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Ontleding van die intertemporale en kruissektorale verdelingseienskappe van kontantvloeiverhoudings vir nywerheidsmaatskappye : resultate van die Johannesburgse Effektebeurs (1975-1993)Groenewald, Jakobus Johannes 03 1900 (has links)
Thesis (MBA)--Universiteit van Stellenbosch, 1995. / ENGLISH ABSTRACT: Traditional financial ratios are used by different analysts to predict and
evaluate various elements of a company. However, such ratios all suffer from
the basic limitation of accrual-based accounting, hence the perception that
cash flow ratios may be more suitable and possibly even more appropriate to
evaluate companies. Most of these applications employ parametric statistical
procedures of which the validity partly depends on the underlying
distributional properties of the ratio involved.
This study project is an evaluation of the underlying distributional
properties of forty seven cash flow ratios based on the published annual
results of 350 industrial companies, listed on the Johannesburg Stock Exchange
for the period 1975 to 1993. As an initial test, the results of the ratios
were subject to the null-hypothesis of normality as reflected by the p-values
of the chi - square and Kolmogorov-Smirnov tests respectively . Secondly, the
study project attempted to give an indication of the underlying distributional
properties by comparing the average with the median of the various cash flow
ratios.
The first evaluation was done for each ratio. after the data was aggregated,
for both the various divisions and over all the financial periods to evaluate
what is referred to as the sector as a whole. The results of this evaluation
clearly indicate that the underlying distributional properties are definitely
not normally distributed. However, the lack of normality may be founded in
either the lack of homogeneity between the various divisions. or due to the
aggregation of the various financial periods .
A second evaluation was done on the individual ratios for each financial
period. Although the different years lead to slightly different results it
is still apparent that the null-hypothesis of normality for the majority of
ratios are being rejected, especially consistent results to this effect were
found for the period 1988 to 1993.
A third and final evaluation was done on all the different ratios for the
individual divisions. Again the results for the different divisions vary,
but once again it ;s apparent that the null-hypothesis of normality is being
rejected for the vast majority of the ratios . In this regard the results of
specifically divisions industrial holding (15), food (25), engineering (28)
and electronics (29) are particularly consistent.
The lack of normality in the sector analysis may indicate the presence of
specific division relevant characteristics, while the results of the intertemporal
evaluation indicate that the distributional properties approximate
normality by aggregation over time . The analysis also proves beyond any doubt
that irrespective of whether disaggregation is done over either financial
periods or between the different divisions, ratios 02, 03, 06, 15, 16 and 17
are positive skewely distributed . Accordingly, ratios 13 and 27 are negative
skewely distributed .
If one has to advise a researcher or practitioner to whom an underlying normal
distribution of a cash flow ratio is important, one would probably advise in
the first instance to disaggregate over time, as a second app roach to
disaggregate over divisions, but never to treat the industrial sector as a
pooled sample. / AFRIKAANSE OPSOMMING: Tradisionele finansiele verhoudings word deur verskeie markontleders vir
verskillende voorspellings aangewend . Aangesien die verhoudings almal
onderworpe is aan die beperking van opgelope rekeningkundige waarde word
kontantvloeiverhoudings voorgehou as 'n nuttiger en moontlik selfs
doeltreffender metode om ondernemings te evalueer. In die meeste van die
toepassings word parametriese statistiese prosedures gebruik, waarvan die
geldigheid gedeeltelik berus op die onderliggende verdelingseienskappe van die
verhoudings.
Die werkstuk is 'n studie van die onderliggende verde' ingseienskappe van
sewe-en-veertig kontantvloeiverhoudings S005 jaarliks vir die tydperke 1975
tot 1993 gepubliseer is in die finansie1e verslae van 350 maatskappye wat
genoteer is in die nywerheidsektor van die Johannesburgse Effektebeurs. In
die verband is die resultate van die verhoudings eerstens onderwerp aan die
nulhipotese van normaliteit deur dit te evalueer aan die hand van die p-waarde
van sowel die chi-kwadraat- as Kolmogorov-Smirnovtoetse. Vervolgens dui die
werkstuk die onderliggende verdeling aan, deur die gemiddeld en mediaan van
die kontantvloeiverhoudings te vergelyk.
Vir die eerste evaluasie is alle verhoudings oar jie verskillende finansiele
tydperke en van die verskillende afdelings saamgevoeg am die sektor in die
geheel te eva1ueer. Vol gens die evaluasie is die onderliggende verde1ing van
die verhoudings nie normaal nie. Oit mag moontlik logies verklaar word deur
die heterogeniteit van die verskil1ende afde1ings, of weens die samevoeging
van die resultate oar verskillende finansiele tydperke.
Tweedens is die onderskeie finans;ele tydperke afsonder1ik ont1eed . A1 het
die resultate van die onderskeie termyne effens verskil, is dit duidelik dat
die nulhipotese van normaliteit by die oorgrotte meerderheid van verhoud ings
beslis verwerp moet word. Dit is interessant dat in die resu1tate van
spesifiek 1988 tot 1993 die hipotese absoluut konsekwent verwerp word.
laastens is die verhoudings afsonderlik vir elk van die onderskeie afdelings
ontleed. Weereens het die resultate van die onderskeie afdelings verskil,
maar dit was oak weer duidelik dat die oor9rote meerderheid van verhoudings
die nulhipotese van normaliteit verwerp . In die verband was veral die
resultate van die afdelings nywerheids beherend (15), voedsel (25).
ingenieurswese (28) en elektronika (29) merkwaardig konsekwent.
Die gebrek aan normaliteit tussen die verskillende afdelings mag maontlik
aantoon dat sekere eienskappe, eie aan die afdeling, die verdelingseienskappe
beinvloed . Die resultate van die intertemporale studie toon beslis dat
normaliteit benaderd word indien verhoudings oar tyd saamgevaeg word. Wat die
ontleding ook bo alle twyfel bewys is dat die verhoudings 02, 03, 06, 15, 16
en 17 vir die sektor as 'n geheel, die intertemporale- en die
kruissektorale-ontledings konsekwent onderliggend positief skeef verdee1 is.
Verhoudings 13 en 27 is egter onderliggend negatief skeef verdeel.
Aanbevelings rakende die onderliggende verdeling van kontantvloeiverhoudings
is beslis om eerstens verskillende finansiele tydperke te onderskei en
tweedens die verskillende afdelings. maar beslis om nie die nywerheidsektor
as 'n geheel te evalueer nie.
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The chicken or the egg? Cash flow or earnings : is one a predictor of the other?Bezuidenhout, Annelise 12 1900 (has links)
Thesis (MBA (Business Management))--University of Stellenbosch, 2007. / AFRIKAANSE OPSOMMING: Verskeie navorsingsprojekte is oor die jare gedoen ten opsigte van die voorspellingsmoontlikhede van kontantvloei en winste, met teenstrydige resultate. Daar is egter weinig navorsing gedoen oor die verhouding wat tussen winste en kontantvloei bestaan. Hierdie navorsingsverslag beoog om ondersoek in te stel na die verhouding tussen kontantvloei en winste, dus om te poog om te bepaal watter een die drywer is, maar ook om te bepaal of die een veranderlike ingespan kan word om vooruitskattings ten opsigte van die ander te kan doen.
Aangesien finansiële tydreekse die meeste van die tyd nie-stasionêr is, moet dit in ag geneem word wanneer die kousale verwantskap tussen die twee veranderlikes bepaal word, asook wanneer regressie-analise met die oog op vooruitskatting gedoen word. Daar word egter vermoed dat die aspek van stasionariteit weinig aandag geniet in menige navorsing wat ten opsigte van finansiële tydreekse gedoen word.
Die feit dat weinig tydreekse stasionêr is, is bevestig deur te toets vir die bestaan van eenheidswortels in die veranderlikes. Die beste resultate vir stasionariteit is verkry deur die tweede verskille van die veranderlikes te bereken. Daar kon egter nie met sekerheid vasgestel word of winste kontantvloei dryf of andersom nie. Die gevaar van skyn-korrelasie is ook bewys, aangesien 'n groot aantal pare veranderlikes beduidende korrelasies tussen mekaar aandui, maar wanneer hulle stasionariteit en kousaliteit in ag geneem word, is weinig van die pare veranderlikes kousaal verwant aan mekaar. Die toets vir ko-integrasie is ingespan om steun te verleen by die regressie-analise en vooruitskatting van die tydreekse. Die regressie analise van die geko-integreerde tydreekse het in die meeste gevalle 'n hoë R2 en aangepaste R2 gelewer. Die vooruitskattings was egter teleurstellend onakkuraat. / ENGLISH ABSTRACT: Throughout the years a variety of research projects have been done about the predictive ability of cash flow and earnings, with contradictory results. However, limited research has been done about the relationship between cash flow and earnings. The aim of this research report is to investigate the relationship between cash flow and earnings, thus attempting to determine which one is the driver, but also to investigate the ability of one variable to predict the other.
Because financial time series are non-stationary most of the time, this fact has to be taken into account when the causal relationship between the two variables is determined, as well as when regression analysis is done with forecasting in view. It is, however, suspected that the fact of stationarity has been neglected in much of the research that has been done on financial time series.
The fact that very few time series are stationary has been established by testing for the existence of unit roots in the variables. The best results for stationarity were obtained by calculating the second differences of the variables. It could not be established beyond doubt whether earnings cause cash flows or vice versa. The danger of spurious correlation has been proved, because a vast number of pairs of variables indicates a significant correlation with one another, but when stationarity and causality are taken into account, only a few pairs of variables are truly significantly correlated to one another. The test for co-integration was used to assist in the regression analysis and forecasting of non-stationary time series. The regression analysis of most of the co-integrated variables resulted in a high R2 and adjusted R2. The forecasted values, however, were disappointingly inaccurate. / cmc2010
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An in-depth literary study of Tobin's Q ratio, free cash flow and the relationship that exists between Q and free cash flowVan Eeden, Johannes Gerhardus 03 1900 (has links)
Thesis (MBA (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: Tobin's q value is widely used by financial analysts as a performance indicator ratio. The market value of a firm over the replacement cost of fixed assets and inventory serves as an indication of whether value is created by investing internally in the firm, or whether value is destroyed by investing in negative net present value projects. Where Tobin's q is greater than one (q > 1), the market value of the firm is greater than what it would cost to replace fixed assets and inventory. Therefore value is
created. Firms that have a Tobin's q value of less than one are advised to pay
dividends rather than invest in negative net present value projects. Over 200 different methods exist of calculating Tobin's q. By increasing the complexity of the algorithm to determine q, very little is achieved to improve the measurement quality. A strong link exists between excess market returns, free cash flow spending announcements and Tobin's q value for the firm. Firms with a high Tobin's q value should ensure that good investment possibilities are pursued. The use of internal funds to fund new investment is viewed in a positive light by the market and above average returns are generated. Firms with a high Tobin's q value and high free cash flow show lower returns. These lower returns happen as a result of the market recognising the firm's failure to capitalise on favourable internal investment
opportunities. / AFRIKAANSE OPSOMMING: Tobin se q-waarde word wyd gebruik as prestasie aanwyser deur finansiele ontleders. Die markwaarde van 'n firma gedeel deur die vervangingskoste van vaste bates en voorraad, dien as 'n maatstaf om aan te dui of waarde geskep word deur intern in die firma te belê en of waarde vernietig word deur in projekte met 'n negatiewe netto teenswoordige waarde te belê. Waar Tobin se q-waarde groter is as een (q > 1) is die markwaarde van die firma groter as wat dit sal wees om die vaste bates en voorraad te
vervang. Sodoende word waarde geskep. Firmas met 'n q-waarde van minder as een
word aanbeveel om eeeder dividende uit te betaal as om die beskikbare fondse in projekte met 'n negatiewe netto teenswoordige waarde te investeer.
Meer as 200 verskillende metodes bestaan om Tobin se q-waarde te bereken. Deur die kompleksiteit van die algoritme te vergroot om q te bereken, dra min by tot groter akkuraatheid van die meting. 'n Sterk verband bestaan tussen bo-gemiddelde markopbrengste, aankondigings oor die besteding van vrye kontantvloei en die Tobin q-waarde van die firma. Firmas met 'n hoë Tobin q-waarde moet verseker dat goeie investeringsgeleenthede aangegryp word. Die gebruik van interne fondse om nuwe investering te finansier word deur die mark in 'n positiewe lig beskou en bogemiddelde opbrengste word gelewer. Firmas met 'n hoë Tobin q-waarde en hoë vrye kontantvloei toon laer opbrengste. Hierdie laer opbrengste is as gevolg van die mark wat besef dat die firma nalaat om gunstige interne investeringsgeleenthede te gebruik.
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Determining the minimum free cash flow required for capital intensive organisationsVan Eeden, Anita 03 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2009. / ENGLISH ABSTRACT: In financial accounting and economics it is important to be in a position to determine
replacement costs of assets. These costs are essential for application of inflation accounting ,
the calculation of Tobin's q ratio, as well as the calculation of the free cash flow (FCF) of a
company. However, it proves to be a daunting challenge to calculate especially accurate
replacement costs of a company's fixed assets, owing to the considerable effects that
inflation, economic lifetime of fixed assets and procurement strategies have on the
replacement cost, and consequently on the FCF of a firm .
In determining the FCF of a company, it is essential to differentiate between the goals of a
company to maintain fixed assets or to expand operations. This split is difficult to ascertain,
as few companies in South Africa publish the split. In addition to this, it is important to
distinguish between actual required replacement investment (RI) and that part of the RI that
has conveniently been postponed. As a consequence, analysis of a company's financial
statements to determine replacement costs and subsequent FCF is further complicated.
In 2001 , Hall investigated the behaviour of the average age of fixed assets as calculated with
the Cutler and Westwick (1973: 17) formula , by developing specific inflation adjustment
models. Hall's (2001: 40) study provided insight into some of the factors that might influence
the application of the Cutler and Westwick formula for the calculation of the average age of a
firm 's fixed assets. This research report developed Hall's models further, and proved that the
average age of fixed assets, as used in the determination of replacement cost of a
company's fixed assets, could only be applied in zero inflation conditions. In positive inflation
periods, the average age of fixed assets as per Cutler and Westwick's formula is
understated, resulting in lower estimations of replacement costs. Consequently, the
additional depreciation as determined for inflation accounting purposes is understated.
In this research report, the models referred to above were developed further to determine the
required maintenance (or RI) part of the investing decision relative to depreciation written off.
This enabled the modelling of FCF for companies, assuming certain model restrictions, such
as constant inflation, evenroll fixed asset replacement and similar economic lifetimes for all
fixed assets. However, this only provides some insight into the trends of additional
deprecation required for different situations, and cannot be used in practice as comparable
practical situations do not exist.
This study therefore concludes that the calculation of replacement cost for inflation
accounting purposes proves to be a very complex problem. No simple or quick model
currently exists for determining the replacement costs of fixed assets and subsequent FCF of
a firm. It is recommended that, when determining the replacement costs of fixed assets, the
detailed fixed asset register of the firm should be consulted in order to determine the unique
asset investment and replacement strategies, as well as the split of the fixed assets in terms
of different economic lifetimes. Once this information is available, unique models per
company could be developed based on the applicable inflation rates. / AFRIKAANSE OPSOMMING: In finansiële rekeningkunde en ekonomie is dit belangrik om die vervangingswaarde van
bates te kan bereken. Hierdie waardes is essensieël vir die toepassing van
inflasieboekhouding, die berekening van Tobin se q-verhouding, sowel as die berekening van
die vrye kontantvloei (VKV) van 'n maatskappy. Dit blyk egter 'n moeilike taak te wees om
veral akkurate vervangingswaardes vir 'n maatskappy se vaste bates te bereken, as gevolg
van die groet invloed wat inflasie, die ekonomiese leeftyd van die vaste bates en
aankoopstrategieë het op die vervangingswaarde, en gevolglik op die VKV van 'n maatskappy.
In die bepaling van die VKV van 'n maatskappy, is dit noodsaaklik om te onderskei tussen
die doelwitte van die maatskappy om vaste bates te onderhou of om werksaamhede uit te
brei. Hierdie onderskeid is moeilik om te bepaal, aangesien min maatskappye in Suid-Afrika dit publiseer. Ook is dit belangrik om te onderskei tussen werklik benodigde
vervangingsinvestering (VVI) en daardie gedeelte van die VVI wat gerieflikheidshalwe
uitgestel is. Die ontleding van 'n maatskappy se finansiële state ten einde
vervangingswaarde en die daaropvolgende VKV te bereken, word gevolglik verder
gekompliseer.
In 2001 het Hall die gedrag van die gemiddelde ouderdom van vaste bates ondersoek met
behulp van die Cutler en Westwick (1973: 17) formule, deur spesifieke inflasie aangepaste
modelle te ontwikkel. Hall (2001 : 40) se studie het insig gebied in sommige van die faktore
wat die toepassing van die Cutler en Westwick formule vir die berekening van die
gemiddelde ouderdom van 'n maatskappy se vaste bates kan beïnvloed. Hierdie
navorsingsverslag ontwikkel Hall se modelle verder en bewys dat die gemiddelde ouderdom
van vaste bates, soos gebruik in die beraming van die vervangingswaarde van 'n
maatskappy se vaste bates, net toegepas kan word in toestande van nul inflasie. In periodes
van positiewe inflasie word die gemiddelde ouderdom, soos bepaal deur die Cutler en
Westwick formule, te laag opgegee, met 'n gevolglike laer skatting van vervangingswaarde.
Dit lei daartoe dat die addisionele waardevermindering, soos bepaal vir
inflasieboekhoudingsdoeleindes, te laag opgegee word.
In hierdie navorsingsverslag word die modelle waarna hierbo verwys is verder ontwikkel ten
einde die vereiste instandhoudings- (of VVI-) gedeelte van die investeringsbesluit relatief tot waardevermindering te bepaal. Dit maak dit moontlik om die VKV van maatskappye te
modelleer, met sekere modelbeperkings wat veronderstel word, soos konstante inflasie,
vaste batevervanging volgens 'n harmonies opgeboude masjienpark, en soortgelyke
ekonomiese leeftye vir aile vaste bates. Dit bied egter net 'n mate van insig in die patrone
van addisionele waardevermindering wat vir verskillende situasies benodig word en kan nie
in die praktyk aangewend word nie, aangesien vergelykbare praktiese situasies nie bestaan
nie.
Hierdie studie kom dus tot die gevolgtrekking dat die berekening van vervangingskostes vir
die toepassing van inflasieboekhouding 'n baie komplekse probleem is. Geen maklike of
vinnige model bestaan tans vir die bepaling van die vervangingswaarde van vaste bates en
die gevolglike VKV van 'n maatskappy nie. Daar word aanbeveel dat, wanneer die
vervangingswaarde van vaste bates bereken word, die gedetailleerde vaste bateregister van
die maatskappy geraadpleeg moet word ten einde die unieke investering- en
vervangingstrategieë, sowel as die skeiding van die vaste bates op grand van verskillende
ekonomiese leeftye, te kan bepaal. Sodra hierdie inligting beskikbaar is, kan unieke modelle vir die maatskappy ontwikkel word op grand van die toepaslike inflasiesyfers.
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An empirical analysis of the relationship between operating cash flows and dividend changes in South AfricaBaard, Roelof Stephanus 03 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: The purpose of this study was to investigate the relationship between dividend changes
and operating cash flows in South Africa. Previous studies on the relationship in
developed markets established that the main determinants of dividend changes are
current year earnings and preceding dividend levels. The dividend changes-operating
cash flows relationship was successfully studied in the developing market of Nigeria.
The procedures and arguments used in this study were largely based on studies
undertaken by Charitou and Vafeas (1998) and Adelegan (2003). The relationship was
studied by selecting 60 companies that have been listed on the Johannesburg Stock
Exchange from 1990 to 2005. A multiple regression model was used in this study to
investigate the relationship between dividend changes and operating cash flows.
The multiple regression results revealed that there is a significant positive relationship
between dividend changes and operating cash flows. The results also revealed that
there is a significant positive relationship between dividend changes and profits after tax
and a significant negative relationship between dividend changes and the previous
year's dividend yield. Relative to profit after tax and operating cash flows, the previous
year's dividend yield has the strongest relationship with dividend changes.
The strength of the variables in explaining dividend changes has changed over time. In
the study, the multiple regression equation was estimated for three different periods,
1990 to 1993, 1994 to 1999 and 2000 to 2005. In the period 1994 to 2005, operating
cash flows showed a significant positive relationship with dividend changes. In all three
periods, the previous year's dividend yield showed a significant negative relationship
with dividend changes and was also relative to profit after tax and operating cash flows,
the strongest determinant of dividend changes in all three periods. In the period 1990 to
1999, profits after tax had a significant positive relationship with dividend changes. The
results showed that operating cash flows, over time explain more of dividend changes
than profits after tax.
The study also investigated factors that have the potential to influence the relationship
between dividend changes and operating cash flows. The multiple regression results
revealed that growth prospects, levels of leverage and the size of a company did not
significantly influence the dividend changes-operating cash flows relationship. / AFRIKAANSE OPSOMMING: Die doel van hierdie studie was om die verwantskap tussen dividendveranderinge en
kontant uit bedryfsaktiwiteite te ondersoek. Vorige studies oor die verwantskap wat met
betrekking tot ontwikkelende markte onderneem is, het bevind dat die hoof
determinante van dividendveranderinge die huidge jaar se verdienste en die
voorafgaande jaar se dividendopbrengste is. Die dividendveranderinge-kontant uit
bedryfsaldiwiteite verwantskap is suksesvol bestudeer in die ontwikkelende mark van
Nigerië. Die prosedures en argumente wat gebruik is in hierdie studie is hoofsaaklik op
die studies van Charitou en Vafeas (1998) en Adelegan (2003) gebaseer. Die
verwantskap is bestudeer deur 60 maatskappye te selekteer wat vanaf 1990 tot 2005
op die Johannesburg se Effektebeurs genoteerd was. 'n Meervoudige regressie model
is in die studie gebruik om die verwantskap tussen dividendveranderinge en kontant uit
bedryfsaktiwiteite te ondersoek.
Die meervoudige regressieresultate het gewys dat daar 'n positiewe betekenisvolle
verwantskap tussen dividend veranderinge en kontant uit bedryfsaktiwiteite is. Die
resultate het ook gewys dat daar 'n positiewe betekenisvolle verwantskap is tussen
dividendveranderinge en wins na belasting asook, 'n negatiewe betekenisvolle
verwantskap tussen dividendveranderinge en die voorafgaande jaar se
dividendopbrengs. Relatief tot wins na belasting en kontant uit bedryfsaktiwiteite, het die
voorafgaande jaar se dividendopbrengste 'n sterker verwantskap met
dividendveranderinge gehad.
Die sterkte van die veranderlikes in die verduideliking van dividendveranderinge het met
verloop van tyd verander. Die meervoudige regressie vergelyking is in die studie vir drie
verskillende periodes geraam, naamlik vir 1990 tot 1993, 1994 tot 1999 en 2000 tot
2005. In die periode 1994 tot 2005 was daar 'n positiewe betekenisvolle verwantskap
tussen dividendveranderinge en kontant uit bedryfaktiwiteite. Al drie periodes het 'n
negatiewe betekenisvolle verwantskap tussen dividendveranderinge en die
voorafgaande jaar se dividendopbrengs getoon. Die voorafgaande jaar se
dividendopbrengs was ook relatief tot wins na belasting en kontant uit bedryfsaktiwiteite
die sterkste determinant van dividendveranderinge in al drie periodes. Daar was 'n
positiewe betekenisvolle verwantskap tussen dividendveranderinge en wins na
belasting in die periode van 1990 to 1999. Die resultate toon dat kontant uit
bedryfsaktiwiteite met verloop van tyd meer verklaar van dividendverandringe as wins
na belasting.
Die studie het ook faktore wat die verwantskap tussen dividendveranderinge en kontant
uit bedryfsaktiwiteite potensieël kan beïnvloed, ondersoek. Die meervoudige
regressieresultate het getoon dat groeimoontlikhede, hefboomfinansiering en die
grootte van 'n maatskappy nie die verwantskap tussen dividendveranderinge en kontant
uit bedryfsaktiwiteite betekenisvol beïnvloed nie.
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Die gebruik van die kontantvloeistaat as hulpmiddel in die voorspelling van finansiele mislukkingSchreuder, Johannes Wahl 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 1997. / ENGLISH ABSTRACT: This study project comprises an analysis of the Cash Flow Statements of a number of
delisted companies for the years in which the companies were listed on the
Johannesburg Stock Exchange. The trends in the cash flow infonnation for the years
prior to delisting is summarised in order to detennine whether the Cash Flow
Statement can be utilised as an aid in the prediction of financial failure.
The validity of the foUowing hypothesis is tested against the results of the study: If the
cash flow from operations of a company is very low or negative for two years, the
company will be delisted, except if an issue of shares can be done.
From a sample of 46 companies, the following was derived: 16 companies encountered
cash flow problems and tried to delay delisting by issuing shares. 19 companies
encountered cash flow problems, but did not try to delay delisting through tbe issue of
shares. 11 companies were delisted for reasons other than cash flow problems.
The fmal conclusion is tbat the Cash Flow Statement can be utilised as an aid in the
prediction of fmancial failure, but compliance to tbe bypotbesis does not necessarily
mean tbat failure is inevitable. / AFRIKAANSE OPSOMMING: Hierdie werkstuk behels 'n ontleding van die Kontantvloeistate van 'n aantal
gedenoteerde maatskappye vir die jare waarin die maatskappye genoteer was op die
Jobannesburgse Effektebeurs. Die tendense wat waargeneem word in die kontantvloei
oor 'n aantal jare tot en met denotering word saamgevat ten einde vas te stel of die
Kontantvloeistaat gebruik kan word as hulpmiddel in die voorspelling van finansiele
mislukking.
Die volgende hipotesestelling word gemaak en dan getoets aan die hand van die
resultate van die studie: Indien die kontantvloei uit bedrywighede van 'n maatskappy
vir twee jaar baie laag of negatief is, sal die maatskappy denoteer behalwe as 'n
uitgifte van aandele gemaak kan word.
Uit 'n steekproef van 46 maatskappye is die volgende afgelei: 16 maatskappye het
kontantvloeiprobleme ondervind en het deurgaans denotering probeer vertraag deur
aandele-uitgifte te maak. 19 Maatskappye het kontantvloeiprobleme ondervind maar
het die aandele-uitgifte gebruik om denotering te vertraag. 11 maatskappye is
gedenoteer weens redes anders as kontantvloeiprobleme.
Die uiteindelike gevolgtrekking is dat die Kontantvloeistaat wel kan dien as
bulpmiddel in die voorspelling van finansiele mislukking, maar voldoening aan die
hipotese beteken nie noodwendig dat mislukking onvermydelik is nie.
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Die ontleding van 39 maatskappye se kontantvloei situasie oor tyd met behulp van kontantvloeistateCoetzee, D. B. (Dirk Badenhorst) 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 1997. / ENGLISH ABSTRACT: In this study it is attempted to determine whether delisting of companies on the
Johannesburg Stock Exchange is preceded by certain cash flow patterns.
Information was collected by summarising the Source and Application of Funds
statements and Cash Flow statements of companies into a spreadsheet model.
The cash flows of companies were then presented graphically over time with the
intent to derive possible patterns. It was also attempted to assess the impact of
depreciation on the cash flow situation, as well as the possible reasons for share
Issues.
Although the sample may be too small for definite conclusions, it seems as if
certain cash flow patterns preceded delisting and that share issues are related to
investing activities. Depreciation does not seem to have a substantial effect on
the cash flow situation. / AFRIKAANSE OPSOMMING: In hierdie studie word daar gepoog om vas te steI of denotering van maatskappye
op die Johannesburgse Effektebeurs voorafgegaan word deur sekere kontantvloei
patrone.
Inligting is versarneI deur maatskappye se Bron en Aanwending van Fondse state
en Kontantvloeistate in 'n sigbladmodeI saarn te vat.
Die kontantvloeie van maatskappye is dan grafies voorgesteI oor tyd ten einde
moontlike patrone af te lei. Daar is ook gepoog om die impak van
waardevermindering op die kontantvloei situasie te bepaaI, asook die moontlike
redes vir aandeeluitgifte.
AlhoeweI die monster moontlik te klein is vir definitiewe afleidings wil dit tog
voorkom of sekere kontantvloei patrone denotering voorafgaan en dat aandeeluitgifte
verband hou met investeringsaktiwiteite. Dit blyk dat waardevermindering
nie 'n wesenlike rol in die kontantvloei situasie speel nie.
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An introductory study to determine patterns in cash flow ratios of listed industrial companies on the Johannesburg Stock ExchangeMadisa, Keamogetswe Juliet 12 1900 (has links)
Thesis (MBA)--University of Stellenbosch, 1998. / ENGLISH ABSTRACT: In many ways, the cash flow statement can be more informative than the
other financial statements. It is relatively freer from subjective accounting and
reveals managerial choices, such as investment and financing decisions,
which are less apparent from the balance sheet or income statement. One of
the components of the cash flow statement, cash flow from operations, is the
primary focus and the primary variable of interest in this study.
The study set out to create a database for the University of Stellenbosch
Business School by using cash flow ratios of listed industrial companies on
the Johannesburg Stock Exchange for the period 1974 to 1997. This is an
initial attempt to have such a facility in place to assist future researchers in
establishing patterns present in the ratios.
Descriptive statistics were calculated for all the ratios. Twenty-two ratios were
calculated in three ways:
(a) Ratios were pooled over time and over sector;
(b) Ratios were pooled over time for each of the 17 sectors; and
(c) Ratios were pooled over sectors for each of the years 1974 to 1997.
In addition, chi-square and Kolmogorov-Smirnov tests for normality were
conducted.
To get insight into the potential patterns, some of the statistical properties of
cash flow ratios have been examined with particular reference to two ratios,
(ratio 14 and ratio 20). These were chosen since they are considered to be
the most important ratios in the study. / AFRIKAANSE OPSOMMING: Die kontantvloeistaat kan op baie maniere meer inligting as die ander finansieIe state
verskaf. Dit word relatief gesproke minder deur subjektiewe rekerungkunde
beYnvloed en dit 1aat die klem val op bestuursbesluite, S005 investerings- en
finansieringsbesluite. Laasgenoemdes is minder duidelik waameembaar as daar na
die balansstaat en inkomstestaat gekyk word. Kontant uit bedryfsaktiwiteite. een van
die komponente van die kontantvloeistaat, is die primere fokus en die belangrikste
item in hierdie studie.
Die doel van die studie is om 'n datahasis vir die Bestuurskool van die Universiteit
van Stellenbosch daar te stel, deur gebruik te maak van kontantvloeiverhoudings van
aile genoteerde industriele maatskappye op die Johannesburg Effektebeurs vir die
periode 1974 tot 1997. Dit was 'n eerste poging om so 'n fasiliteit daar te stel ten
einde toekomstige navorsers in staat te stel om patrone aanwesig in die verhoudings
waar te neem.
Beskrywende statistiek is bereken Vlf al die verhoudings. Twee en twintig
verhoudings is bereken op drie maniere:
(a) Verhoudings gepoel oor tyd en oor sektore heen;
(b) Verhoudings verpoel oor jare vir elk van die 17 sektore; en
(c) Verhoudings verpoel oor sektore heen, per jaar vanaf 1974 tot 1997.
Verder is die chi-kwadraat en die Kolmogorov-Smirnoftoetse vir normaliteit gedoen.
Twee van die verhoudings. verhoudings 14 en 20, is uitgesonder as die belangrikste
verhoudings in die studie. Ten einde insig in die potensieie patrone van die
kontantvloeiverhoudings te verkry, is die statistiese eienskappe van hierdie twee
verhoudings verder ondersoek.
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'n Ondersoek na die verband tussen die eerste vier subtotale van 'n kontantvloeistaatBredenkamp, Hendrik Johannes 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 1993. / ENGLISH ABSTRACT: Cash flow information is important in evaluating the
financial results of companies. As cash flow statements
were only prepared since October 1988 as part of Generally
Accepted Accounting Practice various assumptions were
made in calculating cash flow information for earlier
years.
In a study by Wessels (1991) a few approximate methods
were used to calculate cash flow from operating activities.
For this study an analysis was again made of the
same companies.
In this latest study it is concluded that the assumptions
of the previous study could be wrong. It is therefore
suggested that the assumptions and results of the
previous study be re-evaluated. / AFRIKAANSE OPSOMMING: Kontantvloei-inligting is belangrik by die evaluering van
maatskappyresultate en daarom word aannames dikwels gebruik
om die inligting voor Oktober 1988 te bereken .
Die rede hiervoor is dat kontantvloeistate as deel van
Algemeen Aanvaarde Rekeningkundige Praktyk eers sedert
Oktober 1988 gepubliseer is .
In In studie van Wessels (1991) is gebruik gemaak van 'n
aantal benaderde metodes om kontant uit bedryfsaktiwiteite
te bereken. 'n Ondersoek na dieselfde maatskappye
wat toe gebruik is, is weer in hierdie studie gedoen.
Die gevolgtrekking wat in hierdie studie gemaak word, is
dat die aannames van Wessels moontlik foutief kon wees. Daar word aanbeveel dat die studie van Wessels en die
gevolgtrekkings waartoe gekom is, herevalueer moet word.
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The development of a model to quantify the cash flow benefits due to tax savings by using the LIFO rand value or the LIFO specific goods method of inventory accounting, as opposed to using the traditional FIFO method of inventory accounting, taking into account the corporations general business policy and general business conditionsCochlovius, Manfred Arthur 03 1900 (has links)
Thesis (MBA)--Stellenbosch University, 1979. / INTRODUCTION: Inflation gives rise to higher monetary values for a constant quantity of inventory, thereby inflating corporate profits and the taxes on these reported profits.
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