企業營運績效通常是以會計報表上的數字為參考，例如，資產報酬率(ROA)、每股盈餘(EPS)、股東權益報酬率(ROE)與資本報酬率(ROC)等，但這些數字通常受制於許多會計規範，且忽略股東資金成本，若只觀察這些會計數據可能無法忠實呈現一間公司的實際價值與績效。1995年由紐約Stern Stewart & Co.財務顧問公司所提出一個結合會計及經濟之觀念的財務績效衡量指標，現在已廣被使用作為企業價值的衡量工具。能夠以目前會計報表裡的資訊運用若干公式原理而更能充分的呈現在原始會計報表無法獲取的有用的訊息，而更能夠以投資者的角度觀察企業經營者所制定之決策是否以股東之權益為優先考量。本研究係採個案研究方式，分析經濟附加價值，並應用企業評價中自由現金流量折現法，經由三種假設情況下的情境分析，評估個案公司企業價值；最後透過敏感性分析拆解選取關鍵驅動因子，作為提供個案公司未來營運策略與方針之參考。 / The measurement of the firm’s performance usually rely on a lot of normal accounting statements, for example assets rate of returns (ROA ) , per share surplus (EPS ) , stockholder's equity rate of returns (ROE ) and rate of returns of capital (ROC ) ,etc. Those numbers have to follow the Generally Accepted Accounting Principles（GAAP）and ignore the cost of equity. If only observe those accounting numbers, it is hard to faithfully expressing the real value and performance of an enterprise. The Economics Value Added (EVA) concept was proposed in 1995 by the New York Stern Stewart & Co. financial adviser company. It combination of accounting and economic concepts based on financial performance measures. It can show some primitive useful message that accounting statement can't be obtained abundant at present. This concept has been widely be used as a measure of corporate value tool. Our research, which applies case study method, attempts to analyze the EVA value and determine the value of company S by using the discounted free cash flow model under three hypothetic scenarios. In addition, we conduct sensitivity analysis model to find the key value-driving factor of the company, which will be considered in planning future operating strategy.

本篇論文主要探討股利支付率與未來獲利能力成長的關聯性。過去相關文獻專注在股利變化率與未來盈餘成長的關係，股利支付率的文獻則較少。本研究以1991至2016年台灣上市、上櫃公司為樣本，利用固定效果模型來進行分析，實證結果發現股利支付率與未來獲利能力成長的關係呈顯著正相關。本研究根據文獻在迴歸模型中加入成長機會代理變數來檢驗股利支付率與未來獲利能力成長的正向關係是否能以自由現金流量假說解釋，實證結果與文獻一致，說明當成長機會愈低，台灣上市櫃公司之股利支付率與未來獲利能力成長之關聯性愈強，透過將剩餘的自由現金流量以股利發放的形式返還予股東，能減少公司之代理成本，市場上的投資機會未受到市場的競爭而使報酬率高於預期，因此出現公司股利支付率愈高，未來獲利能力成長愈高的現象。 / This study examines the relationship between dividend payout ratio and the growth of future profitability. Previous literatures mainly focused on the relationship between dividend change rate and future earnings growth instead of dividend payout ratio. The sample of this study includes companies listed on Taiwan Stock Exchange and the OTC market from 1991 to 2016. Results of the fixed effect model shows that there is a significantly positive relationship between dividend payout ratio and the growth of future profitability. Proxy variables for growth opportunities are used in the　fixed effect model to further verify whether the positive relationship can be explained by free cash flow theory. Our results support the explanation, indicating that the positive relationship between dividend payout ratio and the growth of future profitability is stronger when growth opportunities are low. Companies can reduce agency costs by paying out dividends to shareholders, and the returns of investment opportunities on the market are unaffected by competition force, which results in the counter-intuitive phenomenon of higher dividend payout ratio and subsequent growth of future profitability.

The purpose of this thesis is valuation of the Zentiva, k.s. enterprise. The value of this enterprise will be determined as of 1.1. 2014, using the discounted free cash flows valuation method. This thesis is divided into a theoretical and a practical section. The theoretical section acquaints readers with the key terms and methods used during valuation. The theoretical section includes a chapter about the pharmaceutical industry and will familiarise readers with current factors influencing this sector, such as price regulation in the field of medicaments, demographic development, life style and others, which have significant impact on determining the company's final value. The practical section consists of a description of Zentiva, k.s., a strategic analysis, financial analysis, execution of a financial plan and, finally, actual valuation. The result of this thesis is valuation of the enterprise, taking into account socio- economic factors to determine its final value.

The subject of establishing the market value is PKS MONT stock company specializing in the production of windows and doors made of plastic, wood and aluminum. It is a company founded in 1996 as a member of PKS holding companies which are targeting mainly on building sector. The mentioned company realized an important investment in modernization of production facilities in 2009. Size of the investment exceeded CZK 120 mil., more than 90 % total assets of the previous year. The market in which the company operates is undergoing a crisis due to the economy decrease. This situation has a negative impact on the indebted company. The main impact of decline in demand is expected in 2011, first year of financial plan. The financial plan is built on the current corporate financial policy and in many cases modified in response to predicted market developments with covering company possibilities to find permanent use in the increasing competition. The main purpose of the thesis is determination the company market value based on discounted free cash flows from business activities. Predicted free cash flows affected decline in demand in 2011 and necessity of permanent investments in modernization of production facilities in order to maintain technical and technological progress with competition and with the market. The financial plan forecast can help management to focus on possible scenario of future development and adapt it their next steps. Each project is based on assumptions and level of risk, which can act positively or negatively on the assumptions set. Therefore, the conclusion is devoted to risk analysis tests changes in result depending on probability distribution all analyzed assumptions.

The main goal of this master's thesis is to estimate a value of company PHOENIX lékárenský velkoobchod a.s. the largest pharmaceutical distributor in the Czech Republic as of 31st January of 2014. Information regarding the value of the company is utilized by the management of the company. First part of this thesis serves as theoretical summary of used analytical technics. The second and the most important part of this thesis focuses on estimation of the value of the company, to analyse its position on the czech market, to analyze its financial health and to prepare actual financial plan. The primary method used for evaluation of the company is free cash flow to the firm. In order to present suitable comparison, Economic Value Added method is used as well.

The master's thesis deals with the evaluation of a specific investment opportunity on the private equity real estate market in the Czech republic. The analysed investment project offers rare opportunity to create additional cash flow to the project under the management of the new owner. The theoretical part will define the core problematic of investment decision making process and the evaluation of investments. Practical part is focused on building a projection of cash flow and analysis of various return scenarios by using the internal rate of return as a key financial criteria to evaluate the investment opportunity.

The objective of diploma thesis is about to define a value of a international group AAA Auto Group N. V. which operates on the czech, slovak and russian market with used cars and analysis of an ability to increase shareholder's value in the future. It is structured as an expert opinion. It defines purpose, subject and exact date of valuation, valuation method's overview, strategic (macro and micro) and financial group analysis on the main markets. Consolidated financial plan was created as a prediction with a quick financial analysis. Group was evaluated by three discounted-based method - free cash flow to firm, free cash flow to equity, discounted economic value added as they were compared to market capitalization method. Final group value AAA Auto Group N. V. to 7th of December 2012 was defined by free cash flow to equity method and compared to market capitalization method, which is determined by the market.

This diploma thesis deals with the company valuation. It contains theoretical background of valuation and description of the most important current methods and attitudes towards determination of market, liquidation and book company value. Subsequently, the theoretical methods are applied on the data of company EUROliftCZ s.r.o. Therefore financial, SWOT and strategic analysis is implemented and future development is forecasted. In concluding part different levels of company value are proposed. The outcome of the thesis is to be used by owners of the company.

Free cash flow and capital structure is a widely covered topic, with several studies conducted in previous years and markets. We set out to examine the possible effects of free cash flow and capital structure on the Stockholm Nasdaq OMX between the years 2018 and 2022. Regarding this period, no previous studies had been conducted that consisted of a population encompassing an entire market. We decided to employ a deductive approach to perform our quantitative research. Using the ORBIS database, we gathered data regarding variables free cash flow, debt ratio, debt-equity ratio, asset turnover ratio, return on equity and return on assets. Return on equity and return on assets worked as our dependent variables, with free cash flow, debt ratio, debt-equity ratio and asset turnover ratio as independent variables. After testing the data for heteroskedasticity and autocorrelation, a fixed effects regression model was both constructed and examined along with a Pearson’s correlation test.  Our results indicated a significant negative relationship between free cash flow and return on equity, as well as a significant positive relationship between asset turnover ratio and return on equity. From these results, we gathered we had detected evidence to support the financial slack theory, which is a theory that highlights the importance of keeping an excess of resources to use when needed. The theory advocates using additional resources and not allowing an overflow of assets to gather dust in inventory.

The main target of this thesis is to determine the value of the company Povltavské mlékárny, a.s. The thesis is divided into two parts, theoretical and practical. There is described the basic steps of the valuation process and some methods in the theoretical part. In the practical part there are used these methods to determine the value of the company. For the valuation a discounted free cash flow to the equity method in two stage model was used.