本研究之主要目的是想了解當台灣之電子公司，在面臨到企業價值與銷售額比(EV/Sales)為近三年最低點時，如果採用EV/Sales 做為選股依據，持有一年或是二年，其超額報酬為何。是否有關鍵因子可以加強選股績效，資料分為樣本內(1995Q1 - 2002Q4) 和樣本外(2003Q1 - 2006Q4)。其實証結論如下: • 實證上於樣本外公司之中，若使用EV/Sales為選股依據，組成對沖投資組合，持有期間為一年，其平均超額報酬績效為51%。 • 實證上於樣本外公司之中，使用EV/Sales為選股依據組成對沖投資組合，持有期間為二年，其平均超額報酬績效為13%。若用關鍵因子加上EV/Sales為選股依據，持有期間為二年，其平均超額報酬績效大為32%，表示關鍵因子在投資期限較長之交易策略下，確實具有提升EV/Sales之選股能力。 • 本研究透過ANOVA檢定和相關性檢定，找出選股的關鍵因子，為投入資本報酬率，EBITDA利潤率，毛利率，以及營業利潤率。 / The purpose of this paper is to study the List high-tech Companies in Taiwan, when their EV/Sales ratio become the lowest in recent 3 years, whether if EV/Sales is a good tool to identify the companies are a super stock or not. Or, we should use other financial ratios as auxiliary tool to enhance the effective of screening tool, increasing the return of investment performance. The results are summary as below: • In the out-of-sample companies, if we use the EV/Sales as screening tool, the top 10% to composite as short portfolio, and bottom 10% to composite long portfolio, the holding period is one year; annualized abnormal return is 51%. • In the out-of-sample companies, if we use the EV/Sales as screening tool, the top 10% to composite as short portfolio, and bottom 10% to composite long portfolio, the holding period is two year, annualized return is 13%. If we add the auxiliary key financial ratios, the annualized abnormal return is 32%. • We use the ANOVA and correlation analysis, to identify the key financial ratios to enhanced investment return is Gross margin, EBITDA margin, operating margin, and ROIC.

This study analyses a carport located in the Hylte municipality equipped with eight EV charging stations that use solar panels as its only roof material. The main focus of the report is to review the maximizing of internal electricity consumption, implementation of load management, effects on the local grid and to report general improvements. Data was collected from driving logs, analysis of charging patterns and the inverter. The data was then compiled with the software Polysun and MS Excel for further investigation of internal electricity consumption, load management, electricity quality and more. The report shows that there is a 29.1 % internal energy consumption and that implementation of a 100 kWh battery may raise it to as much as 57.4 %. It also shows that there is a possibility of saving up to 39 238 SEK per year with the implementation of load management and that a 19 % increase of electricity production would be possible if the construction had the optimized direction and roof angle.

Global sustainability awareness and governmental regulations are pushing the automotive industry into finding alternatives to carbon dioxide emitting products. Solutions utilizing electricity in the vehicle powertrain is overtaking market share from internal combustion engines (ICE). This tendency has spread into the heavy-duty truck segment which poses questions regarding the future of the ICE. An alternative, electric motors, powered with batteries, fuel cells of even ICE’s, is thought to become a core part of future mobility. To mitigate discontinuities during a shift from ICE to electric motors, a study of possible factors affecting such transition has been performed. The result indicates 14 main factors which are thought to have a definite role in a major technology paradigm shift. These factors are: Supplier relations, Material management, Material availability, Available space, Scalability, Product flexibility, Risk management, External resource utilization, Internal relations, Demand estimation, Management endorsement, Appropriate methodology, Employee engagement, and Competence renewal. A structure using ISM methodology is established highlighting the factors’ influencing relation to each other. Anchored in the theory regarding paradigmatic shifts within industry, a tendency of technological, managerial, and institutional influence on organizational change can be discerned where the institutional level poses as the fundamental dimension of derived quality. The factors are identified from a Scania specific case but are broad enough to apply to similar situations facing challenges of a technological paradigm shift.

Recent years have seen a growing tendency that a large number of generators are connected to the electricity distribution networks, including renewables such as solar photovoltaics, wind turbines and biomass-fired power plants. Meanwhile, on the demand side, there are also some new types of electric loads being connected at increasing rates, with the most important of them being the electric vehicles (EVs). Uncertainties both from generation and consumption of electricity mentioned above are thereby being introduced, making the management of the system more challenging. With the proportion of electric vehicle ownership rapidly increasing, uncontrolled charging of large populations may bring about power system issues such as increased peak demand and voltage variations, while at the same time the cost of electricity generation, as well as the resulting Greenhouse Gases (GHG) emissions, will also rise. The work reported in this PhD Thesis aims to provide solutions to the three significant challenges related to EV integration, namely voltage regulation, generation cost minimisation and GHG emissions reduction. A novel, high-resolution, bottom-up probabilistic EV charging demand model was developed, that uses data from the UK Time Use Survey and the National Travel Survey to synthesise realistic EV charging time series based on user activity patterns. Coupled with manufacturers' data for representative EV models, the developed probabilistic model converts single user activity profiles into electrical demand, which can then be aggregated to simulate larger numbers at a neighbourhood, city or regional level. The EV charging demand model has been integrated into a domestic electrical demand model previously developed by researchers in our group at the University of Edinburgh. The integrated model is used to show how demand management can be used to assist voltage regulation in the distribution system. The node voltage sensitivity method is used to optimise the planning of EV charging based on the influence that every EV charger has on the network depending on their point of connection. The model and the charging strategy were tested on a realistic "highly urban" low voltage network and the results obtained show that voltage fluctuation due to the high percentage of EV ownership (and charging) can be significantly and maintained within the statutory range during a full 24-hour cycle of operation. The developed model is also used to assess the generation cost as well as the environmental impact, in terms of GHG emissions, as a result of EV charging, and an optimisation algorithm has been developed that in combination with domestic demand management, minimises the incurred costs and GHG emissions. The obtained results indicate that although the increased population of EVs in distribution networks will stress the system and have adverse economic and environmental effects, these may be minimised with careful off-line planning.

Following the Model-Based-Design (MBD) development process used presently by the automotive industry, the control systems for a new Series-Parallel Multiple-Regime Plug-in Hybrid Electric Vehicle (PHEV), UVic EcoCAR2, have been developed, implemented and tested. Concurrent simulation platforms were used to achieve different developmental goals, with a simplified system power loss model serving as the low-overhead control strategy optimization platform, and a high fidelity Software-in-Loop (SIL) model serving as the vehicle control development and testing platform. These two platforms were used to develop a strategy-independent controls development tool which will allow deployment of new strategies for the vehicle irrespective of energy management strategy particulars. A rule-based energy management strategy was applied and calibrated using genetic algorithm (GA) optimization. The concurrent modeling approach was validated by comparing the vehicle equivalent fuel consumption between the simplified and SIL models. An equivalency factor (EF) of 1 was used in accounting for battery state of charge (SOC) discrepancies at cycle end. A recursively-defined subsystem efficiency-based EF was also applied to try to capture real-world equivalency impacts. Aggregate results between the two test platforms showed translation of the optimization benefits though absolute results varied for some cycles. Accuracy improvements to the simplified model to better capture dynamic effects are recommended to improve the utility of the newly introduced vehicle control system development method. Additional future work in redefining operation modes and mode transition threshold conditions to approximate optimal vehicle operation is recommended and readily supported by the control system platform developed. / Graduate / 0540 / 0548 / 0790 / d.e.prescott@gmail.com

If a programme which intends to measure performance is to work successfully in an organisation, it is necessary to understand the contingent factors that need to be in place regardless of philosophical beliefs. It must be integrated with the overall strategy of the business; all approaches to performance measurement emphasise the alignment of objectives, measures, strategic decision making and rewards. This is crucial, as it is not possible to measure performance unless it is clear what an organisation is trying to achieve. Value-based management (VBM) is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. The application of VBM principles at the lower levels within the organisation is critical to ensure that lower level staff applies value-creating principles in their daily jobs. Anglo Platinum has also adopted VBM, which will help the organisation to enhance decision-making and ensure pursuing strategies that maximise value. Anglo VBM is a management system which will enable the company to significantly improve the quality and speed of decision-making and to drive performance and profitable growth. It requires a detailed understanding of where and why value is created or consumed within the businesses through assembling a comprehensive fact base. A quantitative study was done to collect primary data through the use of standardised questionnaires that were distributed to respondents at Bleskop and Brakspruit shafts as well all the accountants at Rustenburg Platinum Mine, which forms part of Anglo Platinum. The results from this study indicate that there is a low understanding of VBM as well as a strong focus on business unit objectives and on short-term goals. A key recommendation would be to use incentive mechanisms to be aligned to VBM. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2009.

If a programme which intends to measure performance is to work successfully in an organisation, it is necessary to understand the contingent factors that need to be in place regardless of philosophical beliefs. It must be integrated with the overall strategy of the business; all approaches to performance measurement emphasise the alignment of objectives, measures, strategic decision making and rewards. This is crucial, as it is not possible to measure performance unless it is clear what an organisation is trying to achieve. Value-based management (VBM) is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. The application of VBM principles at the lower levels within the organisation is critical to ensure that lower level staff applies value-creating principles in their daily jobs. Anglo Platinum has also adopted VBM, which will help the organisation to enhance decision-making and ensure pursuing strategies that maximise value. Anglo VBM is a management system which will enable the company to significantly improve the quality and speed of decision-making and to drive performance and profitable growth. It requires a detailed understanding of where and why value is created or consumed within the businesses through assembling a comprehensive fact base. A quantitative study was done to collect primary data through the use of standardised questionnaires that were distributed to respondents at Bleskop and Brakspruit shafts as well all the accountants at Rustenburg Platinum Mine, which forms part of Anglo Platinum. The results from this study indicate that there is a low understanding of VBM as well as a strong focus on business unit objectives and on short-term goals. A key recommendation would be to use incentive mechanisms to be aligned to VBM. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2009.

This thesis has contributed to the design of suitable decision-making techniques for energy management in the smart grid with emphasis on energy efficiency and uncertainty analysis in two smart grid applications. First, an energy trading model among distributed microgrids (MG) is investigated, aiming to improve energy efficiency by forming coalitions to allow local power transfer within each coalition. Then, a more specific scenario is considered that is how to optimally schedule Electric Vehicles (EV) charging in a MG-like charging station, aiming to match as many as EV charging requirements with the uncertain solar energy generation. The solutions proposed in this thesis can give optimal coalition formation patterns for reduced power losses and achieve optimal performance for the charging station. First, several algorithms based on game theory are investigated for the coalition formation of distributed MGs to alleviate the power losses dissipated on the cables due to power transfer. The seller and buyer MGs can make distributed decisions whether to form a coalition with others for energy trading. The simulation results show that game theory based methods that enable cooperation yield a better performance in terms of lower power losses than a non-cooperative approach. This is because by forming local coalitions, power is transferred within a shorter distance and at a lower voltage. Thus, the power losses dissipated on the transmission lines and caused by power conversion at the transformer are both reduced. However, the merge-and-split based cooperative games have an inherent high computational complexity for a large number of players. Then, an efficient framework is established for the power loss minimization problem as a college admissions game that has a much lower computational complexity than the merge-and-split based cooperative games. The seller and buyer MGs take the role of colleges and students in turn and apply for a place in the opposite set following their preference lists and the college MGs’ energy quotas. The simulation results show that the proposed framework demonstrates a comparable power losses reduction to the merge-and-split based algorithms, but runs 700 and 18000 times faster for a network of 10 MGs and 20 MGs, respectively. Finally, the problem of EV charging using various energy sources is studied along with their impact on the charging station’s performance. A multiplier k is introduced to measure the effect of solar prediction uncertainty on the decision-making process of the station. A composite performance index (the Figure of Merit, FoM) is also developed to measure the charging station’s utility, EV users charging requirements and the penalties for turning away new arrivals and for missing charging deadlines. A two-stage admission and scheduling mechanism is further proposed to find the optimal trade-off between accepting EVs and missing charging deadlines by determining the best value of the parameter k under various energy supply scenarios. The numerical evaluations give the solution to the optimization problem and show that some of the key factors such as shorter and longer deadline urgencies of EVs charging requirements, stronger uncertainty of the prediction error, storage capacity and its initial state will not affect significantly the optimal value of the parameter k.

This study aims to examine and quantify the impact from increasing penetration of electric car chargers and solar cells in Mälarenergi's distribution grids. Four different types of low voltage grids are examined: a small rural grid, an older suburban grid, a modern suburban grid and a modern urban grid with multi-dwelling houses. The networks are modeled in Matpower, a MATLAB Power System Simulation Package with grid and metering data from Mälarenergi's NIS (Network Information System), insolation data from Swedish Meteorological and Hydrological Institute (SMHI) and simulated data from an electrical vehicle Home-charing model based on residential activity patterns. The idea has been to use as few assumptions as possible and as much real measurements as possible. The results show that problems such as unwanted voltage levels at the customer's connection points and increasing power flux in the low voltage substation's is to be expected based on aforementioned increasing penetration. The various low voltage networks are affected to varying degrees due to its different structure and type of customers. Measures to increase acceptance for the above mentioned changes have also been reviewed. Line gain shows best properties to reduce both losses and voltage variations. Reactive power compensation in the solar cell's inverters can reduce voltage increases, but with the disadvantage that network losses increase. The use of smart chargers that can control when the charging of electrical vehicles begin charging can both reduce network losses but also the risk of unwanted voltage drops.

The thesis focuses on the power management support of battery systems in charging mode and charging systems for electric vehicles in the LV network. The thesis includes an overview of the distribution network of the Czech Republic, means of voltage regulation and the existing legislative framework for the connection of charging systems. The thesis describes the methods of active and reactive power control depending on the voltage and frequency. The practical part focuses on the simulation of grid support at different penetration levels of BESS and EVC in MATLAB Simulink and the verification of the support function on a laboratory system. In the last part, the methods of implementing the control system for BESS and EVC operating in the LV grid are specified.