This thesis deals with fundraising of non-profit organisations. The scope of the thesis is to provide the reader with basic information about fundraising, and to apply this information in order to evaluate the fundraising of a selected non-profit organisation. First of all, this work defines the non-profit sector and its long-term sustainability, then the work deals with the fundraising itself. Issues connected with credibility of the organisation and its webpages are included in the part concerning fundraising.These factors establish a competitive advantage in activities that are focused on fundraising. These theoretical foundations are applied on a chosen non-profit organisation, and additionaly, the webpages of the organisation are also analysed, and an ASNO14 non-profit organisation reliability analysis is carried out. The data used in the practical part was collected through an analysis of annual reports of the organisation, webpage analysis and through a personal interview. The ending of this thesis includes an overall evaluation and improvement proposals.

I denna uppsats undersöks genom en kvalitativ metod vilka finansieringssätt somkommunala bostadsbolag använder sig av samt hur räntehöjningarna i Sverige det senasteåret har påverkat de kommunala bostadsbolagens verksamhet och agerande. För attbesvara frågeställningen har intervjuer genomförts med sju olika kommunala bostadsbolagoch med den kommunala långivaren Kommuninvest. Informationen från dessa intervjuer harsedan sammanställts och analyserats för att komma fram till ett resultat och en slutsats.Resultatet av den kvalitativa undersökningen visar att kommunala bostadsbolag till skillnadfrån privata bostadsbolag inte måste förlita sig på att låna kapital på egen hand utanuteslutande lånar med hjälp av kommunen man tillhör genom antingen en kommunalinternbank eller ett kommunalt borgensåtagande. Följaktligen får kommunala bostadsbolag iregel mer fördelaktiga lånevillkor och billigare ränta än privata bostadsbolag eftersomkommuner anses vara stabilare låntagare än enskilda företag och i de flesta fall har enväldigt god kreditrating.Slutsatsen av studien är att kommunala bostadsbolag väljer finansieringssätt främst utifrånstorleken på bostadsbolaget och kommunen som det är beläget i, vilket finansieringssätt somär billigast för tillfället samt vilka preferenser personerna som arbetar med inlåning ochfinansiering i bostadsbolagen har kring de olika finansieringssätten. En gemensam nämnareär dock att i stort sett alla kommunala bostadsbolag förutom ett fåtal lånar av Kommuninvestsom har konkurrerat ut affärsbankerna de senaste åren och blivit den överlägset vanligastefinansieringskällan för kommunala bostadsbolag.Undersökningen visade också att kommunala bostadsbolag inte har påverkats nämnvärt avdet senaste årets ränteökningar eftersom många bolag har haft långa bindningstider medfast ränta, en mindre andel rörlig ränta i låneportföljen samt andra skydd mot ränteriskensom exempelvis räntetak. Därför har andra kostnadsökningar som orsakats av den kraftigtökade inflationen varit mer betydande. Dock kommer ränteökningarna att få en störrepåverkan på många av bostadsbolagen de kommande åren eftersom många bolag har lånsom löper ut under den perioden och då kommer behöva förnya dessa lån till en högre ränta. / In this essay, a qualitative method is used to examine which financing methods municipalreal estate companies use and how the interest rate increase in Sweden the past year hasaffected the municipal real estate companies' operations and actions. To answer thequestion, interviews with seven various municipal real estate companies were conducted andone with the municipal lender Kommuninvest. The information from these interviews has thenbeen compiled and analyzed to present a result and a conclusion.The results of the qualitative study show that, unlike private real estate companies, municipalreal estate companies don't have to rely on borrowing capital on their own, but exclusivelyborrow with the help of the municipality they belong to through either a municipal internalbank or a municipal guarantee commitment. Consequently, municipal real estate companiesusually receive more favorable loan terms and cheaper interest rates than private real estatecompanies because municipalities are considered to be more stable borrowers thanindividual companies and in most cases they have a very good credit rating.The conclusion of the study is that municipal real estate companies choose financingmethods primarily based on the size of the real estate company and the municipality in whichit is located, the cheapest financing method at the moment and what preferences the peoplewho work with deposits and financing in the housing companies have regarding the variousfinancing methods. A common denominator, however, is that virtually all municipal realestate companies, apart from a few, borrow from Kommuninvest, which has out-competedthe commercial banks in recent years and become by far the most common source offinancing for municipal real estate companies.The study also showed that municipal real estate companies haven’t been significantlyaffected by the past year's interest rate increases because most of them have had long-termfixed interest rates, a smaller proportion of variable interest rates in the loan portfolio andother protections against interest rate risks such as interest rate caps. Therefore, other costincreases caused by the sharply increased inflation have been more significant. However,the interest rate increases will have a greater impact on several real estate companies in theupcoming years because many companies have loans that expire during that period and willhave to renew these loans at a higher interest rate.

Small and medium enterprises (SMEs), which account for 96% of businesses in Nigeria are often forced to close because they lack access to funds. The purpose of this multiple case study was to explore the sources of funds available for the development and growth of SMEs in Nigeria. The conceptual framework guiding this study was the pecking order theory. Data were gathered from company documents and through semistructured interviews of a target population of 3 leaders of 3 SMEs from the oil and gas industry in Abuja, Kano, and Lagos in Nigeria, with a capitalization of between N5 million to N500 million. Data were compiled and organized, disassembled into fragments, reassembled into a sequence of groups, and interpreted for meaning. Member checking and triangulation of sources between the interviews and company documents added to the trustworthiness of the findings. Two themes morphed from the study: sources of business finance for SMEs and constraints of sourcing of finance for business. The implications for positive social change include the potential to create employment opportunities for youths in the communities by enabling SMEs in Nigeria to succeed and expand through the identification of sources of funding.

A comparação entre duas teorias na área de finanças sobre estrutura de capital nas empresas é o objetivo deste trabalho. Usando testes desenvolvidos por Shyam-Sunder & Myers (1999) e Rajan & Zingales (1995), os dados de empresas brasileiras, não financeiras, de capital aberto foram analisados entre os anos de 2000 e 2010 para verificar se preferiram os comportamentos previstos na Static Trade-off Theory ou os da Pecking Order Theory. As maneiras de se financiar e as causas e conseqüências dessas decisões nas empresas são importantes questões que vêm sendo debatidas em inúmeros trabalhos acadêmicos. Este trabalho procurou analisar a bibliografia relacionada ao tema e replicar testes realizados no exterior, visando verificar as semelhanças, diferenças e os motivos relacionados a tais resultados. Os resultados obtidos apontam para a provável preferência do comportamento previsto pela Pecking Order Theory, isto é, as empresas estudadas, no período analisado, usaram, em primeiro lugar, recursos gerados internamente (caixa operacional), usando em segundo lugar recursos de terceiros, por meio de empréstimos bancários ou emissão de debêntures, somente emitindo ações como última alternativa. Outra conclusão foi que as empresas brasileiras de capital aberto provavelmente não procuram alcançar ou manter uma meta ideal de endividamento, que equilibre os custos e benefícios gerados pelos empréstimos. / The comparison between two theories in the finance area of capital structure in business is the goal of this work. Using tests developed by Shyam-Sunder & Myers (1999) and Rajan & Zingales (1995), the data of Brazilian non-financial publicly traded were analyzed between the years 2000 and 2010 to determine whether they preferred the expected behaviors in the Static Trade-off Theory or the Pecking Order Theory. The ways to finance and the causes and consequences of these decisions in organizations are important issues that have been discussed in numerous scholarly works. This study sought to examine the literature related to the theme and replicating tests performed abroad in order to verify the similarities, differences and the reasons related to such results. The results indicate the problabe preference behavior provided by Pecking Order Theory, ie the companies studied in the period analyzed, used, first, internally generated funds (operating cash), second using third-party funds through bank loans or issuance of bonds or issuance of bonds, sending shares only as a last resort. Another conclusion is that Brazilian companies traded problaby did not seek to achieve or maintain an ideal goal of indebtedness, wich balances the costs and benefits generated by the loans.

A comparação entre duas teorias na área de finanças sobre estrutura de capital nas empresas é o objetivo deste trabalho. Usando testes desenvolvidos por Shyam-Sunder & Myers (1999) e Rajan & Zingales (1995), os dados de empresas brasileiras, não financeiras, de capital aberto foram analisados entre os anos de 2000 e 2010 para verificar se preferiram os comportamentos previstos na Static Trade-off Theory ou os da Pecking Order Theory. As maneiras de se financiar e as causas e conseqüências dessas decisões nas empresas são importantes questões que vêm sendo debatidas em inúmeros trabalhos acadêmicos. Este trabalho procurou analisar a bibliografia relacionada ao tema e replicar testes realizados no exterior, visando verificar as semelhanças, diferenças e os motivos relacionados a tais resultados. Os resultados obtidos apontam para a provável preferência do comportamento previsto pela Pecking Order Theory, isto é, as empresas estudadas, no período analisado, usaram, em primeiro lugar, recursos gerados internamente (caixa operacional), usando em segundo lugar recursos de terceiros, por meio de empréstimos bancários ou emissão de debêntures, somente emitindo ações como última alternativa. Outra conclusão foi que as empresas brasileiras de capital aberto provavelmente não procuram alcançar ou manter uma meta ideal de endividamento, que equilibre os custos e benefícios gerados pelos empréstimos. / The comparison between two theories in the finance area of capital structure in business is the goal of this work. Using tests developed by Shyam-Sunder & Myers (1999) and Rajan & Zingales (1995), the data of Brazilian non-financial publicly traded were analyzed between the years 2000 and 2010 to determine whether they preferred the expected behaviors in the Static Trade-off Theory or the Pecking Order Theory. The ways to finance and the causes and consequences of these decisions in organizations are important issues that have been discussed in numerous scholarly works. This study sought to examine the literature related to the theme and replicating tests performed abroad in order to verify the similarities, differences and the reasons related to such results. The results indicate the problabe preference behavior provided by Pecking Order Theory, ie the companies studied in the period analyzed, used, first, internally generated funds (operating cash), second using third-party funds through bank loans or issuance of bonds or issuance of bonds, sending shares only as a last resort. Another conclusion is that Brazilian companies traded problaby did not seek to achieve or maintain an ideal goal of indebtedness, wich balances the costs and benefits generated by the loans.

This thesis deals with analysis of selected allowance organization. One of the goals is to analyze the sources of financing subsidized organizations in general and in selected allowance organization. The thesis also deals with accounting and analysis of financial statements. Analysis was performed in the horizontal and vertical analysis of the balance sheet and profit and loss selected allowance organizations.

The thesis proposed considering of the financial management and accounting of the allowance organisation in connection with the mentioned facts. Theoretical knowledge was applied to the Primary School in Březnice. This thesis consists of two chapters which are related to each other. The first chapter pertains to literary overview which is devoted to general characteristics of the above mentioned theme and legislative definition of the allowance organisations, this means attitude, function and obligations of allowance organisation, management of allowance organisation, commonly reachable sources of financing, budget scheme of school and educational institutions, money fund formations of allowance organisations and accountancy administration procedure. The second chapter is devoted to the practical part. Characteristics of the chosen allowance organisation is described in the introduction of this part. The organisation founder is the city of Březnice including the personal order and facts about units which belong to the Primary school. Thereinafter the accountancy administration procedure is qualified - directive accounting scheme + accounting schedule of the organisation, the list of evidencial and accounting books, accounting documents and their flow, methods of finance recording of financial accounts. Contemporaneously, the analysis of the single financial sources was implemented. The financial analysis related to financial management evaluation was made on the basics of the accounting statements - balance-sheet, profit and loss report, and the accounting balance enclosure from 2007 - 2009.

This dissertation deals with the funding possibilities of business plan of Sun Marketing, s.r.o. In terms of theoretic peaces of knowledge and of obtained information takes in proposal of optimal alternate of business plan financing.

This master´s thesis concerns with evaluation of financial situation of the company by means of financial analysis of its accounts and tries to propose alteration in capital structure of the company. This thesis contains theoretical, analytical and proposal part. The theoretical part concerns explanation of basic ideas and methods of financial analysis and sources of company financing, analytical part evaluate the financial situation of the company in last five years. End of this thesis indicate potential improvement of the financial situation through change in capital structure.

Cette thèse se compose de quatre essais portant sur les effets des contraintes de financement sur l'utilisation du crédit commercial (TC) et d'autres sources alternatives de financement des entreprises. Dans le premier essai, nous étudions les effets des contraintes sur l'emprunt bancaire (BL) sur l'utilisation du TC par les entreprises vietnamiennes. Nous étudions plus particulièrement l’effet de la taille sur le choix entre les deux types de financement. Nous constatons que les grandes entreprises lorsqu’elles sont rationnées sur les BL comptent plus sur le TC que les petites et moyennes entreprises (PME). En particulier, nous constatons que les grandes entreprises dont la demande de crédit a été refusée utilisent plus de TC tandis que les PME dans la même situation en utilisent moins. Dans le deuxième essai, nous étudions les effets des contraintes sur les BL sur l’utilisation du TC en fonction de la taille et de l'âge des entreprises ainsi que du développement institutionnel des différents pays. Nos résultats suggèrent que le TC et le BL ont tendance à être des substituts pour les entreprises les plus grandes, les plus âgés et lesquelles situées dans les pays développés (développement institutionnel plus fort). En revanche, le TC et le BL sont complémentaires pour les entreprises les plus jeunes, les plus petites et lesquelles situées dans les pays en développement (développement institutionnel faible). Ce résultat est particulièrement net dans le cas où la demande de crédit est refusée. Dans notre troisième essai, nous étudions les effets des contraintes sur les BL sur l'utilisation de six sources alternatives de financement par les PME dans le monde entier. Les formes de financement étudiées sont: le TC, le crédit-bail, les cartes de crédit, la finance informelle, les fonds provenant de la famille et des amis et les capitaux propres. Nos résultats suggèrent généralement que les PME rationnées par les banques ont tendance à compter davantage sur les fonds de la famille et des amis et sur les prêts des usuriers. Nous trouvons aussi qu'elles utilisent les modes de financement alternatifs plutôt pour financer le fonds de roulement que pour financer de nouveaux investissements. Dans le dernier essai, à partir d’un échantillon d'entreprises non financières du S&P 500, nous examinons l'interaction entre l'utilisation du papier commercial (CP), des lignes de crédit bancaire (CL) et du TC sur la période 2003 à 2014. Nos résultats suggèrent que les entreprises avec le risque de refinancement le plus élevé empruntent plus sous la forme de CL et de TC que sous la forme de CP. Cet effet est plus fort pour les CL. Nous constatons également que plus le niveau d'asymétrie d’information est fort, plus les entreprises utilisent les CL et le TC par rapport à CP. En revanche, plus les problèmes d'aléa moral sont graves, plus les entreprises favorisent les CP par rapport aux CL et TC. / This thesis consists of four essays investigating the effects of financing constraints on firms' use of trade credit (TC) and other alternative financing sources. In the first essay, we investigate the effects of bank loan (BL) constraints on the use of TC by Vietnamese firms across size. We find that bank-constrained large firms rely on TC more than bank-constrained Small and Medium-sized Enterprises (SMEs). Particularly, we find that denied large firms use more TC whereas denied SMEs use less of it. In the second essay, we study the effects of BL constraints on firm's use of TC across size, age and institutional development by using an international sample. Our results suggest that TC and BL tend to be substitutes for larger, older firms and those in developed countries with stronger institutional development; and complements for smaller, younger firms and those in developing countries with weaker institutional development, especially when constraints relate to credit denial. In our third essay, we investigate the effects of BL constraints on the use of six alternative financing sources by SMEs worldwide, i.e. TC, leasing, credit cards, informal finance, sources from family and friends and equity. Our results generally suggest that bank-constrained SMEs tend to rely more on sources from family and friends and those from money lenders. We also find that they use alternative financing to finance working capital requirement to a greater extent as compared to new investments. In the last essay, by using a sample of nonfinancial S&P 500 firms, we examine the interplay between the use of commercial paper (CP), bank credit lines (CL) and TC for the period 2003-2014. Our results suggest that firms with higher rollover risk borrow more from CL and TC relative to CP with a stronger effect for CL. We also find that higher level of asymmetric information is associated with more usage of CL and TC relative to CP while more severe moral hazard problems are associated with more usage of CP relative to CL and TC.