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Diss. oec. Univ. Zürich, 2000. / Buchhandelsausg. der Diss. Zürich , 1999. Literaturverz.

Focus of the thesis is financial analysis in credit analysis process. It evaluates a relevance of liquidity and ability of a company to generate cash flow to repay its debt and interests. It shows financial analysis of a company, cash flow analysis and the meaning of finantial rations from the bank point of view. It describes Erste Group Bank methodology and aplies to Telefonica O2 Business Solutions ltd.

The primary purpose of this dissertation is to develop the arguments for reporting directly on a company's cash flows in its published financial statements. Specifically, the Free Cash Flow (FCF) model of economist Joel Stern is analyzed and critiqued as a basis for a revised reporting scheme.

As agências de ratings definem os ratings como sendo uma opinião sobre o risco relativo, baseado na capacidade do emissor de pagar, totalmente, no prazo acordado (principal mais juros) comparando-os com os outros devedores do mercado. O risco de o emissor, da dívida, pagar o valor combinado, é importante tanto para os investidores, como garantia de que o pagamento do título será feito no prazo e valor contratados, quanto para as empresas emissoras, garantindo que cumprirão o compromisso e que conseguirão negociar bem esses títulos no mercado. A relação ratings e variáveis contábil-financeiras já vem sendo tratada na literatura, há algum tempo, sendo que um importante estudo realizado por Jay & Shank (1997) relacionou os ratings com o fluxo de caixa em empresas industriais americanas, através da média de cinco medidas de fluxo de caixa pertencentes a distintos grupos de ratings. Nos resultados desse estudo, nada foi encontrado, não podendo afirmar, assim, a existência de clara diferença nas médias de fluxos de caixa das empresas, nos diferentes grupos de ratings. Com isso, apareceu a oportunidade abordada por este estudo, de se replicar esse estudo de Jay & Shank (1997), nas empresas brasileiras, industriais e comerciais, classificadas pelas agências de rating, mais especificamente, no ano de 2006. Procurou-se então estudar a existência, ou não, da relação entre fluxo de caixa e ratings, ou seja, verificar se havia, realmente, diferença nas médias das nove medidas de fluxos de caixa (as cinco utilizadas por Jay & Shank, 1997, mais quatro elaboradas por este estudo) para cada grupo de ratings diferente. As médias, os desvios padrão e os índices desvio padrão pela média foram calculados, a fim de verificar, descritivamente, o comportamento, ao longo dos anos, das empresas classificadas nos diferentes grupos de ratings, comparando-os entre si. Pôde-se perceber, com a análise das médias, no decorrer dos anos, que a medida de fluxo de caixa que se expressou mais significativamente, mostrando, claramente a relação dos grupos de ratings, foi a medida de fluxo de caixa seis (lucro operacional somado ao valor da depreciação). Essa conseguiu mostrar, visivelmente, a relação de todos os grupos de classificação de ratings, do maior para o menor, em todos os anos. Além da análise descritiva, foi feita também uma análise estatística. Para tanto, foi possível aplicar o teste não paramétrico U de Mann-Whitney, já que somente os grupos High Grade e Medium Grade puderam ser comparados estatisticamente. Os resultados obtidos mostraram que nenhuma medida de fluxo de caixa, em todos os anos analisados, com nível de 5% de significância, rejeita a hipótese nula de que as médias dos dois grupos são iguais. Porém, as medidas de fluxo de caixa, um (lucro líquido somado à depreciação e ao imposto de renda diferido) e sete (lucro operacional somado à depreciação e à mudança líquida entre os ativos e passivos circulantes), são as mais eficientes em rejeitar a hipótese nula, por apresentarem significância estatística em quatro dos seis anos analisados em cada uma. / The rating agencies describe rating as an opinion about the relative risk founded on the issuer?s capacity of payment of its financial obligation plus an interest rate at a stated period, in comparison with other issuers. In such case, the risk of the issuer pay its debt is as much important to the investors, to guarantee that the right amount will be paid at the agreed time, as to the issuers itself, to assure that they will accomplish their debt obligation and will be able to trade it on a secondary market. The relation between rating and financial variables has been studied on literature such as the important analysis made by Jay & Shank (1997), which connects rating with American manufacturing companies? cash flows through the average between five cash flows from different groups of rating. Nevertheless, the results of this analyze can?t prove a clear difference among the cash flow?s averages in the different groups of rating. In this manner, showed up an opportunity, which is the purpose of this thesis, of replying Jay & Shank (1997) studies onto Brazilian manufacturing companies evaluated by rating agencies in 2006. This thesis aimed at studying the relation between the cash flows and the companies? rating, which means verify if there is an expressive difference among the averages of the nine standard measurements of cash flows (five presented by Jay & Shank (1997) and four more suggested by this thesis) for each distinct group of ratings. The averages, the pattern deviations and the index of the pattern deviations divided by the averages, were calculated in order to verify descriptively the behavior of those companies classified onto different rating groups along the time, comparing them between themselves. So analyzing the averages along the time, it was possible to notice that the cash flow which was more significant showing the relation between the rating groups clearly, was the cash flow number six (operating income plus depreciation), which presented the relation between all the rating groups over the years. Besides the descriptive analysis, a statistic analysis was made. In this manner, it was possible to put into practice the non-parametrical Mann-Whitney U test, once only the High Grade and Medium Grade groups could be statistically compared. The results indicated that none of cash flows, all over the years, at 5% level of significance, rejects the null hypothesis which states that both groups are equal. However, the cash flow number one (net income from operating plus depreciation and deferred taxes) and seven (operating income plus depreciation and change in current assets and liabilities) are the most efficient in rejecting the null hypothesis, as they presented statistical significance in four of the six years considered in each one.

I examine the effect of cash holdings on the relationship between cash flow volatility and corporate investment. My results call into question the long-assumed negative association between cash flow volatility and corporate investment. Using an expanded dataset of U.S. domestic firms, I show that firms with high cash holdings increase investment in the face of increasing cash flow volatility, whereas firms with low cash holdings lower their investment expenditure. In doing so, I provide empirical evidence in support of recent theoretical models predicting that the sensitivity of investment to cash flow volatility is dependent on the level of balance sheet cash holdings. My results are robust to a number of model specifications.

Finanční řízení se zaměřením na oblast likvidity podniku. Analýza cash flow, řízení pracovního kapitálu, plán likvidity, zhodnocení řízení likvidity.

Diplomová práce průřezově popisuje developerské projekty. Definuje základní pojmy, aktuálně se krátce pozdastavuje u nového stavebního zákona, věnuje se klíčovým ekonomickým ukazatelům a cash flow, jako nástroji řízení developerského projektu. Charakterizuje developerskou divizi společnosti Skanska CZ a.s.a zabývá se vybraným realizovaným projektem. V závěru se věnuje českému a slovenskému residenčnímu trhu.