M.Comm. / Please refer to full text to view abstract

by Lam Chui Yan, Coris, Lam Tsz Cheung. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 95-97). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / ACKNOWLEDGMENT --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Background --- p.1 / Objective and Scope --- p.2 / Chapter II. --- METHODOLOGY --- p.4 / Literature Review --- p.4 / Field Studies --- p.4 / Analysis and Conclusion --- p.5 / Chapter III. --- OVERVIEW OF VALUATION METHODOLOGY --- p.6 / Chapter IV. --- VALUATION METHODS REVIEW --- p.8 / Capitalization of Earnings (P/E) --- p.8 / Net Asset value (NAV) --- p.14 / Net Cash flow (NCF) --- p.22 / Chapter V. --- PITFALLS --- p.27 / General Problems Inherent in Valuation Methods --- p.27 / Accounting Policies --- p.29 / Tax Reforms --- p.37 / Asset Valuation Practices --- p.45 / Unification of Foreign Exchange --- p.54 / Legal Issues --- p.55 / Others --- p.67 / Chapter VI. --- CONCLUSION --- p.73 / Combination of Techniques --- p.73 / Range Estimate --- p.74 / "Keep Abreast of ""Surprises""" --- p.74 / Appendix / Chapter I. --- COMPONENTS OF INCOME TO BE EXCLUDED FROM MAINTAINABLE EARNINGS --- p.76 / Chapter II. --- MAJOR FACTORS TO BE CONSIDERED IN ASSESSING THE CAPITALIZATION RATE --- p.78 / Chapter III . --- COMPARISON BETWEEN INTERNATIONAL ACCOUNTING PRACTICES AND PRC ACCOUNTING RULES --- p.80 / Chapter IV. --- COMPARISON OF NEW BT WITH CICT AND THE OLD BT --- p.88 / Chapter V. --- REAL PROPERTY GAINS TAX --- p.90 / Chapter VI. --- MAIN FEATURES OF VALUE ADDED TAX --- p.93 / BIBLIOGRAPHY --- p.95

The separation of ownership from control, which characterises the modern firm, necessitates monitoring and inducement mechanisms to ensure that managers maximise shareholder wealth. This study investigates the relation of firm value to these corporate governance mechanisms. The results of the analysis show that there is considerable interdependence between corporate governance and firm structure variables. Most importantly, it appears that the two principal governance mechanisms, managerial equity ownership and the board of directors, are optimally chosen. The methodology employed here suggests that previous work has not fully accounted for the comprehensive and simultaneous nature of the governance process. Weaker evidence is obtained for directors' remuneration and outsider equity ownership. Directors' remuneration is substantially determined by the structure of the firm, and is not strongly related to the performance of the firm. In addition, it appears that large equity investors have different motivations and their presence within a firm's ownership structure may not always be associated with a monitoring function.

Thesis (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: This report contains a strategic management model to assess the impact on the EVA тм of the individual business units and the consolidated group total of a Company, when manipulating any of the key business drivers. The model has been designed to deliver a solution to the end-user that is simple to operate and presents graphical outputs to enhance understanding and interpretation. The sensitivity analysis, the EVA тм tree and the financial statements are presented in Excel. A simulation technique is used to forecast NOPAT values from a set of key drivers. The theories used to construct the model are explained and a hypothetical example is provided. The appendices also provide the concept of EVA тм, simulation techniques, list of assumptions and model instructions. The report is comprehensive enough to allow the reader to develop, implement and test a model of this nature. Opportunities for further research are also provided. / AFRIKAANSE OPSOMMING: Hierdie studie bevat 'n strategiese bestuursmodel om die impak van individuele besigheidseenhede op ekonomiese waardetoevoeging (Engels: EVA тм) en die gekonsolideerde groeptotaal van 'n maatskappy, wanneer enige een van die sleutel besigheidsdrywers gemanipuleer word, te bepaal. Die model is ontwerp om 'n eenvoudige oplossing vir die eindgebruiker te verskaf en verskaf grafiese uiteensettings om verstaanbaarheid en interpretasie te vergemaklik. Die sensitiwiteitsanalise, ekonomiese waardetoevoegingsontleding en die finansiële state word in Excel weergee. 'n Simulasie tegniek is gebruik om NOPAT waardes van 'n stel sleutel drywers te voorspel. Die teorieë wat gebruik is om die model saam te stel, word aan die hand van 'n hipotetiese voorbeeld wat voorsien word, verduidelik. Die aanhangsels voorsien die konsep EVA тм, simulasie tegnieke, 'n lys van aannames en instruksies vir die model. Die verslag is volledig genoeg om die leser in staat te stel om 'n model van hierdie aard te ontwikkel, te toets en te implementer. Voorstelle vir verdere navorsing word voorsien.

Thesis (MBA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: "Value adding process design" entails two underlying concepts, namely "business process" and "value adding": Business process: According to Dr Michael Hammer (Hammer, 1999), the recognised father of process thinking, a business process is an "organised group of related activities that together create customer value". The focus in the process is not on individual units of work, which by themselves accomplish nothing for a customer, but rather on an entire group of activities that, when effectively brought together, create a result that customers value. Value adding: The concept of "value adding" can be defined in different ways depending on the receiver of the value (shareholders, customers or employees). From a shareholder perspective, value adding can be measured by using EVA (Economic Value Added). EVA is a measure of economic profit generally meaning that a positive EVA indicates that value has been created, whereas a negative EVA means value has been destroyed. The perspective from which process improvement is addressed is the value that is added for the customer, but always with the constraint of not negatively impacting the EVA of the organisation. Value adding process design: "Value adding process" design entails the design of a business process or interrelated business processes to ensure that employee and customer needs are satisfied, whilst creating value for shareholders. The objective of this study is to develop a methodology and supporting tools to enable a organisation to make the transition from being task focused to becoming a truly process organisation. The approach that is proposed is the Rynmar VAP Diagnostic Tool. The approach consists of 5 phases, best explained by the metaphor of building a house: • Setting the stage (phase 0) is identifying the need for a house, i.e. being unhappy with the current situation to an extent that one has the burning desire to change surrounding, even if it will cost a lot of time, effort and financial resources. • Visioning (phase 1) is drawing an artist impression of the house. It involves thinking what the new house should look like, for example do I want a Cape-Dutch house with thatched roof and white walls, or an Italian design with tiled roof and off-white walls. Visioning is the magnetic force that one holds on to whenever the question is asked: "Is it worth the effort?" • Design Process (phase 2) entails applying different techniques to draw an architectural design of the firstly the current processes, followed by the future process that will meet the different aspects of the vision. • Prototype & Build (phase 3) involves firstly building a small scale model of the house to test and improve the design made in phase 3, followed by building the actual house. • Train & Implement (phase 4) firstly entails training the different people in the skills required by the new process design and then implementing the process under careful guidance of the project team, i.e. moving into the house. • Continuous Improvement (phase 5) involves continuously improving the process to ensure that incremental performance improvement is achieved, which will lead to a dramatic cumulative improvement over time. / AFRIKAANSE OPSOMMING: "Waarde toegevoeging proses ontwerp" behels twee onderliggende konsepte, naamlik "besigheidsproses" en "waarde toevoeging": Besigheidsproses: Volgens Dr Michael Hammer (Hammer, 1999), die erkende vader van prosesdenke, kan 'n besigheidsproses definieer word as 'n georganiseerde groep van aktiwiteite wat gesamentlik waarde skep vir 'n kliënt. Die fokus in die proses is nie op individuele komponente van werk nie, wat individueel niks vir die gebruiker kan vermag nie, maar eerder op 'n geïntegreerde groep van aktiwiteite wat, indien effektief gegroepeer word, waarde skep vir 'n kliënt. Waarde toevoeging: Die konsep "waarde toevoeging" kan op verskillende maniere gedefinieer word afhangende van die ontvanger van die waarde (aandeelhouers, kliënte of werknemers). Vanuit die perspektief van 'n aandeelhouer word waarde toevoeging gemeet deur gebruik te maak van EVA ("Economic Value Added'). EVA is 'n maatstaf van ekonomiese wins, wat daarop neerkom dat 'n positiewe EVA aandui dat waarde geskep (toegevoeg) is, terwyl 'n negatiewe EVA beteken dat waarde verwoes is (waardevermindering). Prosesverbetering word gevolglik daarop gerig om waarde toe te voeg vir 'n kliënt, maar altyd onderhewig daaraan dat dit 'n positiewe impak op die EVA van die organisasie sal hê. Waarde toegevoegde proses ontwerp: "Waarde toegevoegde proses ontwerp" behels die ontwerp van 'n besigheidsproses of verwante besigheidprosesse wat sal verseker dat daar aan die behoeftes van werknemers en kliënte voldoen word en terselftertyd dat waarde geskep word vir aandeelhouers. Die doelwit van hierdie studie is om 'n metodologie en ondersteunende gereedskap te ontwikkel wat 'n organisasie in staat stel om die transformasie te maak van 'n taak-georiënteerde na 'n ten volle proses-georiënteerde organisasie. Die benadering wat voorgestel word is die Rynmar VAP model. Die benadering bestaan uit vyf fases en kan verduidelik word aan die hand van die metafoor om 'n huis te bou: • Definieer 'n platform vir verandering (fase 0) is om die behoefte te identifiseer om 'n huis te bou, naamlik om ontevrede te wees met die huidige situasie tot so 'n mate dat 'n brandende begeerte bestaan om iets daaraan te doen, selfs al kos dit tyd, moeite en finansies. • Skep van 'n prosesvisie (fase 1) is om 'n kunstenaarsvoorstelling te maak van die huis. Dit sluit in hoe die nuwe huis moet lyk, byvoorbeeld 'n Kaaps-Hollandse huis met 'n grasdak en wit mure. 'n Visie is die magnetiese aantrekkingskrag wat 'n organisasie aan vasklou wanneer die vraag gevra word: "Is dit die moeite werd?" • Proses ontwerp (fase 2) behels die toepassing van verskillende tegnieke om 'n argitekstekening van eerstens die bestaande prosesse te maak, gevolg deur die ontwerp van toekomstige prosesse wat die visie sal verwesenlik. • Prototipering & bou (fase 3) behels die bou van 'n klein skaalmodel van die huis om die ontwerp te toets en verbetering aan te bring, gevolg deur die werklike bou van die huis. • Opleiding & implementering (fase 4) behels eerstens die opleiding van die betrokke partye, gefokus op die vaardighede wat benodig word om die nuwe proses te implementer. Vervolgens word die proses implementeer onder die waaksame oog van die projekspan, naamlik om in die huis in te trek. • Kontinue verbetering (fase 5) behels die kontinue verbetering van die proses wat sal verseker dat inkrementele verbetering behaal word, wat lei tot dramatiese verbetering opgebou oor tyd.

I investigate if all-equity firms are a heterogeneous group as it relates to agency costs and accounting quality. All-equity firms are a unique group of firms that choose a “corner solution” as their capital structure. Extant research, supported by well-established theories such as trade-off theory, free cash flow theory, and Jensen’s (1986) control hypothesis, generally conclude that agency conflicts motivate such structure. Research also supports the alternative argument that poor accounting quality makes debt so prohibitive that such firms are driven to this capital structure. I propose that an all-equity structure is not necessarily symptomatic of agency conflicts and poor accounting quality overall. I investigate if different motivations, within an all-equity setting, reflected by free cash flows and growth opportunities, result in different levels of agency cost and accounting quality. By anchoring on theories that link implicit costs of debt to free cash flow levels and growth opportunities, I hypothesize that free cash flows and growth opportunities are strongly linked to the justification or lack thereof for the pursuit of such strategy. I hypothesize and show that firms in the extremes of the free cash flow to growth rate spectrum exhibit significantly different levels of agency cost and accounting quality within the all-equity setting. These results support my main prediction that there exists agency costs and accounting quality differences within the all-equity setting which are associated with free cash flow levels and growth opportunities and that the pessimistic conclusions for pursuing an all-equity strategy reached by prior research should not be generalized to all such firms. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2015 / FAU Electronic Theses and Dissertations Collection

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2016-11-16T13:42:21Z No. of bitstreams: 2 Wagner Simpl??cio Franco.pdf: 837834 bytes, checksum: c8de4292483c714c803a4701eabd5358 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2016-11-16T13:42:21Z (GMT). No. of bitstreams: 2 Wagner Simpl??cio Franco.pdf: 837834 bytes, checksum: c8de4292483c714c803a4701eabd5358 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2016-08-31 / This work aims to study the listed companies with intensive technology, where in recent years the sector of services in technology, increased significantly with the expansion of the internet , investments in applications , strong sales of tablets and mobiles , producing real values in their results. In previous works of intellectual capital and the concepts defined by the accounting standards " CPCs" have the proposed variables such as Number of Customers, investments in technology , software license fee , etc. To be assessed in greater depth, of what is the relevance in evaluating companies . Getting relate these concepts to profitability indicators, operational performance and market value and accounting is the challenge of this work. / Este trabalho tem como objetivo estudar as companhias de capital aberto com uso intensivo de tecnologia, onde, nos ??ltimos anos, o setor de presta????o de servi??os em tecnologia cresceu de forma significativa com a amplia????o da internet, os investimentos em aplicativos, as fortes vendas dos tablets e mobiles, produzindo valores reais nos seus resultados. Em trabalhos anteriores de capital intelectual e nos conceitos definidos pelas normas cont??beis ???CPCs???, temos a proposta de vari??veis??? como Quantidade de Clientes, Investimentos em tecnologia, taxa de licen??a de software, etc. ??? para serem avaliadas com maior profundidade, verificando qual sua relev??ncia numa avalia????o de empresas. Conseguir relacionar estes conceitos com indicadores de rentabilidade, performance operacional e valor de mercado e cont??bil ?? o desafio deste trabalho.

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-09-20T13:16:21Z No. of bitstreams: 2 Cleber Roberto dos Santos.pdf: 318189 bytes, checksum: 7e6e199deeffd080afb3168854fbbf19 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-09-20T13:16:21Z (GMT). No. of bitstreams: 2 Cleber Roberto dos Santos.pdf: 318189 bytes, checksum: 7e6e199deeffd080afb3168854fbbf19 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-02-06 / This paper investigates the relationship between related party transactions and firm performance for Brazilian companies. Additionally, we analyze the relationship between these transactions and corporate governance quality. In order to measure these relationships, it was adopted a statistical model of panel data for a sample of 107 companies in the period from 2011 to 2015. The results indicate that related party transactions are frenquent and have significant amounts among the companies in our sample. There was a substantial increase in the incidence and value of these operations between 2011 and 2014, with a same proportion decrease in 2015, that is possibly related to the disclosure of new instruction CVM 552/14, which became effective in 2015. Futrthermore, we found a negative and significant relationship between the firm performance and the financial relevance of the related party transactions. Furthermore, a negative and significant association was observed between corporate governance and related party transacions. Overall, the results corroborate the conflict of interest hypothesis, it indicating a possible market disapproval for related party transactions and/or an undestanding of the potential of minority shareholder expropriation mechanism provided by such transactions. / O presente trabalho investiga a rela????o entre transa????es entre partes relacionadas e o desempenho das companhias brasileiras. Adicionalmente, ?? analisada a rela????o da incid??ncia destas transa????es e as pr??ticas de governan??a corporativa. Para mensurar estas rela????es utilizou-se do modelo de dados em painel para uma amostra de 107 empresas no per??odo de 2011 ?? 2015. Os resultados indicam que as transa????es entre partes relacionadas s??o frequentemente utilizadas e possuem montantes significativos nas empresas que comp??em a amostra. Verifiou-se um aumento substancial na incid??ncia e valor destas opera????es entre 2011 e 2014, com um decr??scimo de mesma propor????o em apenas um ano em 2015, relacionado poss??velmente pela divulga????o da nova instru????o CVM 552/14, que passou a vigorar em 2015. Adicionalmente, observou-se rela????o negativa e significante entre o desempenho das companhias e a relev??ncia das transa????es entre partes relacionadas frente o ativo e a receita das empresas. Al??m disso, foi observada rela????o negativa e significante entre governan??a corporativa e a vari??vel relativa a transa????es entre partes relacionadas com o ativo total das companhias. No geral, os resultados da pesquisa corroboram com a hip??tese de conflito de interesse, indicando poss??vel desaprova????o do mercado para as transa????es entre partes relacionadas e/ou entendimento do potencial mecanismo para expropria????o dos minorit??rios propiciados por tais transa????es.

It is well recognised that construction firms encounter risk and are sensitive to trends and volatility in the business environment. Measuring the financial performance of a firm serves as the basis of monitoring and evaluating its management competence, resource allocation and corporate strategy in response to environmental change. Forecasting is paramount in responding to potential problems and perpetuating positive developments that result in sustainable competitiveness. Thus, an enriched understanding and prediction of the financial performance of construction firms are desirable for decision makers and other industry stakeholders. Notwithstanding that, little research attention has been paid to this premise conceptually and empirically. Thus, the overall aim of this study was to model and forecast the general financial performance of Hong Kong construction firms under the dynamic influence of the business environment. This study involved the application of quantitative modelling using various statistical and econometric techniques. Multidimensional firm financial performance was first approximated using factor analysis based on the financial data of local publicly listed construction firms from 1992 to 2010. The factor model uncovers five common financial factors: liquidity, asset, leverage, profitability and activity. The time trends of these factors display diverse and cyclical patterns with irregular cycle periods. Autoregressive integrated moving average (ARIMA) models were then constructed based on the Box-Jenkins approach, which provided univariate forecasts of the financial factors. The results reaffirmed that ARIMA models were highly effective in forecasting. In conjunction with cross-correlation analysis, multiple linear regression (MLR) models were next used to explore the influence of environmental determinants on firm financial performance. The findings identified different sets of significant leading determinants for different financial factors. They further justified the dominance of sectoral factors in the determination of firm performance. Supported by empirical verification, a theoretical framework depicting the relationships between business environment and firm performance was proposed. In conjunction with cross-correlation analysis, multiple linear regression (MLR) models were next used to explore the influence of environmental determinants on firm financial performance. The findings identified different sets of significant leading determinants for different financial factors. They further justified the dominance of sectoral factors in the determination of firm performance. Supported by empirical verification, a theoretical framework depicting the relationships between business environment and firm performance was proposed. This study is among the first to apply advanced econometric techniques to develop reliable performance measurement and forecasting models. The results improve the theoretical framework by explaining the dynamic relationships between the financial performance and business environment of construction firms. The empirical findings of the quantitative analysis offer new implications for firms’ financial performance and the significant leading determinants in a local context. The outcomes of this study make seminal contributions to current knowledge and practice. / published_or_final_version / Civil Engineering / Doctoral / Doctor of Philosophy

An explicit solution is given for the value of a risk neutral firm with stochastic revenue facing the possibility of bankruptcy. The analysis is conducted in continuous time. Uncertainty is modeled using an Ito process and bankruptcy is modeled as an absorbing boundary. The analysis yields an ordinary differential equation with a closed form solution. The value function is used to calculate the firm's demand for high interest rate loans, showing a positive demand at interest rates which appear intuitively to be excessive. A value function is also derived for a risk neutral lender advancing funds to the firm. The borrowing and lending value functions are then used to examine various aspects of lender-borrower transactions under different bargaining structures. In a competitive lending market, the model shows that credit rationing occurs inevitably. In a monopoly lending market, the lender sets interest rates and maximum loan levels which reduce the borrower to zero profit. When a second borrower is introduced, the lender must allocate limited funds between two borrowers. A lender is shown to squeeze the smaller "riskier" borrower out of the market when the lender's overall credit constraint is tight. Under each bargaining structure, the model is also used to examine changes in the respective "salvage" recoveries of the lender and borrower on bankruptcy. Accepted: