Cette étude s’inscrit dans le courant culturaliste de la performance des entreprises. Elle est motivée par le constat que Haïti fait face à de sérieux problèmes économiques dont les solutions ne sont pas évidentes avec l’application des théories orthodoxes. En gardant à l’esprit que la performance des entreprises joue un rôle capital dans la croissance de l’économie globale, l’étude cherche à déterminer l’impact des facteurs socioculturels haïtiens sur la performance des entreprises. Malgré de nombreux travaux sur les déterminants de la performance, la littérature consacrée à la question ne s’est intéressée que très peu au rôle des facteurs socioculturels. En outre il n’existe presque pas de travaux, à notre connaissance, qui ont étudié le mode opératoire des facteurs socioculturels, à savoir les canaux par lesquels transitent leurs effets sur la performance des entreprises. Ce travail a pour objectif de contribuer à combler ces vides. L’étude propose un modèle de performance intégrant à la fois des facteurs traditionnels de production, des facteurs du management, du marketing et des traits socioculturels haïtiens. Les facteurs traditionnels de production comme l’accumulation du capital, le capital humain, l’innovation, et les facteurs liés au marketing et au management tels que l’orientation client, le comportement managérial de l’entrepreneur, le rendement au travail, l’engagement organisationnel et le comportement de citoyenneté organisationnelle sont considérés comme des variables médiatrices à travers lesquelles les facteurs socioculturels agissent sur la performance de l’entreprise. Les variables socioculturelles étudiées sont celles qui traduisent la « philosophie du passage », une croyance que la vie se résume à un instant très bref sur la terre et serait en conséquence futile (Logossah, 2007). Dix variables engendrées par cette vision du monde ont été étudiées, il s’agit de : la primauté de l’au-delà, l’auto-retrait du monde, le niveau d’aspiration, la vie dans l’instant présent, le fatalisme, la gestion du temps, l’aversion pour la concurrence, le conformisme, l’entraide mutuelle et le népotisme. Les données ont été recueillies auprès de 207 entreprises haïtiennes choisies de manière aléatoire dans le secteur privé. Deux méthodes de collecte de données ont été utilisées. Le questionnaire a été acheminé par courriel aux entreprises disposant d’adresse de courrier électronique (taux de réponse : 13,25%). Les entreprises qui ne disposent pas d’adresse de courrier électronique ont fait l’objet d’une collecte de données par interview directe, réalisée par une équipe d’enquêteurs recrutés à cette fin. L’enquête a révélé d’abord que la performance de l’entreprise a obtenu une moyenne de 3.92 et un écart-type de 0.25. Les variables intermédiaires (accumulation du capital, capital humain, innovation, orientation client, comportement managérial de l’entrepreneur, rendement au travail, engagement organisationnel, comportement de citoyenneté organisationnelle) obtiennent des scores variant entre 2.00 et 5.00, une moyenne entre 3.44 et 3.67 et un écart-type allant de 0.25 à 0.45. Les variables indépendantes (primauté de l’au-delà, auto-retrait du monde, niveau d’aspiration, vie dans l’instant présent, fatalisme, gestion du temps, aversion pour la concurrence, conformisme, entraide mutuelle, népotisme) obtiennent des scores variant entre 1.00 et 5.00, une moyenne allant de 2.77 à 4.00 et un écart-type variant entre 0.27 et 0.81. Les résultats de l’analyse économétrique révèlent que le fatalisme a des impacts positifs sur la performance de l’entreprise. Ces effets positifs sont médiatisés partiellement par l’accumulation du capital, l’innovation, le comportement managérial de l’entrepreneur, le rendement au travail et l’orientation client. Ces résultats signifient que non seulement le fatalisme se révèle favorable à la performance de l’entreprise, mais il passe par plusieurs canaux. / This study is part of business performance based on the culturalist approch. It is motivated by the finding that Haïti is facing serious economic problems whose solutions are not obvious to the application of orthodox theories. Keeping in mind that business performance plays a critical role in the growth of the global economy, the study aims to determine the impact of haïtian socio-cultural factors on business performance.Despite numerous studies on the determinants of business performance, the literature on the issue has focused little on the role of sociocultural factors. In addition, there is a lack of researchers, to our knowledge, who studied the procedure of sociocultural factors, namely the channels through which pass their effects on performance. This study contributes to fill these voids. It proposes a model of performance incorporating both traditional production factors, management, marketing and sociocultural traits of Haïti. The traditional factors of production such as accumulation of capital, human capital, innovation, and factors related to marketing and management such as customer orientation, managerial behavior, job performance, organizational commitment and organizational citizenship behavior are considered as mediating variables through which the haitian cultural factors affect the company's performance. The sociocultural variables studied are those that reflect the "philosophy of the passage," a belief that life comes down to a very short time on earth and would be futile (Logossah, 2007). Ten variables generated by this worldview have been studied : the primacy of the beyond, self-withdrawal from the world, aspiration level, life in the present moment, fatalism, time management, competition avoidance, conformity, mutual aid and nepotism. Data were collected from 207 haitian businesses selected randomly in the private sector. Two data collection methods were used. The questionnaire was emailed to undertakings having email address (response rate : 13.25%). Companies that do not have email address have been collecting data by direct interview, conducted by a team of investigators recruited for this purpose.The survey revealed that the company's performance earned an average of 3.92 and a standard deviation of 0.25. Intermediate variables (accumulation capital, human capital, innovation, customer orientation, managerial behavior, job performance, organizational commitment, organizational citizenship behavior) obtain scores ranging between 2.00 and 5.00, an average of 3.44 and 3.67 and a standard deviation ranging from 0.25 to 0.45. The independent variables (primacy of the beyond, self-withdrawal from the world, aspiration level, life in the present moment, fatalism, time management, aversion to competition, conformity, mutual aid, nepotism) obtain scores ranging between 1.00 and 5.00, an average ranging from 2.77 to 4.00 and a standard deviation ranging from 0.27 to 0.81. The results of the econometric analysis show that fatalism has positive impact on business performance. These positive effects were partially mediated by capital accumulation, innovation, managerial behavior of the entrepreneur, job performance and customer focus. These results mean that not only fatalism is subsequently favorable to performance company, but through different channels. Likewise, mutual aid helps strengthen organizational commitment and organizational citizenship behavior at the enterprise level. However, the primacy of the beyond, self-withdrawal from the world, the level of aspiration, time management, aversion to competition and conformity are presented as debilitating factors for the company performance. Nepotism is not really any disability for company performance or work performance. Living in the present moment does not constitute a problem for company performance. However, it prevents the company to undertake innovation projects.

The objective of this thesis is to verify the business model of a new product introduced by a newly founded company named Lifelink s.r.o. and its product of the same name. The thesis is conceived as a recommendation for the investor whether to accept or decline an investment in the project. The paper should also serve as an estimate of the profitability of the project and its value to the investor. The thesis is based on utilization of theoretical and practical knowledge gained during my studies and its application in introduction of a new product. The thesis is divided into four parts, where the first part represents the introduction containing the description, objectives and methods of the thesis. The second part contains the methodology which is going to be used in the third part. This part represents the application of the methodoly presented earlier and its core is a feasibility study expended by the specifics of a business model evaluation. The conclusion contains the recommendation for the investor based on calculated net present value and economic value of the project which incorporate all findings from the third part of the thesis.

The M&A of Yageo and Philips¡¦s global passive components department in 2000 is a well-known failure case. This study investigates this 18.8 billion M&A case using business evaluation in order to explore its synergy and whether the offer price is reasonable. Contrary to media reports, this study found that the price was somehow high but reasonable during the period. Research shows taking out this M&A deal will erode shareholders¡¦ interest by NTD$31 billion. Yageo¡¦s current state of core business value is analyzed to find that Yageo¡¦s value increases at least NTD$40 billion. A decade after the M&A, Orion ¡V reinvested by Yageo Chairman Chen Taiming - announced to obtain 100% of Yageo¡¦s equity of NTD$16.1 per share in early April, 2011. Such action indicates Chairman Chen foresaw potential profitability in Yageo. In addition, the previous M&A of Philips Passive Components Division has a great influence in recent growth and points out that the M&A decision are not wrong. The findings of the study show that post-merger integration is implemented properly can gain positive benefits for shareholders through the M&A of Philips Passive Components Division.

The study use preparing the 2011¡¦s pro forma financial statements of China Construction Bank (CCB) at first, and use market stock price as given result, conjecture the Non-Performance Loan ratio of the market investors. And then, using implied Non-Performance Loan ratio, adjust the original financial statements, prepare the 2012¡¦s pro forma financial statements of CCB. In the end, using Copeland, Koller, and Murrin¡]2000¡^¡¦s equity DCF method and Preinreivh¡BEdwards and Bell¡BOhlson¡¦s EBO method to estimate the intrinsic value of the common stock for the China Construction Bank. Based on my analysis, it is suggested that, after preparing the pro forma financial statements by carefully considering economic environment¡Blaws and regulations¡Bindustrial structure and lending proportion¡Bmarket position, and future strategies of the specific bank, use two valuation model by considering implied Non-Performance Loan ratio. The intrinsic value of the common stock is higher than its market price, that is, the market price of the China Construction Bank is undervalued. Therefore, I hope the result of this business evaluation research, will help the investors making more rational decisions.

Baigiamajame magistro darbe nagrinėjami tarptautiniame versle veikiančių įmonių vertinimo ypatumai ir pasiūlomas tinkamiausias metodas, tokioms įmonėms vertinti. Pirmoje darbo dalyje yra analizuojami tarptautinio verslo ypatumai, išskiriant politinę ir valiutų kursų svyravimo riziką, verslo vertinimo esmė, seniau žinomi ir naujai sukurti verslo vertinimo metodai ir parenkamas metodas, kuris geriausiai tinka tarptautiniam verslui vertinti. Antroje dalyje analizuojamas diskontuotų pinigų srautų metodo tinkamumas tarptautiniam verslui vertinti ir šio metodo etapai, išskiriant pinigų srautų nustatymą, diskonto normos apskaičiavimą, tęstinės vertės ir pinigų srautų diskontavimą. Didžiausias dėmesys skiriamas diskonto normos apskaičiavimui. O trečioje dalyje atliekamas praktinis tarptautinio verslo vertinimas tarptautinėje alkoholinių gėrimų rinkoje veikiančios Lietuvos įmonės AB „Stumbras“ pavyzdžiu. Šiame etape yra atlikta pasaulio, Europos ir Lietuvos alkoholinių gėrimų rinkos ir Lietuvos makroekonominės situacijos analizė, įmonės konkurencinė ir SWOT analizė, įvertinta įmonės 2002–2009 metų finansinė būklė, naudojant vertikaliąją, horizontaliąją ir santykinę analizę, nustatyta įmonės vertė ir nustatyta, kurie veiksniai daro didžiausią įtaką verslo vertei. Darbo pabaigoje pateikiamos išvados ir siūlymai. Darbą sudaro 6 dalys: įvadas, teorinė dalis, diskontuotų pinigų srautų metodo tinkamumo tarptautiniam verslui vertinti analizė, tarptautinio verslo vertinimas AB „Stumbras“... [toliau žr. visą tekstą] / In this final master thesis are analyzing international business evaluation features and suggested the best method to evaluate international business. In the first part of the work are analyzed international business features, highlighting the political and currency fluctuation risks, business evaluation aspects, long established and newly developed business evaluation methods and selected the method which is best suited to evaluate international business. In the second part of the work is analyzed the feasibility of discounted cash flow method to evaluate international business and the steps of the method, highlighting the determination of cash flows, the discount rate calculation, continuous value and cash flow discounting. The focus is on discount rate calculation. In the third part of the work is done the practical business evaluation of Lithuanian company AB „Stumbras“ which is working in the international alcohol sphere. In this stage is given the characterization of world, Europe and Lithuanian alcohol drinks sectors. Also there is analyzed the Lithuanian macroeconomics situation. There is performed company competitive and SWOT analyze. Also there is done company’s financial analyze (vertical, horizontal and financial ratio analyze), determined the company value and factors which have the greatest impact to business value. Structure: introduction, theoretical part, discounted cash flow feasibility to evaluate the international business analyze, practical international... [to full text]

Temos aktualumas. Ekonominė aplinka svarbi tiek atskiroms šalims ar jų grupei, tiek įmonėms ir įvairioms institucijoms, tiek ir kiekvienam iš mūsų asmeniškai. Ekonominė šalies ir joje veikiančių įmonių galia priklauso nuo turimų resursų panaudojimo efektyvumo, kuris neatsiejamas nuo naujų gamybos technologinių linijų įsigijimo ir įdiegimo, esamų modernizavimo, įmonės vidinių inžinerinių tinklų, reikalingų verslo plėtrai, įrengimo. Europos Sąjungos šalyse narėse, ypač naujosiose, šios sritys yra remiamos įvairių nacionalinių ir bendrijos fondų lėšomis, tačiau, norint įsisavinti paramos lėšas, reikia gerai išmanyti šių fondų išteklių naudojimo principus ir taisykles. Paraiškos su sėkmingais verslo planais virsta realia nauda toms įmonėms, kurios gerai pasiruošusios paramos įsisavinimui. Paramos naudą, teikiamą įmonėms, tikslinga vertinti per visos įmonės vertės prizmę, tuomet įvertinama ne tik paramos teikiama nauda ar projekto vertė, bet ir realus visos įmonės vertės pokytis, gavus paramą. Todėl atsiranda įmonės vertės pokyčio, įsisavinus ES fondų lėšas, įvertinimo ir metodo, kuris įgalintų nustatyti tą pokytį ir palyginti paramą gavusių įmonių vertės pokyčius tarpusavyje, poreikis. Darbo objektas – Europos Sąjungos paramos įtaka įmonės vertei. Šio darbo tikslas – apžvelgti Europos Sąjungos teikiamos paramos principus, sąlygas ir įsisavinimo tendencijas. Išanalizuoti pagrindinius metodus, naudojamus įmonės vertės nustatymui, atsižvelgiant į juos, sudaryti indikatorių, kuris... [toliau žr. visą tekstą] / Topicality. Economical enviroment makes a direct affect on the whole country, businesses and every personality within. Proper comprehension, interpretation and application of the surrounding, possibilities, variuos financing sources and funds are essential for operating a successful business. It is more than important to take advantage of EU‘s funds available for businesses in young economies like Lithiuania. Each fund and investment is believed to take a positive affect to the company and increase the value of it. It is essential to cull from information in quantity only what’s most important and be able to evaluate the impact of an investment to an enterprise properly and determine the change of an enterprise value after the investment. The object of this graduation paper is the impact of EU‘s funds to the value of a business. Main goals: 1. Analyse and describe main theoretical EU‘s support for businesses aspects. 2. Describe and analyse main enterprise evaluation methods in use. 3. Come up with new business evaluation method, based on integrated value indicator, which enables one to evaluate EU‘s support‘s impact on enerprise value and measure the impact among number of companies. 4. Under favour of the new business evaluation method, evaluate the influence of EU‘s funding to the value of three enterprises, come up with conclusions and suggestions. The Results. Main aspects of EU‘s support for businesses and enterprise evaluation methods are presented and described in the... [to full text]

Submitted in fulfillment of the requirements for the degree of Masters in Business Administration, Business Studies Unit, Durban University of Technology, Faculty of Commerce, 2008. / It is estimated, that 90% of small businesses in South Africa fail within the first two years of their operation. The South African Government has improved business support services to small businesses. However, it has called on all South Africans to become involved in supporting small businesses and not to leave this responsibility to a single role player. Improving individual entrepreneurial capabilities should therefore be a focus area for all stakeholders involved in the promotion of entrepreneurship in South Africa. Changes brought on by growth, competition and many other factors, frequently require businesses to quickly identify alternatives, for driving significant improvements in their businesses. Business assessment tools generally provide a framework to assist business leaders to review the operations of their businesses. It was against this background that this research study was undertaken. The main aim of this research study was to develop a guide which can be used to assess small businesses. This study identified and evaluated six business diagnostic tools currently used nationally and internationally. The information gathered from evaluating these assessment tools were verified through discussions with five expert business practitioners who have relevant experience and knowledge on assessment tools. A self – assessment can be defined as a comprehensive, systematic and regular review of an organization‟s activities and results. Of the six assessment tools evaluated, it was found that the Baldrige Quality Programme, best satisfied the research questions, in terms of applicability of content, procedures and effective administration of diagnostic tools. The guide for self - assessments for small businesses was therefore, developed by using the Baldrige Quality Programme as a benchmark. This research study demonstrated, by means of an exploratory case study methodology, that self - assessment diagnostic tools do have a critical role to play in improving entrepreneurial and organizational performance of small businesses. Through the use of the self - assessment guide, developed in this study, entrepreneurs have an opportunity to take an integrated approach towards the improvement of business leadership, management and general business capabilities. This self - assessment guide fully involves the small business owner in the planning, implementation and monitoring phases of operating his or her business. There is also an element of skills transfer designed into the administration aspects of the tool, as guidelines are included in the tool, where possible. The researcher strongly feels that the use of this self - assessment tool can contribute to enhancing the success rate of small businesses in South Africa.

Submitted by Fabricia Fialho Reginato (fabriciar) on 2015-08-26T22:40:08Z No. of bitstreams: 1 IvanWenzel.pdf: 1152452 bytes, checksum: 3b2318c902116a0311b0bdc91b773524 (MD5) / Made available in DSpace on 2015-08-26T22:40:08Z (GMT). No. of bitstreams: 1 IvanWenzel.pdf: 1152452 bytes, checksum: 3b2318c902116a0311b0bdc91b773524 (MD5) Previous issue date: 2013 / Nenhuma / Esta dissertação verifica os atuais métodos e procedimentos utilizados na avaliação de investimentos em empresas localizadas no Estado do Rio Grande do Sul. Apura quais as ferramentas de avaliação que são utilizadas, quais as taxas de retorno obtidas e estimadas sobre os capitais e ainda, de que forma é mensurada a variável risco. Trata-se de uma pesquisa descritiva, analítica e exploratória, aplicada a duas populações, uma composta das 100 maiores empresas do Estado e a outra; das 30 maiores empresas dos municípios que possuíam no ano de 2009 um PIB superior a R$ 500 mi. O objetivo é de verificar se no estado do Rio Grande do Sul os gestores das pequenas e médias empresas utilizam os mesmos modelos de avaliação financeira do que os gestores das grandes empresas. A pesquisa foi desenvolvida a partir de uma revisão de literatura sobre Investimentos e avaliação; Modelos de avaliação; Custo de capital e Análise do risco. Foi realizado o teste estatístico de Kolmogorov-Smirnov que demonstrou que a amostra da pesquisa é não-probabilística. Com esse resultado, aplicouse o teste de Mann-whitney, para comparar as médias. Para analise e tabulação dos dados foram feitas tabelas de referência cruzada, histogramas, gráficos por setor e freqüência. Os dados foram coletados através do envio de questionário eletrônico previamente elaborado.Os resultados da pesquisa demonstram que existe a preferência dos gestores financeiros em utilizar como critério principal de avaliação a Taxa de Retorno Contábil. Ainda, como critério secundário de avaliação são heterogêneos em suas escolhas, o VPL é mais utilizado pelas Maiores enquanto a Taxa de Retorno Contábil é a opção das empresas Menores. Uma constatação possível foi a de que as empresas pouco utilizam o método Payback. Em relação a mensuração do risco na taxa de retorno foi constatado que a maioria das empresas o avalia de forma subjetiva ou nem o considera, contrariando a teoria financeira por não utilizar métodos quantitativos para medi-lo.Também, em relação a propensão ao risco, percebe-se que empresas com gestores com maior grau de instrução possuem um endividamento maior do que as demais. Assim, conclui-se, que o valor calculado pela análise de investimentos é influenciado pelas escolhas e maneira de como as empresas decidem e agem, mostrando também, que os gestores não estão explorando ao máximo as técnicas oferecidas pela teoria financeira, adaptando-as ao seu ambiente, de acordo com as necessidades impostas pelo mercado que atuam. / This dissertation verifies the current method sand procedures used to evaluate investments in companies located in the state of Rio Grande do Sul. Which investigate evaluation tools that are used, which yield earned and cherished over the capital and also that is measure das the variable risk. This is a descriptive research, analytical and exploratory, applied to two populations, one composed of the 100 largest companies in the state and another, of the 30 largest companies of the municipalities that had in 2009a GDP of more thanR$500 million. The objective is to check the state of Rio Grande do Sul managers of small and medium-sized companies use the same models for the financial evaluation that managers of large companies. The research was developed from a literature review on Investments and evaluation assessment models, Cost of capital and risk analysis. We carried out a statistical test of Kolmogorov-Smirnov test showed that the research sample is nonprobabilistic. With this result, we applied the Mann-Whitney test to compare means. For analysis and tabulation were done crosstab tables, histograms, by sector and often. Data were collected by sending electronic questionnaire previously elaborated. The research results show that there is a preference of financial managers to use as a primary end point the Accounting Rate of Return. Also, as a secondary criterion of evaluation are heterogeneous in their choices, the NPV is most used by the More while the Accounting Rate of Return is the choice of companies Minors. A possible conclusion was that little companies use the Payback method. Regarding the measurement of risk in the rate of return was found that most of the companies evaluated subjectively o rneither considers, contrary to the financial theory not to use quantitative methods to measure it. Also, regarding the propensity to risk, it is perceived that firms with managers with higher level of education have a higher debt than others. So, it is concluded that the value calculated by the investment analysis is influenced by the choices and way of how companies decide and act, also showing that managers are not exploiting to the full the techniques offered by financial theory, adapting them to their environment, in accordance with the requirement simposed by the market they serve.

The aim of this diploma thesis is to estimate market value of the company Ravel spol. s r.o. as of April 1, 2011. To achieve this objective several analyses including financial analysis, strategic analysis and analysis of value drivers have been done. Finally, a financial plan has been set up and DCF Entity method of valuation implemented. Market entity value of the company RAVEL as of April 1, 2011 has been estimated at CZK 19,662 million.

企業評價目的在評估企業的真實價值，一般所知的企業股票價格，並非等於企業價值，且價格與價值的不同反應了主客觀的因素，對股票投資人而言，利用股價與企業價值的落差，透過適當的財務操作方法，則能賺取期望的報酬；對企業經營者而言，企業評價結果能對企業體質與營運作客觀檢視，除了了解企業本身的企業價值，並經由營運策略的改善，創造公司價值的最大化，當發行各種有價證券時，能得到公司的需求；而對於準備要上市櫃掛牌或出售資產及購併有關的企業而言，當企業評價的價格結果，將使得資本市場更加透明，減少買賣雙方的不信任與搜尋成本。 本研究以連接器產業公司為主題，而連接器雖佔各種3C產品其中的一小部份，但連接器產業涵蓋範圍廣，產品種類繁多，經營上具有經濟規模者，在此產業方有立足之地，並且才有國際競爭力，尤以鴻海為最佳典型公司；基於上述研究動機，本研究除了以專業角度評價，並以投資觀點切入，以兩家個案公司公開的資訊與數據，運用適合的評價方法得出的價值，並與股票市場的價格作比較，提供投資者投資決策的參考。 1、不同的評價方式，所得到的公司價值評估，再與市場價格比 較，作為投資人買進或繼續持有或賣出的參考。 2、驗證不同的評價方式，在個股上的運用與投資抉擇時，找到適用的方法。 3、評價後的股票操作，又是另一層面的探討，使得一般缺乏資訊的散戶，能有較佳的投資績效。