A Demonstração do Fluxo de Caixa (DFC) é uma peça contábil elaborada sob o regime de caixa. Essa característica torna difícil sua comparação com outras demonstrações elaboradas à luz do regime de competência. Neste trabalho, desenvolve-se um novo modelo, consoante os estudos desenvolvidos por Dechow e Dichev (2002) nos Estados Unidos: a Demonstração do Fluxo de Caixa elaborada pelo regime de competência. Essa nova peça contábil tem como função promover um elo entre a DFC tradicional e as demais demonstrações contábeis, principalmente com a Demonstração do Resultado do Exercício (DRE). Tem-se, como referencial teórico deste estudo, a exploração dos conceitos de regime de caixa e competência, a discussão dos principais aspectos da DFC e da DRE, e a referência aos estudos empíricos que já foram realizados sobre o assunto. Em seguida, foi desenvolvido o modelo em que os fluxos de caixa são segregados conforme sua competência, ilustrando-se com um exemplo hipotético. Para o teste empírico, selecionou-se, através do banco de dados Economática, empresas brasileiras do período de 1995 a 2005. A análise de regressão múltipla com dados em painel foi utilizada como ferramenta estatística. Como resultado deste trabalho, os testes estatísticos confirmaram as hipóteses inicialmente desenvolvidas, concluindo-se que o fluxo de caixa operacional elaborado à luz do regime de competência fornece informações mais precisas sobre os "accruals" e provê uma melhor comparação com as demais demonstrações contábeis quando comparado ao fluxo de caixa por regime de caixa. / The Cash Flow Statement (CFS) is a financial statement prepared under the cash basis accounting. This characteristic grows difficult its comparison with other financial statements that are prepared under de accrual basis accounting. In this study, it was developed a new model, according the studies done by Dechow and Dichev (2002) in the United States of America: the Cash Flow Statement under the accrual basis accounting. This new financial statement has the role of link the traditional CFS and the other statements, mainly the Income Statement. The theory of this study is based in the concepts of cash and accrual basis accounting, in the discussion of the principal aspects of the CFS and Income Statement and the reference of the empiric researches realized about this subject. Following, a model was developed taking account of the cash flows divided into the accrual period and an example was built. For the empiric test, we selected, through the Economatica data base, Brazilian companies to the period of 1995 until 2005. The multiple regression analysis with panel data has been utilized as a statistic instrument. As a result of this study, the statistics tests sustained the hypothesis developed in the initial part of the study, concluding that the operational cash flow under the accrual basis accounting provide precise information about the accruals and supply a better comparison with the other financial statements when faced to the cash flow under the cash basis accounting.

O gerenciamento dos custos com a compra de energia elétrica para atendimento do mercado consumidor é um assunto que assumiu, nos últimos anos, papel relevante nas distribuidoras. Este fenômeno pode ser explicado pela crescente participação dos custos de energia comprada, para suprimento do mercado cativo, no desempenho operacional dessas empresas, bem como pelas recentes alterações na regulamentação que agregaram ao processo da compra a necessidade de um altíssimo nível de assertividade. Considerando a existência de uma lacuna na literatura da área, a despeito de trabalhos que tratam do entendimento e gerenciamento do repasse dos custos com a compra de energia elétrica pelas distribuidoras e da análise de riscos associados às incertezas pertinentes ao processo, propõe-se, neste trabalho, uma metodologia para representar os custos com a compra de energia elétrica no fluxo de caixa da distribuidora, assim como modelo que auxilie no gerenciamento dos riscos associados aos desvios das variáveis que compõem o processo, em relação a um cenário de referência. Para tanto, são apresentadas, através de equações, as regras de repasse com a aquisição de energia elétrica para a tarifa de fornecimento do consumidor final e uma metodologia empírica para análise de risco baseada em modelagem estatística, com o suporte de modelos econométricos, permitindo uma varredura de cenários plausíveis via simulação Monte Carlo. Com isso, para uma compra energia que atenda às necessidades de consumo de uma distribuidora ao longo de um ano, tal modelo deve ser capaz de informar a disponibilidade de caixa da empresa para fazer frente às despesas com a compra de energia em determinada data futura ou, ainda, deve ser capaz de permitir a avaliação do valor presente resultante dos desembolsos versus recebimentos ao final do período de repasse, aferidos através de metodologia com enfoque probabilístico. / The management of the costs related to electric energy purchase to supply the market is an issue that assumed, in the last years, a relevant role in the distribution companies. This phenomenon may be explained by the increasing participation of the quoted costs in the operational performance of such companies and by the recent changes in the rules which brought to the energy acquisition process a need of very high assertiveness. Considering the existence of an important gap in the area literature, in despite of papers which approach the understanding and management of cost pass through with electric energy purchase by the distributors, and the risk analysis connected to the uncertainties relevant to the process, in this work it is developed a new methodology to represent the costs with electric energy purchase in the distributors cash flow, as well as a model that helps in the management of risks related to the variable changes in relation to a reference scenario for the whole process. In this way, the energy supply costs pass through rules are presented with the aid of mathematical equations, as well as an empirical methodology is proposed, taking advantage of statistical and econometric models, in order to making feasible a Monte Carlo simulation aiming at screening the universe of scenarios that could happen in real life. Furthermore, giving the energy supply costs throughout one year, the model should be capable to forecast the company cash available to face these costs in a certain future date and, besides that, the model should be capable to calculate the present value arising from the disbursement versus the receipts along the time, till the end of the pass through period, in a probabilistic focus.

Les nouvelles technologies ont profondément modifié nos usages mais ne sont pas que synonymes d’avantages pour leurs utilisateurs. Elles ont en effet de lourdes conséquences sur notre vie privée, ce qui est bien souvent sous-estimé. Les utilisateurs de moyens de paiement électronique ne réalisent par exemple pas toujours que leurs transactions peuvent révéler des informations particulièrement intimes à leur sujet, telles que leur localisation, leur état de santé ou mêmes leurs croyances.Nous nous intéressons dans ce mémoire aux techniques cryptographiques permettant de concilier les exigences de sécurité traditionnelles et le respect de la vie privée. Dans une première partie nous étudions deux cas particuliers, celui du paiement anonyme et celui de l’authentification anonyme. Nous proposons de nouvelles constructions qui offrent une meilleure efficacité que les solutions existantes, ouvrant ainsi la voie à de réelles applications pratiques. Chacun de ces systèmes fait l’objet d’une étude de sécurité montrant qu’ils offrent de solides garanties sous des hypothèses raisonnables.Cependant, afin de satisfaire des contraintes techniques souvent très fortes dans ces contextes, il peut être nécessaire d’optimiser ces constructions qui nécessitent souvent un nombre significatif de calculs. Dans une deuxième partie nous proposons donc des moyens pour améliorer l’efficacité des opérations et algorithmes les plus fréquemment utilisés. Chacune de ces contributions peut présenter un intérêt au-delà du contexte de l’anonymat. / New technologies offer greater convenience for end-users but usually at the cost of a loss in terms of privacy, which is often underestimated by the latter. For example, knowledge by a third party of the information related to a transaction is far from insignificant since it may reveal intimate details such as whereabouts, religious beliefs or health status.In this thesis, we are interested in cryptographic technics allowing to reconcile both security requirements and user’s privacy. In a first part, we will focus on two specific cases: anonymous payment and anonymous authentication. We propose new constructions, improving the efficiency of state-of-the-art solutions, which make all the features of these primitives more accessible for practical applications. We provide a detailed security analysis for each scheme, proving that they achieve the expected properties under reasonable assumptions.However, to fulfill the strong technical constraints of these use cases, it may be necessary to optimize these constructions which are usually rather complex. To this end, we propose in a second part, new solutions to improve the efficiency of most common operations and algorithms. Each of these contributions is not restricted to anonymous systems and thus may be of independent interest.

This bachelor’s thesis is elaborated according to gained experience and knowledge from thie field of databases systems and business intelligence. Its result is a data warehouse with support business intelligence parts for two incompatible versions of system EPOS (Electronic cash desk checking system).

Thesis (M.Sc. (Agriculture)) --University of Limpopo, 2018 / Dry bean is one of the most important cash crops and source of protein for small holder farmers. Low yields of dry bean are often reported to be associated with lack of inoculation (Arbuscular mycorrihizal fungi) of seeds prior to planting. Soil phosphorus (P) unavailability is one of the major factors limiting yield of dry bean. Field and Greenhouse experiments were conducted to investigate the response of dry bean cultivars to inoculation and phosphorus application under dry land farming conditions at the Syferkuil experimental farm of University of Limpopo. Both greenhouse and field experiments were carried out as a split-split plot arrangement in randomised complete block design with four replications. Main plot treatment comprised of two dry bean cultivars VIZ, red speckled bean and small white haricot. Arbuscular mycorrhizal fungi inoculation levels (inoculated and uninoculated) were assigned in the sub-plot whilst the sub-sub plot was applied with five phosphorus rates at 0, 20; 40; 60 and 80 kg/ ha using single superphosphate (10.5 % P). The data collected were subjected to analysis of variance using statistical software (ANOVA) STATISTIX 10.0.Dry bean cultivars (red speckled bean and small white haricot bean) were evaluated in a field experiment for their growth, nodulation and yield responses to AM fungi inoculation and different rates of P fertiliser. The results revealed that the red speckled bean had higher number of nodules (45 %), stem diameter 26.96 cm and higher leaf area of 21.05 cm2 as compared to small white haricot bean. The application of P at the rate of 40 kg/ha produced higher grain yield of 743.47 kg/ha as compared to small white haricot bean with 572 kg/ha. The growth parameters such as yield, soil chemical and biological properties did not significantly respond to inoculation (P≤0.05). Red speckled bean and small white haricot bean were evaluated in greenhouse experiment for their growth and nodulation on inoculation and phosphorus fertilizer treatment In the greenhouse experiment phosphorus fertilizer rate showed significant effect on chlorophyll content, leaf fresh and dry weight. The dry bean cultivars were found to be significant to number of nodules, plant vigour and root dry weight. The red speckled bean showed higher growth parameters as compared to small white haricot bean. The application of Arbuscular mycorrhizal fungi (AM fungi) at varying rates did not have any significant influence on all parameters measured in the experiment on both trials. The study needs to be repeated after 4 to 5 years. The findings of this study concluded that P should be applied at the rate of 40 kg P/ha in order to improve the production of dry bean. / NRF (National Research Foundation)

Syftet med studien är att identifiera faktorer som påverkar möjligheten för småföretagare att få banklån på mindre orter. Metoden som används i studien är en kvalitativ metod som bygger på tre stycken intervjuer med respondenter som befinner sig på banker belägna på mindre orter. Kombinerat med detta genomförs en deltagande observation då jag arbetar på en av bankerna. Utifrån det insamlade materialet identifierades det att den lokala kännedomen spelar en stor roll för bankerna vid kreditgivningen tillsammans med småföretagarnas historiska skötsamhet. Samt att bankerna använder sig av scoring där de bedömer småföretagarnas återbetalningsförmåga. I övrigt är det viktigt för bankerna att småföretagen utformar en bra affärsidé som är realistisk och hållbar. Dessa kriterier är desamma oavsett kund de möter. / The purpose of the study is to identify the factors that affect the possibility for small business owners to obtain bank loan in smaller towns. The method used in the study is a qualitative method based on three interviews with relevant respondents on the banks located in smaller towns. Combined with this, a participant observations is performed because I work at one of the banks. Based on the collected material, it was identified that the local knowledge plays a major role for the banks in the granting of credit along with the historical care of the small business owners. The banks also use scoring where they assess the ability of repayment capacity. Otherwise, it is important for the banks that small companies design a good business idea that is realistic and sustainable. These criteria are the same regardless of the customer they meet.

U.S. Small Business Administration reports that small businesses are one of the pillars of the U.S. economy, providing employment, innovation, and productivity. However, these businesses are constantly faced with challenges resulting from limited resources and continuous technological advances. This qualitative multiple-case study was performed to explore the strategies that small business owners (SBOs) in Maryland use to acquire capital to sustain their businesses financially for more than 5 years. The study's framework, the strategic management theory, was applied to determine the most effective approaches for the small businesses. Face-to-face interviews with 6 recruited SBOs were performed. A qualitative thematic analysis was then used to analyze the interviews. The main strategies to sustain capital were to create a business plan focusing on long-term goals and invest in employee knowledge and skills. In the process of measuring success, participants mostly determined their success by their ability to acquire customers based on feedback and good service. The interviewees managed their cash by minimizing debt, maximizing the use of technology, and keeping track of cash flows. The SBOs also shared that the challenges in business were endured by staying debt-free, adjusting their strategies with the market changes, and conserving cash and expenses. Contributions to social change include helping small businesses sustain by leveraging strategic planning, management, and implementation in their businesses, thereby providing jobs and contributing to the overall economic vitality of the community.

Este documento tiene como primer objetivo mostrar los diferentes métodos de valoración de empresas estudiados en las últimas décadas. No obstante, el trabajo profundiza en la valoración de pequeñas empresas como tema central, debido a que hasta la actualidad no se las ha investigado con el mismo interés que a empresas corporativas, lo que pone en evidencia una falta de consenso. Así, el segundo objetivo es ofrecer al lector una fuente de información, a manera de compendio inicial, que motive a investigar el tema, realizar estudios específicos, servir de materia de tesis académicas, entre otras contribuciones. El primer capítulo de este trabajo aborda el tema partiendo de la definición del concepto de valor, y sustenta la diferencia entre valor y precio. Asimismo, en él se realiza una reseña de la evolución del estudio de valoración de empresas, se explica qué es una pequeña empresa en el marco nacional e internacional, y, finalmente, se aborda la valoración de pequeñas empresas en específico. Por su parte, el segundo capítulo describe los métodos de valoración de empresas más utilizados y aceptados, y presenta sus ecuaciones y guía detallada de uso. El tercer capítulo expone errores encontrados en valoración de empresas; el cuarto capítulo describe seis metodologías de valoración de pequeñas empresas, y presenta sus respectivas ecuaciones y los pasos a seguir para su uso. Finalmente, el quinto capítulo se enfoca en un tema de similar importancia, la estimación del costo de capital en pequeñas empresas, el cual genera, inclusive, mayor controversia. / The first objective of this document is to show the different Company valuation methods studied in the last decades. However, the work looks into the valuation of small business, as a central topic, because until now they have not been investigated with the same interest than the Corporative Companies, which evidences a lack of consensus. Thus, the second objective is to offer a source of information to the reader, as an initial summary, that motivates to investigate the topic, do specific studies, serve as a topic for Academic Thesis, among other contributions. The first chapter of this paper approaches the topic starting from the definition of the concept of the value and supports the difference between value and price. Moreover, there is an outline of the evolution of the study of valuation of Companies, it is explained what is a small business in the national and international framework and, finally, the valuation of specific small business is approached. On its part, the second chapter describes the most used and accepted companies’ valuation methods and presents its equations and detailed user guide. The third chapter shows mistakes found in companies’ valuation; the fourth chapter describes six methodologies of the valuation of small business and shows its respective equations and the steps to follow for its use. Finally, the last chapter focuses on a topic of similar importance, the estimation of the capital cost in small companies that generates, even, more controversy. / Trabajo de Suficiencia Profesional

The regulatory framework of many countries allows the upward revaluation of assets. Previous studies on the association of asset revaluation and future performance in Australia (Barth and Clinch, 1998), U.K. (Aboody, Barth and Kasznik, 1999) and Hong Kong (Jaggi and Tsui, 2001) have shown that upward asset revaluations are positively associated with the firm’s operating performance, suggesting that asset revaluations are value relevant. This study extends the previous research by focusing on the New Zealand environment with recent data to examine the association of upward asset revaluation and future operating performance. There is no obvious evidence indicating that upward revaluations are associated with operating performance in New Zealand. Our market assessments show that current year asset revaluations are related to share prices and returns, but are not statistically significant.

To most companies, making profits is the ultimate goal for its management. It`s inevitable for any corporations to pursue next expansion when the current business is matured or looking for another opportunity, which may bring in more profits or revenue growth. However, in the case of BenQ merging Siemens, it showed us how hard for a smaller enterprise trying to purchase a big business, which might burn thousands of its capitals, without sufficient cash flow support. Likewise, the prestigious Hutchison Whampoa Limited (HWL) Group owned by the most fortuned person in Asia, Li Ka-shing, started form a small company running for Ports and related Service, but now has become the conglomerate with multiple core business ,comprising Ports, Retails, Hotels, Infrastructure, Energy and Telecommunication within only 33years since 1977.This achievement came from a company , which being considered as very conservative on its financial strategy by having low debt ratio and leverage and keep high cash reserved. Especially, the HWL kept loss money in the past eight years since it decided to jump into the 3G telecommunication, which required a lot of initial capital expenditure before profits in the year 2002. On the surface, the market downgraded its performance and none were optimistic to its dared investment. However, the HWL not only just survive, meanwhile its global business on Retails and telecommunication has drastic growth and expansion in these years. In other words, this heavy burden didn`t embroil HWL like what Siemens cell phone business to BenQ. On the contrary, after this test, the HWL became the global 3G leader and build up a barrier that other competitor hard to cross. In this paper, I am going to analysis and elaborate the cash flow management strategy of the HWL by dissecting its financial statements through the profit model method. To realize its unique philosophy by using the strategy of multiple business diversification, globalization, flexibility of financial action to boost the liquidity of cash flow and generate more free cash flow (FCF) afterwards. Now, this past conservative corporate has turned out to be the furious merger expertise and being considered as the icon of the business expansion by setting up a new model, which can be referenced. Recently, the famous Taiwan finance corporate –Fubon group has taken the similar strategy as HWL and gains a bright result. Hence, it proves that its business model on incorporating cash flow on expansion is worthy to have more attentions and could be a good path for more Taiwan industries to follow.