är skriven inom området finansiering och behandlar fenomenet uppköp och företagsförvärv inom läkemedelsbranschen. I uppsatsen undersöker man läkemedelsbranschen och några nyckelaffärer utförda under de senaste fem åren. Syftet är att se om hypotesen om att det inte sker någon onormal överavkastning efter ett företagsförvärv eller sammanslagning till det köpande företaget gäller inom industrin. Modellen som används är ”the Arbitrage Pricing Model”, innehållande variablerna S&P 500, ^DRG, USA’s inflation och volymen av omsatta aktier på New York-börsen. Denna används för att beräkna en förväntad avkastning på aktien 48 månader efter affären. Ytterligare så används AMEX läkemedelsindex (^DRG) och Standard & Poor’s 500 (S&P 500) som måttstock för att jämföra utvecklingen av aktien under 48 månader efter affären. Hypotesen håller i tre av sex fall när indexen ^DRG och S&P 500 används som måttstock och i samtliga fall när den beräknade avkastningen används som måttstock. De beräknade estimaten visade sig vara aningen för optimistiska givet tidpunkten för affären. Marknaden hade vuxit mycket starkt under en lång tid och var på toppen just innan den föll kraftigt i början av år 2000. Inget av företagen nådde upp till de beräknade värdena. Inte heller lyckades de återhämta sig från det kraftiga fallet I marknaden till deras ursprungliga aktievärden. / This thesis is written within the field of finance and covers the Merger & Acquisition (M&A) phenomenon within the pharmaceutical industry. The purpose with this thesis is to examine the pharmaceutical industry and, with some key acquisitions done over the last five years, see if our hypothesis about no abnormal returns after an M&A to the buying firm, holds within the industry. The model used is the Arbitrage pricing model, incorporating the variables; S&P 500, ^DRG, US inflation and stock volume traded on NYSE, to calculate expected returns for a period of 48 months after the M&A’s. Furthermore we use AMEX pharmaceutical index (^DRG) and Standard & Poor 500 (S&P 500) as our base for measuring post-M&A performance 48 months after the M&A’s. The hypothesis holds three out of six times when using the indices ^DRG and S&P 500 as a benchmark and all of the times when using the calculated expected returns as benchmark. The calculated estimates turned out to be a bit too optimistic given the time of the M&A’s where the market had grown substantially over a long period and was at its peak just before it plummeted in the early 2000’s. Neither of the companies reached their estimated returns, nor did they manage to recover from the downfall to their initial stock value at the time of the merger.

公司治理之發展是國際注目潮流，OECD已指明「保障股東權益」是公司治理一項重要內容，而公司治理原則下的「股東行動主義」，是鼓勵股東參與公司治理。近年經營權之爭，公司派「依法」操控股東會之特殊現象時有耳聞，而架空股東會議事的亂象，使得維護股東權益變成空談。 有鑒於此，筆者擬在探究公司派架空股東會議事的內容後，分別由股務作業、股東會議事程序、委託書統計驗證與表決票(選舉票)封存作業與證據保全等方面，進一步提出改良股東會議事的策略，以求實踐公司治理的願景。 / It is an international trend to pay much attention to corporate governance. OECD identified that a corporate governance framework should protect and facilitate the exercise of shareholders’ rights. One of the shareholders’ rights is to participate in, and to be sufficiently informed on, decisions concerning fundamental corporate changes. Shareholders’ activism exists only while legal and regulatory requirements that affect corporate governance practices should be consistent with the rule of law, transparent and enforceable. However, many controlling shareholders “legally” manipulated agendas and resolutions of shareholders’ meetings for the past years. In this way, shareholders’ rights could be nothing and there were little corporate governance remained. Therefore, after analyzing how controlling shareholders manipulated in shareholders’ meetings, this thesis proposed strategies to improve the law on shareholders’ meetings. Such strategies included the aspects of (1) stock affairs, (2) procedures for shareholders’ meetings, (3) proxies tally and verification and (4) perpetuation on used voting slips or ballots. The author was expecting that there will be better legal basis to push ahead corporate governance for public companies in Taiwan.

<p>Denna uppsats är skriven inom området finansiering och behandlar fenomenet uppköp och företagsförvärv inom läkemedelsbranschen. I uppsatsen undersöker man läkemedelsbranschen och några nyckelaffärer utförda under de senaste fem åren. Syftet är att se om hypotesen om att det inte sker någon onormal överavkastning efter ett företagsförvärv eller sammanslagning till det köpande företaget gäller inom industrin.</p><p>Modellen som används är ”the Arbitrage Pricing Model”, innehållande variablerna S&P 500, ^DRG, USA’s inflation och volymen av omsatta aktier på New York-börsen. Denna används för att beräkna en förväntad avkastning på aktien 48 månader efter affären. Ytterligare så används AMEX läkemedelsindex (^DRG) och Standard & Poor’s 500 (S&P 500) som måttstock för att jämföra utvecklingen av aktien under 48 månader efter affären.</p><p>Hypotesen håller i tre av sex fall när indexen ^DRG och S&P 500 används som måttstock och i samtliga fall när den beräknade avkastningen används som måttstock.</p><p>De beräknade estimaten visade sig vara aningen för optimistiska givet tidpunkten för affären. Marknaden hade vuxit mycket starkt under en lång tid och var på toppen just innan den föll kraftigt i början av år 2000. Inget av företagen nådde upp till de beräknade värdena. Inte heller lyckades de återhämta sig från det kraftiga fallet I marknaden till deras ursprungliga aktievärden.</p> / <p>This thesis is written within the field of finance and covers the Merger & Acquisition (M&A) phenomenon within the pharmaceutical industry. The purpose with this thesis is to examine the pharmaceutical industry and, with some key acquisitions done over the last five years, see if our hypothesis about no abnormal returns after an M&A to the buying firm, holds within the industry.</p><p>The model used is the Arbitrage pricing model, incorporating the variables; S&P 500, ^DRG, US inflation and stock volume traded on NYSE, to calculate expected returns for a period of 48 months after the M&A’s. Furthermore we use AMEX pharmaceutical index (^DRG) and Standard & Poor 500 (S&P 500) as our base for measuring post-M&A performance 48 months after the M&A’s.</p><p>The hypothesis holds three out of six times when using the indices ^DRG and S&P 500 as a benchmark and all of the times when using the calculated expected returns as benchmark.</p><p>The calculated estimates turned out to be a bit too optimistic given the time of the M&A’s where the market had grown substantially over a long period and was at its peak just before it plummeted in the early 2000’s. Neither of the companies reached their estimated returns, nor did they manage to recover from the downfall to their initial stock value at the time of the merger.</p>

Dans une perspective pratique et axée sur le droit transactionnel, l'auteur dresse un portrait global du régime juridique s'appliquant aux actionnaires minoritaires de sociétés par actions publiques canadiennes. Pour ce faire, il aborde, dans un premier temps, les divers mécanismes transactionnels utilisés par les sociétés désirant procéder à une opération de changement de contrôle. Dans un deuxième temps, il enchaîne en expliquant les enjeux entourant la protection des actionnaires minoritaires pour, par la suite, décrire les obligations afférentes au Règlement Q-27. Finalement, il propose une analyse du traitement des porteurs minoritaires à la lumière, d'une part, de la gouvernance d'entreprise et, d'autre part, de l'activisme des investisseurs institutionnels. / In a practical perspective based on transactionallaw, the author shows a global portrait of the legal regime applicable ta minority shareholders of Canadian publicly listed corporations. Firstly, he tackles the various transactional mechanisms used by corporations that want ta proceed ta a change of control operation. Secondly, he continues by explaining the issues surrounding the protection of minority shareholders. Then, he describes the obligations related ta Rule Q-27. Finally, he proposes an analysis of minority shareholders treatment in light of, on one hand, corporate governance and, on the other hand, institutional investors activism. / "Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de Maître en Droit (LL.M) Option Droit des Affaires"

中國加入WTO之後，大陸經濟體制轉型。從早期的計劃經濟到現在的市場經濟。投資政策也趨向「引進來，走出去」，此外，有鑑於大陸具有廉價的勞工和市場潛力，外資紛紛從所謂綠地投資或藉由合格境外投資者等間接投資方式轉為合併或收購為主的直接投資為取向。然而，面對上市公司因為涉及中國大陸特有的「股權分置」現象，使外資於併購上有一定困難度。再者，中國大陸特有的「民族情感」因素，使行政機關常常藉由「國家安全」等不確定法律概念而否准外資併購。 本文主要針對外資併購上市公司經常適用之法令作整合及研究，並論及外資併購上常運用之契約條款進行分析。此外，針對外資併購常遇到之問題提出淺見並針對外資併購中債權人及中小股東之保護提出論述，以供外資於併購中如何在外資獲利及中小股東權益保障獲得平衡點。 / Since China has become the members of WTO, the economic structure has transformed. From the early plan structure becomes to market structure. The policy of investments is tend to be “attract in and walk out”, besides, because of the cheaper workers and marketing potential of China, the foreign investor’s investment policy is going to be from the indirect investment of green island investment or QFII to the direct investment of Merger & Acquisition. However, in face of the especially system phenomenon of “delaminate of stock rights”, makes the merger& acquisition by foreign investors difficultly. Moreover, because of the especially factor of “the nationality of friendship”, makes the administrative organizations often refuse the permition of foreign investors by “national security”. In this essay, be focus on the research the merger& acquisition by foreign investors in common use of the authority laws and decrees, and analyzing the common use of the contracts articles. Besides, to be aimed at the problems of the merger& acquisition by foreign investors and the protection of shareholders and creditors, I try to supply some suggestions in order to make the balance of the merger& acquisition by foreign investors and the protection of shareholders and creditors.

摘 要 公司治理係指公司在所有權與經營權分離後，建立一個解決代理問題的機制，以監控其委託經營公司之專業經理人，避免其逾權及維護股東的權益。Berle與Means(1932)提出公司「經營權」與「所有權」之概念後，兩權分離已逐漸成為現代企業經營之特性。當公司之經營規模日漸擴大與專業化，公司所有者未必有時間與能力經營其所屬的企業，因而導致專業經理人的產生。惟當公司所有者與專業經理人之間存有資訊不對稱與目標不一致的情境下，即會產生「代理問題」。 近年來，世界各國陸續爆發企業經營管理危機，為尋求有效解決之道，公司治理之觀念在全世界快速發展。各主要國際組織，無不大力倡導公司治理之重要性。世界各國政府對於公司治理的高度重視，亦使得改革公司治理的重要性逐漸提高，同時認為公司治理制度健全與否，是一個健全與維持成功金融市場的關鍵要素。 公司治理促使公司資訊公開透明化，進而解決資訊不對稱的代理問題，讓投資者更有信心把資金投入市場，有助於健全金融市場。國際上知名的投資機構將推行公司治理列為選股之重點指標，各國政府紛紛鼓勵其國內企業積極推動公司治理以吸引國際投資者。依據2000年6月麥肯錫企管顧問公司(McKinsey & Company)對全球投資人所做的研究報告指出，有四分之一投資人認為一個有良好公司治理的公司可以為該公司的股票創造約20%以上之公司治理之超額溢價。 2008年國際原油價格飆漲，航空業的營業成本遽增，加諸美國信貸危機，導致全球經濟不景氣，使航空業的生存面臨嚴峻挑戰。航空業為各國政府管制性的行業，競爭者要進入航空市場有其障礙。航空業所面臨的風險項目繁雜，每一項風險均可能對航空公司的營運造成嚴重衝擊，需要透過有效的管理制度才能將影響企業經營的損失程度降至最小，以期達成企業永續經營的目標。 本研究之個案公司為台灣第一家上市的國籍航空公司，其大股東為財團法人，全體董事、監察人皆為同一法人代表，為一特殊案例，具有學術研究價值。本研究藉由探討個案公司實務上所面臨的公司治理問題，並與市場主要競爭者加以比較，以驗證文獻上之觀點。本研究結果與理論相符合，有助於解決個案公司之公司治理問題，及提供航空業界參考。 關鍵詞：公司治理、代理問題、航空業、風險、永續經營、大股東。 / After the impact of the Asia 1997 financial crisis ,almost the worldwide government requires the enterprises to emphasize corporate governance.Starting from the end of year 2001,the successive scandle of Enron,WorldCom,Tyco,Merck,and other USA companies leads to the material loss of investors.Because of the reason of careless corporate governance,USA government have passed the Sarbanes-Oxley Act in July 2002 to enhance the corporate governance of the enterprise and strengthen the capital market. According to one research by Mckinsey & Company in June 2000,there are about 25% of global investors who are willing to pay 20% premium money to buy those stocks belong to companies have better corporate governance. Owing to the peak price of oil and the dump of global ecomonic during the year 2008,the airlines must increases the cost of operation and faces the tough challenge of the market. Airlines industry is one of strict industries to the local government in the world, and the competitor have the obstacle to enter into the market. Due to get the target of continuing operation, airlines have to face and predict the miscellaneous risk for controlling and minimizing the loss. This paper probes into the problem of corporate governance for the case company. The author presents a case study of domestical airlines and addresses the importance of corporate governance. The results could provide insigts and helpful suggestions to the promotion of the corporate governance for the case company and Taiwan airlines industry. Key Words：Corporate governance, Airlines industry, Risk, Continuing operation, Controlling shareholders.

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Submitted by Alexandra Cisotto Belline (alexandrabelline@yahoo.com.br) on 2016-06-14T19:42:18Z No. of bitstreams: 1 Dissertação Alexandra Versão Entregue 14 06 2016.pdf: 8341218 bytes, checksum: 387a098a147e1b777b282c181b5bbe1c (MD5) / Rejected by Joana Martorini (joana.martorini@fgv.br), reason: Seu trabalho foi rejeitado devendo fazer alterações on 2016-06-14T20:01:27Z (GMT) / Submitted by Alexandra Cisotto Belline (alexandrabelline@yahoo.com.br) on 2016-06-15T19:08:39Z No. of bitstreams: 1 Dissertação Alexandra Versão Entregue 14 06 2016.pdf: 8341218 bytes, checksum: 387a098a147e1b777b282c181b5bbe1c (MD5) / Rejected by Joana Martorini (joana.martorini@fgv.br), reason: Trabalho rejeitado. on 2016-06-15T19:24:58Z (GMT) / Submitted by Alexandra Cisotto Belline (alexandrabelline@yahoo.com.br) on 2016-06-15T21:22:31Z No. of bitstreams: 1 Dissertação Alexandra Versão Entregue 15 06 2016.pdf: 8349846 bytes, checksum: 06c7baecfb96c1fde4d0888192b79639 (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Trabalho rejeitado. Arrumar a numeração das páginas, conforme informado por telefone. Att. on 2016-06-15T21:51:14Z (GMT) / Submitted by Alexandra Cisotto Belline (alexandrabelline@yahoo.com.br) on 2016-06-15T22:46:58Z No. of bitstreams: 1 Dissertação Alexandra Versão Entregue 15 06 2016 V2.pdf: 8347795 bytes, checksum: 78b9bb6d1a74cee3c4b50a58f24ea70e (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2016-06-15T22:58:02Z (GMT) No. of bitstreams: 1 Dissertação Alexandra Versão Entregue 15 06 2016 V2.pdf: 8347795 bytes, checksum: 78b9bb6d1a74cee3c4b50a58f24ea70e (MD5) / Made available in DSpace on 2016-06-16T12:16:07Z (GMT). No. of bitstreams: 1 Dissertação Alexandra Versão Entregue 15 06 2016 V2.pdf: 8347795 bytes, checksum: 78b9bb6d1a74cee3c4b50a58f24ea70e (MD5) Previous issue date: 2016-05-09 / Since the mid-1990s the Brazilian business environment has experienced a significant increase in the sophistication of modeling corporate structures for large enterprises, a type of knowledge, however, mostly restricted to participants in these ventures and its legal and financial counsel. In the case of the corporate structure of Brazil Telecom, however, it was possible to access all documents and information in order to study this structure, due to the massive litigation involving this company for almost ten years , where most part of the documents analyzed in this dissertation were found. This material is precious because the case of Brazil Telecom - known as one of the major in Brazilian corporate law - has a very important peculiarity: the group was managed by a minority shareholder, Opportunity group, which exercised power control during those ten years, despite its diminished equity interest and strong opposition suffered from major shareholders for most of the time in which that power was exercised. The aim of this study is to reveal the legal techniques that allowed the exercise of this power, as well as to seek to understand why, in spite of so much opposition from other shareholders and the massive litigation, it took years for the Opportunity to be definitely removed from the administration and the exercise of controlling power of Brazil Telecom. / Desde meados dos anos 1990 o ambiente de negócios brasileiro tem passado por um relevante incremento na sofisticação da modelagem de estruturas societárias para grandes empreendimentos, um tipo de conhecimento que, porém, fica na maior parte restrito aos participantes desses empreendimentos e seus assessores jurídicos e financeiros. No caso da estruturação societária da Brasil Telecom, entretanto, foi possível ter acesso a todos os documentos e informações necessários ao estudo dessa estrutura, devido à enorme quantidade de litígios judiciais em que essa companhia esteve envolvida por quase dez anos, nos quais se pode obter a maior parte dos documentos analisados neste trabalho. Esse material é precioso, pois o caso da Brasil Telecom, conhecido como um dos maiores do direito societário brasileiro, tem uma peculiaridade muito importante: o grupo era gerido por um acionista minoritário, o grupo Opportunity, que exerceu poder de controle durante esses dez anos, apesar de sua diminuta participação societária e da forte oposição que sofreu dos acionistas majoritários por quase todo o tempo em que exerceu esse poder. O objetivo desse trabalho é revelar as técnicas jurídicas que permitiram o exercício desse poder, bem como buscar entender por que, apesar de tanta oposição dos demais acionistas e da enorme litigiosidade, anos transcorreram até que o Opportunity fosse definitivamente afastado da administração e do exercício do poder de controle da Brasil Telecom.

Submitted by Matthew Bray (bray.mr@gmail.com) on 2017-03-04T02:01:12Z No. of bitstreams: 1 FGV Submission - M. Bray.pdf: 788865 bytes, checksum: 9d980792a0b71eccdcf65068d6377e99 (MD5) / Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason: Dear Matthew, It's necessary correct some things in your thesis, please, do it and post again: • Withdraw the numbers of the pages before the introduction, but they need to be considered, example: if your thesis has 9 pages before the introduction, It must to starts with the page 10 there; • All the numbers of the pages must to be on the right superior side of the page; • On the page 4, in “data da aprovação” you need to put your presentation date: 02/02/2017; on 2017-03-06T11:57:14Z (GMT) / Submitted by Matthew Bray (bray.mr@gmail.com) on 2017-03-07T10:35:55Z No. of bitstreams: 1 FGV Submission - M. Bray.pdf: 782291 bytes, checksum: 232ced01ca9486e413cbb2ca2b6338da (MD5) / Approved for entry into archive by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br) on 2017-03-07T11:06:52Z (GMT) No. of bitstreams: 1 FGV Submission - M. Bray.pdf: 782291 bytes, checksum: 232ced01ca9486e413cbb2ca2b6338da (MD5) / Made available in DSpace on 2017-03-07T19:01:13Z (GMT). No. of bitstreams: 1 FGV Submission - M. Bray.pdf: 782291 bytes, checksum: 232ced01ca9486e413cbb2ca2b6338da (MD5) Previous issue date: 2017-02-02 / Agency costs as a result of the separation of ownership and control within a firm can be a hurdle to the performance and profitability. It has been suggested that these costs can be reduced by the presence of a single large shareholder monitoring management and their decisions. On the contrary it has also been argued that a large shareholder negatively affects firm performance by deriving personal benefits from the firm and making suboptimal decisions. This research aims to investigate the relationship between the profitability of a firm and the level to which the shares of that firm are concentrated into a single shareholder. A random effects GLS panel regression is used to determine the effect of a large shareholder being present in Spanish and Portuguese firms by studying firms listed on these bourses over the period 2005 – 2014. The results show that a large shareholder has a negative influence in the Portuguese market, and no statistically significant effect in the Spanish market / Os custos de agência que resultam essencialmente da separação de poder e controlo de uma empresa, podem contribuir negativamente para a performance e rentabilidade desta. A literatura existente sugere que estes custos podem ser minimizados pela presença de um único grande accionista tendo em conta que pode monitorizar mais de perto os seus gestores e respectivas acções e decisões. Por outro lado, existem vários argumentos em estudos passados que defendem que um grande accionista pode afectar negativamente a performance de uma empresa, privilegiando a sua utilidade em detrimento de decisões que beneficiem a sociedade que controla. Este estudo tem por isso como objectivo investigar a relação entre a rentabilidade, lucro de uma empresa e proporção de acções que está concentrada num único accionista. Uma regressão de efeitos aleatórios de dados painel GLS é usada então para determinar o efeito da presença de grandes accionistas em empresas portuguesas e espanholas, listadas em bolsa no período 2005- 2014. Os resultados mostram que a presença de grandes accionistas tem um impacto negativo no mercado português, ao passo que não existe qualquer evidência significativa no caso espanhol.