在現今的經濟、法律、政治環境下，許多企業因為法律、稅務、競爭策略等之考量，已不再以法律上單一企業個體進行所有商業行為，也許會以成立子公司或透過股權收購擁有或控制其他企業，以達到特定的目的。財務會計準則公報第七號即針對此點，認為在經濟實質重於法律形式之基礎下，當一企業實質上可控制另一企業時，雖然在法律上其為相互獨立的個體，但基於經濟實質之考量，其應屬於同一個體，因此，合併財務報表之規定因應而生。合併財務報表與一般以權益法處理長期投資之母公司財務報表，最大不同處即在對長期股權投資及投資收益之處理，合併財務報表將母公司財務報表中之長期股權投資及投資收益分解為子公司資產、負債及本期淨利之組成要素，再與母公司財務報表合併，此即所謂「全面合併」。理論上，合併財務報表應較母公司財務報表更能清楚表達一經濟個體之財務狀況、經營成果及現金流量，讓報表使用人看的更清楚。 本研究參考Ou and Penman(1989)及 Holthausen and Larcker(1992)之研究，以財務比率預測企業未來每股盈餘變動方向及股價異常報酬方向。以民國八十六年至民國九十年五年間同時編製母公司及合併財務報表之113家上市公司為觀察公司，並以八十六年至八十九年為估計期間，以財務比率分別建構兩套財務報表之預測模式，將預測模式代入民國九十年之中，預測民國九十一年之每股盈餘變動方向以及股價異常報酬方向，再比較兩套財務報表之預測能力。 實證結果發現，因為兩套財務報表在許多項目金額均相異，所以若以財務比率分析一企業，兩套財務報表的確具不同之意涵，但若將財務比率預測每股盈餘變動方向以及股價異常報酬方向，兩套財務報表的預測能力並未通過統計上之顯著差異，無法得到合併財務報表因其資訊內涵較佳，其預測能力較母公司財務報表為佳之結論。在實證過程中，受到資料取得之限制及許多假設的影響，均可能對此研究結果造成影響。

The master thesis deals with the economic analysis of the company EYELEVEL s.r.o. The aim of the thesis is to evaluate economic situation of the company, to identify threats and opportunities that arise from its surrounding. On the basis of the conclusion strengths and weaknesses of the company are formulated with the recommendation in order to improve their current situation. The thesis is split into two parts, theoretical one and practical one. The theoretical part defines theoretical and methodological starting points. The principles and basic terms of the particular methods of financial analysis and the strategic analysis of the company´s surrounding were mentioned there as well. The company EYELEVEL s.r.o is for the first time introduced in the practical part. Then PEST analysis, PORTER analysis and financial analysis, the main concern of the thesis, are followed. All the results are summarize in the conclusion.

This diploma thesis deals with creation of financial plan for company IMI International, Ltd. The theoretical part defines basic concept of financial analysis and financial plan and their methods of processing. The practical part evaluates financial situation of company with usage of selected methods from financial analysis and accounting data from the years 2010 – 2015. Based on the information from financial analysis is prepared financial plan for next period 2016 - 2020.

The diploma thesis focuses on determine the financial health selected company in years 2005 – 2009. Methods of marketing situational analysis and methods of financial analysis are used in the diploma thesis. Based on the results of this analysis are made suggestions to improve the financial situation of the company.

The thesis is focused on evaluating the performance of company with using selected indicators of financial analysis. The first part introduce the company ANA-AQUALINE Ltd. over the period 2007-2009. In the second part is explained the financial analysis from a theoretical point of view and in the next part is implemented theory in practice. The last part describes the proposal of investment, which should help improve the economic and financial situation.

Leasing means that a company rents out an asset to another company and is increasingly used as a source of financing. The standard provider International Accounting Standards Board, together with the Financial Accounting Standards Board, published a new standard in 2016, IFRS 16 Leases, which replaced the previous standard IAS 17 Leases. The main change is to eliminate the difference between financial leases and operational leases by reporting the assets and liabilities in the balance sheet, with the exception of the agreements that run for one year and are of little value. The standard is expected to affect the companies balance sheet, income statement and cash flow analysis. The purpose of the study is to give an account on the current standard, to investigate the extent to which the financial reports of Swedish listed companies are affected and to examine how sectors at Nasdaq Stockholm are affected by the transition. The study is based on 2019 financial reports for the first quarter of the 11 Swedish GICS sectors listed on Nasdaq Stockholm to calculate the key financial ratios; EBIT, EBITDA, ROA and debt/equity ratio. The results of the survey showed that the sectors as a whole received a minimal change after the transition, however, some sectors were affected more than the general change. The key financial ratios EBIT, EBITDA and debt/equity ratio were positively impacted, while ROA was negatively affected by the transition. EBIT median increased by 1,21 percent, EBITDA increased in the median by 6,95 percent, debt/equity ratio increased in the median by 9,38 percent and ROA decreased by 1,74 percent in the median. The consumer discretionary sector was most affected, while the utilities sector was least affected by the transition to the new lease standard. / Leasing innebär att ett företag hyr ut en tillgång till ett annat företag och används alltmer som en finansieringskälla. Normgivaren International Accounting Standards Board har tillsammans med Financial Accounting Standards Board publicerat en ny standard år 2016, IFRS 16 Leasing, vilket ersatte den tidigare standarden IAS 17 Redovisning av leasingavtal. Den huvudsakliga förändringen är att eliminera skillnaden mellan finansiell leasing och operationell leasing genom att redovisa samtliga tillgångar och skulder i balansräkningen, med undantag för de avtal som löper under ett år och är av ringa värde. Standarden förväntas påverka företagens balansräkning, resultaträkning och kassaflödesanalys. Syftet med studien är att redogöra kring den nuvarande standarden, undersöka i vilken utsträckning finansiella rapporterna hos svenska börsnoterade företag påverkas samt undersöka hur sektorerna på Nasdaq Stockholm påverkas av övergången. Studien har utgått från 2019 års finansiella rapporter för första kvartalet hos de 11 svenska GICS sektorerna som är listade på Nasdaq Stockholm för att beräkna nyckeltalen; EBIT, EBITDA, ROA och skuldsättningsgrad. Resultatet av undersökningen visade att sektorerna i helhet fick en minimal förändring efter övergången, dock påverkades vissa sektorer mer än den generella förändringen. Nyckeltalen EBIT, EBITDA och skuldsättningsgrad påverkades positivt, medan ROA påverkades negativt av övergången. EBIT ökade i median med 1,21 procent, EBITDA ökade i median med 6,95 procent, skuldsättningsgrad ökade i median med 9,38 procent och ROA minskade med 1,74 procent i median. Sektorn sällanköpsvaror påverkades mest medan sektorn kraftförsörjning påverkades minst av övergången till den nya leasingstandarden.

Syftet med detta arbete är att undersöka hur överavkastning på aktiebörsen kan uppnås, genom att applicera investeringsstrategier som utgår ifrån portföljanalys. Studien inriktar sig på fastighetsbolag där svenska, europeiska och amerikanska bolag ingår. Metoden utgår ifrån att vikta innehaven i portföljerna genom användningen av finansiella nyckeltal. De beaktade nyckeltalen utgörs av P/E, EV/S, ROIC och soliditet. Portföljerna viktas periodvis utefter ett antal hypoteser som tagits fram. Hypoteserna berör vilka värden på respektive nyckeltal som anses vara mest fördelaktiga ur ett investeringsperspektiv. Studien syftar till att ta fram vilka nyckeltal som är kritiska för en överavkastning i fastighetsaktier. Utfallet av undersökningen visade på en överavkastning i åtta av elva portföljer, vilket togs fram genom användandet av jämförelseindex. Studien ledde fram till slutsatsen att en av fyra hypoteser inte kunde förkastas, medan övriga förkastades med bakgrund av det kvantitativa resultatet. Genom tillämpning av den kvantitativa metod som genomförs i vår studie påvisas att EV/S är det enda nyckeltalet, av urvalet, som en investeringsstrategi kan baseras på för att uppnå en överavkastning gentemot ett relevant index. / This study revolves around reaching high returns on the stock exchange by applying investment strategies based on portfolio analysis. The research focuses on real estate companies within the Swedish, European and American stock exchange. By using financial ratios, P/E, EV/S, ROIC and Equity Ratio, the portfolios and its returns are optimized by a method of weighing. The shares within the portfolios are weighed periodically depending on a variety of hypotheses regarding the financial ratios and its values. The hypotheses have been developed to maximize the returns from an investment perspective. The study is trying to reach a consensus of which financial ratios are crucial within real estate companies to reach a high return. By using different indexes, the result showed that eight out of eleven portfolios reached an excess return. A conclusion was reached; one of four financial ratios are of great importance when trying to reach an excess return by investing in real estate companies. By applying the study’s quantitative method, it is shown that EV/S is the only financial ratio out of the selected that can be used in this investment strategy to achieve excess return, when compared to relevant indexes.

本研究主要係探討財務比率資訊對外國專業投資機構投資決策之資訊內涵。主要實證議題包括：（一）探討不同產業下，影響外資投資策略之重要財務屬性為何？（二）前述財務屬性與外資持股變動之關係；及（三）財務比率資訊對外資持股變動之解釋能力是否因產業別之不同而有所差異？ 本研究以民國84年至88年間之台灣上市電子業、紡織業、塑膠業、食品業公司為樣本，首先運用因素分析將十八項財務比率萃取出獲利能力、償債能力、經營能力、帳款變現性及財務結構等五個不同構面的財務屬性，並加入公司規模、本益比及產業加權指數變動作為控制變數，以迴歸模式進行產業別分析。 實證研究結果發現，就整體而言，獲利能力為外資持股最具決策攸關性之財務屬性。就個別財務因素觀之，獲利能力、經營能力、帳款變現性及財務結構屬性均符合本研究假說預期與外資平均持股比例呈正向關係。償債能力屬性在電子業、紡織業及食品業均與預期相符呈正相關，僅在塑膠業與外資持股呈現負相關，與預期假說相違。由於負債比對償債能力屬性之影響為負向，故負相關之研究結果表示負債比相較於其他財務比率對塑膠產業樣本公司之償債能力屬性具更明顯的影響力。如併考量塑膠業之流動比及速動比均較其他產業為高之情形，此發現可能意謂，外資基於塑膠業之產業特性，並不希望塑膠業公司積壓過多資源而導致喪失投資獲利的機會。 此外，實證結果亦顯示，迴歸模式之解釋力在不同產業下確實存在產業之差異性，故產業性質對財務比率分析具有重要影響力。 / By examining whether the detailed financial ratios are informative about subsequent changes in Qualified Foreign Institutional Investors’(QFII) shareholdings, this thesis investigates the usefulness of accounting fundamental signals in the QFII investment decisions. Using a sample of firms listed in Taiwan Stock Exchange from electronics, textile, plastic and food industries over the period of 1995 to 1999, this thesis explores three empirical issues: (1) What are the important financial attributes for QFII’s investment decisions, measured in terms of changes in QFII shareholdings of specific companies? (2) The relationship between the shareholding change and the financial attributes. And (3) Would such relationship differentiate across industries? Based upon a factor analysis approach, this thesis first extracts 18 financial ratios into five dimensions of financial attributes: profitability, operating management, account receivable turnover, liquidity, and financial structure. By incorporating these five financial attributes with company size, price-earning ratio and industrial stock price index into a multiple regression, the relationship between financial attributes and QFII shareholdings is then investigated. The empirical findings indicate that profitability is the most relevant factor that affects the QFII shareholdings. The evidence also shows that consistent with the hypothesis, profitability, operating management, accounts receivable turnover, and financial structure are significantly and positively associated with QFII shareholdings for all industries related. With the exception of the plastic industry, liquidity is negatively related to QFII shareholdings. There is cross-industry difference in explanatory power of regression models used. This result might thus imply that industry factor plays a role in the usefulness of financial ratio analysis.

The aim of diploma thesis is to carry out economic analysis of chosen company - CARLA spol. s r. o. - within the years 2007 -- 2011 and to compare company results from economic analysis with data from the food industry. Diploma thesis contains of three main parts. First theoretical part presents basic methods and models important for the elaboration of economic analysis. Second part presents chosen company -- its history, products, ownership structure and also analysis of the microenvironment and macroenvironment of the company. In the third part, financial health of the company is analyzed and evaluated with the usage of models from theoretical part -- horizontal and vertical analysis, financial ratio analysis, credibility and bankruptcy models, Economic value added and other analysis. In the conclusion of the diploma thesis, all findings and recommendations are summarized.

Hereby presented diploma thesis "Financial analysis of ŠKODA AUTO a.s." introduces the financial performance of the joint-stock company ŠKODA AUTO and attempts to provide with comprehensive in-depth analysis and to determine financial situation over the period from 2009 to 2013. The work comprises two main parts- theoretical and practical. The first part discusses theoretical issues related to financial analysis and establishes framework for further implementation of methodology. It involves purpose and objectives of financial analysis, resources employed to conduct research and methods and techniques, namely, horizontal and vertical analysis, financial ratios and models for financial health assessment. The second part describes company profile, industry analysis and particularly focuses on implementation of financial analysis of ŠKODA AUTO. This research is processed on the basis of financial data derived from the annual reports of the firm, which are available for public. In order to evaluate the company's performance and demonstrate its development various approaches are applied. Specifically, I will implement trend and vertical analysis of the balance sheet and the income statement, analyze the cash-flow statement and compute the following financial ratios: liquidity, profitability, activity, debt and solvency indicators. In addition, DuPont decomposition of return on equity (ROE) will be presented. Furthermore, analysis of financial health and credibility of the firm represented by the Beaver Test, Kralicek Quick Test and the Altman-score model will scrutinize the company's stability, profitability and creditworthiness as well as assess the threat of bankruptcy. In the conclusion all results of conducted financial analysis are summarized and evaluated.