Thesis (Ph. D.)--University of Missouri-Columbia, 1996. / Typescript. Vita. Includes bibliographical references (leaves 216-219). Also available on the Internet.

Corporate finance researchers have long been puzzled by low corporate debt ratios given debt's corporate tax advantage. What makes the capital structure debate especially intriguing is that the different theories represent such different, and in some ways almost diametrically opposed, decision-making processes.

The diploma thesis is focused on the assessment of the economic development of those corporations, in which the external financing, venture capital has been used. The first part contains theoretical bases connected to the existing problems, and further for the selected corporations the financial analysis is performed in the period before the stakeholder entry, during his function, and after his withdrawal. On the basis of results’ study of the financial analysis, suitability of venture capital financing of the selected corporations, and possible methods of problem solving are evaluated.

Small and new companies are important for the Swedish economy and are the main source of employment. However, these face challenges in the possibility of obtaining financing, where venture capital becomes an important tool for achieving this. Venture capitalists does not only contribute with capital, but also usually take an active role in the portfolio companies. This study examines what roles the venture capitalist undertakes and what values they contribute with. The study also intends to compare the results with research that has begun to examine value creation from the portfolio company's perspective. Where scout roles are preferred over coach roles, which differs from the venture capitalist's perspective. To achieve the purpose of the study, a quantitative survey method is used, where a questionnaire has been applied for data collection. Based on the results, it can be stated that the roles most used are board member, counseling/mentorship, obtaining alternative sources of funding and contributing with contact networks. These are also the roles that the portfolio companies consider contributing with the highest value. According to the portfolio companies, however, there are more roles that CAN contribute with high value than those that venture capitalists have today, such as the role of strategic planning. The study can both confirm and deny research on scout and coach roles, as the portfolio companies prefer network (scout) over strategy and monitoring (coach). However, the study shows that strategic roles CAN contribute value, which indicates that the portfolio companies see a certain value in scout roles. / Små och nya företag är viktiga för den svenska ekonomin och den främsta källan till sysselsättning. Dessa möter dock utmaningar i möjligheten att få finansiering, där riskkapital blir ett viktigt verktyg för att uppnå detta. Riskkapitalister bidrar inte enbart med kapital, utan brukar även ta en aktiv roll i portföljföretagen. Denna studie undersöker vilka roller riskkapitalisten åtar sig och vilka värden dessa bidrar med. Studien avser även att jämföra med forskning som har börjat undersöka värdeskapandet utifrån portföljföretagets perspektiv. Där scout-liknande roller föredras framför coach-liknande roller, vilket skiljer sig mot riskkapitalistens perspektiv. För att uppnå syftet med studien används en kvantitativ undersökningsmetod, där en enkät har tillämpats för datainsamling. Utifrån resultatet kan det konstateras att rollerna som använts mest är styrelsemedlem, rådgivning/mentorskap, erhålla alternativa finansieringskällor och bidra med kontaktnätverk. Detta är även rollerna som portföljföretagen anser bidrar med högst värde. Enligt portföljföretagen finns det dock flera roller som KAN bidra med högt värde, än de som riskkapitalisterna har idag som exempelvis rollen strategisk planering. Studien kan både bekräfta och dementera forskning om scout och coach-liknande roller, eftersom portföljföretagen föredrar nätverk (scout) framför strategi och övervakning (coach). Dock visar studien att strategiska roller KAN bidra med värde, vilket indikerar att portföljföretagen ser ett visst värde i scout-liknande roller.

Dans un cadre géographique limité, celui de la vallée du Rimbach, cette thèse étudie de façon exhaustive tous les aspects d’une évolution économique et sociale marquée par le phénomène de l’industrialisation du XVIIIe siècle à nos jours. Cette thèse a donc permis de connaître un espace régional d’industrialisation qui renforce la diversité du développement économique de la France. Cette recherche se limite au vallon du Rimbach mais, en nous préoccupant de replacer le territoire dans l’ensemble alsacien, nous apportons des informations nouvelles concernant la pré-industrialisation, le processus d’industrialisation et sa spécificité par rapport à la grande industrie haut-rhinoise, l’évolution économique face aux problèmes de frontière de par leurs déplacements en 1870, 1919, 1939 et 1945, la grande mutation industrielle depuis 1945 mais aussi les bouleversements sociaux, les conséquences politiques et l’impact environnemental. La vallée du Rimbach, à une échelle réduite, a été le théâtre de toutes ces évolutions. Cette thèse apporte l’implacable démonstration qu’un microcosme à tel point miniaturisé se montre le reflet des tribulations de l’industrialisation. Les apports de cette thèse sont donc indéniables dans la connaissance plus fine de l’économie d’une vallée sous-vosgienne aux spécificités bien réelles. Du point de vue de l’histoire économique elle met en lumière des modalités de pérennité productives à une échelle micro locale, qui prouvent des capacités de territorialité d’action souvent masquées par des tendances globalisantes. Enfin, elle casse cette vision monolithique et linéaire d’une Europe qui s’industrialise, se désindustrialise et se réindustrialise sur de nouvelles formes en montrant l’importance des transitions.La vallée de Rimbach a donc sa place dans cette grande histoire industrielle européenne, une place particulière à certains égards. / Within a restricted geographical setting, the Rimbach valley, this doctoral thesis studies in an exhaustive way all the aspects of an economic and social evolution, marked by the phenomenon of industrialization, from the 18th century to our days.This thesis has thus permitted to discover a local area of industrialization which reinforces the diversity of the French economic development. This research is restricted to the Rimbach valley, but by replacing this area within the whole Alsatian area, we can bring new information about pre-industrialization, the process of industrialization and its specificity in relation to the great industry in Haut-Rhin, the economic evolution confronted to the problem of borders (because of their changes in 1870, 1919, 1939 and 1945), the great industrial transformation since 1945, but also confronted to the social disruptions, the political consequences and the environmental impact. The Rimbach valley, to a small scale, has been the scene of all these evolutions. This thesis brings the irrefutable evidence that such a tiny microcosm is the perfect reflection of the varying fortunes of industrialization. The contribution brought in this thesis is therefore indisputable in a more accurate knowledge of a Vosges valley with its true specificities. From the economic history point of view, it highlights methods of productive continuity to a local scale, which show with evidence that there are capacities of local action often hidden by more all-embracing tendencies. Finally, it destroys the monolithic and linear vision of an industrializing, de-industrializing and re-industrializing Europe, on new grounds, showing the significance of transitions. Therefore, the Rimbach valley deserves its true place in the great European industrial story, and a really particular place in certain respects.

Orientador: Arsenio Oswaldo Seva Filho / Tese (doutorado) - Universidade Estadual de Campinas, Faculdade de Engenharia Mecanica / Made available in DSpace on 2018-08-06T16:42:26Z (GMT). No. of bitstreams: 1 Alves_JosiasManoel_D.pdf: 5620822 bytes, checksum: 8c2b8a18f45ab378b29f779f5c79b512 (MD5) Previous issue date: 2005 / Resumo: Este trabalho de tese introduz, no estudo do processo de eletrificação, o conceito de politização dos serviços de energia elétrica. O texto inicialmente discute a noção de indústria de energia elétrica e ao mesmo tempo coloca em relevância alguns temas centrais do recente processo de privatização e desregulamentação dessa indústria no Brasil. Além do mais, informa os métodos que são utilizados para pesquisar os problemas políticos e sociais na era da reestruturação da indústria de eletricidade. Em seguida, são feitas duas retrospectivas: a primeira recai sobre a singular história de Goiás, ressaltando a construção das modernas cidades, Goiânia, a nova capital do Estado (nos anos 1930), e Brasília, a da República (nos anos 1950). Cabe também destaque à criação do Estado do Tocantins em 1988 e a recomposição do quadro político regional pós-regime militar até os dias atuais. A segunda reconstitui o processo de implantação de usinas, das linhas de transmissão e de distribuição de eletricidade em Goiás e no Distrito Federal ao longo do século XX. Neste processo, destaca-se a criação das empresas pioneiras de eletricidade, a ação dos grupos estrangeiros LIGHT e AMFORP, a intervenção dos governos estadual e federal através da criação da CELG e da CEB, além de FURNAS, da CEMIG, da ELETROBRÁS e da ELETRONORTE. Esta retrospectiva alcança o recente processo de desregulamentação dos negócios da indústria de energia, procurando introduzir a discussão sobre as licitações do patrimônio elétrico e dos novos projetos hidrelétricos a serem instalados. Os resultados das pesquisas de campo, das consultas realizadas no Ministério Público Estadual e Federal, das visitas periódicas às bibliotecas e das participações em congressos e seminários são apresentados nos três últimos capítulos. No conjunto, esta investigação enfoca a composição e o conflito de interesses capitalistas pelos novos projetos hidrelétricos recentemente licitados pela ANEEL. São analisados os projetos hidrelétricos localizados nos rios Araguaia, Claro, Verde, São Marcos e o processo de instalação do empreendimento de Corumbá IV. Por último, o foco analítico recai sobre poderosos grupos econômicos nacionais e estrangeiros que disputam atualmente o mercado e o patrimônio de energia elétrica em Goiás. Nesta análise, relevam-se os problemas do passivo social e ambiental das obras já instaladas das usinas de Cachoeira Dourada, de Serra da Mesa e de Cana Brava. Conclui-se este trabalho afirmando-se que o processo de mercantilização dos serviços públicos de eletricidade fez da vasta maioria da população a sua vítima e não a sua beneficiária. A continuidade desta lógica provoca rapidamente o esgotamento dos recursos naturais, além da expropriação das terras dos pequenos proprietários ribeirinhos / Abstract: The present thesis incorporates the concept that the electrification process, while a technical and economic process, has also an important social and politic aspecto The text begins with an overview of the electric power industry and with the mechanisms of its recent transformation in the Brazil through the privatization period, and informs the methods adopted in the research on the political and social problems associated with this process. Subsequently, two retrospectives are made: the first one relapses on the State of Goiás singular history, jutting out the construction of the modem cities of Goiânia, the new capital of the state (in the 1930's), and Brasília, the capital of the Republic (in the 1950's). In detach, also the creation of the new state of Tocantins in 1988 and the recomposing of the regional politic scene after military regime unti1 the present days. The second retrospect reconstitutes the process of implantation of the power plants, the transmission lines and the electricity distribution in Goiás and in the Federal District throughout the 20th century. In this process, detaches the pioneer e1ectricity enterprises creation, the action of the foreign groups LIGHT and AMFORP and the intervention of state and federal govems through CELG an CEB creation, as well as FURNAS, CEMIG, ELETROBRÁS and ELETRONORTE. The retrospect attains the recent deregulation process of the energy industry business, looking over to introduce the discussions about the outbidding of the settled electric patrimony and the new hydroelectric projects to be settled. The results from the field research, the consultation realized in the State and Federal Public Ministry, the periodic visits to libraries and the participation in congresses and seminaries are presented in three chapters. In conjoint, the investigation focuses the composition and the capitalist's interests' conflicts for the new hydroelectric projects recently outbid by ANEEL. In a first moment, hydroelectric projects in the Araguaia, Claro, Verde and São Marcos rivers are analysed. Subsequently, it's studied the installation process of the Corumbá IV hydroelectric project in the Corumbá River. At last, an analytical focus relapses over national and intemational powerful economic groups, which presently dispute the energy market and patrimony in Goiás. In this analysis, it's revealed problems in the ambient and social passives in the settled works of Cachoeira Dourada, Serra da Mesa and Cana Brava works. This work is conc1uded affirming that the mercantilization process of the electric public services didn't benefit most of the population, but made them a victim. The continuity of this logic rapidly provokes the nature resources exhaustion and the exploitation of the work power, as well as the land expropriation of the rural small owners / Doutorado / Planejamento de Sistemas Energeticos / Doutor em Engenharia Mecânica

The study investigates the educational role of the public service broadcaster in post-apartheid South Africa. The aim was to investigate the educational role of the programme Shift as part of the content offering of the public broadcaster and the extent to which it satisfies the educational needs of its audiences. The main objective of the study is to investigate factors that influence the educational role of the SABC. The study focused on three different forms of educational television which are the formal, informal and no-formal education. The theoretical point of departure is the critical political economy theory, and the public interest theory which focuses on the interests of the public. A content analysis of Shift was conducted to determine the educational role of this programme. The study also investigates how political and economic factors influence the educational role of the SABC in the post-apartheid South Africa. The study also examines the impact that media funding can have on the educational role of the public broadcaster. The episodes of Shift are analysed in order to understand if political and economic factors can influence the educational role of the SABC. The study critically analysed whether the relevant media policies are driven by profit making motives. / Communication Science / M.A. (Communication)

It is generally acknowledged that the share price of listed companies is not usually a true reflection of the value imbedded in the said companies. The main purpose of this study is to explore the correlation between selected performance measurement tools, namely Return on Equity (ROE) and Economic Value Added (EVA®), and the share price of companies listed on the Johannesburg Stock Exchange. The study is a quantitative one as it uses data extracted from McGregor BFA database to investigate the relationship between the variables studied. Correlation and linear regression analyses were used in determining such relationships. This study found that there is a synergy in using ROE and EVA® as performance measurement tools and that their interaction explains 8.06% of the movement in the share price of listed companies, all things being equal. Hence it is recommended to identify and study possible synergies between other performance measurement tools. / Management Accounting / M. Phil. (Accounting Sciences)

新經濟體系的來臨，以技術為基礎的新創科技公司如雨後春筍般的出現，這些新創科技公司的價值已非過去龐大的有形資產，取而代之的是無形資產，如專利權、商標權、著作權、授權契約或公司的研發團隊等，然而傳統的財務報表係儘反映公司過去的財務狀況和經營成果，對於自行研發而非外購的智慧財產權，卻無法認列在財務報表上，使得公司的價值被嚴重低估，有潛力的公司無法獲得所需資金而功敗垂成，十分可惜。 本研究係以實際經營管理的觀點切入，探討以智慧財產權做為融資擔保標的時所會遭遇到的困難為何？再經由所得知的實際困難找出智慧財產權融資所需營運機制和可行之營運模式。 由於智慧財產權融資大部份的風險都處於資金供給方，因此融資可行與否大致上都決定於資金供給者必須在那些條件具備的情況下才願意接受以智慧財產權做擔保的融資模式，因此本研究主要探討的問題從資金供給者的角度出發，主要研究的資金供給對象為國內銀行和創業投資公司。 透過次級文獻蒐集、集體焦點訪談、個別訪談和郵寄問卷等方法得到主要發現如下： 一、國外智慧財產權融資尚在起步階段，且西方國家與東方國家有關智慧財產權的營運模式皆不盡相同。 二、國內缺乏智慧財產權融資實際個案，雖然有關智慧財產權融資擔保有其基本法源可茲適用，但相關配套法規欠缺。 三、國內創業投資公司多以整體性評估新創科技公司，除少數新創科技公司（如生物科技公司）外，智慧財產並非單一關鍵性考量因素。 四、智慧財產權融資模式對創業投資公司有其間接性影響，其中有關鑑價機制和技術交易市場為創業投資公司所關切重點。 五、國內傳統銀行以利差為主要獲利來源之營運特性使智慧財產權融資高風險之融資形式不易為銀行所接受。 六、銀行本身缺乏智慧財產權鑑價能力和管理能力，此為銀行承做智慧財產權融資首要解決之務。 七、銀行傾向以政府保證的方式來進行智慧財產權融資，以降低本身所承擔風險。 八、以目前整體的環境而言，智慧財產權融資在智慧財產權觀念上、鑑價機制、管理能力、交易市場和法令規範等方面有著許多實行上的困難有待解決。 由以上可知智慧財產權融資以目前各方面的環境而言具有高風險性，其可行性的營運模式建議分為短期和長期來看： 一、初期營運模式： 1、初期政府可用保證基金的形式來分散資金供給者的風險。 2、初期可先透過國外的鑑價機制和交易市場來進行。 二、遠期營運模式： 建立具有國際化的鑑價機構和交易市場，根據「契約自由化」原則，只要交易雙方對於契約內容達成一致性的決議，則交易即可完成，以促進自由市場高流動性的運作。 關鍵字：智慧財產權融資、新創科技公司、創業投資公司、銀行、鑑價機制、技術交易市場、信用保證基金、關鍵要素。 / By the coming of the new economy, high-tech start-ups are mushrooming like bamboo shoots after a spring rain. The value of high-tech start-ups does not base on hard assets, but of their principal assets. The principal assets contain both the intangible assets and intellectual property right (IPR), such as patent, trademark, copyright, license contract as well as R&D team. However, traditional financial statements record only the past financial profile and operating results of companies. They've invested large amount of money on R&D, and therefore, to obtain the IPR. But the right obtained can not be shown on the financial statements. As a result, a large number of high-tech start-ups are underestimated, and unfortunately, most of the potential high-tech start-ups were not able to survive due to the inability to find the fund needed. From the view of the practical operating management, this study discusses problems that should be confronted when operating the financing IPR. Moreover, according to the problems found, the study anticipates by offering the operating mechanism and feasible business models for financing IPR. As we know, the majority of risk lies in the fund suppliers when financing IPR, so mostly the feasibility of financing IPR depends on fund suppliers that will receive IPR as collateral under a certain number requirements possessed. Thus, the study will then offer suggestions mainly in terms of fund suppliers, and the focus will be on domestic banks and venture capitalists. Based on the literature review, group focus interview, individuall interview, posted survey and so on are conducted for the study. Some of insights are derived as bellow: 1. For overseas countries, the financing IPR is just at the beginning period. There are differences in the business models of financing IPR between western countries and eastern countries. 2. There are few real cases about financing IPR in Taiwan although there are some basic laws to apply for financing IPR. Nevertheless, more related regulations are needed. 3. Most of the venture capitalists evaluate high-tech start-ups in an overall way. Hence, excluding a small numbers of high-tech start-ups such as bio-tech companies, IPR is not the only key evaluation factor. 4. The model of financing IPR has an indirect influence to venture capitalists. They emphasize more on the valuation mechanism and the technology marketplace. 5. The profit of traditional banks in Taiwan comes from the interest. From the conservative operating system, these banks are hard to accept the financing IPR that is with high risk. 6. The domestic banks are in short of the IPR valuation and IPR management capabilities. Thus, these problems should first be solved, and then the financing IPR will be able to be taken into action. 7. The domestic banks are in favor of reducing risk by getting guarantee from the government. 8. In terms of the whole financial environment in Taiwan, there are lots of difficulties in the concepts of IPR, valuation mechanism, management capability, technology marketplace, laws and decrees and so forth to be confronted. Above all, financing IPR has high risk in Taiwan at the moment. Therefore, this paper recommends that feasible business models of financing IPR should be divided as follow: 1. Short-run business model: (1) Diversify the risk of the fund suppliers from the guarantee fund offered by the government. (2) Finance IPR by foreign valuation mechanism and technology marketplace. 2. Long-run business model: First, more efforts should be put to set up our own international valuation institutions and technology marketplace. Second, the financing IPR should be taken by contract liberalization principle in compliance with the mechanism of the free market. When both sides agree to the contract, then the deal will be done. By doing so,the IPR financing will be highly promoted at the same time. Key words: Financing IPR, High-tech Start-ups, Venture Capitalists, Domestic Banks, Valuation Mechanism, Technology Marketplace, Credit Guarantee Fund, Key factors.

It is generally acknowledged that the share price of listed companies is not usually a true reflection of the value imbedded in the said companies. The main purpose of this study is to explore the correlation between selected performance measurement tools, namely Return on Equity (ROE) and Economic Value Added (EVA®), and the share price of companies listed on the Johannesburg Stock Exchange. The study is a quantitative one as it uses data extracted from McGregor BFA database to investigate the relationship between the variables studied. Correlation and linear regression analyses were used in determining such relationships. This study found that there is a synergy in using ROE and EVA® as performance measurement tools and that their interaction explains 8.06% of the movement in the share price of listed companies, all things being equal. Hence it is recommended to identify and study possible synergies between other performance measurement tools. / Management Accounting / M. Phil. (Accounting Sciences)