The main goal of this Master's Thesis is to determine the most convenient way for financing of the purchase of a new construction machine for MONTAKO, Ltd. It deals mainly with comparing of credit and lease financing.

The aim of the thesis is to build a car wash at a petrol station by using medium-term investment credit for four years. The work includes the theoretical and the practical parts. The business plan is based on real data and is focused on precise modelling of given situation, with considering market practices. It details market survey and market analysis, identifies the main competitors and explores financial components of whole project.

Previous researchers, especially on large enterprises, have revealed that debt financing structure influences enterprise performance. Though the issue has been extensively researched, micro, small, and medium-sized enterprises (MSMEs) have traditionally been operating differently as compared to large enterprises in terms of their financial decisions, ownership and management style, and behaviour. Therefore, this study will explore the gaps encountered by all MSMEs to grow their businesses. These include forms and type of industry, firm size, asset tangibility, and a firm’s current assets in relation to its current liabilities and profitability level. The study examines the influence of financing structures on performance of micro, small and medium-sized enterprises (MSMEs) in South Africa. The ordinary least squares (OLS) technique of measurement is applied to examine the effects of financing structure on performance across various industrial sectors in the years 2013, 2014 and 2015. The findings in this study indicate an increase in the use of leverage to drive the influence of total debt on performance in all industrial sectors of MSMEs in South Africa. From the cross-sectional regression analysis, the results show that financing structure has a negative effect on the profitability of MSMEs, although not absolutely. The findings show that the size of the enterprise, asset tangibility, and the ratio of current assets to current liabilities are the most influential of borrowing decisions in total debt, short-term debt, and long-term debt. A significantly negative effect is observed for long-term debt, while short-term debt (STDR) exhibits a significantly positive effect. Thus the influence on MSMEs’ leverage on performance is driven by the usage of short-term debt. The variables of size of the firm, and ratio of current assets to current liabilities, do not have the same effect in all debt levels; the significance is substantially higher for long-term debt than for total debt and short-term debt. On the other hand, our empirical results suggested that transactional costs, and an asymmetric information problem in smaller firms, may lead to a mainly negative influence on size and total debt. The asset structure on profitability observed across the years showed mixed experiences. The ratio of current assets to current liabilities was found to be positive and significant on long-term debt and short-term debt leverage.

Investment in hospitality firms is perceived to be riskier than investments in other types of industries. Based on literature linking good corporate governance to lower default risks and higher credit ratings, this quantitative study is designed to identify the effects of corporate governance on credit ratings in the hospitality industry. After exploring the various factors influencing the characteristics of corporate governance, as well as the specific risks for capital financing in hospitality firms, this research provides empirical evidence to show that hospitality firms with stronger shareholder influence tend to have higher credit ratings. In a related finding, this investigation confirms that hospitality stakeholders are able to evaluate their potential risks by determining a firm's credit ratings and can protect their long-term interest by increasing their power versus management in the corporate governance of the firm. / Master of Science

El presente proyecto es sobre la investigación y acompañamiento para que las medianas empresas en el Perú busquen financiamiento a través del Mercado Alternativo de Valores, nos muestra su viabilidad en base a las tasas y montos que le otorgan otros agentes financieros que existen en el mercado, que permitió detectar una oportunidad de negocio ya que existe mucha oferta, pero muy poco conocimiento de estos otros medios de financiamiento por parte de los clientes, lo que genera frustración en las empresas, y disminuye sus oportunidades de crecer, así como de impulsar nuestra economía y el sector formal de la misma. Para su puesta en marcha requerirá de un capital inicial de S/31,150.00, financiado en un 100% por los accionistas de la empresa, esperando recuperarlo el tercer año de operación. / The present project is about the investigation and accompaniment so that medium-sized companies in Peru seek financing through the Alternative Securities Market, it shows us its viability based on the rates and amounts that other financial agents that exist in the market, that allowed us to detect a business opportunity since there is a lot of supply, but very little knowledge of these other means of financing by customers, which generates frustration in companies, and decreases their opportunities to grow, as well as boost our economy and the formal sector of it. For its start-up, it will require an initial capital of S / 31,150.00, financed 100% by the company's shareholders, hoping to recover it in the third year of operation. / Trabajo de investigación

Dissertation Mats de Rooij Charles University Student Number: 17287595 ABSTRACT Keywords: ISIS oil financing strategy-making third-party interventions United States This dissertation will explore the US-led coalition's strategy for disrupting ISIS's oil network in Iraq and Syria. Scholars have debated the desirability of third-party interventions and strategies for countering financing structures of violent non- state actors. However, remarkably limited research exists on ISIS's estimated largest source of revenue during the existence of its caliphate: the production and distribution of petroleum. This study will therefore introduce a framework for analysing the military response enacted by the US-led coalition between September 2014 and October 2017. It will do so through a mixed method study that includes the first-hand generation and analysis of a dataset containing 5,768 unique data points that present both an insight into the strategy behind the strikes and vulnerabilities in ISIS's oil network. Findings demonstrate how the coalition was able to exploit vulnerabilities specifically in the production, transportation, and refinement stages of the production chain. It will be argued that, as the campaign proceeded, the coalition became increasingly willing to take risks of collateral damage as a...

Infrastructure construction underpins China’s socioeconomic development, and it is also an important guarantee for China to perpetuate sustainable economic growth in the long run. Fortified infrastructure construction projects, especially people’s livelihood projects, can not only fuel the healthy and sustainable development of China’s economy, but also complement the shortfall in comprehensively building a well-off society and effectively uplifting people’s inner fulfillment and happiness. Infrastructure construction highlights large capital investment and long recovery time in terms of capital utilization. Therefore, the investment in infrastructure construction in China has long relied on government fiscal funds. However, as infrastructure construction accelerates in China, local governments’ debts are growing bigger with higher risks behind and the central government has called local governments to deleverage and reduce debt. This was accompanied by increasingly prominent bottleneck of insufficient infrastructure construction funds. Therefore, it is of great practical significance to study how to expand financing channels for infrastructure construction to alleviate the pressure on government capital investment with innovative ways of thinking.This article uses a case study approach. Based on the in-depth analysis of the characteristics and investment preference of foreign insurance funds, this paper analyzes the significance and feasibility of introducing foreign insurance funds to invest in China's infrastructure construction. At the same time, this paper demonstrates the irreplaceable role of financial leasing companies funded by foreign insurance funds in connecting foreign insurance funds and domestic infrastructure construction, so as to build an innovative financial leasing model for infrastructure construction to attract foreign insurance funds to invest in China’s infrastructure construction. / Business Administration/Finance

Communities across the United States, of all sizes, have accepted that maintaining the automobile-centric design of their cities is not a sustainable way to plan for the future growth, public health or safety of their cities or citizens. As a result, communities have begun to embrace a shift in their design and engineering standards to allow for pedestrian and bicycle friendly facilities that safely accommodate and encourage mode choice. Through the collective will of the public and city leadership, communities are rapidly moving toward implementing plans and design standards that re-establish the public right of way as safe and accessible for pedestrians and bicyclists, as well as automobiles. However, in the face of increasingly diminished federal and state transportation funding, cities are looking toward creative local funding mechanisms to pay for their bicycle and pedestrian infrastructure. To understand the types of local funding being used, this thesis analyzes eleven different sized case study cities across the U.S. that are leaders in planning for, and implementing, multimodal capital projects and programs. These national leaders most widely used the county sales tax measure as a funding mechanism. Additional popular approaches were general fund allocations, transportation impact fees and bond issues. The case study analysis also revealed that cities often looked to more than one local funding source to fund their bicycle and pedestrian capital projects.

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