Submitted by Bruno Santana (brunorafaelsantana@yahoo.com.br) on 2013-03-04T22:06:09Z No. of bitstreams: 1 MPFEBruno Santana final.pdf: 947205 bytes, checksum: 6a2e0e761798cb1d0be840f79837ee82 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-03-05T13:25:03Z (GMT) No. of bitstreams: 1 MPFEBruno Santana final.pdf: 947205 bytes, checksum: 6a2e0e761798cb1d0be840f79837ee82 (MD5) / Made available in DSpace on 2013-03-05T13:27:36Z (GMT). No. of bitstreams: 1 MPFEBruno Santana final.pdf: 947205 bytes, checksum: 6a2e0e761798cb1d0be840f79837ee82 (MD5) Previous issue date: 2013-02-04 / Esta dissertação busca identificar a utilização de operações off-balance e instrumentos híbridos pelas empresas brasileiras. Seu objetivo é, além da utilização, verificar se o índice de transnacionalidade e o rating de crédito influenciam na decisão de utilizar ou não tais operações e instrumentos. Para isso, foram observadas as demonstrações financeiras e ratings das empresas participantes do índice IBrX-100 no período dos últimos três anos (2009, 2010 e 2011). Já para considerar o efeito da utilização das operações e instrumentos em razão do quão internacionalizadas são as empresas, este trabalho utiliza como critério a participação das empresas no ranking das transnacionais brasileiras no mesmo período acima citado. A análise revela que as empresas brasileiras mais internacionalizadas são mais sofisticadas que as menos internacionalizas e consequentemente se utilizam mais de instrumentos híbridos e operações off-balance. Ainda nesta linha, quando se divide as empresas por quartil, se chega ao resultado esperado que quanto mais internacionalizada a empresa, mais ela se utiliza destas operações e instrumentos. Além disso, também conclui que o rating influencia na utilização destes instrumentos e operações; quanto pior, mais a empresa se utiliza. Isso ocorre quando a métrica é o rating nacional, e não foram encontradas fortes evidências em relação ao rating estrangeiro. / This dissertation aims to identify the Brazilian companies’ use of off-balance sheet transactions and hybrid instruments. Its main objective is to verify if the transnationality index and the credit rating have any effects over the decision of the companies to make use or not of the mentioned transactions and instruments. For this purpose, we observe financial statements and credit ratings of the companies included in the IBrX-100 index in the last three years (2009, 2010 e 2011). In order to consider the effects of the utilization of the transactions and instruments by the most internationalized companies, we use as a criteria the participation of the companies in the Brazilian transnational companies ranking in the same period aforementioned. The results show that the more internationalized the more sophisticated is a Brazilian company and, as a consequence, these companies use more hybrid instruments and off-balance sheet transactions than the less internationalized companies. The same conclusion is obtained when the companies are divided by quartiles: the more internationalized the company, the more it uses these transactions and instruments. In addition, the results show that the worst the credit rating of a given company, the more it uses these transactions and instruments.

This thesis deals with the compilation and comparison of financial statements in accordance with U.S. accounting principles and U.S. GAAP currently valid law on accounting in the Czech Republic. The aim is to characterize the balance sheet and income statement under both systems show the procedure of reporting the selected firm and preparing proposals or recommendations for optimizing the current situation

This thesis deals with the issue of subcontracting model of financial management and its impact on the economy of the construction enterprise. The aim of this work is to set up management of the building contract from the financial management of subcontracts with influence on the overall management of construction enterprise. The output of this work is a model that will point to the financial management of construction contracts regard to the management of construction enterprise.

The diploma thesis deals with the issue of financial performance of central banks. Central banking is generally considered as a profitable part of financial system. However, this paper focuses on the loss-making central banks and emphasizes the examples of central banks with large accumulated financial losses. Relationship between the quality of balance sheet assets and financial performance of central banks is closely examined in the thesis. Alongside, it analyses the impact of negative financial performance on the main objectives of central bank, in the role of monetary authority. Effectiveness of monetary policy is conditioned by many factors, among them are independence of central bank, the level of development of financial markets - central bank operates in, analytical skills of employees and etc. However, the case, where financial performance of central bank is discussed in connection with monetary policy performance, is extremely rare. The primary goal of this diploma thesis is to reveal and describe the main ways in which financial performance of the central bank influences monetary policy decisions. It also tries to find out whether there is hidden threat of a damaging impact on the decisions in case the central bank accumulates the negative financial results.

The theme of this diploma thesis is mergers of business corporations. The theoretical part contains transformations of business corporations and their forms. The biggest part of this thesis deals with mergers in the Czech Republic. There are advantages and disadvantages of mergers, motives of mergers and types of mergers. This thesis also includes the merger process, specifics of various types of business corporations and accounting of mergers. For better understand of accounting follows the model example. One part of this thesis is about business combinations according to IFRS and US GAAP. The practical part contains information about several mergers. I am considering if these mergers comply with the law and whether they were successful or not.

This paper discusses the economic analysis, its purpose and financial instruments. The selected tools of economic analysis are then applied to the company Alpiq Generation (CZ) s.r.o. Methodological part of this paper is focused on a description of the economic analysis and description of the individual tools, techniques and models. The application part of this paper is focused on the evaluation of financial health of the selected company on the basis of selected methods of economic analysis. The conclusion consists of assessment of the company's economic situation and the analytical tools.

The concept of control is an important determinant of consolidated financial statements. Group of economically related entities and its consolidated financial statements are identified by control concept. Conception of control lies in the model of determination of entities controlled. The evolution of control concept points out, that some entities have not always been integrated in the group or have not been considered controlled. Information value of consolidated financial statements resulting from the control concept is directly influenced by this non-integration represented e.g. by off-balance sheet accounting and Special Purpose Entities. Thesis examines and analyzes present and previous models of control concept of U.S. GAAP, IAS/IFRS and its converged principles.

The diploma thesis called Cluster Analysis Czech 100 Companies on the Basis of Financial Statements deals with the testing of two hypotheses using a multidimensional statistical method - cluster analysis. The input data for the application of statistical methods are financial statements of selected companies for the years 2014 and 2015 which are publicly available. These data are digitized and subjected to methods of financial analysis.

The thesis deals with the elaboration of a business plan for setting up a catering company. In the theoretical part is described the theoretical starting points, which is further used to develop the business plan. The practical part is an analysis of the current market situation, business plan and financial plan.

This master´s thesis is focused on the proposal of a financial plan for the company FLÍDR s.r.o. In order to compile the financial plan, this thesis consists of a strategic and financial analysis of years 2013–2017. Afterwards, a financial plan is proposed in an optimistic and pessimistic variation, including balance sheet, profit and loss account and cash flow statement for years 2018–2020.