Doctorat en sciences sociales, politiques et économiques / info:eu-repo/semantics/nonPublished

營建業為國內重要的民生工業，同時也是影響國家經濟發展與競爭力的重要指標之一。由於營建業易受外部政治和經濟環境等因素影響且高度依賴財務槓桿操作，經營風險較高使營建業公司治理機制成為提高營運績效及永續發展的關鍵因素。而台灣家族企業比例高，其中又以製造業及營建業比例高於其他產業。因此，本研究亦加入家族特性來討論公司治理結構對公司績效的影響。而過去國內營建業相關文獻多以傳統會計指標作為績效衡量標準，本文採用附加經濟價值(Economic Value Added , EVA)作為公司績效衡量指標，並以董事會結構、所有權結構以及經營團隊等三個面向作為公司治理機制變數之衡量。 本研究得到實證結果如下，第一，營建業存在董事規模小，獨立董事比例低以及控制股東持股比例高的特性，使得公司董事會過於封閉、經營團隊獨立性低且缺乏外部獨立性制衡。第二，營建業家族企業公司績效劣於非家族企業公司績效，顯示良好的公司治理機制對於家族企業的永續發展更加重要。第三、相對於非家族企業，家族企業會強化董事會規模、獨立董事比例及監察人比例與公司績效之間的正向關係。而無論是家族或是非家族企業，董事長兼任總經理皆對公司績效帶來負面影響。第四、營建業家族企業當家族成員涉入管理階層比例高，由於個人利益與家族利益關係密切，使家族成員涉入經營團隊時，透過凝聚力與相同目標可以增加決策效率，並以極大化公司價值為目標，有助於公司績效的提升。最後，營建業家族持股比例越高，家族利益與公司利益緊密性越高，對於公司績效有正向的影響，而家族董事控制席次增加，加深負面影響。 / Construction industry is not only an important major household industry but an indicator of economic development and competitiveness. The external political and economic environment and highly financial leverage affect the construction industry. The impact of corporate governance on performance becomes a key issue to improve the operational performance of construction industry. While the proportion of family business in manufacturing and construction industry is higher than other industries. Therefore, family characteristics are also added to discuss the impact of corporate governance on performance. In this paper, the economic value added (EVA) is used as the measure of corporate performance, and the board structure, ownership structure and management team is used as measures of corporate governance variables. The study shows following results. First, the construction industry has three characteristics, small board size, low proportion of independence directors and high ownership concentration. Second, in the construction industry, non-family business enjoy better performance than family firms do. Third, Family business will strengthen the positive impact of board size, the proportion of independent directors and supervisors on performance. Forth, in the construction industry, family shareholder in the management team is found to be beneficial to performance. And a positive relationship exists between ownership and performance. While increase the number of directors from the family members will increase the negative impact on corporate performance.

The diploma thesis deals with ranking of financial performance ranking of companies in period from 2011 to 2015. The main goal is to propose ones own ranking, which compares companies on the basis of indicators of financial analysis. Ranking contains seven models and indicators, which comprehensively evaluates important economical spheres of company and its environment. Signatures of assessment are given bankrupt and solvency models, absolute and relative economic value added, net present value. Partial goal is to compile seven independent rankings, which with the help of method of simple sum of ranking and method of distance from fictive object create final propose of ranking.

A concept of EVA is critical in evaluating the performance of any business. Economic Value Added refers to the incremental value created by an activity or a business venture. It measures the economic rather than accounting profit created by a business after the cost of all resources including debt and equity had been implied. Improving EVA can be achieved by generating more revenue without using additional capital. The capital invested in the business might be reduced by selling non-operating assets and redeploying the capital into projects and activities with higher operating performance than current projects have. ...

Cílem mé diplomové práce je analyzovat krátkodobé finanční řízení ve zvolené akciové společnosti, konkrétně v letech 2000 - 2008. V teoretické část jsem definovala nejen základní pojmy v oblasti pracovního kapitálu, ale především metody řízení zásob a pohledávek, náklady s nimi spojené, problémy z oblasti řízení zásob a pohledávek, vymezení a řízení peněžních prostředků a krátkodobé financování.Tyto informace jsem převedla do praktické části a uplatnila je při analýze krátkodobého finančního řízení v konkrétním podniku ve sledovaném období 2000 - 2008. Dále jsem zhodnotila pracovní kapitál, kde jsem provedla hodnocení jednotlivých typů podnikových zásob, druhů pohledávek a finančního majetku, který podnik vykazuje. Na závěr jsou shrnuty výsledky jednotlivých analýz a navrhnuta doporučení, týkající se zjištěných nedostatků v oblasti řízení oběžného majetku a jeho financování.

The main goal of the Master's thesis is to create complex economic analysis of company Mlýn Havlíčkův Brod, Ltd. for period from 2007 to 2013. This economic analysis will consist of evaluation of economic and financial situation of chosen company, of analysis of its competitive position, its strengths and weaknesses and also of its comparison with few competitors. There will also be analysis of industry, where chosen company operates. The reader of this thesis should gain knowledge about mill products market in Czech Republic as well as about way of working and about results of company Mlýn Havlíčkův Brod. The thesis itself is then divided into two parts, theoretical part, which will summarize all models, methods and indexes used and practical part, which will be focused on economic analysis itself and on interpretation of its results.

The aim of the thesis is to develop an estimate of the value of the company GOLDBECK Prefabeton Ltd. for owners. The work consists of two parts, theoretical and practical. The theoretical part describes the basic starting points of business valuation, methods and procedures. The practical part is devoted to the valuation of the company, preceded by the strategic analysis, financial analysis, analysis and forecast of the generator values and compilation of a financial plan. Business valuation was performed by using the method of discounted cash flow and method of economic value added. Conclusion of the thesis is a statement about the value of the company to 31. 3. 2015.

Diploma thesis deals with the valuation of the automotive company Automotive lighting, s.r.o for the management needs. The estimated value refers to October 2012. The basis for the valuation is strategic and financial analysis. The results will be taken into account for establishment of the financial plan, which will be used in the valuation process. Emphasis is placed on yield methods using free cash flow to the firm(FCFF) and economic value added EVA. Both methods are compared with book value of the company.

The aim of this thesis is to determine the value of the company Technicky skusobny ustav based in Piešťany. The first part of the work deals with the theoretical basis for the evaluation of the company, there are described the reasons why to evaluate companies, and further process to apply for the valuation. The following is a description of selected parts of the strategic and financial analysis, financial plan and evaluation methods. Furthermore, there will be presented the chosen company and subsequently evaluated according to methods in the theoretical part. For determining the value of the company there were used discounted free cash flow method and economic value added method. In the conclusion specific evaluation methods are applied and statement stated about the value of the company dated to 31.12.2015.

The subject of this thesis is evaluation of company performance and based on acquired information formulation of suggestions for improvement. The theoretical part describes classic and modern indicators for measurment of company performance. In the practical parts there are an analysis of company performance and the results are compare with competitive and average in industry. Last part of this thesis is dedicated to suggestions for an improvment.