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台灣企業對外投資決策過程之研究陳佳琪 Unknown Date (has links)
本論文共分五章,其主要內容如下: :說明論文之動機、目的、架構及
限制。 及理論:分為對外投資決策行為相關研究、對外投資決策過程 @
之研究及對外投資相關研究。方法與分析:分為名詞定義、問卷
設計、研究對象與資料蒐集及研究分析方法。結果與分析:使用Probit及
Regression統計分析方法,分析二主題,得到以下結果:典型台灣企業對
外投資決策過程 @ 台灣企業通常是為了取得低價勞工而去對外投資,
對外投資計劃的提議與決定多由董事長或董事會執行,通常成立專案小組
負責對外投資計劃,專案小組的成員主要有董事長或董事會、總經理及副
總經理。進行初步調查的方法主要係由公司自行搜集相關資料,廠商投資
的產業以在國內曾在生產銷售的產品,主要調查東南亞地區,且多會派總
經理實地調查投資地點的市場及廠房設備情形;除此之外,會更進一步調
查投資報酬率。廠商主要對外投資資金來源是以公司現有的資金,投資計
劃的評估方法是採回收期間法,投資風險的評估方法是採主觀判斷法,多
在當地獨 @自成立新公司,一般在對外投資上遭遇的問題與困難主要為利
潤 外投資計劃。影響台灣企業對外投資決策過程的公司因素公司曾有對
外投資經驗與公司規模(以員工人數與營業額衡量)和對外投資動機(考
慮市場因素、生產條件因素、資金因素及地主國政府政策)、對外投資計
劃題議者、對外投資專案小組成員、實地派去調查的人員、對外投資資金
來源管道、對外投資 存在,顯見公司因素會影響台灣企業對外投資
的決策過程。與建議。務評估方式及風險評估方式等七種決策活動之間有
顯著關不符合,有半數的廠商曾因風險或不確定性太大而放棄對
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Framvagnen, en berättelse om företaget : Läsbarhetens betydelse för berättande information / The-state-of-the-company report – the story about the company : The importance of readability for narrativeinformationAndersson, Malin, Norrgård, Marie January 2015 (has links)
Bakgrund och problem: Företag ägnar idag betydande utrymme i sina årsredovisningar till berättande information som ska ge investeraren en helhetsbild av företaget och dess verksamhet, vilket ska öka användbarheten vid beslutsfattande. Investerare värderar den kontextuella informationen högt men anser samtidigt att den saknar aktualitet och objektivitet. Ett problem med den berättande informationen är att företagen kan framställa sina prestationer och framtidsutsikter på ett opportunistiskt sätt. Med utgångspunkt i att framvagnen består av berättande information och är en viktig del av företags årsredovisning är det av vikt att undersöka framvagnen. Läsbarheten av den berättande informationen har visats påverka icke-professionella investerare i en bedömnings- och beslutssituation, varför det är intressant att undersöka hur framvagnens läsbarhet påverkar investeringsbeslutet. Syfte: Syftet är att förstå hur framvagnen används som kommunikationskanal och förklara hur interaktionen mellan framvagnens läsbarhet och nivån på de finansiella nyheterna, positiva respektive negativa, påverkar icke-professionella investerares investeringsbeslut. Metod: Studien utgår från både en kvalitativ och en kvantitativ ansats. För att förstå hur framvagnen används som kommunikationskanal har vi genomfört semistrukturerade intervjuer, med en projektledare för årsredovisningen och två användare av framvagnen för få att deras syn på sambandet mellan framvagnen och de resterande delarna av årsredovisningen samt vikten av läsbarheten av och tilliten till framvagnen. Vi genomförde ett experiment på tredjeårsstudenter på civilekonomprogrammet vid Linköpings universitet där vi undersökte hur interaktionen mellan framvagnens läsbarhet och nivån på de finansiella nyheterna, positiva respektive negativa, påverkar icke-professionella investerares investeringsbeslut. Slutsats: Vi fann att framvagnen används för att kommunicera en berättelse om företaget men även för att sätta de finansiella rapporterna i ett tydligare sammanhang, vilket ska ge investeraren en känsla för varför den ska investera i företaget. En högre läsbarhet av framvagnen underlättar kommunikationen mellan företaget och dess investerare då samtliga investerare förstår informationen samtidigt som det undermedvetet ökar tilliten till informationen. Experimentet indikerade att läsbarheten i kombination med nivån på de finansiella nyheterna har en viss påverkan på icke-professionella investerares sannolikhet att investera och tillit till informationen. En framvagn med en högre läsbarhet som innehåller positiva finansiella nyheter torde öka icke-professionella investerares sannolikhet att investera i företaget. När framvagnen har en högre läsbarhet har de icke-professionella investerarna en större tillit till de positiva finansiella nyheterna. Har framvagnen däremot en lägre läsbarhet har de icke-professionella investerarna en större tillit till de negativa finansiella nyheterna. / Background & Problem: Today, companies devote significant space in their annual reports to narrative information, which provide investors with a complete picture of the company and its operations. The narrative information enhances the documents’ decision usefulness. Investors consider the contextual information valuable even though it is lacking timeliness and objectivity. One problem with the narrative information is that companies can present their achievements and prospect in a favourable way. Because the-state-of-the-company report consists of narrative information and is a significant part of the annual report it is of importance to explore. The readability of the narrative information has been shown to influence non-professional investors’ investment decision, therefore it is of interest to explore how the readability of the-state-of-the-company report influences the investment decision. Aim: The aim is to understand how the-state-of-the-company report is used as a communication channel and to explain how the interaction between the readability of the state-of-the-company report and the level of financial news, positive or negative, influence investors’ decisions. Method: The study is based on both a qualitative and a quantitative method. We conducted semi-structured interviews to understand how the-state-of-the-company report is used as communication channel. Interviews were conducted with a project manager for the annual report and two users of the state-of-the-company report. The purpose with the interviews were to get their view of the relationship between the state-of-the-company report and the financial reporting part of the annual report, as well as the importance of the readability of and reliance on the state-of-the-company report. We have conducted an experiment on third grade business students at Linköping University to explain how the interaction between the readability of the state-of-the-company report and the level of financial news, positive or negative, influence non-professional investors’ investment decisions. Conclusion: We found that the state-of-the-company report is used to communicate a story about the company, but also to contextualize the numbers, which gives the investor a sense of why they should invest in the company. A higher readability of the-state-of-the-company report enhances the communication between the company and its investors, since all investors can comprehend the information at the same time as it subconsciously increases their reliance on the information. The experiment indicated that the readability, in combination with the level of financial news (positive or negative), has some influence on non-professional investors’ likelihood to invest and their reliance on the information. A state-of-the-company report with a higher readability consisting positive financial new should increase non-professional investors’ likelihood to invest. When the state-of-the-company report has higher readability, non-professional investors have a greater reliance on the positive financial news. If the state-of-the-company report instead has lower readability, non-professional investors have a greater reliance on the negative financial news. The readability has not the same influence on professional investors because they have a more critical perspective on the state-of-the-company report.
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Statybos sektoriaus ekonominės makroaplinkos tyrimas kaip ikiinvesticinių sprendimų pagrindimo dalis / Investigation of construction sector's economic macro environment as a part of the pre-investment studiesBuškevičienė, Eglė 19 June 2010 (has links)
Baigiamajame magistro darbe nagrinėjama statybos sektoriaus ekonominės makroaplinkos vertinimo svarba investiciniam sprendimui priimti. Tiek investicinis sprendimas, tiek aplinka, kurioje bus investuojama analizuojama remiantis investicijų projektų ideologija. Apžvelgiama projektų ir investicijų projektų samprata, nustatoma aplinkos ir aplinkos įvertinimo svarba investiciniam sprendimui priimti, išanalizuojami projektų statybos sektoriuje ypatumai ir pateikiama investicinės aplinkos tyrimo schema. Baigiamajame darbe atliktas statybos sektoriaus ekonominės makroaplinkos tyrimas, nustatyti statybos sektoriui reikšmingiausi ekonominės makroaplinkos veiksniai. Išanalizuoti statybos įmonių galutinį rezultatą atspindintys finansiniai duomenys ir santykiniai rodikliai. Įvertinta statybos sektoriaus makroaplinkos įtaka statybos įmonių veiklos rezultatams. Remiantis atliktais tyrimais ir gautais rezultatais, pateikiamos baigiamojo darbo išvados ir siūlymai. / The aim of final thesis is to analyze the importance of economic environment assessment for investment decision making. Both the investment decisions and the investment environment are analyzing the basic ideology of investment projects. Here are reviewing the concept of the projects and the investment projects and are determining the importance of the environment and its assessment for investment decision making. Here are analyzing the importance of project in the construction sector and the scheme of environment‘s investigation is submited. At the end of the master work there is an investigation of construction sector‘s economic macro environment and the most important economic macro environment‘s factors have determined. The finance data and comparative financial indexes of construction companies have shifted. The economic macro environment influence to final result of construction companies has been evaluated. On the basis of investigation and it‘s results, the final work conclusions and suggestions are presented.
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Investment Climate Parameters In Transition Economies: The Case Of RussiaNikitin, Sergei 01 January 2004 (has links) (PDF)
This thesis incorporates institutional definition of the economies in transition into the economic analysis of the investment variable. Probability environment of the real world is another point of analysis. Decision-making framework is analyzed and incorporated into analysis as well. Thesis tries to answer questions such as: Why same projects are treated differently in different circumstances. Finally the Russian experience is investigated and used to prove hypothesis about investment climate parameters and to give examples of investment into institutional matrix.
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Analýza konkrétního investičního projektu (bioplynové stanice), hodnocení jeho efektivnosti a dopadu na finanční stabilitu podniku. / Analysis of the specific investment project (biogas station), evaluation of its effectiveness and impact on the financial stability of the company.STRAKATÁ, Jaroslava January 2013 (has links)
This thesis deals with the issue of investment decisions, which is important for every business. The aim of this thesis was to evaluate the effectiveness of selected investment project.First, we conducted a financial analysis to assess the current status of the company. Then we have identified the revenue and expenditure of the project. We also have assessed the effectiveness of investments in several variants. At the conclusion of the project was assessed risk.
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O papel da gestão no desempenho dos fundos de investimento imobiliário no Brasil (2010-2016) / The role of management in the performance of real estate investment funds in Brazil (2010-2016)Weiss, Leila Aparecida Scherer 10 July 2017 (has links)
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Previous issue date: 2017-07-10 / Among the investment options available on the market, there is highlight to the real estate investment funds, which allow small investors to invest in projects previously restricted to large investors and large developers, thus representing an interesting alternative of long-term financing, making it accessible to all investors. However, performance assessment of these funds, which would take into consideration their management, as well as a comparison with for rental real state investment, is an area of study still underexplored, which requires more investigation. Therefore, the overall objective of this study is to identify how management influences the performance of IFIs, compared to direct leaseholds in the period from 2010 to 2016. The theoretical framework contemplates the aspects inherent in the Modern Theory of Portfolio and Agency Theory. The study also includes real estate investments with emphasis on Real Estate Investment Funds, types, advantages, and risks of investment. The methodology used is the hypothetical-deductive, and it is classified, regarding the research problem as, quantitative; as for the objectives, it is exploratory and descriptive and as for the procedures, it is bibliographical and documentary. The results indicate that the performance of the funds is directly linked to the management of these funds, due to the policies adopted by each of the managers. It is also noteworthy that, in comparison to direct investment in real estate, real estate investment funds present higher returns for investors. / Dentre as diversas opções de investimentos existentes no mercado, destacam-se os fundos de investimento imobiliários, que possibilitam ao pequeno investidor o acesso a projetos de investimentos, antes restritos aos grandes investidores e grandes incorporadoras, representando, assim, uma alternativa interessante de financiamento no longo prazo, tornando-se assim acessível a todos os investidores. No entanto, a avaliação de desempenhos destes fundos, que leve em consideração a gestão destes, bem como a comparação com investimentos em imóveis para locação, é uma área pouco explorada no Brasil, exigindo maiores estudos. Assim, este estudo tem por objetivo identificar como a gestão influencia o desempenho dos FIIs se comparados aos imóveis de locação direta no período de 2010 a 2016. O marco teórico contempla os aspectos inerentes à Moderna Teoria do Portfólio e a Teoria da Agência. O estudo contempla ainda os investimentos imobiliários, com destaque para os Fundos de Investimento Imobiliário, tipos, vantagens e riscos de investimento. A metodologia utilizada é a hipotética-dedutiva, e quanto ao problema de pesquisa, quantitativa; quanto aos objetivos, exploratória e descritiva; e quanto aos procedimentos, bibliográfica e documental. Os resultados apontam que o desempenho dos fundos está diretamente ligado à gestão destes, devido às políticas adotadas por cada um dos gestores. Destaca-se, ainda, que, em comparação com o investimento direto em imóveis, os fundos de investimento imobiliário apresentam maiores retornos para os investidores.
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Investeringsprocessen i småföretag : En studie om investeringsbeslutfattande i restaurangbranschenMarquez, Dayhana, Larsson, Malin January 2017 (has links)
Investeringar är grunden i ett företag och därmed är investeringsprocessen ett intressant fenomen att titta närmare på. Efter att ha studerat litteratur och tidigare forskning, som tar upp problematiken i investeringsprocessen, framkom att beslutsfattarens roll är en väsentlig del vid investeringsprocessen. Studien behandlar både beslutfattarens bakgrund och val som påverkar investeringsbeslutfattande i restaurangsbranschen, beslutfattarens bakgrund och val behandlas som påverkande respektive förklarande faktorer. Studien syftar på att ta reda på om och i vilken omfattning belutfattarens bakgrund påverkar sina val i investeringsprocessen. Genom att tillämpa en kvantitativ metod i form av en enkätundersökning lyftes beslutsfattarens bakgrund och investeringsprocess fram. Utifrån enkätundersökningen gjordes en statistisk analys för att hitta eventuella samband mellan de påverkande samt förklarande faktorerna. Resultatet av enkätundersökningen och statistiska analysen visade att det fanns starka samband mellan faktorer såsom kön, ålder, investeringsrutin, kalkylanvändning, utbildningstyp och utbildningsnivå. Detta bekräftar tidigare forskning och teorier om beteendeinriktad investeringsbeslutfattande.
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Hodnocení investičních záměrů v mezinárodním prostředí / Evaluation of Investment Projects in International EnvironmentDoubravská, Petra January 2012 (has links)
This diploma thesis addresses the issue of evaluation of investments in newly created companies in the high-tech industry, so-called start ups. Firstly, theoretical basis of investment decision-making are defined together with special aspects of venture capital investments. Furthermore, the known methods of investment evaluation are analysed in detail, their strengths and weaknesses are outlined and the suitability of using these methods to evaluate investments in start-ups is assessed. A case-study is then used to examine application of these methods in practice. Part of the thesis is also devoted to detailed analysis of financing options that are available to start-ups in the USA. The most widely used types of start-up financing are identified together with current trends in this area. Issues concerning various types of start-up financing are then explained and demonstrated on examples.
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Hodnocení investičního záměru - Geotermální elektrárna / Evaluation of the investment intention – Geothermal power plantLouda, David January 2013 (has links)
The aim of this master's thesis is to create a project of a small power plant in the Czech republic, which would be powered by geothermal energy as a renewable energy source. Followed by evaluation of economic effectiveness and return of that investment. For which I use known methods for evaluation and investment decision making.
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Hodnocení investičního záměru strojírenského podniku / The Investment Evaluation of the Machinery CompanyNagy, Martin January 2019 (has links)
This thesis is focused on the investment evaluation of a machinery company. The theoretical part describes the technology of drilling, investment project, investment decision making, financing of the investment, its efficiency evaluation by dynamic methods. The practical part introduces the investment project and summarizes theoretical solutions. Moreover, the author carried out the company’s balance sheet and the prognosis of its sales by performing multiple factors linear regression analysis using software Gretl, determined the type of the investment financing and selected the investment project based on the point criteria and the theoretical solutions. Furthermore, the efficiency of the chosen project was evaluated by the dynamic methods described in the theoretical part. Finally, the author created a Net Present Value sensitivity analysis and compared results of the static and dynamic methods. These results become fundamentals for recommendation of the investment project realization.
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