Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-08-17T13:20:22Z No. of bitstreams: 1 Daniele Santos Damascena.pdf: 306408 bytes, checksum: cfaff55e28fcf427b3a4ae8e026ea99c (MD5) / Made available in DSpace on 2018-08-17T13:20:22Z (GMT). No. of bitstreams: 1 Daniele Santos Damascena.pdf: 306408 bytes, checksum: cfaff55e28fcf427b3a4ae8e026ea99c (MD5) Previous issue date: 2018-07-23 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / Starting in 2014, due to the uncertainties caused by political and economic instability, the Brazilian GDP began to show negative signs and to impact the entire economy. The performance of the building industry was one of the first to be compromised. The main objective of this research was to identify and analyze the factors determining the capital structure of the five largest companies in the building sector listed on the São Paulo Stock Exchange, from 2010 to 2017, considering the assumptions of three capital structure theories: Pecking Order, Agency and Trade off. The period studied was between the first quarter of 2010 and the first quarter of 2017, totaling 29 quarters for each company. The accounting data was extracted from the Economática database. First, a graphical analysis of the accounting and financial performance of these companies was carried out. Afterwards, panel data analysis was performed, considering indebtedness indices as dependent variables and the factors of profitability, tangibility, growth and liquidity as independent variables. The evident result was the observation of adherence to the precepts of the Pecking Order Theory for the variables of profitability and liquidity in the period prior to the political-economic crisis. During the Crisis, it was observed that the variables Growth and Tangibility were the most affected by the fact that they served as collateral in credit operations / A partir do ano de 2014, em função das incertezas causadas pela instabilidade política e econômica, o PIB brasileiro começou a apresentar sinais negativos e a impactar toda a economia. O desempenho do setor de edificações foi um dos primeiros a ser comprometido. O objetivo principal desta pesquisa foi identificar e analisar os fatores determinantes da estrutura de capital das cinco maiores empresas do setor de edificação listadas na Bolsa de Valores de São Paulo, no período de 2010 a 2017, considerando os pressupostos de três teorias de estrutura de capital: Pecking Order, Agência e Teoria Trade off. O período estudado foi o compreendido entre o primeiro trimestre de 2010 e o primeiro trimestre de 2017, totalizando 29 trimestres para cada empresa. Os dados contábeis foram extraídos da base dados Economática. Primeiramente, foi efetuada uma análise gráfica do desempenho contábil e financeiro dessas empresas. Logo após, foi feita a análise de dados em painel, considerando índices de endividamento como variáveis dependentes e os fatores lucratividade, tangibilidade, crescimento e liquidez como variáveis independentes. O resultado evidente foi a constatação de aderência aos preceitos da Teoria Pecking Order para as variáveis lucratividade e liquidez no período anterior à crise política e econômica. Durante a crise, observou-se que as variáveis crescimento e tangibilidade foram as mais afetadas em função de servirem como garantias nas operações de crédito

by Yam Kam Shing. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 43-45). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- LITERATURE REVIEW --- p.2 / Chapter III. --- EQUITY FINANCING --- p.4 / Listing Equity Shares In Hong Kong --- p.4 / Listing Equity Shares In Overseas Market --- p.10 / Venture Capital / Investment Funds --- p.15 / Private Placement --- p.21 / Chapter IV. --- DEBT FINANCING --- p.22 / Issuing Debt Securities --- p.22 / Project Finance --- p.29 / Borrowing from Local Banks --- p.32 / Borrowing from PRC Banks --- p.32 / Chapter V. --- OTHER METHODS --- p.33 / World Bank and its affiliates --- p.33 / Export Credit --- p.35 / Suppliers' Financing --- p.37 / Customer Financing --- p.38 / Franchising --- p.38 / Leasing --- p.38 / Counter-Trade --- p.39 / Staff Financing --- p.41 / Chapter VI. --- SUMMARY --- p.42 / BIBLIOGRAPHY --- p.43 / APPENDICES --- p.46 / Abbreviations / SEHK the Stock Exchange of Hong Kong Ltd / HKMA Hong Kong Monetary Authority / PBOC the People's Bank of China (the central bank of China) / MOFTEC the Ministry of Foreign Trade & Economic Cooperation of China / "Listing Rules ""Rules Governing the Listing of Securities"", SEHK"

Chan Kai Yiu. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1992. / Includes bibliographical references. / Chapter 1. --- Introduction: Big Business Financing in Modern China --- p.1 / Chapter 2. --- The Demand for Capital and Credit --- p.18 / Chapter 3. --- Internal Financing --- p.30 / Chapter 3.1. --- Shareholders' Initial Investment / Chapter 3.2. --- Accumulated Capital / Chapter 4. --- External Financing --- p.56 / Chapter 4.1. --- Economic Background and Rationale behind External Financing / Chapter 4.2. --- Loans and Credits from Qianzhuang / Chapter 4.3. --- Loans from Modern Chinese Banks / Chapter 4.4. --- Loans from the Foreign Banks in China / Chapter 4.5. --- Credits in Machinery Buying / Chapter 5. --- Attempts of Closed Financing --- p.110 / Chapter 5.1. --- Guangsheng Qianzhuang: The First Attempt / Chapter 5.2. --- Gechang Wanglai: A Channel of Closed Financing / Chapter 5.3. --- The Headquarters Company: An Institutional Device / Chapter 5.4. --- Staff's Savings Department: One Step Further / Chapter 6. --- "Conclusion: Entrepreneurship, Social Networking, and Economic Rationalization" --- p.136 / Chapter 6.1. --- Entrepreneurship / Chapter 6.2. --- Social Networking / Chapter 6.3. --- Economic Rationalization / Appendix --- p.148 / Glossary --- p.150 / Selected Bibliography --- p.157

by Shum Sze Kei. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 43-46). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / CHART --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Objectives Of The Study --- p.2 / Methodology Of The Study --- p.2 / Chapter II. --- MNCs IN CHINA --- p.4 / Leading MNCs In China --- p.4 / MNCs' Investments In China --- p.5 / Different Entry Modes & Impact Upon Financing --- p.6 / The Trend Of Entry Mode To China --- p.6 / Joint Venture --- p.7 / Wholly Foreign Owned Enterprise --- p.8 / Joint-stock Company --- p.8 / Holding Company --- p.9 / Group Finance Company --- p.10 / Chapter III. --- FINANCING NEEDS OF MNCs IN CHINA --- p.11 / General Financing Environment In China --- p.11 / Financing Concerns Of MNCs In China --- p.12 / Political Risk --- p.12 / Exchange Rate Risk --- p.13 / Foreign Exchange Control --- p.13 / General Financing Criteria Of MNCs In China --- p.14 / Maximizing Debt And Minimizing Equity --- p.14 / Maturity Matching --- p.14 / Currency Matching --- p.15 / Financing Needs Of MNCs In China --- p.15 / Short-term Domestic Currency Financing --- p.15 / Long-term Domestic Currency Financing --- p.16 / Short-term Foreign Currency Financing --- p.16 / Long-term Foreign Currency Financing --- p.16 / Hedging Instruments --- p.16 / Chapter IV. --- HOW MNCs IN CHINA CURRENTLY FINANCE THEIR OPERATIONS? --- p.18 / Availability Of Financing --- p.18 / Domestic Banks --- p.19 / Foreign Banks --- p.19 / Foreign Currency Financing --- p.20 / Trade Financing --- p.20 / Working Capital Financing --- p.21 / Long-term Financing --- p.22 / Syndicated Financing --- p.22 / Domestic Currency Financing --- p.22 / Working Capital Financing --- p.23 / Long-term Financing --- p.24 / Syndicated Financing --- p.24 / Hedging Instruments --- p.25 / Case Study - --- p.25 / Background Information --- p.25 / Financing Requirements --- p.26 / How The Company Currently Finance Their Operations? --- p.27 / A Few Observations From The Case Study --- p.27 / Chapter V. --- RESTRAINTS OF THE FINANCIAL MARKETS IN MEETING MNCs NEEDS --- p.29 / Lack Of Support From Domestic Banks --- p.29 / Lack Of RMB Financing From Foreign Banks --- p.30 / Lack Of Long Term Financing --- p.31 / Lack Of Access To Equity Financing --- p.31 / Lack Of Bond Market --- p.32 / Lack Of Hedging Instruments --- p.33 / Chapter VI. --- ANTICIPATED FUTURE CHANGES OF THE FINANCIAL MARKETS IN MEETING MNCs NEEDS --- p.34 / Impacts Of WTO --- p.34 / Impact On Banking Sector --- p.34 / Impact On Equity Markets --- p.35 / Impacts Of Banking Reform --- p.35 / Impact On Domestic Banks --- p.35 / Impact On Equity And Bond Markets --- p.37 / Chapter VII. --- RECOMMENDATIONS TO MNCs IN CHINA AS REGARDS FINANCING --- p.39 / Explore Other Entry Modes When Setting Up Operations In China --- p.39 / Centralize Finance Activities For Efficient Management --- p.39 / Cultivate Relationship With Domestic Bank --- p.40 / Maintain Good Relationship With Foreign Banks --- p.41 / Improve Financial Accounting And Reporting Of China's Operations --- p.41 / BIBLIOGRAPHY --- p.43

The potential of small and micro-enterprises (SMEs) in promoting economic growth in both developed and developing countries is widely accepted and documented by both scholars and policy makers. Lack of access to sufficient financing for these SMEs, especially in developing countries, has been identified as a major bottleneck in realising this potential. Bank credit is one of the major ways of addressing the challenge of inadequate funding that exists in the SME sector. This study was undertaken in order to explore the experiences of bank loan officers and SME borrowers in credit extension to the SME sector in Uganda. The research methodology used multiple methods of data collection which enabled an element of triangulation to be built into the study design. Data was collected both from the supply-side (bank loan officers) and the demand-side (SME borrowers), and entailed unstructured and semi-structured interviews and a questionnaire survey of loan officer and SME borrower experience. Further data was collected through direct observation of the interactive interviews between loan officers and borrowers, which enabled a unique opportunity to enhance the understanding of experiences of loan officers and borrowers. This method offers a development of extant methodologies that have been used to assess bank lending to SMEs, typically indirect methods such as verbal protocols and hypothetical business plans. The supply-side findings suggest that, in addition to the bank lending guidelines and procedures, the organisational context in terms of institutional structure, borrower attributes (especially their knowledge of bank lending guidelines and procedures) and level of congruence between loan officers and organisational goals are important determining factors of credit flow to SMEs. This implies that the context in which lending guidelines are implemented is as vital as the application of these guidelines. Banks are, therefore, challenged to ensure a favourable organisational context in order to facilitate loan officer decisions. On the credit demand side, it was found that borrowers seek to play an active role in the lender-borrower relationship which, in turn, influences decisions made by loan officers. It was established that, in pursuit of this role, borrowers deliberately pre-plan loan requests in an effort to influence the results of the evaluation of their loan applications by loan officers. At times, borrowers intentionally manipulate the information they disclose to loan officers in order to enhance their chances of obtaining credit from banks. The findings also suggest that, in most cases, the borrowers with some knowledge of bank lending guidelines and procedures find it easier to access credit than their counterparts who lack this knowledge. With regard to women-owned SMEs, while there little evidence of ‘official’ discrimination against women-owned SMEs by bank lending policies, there are systematic, cultural, social and legal impediments that lead most women-owned SMEs to access lower levels of credit than their male counterparts. The study recommends that banks should design lending guidelines that integrate both supply and demand factors, instead of focusing only on supply factors like project viability and collateral availability. It is also recommended that banks should develop comprehensive training programmes for borrowers about all aspects of the lending transaction in order to positively influence them. It is further recommended that there should be more consultations with loan officers and borrowers in order to develop a mutually acceptable set of lending policies. This approach, which integrates bank management, loan officers and borrowers in drawing up lending guidelines and procedures, is likely to minimise information asymmetry in SME lending decisions and create a more conducive environment for promoting credit availability to the Ugandan SME sector.

The thesis documents findings of a study conducted to develop a project based financial management system (PBFMS) whose role was viewed as a contributor to the successful delivery of projects leading to improved financial performance of small and medium construction enterprise (SMCEs). In particular, the PBFMS was viewed as a facilitator {function) for the efficient and effective conduction of the strategic management, project planning and control processes. Thus an adequate PBFMS was seen as one which, facilitates the efficient and effective delivery of projects with a view to provide enhanced enterprise performance. In pursuit of this aim, theory and practices relating to the development, operation and use of a PBFMS were investigated and analysed from both literature and field work leading to findings being reported in the thesis. In addition, the actual financial management systems of SMCEs were investigated to determine the extent to which their attributes match those of the proposed PBFMS model. The motivation for embarking on the study was brought about by three aspects observed in Botswana. Firstly, was the frequently documented poor delivery of projects, that is, for a sustained period of time, projects were being delivered beyond stipulated times, above agreed cost, and below specified quality. In some worst scenarios, projects were being abandoned at various stages execution but before completion. Secondly, the investigation was also prompted by the frequent financial failures of enterprises that were being recorded in the construction industry. Thirdly, the conduct of the proprietors of the construction enterprises was also frequently circumspect, particularly in matters relating to financial management. Thus in pursuing the study, a number of premises were made. Firstly, the financial management systems of the SMCEs were considered inadequate to fulfil their functions, that is, they were incapable of facilitating the strategic management, project planning and control process. It was also speculated that management of SMCEs were not committed to the PBFMS i.e. they did not participate, get involved and did not comply with the policies regarding the planning, developing, and operation of financial management systems. As a result, PBFMS were unable to play their role of facilitating to the successful delivery of projects for improved contribution to the financial performance of SMCEs. The second premise was that financial models available are either too generic to guide SMCEs in financial management matters or the strategic component is not linked to the operational plans to execute the strategy. For those which are meant for construction enterprises, they normally prescribe practices for project planning and control without including the strategic element and vice versa. In essence there is a gap in each of the models available for use by the SMCEs. It is the closing of this perceived gap in knowledge that the results of the thesis contribute in finding a solution to the mentioned problem. Thus the study aimed at answering two research questions: (i) Do SMCEs have adequate PBFMS that facilitate the effective delivery of projects for enhanced financial performance? and (ii) Is there a relationship between the adequacy PBFMS and poor performance of SMCEs? To facilitate the answering of these two question two hypothesis were formulated namely: Hoi: The PBFMS of SMCEs are adequate to facilitate the delivery of projects; and Ho2: The adequacy of the PBFMS is positively correlated with the performance of SMCEs. To test the two questions a research process was planned and executed in several steps. Firstly, a survey strategy using the questionnaire was selected as the most appropriate method to provide a snap shot of the existence of attributes of PBFMS and to investigate associated practices relating to their development and operation. The method was considered more appropriate and effective in gathering large data in a short space of time in line with the doctoral time framework. Construction enterprises registered with Public Procurement and Asset Disposal Board (PPADB) for building and civil work in classes A, B, C and D were surveyed. The internal quantity surveyor, estimator or accountant were requested to respond on matters relating PBFMS on behalf of the SMCEs. The sampling frame from which the SMCEs considered for study were obtained from the two government departments which work closely with PPADB, the Department of Building and Engineering Services (DBES) and Department of Roads (DR). The sample sizes for each group category (small and medium) were determined using Krajcie and Morgan (1970) table. Stratified and systematic random sampling was used to select the identity of the members to form a sample fro study from the sampling frame. The second step was to design the questionnaire to probe the three aspects identified as constituting the PBFMS namely the strategic management; project planning and control; and management commitment. Essentially the questionnaire sought to investigate the knowledge, tools, techniques, practices, opinions and attitudes of those who design, develop, operate and use the PBFMS in the SMCEs. To ensure a high quality design, the questionnaire was given to experts in the subject area to provide some comments on its suitability and was also piloted on four enterprises. Data collected was analysed using mainly the SPSS software and involved application of various statistical techniques including cross-tabs, ratio analysis, ttests and correlational tests. A total of 101 completed questionnaires were received, made up of 55% and 46% small and medium enterprises, respectively. The demographic profile of SMCEs confirmed some of the expected results, for example, majority (59%) of the respondents were owner/managers confirming the dominance of the owner in SMCEs. Majority of SMCEs (59%) were more than 9 years old, with medium enterprises being more mature (60% older than 9 years) than the small sized enterprises (49% older than 9 years). Majority (56%) of SMCEs had 10 or more employees, with medium sized enterprises having more employees (75% with 10 or more) than the small sized enterprises (42% with 10 or more). SMCEs performed more of building work alone (48%) than both building and civil work (48%) or maintenance (11%) and no enterprise performed civil work (0%) alone. Majority of SMCEs (65%) acted as main contractors as opposed to sub-contractors, though as expected sub-contracting was seen more in small (20%) than medium (10%) enterprises. Lastly, the public sector (central and local authorities) provided majority (65%) of the SMCEs jobs. However, if parastatals which are wholly owned by government were added, the public sector job market adds up to 73% (65%+8%). The testing of the major two major hypothesis resulted in the following conclusion. The results indicated that the first hypothesis was supported, that is, in a majority of SMCEs operating in Botswana the PBFMS were found to be adequate in facilitating the delivery of projects. The results were therefore not in agreement with the basic premise made at the commencement of the study. In view of the finding, it suggests that SMCEs in Botswana have adequate systems that support the efficient and effective project planning and control. Secondly, management is committed to the 'welfare' of the PBFMS in terms of complying and supporting their development and operation. However, like any human endeavour, there are weaknesses in the PBFMS, for example, they were found inadequate in facilitating the strategic management process, including lack of linking the process to the operational process in order to execute the strategy. They were also found weak in one of the most crucial process of project management; that of project control. The second major investigation showed a weak link between the adequacy of a PBFMS and performance. Secondly, the results also indicated that the SMCEs which had adequate PBFMS performed better than their counterparts. The first results were not surprising since the cause of poor performance were shown as three pillars (business environment, client/representatives and enterprise factors). However, the second results emphasise that SMCEs with adequate PBFMS posted better performance than their counterparts with inadequate systems. In this way the role of PBFMS in contributing to better performance was illustrated by the results. Some recommendations are proposed resulting from the findings and how to achieve a deeper understanding of the subject. Firstly, SMCEs should pay more attention to matters pertaining to strategic management to ensure a long-term view of their enterprises. Secondly, when a strategic plan is developed, it must be implemented through operational plans as a means of executing the strategy. Thirdly, concerted effort should made in ensuring that the projects are controlled as it is the only way to achieve sustained profitability and satisfied customers. Fourthly, as a way of providing a deeper understanding of the subject, it is suggested a longitudinal study could be undertaken to yield a more encompassing investigation than a cross sectional study which captured only one business cycle of the industry (down turn). Lastly, the study could be replicated in another industry with a similar profile like the construction industry in Botswana, for example, Namibia or/and the study could include large enterprises to provide means of comparing the different profiles of enterprises. / Business Management / D. B. L.

This study examines the divide between finance theory and practice by analysing the significance of the determinants of capital structure choice among 123 listed firms on the JSE, to determine whether these firms follow the trade-off theory or the pecking-order theory. Data obtained from McGregor’s Bureau of Financial Analysis database was analysed using standard multiple regressions, stepwise regressions and ANOVA techniques to test for financing behaviour. The results indicated that the trade-off model has both cross-sectional and time-series explanatory power for explaining the financing behaviour, while tests on the pecking-order model were weak. The results further revealed a significant positive correlation between debt financing and financial distress, and a significant negative correlation between debt financing and the collateral value of assets during the period under study (1995-2005). These findings suggest a divergence between finance theory and practice for JSE listed firms and manifest conflicting ideologies between finance practices of developed and developing economies. / Business management / M. Com. (Business Management )

Doctorat en sciences sociales, politiques et économiques / info:eu-repo/semantics/nonPublished

The following study is about business angels financing small business start-ups. It explores the aspect of starting up an entrepreneurial venture in which the entrepreneur seeks to secure start-up finance from lenders, raising the various issues that are known to characterise this engagement between the entrepreneur and the lender. Using the phenomenological paradigm, the study seeks to determine the awareness of small scale financing by entrepreneurs in South Africa, to determine the most commonly used source of start-up business funding in South Africa, to assess the extent to which business angel financing could be used to finance businesses in South Africa and to determine the factors impacting the use of business angel financing in South Africa. From these objectives, the study will also seek to determine the extent to which business angel networks could facilitate the financing of business start-ups. Small businesses invariably come up in different policy spheres as the main avenues to social and economic construction across national and regional lines. The importance of a successful business start up to a growing economy should not be underestimated. In line with this is the particular factor of gaining access to start up capital, which continues to emerge as a leading contributor to the success or failure of business start ups. Studies continue to verify that the most common challenge faced by most emerging entrepreneurs is start-up capital, either in the lack of this capital, the unfavourable conditions surrounding its availability, the lack of assets to serve as collateral for its use or the ambiguous flow of crucial information between lenders and providers of finance in the funding relationship (Abor and Biekpe, 2006: 69;Hernandez-Trillo, Pagan and Paxton, 2005: 435, ISPESE, 2005: 7, CDE, 2004: 5; Musengi 2003: 11). Roger Sorheim (2005: 179) refers to business angels as private individuals who offer risk capital to unlisted companies that are struggling to obtain start up capital to finance their business ideas. Business angels are further defined as high net-worth bearers of substantial private capital who predominantly invest in the early stage of high risk high potential return business ventures with a positive further growth potential. Business angel finance is typically a ‘once-off’ early stage form of small firm financing compared to the more frequent later stage venture capitalist funding. Studies show that business angels represent an underutilised wealth creation mechanism when it comes to small firm start-ups as most business angels contribute expertise in addition to finance to the start-ups they get involved in. This brings valuable business insight to the commercialisation of a good business idea. The business angel network exposes a range of potentially viable business prospects to willing investors by facilitating the flow of information about entrepreneurs and their businesses, thereby eliminating ambiguity, information asymmetry and transaction costs (Aernoudt and Erikson, 2002: 178; Van Osnabrugge and Robinson, 2000:374; Macht, 2006:1; Ehlrich, De Noble, Moore and Weaver, 1994:70; Sorheim, 2005:179). To achieve a holistic approach to a phenomenon which appears to be relatively new in South African business circles, the study will follow a qualitative approach in which two categories of populations will be used, one of small business operators and the other of business angels in South Africa. In the study, 20 small business operators and five business angels in Grahamstown will be approached using the convenience and snowballing sampling methods respectively. Face-to-face semi-structured interviews will be used as a data collection method and content analysis will be used as a data analysis tool (Collis and Hussey, 2003:156, Driver, Wood, Segal and Herrington, 2001:32, National Small Business Act ). There has been very limited research on business angels in the South African context, therefore the study would significantly contribute in entrepreneurship, government and small business development circles as it brings about attention to what the researcher predicts is an underutilised business start-up financing option.

The goal of this project is to review the literature on how to buy an existing business and to synthesize the material into a written instructional manual that a regular individual or aspiring entrepreneur can use in understanding the process necessary to buy an existing small business.