The structure of the master's thesis includes an introduction, three chapters, a conclusion, a list of references and applications. The first chapter deals with the theoretical aspects of planning and control of funds in business entities. In the second chapter, an assessment and analysis of the cash budgeting system in JSC RN-Nyaganneftegaz was carried out. In the third chapter, a practical method has been developed to improve the process of formation and control over the execution of the cash flow budget of JSC RN-Nyaganneftegaz. In conclusion, the main conclusions are formed. / Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников и приложения. В первой главе рассмотрены Теоретические аспекты планирования и контроля денежных средств хозяйствующих субъектах. Во второй главе проведены оценка и анализ системы формирования бюджета денежных средств в АО «РН-Няганьнефтегаз». В третьей главе разработан практический метод совершенствования процесса формирования и контроля исполнения бюджета движения денежных средств АО «РН-Няганьнефтегаз». В заключении сформированы основные выводы.

Denna uppsats har som avsikt att belysa och problematisera hur rasifierade maktstrukturer konstrueras i representationen av olika etniska grupper i svensk populärkultur. I uppsatsen analyseras den första säsongen av tv-serien Snabba Cash producerad av Netflix Sverige år 2021, med hjälp av en narrativ analys. Rasifiering av grupper har uttryckts i populärkulturen i och med att svarta och bruna respektive vita representeras med rasifierade skillnader, detta har bidragit till att grupperna värderas olika och placeras utifrån en makthierarki. Konstruktionen av skillnaderna är även grundade i stereotyper vilket ger en ensidig bild av de som rasifieras svarta och bruna. Genom åtta utvalda scener undersökte vi därför narrativet i Snabba Cash utifrån hur karaktärer som rasifieras svarta/bruna respektive vita har framställts, men även hur de framställs i jämförelse med varandra enligt teori om rasifiering, representationsteori, stereotyper och populärkultur.   I vår analys har vi kommit fram till två teman i hur karaktärerna har framställts i tv-serien. Det ena menar att karaktärerna har framställts med skillnader gentemot varandra grundat i hur de har rasifierats. I det här temat påvisar vi att de svarta/bruna karaktärerna porträtterades med ofördelaktiga egenskaper medan de vita karaktärerna i motsats har uppfattats med fördelaktiga egenskaper. I och med detta har de svarta/bruna karaktärernas agerande uppfattats som ett icke-önskvärt beteende enligt ett ideal medan de vita karaktärernas agerande i stället har uppfattats som önskvärt i linje med en samhällsnorm. Detta antagande är i enlighet med postkolonialismens perspektiv på hur grupperna rasifieras. Utöver detta fann vi även att de rasifierade skillnaderna förstärker och påverkar andra maktordningar hos karaktärerna vilket har påverkat hur de framställs i tv-serien. De svarta/bruna karaktärerna porträtteras med sämre socioekonomiska faktorer och mindre makt än de vita karaktärerna. Det andra temat tar upp att de svarta/bruna karaktärerna är framställda utifrån etablerade stereotyper om gruppen vilket innebär att karaktärerna går i linje med en förutfattad bild om hur gruppen förväntas agera. Däremot utmanar tv-serien stereotypen om brottsbenägenhet vilket gör att Snabba Cash går emot det välkända mönstret, och i detta fall bidrar till att ge gruppen en mer nyanserad bild. Utifrån vår analys drar vi slutsatsen att Netflixs tv-serie Snabba Cash från år 2021 har konstruerat rasifierade skillnader mellan svarta/bruna och vita karaktärer vilket har bidragit till att upprätthålla och reproducera kunskap om hur olika etniska grupper kontrasteras emot varandra utifrån ett maktförhållande. / This essay intends to highlight and problematize how racialized power structures are constructed in the representation of different ethnic groups in Swedish popular culture. We analyze the first season of the television series Snabba Cash produced 2021 by Netflix Sweden using a narrative analysis. Racialization of groups has been expressed in popular culture where black and brown people have been compared to white people and represented with racialized differences, this has contributed to an unequal treatment of the groups which is based off a power hierarchy. The construction of the differences is also based on stereotypes, which gives a one-sided picture of those who are racialized black and brown. Through eight selected scenes, we therefore examine the narrative in Snabba Cash based on how characters who are racialized black/brown and white have been portrayed, but also how they are portrayed in comparison to each other according to theories of racialization, representation theory, stereotypes, and popular culture.    In our analysis, we have seen two themes in how the characters have been portrayed in the television series. One of the themes says that the characters have been represented with differences from each other based on how they have been racialized. Here, we demonstrate that the black/brown characters were portrayed with unfavorable characteristics while the white characters, in contrast, have been perceived with favorable characteristics. The actions of the black/brown characters have been perceived as an undesirable behavior according to an ideal, while the actions of the white characters have been perceived as desirable in line with a societal norm. This assumption is also in accordance with the post-colonial perspective on racialization. In addition to this, we also found that the racialized differences reinforce and affect other power structures for the characters, which affected their portrayal in the television series. The black/brown characters are portrayed with lower socio-economic factors and less power than the white characters. The second theme addresses that the black/brown characters are based on established stereotypes about the group, which means that the characters are in line with a preconceived image of how they are expected to behave. On the other hand, the tv-series challenges the stereotype of criminality, which means that Snabba Cash is going against the well-known pattern, and in this case contributing to giving the group a more nuanced image. Based on our analysis, we conclude that Netflix's television series Snabba Cash from the year 2021 have been constructing racialized differences between black/ brown characters and white characters, which has contributed to maintaining and reproducing knowledge about how different ethnic groups are contrasted against each other based on a power relationship.

<p>This thesis includes three essays on several important topics in empirical finance: Chief Executive Officer (CEO) risk-taking incentives, the cost and syndicate structure of bank loans and corporate investments with internal funds. This thesis contributes to these aspects of finance literature and the three essays are presented in Chapter 2, 3 and 4.</p> <p>The first essay investigates how implicit contractual relationship between creditors and borrowers attenuates the conflict of interest between creditors and shareholders that arises from CEO compensation contracts when a corporation can be considered a nexus of explicit and implicit contractual relationships among stakeholders. We find that bank loans for firms with CEOs who are provided with risk-taking incentives have higher spreads and shorter maturities. A relationship between the lender and its borrower mitigates the influence of incentives for CEO risk-taking on loan spread and loan maturity. Such a relationship is especially beneficial for informationally opaque firms. The results are robust to the endogeneity of relationships and the simultaneous determination of loan spread, loan maturity and collateral requirements. Our results highlight the importance of the interaction between explicit and implicit contractual relationships to a firm’s borrowing cost.</p> <p>The second essay investigates the effects of a borrowing firm’s CEO risk-taking incentives on the structure of the firm’s syndicated loans. The conflict of interest between creditors and shareholders arising from CEO risk-taking incentives is a major concern of borrower moral hazard for syndicate lenders, which require intensive monitoring by lead arrangers in a syndicate. When CEO risk-taking incentives are high, syndicates are structured to facilitate better due diligence and monitoring efforts. These syndicates have a smaller number of total lenders and are more concentrated, and lead arrangers will retain a greater portion of the loan. Moreover, we examine the factors that affect the link between CEO risk-taking incentives and syndicate loan structure. CEO risk-taking incentives have a lesser effect on the syndicate structure when lead arrangers have a good reputation and have a prior lending relationship with a borrowing firm. By contrast, CEO risk-taking incentives have a greater influence on syndicate structure when borrowing firms are informationally opaque, are financially distressed or have low growth prospects.</p> <p>The third essay studies corporate investments with internal funds when firms face real investment friction using a sample of U.S. oil companies from 2003 to 2011 before and after the 2008 financial crisis. We show that firms’ capital expenditures are more sensitive to their lagged cash holdings than to their contemporaneous cash flows. By making investments with realized cash holdings, firms can avoid the investment adjustment costs that are incurred when investing with uncertain cash flows. We also show that cash flow policies are affected by liquidity constraints following the 2008 financial crisis: firms build up more cash reserves from cash flows, cut back payouts and raise more debt to maintain cash holdings.</p> / Doctor of Business Administration (DBA)

This masters thesis main focus is a statement of cash flows as regulated by czech accounting legislation, International Financial Reporting Standards and US GAAP. First chapter describes the importance of Statement of cash flows and his value added for users of financial statements. The historical context of the statement is shown, it is stated which entities are obligated to report statement of cash flows and lastly the internal structure of the statement is discussed. The second chapter begins by general methods of preparing the statement, then so called specific items are dealt with. The solution of some advanced accounting transactions (government grants, leases, loans, deferred payments etc.) is described. In the end the presentation and dislocure requirements are discussed. Last chapter contains research, where 99 companies are researched, answers are made concerning stated research questions and research hypothesis are concluded.

This paper addresses the problem of a failing net debt approach; deposited funds rarely compensate the cost of debt. Venturing into operational credit facilities, the study evaluates the efficiency and feasibility of transitioning into fully cash-free liquidity management. The study takes a holistic approach and evaluates the research questions from the perspective of management through case studies on four smaller Swedish industrial firms. The study finds that there is substantial potential to free up capital; return on equity could have been boosted by an annual 5-10 percent including substantial one-off distributions. The study also concludes that Agency reasons are strong reasons for why firms are carrying material cash reserves. Through qualitative interviews, the study identifies several additional, but not less important, obstacles in the way of a full out cash-free transition. Most significantly, the financial system is not offering fully committed long term operational credit facilities and operating across different jurisdictions complicates the consolidation of liquidity. The study concludes that the matter would not have vast negative implications on real business activities, although further research would be required in regard to an extended debt overhang problem. / Uppsatsen kretsar kring den fallerande logiken med begreppet nettoskuld; tillgodohavanden på bank genererar sällan upp för kostnaden relaterad till motsvarande skuld. Med utgångspunkt i operationella kreditstrukturer utvärderas möjliga effektivitetsvinster och genomförbarheten av en fullständig övergång till kassa-fri likviditetshantering. Studien har ett holistiskt angreppssätt och utvärderar frågeställningarna från ett management-perspektiv genom fallstudier på fyra mindre svenska industriella bolag. Studien finner betydande möjligheter att frigöra kapital; årliga avkastningen på eget kapital hade kunnat öka med 5–10 procent och betydande engångsutdelningar hade varit möjliga. Studien finner vidare att agentteorin är en stark anledning till att bolag bär betydande kassapositioner. Genom kvalitativa intervjuer identifierar studien ytterligare, men ej desto mindre betydande, hinder för en kassa-fri övergång. Mest betydelsefullt, är att nuvarande finansiella system inte erbjuder för syftet fullgoda kreditstrukturer, samt det faktum att företag med verksamhet över olika jurisdiktioner upplever juridiska svårigheter med att konsolidera likviditet. Studien drar slutsatsen att en övergång inte skulle medföra betydande negativa konsekvenser för den operativa affärsverksamheten, men identifierar samtidigt att ytterligare studier skulle vara nödvändiga framförallt kring hur finansiella incitament kopplade till agent-teorins ’debt overhang’ skulle förändras vill en övergång till en fullt garanterad operationell kreditstruktur.

Master’s thesis deals with the consolidation of financial statements and analysis of financial condition of group subjected to consolidated financial statements. Fundamental thesis goal is an assesment of financial position selected group of companies by methods of financial analysis and specialized models. It leads to finding potential weaknesses and creation of proposals leading to eliminate discovered weaknesses and improving the financial situation of group.

Background: The reported result from the lifetime of an organization will be followed by a cash flow equal in size. In contrast, accruals enables short term discrepancies. When a property can be valued at fair value and recognize changes in the value directly in the result, it is interesting to examine how the earnings and cash flow relate to each other in these companies. By studying the relationship between a company's earnings and cash flow it is possible to appoint their consistency. Aim: The purpose of this paper is exploratory, it intends to examine how property management companies value their property holdings, and examine the relationship between the companies' overall earnings and cash flow from operating activities during the period 2008-2014. Method: Empirical data is primarily collected from primary sources in the form of annual reports. Numbers from the companies' annual reports allowed us to calculate the ratio of accumulated cash flow and accumulated earnings, to then be able to determine the connection between the two. Results and Conclusions: Real estate companies value ​​according to level 3 and during 2014 65,61% of the value of the property portfolio's are valued externally. Ten of the 17 companies that were listed during the period 2008-2014 has accumulated a higher earning than cash flow from operating activities. On average the real estate companies has accumulated 48% higher earnings than cash flow from operating activities. / Bakgrund: Det redovisade resultatet från en verksamhets livstid kommer att efterföljas av ett lika stort kassaflöde. Däremot möjliggör periodiseringar att det på kortare sikt kan finnas avvikelser. Då fastighetsbolag får värdera till verkligt värde och redovisa värdeförändringar direkt mot resultatet är det intressant att undersöka hur resultatet och kassaflödet förhåller sig till varandra i dessa bolag. Genom att studera ett företags relation mellan resultatet och kassaflödet går det att utse om dessa stämmer överens eller inte. Syfte: Syftet med uppsatsen är explorativt, den ämnar till att undersöka hur fastighetsförvaltande bolag värderar sitt fastighetsbestånd samt undersöka relationen mellan bolagens sammanlagda resultat och kassaflöde från den löpande verksamheten under perioden 2008-2014. Metod: Studiens empiri har främst insamlats från primärkällor i form av årsredovisningar. Med hjälp av siffror från företagens årsredovisningar har kvoten mellan ackumulerat kassaflöde och ackumulerat resultat kunnat räknas fram, för att därefter kunna bedöma dess samband. Resultat och slutsats: Fastighetsbolagen värderar enligt nivå 3 och under 2014 har 65,61% av branschens sammanlagda värde på fastighetsbeståndet externvärderats. Tio av de 17 företag som var börsnoterade under perioden 2008-2014 har ackumulerat högre resultat än kassaflöde från den löpande verksamheten. I genomsnitt har fastighetsbolagen ackumulerat ett 48% högre resultat än kassaflöde från den löpande verksamheten.

This Diploma Thesis deals with the issue of financial management group of companies´alias holding. It focuses on improvement of financial flows within and outside of the group to optimize management of cash flow and financial planning.

The goal of the thesis is to valuate the company Rodinný pivovar Bernard a.s. for the purpose of possible sale or merger in the future. The thesis is divided into a theoretical and a practical part. The theoretical part explains the valuation procedure, particular analyses and methods used in the practical part. A discounted cash flow method was applied, specifically the two-phased model using free cash flow to the firm. The practical part started with a strategic and financial analysis, which helped to build a financial plan. The financial plan made a basis for valuation of the company by income method.

The thesis focuses on a content and a relevance of a statement of cash flows in relation to business non-financial entities. It is based on the IAS 7 and supplemented by the Czech accounting standards. The thesis defines cash and cash equivalents, deals with a structure of a statement of cash flows, presents specific cash flows and ways of interpretation of cash flows. It also contains rules for creating a consolidated statement of cash flows. The practical part of the thesis examines an ability of a specific economic software to make a statement of cash flows in accordance with the Czech accounting rules.