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Infrastructure project finance in Asia.January 1996 (has links)
by Leung Ada Nga Ting, Tsang Hin Kwok. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves 96-104). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF FIGURES --- p.vi / LIST OF APPENDICES --- p.viii / ACKNOWLEDGEMENTS --- p.ix / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- NEW WORLD DEVELOPMENT CO. LTD --- p.3 / Introduction --- p.3 / Thesis --- p.3 / Company Background --- p.5 / Entrance into the Power/Infrastructure Business --- p.8 / The Spin-off of New World Infrastructure Ltd. (NWIL) --- p.9 / The Group's Strategy On Its Infrastructure Investments --- p.13 / Major Dates / Events --- p.14 / Analysis --- p.17 / New World's Project-Financing Structure --- p.17 / "Possible Reasons Underlying The ""Suboptimal"" Project-Financing Structure" --- p.19 / Strong Financial Affordability --- p.20 / Lack Of Access To External Project Debt Financing --- p.20 / Policy Not Welcome Use Of External Debt --- p.22 / The Structure Is Really Not So Suboptimal After All --- p.23 / Infrastructure Development As Only A Chinese Investment Vehicle --- p.24 / A Very Unique Set Of Arrangements At The Project Level --- p.34 / Extension Of Joint Venture Terms --- p.35 / PRC Joint Venture Partner Directly Bears The Losses Suffered By The Group --- p.35 / Renegotiation Of Revenue Terms To Ensure Repayment Schedule --- p.36 / Priority & Guaranteed Repayment Schedule On New World's Principal And Interest Payments --- p.36 / Limited Or No Responsibilities For Cost Overruns Or Delays --- p.39 / Guaranteed Minimum Revenues --- p.40 / Market Interpretations Of New World's Infrastructure Venture --- p.41 / Conclusions --- p.43 / A Final Assessment --- p.44 / Concluding Words --- p.45 / Chapter III. --- HUANENG POWER INTERNATIONAL INC --- p.47 / Introduction --- p.47 / Thesis --- p.47 / Company Background --- p.48 / HIPDC --- p.48 / The Formation of HPI --- p.48 / The Reorganization of HPI --- p.50 / Asset Transfer --- p.51 / Debt Transfer --- p.51 / Combined Offering (IPO) --- p.52 / Post-Offering Ownership --- p.53 / Major Events --- p.55 / Analysis --- p.57 / The New Tariff Setting Regulatory Policy And Its Advantages --- p.57 / Old Tariff Structure --- p.57 / New Tariff Structure --- p.58 / Tariff Rate Tied Into The Net Fixed Assets --- p.59 / The Result Of The NFA-Tied Rate Calculation --- p.61 / Other Features Of The Pricing Policy Include The Following: --- p.62 / A Capital Structure That Reduces Risk --- p.62 / Reviewing The Performance of HPI --- p.65 / An Analysis of The Performance of HPI's Stock Price --- p.65 / No Dividends Policy --- p.65 / Lack Of Confidence In The Chinese Government --- p.65 / Environmental Factors --- p.66 / Financing Good News --- p.66 / Downward Revisions In Earnings Forecasts --- p.67 / Conclusions --- p.68 / Concluding Words --- p.69 / Chapter IV. --- "SUMMARY, CONCLUSIONS AND RECOMMENDATIONS" --- p.70 / APPENDICES --- p.73 / BIBLIOGRAPHY --- p.95
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Problematika odčitatelné položky pro výzkum a vývoj / The Issue of the Deductible Items for a Research and DevelopmentBIGASOVÁ, Anna January 2015 (has links)
This thesis deals with the indirect support of research and development, and tax savings in the particular company.The main objective of this thesis processes the information and support for research and development. Selected costs are subject of tax deductible costs within booking. These costs are deducted from the proceeds during the calculation of the profit. The second time we deduct these costs as part of a deduction from the tax base for research and development. Selected costs incurred for research and development project may be deducted from the tax base twice.
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Strategie rozvoje malé firmy / Strategic Development of a Small CompanyStáhalová, Irena January 2009 (has links)
The thesis analyses the current situation of a small company and describes a strategy of its future development. My proposal of the development and propagation of the confectionery manufactury is processed on the basis of the real data. The main goals are to obtain competitive advantages, to attract new customers and to improve the company standards.
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Strategie rozvoj malého podniku / Strategic Development of Small CompanyŠtěpánová, Kristýna January 2016 (has links)
This thesis is focused on development strategy of a small company. The work deals with transfer of trade to a limited liability company and its future development. On the basis of the theoretical knowledge are solved the analysis of the internal and external environment. Practical part contains implementation of the change and proposals for further development of the company. At the end, schedule of its implementation is designed.
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La transmission d’entreprise : recherches sur les spécificités de l’entreprise de bâtiment / Business transfer : a research on the specificities of the building tradeOllier, Hubert 03 June 2014 (has links)
Le contexte démographique, social et économique fait apparaitre un taux de disparition important des entreprises de bâtiment lors de leur transmission. Transmission naturelle, liée à l'âge du dirigeant, ou provoquée lorsqu'il s'agit d'un souhait de ce dernier, le constat est le même : la survivance de l'entreprise au départ du cédant est très limitée. Tenant au secteur d'activité, les justifications des difficultés attachées aux transmissions d'entreprise classiquement avancées ne sont pas pleinement satisfaisantes. Abordé sous l'angle des spécificités de l'entreprise de bâtiment, notre étude entend donc souligner qu'une préparation, une anticipation à la transmission est nécessaire avant de réaliser l'opération. La mise en avant de solutions quant au maintien des connaissances techniques et savoir-faire de l'entreprise ainsi que l'amélioration de son environnement juridique sont caractéristiques du secteur. Ils apparaissent comme des atouts pour attirer, séduire et fidéliser un cessionnaire. Ce n'est qu'après cette étape, qu'il sera fait appel à des techniques, quelques fois inédites, pour favoriser la reprise de l'entreprise. Si la holding de rachat a connu, ces dernières années, un succès sans précédent, l'accès au financement, parfois difficile dans le contexte de crise économique qui touche le secteur, doit également être abordé. Les montages de reprise se complexifient transformant les praticiens en véritables ingénieurs de la stratégie patrimoniale dans laquelle la fiscalité tient une place de choix. / The demographic, social and economic context underlines the high rate of disappearance of the building companies when transferring. Either the natural transfer linked to the owner age or the wish to retire from business expressed by the company manager, the result looks the same: the survival of the company is very limited when leaving. Linked to the sector of activities, the reasons of the difficulties connected to the transfer of companies usually suggested are not fully satisfactory.Viewed in terms of the specificities of the building trade, our study therefore aims to emphasize the need for some preparation, some anticipation of the transfer before carrying out the project. Putting forward solutions to preserve technical knowledge, expertise of the company and legally environmental improvement as well are typical of the sector. They seem to be real assets to attract, appeal and create the transferee loyalty. It is only after this stage that technical means, sometimes innovating in some ways will be applied to improve the business revival. However unprecedented successful the holding company of repurchase got during the last years, access to financing , sometimes difficult in the context of economic crisis which affects the sector must be broached as well. The financial package of acquisition is getting more and more complex, transforming experts into true engineers of the patrimonial strategy in which taxation holds a place of choice.
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由訴訟模式探討智慧財產研發公司專利運用 —以記憶體產業Rambus、Tessera公司為例 / Research on the operation of patents of intellectual property development companies from the litigation pattern --Case study on Rambus & Tessera in DRAM industry朱仙莉, Chu ,Hsien Li Unknown Date (has links)
人類經濟活動重心之變革推動著產業競爭的樣貌,於二十一世紀的今日,知識已成為經濟活動中最主要之價值驅力,與之相應的,產業中智慧財產層面的競爭也逐漸受到重視,發展至今,智慧財產已深入產業鏈且細化為各種以智慧財產運用為中心以創造獲利之企業。
半導體產業於台灣經濟發展之推進中佔有關鍵性之地位,隨著台灣廠商在全球產業鏈中扮演的角色重要性與日俱增,難以避免必須因應半導體產業中由智慧財產所造就的新興商業模式,其中,智慧財產研發公司拋棄舊有以生產製造為主之商業模式,開創以知識為本的競爭場域,並挾其智慧財產進行全球化的授權以及訴訟,扮演著遊戲規則的創造者,尤其記憶體產業之兩大智慧財產研發公司Rambus Inc.以及Tessera Technology Inc.,自2000年起不斷於全球提起專利訴訟,對整體產業乃至於台灣廠商帶來無法忽視之影響。
本研究試圖建立分析智慧財產研發公司之架構,亦即由該等公司之策略演進出發,宏觀的了解其於變動的競爭環境中如何發揮企業優勢;其次,以公司策略定位為基礎,進一步推動資源投入之分配,並形塑商業模式的產生;最後,本研究萃取智慧財產研發公司商業模式中較具特色且影響廣泛之訴訟階段,藉由記憶體產業中之個案分析比較之方式進行深入之實證研究,以管窺該等公司之專利運用模式,期能透過提升對於智慧財產研發公司策略定位、商業模式以及訴訟模式之了解,活化企業智慧財產之管理,並提供台灣廠商面對專利授權與訴訟時因應之基礎。 / The revolution of economic activities of human beings has been the force behind the changing format of competition among industries. In the contemporary 21st century, knowledge has become one of the most valuable forces in economic activities; correspondently, the competition strategy of intellectual property also seized much attention. As of today, intellectual property has already been integrated in each and every industry chains and developed into various enterprises which earn profits by operating it.
Semi-conductor industry played an important role in the process of Taiwan’s economic development. As Taiwanese companies claim more crucial roles in the global industry chain, they are inevitably forced to deal with the new business model established by the creation of intellectual properties. Among them, intellectual property development companies have withdrawn from old business model of production and manufacturing and create a new competition field on the basis of intellectually properties. Intellectual property development companies engage in global wide license and litigation, acting as the rule-maker within the new frame of competition. Rambus Inc. and Tessera Technology Inc. are the two leading intellectual property development companies which brought lawsuits internationally since 2000, creating serious impacts on both the entire industry and Taiwanese companies.
This research aims to establish an analytical framework to observe intellectually property development companies, starting from the progress of strategy, try to understand how to exercise their advantages in the ever-changing competitive business world; furthermore, based on business strategies, this research look further into the distribution of resources and the creation of business models; lastly, this research closely examines the litigation phase of the business model of intellectual property development companies by comparative case studies, in order to conclude the operation pattern of patents of such companies. With further exploration on the strategic positioning, business model and litigation pattern of intellectual property development companies, this research provides not only a deeper understanding on the management of IPRs but also a framework for Taiwanese companies to cope with patent licenses and litigations.
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Rozvoj obchodních aktivit podniku cestovní kancelář Cílka, s.r.o. / Business Development of Travel Agency Cílka, Ltd.Procházková, Ivana January 2009 (has links)
The Master's thesis characterizes, analyzes and assesses the current situation of the travel agency Cílka, Ltd. The thesis nalysis current position of the company, it deals with inside and outside environment that influences business activities. By the inside and outside analysis of environment there are formulated Opportunities and Threats and below Strengths and Weaknesses. On the basis of findings, the work includes complex solution strategy, development and improvement company position, which should had help establish firm and fix her position on market.
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韓國KOTEC評估方法探討 - 以台灣新藥研發公司為例 / A Study on South Korea's KOTEC Evaluation Method - Taiwan New Drug Development Companies as Examples吳書帆 Unknown Date (has links)
生技產業為我國未來六大明星產業之一,除政府成立生技創投基金,民間企業也陸續加入這波生技投資行列,如永豐餘集團旗下的上智生技創投,與潤泰集團旗下的鑽石生技投資。以籌資來源而言,又分為借款融資關係(負債端)的外部資金,以及股東投資關係(權益端)的自有資金兩種,對於公司經營各有優缺點,亦應取得平衡。唯目前多數為權益端的資金投入,尤其以該產業中風險最高的新藥研發公司為例,仍普遍高達95%以上的股東權益比率。顯示其籌資來源有限,且難以吸引負債端的投資者參與。而這樣的資金來源比例,除不符合企業融資順位理論於公司成長階段的籌資策略與負債權益比率,權益端資金多以短期獲得高利潤為目的,以資金性質亦不適合占資產達95%以上之比例。
以目前負債端籌資管道,新藥研發公司多數利用台灣中小企業信用保證基金直保部或經濟部促進產業創新或研究發展貸款計畫專案申請,唯融資額度上限遠不足以支付藥物開發費用,且非一般負債端直接經由銀行評估取得融資之方式。綜觀國際業態,單一全新藥物開發至上市平均需約USD8億元(約NTD240億元)不等,而台灣公司的研發策略多數為分段發展或老藥新用(藥物重新定位)策略,但仍有高度資金需求。唯銀行、負債端投資者普遍缺乏投入該產業的意願,主要顧慮為具冗長的產品研發週期業態、高度不確定性的產品上市審查、長期臨床試驗伴隨的高額成本。此外,對於資金專注研發之新藥研發公司,亦面臨擔保品不足之問題。而實務上,負債端資金提供者如銀行,對於複雜的生技領域與新藥研發公司業態不甚了解,為降低融資意願的另一主因。
故本研究旨在建立一套適用於新藥研發公司之一般性價值評估方式,解決此雙方認知差異問題,以增加更多元的籌資管道。其中,本文參考其他國家評估方法,選擇其中針對技術型公司、發展久遠的韓國技術信用保證基金KOTEC評估模式,導入台灣微脂體、基亞生物科技、賽德醫藥科技3間新藥研發公司個案作一評估。並於最後研究結論,經由分析比較個案公司間歷年經營狀況,得出公司整體與個別質、量性指標項目量化的相對分數,以台灣微脂體分數157分最高,基亞生技次之。本研究亦參考個案評估狀況,得出該類公司較佳的一般性經營策略結論,發現公司創立早期可先以開發週期短、風險較低的老藥新用開發以代替副業產生短期營收的效用,同時累積本業開發經驗,待時機成熟再轉入全新藥物開發為一攻守兼具的經營模式,以供新藥研發公司參考。此外,本研究屬於探索性研究,僅於評估新藥研發公司分數階段,尚未轉換為公司融資評等。該部分尚待具一定案源量後,以統計模型將評估分數與還款違約率關聯性做一分析,方能計算融資評等。而建立內部評等模型、資訊系統對台灣銀行規模而言,為一額外高昂成本,亦建議可效法韓國由政府主導為可行方式之一。 / The biotechnology industry is one of the six future stars of the industries in Taiwan. The government established Biotechnology Venture Capital (BVC), and the more and more private companies joined the procession of biotech investments, such as the two famous biotech funds, Taiwan Global BioFund (TGB) and Diamond BioFund Inc.. According to sources of funding, we can divided them into two groups: one is the loan of external funds (liability side), and the other is the shareholder investment of internal funds (equity side), both of them have different advantages and disadvantages for the company, and the company should strike a balance between these advantages and disadvantages. However, the majority of the funds are invested from the equity side, especially the new drug development companies, which are the highest risk types in the industry, and most of their equity ratio is higher than 95 %. This information indicates the limited sources of funding, and the difficulty to attract liability side’s investors to participate. That proportion of funding sources doesn’t comply with the company’s financing strategy and debt to equity ratio in the growth stage of the enterprise life cycle in the pecking order theory, and equity side’s funds are not suitable for accounting for more than 95% of assets in balance sheet because most of them want to get high profits in the short-term.
Currently, major new drug development companies usually apply for loans from the Direct Guarantee Dept. of the Small & Medium Enterprise Credit Guarantee Fund of Taiwan (Taiwan SMEG) or the Promote Industrial Innovation or R&D Loan Program of Industrial Development Bureau in Taiwan, but the amount of loan is insufficient to cover the costs for the new drug development, and this method is not a general way to obtain liability side’s financing from the bank’s direct evaluation. In the international situation, the progress from development to sale of a single new drug spends about US $800 million (about NT $24 billion) on average. Despite Taiwan's R&D strategies only cover the sectional development progress or the policy of the new usage of old drugs (drug repositioning), there is still a high degree of capital requirement. However, in the present, banks and other liability side’s investors still lack the will to invest in the new drug development companies. These investors concern about several major problems, including the lengthy product development cycle, high uncertainty of the product examination and approval, the high cost of long-term clinical trials in this industry. In addition, these companies are also faced with the problem of lacking collateral, because they invest much money in new drug R&D. On the other hand, liability side’s investors, such as banks, don’t understand the complex field of new drug development companies' business models, and this situation becomes another reason for reducing the financing will.
Therefore, we should establish a general evaluation method applicable to new drug development companies, to solve the problem of cognitive differences between liability side’s investors and the borrowers, and expand the funding sources of these companies. This article refers to the actual evaluation method in other countries, chooses the most suitable and well developed evaluation model --- Korea Technology Finance Corporation (KOTEC)’s evaluation method for the technology-based company, and utilizes the method to evaluate three cases of the new drug development companies in Taiwan, including Taiwan Liposome Co., Medigen Biotechnology Crop., and CytoPharm, Inc.. In conclusion of the study, by analyzing and comparing the three companies’ operating situations in recent years, we can get relative quantified scores from the companies’ overall and individual qualitative, quantitative indicators, and the result is that Taiwan Liposome Co. gets the highest score, 157 points, then Medigen Biotechnology Crop. gets the middle one. This study also refers the case situations, to find a better general business strategy for such companies. We find that new drug development company in the early stage can focus on new usage development of old drugs ,which has advantages of short development cycle and lower risk, to replace the sideline that generates short-term revenue, and accumulate the experience of drug development. When the time is ripe, it can transfer to new drug development. This way is the general suggestion of both offensive and defensive business model for new drug development companies. In addition, this study is an exploratory research, which only focuses on the evaluation stage, and has not converted the result into a corporate financing credit rating. To calculate financing credit ratings, we require a lot of historical cases data to establish a statistical analysis model, and link evaluation scores with repayment default rates. The establishment of an internal rating model or information system incurs high additional costs for the size of the banks in Taiwan, so the recommended one of the possible ways is that we can follow the example led by the South Korea Government.
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Podnikatelský záměr pro rozvoj malé firmy / Business Plan for Developement of a Small CompanyČerný, Michal January 2008 (has links)
The aim of my Master thesis “Business Plan for the Development of a Small Company“ is to provide a solution to how to develop a micro-company into a successful small company, which will have a real potential to find its stable position on the current market. My Master thesis consists of a theoretical part, problem analysis and my own proposal of the solution. The theoretical part deals with the key findings and solutions, which are further applied in the next part of my work. Analysis is focused on present and future company environment. Concrete recommendations have been formulated on the basis of analysis conclusions. The final proposal is formulated into a complex procedure, which provides the way to reach company development.
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