Submitted by Michel Decian Carvalho (micheldecian@outlook.com) on 2019-01-25T19:33:28Z No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Ecoeficiência em sistemas de produção de frangos de corte.pdf: 2316978 bytes, checksum: 73c26d3d5c3921fc687fb53c493beb9b (MD5) / Approved for entry into archive by Lucas Paganine (lucaspaganine@ibict.br) on 2019-02-05T17:10:17Z (GMT) No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Ecoeficiência em sistemas de produção de frangos de corte.pdf: 2316978 bytes, checksum: 73c26d3d5c3921fc687fb53c493beb9b (MD5) / Made available in DSpace on 2019-02-05T17:10:17Z (GMT). No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Ecoeficiência em sistemas de produção de frangos de corte.pdf: 2316978 bytes, checksum: 73c26d3d5c3921fc687fb53c493beb9b (MD5) Previous issue date: 2018 / The consumption of chicken meat as a source of animal protein is increasing. Largescale confinement systems are responsible for meeting this demand. As a result, the consumption of inputs and the environmental changes that these systems provide intensify. The production chain of Brazilian broiler chicken is characterized by a system of integration between producer and the agroindustry, and both are inserted in a globalized market, where the imported inputs and export much of the production is exported to foreign markets. To evaluate the economic and environmental performance of production systems responsible for representing this food supply, an eco-efficiency assessment was made. The eco-efficiency assessment addressed two methods for quantifying environmental impacts and valuation of product systems, Life Cycle Assessment (LCA) and Economic Value Added (EVA). The approach comprised the stages of agricultural production, breeding and fattening of chickens. Four products in three different systems were evaluated, Griller, Broiler and heavy broiler chickens produced in Negative pressure automated dark house aviaries, and the same chickens produced in Conventional positive pressure aviaries. Also, for comparison an alternative system of positive pressure was used to represent the production of organic chickens that serves a niche market but receives attention for studies in other countries. The Functional Unit (UF) was 1 kg of live chicken ready to be shipped to the slaughterhouse, and the method for Life Cycle Impact Assessment (AICV) was done with CML 2. The results showed that most of the impacts comes from the agricultural stage of grain production for the rations, and from the use of electric power to feed the equipment of the barracks. Conventional systems presented negative results for the generation of economic value and environmental impacts like the Dark House systems. Chickens produced in organic systems positively outperformed the other products in terms of economic valuation but had results of potential environmental impact much higher. It was possible to conclude that for conventional systems special attention needs to be paid regarding the return on investment, especially in relation to rates for capital remuneration, to provide new ventures that, in addition to smaller environmental impacts, can also generate greater economic profit. / O consumo da carne de frango como fonte de proteína animal é crescente em todo mundo. Os sistemas de produção de confinamento em larga escala são responsáveis por atender essa demanda. Em função disso o consumo de insumos e as trocas ambientais que estes sistemas proporcionam se intensificam. A cadeia produtiva do frango de corte no Brasil é caracterizada em sua maioria por sistemas de integração entre produtores e agroindústrias, e estão inseridos em um mercado globalizado onde importam insumos e exportam boa parte da produção para mercados externos. Para avaliar o desempenho econômico e ambiental dos sistemas de produção responsáveis por representar essa oferta de alimentos, uma avaliação de ecoeficiência foi feita. A avaliação de ecoeficiência abordou dois métodos para quantificar os impactos ambientais e a valoração dos sistemas de produto, a Avaliação do Ciclo de Vida (ACV) e o Valor Econômico Agregado (EVA). A abordagem foi do berço ao portão dos aviários, compreendendo as etapas de produção agrícola, fábrica de ração e engorda dos frangos. Quatro produtos em três sistemas diferentes foram avaliados, os frangos Griller, Broiler e pesados produzidos em aviários automatizados de pressão negativa Dark House, e os mesmos frangos produzidos em aviários de pressão positiva convencionais. Ainda para comparação, um sistema alternativo de pressão positiva foi utilizado representando a produção de frangos orgânicos que atende um determinado nicho de mercado e recebe atenção para estudos similares em outros países. A Unidade Funcional (UF) usada é de 1 kg de frango vivo pronto para embarcar para o abatedouro, e a Análise de Impacto do Ciclo de Vida (AICV) foi feita com o método CML 2 baseline. Os resultados mostraram que a maior parte dos impactos vem da etapa agrícola da produção de grãos usados na fabricação das rações, e por seguinte do uso de energia elétrica para alimentar os equipamentos dos aviários. Os sistemas convencionais apresentaram resultados negativos para geração de valor econômico e impactos ambientais similares aos sistemas Dark House. Os frangos produzidos em sistemas orgânicos superaram positivamente os demais produtos quanto a valoração econômica, mas tiveram resultados de potencial impacto ambiental muito acima em todas as categorias de impacto analisadas. Foi possível concluir que para sistemas convencionais uma atenção especial precisa ser dada quanto ao retorno dos investimentos, principalmente com relação as taxas para remuneração do capital, de forma a proporcionar a novos empreendimentos que além de impactos ambientais menores também possam gerar maior lucro econômico.

The diploma thesis deals with the determination of the value of the company from the construction branch. The thesis is divided into two parts. The first part aims at the methods of the determination of the value of the company. The theoretical knowledge is applied in the second part, namely in subsections about strategic, financial analysis and the evaluation by the yield method of discounted cash flow. Programs Stratex and Evalent are used to determine the value. The conclusion of the thesis includes the determination of the value of the company applied to 1st January 2014.

No contexto urbano, a bacia hidrográfica é formada por componentes naturais e artificiais que interagem em um sistema único. Os componentes naturais são representados por diversos bens naturais que proporcionam os serviços ambientais. Dimensionar o valor econômico de bens naturais, incluídas as árvores urbanas, é uma forma de simbolizar a sua importância nos processos de equilíbrio dinâmico dos sistemas urbanos, justificando a necessidade de preservação do patrimônio natural existente em parques, jardins, praças e vias, fomentando as iniciativas públicas e privadas que investem no acréscimo e melhoria da qualidade das florestas urbanas. O auxílio na drenagem urbana advindo da presença arbórea é um dos serviços ambientais, que ocorre com diferentes intensidades conforme a posição no relevo (altitude e declividade) da bacia hidrográfica. Por meio de inventário georreferenciado, foram identificadas árvores presentes na bacia do Córrego do Sapateiro na cidade de São Paulo. Posteriormente, o sistema de informações geográficas (SIG) foi utilizado na definição das classes de altitude e declividade e na quantificação da cobertura arbórea para discussão da sua relação com o sistema hidrológico da bacia. Isso permitiu que um novo fator, chamado Valor de Relevo (VR), fosse introduzido ao método de valoração de árvores urbanas proposto por Silva Filho et al. (2002). Por meio da apresentação do valor de relevo, propõe-se uma nova dimensão associada à hidrologia de superfície nesse método de valoração de fórmula. Sugere-se a associação de pesquisas complementares que viabilizem a introdução de fatores com relevância ao valor da árvore nas cidades por seus serviços ambientais, para alcançar um método de valoração cada vez mais completo e conivente a um modelo de desenvolvimento urbano pautado no equilíbrio social, ambiental e econômico. / In the urban context, watersheds are formed by natural and artificial components which are a single system. Natural components are represented by various natural resources that provide environmental services. Measuring the economic value of the natural resources, including the urban trees, is a way to symbolize its importance in the processes of dynamic equilibrium of urban systems, hence the need for preservation of existing natural heritage in parks, gardens, squares and streets, encouraging public and private investment in the increase and improvement of urban forests. The aid in urban drainage arising from the presence of trees is an environmental service, that occurs with different intensities depending on the position on basin relief (altitude and slope). Through georeferenced inventory trees were identified in the Córrego do Sapaterio (Sapateiro Stream) basin in São Paulo. Then the geographic information system (GIS) was used to define classes of altitude and slope and quantification of tree cover for the discussion of its relationship with the hydrological system of watershed. This allowed that a new factor, called Relief Value (RV), was introduced to the method of tree valuation proposed by Silva Filho et al. (2002). Presenting the value of relief, it is proposed a new dimension surface hydrology associated with this tree appraisal method. It is suggested the combination of complementary research that will enable the introduction of factors with proven importance to the value of urban tree because of its environmental services, to achieve a valuation method even more complete and conniving to a model of sustainable urban development in the social, environmental and economic balance.

隨著土地、勞力成本提高及開發中國家之競爭，台灣的傳統產業長期低迷不振，而美國「新知識經濟」效應，引伸出智慧資本的重要性，也使得投資人資金追逐具有未來憧憬的高科技股票，導致傳統產業發展陷入瓶頸。儘管現今高科技產業當道，但平心而論，不少傳統產業也曾是過去的新興產業，並造就台灣經濟奇蹟，在經濟發展史上不容忽視。職此，本研究以價值衡量觀點出發，以經濟附加價值（EVA）為公司價值之衡量指標，主要目的在探討傳統產業和高科技產業之價值驅動因子差異性。實證結果發現：（一）不論傳統或高科技產業，財務性價值動因皆為企業達成價值創造的主要因素。傳統產業若能提高銷貨成長率、增進營運資金使用效率、降低資金成本，皆有助創造企業價值。高科技產業如能妥善運用營運資金，亦能創造價值。資本支出在兩種產業中皆為價值創造之決定因素，然卻與預測方向不符。（二）智慧資本對傳統產業不具解釋力。高科技產業中，員工平均年齡較年輕、員工每人營收愈高，將提昇企業價值；而每名員工管理費用與預測方向不符。（三）不論傳統或高科技產業，財務性價值動因皆較智慧資本具解釋力，這可能因智慧資本指標不具代表性或與研究期間有關。但對於無形資產當道的新經濟時代，建議傳統產業可考慮將產業特性與科技結合，積極升級、轉型；高科技產業未來仍需就軟體與網路應用深耕發展，提昇科技人才素質及創新研發能力。最後，藉由發現影響企業價值的主要因素，企業應將此類攸關因素加以揭露，或以補充性報表表達，不但使企業更瞭解本身競爭優勢，協助管理當局進行價值管理與價值創造，也能幫助投資人更精確地評估企業價值。 / With the increasing costs of land and labor, also with the competitions from developing countries, traditional industries in Taiwan have depressed for a long time.「New Knowledge Economy」effects also reveal the importance of intellectual capital, making investors search for high-tech stocks; therefore, traditional industries fall into a bottleneck. The study uses EVA（Economic Value Added）as an enterprise value measure to explore the differences of value drivers between traditional and high-tech industries, finding the following results. First, financial value drivers are important variables to create value both in traditional and high-tech industries. These variables are SG（Sales Growth）、WC（Working Capital）and WACC（Weighted Average Cost of Capital）in traditional industries, and WC（Working Capital）in high-tech industries. CE（Capital Expenditure）is also a vital factor, but is opposite to hypotheses. Second, there's a significant association between intellectual capital variables and enterprise value of high-tch industries; nevertheless, appearing no significant reaction in traditional industries. In high-tech industries, ADE（Administrative Expense per Employee）、AEA（Average Employee Age）and SPE（Sales per Employee）are all value creative drivers, but ADE is in a reverse direction. Third, financial value drivers are more associated with enterprise value than non-financial value drivers（intelligent capital variables）in both industries, probably owing to the research period or the fact that intellectual capital variables aren't representative. However, we suggest traditional industries increase R&D expense to upgrade and high-tech industries expand to software or Internet field. Finally, the results recommend enterprises disclosure these value-creation drivers or express them in a supplementary statement.

隨著競爭的激烈，現今半導體晶圓代工產業面臨研發支出不斷增加以及晶圓製造廠的投資門檻越發提高之環境。然而在這晶圓代工競賽中，金融市場投資者也開始關注到金額龐大的資本資出是否能為公司創造更多的價值，以及其投資決策與融資決策對晶圓代工公司營運績效影響為何。 本研究以經濟附加價值(Economic Value Added; EVA)作為衡量半導體晶圓代工產業的公司價值指標，利用縱橫資料模型(panel data)驗證晶圓代工公司的EVA與市場價值之關連性，並探討影響半導體晶圓代工公司的價值創造的因子。此外，本研究亦針對半導體景氣循環指標及晶圓代工公司價值創造的關係進行研究。最後本研究以個案方式分析半導體晶圓代工公司價值創造之原因。 實證結果發現晶圓代工公司的EVA與市場價值具有高度的關連性與解釋能力，代表EVA確實能反映企業的真實價值。本文亦發現公司投入愈多的資本支出、追求高的營業利潤率、降低資金成本都會為半導體晶圓代工公司創造更多的價值。然而營收增加、營運資金投入的多寡及半導體景氣循環指標等因素對晶圓代工公司價值創造並無明顯之影響。此外，本文個案研究歸納出晶圓代工公司創造公司價值之因素共有下四點：一、擴大對現有的投入資本的報酬率。二、利用低利率環境和低β值，以降低資金成本。三、維持技術領先的競爭優勢，使公司擁有一段較長的時間能產生高於正常報酬率。四、加大資本資出進行新的投資，以賺取超額報酬。 / Advanced semiconductor manufacturing is at an inflection point with escalating R&D intensity and capital expenditure requirements for new fabrication plants of leading process. However, investors are concerned whether tremendous capital expenditure could generate return and create value to the company in this competition. Therefore, the objective of this study is to examine the foundry firms’ value by adopting the concept of Economic Value Added (EVA), measuring the excessive return that a company can generate over the cost of capital. At first, this study tests the power of EVA to capture the relationship between a company’s market value and EVA of foundries. As EVA may be affected by numerous financial value drivers, this research examines and ascertains which factors are relevant. Furthermore, this study also monitors the EVA of these firms to determine their relationship with the semiconductor cyclical index. The primary findings of this study are illustrated as below. EVA is systematically linked to market value in foundry industry. In addition, foundries with higher operating profit margin and higher capital expenditure could create more firms’ value while foundries with higher cost of capital and financial flexibility would destroy its value. Moreover, foundries’ EVAs are not been significantly affected by growth of sales, investments in working capital, and semiconductor cycle index. Furthermore, this paper also conducts a case study to analyze why TSMC creates EVA continuously: (1)TSMC increases returns on existing capital while holding WACC and invested capital constant. (2)TSMC reduces the cost of capital by leveraging low interest rate and low beta. (3)TSMC makes new investments that earn returns greater than the WACC. (4)TSMC sustains the competitive advantage of technological leadership which enables the company to generate above-normal returns for a longer period.

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Grassland is an important component of agrarian landscape, performing wide range of ecological, economic and social functions. Long-term changes of the conditions of habitats, determined by human economic activities, influence the state of grassland plants. Rural Development Programme for Lithuania 2007–2013 sets measure to preserve biological diversity of grassland. The purpose of it is to reduce negative anthropogenic effect on grassland plant communities using the EU funds. Having researched the differences of grassland plant diversity and economic value, influenced by different intensity economic activities, the main objective of this paper is to evaluate the efficiency of EU regulated, agri-environmental measures based, grassland management methods in small farming sector of Lithuania. The research, involving the assessment of the number of plant species, diversity of plant families, distribution of relative plant abundance, and dominance of plant species in plant communities in grassland managed traditionally and according to the requirements of agri-environmental farming, showed that both types of grassland had similar plant communities. Such conclusion was drawn from the analysis of Jaccard and Sörensen similarity coefficients. The difference of plant adaptation to soil dampness, acidity, and nutrition was not statistically significant in grasslands of both types. Most of the plants in grassland researched were mesophytes; soil acidity was not a determining factor to... [to full text] / Pievos yra svarbus agrarinio kraštovaizdžio komponentas, atliekantis įvairias ekologines, ekonomines ir socialines funkcijas. Ilgalaikiai augaviečių sąlygų pokyčiai, kuriuos lemia žmogaus ūkinė veikla, įtakoja pievų augalų būklę. Lietuvos kaimo plėtros 2007–2013 m. programoje numatyta priemonė pievų biologinės įvairovės išsaugojimui, kurios tikslas panaudojant ES lėšas mažinti neigiamą antropogeninį poveikį pievų augalų bendrijoms. Ištyrus pievų augalijos įvairovės ir ūkinės vertės skirtumus, sąlygotus skirtingos ūkinės veiklos intensyvumo, šio darbo tikslas įvertinti reglamentuotų, ES agrarinės aplinkosaugos priemonėmis paremtų, pievų tvarkymo metodų efektyvumą smulkiuose Lietuvos ūkiuose. Atliktas tyrimas parodė, kad įvertinus augalų rūšių skaičių, augalų šeimų įvairovę, augalų rūšių santykinio gausumo pasiskirstymą, dominuojančias augalų rūšis tradiciniais ir agrarinės aplinkosaugos reikalavimus atitinkančiais ūkininkavimo metodais tvarkomose pievose, nustatyta, kad jose augo panašios augalų bendrijos. Tai parodė ir Žakaro bei Sörensen bendrumo koeficientų reikšmės. Abiejų tipų pievose rastų augalų rūšių prisitaikymo prie dirvožemio drėgmės, rūgštingumo, turtingumo maisto medžiagomis rodiklių reikšmės statistiškai reikšmingai nesiskyrė. Pievų augalų bendrijose vyravo mezofitai, daugumai augalų rūšių dirvožemio rūgštingumas buvo neįtakojantis veiksnys, pievoms būdingi mezooligotrofiniai ir mezotrofiniai žolynai. Tyrimas parodė, kad biologinės įvairovės apsaugai palankus... [toliau žr. visą tekstą]

Pievos yra svarbus agrarinio kraštovaizdžio komponentas, atliekantis įvairias ekologines, ekonomines ir socialines funkcijas. Ilgalaikiai augaviečių sąlygų pokyčiai, kuriuos lemia žmogaus ūkinė veikla, įtakoja pievų augalų būklę. Lietuvos kaimo plėtros 2007–2013 m. programoje numatyta priemonė pievų biologinės įvairovės išsaugojimui, kurios tikslas panaudojant ES lėšas mažinti neigiamą antropogeninį poveikį pievų augalų bendrijoms. Ištyrus pievų augalijos įvairovės ir ūkinės vertės skirtumus, sąlygotus skirtingos ūkinės veiklos intensyvumo, šio darbo tikslas įvertinti reglamentuotų, ES agrarinės aplinkosaugos priemonėmis paremtų, pievų tvarkymo metodų efektyvumą smulkiuose Lietuvos ūkiuose. Atliktas tyrimas parodė, kad įvertinus augalų rūšių skaičių, augalų šeimų įvairovę, augalų rūšių santykinio gausumo pasiskirstymą, dominuojančias augalų rūšis tradiciniais ir agrarinės aplinkosaugos reikalavimus atitinkančiais ūkininkavimo metodais tvarkomose pievose, nustatyta, kad jose augo panašios augalų bendrijos. Tai parodė ir Žakaro bei Sörensen bendrumo koeficientų reikšmės. Abiejų tipų pievose rastų augalų rūšių prisitaikymo prie dirvožemio drėgmės, rūgštingumo, turtingumo maisto medžiagomis rodiklių reikšmės statistiškai reikšmingai nesiskyrė. Pievų augalų bendrijose vyravo mezofitai, daugumai augalų rūšių dirvožemio rūgštingumas buvo neįtakojantis veiksnys, pievoms būdingi mezooligotrofiniai ir mezotrofiniai žolynai. Tyrimas parodė, kad biologinės įvairovės apsaugai palankus... [toliau žr. visą tekstą] / Grassland is an important component of agrarian landscape, performing wide range of ecological, economic and social functions. Long-term changes of the conditions of habitats, determined by human economic activities, influence the state of grassland plants. Rural Development Programme for Lithuania 2007–2013 sets measure to preserve biological diversity of grassland. The purpose of it is to reduce negative anthropogenic effect on grassland plant communities using the EU funds. Having researched the differences of grassland plant diversity and economic value, influenced by different intensity economic activities, the main objective of this paper is to evaluate the efficiency of EU regulated, agri-environmental measures based, grassland management methods in small farming sector of Lithuania. The research, involving the assessment of the number of plant species, diversity of plant families, distribution of relative plant abundance, and dominance of plant species in plant communities in grassland managed traditionally and according to the requirements of agri-environmental farming, showed that both types of grassland had similar plant communities. Such conclusion was drawn from the analysis of Jaccard and Sörensen similarity coefficients. The difference of plant adaptation to soil dampness, acidity, and nutrition was not statistically significant in grasslands of both types. Most of the plants in grassland researched were mesophytes; soil acidity was not a determining factor to... [to full text]

The cost of mining companies listed on the Johannesburg Stock Exchange (JSE) have not been immune to inflationary pressures. Increasing cost pressures, lower grades, and reduced electricity supply imply that management will have to apply rigorous cost saving measures to mitigate the effect on profits. One such measure is value based management (VBM). VBM is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. Discounted cash flow to the present value at the weighted average cost of capital lies at the heart of these metrics. Through the use of value mapping, underlying value drivers are linked to the overall strategy of value creation. While value-based management is used to increase shareholder value, one of the serious drawbacks is the short-term focus on immediate results to the detriment of long-term sustainable competitive advantage. A quantitative study was done on the mining sector to determine if investors can use productivity as a value based management measurement to predict share price movement. The results from this study indicate that productivity measures do not influence share price. Productivity is good for determining shareholder value, but not adequate for determining stock performance. Even though it was found that investors do not rely on productivity measures, companies should still focus on creating value for the shareholders. It is beneficial to investors to understand what value based management is, and to understand management actions in terms of value creation. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

The cost of mining companies listed on the Johannesburg Stock Exchange (JSE) have not been immune to inflationary pressures. Increasing cost pressures, lower grades, and reduced electricity supply imply that management will have to apply rigorous cost saving measures to mitigate the effect on profits. One such measure is value based management (VBM). VBM is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. Discounted cash flow to the present value at the weighted average cost of capital lies at the heart of these metrics. Through the use of value mapping, underlying value drivers are linked to the overall strategy of value creation. While value-based management is used to increase shareholder value, one of the serious drawbacks is the short-term focus on immediate results to the detriment of long-term sustainable competitive advantage. A quantitative study was done on the mining sector to determine if investors can use productivity as a value based management measurement to predict share price movement. The results from this study indicate that productivity measures do not influence share price. Productivity is good for determining shareholder value, but not adequate for determining stock performance. Even though it was found that investors do not rely on productivity measures, companies should still focus on creating value for the shareholders. It is beneficial to investors to understand what value based management is, and to understand management actions in terms of value creation. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.