人壽保險業為特許行業，各國基於不同監理目的而有不同會計處理規定，導致各國會計差異問題的浮現。台灣自 2011 年 1 月 1 日起正式 適用國際財務報導準則保險合約第一階段規範與國際接軌，其為過渡性準則，乃說明保險合約之定義、合約之認列與衡量及其揭露等，實施後影響不大。但實施後保險業仍存在對資產採公平價值評價，而對負債 (責任準備金) 採成本法評價之不一致現象。因此，為達資產負債 管理的一致性，將實施 IFRS 4 Phase II，對保險負債採公平價值評價並 規定保險負債須以無風險利率評價。本研究將在 IFRS 4 Phase II 對負債公平價值的規範架構下，以壽險 業商品的準備金為例，評估 IFRS 4 Phase II 實施後其準備金價值及公 司財報損益所會產生的差異。此外，探討 IFRS 4 Phase II 實施後對壽 險業的評價影響，諸如服務邊際、現金價值與風險調整，包含此財務揭露改變是否將對壽險業之商品類型造成影響。 / Life insurance corporation should be granted a franchise by the government in every countries. The purpose of supervision based on different countries have different accounting rules, leading to differences in national accounting problems. Taiwan has officially adopted the framework of International Financial Reporting Standards 4 Phase I since January 1, 2011. IFRS 4 Phase I is a transitional guidelines, which includes some definitions of insurance contracts. The principles of IFRS Phase I doesn’t cause serious effects for life insurance corporations. However, the problem of mismatching between the fair value of assets and the book value of liabilities still exists. Therefore, in order to achieve consistency management in asset and liability, the fair value valuation for liabilities is required under the frame work of IFRS 4 Phase II In our research, we would take a policy for example to evaluate the fair value of liabilities under the framework of IFRS 4 Phase II. Besides, we also analyze the the influences for life insurance companies after applying the IFRS 4 Phase II.

The estimation of afforestation reservation prices for small landowners in New Zealand has not been the subject of much research despite its importance in predicting future land use. Reservation prices for planting represent the minimum payment a landowner must receive before converting land from agriculture to forest. A survey of 728 landowners from every region of New Zealand who own between 20 and 200 hectares of forest as well as other unplanted land used for agriculture were surveyed about forestland, forest land owner demographics, ownership objectives, silviculture and reservation prices. In this study, reservation price strategies were investigated by offering hypothetical annual and one-time payments for converting land from agriculture to forestry. From this survey, the average one-time payment a landowner would be willing to accept to convert a hectare of land from agriculture to forestry was $3,554 and the average annual payment to convert a hectare of land was $360. The key factors influencing the reservation price were; whether or not the landowner lived on the property, if one of the ownership objectives was income from carbon, the primary agricultural enterprise and total household income. An implied discount rate was calculated for each landowner and excluding those who would not accept any payment the average after-tax discount rate was 9.7%. Small landowners indicated that their primary reason for owning plantation forest was income from timber with very few landowners using their forest land for recreation. The median farm size was 400 hectares and the median forest plantation was 37 hectares. Planting of radiata pine peaked in 1994 and 1995 with more radiata pine planted in 1994 than in all the years from 2000-2009. Most landowners are performing some type of silviculture in their forests. Ninety percent of landowners are pruning in the current rotation while only 61% plan to prune in the future. Only 26% of landowners have engaged in any commercial harvesting in the past ten years but as their current rotation matures 71% plan to replant on the same site. A majority of respondents thought the situation for forest landowners was getting better. Understanding the reservation price strategies of landowners is important for predicting future land use patterns and recognizing how close landowners are to converting land. The ownership objectives of landowners and the replanting decisions they make are critical for future timber supply. The results of this study can assist in the development of forest establishment incentive programmes. Better information about landowner characteristics will result in enhanced decision-making for the timber industry and the government in New Zealand.

The dissertation thesis deals with valuation of individual items in the economic balance sheet of a stand-alone company and subsequently as a part of acquisition. We define the economic balance sheet as a full set of assets, liabilities as well as synergies amongst the assets (stand-alone company view) and companies (transaction view), where the sum of their individual valuations has to equal to the overall value of the company. Hence we suggest that the management (and a valuer) should be able to decompose the company value into defined and controllable value components. Apart from identifying optimal methods for the individual valuation, the key for achieving this task is the internal (amongst the assets) as well as the overall consistency (vis-a-vis the overall company value). Compared to the overall-valuation approach, we demonstrate how the component approach can lead to more precise results, higher management discipline and accountability, and can serve as a tool for an a priori identification of overpayment as well as an instrument for controlling the value post transaction. We defined two primary types of synergies in terms of valuation approach - Enhancement, improving current income potential and Future opportunities, mainly focusing on new projects - and proposed appropriate valuation approaches given their specifics. Since a large proportion of valuations on individual level is based on the income approach, setting a clear and consistent approach to discount rates was a vital part of the work. We propose a primary and, if not available, second-best rate for each component of the economic balance sheet. Although the synergies are probably of the highest commercial interest, the liabilities with external source of risk and deferred taxes on the individual level are areas generally neglected both by academics and practitioners. While the first one will have only but crucial impact on companies with decommissioning and similar liabilities, the latter is present almost in any itemized valuation, and its incorrect or purely isolated application affects the overall result and breaks the link to the overall company value. We analyze both topics and offer consistent valuation methods, although further research is required to refine them. We discuss WARA as one of the key tools for ensuring consistency of itemized valuation of the economic balance sheet. Lacking any theoretical background and interest from academic researchers, we first analyze simple concepts of the tool as they are used in practice and point out observed conceptual errors, oversimplifications and accounting-only approach. Not only that we propose complex consistent rules for WARA construction but we extend the concept from the focus on conventionally defined net assets to the full economic balance sheet, which is the only way how to relate the itemized valuation to the overall company valuation. Finally, we presented a case study based on real-life example which demonstrated practical applicability of proposed partial solutions as well as the overall approach to achieving consistency with the total company or transaction valuation. Although the analysis of individual items of the economic balance will be inevitably based on subjective assumptions to an extent, we have shown that proposed complex and consistent approach adds value to the strategic and transaction considerations. Also the preciseness of the tools will increase with the number of transactions performed as the parameters get calibrated.

The aim of the thesis is to determine the objectified value of the company Měšťanský pivovar v Poličce, a.s. The work is divided into theoretical and practical parts. The relevant theoretical aspects of the business valuation are described in the theoretical part, with the focus on the introduction of categories of values, the valuation process, setting the discount rate and the basic forms of DCF models. The financial and strategic analysis, value drivers and the financial plan is composed in the practical part of the thesis. The company is valued using the method DCF Equity to 1.1.2010.

Abstract Authors:Stefan Harrå and Magnus Björk Advisor: Markku Penttinen Title: Accounting Consequences of the change in pension accounting Background to problem: When the revised IAS 19 comes into force January 1, 2013, it means that two of the three accounting principles for defined benefit pension plans are disappearing, including the corridor method. The corridor method has made it possible for companies to defer its actuarial gains and losses. Now that the corridor approach abolished then the unrecognized actuarial gains and losses immediately be covered by equity, which involves very large amounts of some companies. Why the amounts have grown so big is much because of the discount rate. The discount rate is a controversial parameter, and there is disagreement on how it should be fixed. Purpose: The purpose of this thesis is to examine the accounting implications this will have for the company applied the corridor method, and if there is some parameters in the actuarial assumption that is more important than others. Methodology: The thesis has mainly been based on a qualitative research through qualitative interviews with a small sample that is affected by this change. There are quantitative elements to a greater depth by examining the annual reports, discount and deferred pension liabilities of the various companies. The approach is exploratory as it is a qualitative study and there was little knowledge of the subject before the work of it started. Therefore, a study of literature, regulations and previous research before the empirical study. This made it possible to gain a broader understanding of the subject and to shape relevant and essential interview questions. Conclusions: The conclusion shows that the largest accounting consequences for the companies in the study in conjunction with the change is that the unrecognized actuarial gains and losses will now be covered by equity and that the expected return on plan assets is based on the discount rate. The study also shows that it is the discount rate which is considered the most important parameter that the companies are looking at in the actuarial assumption. The conclusion also provides a shared sense of the true and fair picture of the companies after the revised IAS 19. Suggestions for further research: That after 2013 to study how the actual result of this rule change did this compare to the expected. Look at the problem of determining the discount rate. How will the IASB look at it if more and more begin to deviate from the standard? Keywords: "IAS 19", "IAS 19 revised", "corridor method", "pension accounting", "pension liabilities", "defined contribution plans", "actuarial assumptions", "actuarial gains and losses" and "discount rate".

The objective of the International Financial Reporting Standards (IFRS) is to provide useful information to the users of financial statements to assist in making economic decisions. To be useful, information has to be relevant and reliable, but the reliability of information suffers when the guidelines for the reporting of specific issues are not clear and managerial discretion arises. Write-offs are one of those accounting issues that are regularly related to earnings management. By now it is seen as common knowledge that write-offs, especially those on goodwill, do not reflect declines in asset value; rather, they are used as a device to manipulate financial reports. However, there is a striking lack of grounded theoretical research that can confirm this assessment. The aim of this dissertation is to provide valuable analytical and empirical insights on fixed asset write-offs under IFRS. In a first step, the practical implementation of IAS 36 in Europe has to be analyzed, which is best done empirically. Based on the findings from these empirical surveys, the most substantial questions remaining are subject to an in-depth analytical discussion. Since IAS 36 entails different measurement issues that have their origins in finance theory, this dissertation also aims to introduce some basic techniques from theoretical finance to accounting research. Lastly, as the analyses presented in this dissertation do not cover all open questions on fixed asset write-offs, the author hopes to encourage further research on this important topic.

Syfte: Studiens syfte är att undersöka om Riksbankens tillkännagivanden av reporänteförändringar har en effekt på den svenska aktiemarknaden, samt om det råder skillnader mellan fyra branscher i Stockholmsbörsen. Studien syftar även till att undersöka om det kan urskönjas en skillnad mellan branschernas räntekänslighet. Metod: Undersökningen baseras på en eventstudie med ett estimeringsfönster på 60 dagar före tillkännagivandet av reporänteförändringen, och ett eventfönster på 11 dagar. Urvalet består samtliga reporänteförändringar mellan 2001-2015, och av följande branscher, Finans & Fastighet, Industrivaror, Hälsovård, Teknologi, som är inhämtade från Stockholmsbörsen. Teori: Den teoretiska utgångspunkten i studien är teorin om den effektiva marknadshypotesen och teorier om reporäntan. Det presenteras även teorier om diskonteringsräntans effekt samt pris- och inkomstelasticitet. Finansiell psykologi, som är en invändning mot effektiva marknadshypotesen, redogörs dessutom tillsammans med tidigare forskning som har legat till grund för undersökningen. Slutsats: Studien resulterar i att det inte råder ett entydigt samband mellan Riksbankens tillkännagivanden av reporänteförändringar och den svenska aktiekursen. Resultatet illustrerar att det råder en skillnad mellan de valda branschernas räntekänslighet. Det går inte direkt att fastställa att den svenska marknaden är effektiv. / Purpose: The purpose of this study is to examine if Sweden’s central bank announcements of the federal funds rate have an effect on the Swedish stock market, and whether there are differences between four sectors of the Stockholm Stock Exchange. The study also aims to investigate if there is a difference between the sectors interest rate sensitivity.  Method: The study is based on an event study with an estimation window of 60 days prior the announcement of the federal fund rate, and an event window of 11 days. The sample consists of all the announcement of the federal funds rate between 2001- 2015 and the following sectors, Finance & Real Estate, Industrials, Healthcare, Technology, who are acquired from the Stockholm Stock Exchange. Theory: The theoretical basis in this study is the theory of the efficient market hypothesis and theories about the federal funds rate. An introduction to theories about the discount rate and price and income elasticity is also presented in the study. Financial psychology, which is a statement of opposition against the efficient market hypothesis, is also introduced together with previous research which the examination is based on. Conclusion: The results show that there is no unambiguous correlation between Sweden’s central bank announcements of the federal funds rate and the Swedish stock price. The result illustrate that there is a difference between the selected sectors interest rate sensitivity. In summary, it’s established that the Swedish stock market cannot be seen as an efficient market.

近年來台灣房屋仲介市場可說發展的相當快速，許多賣方和買方常基於成本的考量，而透過仲介公司來買賣房屋。當然，委託給仲介公司來買賣房屋。其中可能主要因素即著眼於縮短交易的時間或者是提高成交的機率，本研究的整個重心將圍繞在賣方的訂價高低(底價)賣屋動機與房屋的屬性來解釋銷售期間和成交機率的高低，並且本文擬得用搜尋理論和代理人理論來詮釋房地產仲介市場的交易行為。 本研究主要分成六章，第一章為緒論。第二章從搜尋理論的觀點來研究訂價與成交價和銷售期間的關係。我們從賣方決定訂價之後，買方會依據訂價要求折扣率，而賣方也會決定一願意給買方的最小折扣率的角度出發，來建構房屋搜尋模型。由理論得知，賣方折扣率底線愈大，則預期銷售期間愈長；銷售期間愈長，則預期賣方折扣率底線愈低；搜尋成本愈大，則預期賣方折扣率底線愈小；買方要求折扣率分配的平均數愈大，則預期賣方折扣率底線愈大。在實證研究上，利用信義房屋仲介公司所提供的資料(1990－1993)，以銷售期間和訂價相對於成交價的比例為應變數，採用聯立方程式的方式來估計分析。實證結果發現上述幾項論點皆獲得驗證與支持。 第三章模型同時考慮賣方和仲介業的行為，一方面說明賣方搜尋成本和買方所要求折扣率分配對銷售期間和成交機率的影響，另一方面提供未來修正理論模型的基礎。利用存活分析法(survival analysis)來估計銷售期間。一方面，我們要探究影響房屋交易之銷售期間的可能原因為何？另一方面，我們也想了解銷售期間是否具有時間相依性(time dependence)，是否銷售期間越長者，越不易賣出？或越容易賣出？ 第四章利用logit模型來估計房屋成交的機率，由於危險模型為純粹之計量模型，而非由理論模型所導出，所以分配之假設將限制其估計模型與理論的關連性，而logit模型則無此問題，因此本研究亦嘗試用logit模型來做估計。 第五章利用代理與搜尋模型來分析賣方和仲介業間的行為關係。不同的仲介收費制度--固定百分比收費(fixed-percentage commission)、定額制(flat－fee)、代銷(consignment sale)，對雙方利益衝突的衝擊為何，是否潛藏著嚴重的道德危險(moral hazard)。透過本篇的分析，可瞭解何以固定百分比收費制度是台灣房屋仲介市場的收費趨勢。最後一章為結論與未來研究方向。 / This paper employs search theory to study the re1ationships between the list price, the transaction price,and marketing duration in the Taiwan real estate market. Theoretically, buyer uses the a set of criteria together,with the listing price to develop an offer which is based on a (guest) minimurn discount rate guideline form the listing price to determine a price that will be acceptable to the seller. We attempt to describe the impact of pricing strategies (seller's minimum discoun rate) and marketing duration by incorporating the minimurn discount rate in a search model. The derived search model indicates the presence of a positbive retalionship between the minimurn discount rate and marketing duration;an inverse relationship beteween marketing duration and munimurn discount rate; an inverse relationship between searching costs and mininurn discount rate; and a positive relationship between the buyer's average discount rate of distribution function and minimum discount rate. The study uses data collected during the l990-1993 time period and provided by Hsin Yi Realty Co., with the dependent variables being the marketing duration and the ratio of the listing price to the transaction price. A simultaneous equation is developed and used to analyze the following hypotheses: firstly, the higher the ratio of the listing price against the transaction price, the longer it takes to reach the marketing duraion; secondly, the longer it takes to reach the marketing duraion, the higher the ratio of the listing price against the transaction price; thirdly, the longer the period of consignment, the longer it takes to reach the marketing duration; and the fourth,if the seller is not in a hurry to sell,then the marketing duration becomes longer. Our empirical findings verify and support all the above stated analyses.

民國93年3月22日，我國期貨市場發生一開盤後隨即跌停，而後無量下跌，引發我國期貨市場產生流動性風險及系統性危機之事件，此事件本研究將之簡稱為「322事件」。本研究首先將透過時間的推進來說明引發322事件之原因、發生經過，以及在此次事件中，為何會引發我國期貨市場之流動性風險及系統性危機之主要原因。本研究發現主要是因為在3月20日總統大選前，大多數的期貨交易人均預期選後的股市會有一波漲幅，故過份建立期貨多頭部位，但是經過了3月19日的槍擊總統一案以及3月20日的選舉爭議，都讓民眾對未來充滿不確定性，以致在3月22日一開盤便委賣遠大於委買，期貨成交量萎縮，期貨交易人損失慘重，保證金嚴重不足，而引發流動性風險及系統性危機。 而後，期貨主管機關為因應金融自由化及國際化，目前正研擬開放多種店頭市場金融商品供期貨商自營操作，但開放後期貨商勢必將承擔更高之市場風險，主管機關應該如何因應成了開放前最重要之課題。資本適足率係主管機關在監理期貨商經營是否健全時的第一道防線，故本研究便建構一新模型，用以估算欲開放之新種金融商品的短期投資折扣率，本研究並以台指選擇權為例，透過本模型估算其最適之短期投資折扣率，結果與目前期貨交易所所規範之40％相去不遠。 最後，本研究提出數點建議，以期未來再度發生類似於322事件時，能夠降低我國期貨市場面臨之流動性風險及系統性危機。同時，也建議期貨主管機關未來在設算金融商品之短期投資折扣率時，能夠依循一具合理原則性之模型估算，避免未來當開放多種金融商品後，產生彼此間原則相抵觸之問題。 / In 2004, Taiwan’s future market suffered both serious liquidity risk and systematic risk. At March 22nd in 2004, the Taiwan Future Index fall down and touched the maximum limit－7% suddenly. The volume of future market was extremely low. This paper called this event as “322 event.” This paper has two parts. First the paper will illustrate the 322 event. What caused the 322 event? And how the 322 event happened? This paper will seek these answers. We found that the main reasons to cause the liquidity risk and systematic risk are too many investors bought futures. This was because they believed after the 2004 President election, the Taiwan’s stock market would rise to celebrate. At March 19th, the President Chen Shui-Bian encountered a shot murder. At March 20th, some serious dispute took place and made our society was full of insecurity. Investors began concern the stock market would be uncertain. They didn’t buy any futures like before, but in contrast they started to sell it. The another aspect in this paper is to construct a model. In order to follow up the liberalization and globalization, the government authority plans to open more derivatives for the futures corporations to invest. But how do the government authorities monitor these futures corporations becomes an important lesson. This paper will also seek the answers through constructing a model using VaR model to estimate the short-term investment discount ratio. Then this paper uses Taiwan Stock Option as an example examining whether the model is useful. The short-term investment discount ratio of the stock option by model is 40.89%. This outcome is much closed to 40%, the regulated discount ratio. Finally, this paper provides several advices in order to diminish the liquidity risk and systematic risk when futures market will suffer what similar to 322 event in the future. And this paper gives some information to supervisors about how to construct a model to estimate the short-term investment discount ratio so that the ratio is ensured following a logical principle.

The aim of this diploma thesis is to characterize the process of investment calculations at Bosch Diesel company and to compare Bosch Diesel s effectiveness of investment evaluation methodology with the methodology recommended in teaching literature. The thesis is divided into two parts. The theoretical part defines various methods for evaluation of investments. It also deals with estimation of cash flow of an investment, calculation of a discount rate and risk analysis. The practical part illustrates the process of investment calculations at Bosch Diesel company by the means of the real investment in production of CP4 pumps. According to the found deviations the investment calculation of this project is recalculated. In the conclusion there are proposals for how the investment process of the company could be improved.