A água, apesar de ser um bem essencial para a sobrevivência, é também um bem que possui valor econômico, uma vez que, dado o uso intenso desse recurso, o mesmo passou a ser escasso. O conceito moderno de valor, em termos econômicos, considera o valor de uso como medida de referência. Dessa forma, uma maneira de evitar o uso intenso e não eficiente da água, seja pela indústria, pela agricultura ou pelo uso urbano, garantindo o seu valor econômico, é estabelecer uma medida de valor que reflita a disposição a pagar pelo uso desse recurso. Na bacia do rio Gravataí, atualmente, paga-se apenas pelo serviço de distribuição da água, nada é cobrado ainda pelo seu valor econômico. Contudo, uma vez que a cobrança pelo uso da água passou a ser estabelecida por lei (LF 9.433/97 e LE 10.350/94), algumas bacias vêm realizando estudos e estabelecendo a cobrança pelo uso da água. Dessa forma, o presente estudo busca obter um valor de referência pelo uso da água na agricultura na bacia do Gravataí utilizando-se dois métodos distintos: Método Econométrico Tradicional de estimação da demanda por água, aplicando-se a elasticidade-preço da demanda para chegar ao valor, e o Método de Valoração Contingente, que utiliza-se da Disposição a Pagar (DAP) para calcular o valor econômico da água. Para tanto, foi realizada uma pesquisa de campo nos municípios de Viamão e de Santo Antônio da Patrulha, utilizando-se por base um estudo das Nações Unidas (QUEISS, T.; SHDEED K.; GABR, M.; 2000). / Water, although it is an essential god for surviving, it is also a god that has economic value, once, given the intensive use of this resource, it is scarce. The modern concept of value, in economic terms, considers the value of the use as a reference measurement. Therefore, in order to avoid the intensive and inefficient use of water, in the industry as well as in agricultural and urban use, guaranteeing its economic value, is to establish a value measure that reflect the willingness to pay for this resource. Currently one pays only for the service of water distribution, and nothing is charged for its economic value at Gravataí River Basin. However, once the collection for the water’s use was established in law (Federal Law 9.433/97 and State Law 10.350/94), some basins are carrying out studies and stabling the collection for the water’s use. Thus, the present study aims at delivering a reference value for the water’s use in agriculture at Gravataí basin using two distinct methods: The traditional Econometric Method of demand estimation, applying the elasticity-price of demand in order to get the value, and The Contingent Valuation Method, which is used with the Willingness to Pay (WTP) to calculate the economic value of the water. According to these methods a field research in the cities of Viamão and Santo Antônio da Patrulha were carried out, using a study of the United Nations (QUEISS, T.; SHDEED, K.; GABR, M., 2000) as basis.

No contexto urbano, a bacia hidrográfica é formada por componentes naturais e artificiais que interagem em um sistema único. Os componentes naturais são representados por diversos bens naturais que proporcionam os serviços ambientais. Dimensionar o valor econômico de bens naturais, incluídas as árvores urbanas, é uma forma de simbolizar a sua importância nos processos de equilíbrio dinâmico dos sistemas urbanos, justificando a necessidade de preservação do patrimônio natural existente em parques, jardins, praças e vias, fomentando as iniciativas públicas e privadas que investem no acréscimo e melhoria da qualidade das florestas urbanas. O auxílio na drenagem urbana advindo da presença arbórea é um dos serviços ambientais, que ocorre com diferentes intensidades conforme a posição no relevo (altitude e declividade) da bacia hidrográfica. Por meio de inventário georreferenciado, foram identificadas árvores presentes na bacia do Córrego do Sapateiro na cidade de São Paulo. Posteriormente, o sistema de informações geográficas (SIG) foi utilizado na definição das classes de altitude e declividade e na quantificação da cobertura arbórea para discussão da sua relação com o sistema hidrológico da bacia. Isso permitiu que um novo fator, chamado Valor de Relevo (VR), fosse introduzido ao método de valoração de árvores urbanas proposto por Silva Filho et al. (2002). Por meio da apresentação do valor de relevo, propõe-se uma nova dimensão associada à hidrologia de superfície nesse método de valoração de fórmula. Sugere-se a associação de pesquisas complementares que viabilizem a introdução de fatores com relevância ao valor da árvore nas cidades por seus serviços ambientais, para alcançar um método de valoração cada vez mais completo e conivente a um modelo de desenvolvimento urbano pautado no equilíbrio social, ambiental e econômico. / In the urban context, watersheds are formed by natural and artificial components which are a single system. Natural components are represented by various natural resources that provide environmental services. Measuring the economic value of the natural resources, including the urban trees, is a way to symbolize its importance in the processes of dynamic equilibrium of urban systems, hence the need for preservation of existing natural heritage in parks, gardens, squares and streets, encouraging public and private investment in the increase and improvement of urban forests. The aid in urban drainage arising from the presence of trees is an environmental service, that occurs with different intensities depending on the position on basin relief (altitude and slope). Through georeferenced inventory trees were identified in the Córrego do Sapaterio (Sapateiro Stream) basin in São Paulo. Then the geographic information system (GIS) was used to define classes of altitude and slope and quantification of tree cover for the discussion of its relationship with the hydrological system of watershed. This allowed that a new factor, called Relief Value (RV), was introduced to the method of tree valuation proposed by Silva Filho et al. (2002). Presenting the value of relief, it is proposed a new dimension surface hydrology associated with this tree appraisal method. It is suggested the combination of complementary research that will enable the introduction of factors with proven importance to the value of urban tree because of its environmental services, to achieve a valuation method even more complete and conniving to a model of sustainable urban development in the social, environmental and economic balance.

Submitted by BKAB Setor Proc. Técnicos FGV-SP (biblioteca.sp.cat@fgv.br) on 2013-02-15T16:33:08Z No. of bitstreams: 1 1199802002.pdf: 4528841 bytes, checksum: 2f3f496af78f479ca42535a533c9a6c7 (MD5) / Através de um estudo clínico que compreendeu o uso de questionário detalhado, entrevistas de profundidade e workshop de validação, é feita análise da experiência de um pequeno grupo de empresas brasileiras com a implantação do Shareholder Value Based Management, ou gestão baseada em valor. São apresentados os vários critérios de cálculo de valor utilizados e identificados os pontos fortes e fracos de cada método.

Submitted by Gina Montone (ginamontone@gmail.com) on 2013-03-12T12:33:05Z No. of bitstreams: 1 Mestrado Gina.pdf: 618226 bytes, checksum: 3689a2772451ab950d1ecde041b853b5 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-03-12T12:35:35Z (GMT) No. of bitstreams: 1 Mestrado Gina.pdf: 618226 bytes, checksum: 3689a2772451ab950d1ecde041b853b5 (MD5) / Made available in DSpace on 2013-03-12T12:52:31Z (GMT). No. of bitstreams: 1 Mestrado Gina.pdf: 618226 bytes, checksum: 3689a2772451ab950d1ecde041b853b5 (MD5) Previous issue date: 2013-01-28 / The objective of this study was to determine whether the BNDES, in the period between 2000 and 2011 generated economic profit for its main shareholder, the Federal Government. We analyzed financial statements and notes published in this period to obtain data for the calculation of Economic Value Added or Economic Value added (EVA ®). This methodology deducts the cost of all capital employed in the company's from the operating profit after taxes. Furthermore, uses the weighted average cost of capital (WACC) as return on invested capital for calculating the cost of capital. The WACC weights the cost of debt, after deducting the rate of taxes on income and the cost of equity. The use of certain assumptions and developing some scenarios were required to estimate the cost of equity shareholder. Furthermore, some adjustments, such as the inclusion of dividends and interest on capital paid to shareholders by BNDES were performed for the calculation of EVA ®, and other accounting adjustments needed to estimate the cost of equity shareholder. At the end of the study, we observed that in all scenarios used to generate economic profit for used in all scenarios, the generation of economic profit was negative. / O objetivo deste trabalho foi verificar se o BNDES, no período entre 2000 e 2011 gerou lucro econômico para o seu principal acionista, o Governo Federal. Foram analisados demonstrativos financeiros e notas explicativas publicadas neste período para obtenção de dados para o cálculo do Valor Econômico Adicionado ou Economic Value added (EVA®). Esta metodologia deduz o custo de todo o capital empregado na empresa do lucro operacional após os impostos. Além disso, utiliza o custo médio ponderado de capital (CMPC) ou Weighted Average Cost of Capital (WACC) como taxa de remuneração do capital investido para cálculo do custo do capital. O WACC pondera o custo de capital de terceiros, após a dedução da alíquota dos impostos incidentes sobre o lucro e o custo de capital próprio. A utilização de algumas premissas e a elaboração de alguns cenários foram necessários para a estimativa do custo do capital próprio do acionista. Além disso, alguns ajustes, como a inclusão de dividendos e juros sobre capital próprio pagos pelo BNDES ao acionista foram realizados para o cálculo do EVA®, além de outros ajustes contábeis necessários. Ao final do estudo, observamos que, em todos os cenários utilizados, a geração de lucro econômico foi negativa.

Cílem této diplomové práce je vypracovat ocenění vybraného podniku pro účely jeho vedení. Práce je rozdělena do dvou tematických okruhů. První literární část obsahuje teoretický základ pro oceňování podniků. Obsahuje metodické postupy strategické, finanční analýzy a analýzu generátorů hodnoty. Praktická část aplikuje teoretické metody při ocenění konkrétního podniku. Výsledná hodnota podniku je stanovena pomocí vybraných výnosových metod DCF entity a EVA.

Doctorat en sciences sociales, politiques et économiques / info:eu-repo/semantics/nonPublished

營建業為國內重要的民生工業，同時也是影響國家經濟發展與競爭力的重要指標之一。由於營建業易受外部政治和經濟環境等因素影響且高度依賴財務槓桿操作，經營風險較高使營建業公司治理機制成為提高營運績效及永續發展的關鍵因素。而台灣家族企業比例高，其中又以製造業及營建業比例高於其他產業。因此，本研究亦加入家族特性來討論公司治理結構對公司績效的影響。而過去國內營建業相關文獻多以傳統會計指標作為績效衡量標準，本文採用附加經濟價值(Economic Value Added , EVA)作為公司績效衡量指標，並以董事會結構、所有權結構以及經營團隊等三個面向作為公司治理機制變數之衡量。 本研究得到實證結果如下，第一，營建業存在董事規模小，獨立董事比例低以及控制股東持股比例高的特性，使得公司董事會過於封閉、經營團隊獨立性低且缺乏外部獨立性制衡。第二，營建業家族企業公司績效劣於非家族企業公司績效，顯示良好的公司治理機制對於家族企業的永續發展更加重要。第三、相對於非家族企業，家族企業會強化董事會規模、獨立董事比例及監察人比例與公司績效之間的正向關係。而無論是家族或是非家族企業，董事長兼任總經理皆對公司績效帶來負面影響。第四、營建業家族企業當家族成員涉入管理階層比例高，由於個人利益與家族利益關係密切，使家族成員涉入經營團隊時，透過凝聚力與相同目標可以增加決策效率，並以極大化公司價值為目標，有助於公司績效的提升。最後，營建業家族持股比例越高，家族利益與公司利益緊密性越高，對於公司績效有正向的影響，而家族董事控制席次增加，加深負面影響。 / Construction industry is not only an important major household industry but an indicator of economic development and competitiveness. The external political and economic environment and highly financial leverage affect the construction industry. The impact of corporate governance on performance becomes a key issue to improve the operational performance of construction industry. While the proportion of family business in manufacturing and construction industry is higher than other industries. Therefore, family characteristics are also added to discuss the impact of corporate governance on performance. In this paper, the economic value added (EVA) is used as the measure of corporate performance, and the board structure, ownership structure and management team is used as measures of corporate governance variables. The study shows following results. First, the construction industry has three characteristics, small board size, low proportion of independence directors and high ownership concentration. Second, in the construction industry, non-family business enjoy better performance than family firms do. Third, Family business will strengthen the positive impact of board size, the proportion of independent directors and supervisors on performance. Forth, in the construction industry, family shareholder in the management team is found to be beneficial to performance. And a positive relationship exists between ownership and performance. While increase the number of directors from the family members will increase the negative impact on corporate performance.

The diploma thesis deals with ranking of financial performance ranking of companies in period from 2011 to 2015. The main goal is to propose ones own ranking, which compares companies on the basis of indicators of financial analysis. Ranking contains seven models and indicators, which comprehensively evaluates important economical spheres of company and its environment. Signatures of assessment are given bankrupt and solvency models, absolute and relative economic value added, net present value. Partial goal is to compile seven independent rankings, which with the help of method of simple sum of ranking and method of distance from fictive object create final propose of ranking.

The diploma work is focused on theoretical and practical analysis of methods of feasibility study and calculation of firm's value by method of discounted free cash flows. Tendencies of development and firm's weak points for past 6 years have been discovered by using various analysis. I was comparing change of individual indicators with the main indicator rentability on equity. The conclusion of my study is:" In case of increase in rentability on equity, we can expect improvement also of other indicators."

A concept of EVA is critical in evaluating the performance of any business. Economic Value Added refers to the incremental value created by an activity or a business venture. It measures the economic rather than accounting profit created by a business after the cost of all resources including debt and equity had been implied. Improving EVA can be achieved by generating more revenue without using additional capital. The capital invested in the business might be reduced by selling non-operating assets and redeploying the capital into projects and activities with higher operating performance than current projects have. ...