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金融控股公司換股比例評價之研究－包括財務及非財務因素
No full text本研究的目的在探討我國金控公司換股比例計算之影響因素。自金融控股公司法通過後，國內金融業莫不前仆後繼地加入成立的行列，民國92年10月底為止，國內已有十四家金控公司成立。金融控股公司法允釭鷟躂鷚c得依營業讓與或股份轉換之方式轉換為金融控股公司或其子公司；採股份轉換方式成立者，參與合併各方在合併後所能享有的權益決定於換股比例，因而換股比例之決定對股東權益的影響十分重大。
觀諸現存金控公司於合併時之公開說明資料，可以發現金控公司決定換股比例的計算方式雖有不同，換股比例的考量因素卻是大同小異。除了財務方面，如：資產、淨值以及股價等因素外，對非財務因素，如資產品質、經營能力及人力素質亦有所考量。而且往往是由財務因素計算出合理的換股比例區間，再依非財務因素作調整，方才決定最終換股比例。值得注意的是，在利用非財務因素作調整時，合併各方極少針對非財務因素提出如何調整的解釋。可見換股比例的決定存在一定程度的主觀判斷和策略考量，也足見非財務因素在決定換股比例時，和財務因素占有同等重要的地位，甚至更為重要。
有鑑於換股比例對股東權益之重大影響，本文以現今國內金控公司的合併案作研究對象，共計38個樣本點，試圖就七個財務及九個非財務因素作考量，以複迴歸統計方式，試圖找出我國金控公司換股比例計算之影響因素。
主要實證結果有四：
（1）只包括財務因素或非財務因素的模型，其解釋力均不如同時包括財務因素或非財務因素的模型，推論換股比例的計算可能同時受財務因素或非財務因素的影響。此一結果與預期相符。
（2）將只包括財務因素或非財務因素的模型之解釋力予以加總之結果，大於同時包括財務因素或非財務因素的模型之解釋力。推論其差異來自某財務因素和某非財務因素對換股比例的影響一致，兩者相關。此一結果符合本文假設：無形之非財務價值最終將反映在財務績效上。
（3）不同模型的實證結果並非完全一致，然而實證結果發現，就財務因素而言，結果顯著且較一致的財務變數為「股價(dummy)」、「股價(以dummy調整後變數)」、「每股淨值」及「每股盈餘」；就非財務因素而言，為「簽證的會計師事務所」、「員工平均年齡」及「董事長及總經理最高學歷程度」。財務因素的部分可能意味著換股比例的決定須就存量及流量的因素同時作考量。存量部分，上市櫃公司須考慮股價，非上市櫃公司則考慮每股淨值，與推論一致；流量部分，公司不分上市櫃均考慮每股盈餘，顯示營利能力亦會影響換股比例的決定。非財務部分的三個因素，則表示換股比例的決定不僅涉及換股公司的內部價值，包括員工及領導階層的價值，亦包括了該公司對外的資訊價值。
（4）就截距項而言，在財務及非財務因素的各模型下，其係數正負的結果雖不一致，但均不顯著。顯示在現今金控公司的合併案中，換股比例可能並未考慮溢價付出的情形。摘要 I
目錄 ....V
表次 VIII
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究範圍 3
第三節 論文架構 4
第二章 文獻探討 5
第一節 購併基本觀念 5
第二節 購併交易之評價 7
第三節 購併之動機 14
第四節 企業購併有關法令規定 14
第三章 金融業現狀 27
第一節 金融業現況 27
第二節 金控公司成立之動機 29
第三節 金控公司現狀 31
第四節 金融控股公司相關學術文獻 36
第五節 換股比例計算原理 40
第四章 研究方法 42
第一節 研究架構 42
第二節 研究假設及假說建立 42
第三節 模型建立 49
第四節 變數衡量 52
第五節 研究過程 55
第五章 研究結果 67
第一節 樣本分析 67
第二節 敘述統計及相關係數 74
第三節 實證結果 77
第四節 敏感性分析 86
第六章 結論與建議 92
第一節 結論 92
第二節 研究限制 96
第三節 建議 96
附錄 98
附錄一 各項財務及非財務因素原始資料 98
附錄二 企業併購法 117
附錄三 金融機構合併法 128
附錄四 金融控股公司法 134
附錄五 公司法與企業購併相關之條文 149
附錄六 證券相關法規與企業購併相關條文 152
參考文獻 16
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
Author-wise bibliometric analysis based on entropy.
No full textAuthor-wise bibliometric analysis based on entropy.</p
Author Under Sail The Imagination of Jack London, 1893-1902
No full textIn Author Under Sail, Jay Williams offers the first complete literary biography of Jack London as a professional writer engaged in the labor of writing. It examines the authorial imagination in London's work, the use of imagination in both his fiction and nonfiction, and the ways he defined imagination in the creative process in his business dealings with his publishers, editors, and agents. In this first volume of a two-volume biography, Williams traverses the years 1893 to 1902, from London's "Story of a Typhoon" to The People of the Abyss. The Jack London who emerges in the pages of Author Under Sail is a writer whose partnership with publishers, most notably his productive alliance with George Brett of Macmillan, was one of the most formative in American literary history. London pioneered many author models during the heyday of realism and naturalism, blurring the boundaries of these popular genres by focusing on absorption and theatricality and the representation of the seen and unseen. London created an impassioned, sincere, and extremely personal realism unlike that of other American writers of the time. Author Under Sail is a literary tour de force that reveals the full range of London as writer, creative citizen, and entrepreneur at the same time it sheds light on the maverick side of machine-age literature.Intro -- Title Page -- Copyright Page -- Dedication -- Contents -- Acknowledgments -- Introduction -- 1. Spirit Truth -- 2. From Absorption to Theatricality and Back Again -- 3. "I Will Build a New Present" -- 4. Sons as Authors -- 5. Fathers as Publishers -- 6. The Daughter as Author -- 7. Lovers as Authors -- 8. At Sea with the Family -- 9. Yellow News, Yellow Stories -- 10. The Return Home -- Notes -- Bibliography -- Index -- About Jay WilliamsIn Author Under Sail, Jay Williams offers the first complete literary biography of Jack London as a professional writer engaged in the labor of writing. It examines the authorial imagination in London's work, the use of imagination in both his fiction and nonfiction, and the ways he defined imagination in the creative process in his business dealings with his publishers, editors, and agents. In this first volume of a two-volume biography, Williams traverses the years 1893 to 1902, from London's "Story of a Typhoon" to The People of the Abyss. The Jack London who emerges in the pages of Author Under Sail is a writer whose partnership with publishers, most notably his productive alliance with George Brett of Macmillan, was one of the most formative in American literary history. London pioneered many author models during the heyday of realism and naturalism, blurring the boundaries of these popular genres by focusing on absorption and theatricality and the representation of the seen and unseen. London created an impassioned, sincere, and extremely personal realism unlike that of other American writers of the time. Author Under Sail is a literary tour de force that reveals the full range of London as writer, creative citizen, and entrepreneur at the same time it sheds light on the maverick side of machine-age literature.Description based on publisher supplied metadata and other sources.Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, YYYY. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
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