Выпускная квалификационная работа (магистерская диссертация) посвящена исследованию дивидендной политики. Предметом исследования выступает механизм разработки дивидендной политики, со всеми его особенностями формирования, методиками и формулами расчета, а также механизм взаимодействия данной системы со смежными и взаимозависимыми областями. Основной целью магистерской диссертации является разработка ключевых направлений и конкретных мероприятий по развитию системы дивидендной политики для обеспечения развития предприятия и увеличению стоимости компании. В заключении обозначены рекомендации по совершенствованию дивидендной политики и ее применению. / The final qualifying work (master's thesis) is devoted to the study of dividend policy. The subject of the research is the mechanism for developing a dividend policy, with all its peculiarities of formation, methods and calculation formulas, as well as the mechanism of interaction of this system with adjacent and interdependent areas. The main purpose of the master's thesis is to develop key areas and specific measures for the development of the dividend policy system to ensure the development of the enterprise and increase the value of the company. In conclusion, recommendations for improving the dividend policy and its application are indicated.

收益資本化率是不動產估價收益法中最為關鍵的因素，不動產淨收益透過收益資本化率轉換為價值，其步驟看似簡易，卻深藏「失之毫釐，差之千里」的陷井。在國內，商用不動產廣泛運用收益法來估計不動產價值，但收益資本化率之研究卻相當缺乏，相關文獻僅限於國外，因此，本研究以台北市商用不動產為主要研究對象，除了探討收益資本化率之影響因素與實務界在決定過程上的缺失外，並提出較具有解釋力的計算與預測方法。 本研究蒐集自1992年至2008年止台北市商用辦公室之租金與房價資料，利用特徵價格模型將轉換後的租金與房以直接資本化法計算收益資本化率，與問卷結果中可得之影響因素資料進行相關分析、多變量自我迴歸分析，找出關鍵之影響因素，並利用指數平滑法、Box-Jenkins、灰色與VAR模型等時間預測方法來進行收益資本化率之預測。 本研究實證結果顯示，以特徵價格模型計算台北市商用辦公室之收益資本化率，其模型解釋力相當高，並獲致區位上的差異結果。此外，影響因素分為四個面向包含：社會經濟條件、其他投資工具、市場條件、建築物條件等四項，影響因素中除了收益資本化率自身前期為一個重要指標，社會經濟條件之經濟成長率、建築物條件之台電用電不足底度戶數與市場條件之電力(企業)總用電量(十億度)為重要領先指標，其他投資工具之股價指數與社會經濟條件之失業率為同步對收益資本化率有影響性，代表市場條件之不動產景氣領先綜合指標受到收益資本化率之影響而為落後指標，而收益資本化率本身並具有平均數復歸的現象。在未來趨勢的預測方面，單一時間數列適合長期資料之預測模型Box-J進行預測之解釋力（adjR-square）較高，各模型之預測結果平均來說，以Box-J與VAR-I為最有可能之預測值，而最樂觀為VAR-II之預測值，最悲觀為灰色之預測值。 透過國內不動產估價實例進行驗證，本研究結果可以準確進行事後驗證與事前預測，對於提升不動產估價師與投資者收益資本化率的估計與解釋能力上應有所助益。 / Capitalization rate is the most crucial factor in the income approach real estate appraisal method. When this appraisal method is applied, real estate net income is converted into value via capitalization rate. The conversion process is simple and straight forward, but there seems a trap of misuse in real practice. Domestically, income approach real estate appraisal method has been put to use extensively to estimate commercial real estate value. However, research in capitalization rate is in shortage considerably. Related literature merely re-stricted in overseas resource, Hence, our study focus on Taipei office as the main subject to investigate the influential factors of capitalization rate and its shortcoming of real practice, in additional, we propose more concrete explana-tory calculation and estimation methods. Our study collects information on Taipei City office rental and transaction price between 1992 and 2008. Using Hedonic Price Model, the converted rents and transaction price are applied by direct Capitalization Approach to calculate capitalization rate. Thereafter, we compared with the influential factors derived from the survey through correlation analysis, and Vector Autoregression Model (VAR) to find the pivotal influence factors. Meanwhile, we use Exponential Smoothing(ES)、Box-Jenkins、Grey Forecasting Model and VAR time-series estimate method to conduct capitalization rate prediction. The result of this study provides actual proof that to use Hedonic Price Model to calculate office capitalization rate of Taipei, the results are rather ac-curate and indicate a geographical difference. In terms of influential determi-nates, the capitalization rate in itself is an important indicator in the beginning. The Economical Growth Rate and the household under electricity base degree utility of Taiwan Power Company are also significant leading indicators. Stock Price Index, Unemployment Rate and the capitalization rate affect among them. Real Estate Cycle Leading Indicators are affected by capitalization rate and hence a lagged index. Capitalization itself exhibits mean return phenomenon. The future trend prediction of capitalization rate, Box-J and VAR-I give the most likely estimates; VAR-II gives the most optimistic value, whilst Grey Forecasting Model gives the most pessimistic estimation. Through Case study of domestic real estate appraisal to conduct experi-mental verification indicates that the result of our study can accurately carry out aftermath verification and prior estimation. As such, hopefully our empiri-cal study might be able to benefit real estate appraiser and investor to enhance their ability to determine the capitalization rate.

本研究旨在探討我國最新建立之反資本弱化稅制對跨國集團整體稅負之影響，並欲指出跨國公司在未來租稅規劃上應注意之事項。透過對國內外資本弱化相關案例，以及其他實務上可能產生稀釋資本議題之操作模式做個案研究，希望能夠發現在此稅制之下可能存在之問題與風險。 本文共分為五章，概述如下： 第一章：說明本研究之研究動機、欲探討之問題、擬採用之研究方法以及本研究架構。 第二章：分別針對資本弱化之理論架構、相關稅收議題，以及各國反資本弱化稅制之國內外文獻進行回顧及探討。 第三章：介紹並整理我國反資本弱化稅制中之各類法條、辦法及函令。 第四章：案例研究，以虛擬案例及實務上產生爭議之個案為研究對象，俾對我國未來稅捐稽徵機關在稽徵實務上及納稅義務人在租稅規劃上提出建議。 第五章：就前述討論內容做出結論，並嘗試對我國反資本弱化稅制提出具體之建議，以期做為未來研究者之參考。 / This essay focused on the newly enacted anti-thin capitalization regulation in Taiwan and its possible impact on multinational corporations in tax aspect. By studying on cases related to thin capitalization and other possible issues, this essay would like to discover the potential drawbacks and risks in the anti-thin capitalization regulation. This essay comprises five chapters. Summarizes as follows: Chapter 1: To explain motives, structure and methodologies of this research. Chapter 2: First, to introduce the definition of thin-capitalization made by OECD, and to explain the Modigliani-Miller Theory, which was the rationale of Thin Capitalization. Secondly, to collect and analyze the possible tax issues of thin capitalization, and to introduce the legislative conditions of anti-thin capitalization in regulations in main countries. Chapter 3: To briefly introduce the newly enacted anti-thin capitalization regulation. Also, this essay would like to debate on main issues and potential drawbacks in this regulation. Chapter 4: To study on an assumed example and other cases that show the common model of thin-capitalization and possible impacts result from anti-thin capitalization regulation on multinational corporations. In this part, the essay would like to give some suggestions to tax authority and tax payers. Chapter 5: To summarize the main contents from the forenamed chapters, in addition, to cite the potential risks and shortcomings of the anti-thin capitalization regulation.

在其他條件不變時，房屋的現值是居住者將預期該棟房屋在未來各期所能提供的服務價值，扣除預期未來各期所需負擔之財產稅後，將淨服務價值按折現率加以折現後之價值。租稅資本化問題即為研究財產稅折現進入房價的比率，但是，公共支出與有效財產稅率之間的潛在關連與房屋服務價值的設算方式是相關研究的最大限制，本文採用Palmon and Smith (1998b)的修正後的Capitalization Model，以預測租金加上管理費設算房屋所提供的服務價值，配合台北市與台北縣的買屋抽樣資料，估計台北都市化地區的財產稅資本化比率，幾乎所有的實證結果都顯示存在著過度資本化的情形，探究可能的原因，資料的誤差以及相關變數的遺漏都有可能導致過度資本化的情形。若是資料誤差不大時，購屋者的資訊不完全與房價被高估而使有效財產稅率過低也許是造成過度資本化的真正原因。 / All other things being equal, the value of a house equals the present value of the rental flow minus the present value of the property tax flow. The objective of this study is to estimate the degree of property tax capitalization of the Taipei urbanized area. In fact, there are two main limitations on this issue—the potential correlation between local public expenditures and effective property tax rate, and the method in computing the value of housing service. We apply the modified capitalization model established by Palmon and Smith (1998b) and the idea that the values of housing services equal the estimates of rental prices plus the management fees to estimate the degree of capitalization. Our result shows that there is over capitalization in Taipei urbanized area and that the degree of capitalization reported here is much greater than those from past studies. Although such over-capitalization result may be caused by sample errors and missing variables, it can be argued that, if the sample-error problem isn’t severe, incomplete information and under-estimated effective property tax rates should take the blame for this.

The presented study describes commercial real estate markets with focus on office sector. We identify the capitalization rate (investment yield) as one of the fundamental elements in the commercial property valuation. Based on historical office investment yield observations and various econometric models we predict the office capitalization rate development in the Czech Republic. We use data of the United Kingdom, Ireland and Sweden to identify common yield trend especially with respect to their real estate crises in 1990s that embody features similar to the real estate crisis in 2008-2010. As explanatory variables for the econometric models (ARIMA, OLS, VAR) we use financial and macroeconomic variables. We use the OLS models to identify the optimal set of explanatory variables, to be applied in VAR models. On dataset of the comparable countries we compare the goodness of fit of the VAR and ARIMA models. The best variants are then used for the prediction of the Czech office yield. Lastly, we improve our results by implementing exogenous forecasts of macroeconomic variables used in the models. Majority of our predictions forecast a slow decrease of the capitalization rate in next two years (2010-2012) in the magnitude of 0.25% - 1% (to 6.25%-6%).

Made available in DSpace on 2016-04-26T18:14:11Z (GMT). No. of bitstreams: 1 Amanda Bastos Mareschi Aggio.pdf: 1378221 bytes, checksum: ec8addc054040f22f31905d710f42d58 (MD5) Previous issue date: 2014-06-10 / This thesis aims to study the media devices in the Internet, where biopolitcs tools put the digital spectator as part of a system which capitalize on his views. The hypothesis proposed here suggests that games of power maintain the modus operandi of the representation media in the Web and encourage the digital spectator to be a viewing worker by remunerating him as long as there is proof of his existence. Expecting to understand what maintains the spectator in this function of viewing worker, this research used case studies to exemplify these games of power that eventually falls on him. Some questions emerged when studying how some entertainment tools work: how the interactivity offered by new digital technologies have resulted in overcoming the stigma of passivity of the traditional spectator? In order to avoid the dogmatic discourse on the supposed passivity of the spectator, it was necessary to devote a chapter of research to understand the system of thought that maintains the opposition between passivity and activity. From the book The emancipated spectator, Jacques Rancière, it was identified in contemporary media devices the perpetuation of the supposedly extinct traditional critical thinking, but in its inverted form. The theoretical conversation between Rancière and Didi-Huberman revealed points of agreement between their theories, such as the need to go beyond the understanding of image and viewer by understanding the operation of the machine. This demand for clarifying how to operate devices was met through the study of Foucault's biopolitics, which led to concepts that offered the ultimate coherence: a) the subjection (Foucault) to others allowing the viewer to the construction of his identity; b) viewing as work (BUCCI) as the capital shifted to the competent body of homo economics / O objetivo principal desta pesquisa é investigar dispositivos midiáticos na Internet onde mecanismos biopolíticos posicionam o espectador digital como parte de um sistema que capitaliza o seu olhar, depositando a partir dele certo valor monetário no material visto. Para responder ao problema, a hipótese elaborada sugere que esse jogo de forças que sustenta o modus operandi de algumas mídias de representação na Web convoca o espectador digital a ser trabalhador do olhar e o remunera com a comprovação da sua existência. A fim de compreender o que leva o espectador a manter-se nessa posição de trabalhador do olhar diante dos dispositivos de quantificação de visualizações (views) disponíveis em algumas mídias, a pesquisa partiu do estudo de casos que exemplificam esse jogo de forças o qual recai eventualmente sobre ele. A apresentação de como funcionam algumas ferramentas digitais de entretenimento levantou questões como: a interatividade proporcionada pelas novas tecnologias digitais resultou na superação do estigma de passividade do espectador tradicional? Com o intuito de evitar o discurso dogmático sobre a suposta passividade do espectador, foi necessário dedicar um capítulo de pesquisa à compreensão do sistema de pensamento que sustenta o embate entre passividade e atividade. A partir do livro O espectador emancipado, de Jacques Rancière, identificou-se a persistência do pretensamente superado pensamento crítico tradicional - em sua forma invertida - nos dispositivos midiáticos contemporâneos. A conversa teórica entre Rancière e Didi-Huberman revelou pontos de conformidade entre suas teorias, como a necessidade de ir além do entendimento da imagem e do espectador e de compreender o funcionamento da máquina. Essa demanda pelo esclarecimento da forma de operar dos dispositivos foi satisfeita pelo estudo da biopolítica foucaultiana, levando esta pesquisa ao encontro dos conceitos que lhe ofereceram a coerência necessária para finalizá-la: a) a sujeição (FOUCAULT) como aquilo que permite ao espectador a construção de sua identidade, e b) o olhar como trabalho (BUCCI) enquanto o capital deslocado para o corpo competente do homo oeconomicus

This dissertation seeks to develop the subject of local public finance in a manner consistent with the political economy of local governments. For ease of description, each essay will be discussed briefly. The first essay is titled "The Provision of Generalized Local Public Goods Financed by Distortionary Taxation." This essay models the provision of a local public good that is simultaneously utilized as a public consumption good and a public intermediate good. Since the public good can simultaneously enter both utility and production functions, it is considered a "generalized public good." This is done to model the provision of infrastructure by sub-federal governments, which is financed with taxes on local residents. A theoretical analysis provides a cost-benefit rule for public good provision by a rent-maximizing local government facing mobile households. Illustrative calculations of the marginal cost of public funds are provided. Calibrated to U.S. data, the role of intergovernmental transfers on the provision of infrastructure by rent-maximizing local governments is analyzed. Theoretical evidence of the higher responsiveness of local governments to matching grants relative to lump-sum grants is provided. The second essay is titled "The Impact of Local Households' Housing Tenure on Local Public Debt Levels." This essay investigates the relation between local housing tenure and local public debt. It does this by establishing housing tenure as a theoretical basis for the potential differences in how households view public debt. Homeowners capitalize the burden of local public debt into their home value, while renters do not. A hypothesis is generated that an increase in the renter share of households in a locality leads to higher levels of local public debt, all else equal. Using an instrumental variable approach, the empirical evaluation shows an increase in the proportion of renters leads to higher levels of public debt in a panel data set of U.S. local governments. Specifically, a one percentage point increase in the percent of renters increases unfunded public debt per household by $400, or about 7% of the average local debt level, and 24% of the county with the median debt level. This relationship is robust across multiple specifications. The third essay is titled "A Spatial Econometric Analysis of Local Households' Housing Tenure on Local Public Debt Levels: Implications for Federalism." This essay extends the model of the second essay by measuring the spatial spillovers using a spatial autoregressive model with autoregressive disturbances. The existence and magnitude of local government spillovers related to local public debt levels are used to inform policy makers at higher levels of government. The analysis identifies possible geographic segmentation of the municipal bond markets and the role of special district debt as a key component of the spatial distribution of local public debt. Additionally, a positive spatial disturbance is found.

No description available.

In the thesis, we apply the gene expression programming (GEP) to training profitable trading strategies. We propose a model which utilizes several historical periods that are highly related to the current template period, and the best trading strategies of the historical periods generate the trading signals. To keep stability of our model, we proposed the trading decision mechanism based on simple majority vote in our model. The Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) is selected as our investment target and the trading period starts from 2000/9/14 to 2012/1/17, approximately twelve years. In our experiments, the lengths of our training period are 60, 90, 120, 180, and 270 trading days, respectively. We observe that the model with higher voting threshold usually can make profitable trading decisions. The best cumulative return 236.25\% and the best annualized cumulative return 10.63\% occur when the 180-day training models pairs with available threshold 0.21 and voting threshold 0.88, which are higher than the cumulative return 0.96\% and annualized cumulative return 0.08\% of the buy-and-hold strategy.

Light rail transit (LRT) systems are tools to help reduce traffic congestion and air pollution, promote high-density development and more affordable housing, and curtail urban sprawl in metropolitan cities throughout the United States. The impact of transit system services on property values has been studied from various perspectives using many statistical approaches. There are two general categories of effects that proximity to a light rail system can have on the value of residential properties: accessibility benefits (experienced in close proximity to the LRT stations) might increase property values, while nuisance qualities (experienced in both proximity to the LRT line and stations) could have a negative effect on residential property values. Due to the opposing nature of these coexisting effects, results from many empirical studies have been contradictory or inconclusive. This report reviews the spectrum of results found by the growing body of literature focusing on the capitalization effects of rail stations on property values. The economic effect of one particular LRT system, the 7.5 mile long METRORail line located in Houston, Texas, on the value of properties within close proximity to rail stations has not been thoroughly examined, as it only opened for service in 2004. This study utilizes property data acquired from the Harris County Appraisal District (HCAD), Geographic Information System (GIS) techniques, and Hedonic Price Models to analyze the impact of the LRT system in the city of Houston, Texas, on the value of residential properties that lie within close proximity to the line’s rail stations. / text