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Studies in the effectiveness of cash flows from operating and investing activities as possible early indicators of bankruptcyJanuary, Carol 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: Users of Cash Flow Statements expect the information provided as cash flow from
operating and investing activities to serve as a possible indicator that the company is
facing bankruptcy. Traditionally, companies disclose depreciation as an operating activity
and replacement of fixed assets as an investing activity. Companies that direct cash
payments toward dividend and future expansion without addressing replacement of fixed
assets are creating an unrealistic picture of their operating and investing activities.
Generally accepted accounting practices (GAAP) have limited its disclosure requirements
and has not addressed the issue of separating the expansion of fixed assets from
replacement.
This mini-study project researches the impact of disclosing depreciation as an investing
activity and the replacement of fixed assets as an operating activity.
Based on the findings, it is recommended that GAAP make it a requirement that the
replacement and expansion of fixed assets be disclosed separately. It is further
recommended that either depreciation be disclosed as an investing activity, or that
replacement of fixed assets be disclosed as an operating activity on the Cash Flow
Statement.
The methods of disclosure investigated in the study will lead to an improvement in the
ability of the two activities to serve as possible early indicators of bankruptcy. / AFRIKAANSE OPSOMMING: Gebruikers van kontantvloeistate verwag dat die inligting wat verskaf word van die
bedryfs- en investeringsaktiwiteite as 'n moontlike indikator van die ondergang van die
onderneming moet kan dien. Waardevermindering word tradisioneel as 'n
bedryfsaktiwiteit openbaar, terwyl die vervanging van vaste bates as 'n
investeringsaktiwiteit openbaar word. Ondernemings wat direkte kontantbetalings as
dividende en toekomstige uitbreiding openbaar sonder dat die vervanging van vaste bates
aangespreek word, skep 'n onrealistiese beeld van hul bedryfs- en investeringsaktiwiteite.
Algemeen aanvaarde rekeningkundige beginsels het die openbaarmakingsvereistes
beperk en spreek nie die skeiding tussen uitbreiding van bates en die vervanging daarvan
aan nie.
Hierdie mini-werkstuk ondersoek die impak van die openbaarmaking van
waardevermindering as 'n investeringsaktiwiteit en vervanging van vaste bates as 'n
bedryfsaktiwiteit.
Gebaseer op die bevindinge word daar aanbeveel dat die algemeen aanvaarde
rekeningkundige beginsels dit 'n vereiste maak dat die vervanging en uitbreiding van
vaste bates apart openbaar word. Verder word aanbeveel dat waardevermindering as 'n
investeringsaktiwiteit of vervanging van vaste bates as 'n bedryfsaktiwiteit in die
kontantvloeistaat openbaar word.
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Die gebruik van die kontantvloeistaat as hulpmiddel in die voorspelling van finansiele mislukkingSchreuder, Johannes Wahl 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 1997. / ENGLISH ABSTRACT: This study project comprises an analysis of the Cash Flow Statements of a number of
delisted companies for the years in which the companies were listed on the
Johannesburg Stock Exchange. The trends in the cash flow infonnation for the years
prior to delisting is summarised in order to detennine whether the Cash Flow
Statement can be utilised as an aid in the prediction of financial failure.
The validity of the foUowing hypothesis is tested against the results of the study: If the
cash flow from operations of a company is very low or negative for two years, the
company will be delisted, except if an issue of shares can be done.
From a sample of 46 companies, the following was derived: 16 companies encountered
cash flow problems and tried to delay delisting by issuing shares. 19 companies
encountered cash flow problems, but did not try to delay delisting through tbe issue of
shares. 11 companies were delisted for reasons other than cash flow problems.
The fmal conclusion is tbat the Cash Flow Statement can be utilised as an aid in the
prediction of fmancial failure, but compliance to tbe bypotbesis does not necessarily
mean tbat failure is inevitable. / AFRIKAANSE OPSOMMING: Hierdie werkstuk behels 'n ontleding van die Kontantvloeistate van 'n aantal
gedenoteerde maatskappye vir die jare waarin die maatskappye genoteer was op die
Jobannesburgse Effektebeurs. Die tendense wat waargeneem word in die kontantvloei
oor 'n aantal jare tot en met denotering word saamgevat ten einde vas te stel of die
Kontantvloeistaat gebruik kan word as hulpmiddel in die voorspelling van finansiele
mislukking.
Die volgende hipotesestelling word gemaak en dan getoets aan die hand van die
resultate van die studie: Indien die kontantvloei uit bedrywighede van 'n maatskappy
vir twee jaar baie laag of negatief is, sal die maatskappy denoteer behalwe as 'n
uitgifte van aandele gemaak kan word.
Uit 'n steekproef van 46 maatskappye is die volgende afgelei: 16 maatskappye het
kontantvloeiprobleme ondervind en het deurgaans denotering probeer vertraag deur
aandele-uitgifte te maak. 19 Maatskappye het kontantvloeiprobleme ondervind maar
het die aandele-uitgifte gebruik om denotering te vertraag. 11 maatskappye is
gedenoteer weens redes anders as kontantvloeiprobleme.
Die uiteindelike gevolgtrekking is dat die Kontantvloeistaat wel kan dien as
bulpmiddel in die voorspelling van finansiele mislukking, maar voldoening aan die
hipotese beteken nie noodwendig dat mislukking onvermydelik is nie.
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An introductory study to determine patterns in cash flow ratios of listed industrial companies on the Johannesburg Stock ExchangeMadisa, Keamogetswe Juliet 12 1900 (has links)
Thesis (MBA)--University of Stellenbosch, 1998. / ENGLISH ABSTRACT: In many ways, the cash flow statement can be more informative than the
other financial statements. It is relatively freer from subjective accounting and
reveals managerial choices, such as investment and financing decisions,
which are less apparent from the balance sheet or income statement. One of
the components of the cash flow statement, cash flow from operations, is the
primary focus and the primary variable of interest in this study.
The study set out to create a database for the University of Stellenbosch
Business School by using cash flow ratios of listed industrial companies on
the Johannesburg Stock Exchange for the period 1974 to 1997. This is an
initial attempt to have such a facility in place to assist future researchers in
establishing patterns present in the ratios.
Descriptive statistics were calculated for all the ratios. Twenty-two ratios were
calculated in three ways:
(a) Ratios were pooled over time and over sector;
(b) Ratios were pooled over time for each of the 17 sectors; and
(c) Ratios were pooled over sectors for each of the years 1974 to 1997.
In addition, chi-square and Kolmogorov-Smirnov tests for normality were
conducted.
To get insight into the potential patterns, some of the statistical properties of
cash flow ratios have been examined with particular reference to two ratios,
(ratio 14 and ratio 20). These were chosen since they are considered to be
the most important ratios in the study. / AFRIKAANSE OPSOMMING: Die kontantvloeistaat kan op baie maniere meer inligting as die ander finansieIe state
verskaf. Dit word relatief gesproke minder deur subjektiewe rekerungkunde
beYnvloed en dit 1aat die klem val op bestuursbesluite, S005 investerings- en
finansieringsbesluite. Laasgenoemdes is minder duidelik waameembaar as daar na
die balansstaat en inkomstestaat gekyk word. Kontant uit bedryfsaktiwiteite. een van
die komponente van die kontantvloeistaat, is die primere fokus en die belangrikste
item in hierdie studie.
Die doel van die studie is om 'n datahasis vir die Bestuurskool van die Universiteit
van Stellenbosch daar te stel, deur gebruik te maak van kontantvloeiverhoudings van
aile genoteerde industriele maatskappye op die Johannesburg Effektebeurs vir die
periode 1974 tot 1997. Dit was 'n eerste poging om so 'n fasiliteit daar te stel ten
einde toekomstige navorsers in staat te stel om patrone aanwesig in die verhoudings
waar te neem.
Beskrywende statistiek is bereken Vlf al die verhoudings. Twee en twintig
verhoudings is bereken op drie maniere:
(a) Verhoudings gepoel oor tyd en oor sektore heen;
(b) Verhoudings verpoel oor jare vir elk van die 17 sektore; en
(c) Verhoudings verpoel oor sektore heen, per jaar vanaf 1974 tot 1997.
Verder is die chi-kwadraat en die Kolmogorov-Smirnoftoetse vir normaliteit gedoen.
Twee van die verhoudings. verhoudings 14 en 20, is uitgesonder as die belangrikste
verhoudings in die studie. Ten einde insig in die potensieie patrone van die
kontantvloeiverhoudings te verkry, is die statistiese eienskappe van hierdie twee
verhoudings verder ondersoek.
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An analysis of sources and application of funds for a sample of Hong Kong companiesYau, Kwok-ching, Edmond., 丘國政. January 1992 (has links)
published_or_final_version / Business Administration / Master / Master of Business Administration
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Leverage of public construction companies and the impact of project cash flow schedules on their solvencyMa, Yuk-kei, Paul., 馬玉騏. January 1991 (has links)
published_or_final_version / Business Administration / Master / Master of Business Administration
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Overpriced mergers and acquisitions in the chemical industryMomin, Farid L. 26 August 2010 (has links)
Mergers and acquisitions within the chemical industry is a common practice to increase market presence and customer base. Common justifications for M&A include synergy, business growth and competitive advantages, and management reasoning. Synergies are benefits a combined firm is able to receive through cost reductions, market expansion, and efficiencies in processes. As a result, firms are able to grow and position themselves competitively. To prevent an overpriced acquisition, numerous valuation techniques exist. The discount cash flow examines the value of a firm based on future cash flow. The market multiple compares target firms to similar firms in the industry. Lastly, the asset valuation determines the value of a firm based on the liquidation of the firm.
To maximize the return on an acquisition, proper due diligence should be conducted based on the needs and goals of the purchaser, and the value added by the target firm. The premium paid for an acquisition should be based on the valued added through the synergies identified. Current business cycles and future outlook should also factor into the pricing of the acquisition. Having a thorough analysis of a target firm can help the acquirer to clearly understand what is being purchased and hence, determine an appropriate price for the acquisition. / text
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Riktkursers träffsäkerhet : En studie om kassaflödens och andra variablers samband med träffsäkerheten / The Accuracy of Target Prices : A Study about Cash Flows' and Other Variables Relationship with the AccuracyAfrim, George, Ekdahl, Ludvig January 2016 (has links)
Background: Previous studies show that recommendations accuracy partly can be explained by numerous variables. Prior research leave out several variables, which based on theoretical support, may have a connection with accuracy, such as the cash flows’ volatility. Based on the DCF-model’s structure, accuracy of target prices is assumed to have a positive relationship with companies that have stable cash flows. Purpose: The purpose of this thesis is to analyze the accuracy of stock analysts' target prices and their connection with stable cash flows. The purpose of the study is also to analyze the role of less highlighted variables’ relationship with the accuracy of target prices, in combination with earlier investigated variables. Completion: Including less highlighted variables is supported by theory about corporate valuation, where cash flows’ volatility is the main focus of this study. The accuracy of the target prices is analyzed by regression analysis for three time horizons, where the dependent variable is the absolute margin of error and the dependent variables are represented by the explanatory factors that the study examines. The relationships are estimated by OLS, due to the fact that data are unbalanced. Conclusion: Stock analysts’ target prices present relationships with numerous of the variables examined in the study. The strongest relationships with the accuracy of target prices are shown by cash flows’ variation, the number of stock analysts, goodwill in terms of total capital and companies’ size. The results show that companies with stable cash flow have a positive relationship with the accuracy of target prices, which supports the theories of the DCF-model for valuation of companies with stable cash flow. The estimations show that the accuracy of target prices also is explained by other factors than those this very study investigates. The results show that the accuracy is higher for shorter time horizons. / Bakgrund: Tidigare studier finner att prognosers träffsäkerhet delvis kan förklaras av flertalet variabler. De variabler som studeras i tidigare forskning visar bitvis på tvetydigheter och utelämnar flertalet variabler som utifrån teoretiskt stöd kan ha ett samband med träffsäkerheten, som exempelvis kassaflödens volatilitet. Utifrån DCF-modellens uppbyggnad antas riktkursers träffsäkerhet ha ett positivt samband med bolag som har stabila kassaflöden. Syfte: Studiens syfte är att ekonometrisk analysera träffsäkerheten i aktieanalytikers riktkurser och söka systematiska förklaringsfaktorer till avvikelser mellan riktkurser och de faktisk realiserade kurserna. Fokus ligger på att, i kombination med tidigare undersökta variabler, analysera tidigare mindre uppmärksammade variablers så som kassaflödens samband med riktkursers precision. Genomförande: Från teori kring bolagsvärdering hämtas stöd för mindre belysta faktorer som kan tänkas påverka riktkursers träffsäkerhet, där kassaflödens volatilitet är studiens huvudsakliga fokus. Riktkursernas träffsäkerhet analyseras via regressionsanalys för tre olika tidshorisonter, där beroendevariabeln är den absoluta felmarginalen i riktkursen och de oberoende variablerna representeras av företagens kassaflöden och övriga påverkansfaktorer som identifierats i tidigare forskning. Studien bygger på data från den amerikanska aktiemarknaden. Slutsats: Aktieanalytikers riktkurser uppvisar samband med flertalet av de variabler studien undersöker. Starkast samband med riktkursers träffsäkerhet visar kassaflödens variation, antalet aktieanalytiker, goodwill i termer av totalt kapital och bolags storlek. Resultaten visar att bolag med stabila kassaflöden har ett positivt samband med riktkursers träffsäkerhet. Detta ger stöd åt DCF-modellens teorier vid värdering av bolag med stabila kassaflöden. Skattningarna visar att riktkursers träffsäkerhet även förklaras av andra faktorer än de som studien undersöker. Resultaten visar att träffsäkerheten är högre för kortare tidshorisonter.
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Modelování jako účinný nástroj v průmyslové praxi a ekonomické aspekty / Modelling as Efficient Tool in Industrial Practice and Economic AspectsŠarlej, Marek January 2012 (has links)
This doctoral thesis focuses on modelling as an efficient tool in industrial practice in the field of power industry and environmental engineering. It represents the modelling for technical as well as for economic part and their combination. Industrial companies do not evaluate only technical solutions in terms of investment costs, however, they search for optimized technical-economic solutions. The doctoral thesis describes the modelling of individual equipment as well as technological units in various levels of complexity. Case studies utilising various levels of modelling are represented herein.
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Ocenění cestovní kanceláře SALLY TOURS / Valuation of travel agency SALLY TOURSVejvarová, Jana January 2010 (has links)
This thesis deals with the specifics of valuation of small businesses and is trying to find practical solutions to particular problems on the example of a travel agency SALLY TOURS. The selected company was evaluated for the purpose of sale and settlement of marital property. Financial and strategy analysis was performed followed by determination of value drivers and future free cash flow. Discounted cash flow and capitalized earnings method were used. The conclusion summarizes the main differences in the valuation of small businesses and companies, and recommends their solutions.
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[en] CASH FLOW-AT-RISK: A NEW APPROACH FOR THE DISTRIBUTION OF ELECTRIC ENERGY SECTOR / [pt] FLUXO DE CAIXA EM RISCO: UMA NOVA ABORDAGEM PARA O SETOR DE DISTRIBUIÇÃO DE ENERGIA ELÉTRICAALVARO ROCHA ALBUQUERQUE 27 February 2009 (has links)
[pt] O gerenciamento de riscos de mercado é um assunto que já
assume papel relevante e definitivo no ambiente das instituições
financeiras. Mais recentemente o assunto vem ganhando espaço também no âmbito de instituições não financeiras. Dentre os benefícios advindos da implantação
de sistemas de medição e gerenciamento de riscos de mercado no âmbito das
instituições não financeiras, destacam-se como os mais diretos: o controle dos fluxos de caixa necessários ao cumprimento dos investimentos programados pela empresa, a
redução da volatilidade desses fluxos e, conseqüentemente, da
probabilidade de a empresa deixar de honrar compromissos futuros. Benefícios
adicionais incluem o aumento da transparência aos investidores e a rápida assimilação de novas fontes de riscos de mercado pelos gestores. Considerando a existência deste espaço e a importância do tema para as empresas, este trabalho propõe a construção de um modelo teórico para mensuração do fluxo de caixa em risco e o aplica a uma única empresa pertencente ao setor de distribuição de energia elétrica no Brasil. Tal modelo deve ser capaz de informar a probabilidade dessa empresa não dispor de recursos para honrar seus compromissos em determinada data de pagamento futura, ou vértices do fluxo. / [en] In the last years, risk management assumed a relevant and
definitive role
in the environment of financial institutions. More recently
however, the subject
has also been gaining ground in the environment of non-
financial institutions.
Among the benefits arising from the introduction of risk
management within the
environment of non-financial institutions, those that stand
out as being the most
direct are the control of the cash flow necessary for the
investments that have been
programmed, reduction in the volatility of this cash flow,
and consequently in the
probability of the company failing to honor its future
commitments. Additional
benefits include an increase in transparency as far as
investors are concerned, a
rapid assimilation of new risk sources by the managers.
Considering this gap and
the theme`s importance to non-financial institutions, this
work proposes a
theoretical model, which aims to measure firm cash flow-at-risk. Afterwards, the
proposed model is applied and tested in only one Brazilian
distribution electric
sector company. Such a model may be able to return the
probability that a
company faces a financial distress, for not being able to
make due payments in the
set dates.
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