Bakalauro baigiamajame darbe pritaikyti įvairūs bankroto prognozavimo modeliai bei apskaičiuoti dažniausiai naudojami mokumo ir pelningumo rodikliai, neįeinantys į modelius, tačiau turintys didelę įtaką bankroto prognozėms. / Various bankruptcy prediction models are adapted in this bachelor thesis. Generally used solvency and profitability rates, that are not part of models, but have an impact for bankrupt prediction, had been calculated.

Temos aktualumas. Ekonominė aplinka svarbi tiek atskiroms šalims ar jų grupei, tiek įmonėms ir įvairioms institucijoms, tiek ir kiekvienam iš mūsų asmeniškai. Ekonominė šalies ir joje veikiančių įmonių galia priklauso nuo turimų resursų panaudojimo efektyvumo, kuris neatsiejamas nuo naujų gamybos technologinių linijų įsigijimo ir įdiegimo, esamų modernizavimo, įmonės vidinių inžinerinių tinklų, reikalingų verslo plėtrai, įrengimo. Europos Sąjungos šalyse narėse, ypač naujosiose, šios sritys yra remiamos įvairių nacionalinių ir bendrijos fondų lėšomis, tačiau, norint įsisavinti paramos lėšas, reikia gerai išmanyti šių fondų išteklių naudojimo principus ir taisykles. Paraiškos su sėkmingais verslo planais virsta realia nauda toms įmonėms, kurios gerai pasiruošusios paramos įsisavinimui. Paramos naudą, teikiamą įmonėms, tikslinga vertinti per visos įmonės vertės prizmę, tuomet įvertinama ne tik paramos teikiama nauda ar projekto vertė, bet ir realus visos įmonės vertės pokytis, gavus paramą. Todėl atsiranda įmonės vertės pokyčio, įsisavinus ES fondų lėšas, įvertinimo ir metodo, kuris įgalintų nustatyti tą pokytį ir palyginti paramą gavusių įmonių vertės pokyčius tarpusavyje, poreikis. Darbo objektas – Europos Sąjungos paramos įtaka įmonės vertei. Šio darbo tikslas – apžvelgti Europos Sąjungos teikiamos paramos principus, sąlygas ir įsisavinimo tendencijas. Išanalizuoti pagrindinius metodus, naudojamus įmonės vertės nustatymui, atsižvelgiant į juos, sudaryti indikatorių, kuris... [toliau žr. visą tekstą] / Topicality. Economical enviroment makes a direct affect on the whole country, businesses and every personality within. Proper comprehension, interpretation and application of the surrounding, possibilities, variuos financing sources and funds are essential for operating a successful business. It is more than important to take advantage of EU‘s funds available for businesses in young economies like Lithiuania. Each fund and investment is believed to take a positive affect to the company and increase the value of it. It is essential to cull from information in quantity only what’s most important and be able to evaluate the impact of an investment to an enterprise properly and determine the change of an enterprise value after the investment. The object of this graduation paper is the impact of EU‘s funds to the value of a business. Main goals: 1. Analyse and describe main theoretical EU‘s support for businesses aspects. 2. Describe and analyse main enterprise evaluation methods in use. 3. Come up with new business evaluation method, based on integrated value indicator, which enables one to evaluate EU‘s support‘s impact on enerprise value and measure the impact among number of companies. 4. Under favour of the new business evaluation method, evaluate the influence of EU‘s funding to the value of three enterprises, come up with conclusions and suggestions. The Results. Main aspects of EU‘s support for businesses and enterprise evaluation methods are presented and described in the... [to full text]

本文使用政大資管系及風管系所共同開發的動態財務分析模型(dynamic financial analysis model)，並測試該模型是否能準確區別出健全的產險公司及喪失清償能力的產險公司。我們進一步地使用羅吉斯迴歸模型分析該模型在預測產險公司清償能力的準確性。 從迴歸模型實證結果中指出在10%顯著水準下所有變數皆不顯著。此結果顯示我們的實證測試無法提供強烈的佐證以支持”該動態財務分析模型能夠準確地預測保險人清償能力”的說法。 根據實證結果，我們建議往後的研究可以使用不同年度的資料，藉由大量的樣本以增加統計分析的準確度，同時改善該動態財務分析模型以符合保險人擁有多種再保安排的實際狀況。在實證測試中，我們發現該模型仍然存在一些錯誤。假使該動態財務分析模型能有效率地消除這些錯誤，我們期待修正後的動態財務分析模型在預測產險公司的清償能力上有更好表現。 / This paper set out to empirically test whether the dynamic financial analysis model (DFA), developed in a joint project of Department of Management Information Systems and Risk Management and Insurance, National Chengchi University, could accurately classify both solvent and insolvent property-liability insurers. We used a logistic regression model to analyze the solvency prediction accuracy of the DFA model. The empirical results indicated that none of the variables were significant at the 10% level and did not offer strong supporting evidence that the DFA model could accurately predict the solvency of insurers. Based on this, we suggest that further research should perhaps use data over different years to increase the accuracy of the statistical analysis, by using larger samples; this may improve the DFA model by coordinating actual situations with various reinsurance arrangements. In the empirical tests, we found that the DFA model still has some bugs. If these bugs can be efficiently deleted, we expect a revised DFA model to perform well in predicting the solvency of property-liability insurers.

The author analyzes the European concept of ‘Large Risk’, a subject which has been misunderstood in Latin America. He defend the Peruvian alternative that prefer the Judicial Review instead of the amount limits; and criticize the Project presented in the Peruvian Congress which pretends the second one, following the Chilean law that has deformed –in his opinion– the original (European) idea. / El autor analiza el concepto de ‘grandes riesgos’, de origen europeo que ha sido y pretende ser mal utilizado en Latinoamérica. Defiende la alternativa legislativa por la que se optó en la ley de contrato de seguro de Perú, donde se estableció una especie de control difuso en vez del establecimiento de montos que delimiten la barrera. Critica el Proyecto de ley presentado en el Congreso peruano que pretende imitar el camino chileno.

SABOIA, Iratan Bezerra de. Cronus e kairós: reflexões sobre temporalidade laboral e solvência social. 2007. 200 f. Dissertação (Mestrado em Psicologia) – Universidade Federal do Ceará, Departamento de Psicologia, Programa de Pós-Graduação em Psicologia, Fortaleza-CE, 2007. / Submitted by moises gomes (celtinha_malvado@hotmail.com) on 2012-01-17T13:39:31Z No. of bitstreams: 1 2007_dis_IBDSabóia.PDF: 1043074 bytes, checksum: 8fd29bd29e21f31586a7d05060db2190 (MD5) / Approved for entry into archive by Maria Josineide Góis(josineide@ufc.br) on 2012-03-08T11:57:52Z (GMT) No. of bitstreams: 1 2007_dis_IBDSabóia.PDF: 1043074 bytes, checksum: 8fd29bd29e21f31586a7d05060db2190 (MD5) / Made available in DSpace on 2012-03-08T11:57:52Z (GMT). No. of bitstreams: 1 2007_dis_IBDSabóia.PDF: 1043074 bytes, checksum: 8fd29bd29e21f31586a7d05060db2190 (MD5) Previous issue date: 2007 / In this paper, we analyzed the time as a privilege category of subject and society study; aiming to analyze its action as a social solvent when presents itself in the new configurations between time and work in contemporaneity, we performed a theoretical analysis of time category and its new ways of presenting itself in work contemporaneity. Thereunto, we delimitated a few study fields where temporality inserted itself as category, as of Philosophy, Physics, Biology and Sociology, we studied the work Time, the free Time and the leisure Time. Based on these studies, we delimitated a few Psychology study fields of temporality, so we can finally focus in the temporality issue for Psychoanalysis. Once the subjective temporality was delimitated, we could search for the interface between it and the world, finding a temporality marked by social mediation. In this context, we verified the time acting with the work, forming one of the categories which works as social glue. Analyzing the new configurations admitted by the labor temporality, after the work has become predominant social category, we verified that it can lose its society wide glue characteristic and present itself as a social solvent in a few social groups, fortifying other groups’ attachments, helping, thereby, in time ghettos formation related to work. / Neste trabalho analisamos o tempo como categoria privilegiada de estudo do sujeito e da sociedade; objetivando analisar sua ação como solvente social quando se apresenta nas novas configurações entre tempo e trabalho na contemporaneidade, empregamos uma análise teórica da categoria tempo e as novas formas que se apresenta na contemporaneidade laboral. Para isso, delimitamos alguns campos de estudo onde a temporalidade se inseriu, transitando pela Filosofia, Física, Biologia e Sociologia, partindo destes estudamos o Tempo do trabalho, o Tempo liberado e o Tempo do Ócio. Com base nesses estudos, delimitamos alguns campos de estudo da temporalidade por parte da Psicologia para finalmente nos determos na questão da temporalidade para a Psicanálise. Uma vez delimitada a temporalidade subjetiva, pudemos buscar a interface entre esta e o mundo, encontrando uma temporalidade marcada pela mediação social. É neste contexto que verificamos o tempo agindo em conjunto com o trabalho, formando uma das categorias que funcionam como cola social. Analisando as novas configurações que a temporalidade laboral assumiu, após o trabalho se tornar categoria social predominante, verificamos que ele pode perder sua característica de cola ampla da sociedade e se apresentar como um solvente social em alguns grupamentos sociais e fortificando os laços em outros, auxiliando assim na formação de guetos temporais ligados ao trabalho.

This master's thesis is focused on the issues of stress testing in the context of financial stability. It consists of two major parts. The first part deals with methodology of general stress tests with special regard to stressed indicators and relevant risks. In the second part, the difficulties and shortcomings of general stress tests are analysed with respect to the dynamic expansion of financial instruments and markets. A special attention is paid to integrate liquidity risk and contagion risk into the current stress testing framework. Furthermore, the alternative instruments for increasing the complexity of banks financial soundness analysis are presented. It can be said that the system of financial stability analysis before the crisis was not sufficient because it did not reflect on all risk exposures. The main contribution of this thesis is the organized presentation of possible solutions which would help to enhance the quality of stress testing outputs and to a certain extent unify these outputs as well.

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.

The amendment of the Companies Act 61 of 1973 in 1999 by Companies Amendment Act 37 of 1999 made it possible for the first time, in South Africa, for a company to acquire its own shares and for a subsidiary to acquire shares in its holding company. The position introduced by the 1999 amendments was repealed in 2011 with the coming into effect of the Companies Act 71 of 2008. I have compared capital maintenance rule under the Companies Act 61 of 1973, as amended in 1999 with capital maintenance rule under the Companies Act 71 of 2008. I have also examined in detailed the requirements to be complied with when a company acquires its shares as well as the requirements to be complied with when a subsidiary acquires shares in its holding company. Copyright / Dissertation (LLM)--University of Pretoria, 2012. / Mercantile Law / unrestricted

The capital maintenance rules stem from the English company law and were primarily aimed at protecting the rights of a company’s creditors. Before the introduction of the Companies Amendment Act 37 of 1998, a company was prohibited from purchasing its own shares. After this legislation was passed, a company was able to do so, provided that it satisfied the solvency and liquidity test and also complied with the new statutory provisions set out by sections 85 to 89 of the Companies Act 61 of 1973. Section 48 of the Companies Act 71 of 2008 now regulates the acquisition by a company of its own shares, as well as the acquisition of shares in its holding company by a subsidiary company. The above actions also fall under the ambit of a “distribution” as defined in the Act and therefore need to satisfy the requirements of section 46 of the Act as well. Unlike its predecessor, the provisions in the new Act are very broad and devoid of guidelines. The emphasis is placed on companies satisfying the principles of solvency and liquidity. Non-adherence to these provisions gives rise to the personal liability of the company’s directors. The provisions of section 48 do not apply where a dissenting shareholder exercises his appraisal rights in terms of section 164 of the new Act, or where a company redeems redeemable securities. These exceptions do, however, still amount to “distributions” and will accordingly need to satisfy the requirements contained in section 46 of the Act. Redeemable securities were initially not exempted from the provisions of section 48. This would potentially have given rise to a situation where a company could approach a court in terms of section 48(6) to reverse a redemption of its securities. It would have had dire consequences for financing by way of redeemable securities. In terms of the Companies Amendment Act 3 of 2011 redeemable securities are now specifically exempted from the provisions of section 48. In terms of the new Act a subsidiary company is allowed to purchase shares in its holding company to a maximum of 10% in the aggregate of the issued shares of any share class, provided that no voting rights attached to such shares may be exercised. The new Act fails to properly address some of the issues regarding the “round-tripping” of dividends and the declaration of a dividend in specie that were already identified as far back as 2001. Where the consideration for a repurchase constitutes a “dividend” as defined in the Income Tax Act 58 of 1962, the company will be liable to pay secondary tax on companies in respect thereof. If a distribution does not constitute a dividend, capital gains tax is payable with regard to it. Share repurchases are allowed in terms of Canadian corporate law after the legislative reform which occurred in that country during the 1970’s. The Canadian Business Corporations Act contains provisions that bear a striking resemblance to the provisions of the new Act adopted in South Africa. Whilst the basis and rationale behind the new corporate legislation cannot be faulted, a host of issues and concerns still remain. The unfortunate consequence is that the new Act lacks transparency and is fraught with clumsy errors. Copyright / Dissertation (LLM)--University of Pretoria, 2012. / Mercantile Law / unrestricted

Company law traditionally regulated capital by use of the capital maintenance principle. The Companies Act 71 of 2008 replaces the capital maintenance regime with one based on solvency and liquidity. This dissertation aims at analysing the capital rules relating to financial assistance as they are contained in the Companies Act 71 of 2008. This includes the provision of financial assistance for the purpose of or in connection with the purchase or subscription of securities in the company (section 44) and the provision of financial assistance to directors and prescribed officers of the lending company or of a related or inter-related company, or to a related or inter-related company (sections 45). The solvency and liquidity test, which is required to be applied when a company intends to provide financial assistance is analysed at the outset of the study. The work of renown authors are used for purposes of the study. The solvency and liquidity test comprises of two elements, namely solvency and liquidity. Each element of the test as well as the assets to be considered and valuation thereof is analysed. The greatest problem with regard to the test is which assets to include when the company is part of a group of companies and the lack of provision for the protection of preferential liquidation rights in all instances. Clarity is called for in these regards. Where there is a question as to valuation method of the assets, it is submitted that it is best left to be determined by the directors. The provision of financial assistance in terms of section 44 is analysed in detail. The provision of financial assistance to a person for the purpose of or in connection with the purchase of securities in a company is allowed, subject to certain conditions and requirements. Companies are also allowed to impose further conditions or requirements in the Memorandum of Incorporation. The key terms are defined and analysed, as well as the conditions or requirements for the provision of financial assistance. The scope of application of the section is cast incredibly wide due to the wide definition of “securities” and the extension of the application to financial assistance for securities in a “related or inter-related” company. The provision of financial assistance in terms of section 45 is analysed in the same manner (albeit in less detail) as section 44. The biggest problem here again is its wide scope of application due to the extension of application to provision of financial assistance to a “related or inter-related” company or director or a prescribed officer thereof. / Dissertation (LLM)--University of Pretoria, 2010. / Mercantile Law / unrestricted