No description available.

Conventional wisdom believes that customer satistaction has a positive effect on profitability, normally measured in such terms as return on assets(ROA). It is not, however, clear whether customer satisfaction has a current effect or lagged effect on profitability¡Xan issue of importance but largely neglected. I fill the void by examining how current current and past customer satisfaction performance affects corporate value(China automobile industry). In addition, comprehensive income and investment capital are also important causes to corporate value. As a result, I take comprehensive income, investment capital and current and past customer satisfaction performance into account to see the relationship with corporate value. Results show that current customer performance bears no relationship to corporate value while past customer performance is a positive effect on corporate value. Comprehensive income, investment capital also have positive effect on corporate value. That is, customer satisfaction performance has a lagged effect on corporate value

No description available.

The paper discusses how to boost corporate value systematically based on the theory of the five elements in traditional Chinese culture; firstly, the categorization and analogy approach from the theory of the five elements is applied to make the five elements correspond to the five major factors influencing corporate value: metal, wood, water, fire, and earth, correspond to business innovation, financial capability, operational efficiency, competitive barriers, and comprehensive capacity, respectively, and the logical relation in these five elements is described and explained according to the principle of inter-promoting relation in the five elements. Continuous business innovation will bring about the improvement of operational efficiency, which in turn will be directly reflected in the growth of financial indicators, thereby providing an enterprise with the performance growth and cash flow guarantee; depending on a better profitability, the enterprise is capable of attracting and accumulating resources such as talents and capital, gaining competitive advantages and forming competitive barriers, as well as promoting the improvement of comprehensive capabilities and the cultivation of corporate culture; in addition, the improvement of corporate atmosphere can promote innovation more effectively, and thus boost corporate value systematically. Moreover, inspired by neural networks, the paper establishes an umbrella corporate value scoring system by combining it with the M-P neuron model, which is composed of the umbrella chart of corporate value scoring and the five-element neural network evaluation model. With respect to an enterprise, the five factors can be scored after an analysis is performed on its financial reports, industry rankings, corporate announcements and other information, and a five-dimensional umbrella radar chart can clearly present the performance of each factor influencing its value; the industry average is taken into account in scoring, the umbrella chart of each enterprise is not isolated but comparable because they all establish a certain connection with the industry; the five-element neural network evaluation model is regarded as a tool to facilitate enterprises to calculate the corporate value score, also with the help of the initial scoring of each element. The score reflects the inter-promoting relation principle of the five elements and can show how much each element can contribute to the improvement of the corporate value under the mutual influence, thereby highlighting the concept of systematic boost of corporate value. In this paper, the five elements analysis theory is applied to analyze the five enterprises: Ali Health, Wal-Mart, Tesla, Kweichow Moutai, and Haidilao, and find out the advantages of each company by making use of the inter-promoting relationship between the promoting elements, promoted elements and advantageous elements, and conclude their shortcomings of the companies and provide development suggestions. Finally, this paper explores the application method of the principle of inter-restricting in case analysis, i.e. developing the elements restricting advantageous elements, and promoting the systematic boost of corporate value from the perspective of balance. This chapter also expands the theory of the five elements from a company to the whole industry, and established a three-level classification system of "industry-segment -company". Each company in industry has its own advantages and it is unavailable to extract the advantageous element in the whole industry. However, in the process of dividing the industry into multiple segments, the present research concludes that the leading enterprises in each segment represent the future development trend of the field to a certain extent. The advantages of this enterprise tend to represent the advantages of this field. As a result, the leading enterprises can obtain various high-quality resources in the industry, which is helpful to further boost their corporate value. / Business Administration/Finance

Abstract Taiwan corporations must maintain sustainable competitive advantage in the competitive global market to cope with the deteriorated industry environment in Taiwan. This research concentrates on exploring toy industry¡¦s investing process, and operating strategy in mainland China. All multinational enterprises entering China must be aware that even with cheaper labor and land cost, from 1986 to 2004, less then twenty years of rapid changes in China¡¦s toy industry, China is still a fast changing and competitive area for industry development. Based on the study of Company A¡¦s operation, one of the major purpose of this research is to provide corporate strategies for those industries that are interested in entering China, as well as toy industries that are currently in operation. Furthermore, as far as China investment, existing studies only focused on the entry mode; however, the results of these studies did not provide enough experience since most industry¡¦s investment in China is only at the introduction stage. However, since toy industry requires massive labor and is more competitive with Hong Kong¡¦s factories, both Taiwan and Hong Kong enterprises obtain complete operating experiences; and therefore provide valuable studies. The study of Company A has achieved the following conclusions: 1. Industry¡¦s moving outward is due to inconsistency of corporate value and society value in the economic region. Enterprises¡¦ operating strategy is to achieve society value, create customer value, and satisfy employee value in order to accomplish corporate value. 2. Time-based competitive advantage is to apply the concept of competitive advantage into dynamic operation strategy. Efficiency is the success factor of achieving competitive advantage. 3. Acknowledging industry mind-set, meaning to realize, to assume, and to expect specific industry in order to decide how corporate could increase value and to compete with others. 4. Local advantage is more important than core competencies. 5. Taiwan¡¦s industry should merge with area economic, for example, Taiwan-Shanghai, Taiwan-Shenzhen, Taiwan-Xiamen, to avoid Taiwan¡¦s industry become isolated from clusters.

Syfte: Studiens syfte är att undersöka sambandet mellan företags hållbarhetsrapportering i enlighet med GRIs riktlinjer G4 och företagsvärdet. Metod: Studien har sin utgångspunkt från den positivistiska forskningsfilosofin och tillämpar en deduktiv ansats. Syftets tillhörande frågeställningar har undersökts genom en kvantitativ metod där studiens hypoteser testats genom en multipel regressionsanalys. Den insamlade datan härrör till årsslutet 2016 av vilka primärdata hämtats från företags årsredovisningar samt sekundärdata hämtats från Thomson Reuters databas EIKON samt GRI Report List. Populationen utgörs av 92 noterade företag från Sverige, Norge, Finland och Danmark. Resultat och slutsats: Studiens resultat visar att det inte finns något signifikant samband mellan stora nordiska företags företagsvärde och hållbarhetsrapportering i enlighet med GRI’s riktlinjer för G4. Detta resultat leder till studiens slutsats; Företag i norden har inte några incitament till att välja GRI’s riktlinjer ur ett aktieägarperspektiv. Studiens bidrag: Denna studie bidrar till ökad förståelse för sambandet mellan hållbarhetsrapportering och företagsvärde. Denna studie ifrågasätter standardiserade ramverk för hållbarhetsrapportering och hoppas bidra till ökad diskussion kring val av riktlinjer gällande hållbarhetsrapportering. Detta leder slutligen till att företagsledare på ett mer underbyggt sätt kan fatta strategiska beslut gällande företagets hållbarhetsrapportering. Vidare anser vi att studien adderat ett nytt sätt att mäta hållbarhetsrapportering genom användning av GRI’s egen databas för att få en mer rättvisande bild av vad som får antas vara korrekt användning av GRI’s riktlinjer. Förslag till fortsatt forskning: En begränsning till denna studie är skiljelinjen mellan företag som hållbarhetsrapporterar enligt GRI’s G4 och företag som rapporterar enligt annan standards. Då investerare möjligtvis inte anser skillnaden mellan GRI och övriga standarder så pass omfattande att det skulle påverka deras investeringsbeslut blir detta en begränsning till vår studie. Därmed föreslår vi att inte begränsa studien till ett ramverk, utan studera två grupper där ena gruppen hållbarhetsrapporterar och ena gruppen inte gör det oavsett vilka riktlinjer som företaget följer. Vidare föreslås en utökad population av totala observationer, vilket blir möjligt om studien undersöker hållbarhetsrapportering som helhet och inte fokuserar på ett ramverk som denna studie gör. Slutligen uppmanar vi fortsatt forskning att utöka populationen för varje bransch då denna studie ger indikationer på att bransch har stor påverkan på såväl GRI samt företagsvärde. / Aim: The purpose of this study is to investigate the connection between corporate sustainability reporting in accordance with GRI G4 and corporation value. Method: The starting point of this study is the positivistic research philosophy and applies a deductive approach. The purpose and its related issues have been studied through a quantitative method and the hypotheses has been tested with a multiple regression analysis. The collected data is from the year 2016. Primary data in this study is retrieved from annual reports and the secondary data is retrieved from Thomson Reuters database EIKON and GRI Report List. The population consists of 92 listed companies from Sweden, Norway, Finland and Denmark. Results and conclusion: The result of the study shows that there is no significant connection between big Nordic companies’ business value and corporate sustainability reporting in accordance with GRI G4. This result leads to the conclusion of the study; Companies in the north has no incentive to choose GRIs’ guidelines from a shareholder perspective. Contribution: The study contributes to an increased understanding of the effect of sustainability reporting and its impact on business value. The study questions standardized framework for sustainability reporting and hopes to contribute to increased discussion of the choice of guidelines for sustainability reporting. This ultimately leads to the fact that business leaders can make strategic decisions regarding the company's sustainability reporting in a more substantiated way. Furthermore, we consider that the study added a new method of measuring sustainability reporting by using GRI's own database to get a more accurate picture of what may be assumed to be the correct use of GRI's guidelines. Proposals for further research: A limitation to this study is the dividing line between companies that reports according to GRI's G4 and companies reporting according to other standards or not at all. As investors may not consider the difference between GRI and other standards to such an extent that it would affect their investment decisions, this is a limitation to our study. Thus, we propose not to limit the study to one framework, but study two groups where one group establishes a sustainability report and one group does not do it regardless what guidelines that the company follows. Furthermore, an expanded population of total observations is proposed, which becomes possible if the study examines sustainability reporting as a whole and does not focus on one framework that this study does. Finally, we encourage further research to expand the population for each industry classification as this study provides indications that industry has a major impact on GRI as well as corporate value.

A dinâmica do mercado e a competitividade têm levado as organizações a se adaptarem de forma cada vez mais rápida às exigências de fornecedores, clientes e acionistas. Sendo assim, uma etapa importante de preparação organizacional para este novo mercado tão exigente é a construção do orçamento empresarial. A montagem orçamentária busca em seus resultados a obtenção do lucro corporativo, porém as novas estratégias organizacionais discutem que as empresas não visam apenas ao lucro, mas também à geração de valor organizacional. Esta metodologia é conhecida como EVA® e propõe cobrir os gastos com as atividades empresariais, bem como obter uma remuneração maior que a expectativa de mercado aos acionistas e financiadores da empresa. Entende-se, então, que pode existir uma lacuna, que pressupõe que a construção do orçamento empresarial leve em conta a geração de valor organizacional. Para isso, este trabalho propõe, como objetivo geral, mudar a abordagem de orçamento com enfoque em lucro para a visão de geração de valor da empresa. Para este estudo, foi realizado um levantamento bibliográfico sobre a estrutura do orçamento empresarial, bem como sobre as metodologias existentes sobre o assunto, e também uma revisão sobre geração de valor e seus indicadores de resultados. O método de estudo é uma pesquisa aplicada, qualitativa e quantitativa, pois busca compreender de forma qualitativa o estudo levantado, bem como, por meio de números ou dados numéricos, a comprovação do estudo quantitativamente. É também uma pesquisa exploratória, pela necessidade de complementar os dados não disponíveis na literatura, e bibliográfica, pois tem como base estudos já publicados, como teses, dissertações e livros. Com o resultado da pesquisa, identificou-se que as empresas que utilizam o modelo tradicional de orçamento podem conseguir resultados diferentes daqueles obtidos com o modelo baseado na geração de valor. Dessa forma, elaborar uma proposta de metodologia na construção do orçamento com base na geração de valor pode nortear as organizações na busca por resultados voltados para a sustentabilidade financeira corporativa. Além disso, este trabalho visa contribuir para o debate sobre aperfeiçoamento do orçamento empresarial. / Market dynamics and competitiveness have led organizations to adapt in an ever faster way to the demands of suppliers, customers and shareholders. Thus an important step of organizational preparation, for this new rigorous market, is to build the business budget. The budget elaborations seeks to obtain corporate profit, but the new organizational strategies that companies have today state that profit is not the most important part, but the generation of organizational value. This methodology is known as EVA ®, and proposes to cover spending on administrative activities as well as getting a higher return than those expected by shareholders and lenders of the company. It is understood then that there may be a gap, where the budget construction takes into account the generation of organizational value. Considering this possibility this study suggests as main goal, to change the budget approach focusing on profit for the approach in focusing in the company\'s value generation. This study was based on a broad literature about the structures of the enterprise budget, as well as existing methodologies on the subject, and also a review of value generation and its performance indicators. The study method is an applied research, qualitative and quantitative, for it seeks to understand the qualitative information raised, and by means of numbers or numerical data to prove the study quantitatively. It is also an exploratory research since it is necessary to complement the data which is not available in the literature, and bibliography, since it is based on published studies, such as theses, dissertations and books. The result of the research identified that companies using the traditional budget can get different results obtained with the model based on value generation. Thus, the proposed methodology of building the budget based on value creation can guide organizations in the pursuit of results-oriented corporate financial sustainability. Moreover, this work has as objective to contribute to the discussion of improving the business budget.

過去三十多年，我國經濟建設，在政府對外人直接投資（簡稱外資，Foreign Direct Investment, FDI）一直秉持開放及歡迎的態度，與外人長期熱烈參與下，在產業發展、出口、就業及技術等方面，產生正面貢獻，創造令人傾羨的經濟奇蹟，另一方面，外人直接投資帶給被投資公司技術、銷售及管理的綜效，將有助於企業價值的提高，所以，本研究目的：1. 外人直接投資對於被投資公司價值的影響。2. 產業不同，是否會影響外人直接投資對被投資公司之貢獻。3. 來自不同地區外人，對於被投資公司的價值影響程度。4. 有外人投資之企業與純台資企業，其公司價值是否有差異。 　　本研究主要是利用投審會外人名錄選出81年以前上市公司作研究樣本，以TObin's Q、資產報酬率、權益報酬率、負債率及淨利率來衡量公司價值之準則變數，進行迴歸分析、ANOVA及ANCOVA分析，驗證各項假說，其驗證結果發現：(1)是否有外資投資，其實證結果顯示二者間並無顯著差異，但另一方面，也發現歐美所投資企業比純台資企業較高資產報酬率、權益報酬率，及淨利率，且較低的負債比例，另外，日本所投資企業的負債比例高於純台資土企業。(2)產業內有外資投資之上市公司之表現比純台資上市公司。(3)由於產業特性不同，所以，產業的不同，對於外資投資公司企業價值與經營績效的表現也有顯著差異。(4)由於外資來源的不同，對於外資投資企業之企業價值也有顯著差異，主要的原因為歐美國家與日本國家對其所投資公司的目的不同。實證結果顯示歐美所投資之企業比日資所投資企業擁有較高資產報酬率、權益報酬率及淨利率，和較低的負債比例。(5)外資投資期間長短對被投資企業之企業價值呈正相關。(6)外資投資規模對於被投資企業也有不同程度的影響。 　　因此，外人直接投資不但有助於國家之總體面的發展，同時，在個體面之長期效果上，外資投資期間越長或外資持股比例越高，對於被投資公司之本國企業而言，是可以享受外資企業之獨特技術，有綜效效果，提高企業價值。

良好的公司治理不只強調於公司與股東之間之良好關係，更希望以此帶給社會環境正向影響。本研究研究公司治理對企業價值之影響。研究貢獻在於整合公司內部治理機制(董事會結構)與外部市場機制，探討其與公司價值直接與間接之關聯性。本研究以2008年至2012年之台灣上市公司為樣本，以企業價值為應變數，董事會結構(董事會規模、CEO雙元性與外部董事席次比率)及市場機制(資訊揭露透明度、分析師預測頻率、機構投資人持股率)為主要解釋變數，除探討解釋變數與企業價值之直接影響力外，也透過交乘項了解市場機制是否對公司治理與企業價值有間接影響效果。在控制企業風險、成長、獲利與規模大小因素後，利用追蹤資料迴歸模型進行分析。 本研究之結論為以下三部分：(一)董事會成員背景更多元、吸納更多外部專業人士之組合，可強化其監督機制，提升公司價值。(二) 市場可藉由分析師對公司之關注度與預測頻率，有效監督公司經營團隊，提升公司價值。(三) 董事會外部董事席次比率與分析師預測頻率存在互補效果，在資訊不對稱下能夠透過資訊互補達到有效監督，進而提升公司價值。 台灣企業多為家族企業或是強人治理公司之公司形態，為了強化個人或是家族之控制權，往往以內部董事為多數，雖能夠提升決策效率，卻易囿於內部個人成見與利益。透過本研究對台灣市場之實證，希望能提供企業董事會與外部主管機關在決策上之建議，並強化市場機制對於公司治理之監督之概念。 / The main purpose of this study is to examine the influences of governance mechanisms on corporate value. What’s more, this research measures governance mechanisms via integrated sources based on direct and indirect mechanism to learn further more about the effect can improve corporate monitoring mechanism, and then further enhance corporate performance. Based on the samples of Taiwan listed firms for the period from 2008 to 2012, this study employs panel regression model with Corporate value (Tobin’s Q) as the dependent variable against various combinations of internal governance mechanisms variables (Board size, CEO duality, Outside Director)and external market mechanisms variables( Information Disclosure and Transparency, Frequency of Analyst Forecasts, Institutional Investors’ Ownership). The conclusion of this study is the following three parts: (1) when the board have more diverse background, it can attract more external professionals and strengthen its monitoring mechanism to enhance company value. (2) The market can supervise the management team effectively and enhance the company's value by the frequency of analyst forecast (3) Outside directors and the frequency of analysts forecast are complementary, which can enhance the transparency of information, which prompted the company has more neutral and objective supervision team to help the board lead the management team to create long-term value for the company. Companies in Taiwan are mostly family control or centralized. However, it could be easily restricted by the personal prejudices and interests. Through this research about the experience of Taiwan market, hoping provide the advices on corporate boards and external authorities to reinforce the market mechanisms for oversight of corporate governance.

A dinâmica do mercado e a competitividade têm levado as organizações a se adaptarem de forma cada vez mais rápida às exigências de fornecedores, clientes e acionistas. Sendo assim, uma etapa importante de preparação organizacional para este novo mercado tão exigente é a construção do orçamento empresarial. A montagem orçamentária busca em seus resultados a obtenção do lucro corporativo, porém as novas estratégias organizacionais discutem que as empresas não visam apenas ao lucro, mas também à geração de valor organizacional. Esta metodologia é conhecida como EVA® e propõe cobrir os gastos com as atividades empresariais, bem como obter uma remuneração maior que a expectativa de mercado aos acionistas e financiadores da empresa. Entende-se, então, que pode existir uma lacuna, que pressupõe que a construção do orçamento empresarial leve em conta a geração de valor organizacional. Para isso, este trabalho propõe, como objetivo geral, mudar a abordagem de orçamento com enfoque em lucro para a visão de geração de valor da empresa. Para este estudo, foi realizado um levantamento bibliográfico sobre a estrutura do orçamento empresarial, bem como sobre as metodologias existentes sobre o assunto, e também uma revisão sobre geração de valor e seus indicadores de resultados. O método de estudo é uma pesquisa aplicada, qualitativa e quantitativa, pois busca compreender de forma qualitativa o estudo levantado, bem como, por meio de números ou dados numéricos, a comprovação do estudo quantitativamente. É também uma pesquisa exploratória, pela necessidade de complementar os dados não disponíveis na literatura, e bibliográfica, pois tem como base estudos já publicados, como teses, dissertações e livros. Com o resultado da pesquisa, identificou-se que as empresas que utilizam o modelo tradicional de orçamento podem conseguir resultados diferentes daqueles obtidos com o modelo baseado na geração de valor. Dessa forma, elaborar uma proposta de metodologia na construção do orçamento com base na geração de valor pode nortear as organizações na busca por resultados voltados para a sustentabilidade financeira corporativa. Além disso, este trabalho visa contribuir para o debate sobre aperfeiçoamento do orçamento empresarial. / Market dynamics and competitiveness have led organizations to adapt in an ever faster way to the demands of suppliers, customers and shareholders. Thus an important step of organizational preparation, for this new rigorous market, is to build the business budget. The budget elaborations seeks to obtain corporate profit, but the new organizational strategies that companies have today state that profit is not the most important part, but the generation of organizational value. This methodology is known as EVA ®, and proposes to cover spending on administrative activities as well as getting a higher return than those expected by shareholders and lenders of the company. It is understood then that there may be a gap, where the budget construction takes into account the generation of organizational value. Considering this possibility this study suggests as main goal, to change the budget approach focusing on profit for the approach in focusing in the company\'s value generation. This study was based on a broad literature about the structures of the enterprise budget, as well as existing methodologies on the subject, and also a review of value generation and its performance indicators. The study method is an applied research, qualitative and quantitative, for it seeks to understand the qualitative information raised, and by means of numbers or numerical data to prove the study quantitatively. It is also an exploratory research since it is necessary to complement the data which is not available in the literature, and bibliography, since it is based on published studies, such as theses, dissertations and books. The result of the research identified that companies using the traditional budget can get different results obtained with the model based on value generation. Thus, the proposed methodology of building the budget based on value creation can guide organizations in the pursuit of results-oriented corporate financial sustainability. Moreover, this work has as objective to contribute to the discussion of improving the business budget.