Im ersten Abschnitt der Arbeit werden, neben dem grundlegenden Ablauf, die unterschiedlichen Factoring-Formen und Funktionen erläutert. Es erfolgt eine Abgrenzung zu anderen kurzfristigen Finanzierungsformen. Für diese Arbeit wurden Geschäftszahlen der Jahre 2008 bis 2018 von 106 Factoring-Unternehmen über die elektronische Ausgabe des Bundesanzeigers erhoben. In dem darauffolgenden Abschnitt erfolgt die Arbeit mit den empirischen Daten. Die Daten werden diskutiert, aufbereitet und anschließend ausgewertet. Es werden Entwicklungen am Arbeitsmarkt und der Gesamtwirtschaft beobachtet und im letzten Abschnitt der Arbeit die aktuellen Entwicklungen der Fintechs betrachtet. Dabei wird der Begriff „Fintech“ zunächst definiert und die Unterschiede zu klassischen Geschäftsmodellen kritisch analysiert. Abschließend erfolgt eine Zusammenfassung der Ergebnisse.:1 Einleitung 2 Definition und Abgrenzung des Factorings 2.1 Definition und Formen des Factorings 2.2 Bedeutung und Funktionen des Factorings 2.3 Alternative kurzfristige Finanzierungen und deren Kosten 3. Entwicklung des Factoring-Marktes in Deutschland 3.1 Erhebung und Herkunft der Daten 3.1.1 Statistische Beurteilung – Qualität der Daten 3.1.2 Regression – Schätzen fehlender Werte 3.1.3 Interpretation der Daten 3.2 Einteilung der Unternehmen 3.2.1 Nach Unternehmensgröße laut HGB 3.2.2 Nach Rechtsform 3.2.3 Nach Standort 3.2.4 Nach Gründungsdatum 3.2.5 Nach Wirtschaftsbranche der Factoring-Kunden 3.3 Positionen der Gewinn- und Verlustrechnung 3.3.1 Zinserträge / Provisionserträge 3.3.2 Zinsaufwendungen / Provisionsaufwendungen 3.3.3 Allgemeine Verwaltungsaufwendungen 3.3.4 Wertberichtigungen auf Forderungen 3.3.5 Sonstige Gewinn- und Verlustrechnungspositionen 3.3.6 Ergebnis aus normaler Geschäftstätigkeit 3.4 Positionen der Bilanz 3.4.1 Forderungen und Verbindlichkeiten 3.4.2 Sonstige aktive Bilanzposten 3.4.3 Eigenkapital 3.4.4 Sonstige passive Bilanzpositionen 3.5 Arbeitsmarkt / Anzahl der Mitarbeiter 3.6 Entwicklung der Factoring-Quoten, Kundenzahlen 3.7 Historische Entwicklung und regulatorische Einflüsse 4 Entwicklungen in der Fintech-Branche 4.1 Definition von Fintechs 4.2 Dienstleistungsunterschiede zu klassischen Factoring-Anbietern 4.3 Börse für Factoring 4.4 Kritische Auseinandersetzung 5 Zukünftige Entwicklung 6 Fazit / This bachelor thesis evaluates the development of the german factoring market between the years 2008 and 2018. For the evaluation key figures of annual financial statements, employment market and the factoring branch in general are compared between 164 factoring companies.The thesis also discusses the latest innovation of fintechs and draws a comparison to traditional factoring companies. In conclusion, the results clearly show a growth of the industry within the evaluation period.:1 Einleitung 2 Definition und Abgrenzung des Factorings 2.1 Definition und Formen des Factorings 2.2 Bedeutung und Funktionen des Factorings 2.3 Alternative kurzfristige Finanzierungen und deren Kosten 3. Entwicklung des Factoring-Marktes in Deutschland 3.1 Erhebung und Herkunft der Daten 3.1.1 Statistische Beurteilung – Qualität der Daten 3.1.2 Regression – Schätzen fehlender Werte 3.1.3 Interpretation der Daten 3.2 Einteilung der Unternehmen 3.2.1 Nach Unternehmensgröße laut HGB 3.2.2 Nach Rechtsform 3.2.3 Nach Standort 3.2.4 Nach Gründungsdatum 3.2.5 Nach Wirtschaftsbranche der Factoring-Kunden 3.3 Positionen der Gewinn- und Verlustrechnung 3.3.1 Zinserträge / Provisionserträge 3.3.2 Zinsaufwendungen / Provisionsaufwendungen 3.3.3 Allgemeine Verwaltungsaufwendungen 3.3.4 Wertberichtigungen auf Forderungen 3.3.5 Sonstige Gewinn- und Verlustrechnungspositionen 3.3.6 Ergebnis aus normaler Geschäftstätigkeit 3.4 Positionen der Bilanz 3.4.1 Forderungen und Verbindlichkeiten 3.4.2 Sonstige aktive Bilanzposten 3.4.3 Eigenkapital 3.4.4 Sonstige passive Bilanzpositionen 3.5 Arbeitsmarkt / Anzahl der Mitarbeiter 3.6 Entwicklung der Factoring-Quoten, Kundenzahlen 3.7 Historische Entwicklung und regulatorische Einflüsse 4 Entwicklungen in der Fintech-Branche 4.1 Definition von Fintechs 4.2 Dienstleistungsunterschiede zu klassischen Factoring-Anbietern 4.3 Börse für Factoring 4.4 Kritische Auseinandersetzung 5 Zukünftige Entwicklung 6 Fazit

La tesi affronta il tema del capitale sociale e della sua funzione all’interno del sistema delle società di capitali partendo dalle innovazioni legislative che hanno interessato la disciplina della s.r.l. in Europa. Nel primo capitolo vengono dipanate alcune questioni teoriche e applicative che hanno afflitto la prima esegesi delle nuove forme di patrimonializzazione delle s.r.l. Nel secondo capitolo sono discusse le tesi tradizionali sul capitale sociale e sono esposte le ragioni per cui esse non paiono idonee a risolvere le questioni organizzative e capitalistiche poste dall’istituto. Nel terzo capitolo è esposta la tesi centrale: il capitale sociale esprime un concetto normativo che svolge una funzione di governo societario, volto a risolvere la questione organizzativo-corporativa (rapporti interorganici in materia di scelte finanziarie) e riafferma l’impostazione proprietaria degli ordinamenti continentali. Si illustra una lettura unitaria interna alla classe delle società di capitali e il collegamento con la limitazione di responsabilità. Sono esaminati gli istituti del diritto societario finalizzati ad assicurare garanzia ed efficienza, profili non sempre convergenti. Si sostiene la necessità di una rule, ex ante, ad effetto reale, rispetto ai rimedi basati sugli standard e di carattere obbligatorio, individuando un possibile strumento di composizione degli interessi in gioco nelle nuove tutele. / The dissertation deals with legal capital and its function within the system of the Italian civil code rules for corporations. These rules have been recently amended both in Italy and in other European Countries, in particular with respect to the non-stock company forms (limited liability company, Italian s.r.l.). The first Chapter addresses some theoretical and practical issues raised by the early scholarly works that have analyzed the new financing schemes for the Italian s.r.l. The second Chapter discusses the traditional approaches to legal capital and provides evidence that such approaches prove inadequate to resolve the corporate and capitalistic questions that legal capital poses. The third Chapter draws the key argument of the dissertation: legal capital is a rule that fulfills corporate governance goals. It allocates powers and responsibilities regarding the financial structure of the firm and reaffirms the proprietary, shareholder oriented, European approach. This is a typical feature of all corporations, public stock corporations and private close corporations, and stems from limited liability. Further, the dissertation compares the creditor protection rules against the value maximization principle. A rule-based, ex ante approach appears more desirable and a potentially effective and flexible legal strategy can be found in the new legal reserve.

Corporate Growth is a concept that has been widely treated in a specific way or as part of strategy theories, in definition and in econometric models and has also been studied in many different aspects and approaches. The author describes in depth the main variables affecting corporate growth and the underlying business processes. This empirical research has focused on Sales, Profit-Cash Flow, Risk, Created Shareholder Value, Market Value and Overall Performance econometric models. These panel data models are based on the 500 Companies of the Standard & Poor’s 500. The methodology used has been very strict in identifying exogenous variables, walking through the different alternative econometric models, discussing results, and, in the end, describing the practical implications in today’s business corporate management. We basically assume that the Functions/Departments act independently in the same company, many times with different objectives, and in this situation clear processes are key to clarify the situations, roles and responsibilities. We also assume that growth implies interactions among the different functions in a company and the CEO acts to lead and coach his immediate Directors as a referee of the key conflicts through his Operating Mechanism. The objective of this PhD Dissertation is to clarify the business priorities and identify the most relevant variables in every process leading to the highest efficiency in reaching a sustainable and profitable growth. It covers the lack of academic studies on the nature and specific driving factors of corporate growth and provides a working framework for Entrepreneurs and Management leading to the Company’s success.

Dissertação (mestrado) - Departamento de Economia, Pontifícia Universidade Católica do Rio de Janeiro, Rio de Janeiro, 1989. Bibliografia: p. 137-140. / This dissertation analyses the implicit give away of public funds that resulted from the partial indexation of BNDE'S loans to private domestic enterprises, during the second half of the seventies. The analysis of 13.350 long term financing contracts allowed the estimation of the values that were transfered and its distribution amongest beneficiaries. / A tese analisa a doação implícita de recursos públicos, que resultou da concessão de financiamentos pelo Sistema BNDES ao setor privado nacional, com cláusula de correção monetária parcial, na segunda metade da década de setenta. A partir da análise de cerca de 13.350 contratos de empréstimos de longo prazo, estima-se o valor das transferências patrimoniais envolvidas e, examina-se sua distribuição entre os beneficiários.

Submitted by Renata Lopes (renatasil82@gmail.com) on 2016-02-12T12:16:55Z No. of bitstreams: 1 diogosennacanongia.pdf: 2323385 bytes, checksum: a99ec9ad446059cd7c7ca2917bcf56d5 (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2016-02-26T12:11:14Z (GMT) No. of bitstreams: 1 diogosennacanongia.pdf: 2323385 bytes, checksum: a99ec9ad446059cd7c7ca2917bcf56d5 (MD5) / Made available in DSpace on 2016-02-26T12:11:14Z (GMT). No. of bitstreams: 1 diogosennacanongia.pdf: 2323385 bytes, checksum: a99ec9ad446059cd7c7ca2917bcf56d5 (MD5) Previous issue date: 2014-09-26 / FAPEMIG - Fundação de Amparo à Pesquisa do Estado de Minas Gerais / A partir de Modigliani e Miller (1958) foi iniciada uma vasta discussão sobre a estrutura de capital das empresas. Entre as teorias que emergiram ao longo dos anos, destacase aquelas baseadas no equilíbrio (trade-off) entre benefícios e custos da dívida e a Pecking Order Theory, cuja criação é atribuída a Myers e Majluf (1984). Por outro lado, Almeida e Campelo (2010) apontam o fato de que as teorias até então abordadas negligenciavam o papel da restrição financeira na decisão dos gestores, afirmando que o comportamento das empresas financeiramente restritas poderia ser substancialmente distinto das demais. Shyam- Sunders e Myers (1999) mostram ainda que a maioria dos testes empíricos que confirmam, ora uma teoria, ora outra, carecem de poder estatístico, visto que uma teoria poderia mostrarse correta, ainda que as empresas se comportem de acordo com a teoria alternativa. Dessa forma, propõem um novo teste baseado em simulações para confrontá-las. A partir de uma base de dados com empresas brasileiras de capital aberto, entre 2000 e 2013, é proposto um teste amplo, que visa avaliar simultaneamente as principais proposições teóricas sobre trade-off. Num segundo momento, é proposto um novo teste para a Pecking Order Theory, que incorpora em sua forma funcional a questão da restrição financeira, levantada por Almeida e Campelo (2010). Posteriormente, objetiva-se confrontálas a luz do teste do poder estatístico proposto por Shyam-Sunders e Myers (1999). As teorias baseadas em trade-off apontam para a presença de custos de ajustamento, havendo ainda uma folga financeira de 7% para realocação de dívida em direção a um ponto ótimo, de acordo com suas características. A Pecking Order Theory com restrição financeira também é confirmada, de modo que as empresas que não sofrem restrição assumem dívida exatamente na proporção de seu déficit (incluído o investimento pretendido) enquanto nas demais empresas, sob restrição, o endividamento não se mostra correlacionado com o referido déficit. Por fim, entretanto, ambas as teorias falham para o teste do poder estatístico, mostrando-se “corretas” mesmo sob bases de dados simuladas pela teoria alternativa. Ademais, é proposto um teste para a determinação da estrutura da dívida per si, considerando a determinação simultânea entre o curto e o longo prazo, assim como a opção entre a dívida privada e a emissão pública de títulos. / Modigliani and Miller (1958) has initiated a wide discussion on the capital structure of companies. Among the theories that have emerged over the years, there are the theories base on equilibrium (trade-off) between debt costs and benefits. Also the Pecking Order Theory, which creation is attributed to Myers and Majluf (1984). According to Almeida and Campelo (2010) these theories have neglected the role of financial constraints on decision makers, concluding that the behavior of financially constrained firms could be substantially different from others. Yet, Shyam-Sunders and Myers (1999) demonstrate most empirical tests have, confirming this or that theory lack on statistic power, due to the fact that a theory coud be confirmed even if companies behave according to the alternative theory. The authors propose a new test, using simulations, to confront both theories. Using a data base of Brazilian publicly traded companies, between 2000 and 2013, an extensive test is proposed to simultaneously evaluate the main theoretical proposals about trade-off. Afterwards, a new test is proposed to the pecking order theory, with a formula that incorporates financial constraint, brought up by Almeida and Campelo (2010). Finally, both theories are confronted with the statistic power test proposed by Shyam-Sunders and Myers. Trade-off theories suggests adjustment costs and a financial slack of 7% for debt relocation towards optimal point, according to its characteristics. Pecking Order Theory with financial constraint is also confirmed and suggests that companies witch do not suffer from constraint undertake debt exactly in proportion of its deficit (including pretended investment) while in the other companies, under constraint, debt ratio is not correlated with deficit. Finnaly, both theories fail the statistic power test, because they are confirmed even when the database is simulated from the alternative theory. Moreover, another test is proposed, regarding the structure of de debt itself, considering the short term and long term debt are chosen simultaneously. Same logic applies for the simultaneous choice between private debt and issuing public debt.

The master’s thesis analyses financial health of the company IFE-CR, a.s. in the years 2004 – 2008 at the basis of selected methods of the financial analysis. It comprises proposals of possible of identified problems which should result in the improvement of financial situation of the firm in future years.

[pt] Finanças Corporativas tem como objetivo encontrar a política de investimentos e financiamentos que maximize o valor para o acionista. Baseada no modelo estático de Modigliani e Miller, a literatura recente apresenta modelos dinâmicos que buscam maior aderência à realidade. No entanto, para obter uma metodologia de solução computacionalmente tratável, duas simplificações são usualmente adotadas: (i) agentes financeiros são neutros a risco; (ii) custo de financiamento são fixos e independentes da alavancagem da empresa. Neste trabalho, é proposto um modelo de programação dinâmica estocástica para a determinação da política ótima de investimentos e financiamentos considerando acionistas avessos a risco e empresas que enfrentam incerteza na receita e custos marginais de financiamentos não-decrescentes com o nível de alavancagem da empresa. O modelo proposto é resolvido de maneira eficiente utilizando o algoritmo de Programação Dinâmica Dual Estocástica. Ao final do trabalho, são realizados estudos empíricos e análises de sensibilidade para melhor compreensão das políticas de investimentos e financiamentos das corporações. / [en] Corporate Finance is the study of investment and financing policies in order to maximize shareholder value. Based on the static model of Modigliani and Miller, recent literature presents dynamic models that seek greater adherence to reality. However, to obtain a computationally treatable solution methodology, two simplifications are usually adopted: (i) financial agents are risk neutral; (ii) cost of financing is static and independent of the company s leverage. In this work, a dynamic stochastic programming model is proposed to determine the optimum investment and financing policy, considering risk-averse shareholders and companies that face uncertainty on income and non-decreasing marginal costs of financing. The proposed model is efficiently solved using the Stochastic Dual Dynamic Programming algorithm. At the end of the study, empirical studies and sensitivity analyzes are carried out to the better understanding of corporate investment and financing policies.

The purpose of this study is to measure the message terror organizations hope to convey using the financial markets as a proxy of measurement to determine patterns within the marketplace and the effects on the terrorists’ ability to deliver a desired message due to the increased use of digital devices and access to instantaneous news, seen over the past decade. Using death count, geographic location, and event type, this study identified 109 attacks between 1985 and 2015 to be analyzed against 5 market indices and 5 securities. Measuring the effects within a 10-day sample window from the time of the attack (+ or - 5 days) using average abnormal returns, standard deviation, Sharpe Ratio and the initial reactions in the market place as a percentage of total attacks, the effects on average abnormal returns on the market proxies were measured on three levels; The entire sample period from 1985 to 2015; the first half of the sample period 1985-1999; and the second half of the sample period 2000-2015. Analyzing trends in abnormal returns and standard deviation, the results of the study were inconclusive.