The Master's Thesis analyzes in detail the company STUDENT AGENCY, k.s.. This thesis includes a financial analysis of the years 2008 - 2012, followed by a strategical analysis of STUDENT AGENCY'S current operations. All the gained information is synthesized with the SWOT analysis that creates the base for the author's recommendations regarding the business strategy. The Master's Thesis consists of the introduction, the theoretical section, the practical section and the conclusion. In the introduction the basic facts are explained and the motives for writing this thesis are described. The used methodology is described in the theoretical section and then applied on the company in the practical section. In the closure the summary of the findings is made.

Abstracts in English, Xhosa and Southern Sotho / This study critically explores the link between internationalisation theories and outward foreign direct investment (FDI) – a linkage which is well documented in the literature. Numerous studies have established that the internationalisation process recognises both firm- and market-specific aspects, which greatly determine the direction of outward FDI in terms of volume and pattern. In this interaction, path dependency is determined by the intensity of overlapping aspects or linkages, from firm-level heterogeneity and host market aspects that direct investment patterns in terms of the latter, to the volumes of firm-level adjustments. Firm-level heterogeneity comprises those traits, which enable an individual firm to make an investment decision, select a market-entry strategy and create the competitive advantages that will sustain its investments. Macro-level or country-specific aspects encompass those traits or characteristics of host markets, which encourage FDI on the part of multinational enterprises (MNEs). Most studies overlook the path dependency of country- and firm-specific aspects, which are crucial to the internationalisation processes of international business, economics and trade. Academic studies either focus on macro- or micro-level aspects, without paying specific attention to the path dependency of expansion strategies. The present study attempts to fill these gaps in the existing body of knowledge, by investigating international business in these contexts. The rationale for undertaking this study was two-fold: first, FDI holds proven benefits for host markets, which include economic growth, industry spillover, human capital development and transitory tacit knowledge. From a firm-level perspective, outward FDI largely enhances the capacity of MNEs, prompting an increase in asset accumulation, market share and human capital development, the more efficient utilisation of resources and return on equity. In this study, an argument is presented for measuring the variables of both firm- and market-specific aspects, since most existing studies in this genre focus either on micro- or macro-level determinants, or totally overlook the importance of linkages. Second, no documented research has investigated the path dependency of expansion strategies, especially in Africa. Crucially, the importance of path dependency of South Africa’s outward investment has not been documented either. Further, existing evidence on the role the path dependency of expansion strategies plays in outward FDI are scarce, with even fewer studies following a sectorial approach. This study attempts to fill these academic research gaps by reflecting both firm- and market-level data from various sources for the period 1995–2015, using panel dynamic regression models. The study found that the linkages between firm heterogeneity (firm-level evidence) and market-level aspects create a path dependency of expansion strategies. MNEs adopt either joint ventures or wholly owned subsidiaries (or both) as market-entry strategies, but the decision is informed by the intensity of those firm heterogeneity aspects that allow them to exploit opportunities and mitigate risk in host markets. Notably, the intensity of path dependency seemingly varies from one industrial segment to the next. The impulse response approach delivered evidence that one standard deviation shock of firm-specific variables led to a moderate improvement in firm-level capacities in the short run, but a significant improvement in the long run. The same result was recorded for market-level aspects, with the intensity of the results varying from one industry to the next. The causality test attempted to explore the causal relationship between the study variables in both firm- and market-level aspects. Empirical evidence from the study indicates that the size of the firm and its capacity to utilise its resources efficiently, influence their investment in host markets. As regards market-specific aspects, the size of the economy, levels of industry and trade openness were found to have a causal effect on the inflow of FDI in host markets. The intensity of causal aspects was also found to vary from one industry to the next, due to variations in firm-level heterogeneity and their linkage in terms of aspects related to the host market. In sum, this study complements existing material on the subject of international business. / Olu phononongo luphicotha ikhonkco phakathi kweengcingane zamazwe ngamazwe kunye notyalo-mali ngokuthe ngqo oluphuma ngaphandle kumazwe asemzini (i-FDI) –indibaniselo ebhalwe kakuhle kwimiqulu yoncwadi. Izifundo ezininzi ezenziweyo ziye zaqinisekisa ukuba inkqubo yamazwe ngamazwe iyazamkela zombini inkampani- kunye nemiba ekhethekileyo yemarike, ezihlola kakhulukazi imikhombandlela (izikhokelo) ye-FDI yangaphandle ngokomthamo kunye nephatheni. Kule ntsebenziswano, indlela yokuxhomekeka ifunyanwa ngobungakanani bezinto ezisebenzelelanayo/ezingenanayo okanye izenzo zokuhlangana, ukusuka kwiintlobo-ntlobo zamanqanaba enkampani kunye neemfuno zabasingathe imicimbi yeendawo zokuthengisa (iimarike) iimpahla ezilawula iiphatheni zotyalo-imali ngokweyokugqibela, kwimilinganiselo yokulungelelaniswa kwenqanaba lwenkampani. Iintlobo-ntlobo zamanqanaba enkampani ziquka ezo mpawu, ezenza inkampani nganye yenze isigqibo sotyalo-mali, ikhethe isicwangciso sokungeniswa kwimarike kwaye siyile amathuba amahle okhuphiswano aya kugcina utyalo-mali. Inqanaba eliphezulu okanye iinkalo ezithile zelizwe zibandakanya ezo zimo okanye iimpawu zeemarike ezamkelekileyo, ezikhuthaza i-FDI kwiinkampani zamazwe ngamazwe (i-MNEs). Uninzi lwezifundo aziyiniki ngqalelo indlela yokuxhomekeka yelizwe kwimicimbi ekhethekileyo nebalulekileyo yenkampani kwiinkqubo zangokwamazwe oshishino lwamazwe ngamazwe, uqoqosho norhwebo. Uphando lwemfundo ephakamileyo lugxininisa kwiinkcukacha ezikwinqanaba eliphezulu okanye eliphantsi ngokunganiki ngqalelo kwindlela yokuxhomekeka yeendlela zokwandisa. Uphononongo lwangoku luzama ukuvala izikhewu/izikroba kulwazi olukhoyo., ngokuphanda ishishini lwamazwe ngamazwe kule meko. Ingqiqo ekwenzeni olu phando yahlulwe kubini: okokuqala, i-FDI inenzuzo eqinisekisiweyo kwabasingethe iimarike, ezibandakanya ukukhula koqoqosho, ukuchuma kwamashishini, ukuphuhliswa kwezakhono zabantu kunye nolwazi oludlulileyo lwezakhono. Ngakwicala lenqanaba lenkampani, i-FDI yangaphandle iphakamisa amandla e-MNE, ikhawulezisa ukunyusa uqokelelo lwempahla, isabelo semarike kunye nophuhliso lwabantu, ukusetyenziswa ngokufanelekileyo kwezixhobo kunye nokubuyela kubulungisa bokulingana. Kolu phononongo, impikiswano inikezelwe ukulinganisa iinguqu zombini yenkampani- kunye nemimiselo ethile yemarike, njengoko olunye uphando oluninzi olwenziweyo kolu hlobo lugxininisa koonobangela abakwizinga elisezantsi okanye eliphezulu, okanye kunganikwa ngqalelo tu kukubaluleka kwezenzo zokudibana / zokunxibelelana. Okwesibini, akukho phando lubhaliweyo oluphande indlela yokuxhomekeka kweendlela zokwandisa, ngakumbi e-Afrika. Ngokusesikweni, ukubaluleka kwendlela yokuxhomekeka yotyalo-mali lwangaphandle eMzantsi Afrika alukaze nalo lubhalwe phantsi. Ukongezelela, ubungqina obukhoyo kwindima yendlela yokuxhomekeka yeendlela zokwandisa kwi-FDI yangaphandle zinqabile, kwakunye nezifundo ezimbalwa ezilandela indlela yamacandelo. Olu phononongo luzama ukuzalisa izikroba zophando zemfundo ephakamileyo ngokuzibonakalisa zombini inkampani- kunye nedatha yamanqanaba emarike avela kwimithombo eyahlukeneyo yexesha lowe-1995-2015, usebenzisa iimodeli zepaneli ezinamandla zokubuy’umva. Uphononongo lufumanise ukuba ukudibana phakathi kweentlobo-ntlobo zenkampani (ubungqina bezinga lenkampani) kunye nemilinganiselo yezinga lemarike zidala indlela yoxhomekeko yeendlela zokukhula. Ii-MNE zamkela intsebenziswano ngokuhlangeneyo okanye bazibambele ngokwabo ngokupheleleyo (okanye zombini) njengeendlela zokungena kwimarike, kodwa isigqibo siphenjelelwa bubungakanani beentlobo-ntlobo zemicimbi yenkampani evumela ukuba baxhaphaze amathuba kwaye banciphise umngcipheko kwiimarike zenkampani. Ngokuphawulekayo, ubukhulu bokuxhomekeka wendlela yokuxhomekeka kukhangeleka kusahluka ukusuka kwicandelo elinye lozoshishino ukuya kwelinye elilandelayo. Indlela yokuphendula ngokungxama inikezele ubungqina bokuba ukuphazamiseka okusesikweni kwizinto eziguquguqukayo zenkampani ezikhethekileyo zikhokelele ekuphuculeni okusezingeni eliphakathi kwinqanaba kubungakanani benqanaba lenkampani ngexeshana, kodwa ukuphuculwa okubonakalayo nokubalulekileyo ekuhambeni kwexesha. Isiphumo esifanayo sabhalwa phantsi kwiinkalo zemarike, nobukhulu beziphumo zohluka ukusuka kwelinye ishishini ukuya kwelinye. Uvavanyo lwamaxesha athile luzame ukuphonononga ubudlelwane bamaxesha athile phakathi kwezifundo zezinto eziguquguqukayo kwiinkalo zombini inkampani –kunye nenqanaba lemarike/ neemeko zemarike. Ubungqina bamava obuvela kuphando lubonisa ukuba ubungakanani benkampani kunye namandla okusebenzisa uvimba wezixhobo ngokufanelekileyo, ziphembelela utyalo-mali kwiimarike zenkampani. Ngokubhekiselele kwimimandla ethile yemarike, ubungakanani boqoqosho, amazinga oshishino kunye nokuvuleka kwezorhwebo kufunyaniswe ukuba kunefuthe elenzekayo ngamaxesha athile ekungeneni kwe-FDI kubasingathi beemarike. Ubungakanani bemicimbi eyenzeka ngamaxesha athile yafunyanwa kwakhona ukuba yohlukile ukusuka kwelinye ishishini ukuya kwelinye, ngenxa yeenguqu kwiintlobo-ntlobo zeamanqanaba enkampani kunye nokudibana kwabo ngokwemiba enxulumene nabasingethe imarike. Kafutshane esi sifundo, sigcwalisa izixhobo ezikhoyo kwisihloko sezoshishino lamazwe ngamazwe. / Dinyakišišo tše di utolla ka tsinkelo kgokagano gareng ga diteori tša peyomaemong a boditšhabatšhaba le peeletšothwii ye e tšwago dinageng tša ka ntle (FDI) – e lego kgokagano yeo go ngwadilwego ka yona kudu ka dingwalweng. Dinyakišišo tše mmalwa di utollotše gore tshepedišo ya go bea maemong a boditšhabatšhaba e lemoga bobedi dilo tša difeme le tše di amanago le difeme, tšeo di laolago kudu fao FDI ya dinaga tša ka ntle e lebilego gona mabapi le bontši le mokgwa. Ka tirišanong ye, go tšea diphetho go ya ka maemo go laolwa ke bontši bja dilo tšeo di dirwago ka nako e tee goba dikamano, go tloga go go farologanya ditšweletšwa ka femeng le dilo tša mmaraka wa ka nageng tšeo di laolago mekgwa ya dipeeletšo mabapi le go ya ka mmaraka wa ka nageng, go ya go mehuta ye mentši ya dipeakanyo tša ka femeng. Go farologanya ditšweletšwa ka femeng go bopilwe ke diphetogo tše, tšeo di kgontšhago feme ye itšego go tšea sephetho sa mabapi le peeletšo, go kgetha maano a go tsena ka mmarakeng le go hlama menyetla ye mekaone yeo e tlago tšwetša pele peeletšo ya yona. Dikokwane tša ekonomi ye kgolo goba tša ka nageng di akaretša diphetogo tšeo goba dipharologantšhi tša mebaraka ya ka nageng, tšeo di hlohleletšago FDI ka karolong ya dikgwebo tša dinaga tša ka ntle (di-MNE). Dinyakišišo tše ntši di hlokomologile go tšea diphetho go ya ka maemo ga naga le ga dilo tša ka femeng ye itšego, tšeo di lego bohlokwa go tshepedišo ya peyomaemong a boditšhabatšhaba ya dikgwebo tša boditšhabatšhaba, diekonomi le kgwebišano. Dinyakišišo tša dirutegi di ka be di lebeletše kudu dilo tša ekonomi ye kgolo goba tša ye nnyane, ka ntle le go lebiša šedi ye kgolo go go tšea diphetho go ya ka maemo a boditšhabatšhaba ga maano a katološo. Dinyakišišo tše di leka go tlatša dikgoba tše ka tsebo ye e lego gona, ka go nyakišiša dikgwebo tša boditšhabatšhaba ka maemong a. Maikemišetšo a go dira dinyakišišo tše e bile a mabedi: sa mathomo, FDI e na le dikholego tšeo di tiišeditšwego go mebaraka ya ka dinageng, tšeo di akaretšago kgolo ya ekonomi, khuetšano ya diintasteri, tlhabollo ya bokgoni bja bašomi le phetišetšo ya tsebo ye e lego nyanyeng. Go ya ka maemong a difeme, FDI ye e tšwago dinageng tša ka ntle e godiša bokgoni bja di- MNE, ya hlohleletša koketšego ya khwetšo ya dithoto, ya kabelano ya mmaraka le ya tlhabollo ya bokgoni bja bašomi, tšhomišo ye kaone kudu ya methopo le go hwetša poelo go dikabelano. Ka mo dinyakišišong tše, go hlagišwa ntlha ya go ela diphapano tša bobedi dilo tša ka femeng le tša ka mmarakeng, ka ge bontši bja dinyakišišo tše di lego gona ka mo lekaleng le la dinyakišišo di lebeletše kudu tšeo di laolago ekonomi ye nnyane goba ye kgolo goba tšeo di hlokomologago ka botlalo bohlokwa bja dikgokagano. Sa bobedi, ga go dinyakišišo tšeo di ngwadilwego tšeo di nyakišišitšego go tšea diphetho go ya ka maemo ga maano a katološo, kudukudu ka Afrika. Se bohlokwa ke gore, bohlokwa bja go tšea diphetho go ya ka maemo ga peeletšo ya Afrika Borwa ya dinaga tša ka ntle ga se gwa ngwalwa le ge go le bjale. Godimo ga fao, bohlatse bjo bo lego gona ka ga mošomo wa go tšea diphetho go ya ka maemo fao go ralokago ka ga maano a katološo ka go FDI ya dinaga tša ka ntle e se bjo bontši, gomme go na le dinyakišišo tše mmalwa go latela mokgwa wo o lebeletšego makala. Dinyakišišo tše di leka go tlatša dikgoba tše tša dinyakišišo tša dirutegi ka go laetša tshedimošo ya bobedi ka maemong a difeme le ka mebarakeng go tšwa methopong ya mehutahuta go tloga ka mengwaga ya 1995–2015, ka go šomiša mekgwa ya kakanyo ya dikamano ye e fetogago. Dinyakišišo di hweditše gore dikamano gareng ga go farologanya ditšweletšwa (bohlatse bja ka maemong a difeme) le dilo tša maemo a ka mmarakeng di hlola go tšea diphetho go ya ka maemo ga maano a katološo. Di-MNE di šomiša masolo a mohlakanelwa goba dikhamphani tša ka fasana tšeo di laolwago ka botlalo (goba ka bobedi) bjalo ka maano a go tsena ka mmarakeng, eupša sephetho se laolwa ke bontši bja dilo tšeo tša go farologanya ditšweletšwa tšeo di di dumelelago go nyaka dibaka le go fokotša kotsi ka mebarakeng ya ka nageng. Seo se lemogilwego ke gore, bontši bja go tšea diphetho go ya ka maemo go bonala go fapane go ya ka karolo ya intasteri go ya go ye nngwe. Mokgwa wa go arabela kgoketšo wo o hlagišitšwego ka bohlatseng bja gore phapogo ya tlwaelo ya diphapano tša ka femeng e feleleditše ka kaonafalo ya magareng ya bokgoni bja difeme lebakeng le lekopana, eupša ka kaonafalo ye kgolo mo lebakeng le letelele. Dipoelo tše di swanago di begilwe ka go dilo tša maemo a ka mmarakeng, gomme bontši bja dipoelo tša fapana go ya ka diintasteri. Teko ya mathata yeo e bego e leka go utolla kamano ya tšeo di bakago se gareng ga phapano ya dinyakišišo ka go bobedi ka dilo tša ka femeng le tša ka mmarakeng. Bohlatse bja maitemogelo go tšwa ka mo dinyakišišong bo laetša gore bogolo bja feme le bokgoni bja yona bja go šomiša methopo ya yona gabotse ntle le mathata, di huetša peeletšo ya yona ka mebarakeng ya ka nageng. Mabapi le dilo tša ka mmarakeng, bogolo bja ekonomi, maemo a intasteri le go hloka sephiri ka kgwebišanong di bonwe di na le seabe sa go baka seemo go tseneng ga FDI ka mebarakeng ya ka nageng. Bontši bja dilo tše di bakago maemo go hweditšwe gape gore go fapana go ya ka diintasteri, ka lebaka la diphapano ka go farologanyo ya ditšweletšwa ka difemeng le kamano ya tšona mabapi le dilo tšeo di amanago le mmaraka wa ka nageng. Bjalo ka kakaretšo, dinyakišišo tše di tlaleletša dingwalwa tšeo di lego gona ka ga hlogotaba ya dikgwebo tša boditšhabatšhaba. / Business Management / D. Phil. (Business Management)

The teoretical part of the thesis focuses on timeline and also on economic issues of mainly ratio indicators and their interpratation. The aim of this work is to analyze and evaluate selected economic indicators of the company, using timeline analysis and regressive analysis. The analysis is related to value prediction of selected economic indicators which I predicted for the next two years (2014 and 2015). Based on the detected values I proposed measures for successful future development of the company. I have processed the data using Gretl and Microsoft Excel programs.

The aim of this work is to analyze and evaluate selected economic indicators of the company, using timeline analysis, regressive and correlation analysis The teoretical part of the thesis focuses on timeline and also on economic issues of mainly ratio indicators and their interpratation.. The analysis is related to value prediction of selected economic indicators which I predicted for the next two years (2014 and 2015). Based on the detected values I proposed measures for successful future development of the company. I have processed the data using Gretl and Microsoft Excel programs.

The diploma thesis "The Return of the Baroque in Hispano-American Novel of the 20th Century - Asturias, Carpentier, Roa Bastos" examines Baroque motifs and principles in the modern 20th century Hispanic-American novel. It explains how these traits alter in contrast to the historical Baroque, how they are modified or what other functions they acquire. An attempt was made to critically rethink and re-evaluate the literary theories dealing with the reappearance of the Baroque in Hispanic America, as we consider their approach to be generalising and reductive. The interpretative method is based on Josef Vojvodík's Povrch, skrytost a ambivalence and namely how it addresses the manner in which the Baroque, Mannerism and avant-garde relate to one another. A characterisation of the American Baroque as such has been drafted and an attempt to capture the differences between the European Baroque has been made. The essayistic work of Alejo Carpentier is treated with an emphasis on the relationship of the (Neo)Baroque and magic realism. Carpentier wrongly attributes to the continent what he installs through his own optics without realising that such an approach might be itself described as being Baroque. The interpretative part provides a linguistic, thematic and motivic analysis of Baroque traits in a choice...

Sustainable business has become highly sought after today by stakeholders, which explains the importance of CSR for companies. Companies are required to work sustainably in order to legitimize themselves both in the market and society. This can be done by fulfilling and satisfying the economic, environmental and sustainable, as well as the social frameworks that exist in business society. Despite CSR's central role in companies, researchers have differentiated meanings on whether CSR initiatives really improve corporate profitability in terms of financial performance, and whether it has a positive relationship with corporate value. Regarding this, the report examines CSR's relationship to CFP and company value, through the profitability measures ROA and ROE, as well as the valuation measures market value and P/E ratio. A quantitative method has been applied to examine the companies published on Dagens Industri's sustainability index for the year 2021. Dagens Industri's list includes the largest listed companies in the GICS categories on the Swedish stock market exchange. The study uses regression analysis as a choice of statistical analysis method to examine the variables relationships. From the regressions, a small part of the result showed a weak negative relationship between CSR and ROA. The regressions otherwise mainly showed a non-significant relationship between CSR and a company's profitability and value. The variables do not have a significant relationship with each other, and a neutral relationship between them can thus be demonstrated. The existing research gap is therefore still ambiguous, hence the room for further future studies in the field.

Mergers and acquisitions (M&A) are a popular way of growing a company. This is challenged by previous research that shows that an M&A-transaction generally harms the financial key metrics of the acquiring company. The main focus of this report is to examine if there is an effect on financial ratios for Scandinavian companies partaking in an M&A as an acquirer. The effect is captured by the movements in the key metrics return on equity (ROE), return on assets (ROA), return on invested capital (ROIC), EBIT-margin. In addition, both ESG-ranking and underlying non-financial values, like if the deal was domestic or not, the age of the executives and board gender diversity, are looked at for a better understanding of what differences there are between the performance of M&As.  A database of Scandinavian companies acting within Europe was created containing the specific deal characteristics over a period of three years prior as well as three years after the deal. The statistical methods used to analyze this data were Wilcoxon signed-rank test, bivariate Pearson Correlation and Independent Samples t-test. The generated results in the aggregated dataset showed a negative performance of ROE and ROIC in the period after the deal, compared to the period prior to the deal. This result was also seen in the sub-set of foreign deals with an additional negative performance of ROA for the acquirer while the sub-set of domestic deals did not show any significant negative performance in the period after the deal. We found that it was not possible to analyze the post-period effect on ESG-ranking as the data for our included companies was too scarce. Our findings suggest, when looking at our certain key metrics, that M&A-transactions are not economically justified and that executives might be partially motivated by something other than economic performance when deciding upon an M&A. It is furthermore possible to conclude that the disclosing of ESG data has not been a priority for companies in the past and continues to be ignored by the masses which makes it difficult to progress academically in this field.

This thesis analyses impact of exchange rate exposure in Czech Republic on sample of ten Czech companies. Empirical part of thesis builds on Nazl, Kar, Akel (2014) and through market-based approach states significant impact of exchange rate exposure for 40 % of companies. Higher robustness of results was achieved through improvements in the methodology which, contrary to related literature, eliminates endogeneity of market index through instrumental variable. Surprisingly, the correlations between exchange rates and stocks of Czech companies are positive. An alternative model considering ROA of individual companies as dependent variable was used to confirm these results. The resulting impact of exchange rate exposure of alternative model is opposite. This inconsistency of the results of both models is confusing. The sudden change in exchange rate policy of the Czech National Bank in November 2013 did not affect the sensitivity of the relationship between exchange rates and stocks. The reaction of stock market in November 2013 indicates that policy change made by CNB was not entirely expected. Contrary to the related literature, higher data aggregation decreases the significance of the exchange rate exposure, signifying higher ability of Czech companies to reduce exchange rate risk in longer...

銀行獲利能力影響因素的研究上，有以個體觀點出發的市場力量(market power)理論，其中一個假說為結構－行為－績效(S-C-P)假說，其認為整體產業結構之市場集中度愈高，銀行將有較高的獲利率，另一假說為相對市場力量(RMP)假說，該假說認為個別銀行市場占有率較高，獲利能力亦較高；以總體觀點出發的效率結構(efficiency structure)理論，其中一假說為以X-efficiency為出發點之管理效率結構(ESX)假說，其認為公司較佳的管理效率，將提高公司獲利能力，另一假說為規模經濟效率結構(ESS)假說，該假說認為個別銀行藉規模經濟的達成、降低成本提高利潤。 　　本研究根據國內外相關文獻，參考國內金融環境的變化、公民營型態的不同，收集民國70年至83年上市、上櫃及公開發行共34家商業銀行之相關資料，將樣本做不同的分組，觀察金融產業結構及經營效率與獲利能力是否具關聯性。實證結果如下： 　　一、以ROA為獲利能力指標之實證結果 　　1.　70至83年之所有銀行：結構－行為－績效(SCP)假說成立，市場占有率(MS)與ROA為負向關係、且達顯著水準，與預期不符。 　　2.　70至83年之公營銀：結構－行為－績效(SCP)假說、規模經濟效率結構(ESS)假說成立，管理效率(XEFF)亦有相當影響力。 　　3.　70至83年之民營銀行：結構－行為－績效(SCP)假說、相對市場力量(RMP)假說、管理效率結構(ESX)假說成立。 　　4.　70至80年之所有銀行：結構－行為－績效(SCP)假說成立，市場占有率(MS)與ROA為負向關係、且達顯著水準，與預期不符。 　　5.　81至83年之所有銀行：無解釋能力。 　　6.　70至80年之公營銀行：結構－行為－績效(SCP)假說成立，市場占有率(MS)與ROA為負向關係、上達顯著水準，與預期不符。 　　7.　70至80年之民營銀行：相對市場力量(RMP)假說成立，效率值與ROA呈負向關係。 　　8.　81至83年之公營銀行：市場集中度較具解釋力（與ROA為負向關係），但亦未達顯著水準。 　　9.　81至83年之民營銀行：相對市場力量(RMP)假說成立。 　　二、以ROE為獲利能力指標之實證結果 　　1.　70至83年之所有銀行：結構－行為－績效(SCP)假說、相對市場力量(RMP)假說、規模經濟效率結構(ESS)假說成立，管理效率(XEFF)亦有相當影響力。 　　2.　70至83年之公營銀行：管理效率結構(ESX)假說、規模經濟效率結構(ESS)假說成立。 　　3.　70至83年之民營銀行：結構－行為－績效(SCP)假說、相對市場力量(RMP)假說成立。 　　4.　70至80年之所有銀行：無解釋能力。 　　5.　81至83年之所有銀行：相對市場力量(RMP)假說。規模經濟效率結構(ESS)假說成立。 　　6.　70至80年之公營銀行：無解釋能力。 　　7.　70至80年之民營銀行：相對市場力量(RMP)假說、規模經濟效率結構(ESS)假說成立，但管理效率(XEFF)與ROA為負向關係、且達顯著水準，與預期不符。 　　8.　81至83年之公營銀行：市場集中度(CONC)與ROE負向關係、且達顯著水準，與預期不符。 　　9.　81至83年之民營銀行：相對市場力量(RMP)假說。規模經濟效率結構(ESS)假說成立。

Submitted by Rafael Sach ferreira (rafaelsach@gmail.com) on 2017-07-03T21:29:08Z No. of bitstreams: 1 Dissertação Rafael Sach Ferreira - Mestrado Profissional em Economia e Finanças Corporativas.pdf: 1638024 bytes, checksum: d94bf2bf6b0a3636c963b1c8de5aa47f (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2017-07-18T13:59:46Z (GMT) No. of bitstreams: 1 Dissertação Rafael Sach Ferreira - Mestrado Profissional em Economia e Finanças Corporativas.pdf: 1638024 bytes, checksum: d94bf2bf6b0a3636c963b1c8de5aa47f (MD5) / Made available in DSpace on 2017-07-20T20:02:50Z (GMT). No. of bitstreams: 1 Dissertação Rafael Sach Ferreira - Mestrado Profissional em Economia e Finanças Corporativas.pdf: 1638024 bytes, checksum: d94bf2bf6b0a3636c963b1c8de5aa47f (MD5) Previous issue date: 2017-03-17 / Private Equity investment, which has re-emerged in Brazil in 2005, appears as an alternative to diversify pension fund investments However, for this investment modality to be consolidated, it is necessary to evaluate the performance of the Private Equity industry in the last years. The method used to perform this evaluation was the DuPont System, that acts as a search technique that helps locate the key areas responsible for the company's financial performance. The results showed clear financial and operational differences between the groups of companies that were already disinvested by PEIF and those that are still part of the portfolio. In the first group, approximately 71.42% of the companies had a positive net margin and a stable financial leverage multiplier of around 2.0 times for at least three years before the disinvestment, generating positive impacts on the accumulated results of ROA (Return on Assets) and ROE (Return on Equity) profitability indicators calculated by the System DuPont. From this data analysis it will be possible, for instance, to determine standards that will help managers to satisfactorily complete the divestment process in the companies that are still part of the portfolio. The analysis of the companies already divested in relation to the results obtained and the way they were constructed allows us to conclude that the investment in Private Equity can be an alternative to diversify portfolio of investments, as well as reduce the concentration in segments of variable income and fixed income. / O investimento em Private Equity, que ressurgiu no Brasil em 2005, aparece como uma alternativa para diversificação dos investimentos dos fundos de pensão. No entanto, para que essa modalidade de investimento se consolide, é preciso avaliar o desempenho da indústria de Private Equity nos últimos anos. O método utilizado para realizar esta avaliação foi Sistema DuPont, funcionando como uma técnica de busca que ajuda a localizar as áreas-chaves responsáveis pelo desempenho financeiro da empresa. Os resultados apontaram claras diferenças financeiras e operacionais entre os grupos de empresas que já foram desinvestidas pelos FIP e aquelas que ainda fazem parte da carteira. No primeiro grupo, aproximadamente 71,42% das empresas obtiveram margem líquida positiva e multiplicador de alavancagem financeira estável em torno de 2 vezes durante, pelo menos, três anos antes do desinvestimento, gerando impactos positivos nos resultados acumulados dos indicadores de rentabilidade ROA (Return on Assets, em inglês) e ROE (Return on Equity, em inglês) calculados pelo Sistema DuPont. A partir da análise desses dados, será possível, por exemplo, determinar padrões que auxiliem os gestores a completar de maneira satisfatória o desinvestimento nas empresas que ainda fazem parte da carteira. A análise das empresas já desinvestidas, em relação aos resultados obtidos e a maneira como eles foram construídos nos permite concluir que o investimento em Private Equity pode ser sim uma alternativa para diversificar a carteira de investimentos e reduzir a concentração em segmentos de renda variável e renda fixa.