Decreasing revenues and the public's natural antipathy towards taxes have made cash management crucial to the financial health of any organization. Local government financial executives have become increasingly aware that cash is an asset that must be used wisely, unless it is to become a liability. Thus, there have emerged serious efforts by local government finance executives to maximize the utility of every dollar available to their jurisdictions: first, by influencing the availability of receipts while delaying the outflow of funds; second, by investing available funds in interest yielding securities until the funds are needed to meet legal commitments and obligations. Although this perspective is easily stated, it is common knowledge that local jurisdictions encounter insurmountable obstacles in the effort to maximize the returns on their investments of temporarily idle funds. This study has evaluated local government cash management policies and practices with a view to identifying those factors militating against the efforts to achieve optimum returns on investments. A cash management questionnaire supplemented with very elaborate personal and telephone interviews constituted the diagnostic tool that facilitated the collection of the data necessary to: (a) develop an understanding of contemporary money management policies and practices in local governments; (b) evaluate the effectiveness of these policies and practices; (c) identify and describe the constraints that impede efforts to optimize investment returns in the public sector; and (d) develop strategies that will enable local government finance executives to cope with the identified constraints. The study found that local governments face three kinds of constraints in the attempt to maximize the return on their investments of financial assets. First, there are problems that are internal and peculiar to each local jurisdiction, such as inadequate resources: funds to invest and the skills to search for the right investment instruments under a given set of circumstances; second, there are legal and political constraints imposed by higher governments such as the requirement that public funds can only be invested in certain instruments, and the prescription that local governments do business with specified banks. In some jurisdictions, how much money should be deposited in each bank are also legislated. Third, there are constraints imposed by exogenous factors such as interest rates, minimum investment requirements and the naturation dates of investments. The study also found that local finance executives try to achieve some social responsibility through a careful manipulation of their jurisdiction's cash management techniques. Given these factors, public institutions can not achieve maximum levels of return on investment; they can only achieve satisficing returns. / Ph. D.

by Yu Ying Choi Alan Abel. / Bibliography: leaves 72-73 / Thesis (M.B.A.)--Chinese University of Hong Kong, 1985

This master thesis deals with issues that are focused on the consolidated financial statemenst and the financial situation of the group of companies. The primary goal of the thesis is evaluate the financial situacion of selected group of companies on the basic of financial analysis. From analysis are suggests proposals improvements to the financial situation of the group including individual companies, that have some weaknesses which follow from analysis. The financial analysis is realize over the period 2013 – 2016.

本研究旨在探討家族企業接班與接班人類型對於公司現金來源及現金價值的影響。本研究使用於1992年至2015年被列於S&P 1500指數的公司為樣本進行實證研究。實證結果顯示家族企業接班後將減少使用發行股票為公司現金的來源。此外，當接班人為家族成員時，企業接班後的邊際現金價值會較低；然而於財務限制的家族企業，企業接班將使當年度的邊際現金價值提高。本研究結果顯示資本市場對於家族企業接班投以較高的關注，尤其當接班人為家族成員時程度更為顯著。 / This study examines the effect of succession on the cash saving behavior and the value of cash holdings for family firms. By examining the Standard and Poor 1500 indexed firms from 1992 to 2015, we find that cash savings from equity issuance decrease around successions, and the decreasing effect lasts longer with family related successors. In addition, the marginal value of cash holdings will be lower after succession if the successor is associated with the family. But if family firms are financial constrained, the marginal value of cash holdings will be higher with family firms with succession at the year of succession but not after. These findings indicate that the capital markets are concerned with the succession implication for family firms more than non-family firms, especially when the successors are family members.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-09-01T13:12:24Z No. of bitstreams: 1 Nicolás Alvarez Nuñez.pdf: 1366671 bytes, checksum: 1d597429e888af5b6c22e190092ef99c (MD5) / Made available in DSpace on 2017-09-01T13:12:24Z (GMT). No. of bitstreams: 1 Nicolás Alvarez Nuñez.pdf: 1366671 bytes, checksum: 1d597429e888af5b6c22e190092ef99c (MD5) Previous issue date: 2017-08-23 / The metric EBITDA – Earnings Before Interests, Taxes, Depreciation and Amortization (Lajida in portuguese) has been much discussed in both the academic and professional fields. Authors have raised pros and cons to their use because, they consider that the metric does not reflect the Cash Flow, since it is calculated under the aegis of the accounting principle of the accrual regime basis. The Competence and Cash Regimes basis are approached to subsidize the use of the EBITDA metric in the construction of what is called, in this master's thesis, Operating Cash Generation - OCG. Adding to the OCG the figure that represents the destination to be given to the resources generated, "cash outflows", we have the Operating Cash Flow, inspired by the idea developed by Brigham & Ehrhardt (2016, pg.464) Free Cash Flow - FCF. This results in a model, considered as a management tool and applied to this research directed to a single case study. The entity where the research is developed is the São Paulo Foundation, a philanthropic entity, maintainer of the Pontifical Catholic University of São Paulo - PUCSP. The data were collected in published documents-balance sheets and administrative documents and analyzed through the graphical-behavioral observation technique, which when related to each other indicate possible imbalances of the operational activities, and the trend analysis of costs and revenues, allow to assess the situation in that the entity is. Therefore, with these techniques of analysis, the following steps were considered: assessing the current situation, identifying measures for course correction and analyzing their impacts. Hence the proposal is suggested, which, approved and applied by the Administration, helped to maintain the continuity of its operational activities. The Operating Cash Flow model, based on the OCG or EBITDA, plus the vision of how resources were or will be applied, is understood as being a management tool of great utility for managers to plan and follow the strategic decisions of their companies / A métrica Ebitda – Earnings Before Interests, Taxes, Depreciation and Amortization, em inglês, ou Lajida – Lucro Antes de Juros, Impostos, Depreciação e Amortização, tem sido muito discutida tanto no campo acadêmico como profissional. Autores têm levantado prós e contras ao seu uso, pois, escrevem que a métrica não reflete o fluxo de caixa, uma vez que é apurado sob a égide do princípio contábil do regime de competência. Os regimes de competência e de caixa são abordados para subsidiar o uso da métrica Ebitda na construção do que se denomina, neste trabalho, geração de caixa operacional – GCO. Adicionando-se à GCO a figura que representa a destinação a ser dada aos recursos gerados, “saídas de caixa”, tem-se o fluxo de caixa operacional, inspirado na ideia desenvolvida por Brigham e Ehrhardt (2016, p. 464) com seu fluxo de caixa livre – FCL. Disso resulta um modelo, tratado como uma ferramenta de gestão e aplicado a esta pesquisa, direcionada a um estudo de caso único. A entidade cuja pesquisa se desenvolve é a Fundação São Paulo, entidade filantrópica, mantenedora da Pontifícia Universidade Católica de São Paulo – PUC-SP. Os dados foram coletados em documentos publicados-balanços e documentos administrativos e analisados através da técnica da observação gráfico-comportamental, que, quando relacionados entre si, indicam eventuais desequilíbrios das atividades operacionais e da análise tendencial dos custos e receitas, permitindo, desse modo, avaliar a situação em que a entidade se encontra. Portanto, com essas técnicas de análise, as seguintes etapas foram consideradas: avaliar a situação atual, identificar as medidas para correção de rumo e analisar seus impactos. Daí se sugere a elaboração de proposta, a qual, aprovada e aplicada pela administração, ajudou a manter a continuidade de suas atividades operacionais. O modelo de fluxo de caixa operacional, fundamentado na GCO ou Ebitda, e considerando a visão de como os recursos foram ou serão aplicados, entende-se como sendo uma ferramenta de gestão de grande utilidade para os gestores planejarem e acompanharem as decisões estratégicas de suas empresas

Submitted by Cristiane Shirayama (cristiane.shirayama@fgv.br) on 2011-06-03T17:17:44Z No. of bitstreams: 1 66080100264.pdf: 308949 bytes, checksum: 7a390b2d4b90a64b4e8396e2d219827f (MD5) / Approved for entry into archive by Gisele Isaura Hannickel(gisele.hannickel@fgv.br) on 2011-06-03T17:35:19Z (GMT) No. of bitstreams: 1 66080100264.pdf: 308949 bytes, checksum: 7a390b2d4b90a64b4e8396e2d219827f (MD5) / Approved for entry into archive by Gisele Isaura Hannickel(gisele.hannickel@fgv.br) on 2011-06-03T17:40:23Z (GMT) No. of bitstreams: 1 66080100264.pdf: 308949 bytes, checksum: 7a390b2d4b90a64b4e8396e2d219827f (MD5) / Made available in DSpace on 2011-06-03T18:34:47Z (GMT). No. of bitstreams: 1 66080100264.pdf: 308949 bytes, checksum: 7a390b2d4b90a64b4e8396e2d219827f (MD5) Previous issue date: 2011-08-08 / Este trabalho analisa se o modelo de demanda corporativa por liquidez desenvolvido por Almeida, Campelo e Weisbach (2002) pode ser utilizado para identificar se empresas latino- americanas apresentam restrição financeira para obter financiamento. Para testarmos a hipótese de que as empresas restritas financeiramente detêm um nível de caixa mais elevado, e sua propensão marginal a poupar o excedente de caixa gerado também é superior às empresas irrestritas, procedeu-se uma análise de dados em painel, relativos a uma amostra que inclui empresas de capital aberto no Brasil e no México, de 2001 a 2009. As empresas restritas financeiramente, tanto do Brasil quanto do México, aumentam o nível do caixa em decorrência do tamanho de seus ativos, sendo um fator relevante para gestão do caixa na América Latina. As empresas Mexicanas irrestritas apresentam um nível de caixa superior às restritas, além de apresentar uma propensão marginal a poupar inferior às empresas irrestritas mexicanas, consistente com a expectativa inicial, de que o investment grade obtido logo no começo da amostra facilitou o acesso ao crédito para as empresas da amostra. / We examine the model of corporate demand for liquidity, developed by Almeida, Campelo and Weisbach (2002) can be used to identify whether Latin American companies have financial constraint to obtain financing. To test the hypothesis that financially constrained firms have a higher level of cash, and their marginal propensity to save the cash surplus generated is superior to unconstrained firms, we carried out an analysis of panel data relating to a sample, which includes publicly traded companies in Brazil and Mexico from 2001 to 2009. Financially constrained firms, both Brazil and Mexico, increase the level of cash due to the size of its assets, being a relevant factor for cash management in Latin America. Unconstrained Mexican companies have a higher level of cash than restricted firms have, and present a lower propensity to save cash than constrained Mexican firms, consistent with the initial expectation that the investment grade obtained at the beginning of the sample made easier access to credit for firms in the sample.

Submitted by Estagiário SPT BMHS (spt@fgv.br) on 2012-01-17T13:00:33Z No. of bitstreams: 1 1425027.pdf: 13223856 bytes, checksum: 6fcd9d4ed8c783d39314ce0e657ddba5 (MD5) / Approved for entry into archive by Estagiário SPT BMHS (spt@fgv.br) on 2012-01-17T13:00:50Z (GMT) No. of bitstreams: 1 1425027.pdf: 13223856 bytes, checksum: 6fcd9d4ed8c783d39314ce0e657ddba5 (MD5) / Approved for entry into archive by Estagiário SPT BMHS (spt@fgv.br) on 2012-01-17T13:01:09Z (GMT) No. of bitstreams: 1 1425027.pdf: 13223856 bytes, checksum: 6fcd9d4ed8c783d39314ce0e657ddba5 (MD5) / Made available in DSpace on 2012-01-17T13:01:26Z (GMT). No. of bitstreams: 1 1425027.pdf: 13223856 bytes, checksum: 6fcd9d4ed8c783d39314ce0e657ddba5 (MD5) Previous issue date: 2011 / This study is inserted in a topic that has current1y been calling much attention from financiaI literature. The main reason for this fact is that since the publication of the law number 1l.308 of July 13th , 2007 which made obligated the publication of cash flow instead of presenting the proof of origin as well as application of resources. The cash flow must be treated as a great management tool that allows identifying the way money circulates in the company, in other words, identifies the leveI of liquidity showing the financiaI position ofthe company in order to establish trends 00 eventual remaining or lack of resources. The cash flow is accomplished with the purpose of demonstrating how the ioputs and outputs of the company' s financiaI resources behaved in a given period. The careful study of the cash flow done not only enables the trend analysis but also works as base for projected cash flow planning. The main objective ofthe study is to analyze the amount of financiai losses over the period betweeo 1996 to 2008. The financiai losses that we have referred to occurred due to the late payment from the client making necessary an increase of the working capital, caused by the big difference in the term between the (ideal) projected cash cycle compared to the real cash cycle. The current work was accomplished in a large company in the civil construction sector. The work was performed aimed at comparing the projected cycle flow to the real cycle flow, determining, therefore, the amount of financiai losses which was of R$ 48,46 million updated for the end of the period that was analyzed representing a reduction in profitability of 3 %. Key words: Cash flow. Working capital. Projected cash cycle. Real cash cycle. / Este estudo está inserido num tópico que têm recebido muita atenção por parte da literatura financeira atualmente, principalmente porque, a partir da publicação da lei 11 .308 de 13 de julho de 2007, tomou obrigatorio a puplicação da demonstração do fluxo de caixa, em substituíçaõ da à demonstração das origens e aplicação dos recursos. O fluxo de caixa deve ser tratado como um grande instrumento gerencial que permite identificar a maneira como o dinheiro circula na empresa, ou seja identifica qual é o grau de liquidez, mostrando a posição financeira da empresa de maneira a estabelecer tendências sobre as eventuais sobras ou falta de recursos. A finalidade do fluxo de caixa realizado é mostrar como se comportaram as entradas e as saídas de recursos financeiros da empresa em detenninado penodo. O estudo cuidadoso do fluxo de caIxa realizado, além de propicIar análise de tendência, serve de base para o planejamento do fluxo projetado. O objetivo principal do estudo é fazer uma análise do volume de perdas financeiras ao longo do período compreendido entre 1996 a 2008. As perdas financeiras que nos referimos, ocorreram devido ao atraso de pagamento por parte do cliente gerando a necessidade de aumento do capital de giro, causado pela grande diferença de prazo entre o ciclo de caixa projetado (ideal) comparado ao ciclo de caixa real. O presente trabalho foi realizado em uma empresa de grande porte no setor da construção civil. O trabalho realizado foi o de comparar o ciclo de caixa planejado versus o ciclo de caixa real, determinando assim o montante de perdas financeiras que foi de R$ 48,46 milhões de reais atualizados para o final do período analisado, representando uma redução da rentabilidade em 3,26%. Palavras-chave: Fluxo de caixa. Capital de giro. Ciclo de caixa projetado. Ciclo de caixa real.

This research investigates the complementary value of a statement of cash flows (SCF) in a set of published financial statements. Selected accounting studies and selected parts of communication theory are used to argue the case for treating an SCF as a primary financial statement. Ideas adapted from communication theory are also used to decide key issues involved in developing an SCF. Specifically, the study selects a direct rather than a reconciling format for an SCF; it also defines cash to include currency, bank accounts, and marketable securities and exclude claims to cash such as notes and accounts receivable. The definition of cash limits cash flow to strict receipts and disbursements; it excludes constructive receipts and disbursements.

Thesis (MBA)-- Stellenbosch University, 2004. / ENGLISH ABSTRACT: The traditional cash flow statement consists of cash from operating activities, cash to investing activities and cash from/to financing activities. In essence, literature showed that, if cash from operating activities would be negative for two successive years, such listed industrial company may be classified as fmancially inflexible, resulting in a take-over by another company, a forced rights-issue or even a delisting/bankruptcy. The traditional cash from operating activities will be classified as EBIT - interest - taxation + depreciation and +/- non-cash items +/- changes in working capital. To enable capital-intensive companies to be classified as financially flexible or inflexible, it was found necessary to identify replacement investment activities as opposed to expansion investment activities. / AFRIKAANSE OPSOMMING: Die tradisionele kontantvloeistaat bestaan uit kontant uit bedryfsaktiwiteite, kontant aan investeringsaktiwiteite en kontant van/aan finansieringsaktiwiteite. In essensie het die literatuur aangedui dat, as kontant uit bedryfsaktiwiteite van twee agtereenvolgende jare negatief is, sodanige genoteerde industriële maatskappy as finansieel onbuigsaam geklassifiseer kan word en wat kan uitloop op 'n oorname deur 'n ander maatskappy, 'n geforseerde regte-uitgifte of selfs 'n denotering/bankrotskap. Die tradisionele kontant uit bedryfsaktiwiteite sal geklassifiseer word as bedryfswins - rente - belasting + depresiasie en +/- nie-kontantitems +/- veranderinge in bedryfskapitaal. Om kapitaal-intensiewe maatskappye in staat te stel om geklassifiseer te word as finansieel buigsaam of onbuigsaam, is daar bevind dat vervangende investeringsaktiwiteite onderskei moet word van uitbreidings investeringsaktiwiteite.

Thesis (MBA)--Universiteit van Stellenbosch, 1997. / ENGLISH ABSTRACT: In this study an investigation has been made into the cash flow of delisted companies to determine whether any patterns appear.The hypothesis has been make that if companies, after their annual company taxation and finance charges have been paid, have a negative cash flow over two consecutive years, they will most probably be delisted the third year. In order to address the problem in the short term a rights issue can be done, but the problem is not necessarily solved. In lay language it would imply that the operating capital cycle is too high, or that the earnings before interest and taxation are too low, or that the growth rate is too high, or a combination of the three factors. Financing must therefor be arranged to meet the legal liabilities, such as interest and taxation, and also to finance any expansion, investment or growth. The short-term answer is indeed a rights issue to existing shareholders. If this option is exercised the cash-flow pattern could be disturbed since the extra capital can, in some cases. save the company despite the negative cash flow. In the long term it is not preferable since the company may run into financial difficulties due to excessive growth as a result of poor management, although the rights issue can keep the company alive in the short term. Nonna1 and preference shares are issued regularly to increase capital and the resulting costs are less than those of a long or short-term loan. Shareholders will lose dividends under these circumstances provided that the company grows and the share price rises in the process. This study has shown that even these companies, where the poor cash flow pattern is disturbed, could not be saved from financial disaster. / AFRIKAANSE OPSOMMING: In hierdie studie is ondersoek ingestel oa die kontantvloei van gedenoteerde maatskappye om te bepaal of daar enige patrone voorkom. Die hipotese is gemaak dat as maatskappye, nadat hulle jaarlikse maatskappybelasting en finansieringskostes betaal is, 'n negatiewe kontantvloei oor twee agtereenvolgende jare bet, hulle heel moontlik die derde jaar gedenoteer sal word. Om op die kort termyn die probleem aan te spreek sal 'n regte-uitgifte gedoeu kan word, maar die probleem word nie noodwendig opgelos nie. In leketaal sou dit impliseer dat die bedryfSkapitaa1siklus te groot is, of dat die verdienste voar rente en belasting te laag is, of dat die groeikoers te boog is, of 'n komhinasie van die drie faktore. Finansiering moet dus geree} word am die wetlike aanspreeklikhede, soos rente en belasting, Da te kom en ook am enige uitbreiding, investering of groei te finansier. Die korttermynantwoord Ie juis in 'n regte-uitgifte aan bestaande aandeelhouers. Indien hierdie opsie uitgeoefen word, sal die kontantvioeipatroon versteur kao word aangesien die ekstra kapitaal die maatskappy, ongeag die negatiewe kontantvloe~ in sommige gevalle kan red. Oor die lang termyn is dit rue wenslik rue aangesien die maatskappy homself kan doodgroei of bloot kan ondergaan as gevolg van swak bestuur, alhoewel die regte-uitgifte die maatskappy oor die kort termyn lewendig hou. Gewone en voorkeuraandele word geree1d uitgereik om kapitaal te verhoog en die voortspruitende verpligtinge is minder as die van 'n lang- of korttermynlening. Aandeelhouers sal onder omstandighede dividende inboet mits die maatskappy groei en die aandeelprys in die proses styg. Die ondersoek het getoon dat selfs die roaatskappye. waar die swak kontantvloeipatroon verst-eur word, nie van ondergang gered kon word rue.