The thesis deals with an assessment of financial and economic situation of a production company by means of selected methods of financial analysis. The paper presents suggestions for measures to be taken in order to improve the financial strategy of the company.

The diploma thesis is focused on the draft corporate financial plan proposal. The first part of the thesis includes the theoretical background to financial plan issues. The second part consists of the presentation of the company and of its contemporary state´s and its business environment´s analysis. After that the financial plan for the years 2016- 2019 is proposed in optimistic and pesimistic variant, with its evaluation in the end.

Die zentralen Fragestellungen der Arbeit sind, wie die Insolvenzwahrscheinlichkeiten von Unternehmen prognostiziert und wie sie durch zielgerichtetes Handeln beeinflusst werden können. Hierzu gibt der Autor zunächst einen ausführlichen Überblick über die derzeit in Wissenschaft und Praxis verwendeten Ansätze zur Prognose von Unternehmensinsolvenzen, Schätzgütemaßen von Insolvenzprognosen sowie Datenquellen, die für die Prognose von Unternehmensinsolvenzen zur Verfügung stehen. Anschließend entwickelt er ein kausales Unternehmensmodell, das er mit stochastischen Simulationsverfahren analysiert. Das Modell wird validiert und mit Benchmarkverfahren verglichen. Abschließend zeigt der Autor, wie das Modell zur Ableitung von Handlungsempfehlungen zur Beeinflussung der individuellen Insolvenzwahrscheinlichkeit von Unternehmen herangezogen werden kann.

Companiesissuing insurance cover, in return for insurance premiums, face the payments ofclaims occurring according to a loss distribution. Hence, capital must be heldby the companies so that they can guarantee the fulfilment of the claims ofeach line of insurance. The increased incidence of insurance insolvencymotivates the birth of new legislations as the European Solvency II Directive.Companies have to determine the required amount of capital and the optimalcapital allocation across the different lines of insurance in order to keep therisk of insolvency at an adequate level. The capital allocation problem may betreated in different ways, starting from the insurance company balance sheet.Here, the running process and efficiency of four methods are evaluated andcompared so as to point out the characteristics of each of the methods. TheValue-at-Risk technique is straightforward and can be easily generated for anyloss distribution. The insolvency put option principle is easily implementableand is sensitive to the degree of default. The capital asset pricing model isone of the oldest reliable methods and still provides very helpful intermediateresults. The Myers and Read marginal capital allocation approach encouragesdiversification and introduces the concept of default value. Applications ofthe four methods to some fictive and real insurance companies are provided. Thethesis further analyses the sensitivity of those methods to changes in the economiccontext and comments how insurance companies can anticipate those changes.

In the late 1990s and early 2000s several revenue recognition scandals arose, which led to a discussion about the need for a new principle-based standard with a balance sheet-based approach for revenue recognition. On 1st of January 2018 IFRS 15 Revenue from Contracts with Customers became effective and replaced all previous revenue recognition standards and interpretations. All companies are expected to be affected regarding when and how much the company reports its revenue, though the scope may vary from one company to another. This study aims to investigate how the application of IFRS 15 has impacted companies based on the business models they apply in their customer agreements. To operationalize the purpose of the study a quantitative method was adopted to gather the empirical data, which have been obtained from the companies’ annual reports. An enumeration was implemented, why all listed companies on Nasdaq Stockholm which are required to implement IFRS 15 have been studied. The results indicate that a minority of the companies have showed an impact and most of the companies have not been impacted after an implementation of the new revenue recognition standard. The study has identified that the reason why companies are affected by IFRS 15 depends on the business models’ companies apply in their customer agreements. The minority of companies that have been affected by IFRS 15 are the ones which have developed business models that includes complex customer contracts, i.e. customer contracts consisting of complex commitments and promises of goods and services to customers. Accordingly, the majority of the studied companies uses business models with non-complex customer contracts in their customer agreements, e.g. simple sale of only one good, hence their revenue recognition under IFRS 15 does not differ from previous accounting standards.

Актуальность темы исследования можно объяснить распространением и применением финансового анализа в отрасли электронной коммерции. В последние годы, вопросы, связанные с его значимостью, постоянно возникали в процессе финансового анализа электронной коммерции. Это, в свою очередь, является одним из ключевых факторов, влияющих на эффективность финансового анализа. Он позволяет обобщать финансовые отчеты, отражающие финансовое состояние электронной коммерции, результаты ее деятельности и тенденции развития. Целью данного исследования является проведение анализа предприятий электронной коммерции Китая и России, а также сравнение финансовой отчетности предприятий двух стран. / The relevance of the research topic can be explained by the spread and application of financial analysis in the e-commerce industry. In recent years, questions related to its significance have constantly arisen in the process of financial analysis of e-commerce. This, in turn, is one of the key factors affecting the effectiveness of financial analysis. It allows you to summarize financial reports reflecting the financial condition of e-commerce, the results of its activities and development trends. The purpose of this study is to analyze the e-commerce enterprises of China and Russia, as well as to compare the financial statements of enterprises of the two countries.

(Résumé de la thèse) Ayant constaté l’échec de ses Objectifs 2010 pour la biodiversité, dont, entre autres, l’incapacité de l’Empreinte écologique à rendre compte de la biodiversité, la Convention sur la Diversité Biologique a adopté en 2011 "Les objectifs d’Aichi (2011-2020) pour la biodiversité". Parmi ceux-ci les objectifs 1 et 2 concernent la prise de conscience des valeurs de la biodiversité, leur intégration dans les processus de planification nationaux et locaux de développement, et leur incorporation dans les comptabilités nationales. Ce en quoi ces objectifs de la CDB convergent désormais avec ceux des Nations Unies concernant le Système de Comptabilité Economique et Environnementale (SCEE). La présente thèse s’inscrit dans ce cadre de questionnement unifié. Elle a le double objectif : (a) de rechercher, fonder et mettre au point une unité de mesure biophysique de la diversité biologique caractérisant tout aussi bien l’ordre naturel que le désordre anthropogénique, et (b) d’incorporer celle-ci dans un nouveau système de comptabilité physique, le Bilan écologique. Celui-ci est susceptible de comparer, à toutes échelles territoriales, le Passif écologique des collectivités urbaines, vu comme le reflet biophysique de leur comptabilité monétaire, à l’Actif écologique de leurs espaces naturels, afin de révéler les relations de cause à effet, et de signifier les impacts cumulés de la perturbation anthropogénique sur l’Ecosphère et la Biosphère. Il aurait ainsi vocation, à terme, à nous permettre de caractériser les voies d’un développement véritablement écologique des territoires. / (Abstract of the thesis) Having noted the failure of its 2010 targets for biodiversity, including, among others, the inability of the Ecological Footprint to account for biodiversity, the Convention on Biological Diversity adopted in 2011 "The 2011-2020 Aichi Targets for biodiversity". Among these, objectives 1 and 2 concern awareness of the values of biodiversity, their integration into national and local development planning process, and their incorporation into national accounts. This how these objectives of the CBD converge now with those of the United Nations for the System of Environmental-Economic Accounting (SEEA). This thesis lie within this unified questioning framework. It has the double purpose : (a) of searching for, founding and developing a biophysical measurement unit of biodiversity, characterizing just as well the natural order as the anthropogenic disorder, and (b) to incorporate it into a new physical accounting system, the Ecological balance sheet. The latter is likely to compare, for all territorial scales, the Ecological liability of urban communities, seen as the biophysical reflection of their monetary accounting, to the Ecological asset of their natural spaces, in order to reveal the relationships of cause and effect, and to signify the cumulative impacts of anthropogenic disturbance on the Ecosphere and the Biosphere. In the end, it would have so vocation to enable us to characterize the ways of a truly ecological development of the territories.

資本市場之系統性風險加劇時，對於利率變動型人壽保險所持有之區隔資產將出現大幅波動，進而影響保險公司之清償能力，本研究透過建立區隔資產負債表之隨機模型，檢視系統性風險下對於人壽保險業違約風險之變化，並透過敏感度分析找出對違約風險影響最大的因子。 本研究依據利率變動型壽險之現金流量建立公司之資產負債模型，預期建立Heston (1993)模型描述標的資產的隨機波動過程，相較於以往Black-Scholes (1973)模型更能反映真實的市場波動。本研究藉由資產與負債的變化，衡量保險公司違約風險，同時分析影響違約風險之各項因子，包含解約、死亡與資產配置策略之關聯性。本研究結果顯示，宣告利率、評價時間長度及資產配置策略等皆會影響保險公司之違約風險及其破產幅度。 / When systemic risk of capital markets exacerbates, the segment assets that held by interest sensitive life insurance policies will fluctuate widely and affect insurer's solvency. This paper considers the problem of valuating the default risk of the life insurers under systematic risk, by constructing a stochastic model of segment balance sheet. In this paper, we establish insurer's asset-liability model on the basis of interest sensitive life insurance policies' cash flow.In particular, we use Heston(1993) model to simulate stochastic process of assets, which is better reflect market volatility than Black-Scholes(1973) model in reality. And moreover, by means of the variation on asset and liability, this study evaluating the default risk of life insurers and analyze the factors affect default risk, like the correlation between surrender, death and asset allocation. And using the result of sensitivity analysis to determine which factor is more important, like guaranteed rate, time period of valuation and so on.

本文約八萬餘字，共分七章二十五節： 第一章 緒論 第一節 研究動機與研究目的 第二節 研究範圍與限制 第三節 研究方法與資料來源 第四節 論文結論 第二章 財務狀況變動表之沿革 第一節 資金表之源起（１９０８∼１９３０） 第二節 資金表之發展（１９３０∼１９６０） 第三節 美國會計師協會之貢獻 第四節 我國編製財務狀況變動表之現況 第三章 財務狀況變動表之有用性 第一節 財務狀況變動表之使用 第二節 資金之觀念 第三節 資金表之基本目的 第四節 現金流量資訊之品質特性 第四章 現金流量資訊之報導 第一節 現金之重要性 第二節 企業現金流程 第三節 編製現金流量表 第四節 現金預算資訊 第五章 企業之償債能力及財務彈性資訊之報導 第一節 償債能力之靜態分析 第二節 償債能力之動態分析 第三節 財務彈性之評估 第四節 通貨膨脹之影響 第六章 學者飲研究及未來之改進方案 第一節 Loyd C•Heath 之研究 第二節 Hooper與Page之研究 第三節 FASB之研究 第七章 結論與建議 第一節 結論 第二節 建議 各章內容大綱如下： 第一章緒論。首先說明引發本研究之動機以及所欲達成之目的。其次界定本研究之範 圍，說明本研究所受之限制，及本研究之研究方法，資料來源。並對本論文之結構作 一概要性之陳述。 第二章財務狀況變動表之沿革。從資金表之源起、發展，至美國會計師協會發表有關 之權威意見，分別探討其角色、有用性等理論背景及有代表性之幾位學者之貢獻。並 對我國現行實務作一概要之說明與分析。 第三章財務狀況變動表之有用性。首先討論資金表對於使用者之重要性及其現存觀念 上之缺陷，其次則比較各種資金觀念並由財務會計之目的的觀點導出資金表之基本目 的，以對上述觀念上之缺陷提出基本之理論根據。 第四章現金流量資訊之報導。首先說明現金之重要性及企業之現金流程，其次則討論 如討編製現金流量表及提供現金預算之資訊以幫助使用人從事現金流程分析與財務預 測。 第五章企業之償債能力與財務彈性資訊之報導。首先說明償債能力之意義、重要性， 傳統上對企業償債能力之靜態分析方法並討論如何對企業之償債能力進行動態分析； 其次則討論財務彈性之意義、重要性，評估企業財務彈性時應考慮之因素及企業財務 彈性資訊之提供；最後討論在物價變動情形下，應考慮之其他因素及可能之報導方式 。 第六章學者之研究之未來之改進方案。討論學者有關之研究，並加以評估；最後則說 明FASB對此問題之研究及其最新提出之改進方案，並予以評述。 第七章結論與建議。將前述各章之研究內容作一彙述，並提出建議。

The recent economic and financial turmoil has led central banks around the world to heavily utilize unconventional monetary policy measures. Unconventional in this sense means a deflection from traditional central bank policy measures, i.e. interest rate innovations. Although these measures were widely discussed, the uniformed, coherent and comprehensive framework of such measures is still missing. The aim of this thesis is to establish the framework for possible classification of such policies together with transmission channels to the real economy. The empirical part examines the impacts of unconventional policies on real data using vector autoregression and vector error correction models. This analysis is based on monthly data period between 1999 and 2013, which is strongly affected by implementation of the unconventional policies in its second half. The last section examines the possible future of these policies as a normal instrument of central banks and describes their main challenges and shortcomings. JEL classification: C32, E40, E44, E50, E52, E58, E60 Keywords: Unconventional monetary policy, Interest rate, Decoupling principle, Balance sheet policy stratification, Quantitative easing, Channels of transmission, Vector Autoregression, Vector error correction model Author's e-mail:...