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[pt] METODOLOGIAS DE AVALIAÇÃO DE PMES NO BRASIL: UM ESTUDO DE CASO DA ZAHIL RJ / [en] VALUATION METHODS FOR SMES IN BRAZIL: THE ZAHIL CASE STUDYDIOGO RIBEIRO DE ALMEIDA CAMPOS 25 June 2018 (has links)
[pt] O presente estudo aborda os principais métodos da Avaliação Empresarial no âmbito de demonstrar, na forma de passo a passo, como estimar o valor financeiro de uma PME. Deste modo, são apresentadas as técnicas mais usadas pelo mercado corporativo, mais especificamente, a avaliação pelo Método Contábil, o Fluxo de Caixa Descontado e a Avaliação por Múltiplos, a fim de identificar a metodologia que melhor se adequa à realidade de uma empresa de pequeno-médio porte. Sendo assim, este trabalho propõe, através de um estudo de caso, a aplicação de cada método em uma PME de capital fechado, no intuito de obter seu valor econômico-financeiro. Esta empresa pertencente à indústria do vinho caracteriza-se como um negócio familiar e irá iniciar um processo de captação de investidores. Por conseguinte, existe a necessidade, por parte da gestão da companhia, em entender o valor de mercado do negócio. Os resultados obtidos em cada modelo serão analisados no intuito de confrontar as proposições de valor do empreendimento através de espectros diferentes. / [en] This study presents the main business valuation methods in order to demonstrate how to value a SME in Brazil. That said, the most common valuation techniques, specifically, the accounting valuation, discounted cash-flow and the multiples approach are exposed step-by-step with the purpose of understanding the most suitable methodology for a small or medium-sized enterprise. Thus, this research introduces a case study of a family business acting in the wine industry in order to apply each valuation method. This small-medium company is seeking for a private investor to fund its new strategic plan, but first the directors need to understand the business s market value. The results achieved by each valuation model will be analysed and compared to provide a better understanding of the financial value through different outlooks.
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Srovnání metodiky při sestavování výkazu cash flow podle české legislativy, IFRS a US GAAP / Methodology Comparison of the Statement of Cash Flows as Regulated by Czech Accounting Legislation, IFRS and US GAAPPřibáňová, Aneta January 2015 (has links)
This masters thesis main focus is a statement of cash flows as regulated by czech accounting legislation, International Financial Reporting Standards and US GAAP. First chapter describes the importance of Statement of cash flows and his value added for users of financial statements. The historical context of the statement is shown, it is stated which entities are obligated to report statement of cash flows and lastly the internal structure of the statement is discussed. The second chapter begins by general methods of preparing the statement, then so called specific items are dealt with. The solution of some advanced accounting transactions (government grants, leases, loans, deferred payments etc.) is described. In the end the presentation and dislocure requirements are discussed. Last chapter contains research, where 99 companies are researched, answers are made concerning stated research questions and research hypothesis are concluded.
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Estudo da relação da Demonstração do Fluxo de Caixa (DFC) com o estágio do ciclo de vida das organizações nas instituições de ensino com capital aberto listadas na BM&F/BovespaGonçalves, Aguinaldo Aparecido 20 December 2013 (has links)
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Previous issue date: 2013-12-20 / This work aims to study the relationship between Statement of Cash Flows (SCF) and
the life cycle of organizations chart in Educational Institutions listed publicly traded on
the BM & FBovespa. Initially we seek to demonstrate the importance of these
institutions in the economy and their representation in the teaching of Brazil, since
although they are few who participate in this market are extremely significant, given its
scope and number of students. Furthermore, the authors discuss briefly the history of the
entry of such institutions in the Brazilian market. Then many of Organizational Life
Cycle in the literature are presented. The study shows that, although they are named
differently, they all, in essence, show that the evolutionary process models have similar
characteristics, however, emphasis was placed on models that emphasize the use of SCF
in setting the stage lifecycle.
In this sense, the work was to support the work of research Borinelli (1998), who
studied the relationship lifecycle of small businesses through its financial statements,
but have not used the SCF in their analysis, dealing with companies not required of
preparation and publication. The study used quantitative research methodology of
secondary data. Statements of Cash Flow, the financial statements and management
reports of the institutions of education participating in this research, focusing mainly on
the SCF were surveyed. The results demonstrated that it was possible to establish a
relationship through the use of SCF in determining the stage of the life cycle / Esse trabalho tem como objetivo estudar a relação da Demonstração do Fluxo de Caixa
(DFC) com o gráfico do Ciclo de Vida das instituições de ensino com capital aberto
listadas na BM&FBovespa. Discute-se sucintamente a história da entrada dessas
Instituições no mercado acionário brasileiro. Em seguida, são apresentados os diversos
modelos de Ciclo de Vida Organizacional encontrados na literatura. O trabalho
evidencia que, mesmo sendo denominados de forma diferenciada, todos, em sua
essência, demonstram que os modelos de processo evolutivo têm características
semelhantes. Neste estudo, a ênfase foi atribuída aos modelos que enfatizam a utilização
da DFC na definição do estágio do ciclo de vida. Inicialmente a pesquisa teve por
objetivo demonstrar se seria possível fazer uma análise combinada entre a DFC e o
Ciclo de Vida das Organizações. Num segundo momento, o foco foi pesquisar a relação
entre a DFC e o Ciclo de Vida das Organizações nas instituições de ensino superior
listadas na BM&FBovespa. Nesse sentido, a pesquisa teve como suporte as obras de
Borinelli (1998) e os trabalhos de Stickney e Weil (2001), Alves e Marques (2007),
Málaga (2009) e Mueller et al. (2013). O estudo utilizou como metodologia a análise
quantitativa de dados secundários. Foram avaliadas as demonstrações financeiras e os
relatórios da administração das instituições de ensino participantes dessa pesquisa com
ênfase na Demonstração de Fluxo de Caixa (DFC). Os resultados demonstraram que foi
possível fazer análises com base na DFC para identificar relações com os estágios do
Ciclo de Vida das Organizações, mas não foi possível estabelecer essa relação com
todas as instituições de ensino listadas na BM&FBovespa
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Asset revaluation and future firm operating performance: evidence from New ZealandZhai, Y. H. January 2007 (has links)
The regulatory framework of many countries allows the upward revaluation of assets. Previous studies on the association of asset revaluation and future performance in Australia (Barth and Clinch, 1998), U.K. (Aboody, Barth and Kasznik, 1999) and Hong Kong (Jaggi and Tsui, 2001) have shown that upward asset revaluations are positively associated with the firm’s operating performance, suggesting that asset revaluations are value relevant. This study extends the previous research by focusing on the New Zealand environment with recent data to examine the association of upward asset revaluation and future operating performance. There is no obvious evidence indicating that upward revaluations are associated with operating performance in New Zealand. Our market assessments show that current year asset revaluations are related to share prices and returns, but are not statistically significant.
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[en] REAL OPTIONS APPLICATIONS IN THE PRIVATIZATION OF THE BRAZILIAN TELECOMMUNICATIONS INDUSTRY : THE EMBRATEL CASE / [es] ABORDAJE POR OPCIONES REALES EN LA PRIVATIZACIÓN DEL SECTOR DE TELECOMUNICACIONES: EL CASO DE LA EMBRATEL / [pt] ABORDAGEM POR OPÇÕES REAIS NA PRIVATIZAÇÃO DO SETOR DE TELECOMUNICAÇÕES: O CASO DA EMBRATELMARCELO CEZAR HOSANNAH DE BERREDO 29 June 2001 (has links)
[pt] Na avaliação de projetos de investimento, tais como a
construção de uma fábrica ou a ampliação de uma rede de
telecomunicações, é comum a utilização da metodologia dos
fluxos de caixa descontados, a despeito das
suas conhecidas limitações, que tendem a produzir
resultados menos consistentes. Tais limitações podem ser
aceitáveis quando se objetiva apenas assegurar a
viabilidade do projeto.
No processo de privatização de uma empresa estatal, porém,
a precisão no seu valor de avaliação torna-se crítica, não
somente para se maximizar o ganho decorrente da venda, como
também, devido ao seu caráter polêmico e a
eventuais resistências à venda das empresas estatais, para
se evitar o desgaste político decorrente de suspeitas
quanto à legitimidade do processo.
Seguindo orientação definida no Programa Nacional de
Desestatização (PND), a metodologia dos Fluxos de Caixa
Descontados tem sido amplamente usada na avaliação das
empresas estatais. A venda da EMBRATEL não fugiu à regra,
tendo-se verificado no seu leilão um ágio bastante elevado.
O presente trabalho busca levantar hipóteses quanto à
flexibilidade gerencial decorrente da venda da EMBRATEL,
que poderia ter sido captada pelo uso da metodologia de
avaliação por opções reais. Supondo-se que se busca
maximizar o valor da venda das empresas estatais, os
avaliadores terão a opção de utilizar esta metodologia nas
próximas operações de privatização. / [en] In a project evaluation, as a factory construction or a
telecommunications network expansion, the traditional
discounted-cash-flow analysis is largely used, despite it
is well known restrictions, that tend to reach less
consistent results.
These restrictions could be acceptable when the intention
is just to guarantee the project s viability.
In a public company privatization process, however, it is
critical to reach an accurate value to the firm, not just
to maximize the sale s value, but also, due to the
controversial nature and some society s segments resistance
of the public companies sales, to avoid political wastage
caused by process legitimacy suspects.
In accordance to the Brazillian national privatization
program (Programa Nacional de Desestatização) orientation,
the discounted-cash-flow methodology has been largely used
in the public companies evaluation. The EMBRATEL sale
was not different, and was observed a large agio in this
process.
This paper was written with the intention of formulating
some hypothesis about the managerial flexibility caused by
the EMBRATEL sale, that could be captured by the real
options evaluation methodology. Presumed that the objective
is to maximize the sale s value of the public companies,
the valuators have the real options methodology as an
alternative for the next public companies to be privatized. / [es] En la evaluación de proyectos de inversiones, tales como la
construcción de una fábrica o la ampliación de una red de
telecomunicaciones, comúnmente se utilizan metodologías de
flujos de caja descontados, a pesar de sus conocidas
limitaciones que produzen resultados menos consistentes.
Tales limitaciones pueden ser aceptables cuando el objetivo
es únicamente asegurar la viabilidad del proyecto. Sin
embargo, en el proceso de privatización de una empresa
estatal, la precisión del valor de evaluación se convierte
en un punto crítico. Esto se debe no sólo al deseo de
maximizar la ganancia sino también, al caráter polémico y a
la eventuales resistencias a vender por parte de las
empresas estatales para evitar el desgaste político
producto de sospechas sobre la legitimidad del proceso.
Siguiendo la orientación definida en el Programa Nacional
de Desestatización (PND), la metodología de los Flujos de
Caja Descontados ha sido ampliamente utilizada en la
evaluación de las empresas estatales. La venta de la
EMBRATEL no fue la excepción de la regla, y se verificó en
su subasta un precio bastante elevado. El presente trabajo
intenta levantar hipóteses con respecto a la flexibilidad
gerencial de la venta de la EMBRATEL, que podría haber sido
captada por el uso de la metodología de evaluación por
opciones reales. Suponiendo que se busca maximizar el valor
de la venta de las empresas estatales, los evaluadores
tendrán la opción de utilizar esta metodología en las
próximas operaciones de privatización
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Účetní uzávěrka a závěrka v obchodní společnosti / The Final Accounts and Statement of Balances in a CompanyKOLOMAZNÍKOVÁ, Petra January 2008 (has links)
The topic of my graduation thesis is ``The Final Accounts and Statement of Balances in a Company``. The aim of this graduation thesis is a representation of process of the final accounts and statement of balances in a particular company. The graduation thesis has two parts. In the first part are defined the basic concepts which are included in the final accounts and in the statement of balances. I deal with an individual preparation work in the statement of balances for instance, a stock taking, rectifying items, time resolution of cost and revenues, etc. Further there it is dealt with closing books of accounts, tax due and deferrate tax of corporated income tax, and finally, a proper statement of balances which represent balance, profit and loss statement, supplement, eventually a statement about cash flows and an overview of changes in the shareholders´ capital. The duties link with statement of balances do not end with the fiscal period closing. The duties include audit of the statement of balances, making a record of an annual report of a company, publication of the statement of balances and the annual report of a company in a digest of documents of the Company Register and an income tax return must be submitted. In the second part of my graduation thesis is described a process of the 2007 final account and statement of balances in the Transport Undertaking in the town České Budějovice, Inc.
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Projekt výstavba pečovatelského domu / Nursing Home ProjectPečeňa, Lukáš January 2012 (has links)
The diploma thesis aims to present the method of the project financing on an example of Nursing Home Project. The thesis is focused on examination whether it is possible to finance the private project regarding services of general economic interest just from operational revenues and allowed state aid. The thesis describes regulations of social care system in the Czech Republic and European regulation and directives regarding the state aid. The last chapter is designed as a feasibility study of the whole project. The feasibility study contains model of future project's cash flows. The horizontal and vertical analyses of financial statements of non-profit organization are also part of the thesis.
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Výkaz peněžních toků / Statement of cash flowsLinhartová, Lucie January 2014 (has links)
The thesis focuses on a content and a relevance of a statement of cash flows in relation to business non-financial entities. It is based on the IAS 7 and supplemented by the Czech accounting standards. The thesis defines cash and cash equivalents, deals with a structure of a statement of cash flows, presents specific cash flows and ways of interpretation of cash flows. It also contains rules for creating a consolidated statement of cash flows. The practical part of the thesis examines an ability of a specific economic software to make a statement of cash flows in accordance with the Czech accounting rules.
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NIC 7 Estado de flujos de efectivo y su impacto en la gestión financiera, en las empresas industriales de pinturas en Lima, año 2018 / IAS 7 Statement of cash flows and their impact on financial management, in industrial paint companies in Lima, year 2018Torres Zarate, Ana Maria, Blas Pérez, Vanessa Giuliana 07 June 2019 (has links)
La presente investigación de tesis tiene como objetivo determinar si la no aplicación de la NIC 7 Estados de flujos de efectivo impacta en la gestión financiera y toma de decisiones de las empresas industriales de pinturas en Lima del año 2018. La metodología de esta investigación cuenta con un enfoque cualitativo (entrevista en profundidad) y cuantitativo (conteo de encuestas) donde se evalúo una muestra 13 empresas que pertenecen al sector industrial de pinturas en Lima. En el primer capítulo se desarrolló el marco teórico en base a información de diversas fuentes relacionadas, el tema del impacto que genera la aplicación o no de la NIC 7 Estados de flujos de efectivo en las empresas en la lectura de los Estados financieros de las empresas, enfocándonos en empresas industriales de pinturas en Lima, año 2018. En el segundo capítulo se propone el desarrollo de la problemática, los objetivos y la hipótesis que serán evaluadas con las entrevistas y encuestas realizadas, Finalmente el objetivo general es evaluar si la aplicación de la NIC 7 Estado de flujos de efectivo impacta en la gestión financiera y toma de decisiones de las empresas industriales de pinturas. En el tercer capítulo, definimos el tipo de investigación a utilizar, así como las variables para la investigación, explicando la metodología que se realizó para contrastar la hipótesis, mediante investigación cualitativa y cuantitativa y la identificación de la población y también la selección de la muestra a estudiar, las herramientas de recolección de datos fueron la entrevista en profundidad y encuesta. En el cuarto capítulo, trabajamos el desarrollo de la investigación a través de las entrevistas de profundidad, encuestas y el caso práctico. En el quinto capítulo, se realiza el análisis de los resultados obtenidos y comprobamos en conjunto a la hipótesis y los objetivos determinados. Así mismo se presentan las conclusiones y recomendaciones de trabajo de investigación Finalmente, tras el análisis de datos, hemos concluido que la NIC 7 impacta en la gestión financiera y en la toma de decisiones e interpretación de los estados financieros de las empresas industriales de pinturas en Lima, año 2018. / The industrial paint companies in Lima in 2018 and their impact on financial management due to the non-application of a cash flow statement (IAS 7) and their limitation in decision-making and interpretation in the financial statements
The purpose of this thesis investigation is to determine whether the non-application of IAS 7 Cash Flow Statements impacts the financial management and decision-making of the industrial paint companies in Lima in 2018. The methodology of this research has a qualitative (in-depth interview) and quantitative (survey count) approach where a sample of 13 companies that belong to the industrial paint sector in Lima was evaluated. In the first chapter the theoretical framework was developed based on information from various related sources, the issue of the impact generated by the application or not of IAS 7 Statements of cash flows in companies when reading the financial statements of companies, focusing on industrial paint companies in Lima, 2018. In the second chapter the development of the problem, the objectives and the hypothesis that will be evaluated with the interviews and surveys carried out is proposed. Finally, the general objective is to evaluate whether the application of IAS 7 Statement of Cash Flows impacts the financial management and decision-making of industrial paint companies. In the third chapter, we define the type of research to be used, as well as the variables for the research, explaining the methodology that was carried out to test the hypothesis, through qualitative and quantitative research and the identification of the population and also the selection of the sample To study, the data collection tools were the in-depth interview and survey. In the fourth chapter, we work on the development of the investigation through in-depth interviews, surveys and the practical case. In the fifth chapter, the analysis of the results obtained is carried out and we check together the hypothesis and the determined objectives. Likewise, the conclusions and recommendations of the research work are presented Finally, after analyzing the data, we have concluded that IAS 7 impacts the financial management of the industrial paint companies in Lima, 2018. / Tesis
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Dopady finanční krize na financování developerského projektu stavebního podniku / Impacts of Financial Crisis on Financing of Construction Company Development ProjectŠčevík, Vojtěch January 2013 (has links)
The crisis in the construction industry in the years 2008 to 2010 had a great impact on the implementation and completion of already initiated development projects. In my diploma thesis I have focused on this problem from the perspective of companies that implemented development projects in mentioned years. I processed the initial financial analysis to evaluate the "financial health" of the company, and then I compared the two development projects, one realized before the economic crisis, and the second, which was implemented during the economic crisis.
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