Este trabalho descreve as práticas usuais dos avaliadores de ativos do mercado brasileiro ao estimar o valor do custo de capital próprio na composição da taxa de desconto dos fluxos de caixa a ser empregada no método do Fluxo de Caixa Descontado. O estudo consiste de duas etapas principais. Na primeira foi feito um delineamento descritivo, explicitando-se quais são os métodos utilizados na estimação do custo de capital próprio, e como são obtidos os parâmetros que alimentam esses métodos. Na segunda fase do trabalho, foram realizados testes de hipótese de relações entre variáveis pertinentes no processo de estimação da taxa de desconto do capital próprio, buscando entender as relações de causa e efeito dos fenômenos presentes no processo. Para que os objetivos desejados fossem alcançados nas fases citadas, foi realizado um levantamento de dados primários, no qual se obteve uma amostra de 93 avaliações realizadas entre 2002 e 2006, tendo sido a sua maioria, aproximadamente 70%, realizadas em 2006. Em seguida foi feito um tratamento estatístico dos dados levantados, utilizando-se o aplicativo SPSS versão 13.0, com o propósito de agrupar e quantificar os resultados obtidos e de estabelecer relações pertinentes entre as variáveis envolvidas no processo de estimação do custo do capital próprio. Ao final, os resultados atingidos mostram a predominância de duas metodologias distintas: o CAPM e o Método de Prêmios de Risco. Para cada um dos métodos observou-se um padrão predominante de determinação dos parâmetros que viabilizam a metodologia. Além disso, foi verificada a existência de um forte viés de posição do avaliador ao selecionar quais fatores de risco incluir na metodologia. Uma análise derradeira da formação da taxa de desconto mostrou a sua forte relação com o porte do ativo avaliado, o que ratifica o conceito já preconizado em diversas publicações sobre o assunto, de que o prêmio por porte do ativo avaliado é um fator a ser levado em consideração. / This work describes the usual practices of asset valuators in Brazilian Market when estimating the equity capital cost used to compose the cost of capital to discount future cash flows through the Discounted Cash Flow Method. The study consists of two main blocks. Firstly, a general guideline was constructed, explaining the principal methods used for equity cost estimation and how these methods? parameters are obtained. In the second phase of the study, hypothesis tests concerning relations among relevant variables of the process were carried out, searching to identify the cause-effect relations among the phenomena present in the process. So that the objectives were reached in the mentioned phases, a primary data survey was carried out, obtaining a sample of 93 valuations made between 2002 and 2006. About 70% of these valuations were appraised in 2006. Therefore, a statistic data analysis took place with use of SPSS 13.0 version, with the objective of grouping and quantifying the survey results and also set relevant relations among involved variables in the equity cost of capital estimation. In the end, the main results show a predominance of two distinct methodologies: CAPM and Build-up Models. For each of them it was possible to identify a predominant standard of parameter estimation. Besides that, it was possible to verify the existence of a strong position bias on the analyst part, when deciding which risk premia to consider in the model. A final analysis of the discount rate composition showed strong relation with the appraised asset size, which confirms the popular concept in many publications, that size premium is a risk factor to be taken into account when valuating assets.

<p>The valuation of an asset is one of the most important thing with accounting, though one of the most difficult thing as well. However, in deciding useful service life for an intangible asset and property, plant and equipment, there are quite a margin for the companies, which creates a difference between companies and industries. When computing the value of the inventories there are a few possibilities available for the companies, which also can generate differences</p><p>between companies and industries. Although these differences can occur, there might be some similarities in the companies’ estimates. Hence, the purpose of this essay is to establish whether there are any differences in how companies are assessing their useful service life of intangible assets, property, plant and equipment and deciding the value of inventories. To be able to accomplish the purpose, company’s annual reports were used along with other necessary sources, for instance books about accounting principles and theories. The study, furthermore, concluded that there are small differences between companies within the same industry and industries altogether, in their judgment on useful service life and the value of the inventories.</p>

The valuation of an asset is one of the most important thing with accounting, though one of the most difficult thing as well. However, in deciding useful service life for an intangible asset and property, plant and equipment, there are quite a margin for the companies, which creates a difference between companies and industries. When computing the value of the inventories there are a few possibilities available for the companies, which also can generate differences between companies and industries. Although these differences can occur, there might be some similarities in the companies’ estimates. Hence, the purpose of this essay is to establish whether there are any differences in how companies are assessing their useful service life of intangible assets, property, plant and equipment and deciding the value of inventories. To be able to accomplish the purpose, company’s annual reports were used along with other necessary sources, for instance books about accounting principles and theories. The study, furthermore, concluded that there are small differences between companies within the same industry and industries altogether, in their judgment on useful service life and the value of the inventories.

O presente trabalho tem como objetivo principal demonstrar que parcela da base de depositantes de instituições financeiras que se utilizam de depósitos (a prazo e a vista) como fonte de financiamento das suas atividades, identificada pelos depósitos estáveis, representa um ativo intangível da instituição depositária. Esse ativo intangível decorrente dos depósitos estáveis, quando passível de identificação específica, explica parte do goodwill da instituição depositária, pelo fato do goodwill ser um ativo residual dependente principalmente da avaliação da empresa como um todo. Sendo o valor do goodwill determinado pela diferença entre o fair value da entidade como um todo, como um ativo único em continuidade, e a soma algébrica dos fair values dos ativos líquidos identificáveis dessa entidade, à medida que novos ativos antes não contabilizados são identificados, está-se explicado a natureza do goodwill, assim como está-se auxiliando na sua atribuição de valor. Portanto a identificação de mais um ativo intangível das instituições financeiras implica na identificação de parcelas componentes do goodwill, que englobava esse ativo intangível antes da identificação do ativo intangível, assim como também implica na explicação econômica de parte do goodwill. Para que o objetivo pudesse ser alcançado, comparou-se as características econômicas e contábeis dos ativos, dos ativos intangíveis e do goodwill com as características econômicas e contábeis dos depósitos estáveis, chegando-se à conclusão de que tais depósitos representam um ativo intangível, identificável em separado e passível de registro contábil. O registro contábil desse ativo intangível nas demonstrações contábeis utilizadas para fins de publicação é atualmente possível somente quando a instituição depositária tiver sido objeto de compra por outra entidade. Caso isso não tenha ocorrido, alternativamente pode-se fazer uso do ativo intangível para fins de controle gerencial. O trabalho também apresenta um caso real de avaliação dos depósitos estáveis como forma de corroborar a possibilidade de identificação e avaliação do ativo intangível decorrente desses depósitos. / The main objective of the present work is to demonstrate that a part of the depository base of financial institutions that make use of (time and demand) deposits as a source of funding for their activities, which is identified by stable deposits, represents an intangible asset of the depositary institution. When its specific identification is possible, this intangible asset, which results from the stable deposits, explains a part of the goodwill of the depositary institution, considering that goodwill is a residual asset that mainly depends on the valuation of the company as a whole. As the value of goodwill is determined by the difference between the fair value of the entity as a whole, that is, as a unique asset in a going concern, and the algebraic sum of the fair values of the entity’s identifiable net assets, to the extent that new assets are identified, which were not recorded before, the nature of goodwill is explained and its value attribution is enhanced. Hence, the identification of another intangible asset in the financial institutions implies the identification of new parts of the goodwill, which incorporated this intangible asset before the identification of the intangible asset, as well as the explanation of the economic nature of goodwill. To achieve this goal, the economic and accounting characteristics of assets, intangible assets and goodwill were compared to the economic and accounting characteristics of the stable deposits, which led to the conclusion that those deposits represent an intangible asset, which can be identified separately and can be registered in the accounting records. The accounting record of this intangible asset in the financial statements, which are used for publication, is only possible nowadays when the depositary institution has been the target of a purchase by another entity. In case this has not happened, the intangible asset can alternatively be used for management control. The present work also presents a real case of stable deposit valuation, so as to corroborate the possibility of identification and valuation of intangibles resulting from the stable deposits.

Este trabalho descreve as práticas usuais dos avaliadores de ativos do mercado brasileiro ao estimar o valor do custo de capital próprio na composição da taxa de desconto dos fluxos de caixa a ser empregada no método do Fluxo de Caixa Descontado. O estudo consiste de duas etapas principais. Na primeira foi feito um delineamento descritivo, explicitando-se quais são os métodos utilizados na estimação do custo de capital próprio, e como são obtidos os parâmetros que alimentam esses métodos. Na segunda fase do trabalho, foram realizados testes de hipótese de relações entre variáveis pertinentes no processo de estimação da taxa de desconto do capital próprio, buscando entender as relações de causa e efeito dos fenômenos presentes no processo. Para que os objetivos desejados fossem alcançados nas fases citadas, foi realizado um levantamento de dados primários, no qual se obteve uma amostra de 93 avaliações realizadas entre 2002 e 2006, tendo sido a sua maioria, aproximadamente 70%, realizadas em 2006. Em seguida foi feito um tratamento estatístico dos dados levantados, utilizando-se o aplicativo SPSS versão 13.0, com o propósito de agrupar e quantificar os resultados obtidos e de estabelecer relações pertinentes entre as variáveis envolvidas no processo de estimação do custo do capital próprio. Ao final, os resultados atingidos mostram a predominância de duas metodologias distintas: o CAPM e o Método de Prêmios de Risco. Para cada um dos métodos observou-se um padrão predominante de determinação dos parâmetros que viabilizam a metodologia. Além disso, foi verificada a existência de um forte viés de posição do avaliador ao selecionar quais fatores de risco incluir na metodologia. Uma análise derradeira da formação da taxa de desconto mostrou a sua forte relação com o porte do ativo avaliado, o que ratifica o conceito já preconizado em diversas publicações sobre o assunto, de que o prêmio por porte do ativo avaliado é um fator a ser levado em consideração. / This work describes the usual practices of asset valuators in Brazilian Market when estimating the equity capital cost used to compose the cost of capital to discount future cash flows through the Discounted Cash Flow Method. The study consists of two main blocks. Firstly, a general guideline was constructed, explaining the principal methods used for equity cost estimation and how these methods? parameters are obtained. In the second phase of the study, hypothesis tests concerning relations among relevant variables of the process were carried out, searching to identify the cause-effect relations among the phenomena present in the process. So that the objectives were reached in the mentioned phases, a primary data survey was carried out, obtaining a sample of 93 valuations made between 2002 and 2006. About 70% of these valuations were appraised in 2006. Therefore, a statistic data analysis took place with use of SPSS 13.0 version, with the objective of grouping and quantifying the survey results and also set relevant relations among involved variables in the equity cost of capital estimation. In the end, the main results show a predominance of two distinct methodologies: CAPM and Build-up Models. For each of them it was possible to identify a predominant standard of parameter estimation. Besides that, it was possible to verify the existence of a strong position bias on the analyst part, when deciding which risk premia to consider in the model. A final analysis of the discount rate composition showed strong relation with the appraised asset size, which confirms the popular concept in many publications, that size premium is a risk factor to be taken into account when valuating assets.

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Issues of the business combinations and transformations are very extensive and include legal, tax and accounting aspects. Legislation of the business combinations and transformations is subject of several laws and for complete and correct use, you need to put together all of them. This master thesis can be used as a methodical manual for business combinations and transformations.

Este trabajo de investigación tiene como objetivo principal valorizar la corporación Ferreycorp S.A.A. (Ferreycorp) al cierre del primer trimestre del 2020. La metodología utilizada será la del descuento de flujos de caja libre y el resultado será respaldado con el método de múltiplos comparables. Para este propósito, se ha utilizado información de la empresa de cinco años de antigüedad y los flujos se han proyectado a cinco años. Además de la información histórica, para los supuestos establecidos, se ha utilizado información brindada por la organización y datos macroeconómicos; estos últimos, han sido de gran aporte al presente documento, debido a la coyuntura económica del país debido a factores externos a la organización. A pesar de lo indicado, Ferreycorp se mantiene como una de las principales empresas del país debido a su capacidad patrimonial y operativa, lo cual se demuestra en los resultados obtenidos en la presente valorización. En relación al resultado obtenido, Ferreycorp cuenta con un valor empresarial de S/.3,437 millones y un valor patrimonial de S/.2,202 millones, lo cual nos lleva a un valor por acción de S/.1.41. A través de los múltiplos comparables, la organización presenta un valor de S/.1.46 por acción. Al revisar el precio de mercado al 12 de junio del 2020, este se sitúa alrededor de S/.1.40. Por ende, establecemos que el valor de la acción se encuentra mínimamente subvaluado y se recomienda a corto plazo mantener el activo en el portafolio del inversor. La coyuntura económica a principios del presente año, no permite tomar decisiones confiables en relación al manejo de acciones a largo plazo. / The main objective of this research work is to value the Ferreycorp S.A.A. (Ferreycorp) at the end of the first quarter of 2020. The methodology used will be the discounting of free cash flows and the result will be supported by the method of comparable multiples. For this purpose, information from five years ago has been used and the flows have been projected in five years. In addition to historical information, for the established assumptions, information provided by the organization and macroeconomic data have been used; the later has been of great contribution to this document, due to the economic situation in the country because of external factors to the organization. Despite the aforementioned, Ferreycorp remains one of the leading companies in the country due to its patrimonial and operational capacity, which is demonstrated in the results obtained in this valuation. In relation to the result obtained, Ferreycorp has a market value of S/.3,437 million and a patrimonial value of S/.2,202 million, which brings us to a value per share of S/.1.41. Through comparable multiples, the organization presents a value of S/.1.46 per share. When reviewing the market price as of June 12, 2020, it stands at around S/.1.40. Therefore, we establish that the value of the share is minimally undervalued and it is recommended in the short term to keep the asset in the investor's portfolio. The economic situation at the beginning of this year does not allow making reliable decisions regarding the management of long-term actions. / Trabajo de investigación

Bakgrund: Bokföringslagen (1999:1078) och Årsredovisningslagen (1995:1554) är de två primära lagarna som finns inom området redovisning och revision. Dessa lagar är vad som kallas för ramlagar varför det förekommer hänvisningar i lagen till god redovisningssed. År 1976 myntades begreppet god redovisningssed (prop. 1975:104) sedan dess har god redovisningssed utvecklats med anledning av ett flertal myndigheter och organisationer. Uppsatsen fokuserar på tillgångsvärdering i relation till god redovisningssed. Vad som är intressant för uppsatsen är i de fall förenligheten med god redovisningssed blivit ifrågasatt av Skatteverket samt de fall det konstaterats att god redovisningssed inte förelegat och på vilket sett det påverkar revisorns ansvar. Syfte: Syftet är att belysa spänningen som uppstår mellan parterna i rättsprocesser vid skilda meningar om årsredovisningens förenlighet med god redovisningssed avseende tillgångsvärdering samt att belysa det ansvar revisorn bär när det görs gällande att god redovisningssed inte förelegat. Vidare syftar uppsatsen till att bidra med att klargöra vad som ansetts utgöra god redovisningssed vid tillgångsvärderingen och vilka ståndpunkter som varit mest centrala i perspektivet av prejudikatinstanser. Metod: Uppsatsen har genomförts med en kvalitativ metod. Vad som varit relevant är den text som återfinns i de rättsfall som utgör empirin däri det går att utläsa parternas tolkning, domstolens resonemang och avgörande varför dokument utgjort datakällan. Då rättsfall varit aktuella har även den traditionella rättskälleläran beaktats i syfte att kunna förstå de tolkningar som skett av domstolarna. Slutsats: Slutsatserna som presenteras i uppsatsen baseras på vad som framkommit av den använda analysmodellen i förhållande till respektive rättsfall. På så vis ges en skriftlig förklaring på vad som anses utgöra god redovisningssed vid tillgångsvärdering under vissa förutsättningar och omständigheter. Därtill beskrivs också vilket ansvar en revisor bär i fråga om felaktigheter vid utförandet av en revision. Bland samhälleliga och etiska aspekter lyfts ett resonemang kring redovisnings- och revisionsbranschen kopplat till förtroende. / Background:The Accounting Act (1999:1078) and the Annual Accounts Act (1995:1554) are the two primary laws that exist in accounting and auditing. These laws are what are called framework laws, which is why there are references in the law to generally accepted accounting principles (GAAP). In 1976, the concept GAAP was coined (prop. 1975: 104) since then, GAAP has been developed due to several authorities and organizations. The thesis focuses on asset valuation in relation to GAAP. What is interesting for the thesis is in cases where the compatibility with GAAP has been questioned by the Swedish Tax Agency and in cases where it has been established that GAAP did not exist and in what way it affects the auditor's responsibility. Purpose: The purpose is to shed light on the tension that arises between the parties in legal proceedings in different opinions about the annual report's compatibility with good accounting practice regarding asset valuation and to highlight the auditor's responsibility when it is claimed that GAAP did not exist. Furthermore, the thesis aims to help clarify what is considered as GAAP in asset valuation and which positions have been most central in the perspective of the judicial body. Method: The thesis has been carried out with a qualitative method. What has been relevant is the text that is found in the legal cases that constitute the empirical data in which it is possible to read the parties' interpretation, the court's reasoning and deciding therefore documents have been the data source. As lawsuits have been relevant, the traditional doctrine of legal sources has also been relevant to understand the interpretations made by the courts. Conclusion: The conclusions presented in the essay are based on what has emerged from the analysis model used in relation to the respective legal case. In this way, a written explanation is given of what is considered as GAAP in asset valuation under certain conditions and circumstances. In addition, it also describes the responsibility an auditor bears in relation to errors in performing an audit. Among societal and ethical aspects, a reasoning about the accounting and auditing industry linked to trust is highlighted.

新藥開發是需要大量的資金投入，同時需要專業的技術實驗人才、以及具產業經驗的管理團隊，但是其所獲取的價值和領域也是相對較大的。生技製藥產業包括新藥、學名藥、中草藥、基因及蛋白質製劑、遠距醫療、預防醫學、醫療器材等。台灣在生技製藥已經投入許多資源，但是所獲得的成果並不如預期，主要原因除了缺乏像國際大廠的充足資金之外、且沒有完整的生技製藥產業鏈，更重要的是缺少了對生技製藥智慧財產管理的經驗、沒有國際行銷能力去取得市場。起因點則為台灣生技製藥公司仿照國際成功的生技製藥大廠模式，卻沒有自己的價值創造和創新模式，為了替台灣生技製藥廠商尋找新的利基和成功模式，本文分析了國內與國外的生技製藥公司，以尋找適合台灣的價值創造模式。 台灣生技製藥廠商主要缺乏的並非是技術，而是結合智慧財產的法律議題、並且發展出市場導向的生物技術研發模式。智慧財產相關議題在生技製藥產業更是最關鍵的因素，因為新藥研發動輒10年，而一般資金來源的銀行和創投都無法忍受所投資的公司必須要十年才可以獲利退出，因此透過不同臨床時期開發的新藥，其價值也會有顯著的不同，再透過技術移轉、授權和相關合約的簽訂，才能促使台灣中小型的生技製藥公司可以生存。本文要提出價值創造模型之前，必須要針對生技製藥產業的技術研發特性進行分析，接著必須透過智慧資本與財務會計的方式計算生技製藥產業無形資產的價值，最後透過個案中不同公司的營運策略，找出最適合現今生物製藥產業發展的模式。 生技產業需要相當多的資金去做新藥研發與市場行銷，這也是生技產業特殊的供應鏈上最重要的一環。因為，創投公司不只會投資金錢，它還會幫忙被投資公司尋找人才、市場、和策略發展。因此，本文第三個個案公司Burrill&Company為美國生技創投公司，最近幾年也可以看到它在大中華地區尋求投資機會。Apex International公司選對人才創造出優良品質的委託臨床試驗、和NexMed透過技術授權所產生平台技術，三家公司所創造的價值，去印證本文所提出的生技製藥產業價值創新模式的適用性。 論文研究結果顯示生技製藥產業最成功的關鍵因素至少有兩點，第一點就是核心能耐(Core Competence)的建立、第二點就是選擇對的人才。由本論文的價值創造模式中心出發，便是透過紮實的研究發展技能；建立優良的管理技巧以降低研發風險；透過創造新的技術和產品價值的核心能力建立，再選擇正確的人才組合，創造出外部的價值，最後達到整體價值創造的綜效。希望台灣不光只是擁有科技基本法與生技新藥產業發展條例等政策，而是可以透過本論文提出之價值創造模式，有效提升整體生技製藥產業的環境，以期產生更多成功的故事。 關鍵字：生技製藥、智慧財產、實體審查、無形資產鑑價、價值創造、技術移轉。 / Biopharmaceutical is driving force of the global healthcare economy transformation. In order for a biopharmaceutical company to gain value from a new drug during its clinical development, capital investment, professional talents, and management team with industrial experience are needed. Biopharmaceutical industry are included of new drugs, generic drugs, Chinese herbal medicine or traditional Chinese medicine, genetic and protein preparations, tele-medicine, preventive medicine, medical devices and so on. Taiwan has invested a lot of resources at biopharmaceutical fields but the results are not as expectation. The main reason is the lack of adequate funding from international big pharma, and the operation is no integrity of the value chain at biopharmaceutical industry. More importantly is the lack of management experience on Intellectual Property, and no marketing ability to access to the global technology supply and demand market. The key point is that they copy of the format of big pharma but lack the spirit of the creativity and innovation. I analyzed the three cases in the thesis and tried to find a niche and successful model for the value-adding on the Taiwan’s Biopharmaceutical industry. Taiwan does have the technology know-how, but most of the companies’ problems are the lack of market-oriented R&D model and the Intellectual Property issues. IP issues including management know-how related to biopharmaceutical industry are the most crucial factors. Most companies tends to spend ten years on developing a new drug. Most of the investment banking and venture capitals are hard to endure by the long-term exit mechanism. The value will be totally different if the investors can exit at various clinical stage of new drugs at various stages with the strategy of technology transfer and licensing agreement. Such business model can make Taiwan’s small and medium-sized biopharmaceutical companies easier to survive. To verify this value creation model, I analyzed the characteristics of the industrial research and development and calculate the value of intangible assets on the technology by the methodology of intellectual capital and financial accounting. Finally, I will identify the most suitable model by compared with the different business models in three representative cases. The biotech industry needs a lot of funding to do R&D and marketing of new drugs which is the most important on this special supply chain. Not only to invest money, venture capitalist should help the company to recruit the talent, target the market, plan and execute the strategy. Therefore, the third case is the U.S. venture capital firm called Burrill & Company. In recent years, it moved to the Great China region to seek the investment opportunities. Apex International recruit the right talents to the right position and create a great world class quality project on the clinical trial, and NexMed bring their value through the platform technology and technology licensing. All the cases are selected to examine the availability and suitability of the value creation model. At least two key successful factors for biopharmaceutical industry has been revealed by the research of the thesis study. The first one is the establishment of the core competence on the technology in their respective business, and the second one is the management know how in putting the right person on the correct position. Overall, the value creation model is build on a solid research and development skills, a great management know-how to reduce the risk, and the spirit of entrepreneurship to create the true innovative products or services. With all the core competences, we can integrate the team with multidisciplinary talents to expand the value with the outside resources, and give the synergy of the whole value-added model. Hope that with the recent enactment of the Basic Science and Technology law and New Pharmaceutical Development Act in Taiwan, more successful stories can be created by this value-added model discussed in this thesis.