by Lee Sui Hung, Yeung Ying Ying, Angel. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 108-109). / ABSTRACT --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF ILLUSTRATIONS --- p.viii / LIST OF TABLES --- p.ix / Chapter / Chapter I. --- Introduction --- p.1 / Summary --- p.1 / Methodology --- p.2 / Chapter II. --- OVERVIEW OF HK MANUFACTURING COMPANIES INVOLVED IN CHINA PROPERTY MARKET --- p.4 / Rationale shift of business focus --- p.4 / Opportunities to Access to China Property Market --- p.5 / Optimistic View on China Property Market --- p.5 / Strategic Considerations --- p.8 / Company Profile --- p.8 / Habour Ring International Holdings --- p.9 / Luks International Co. Ltd --- p.10 / Chuang's China Investment Ltd --- p.11 / Shell Electronic Manufacturing (Holdings) Co. Ltd --- p.11 / Immediate Responses in Capital Market --- p.12 / Downturn of Property Market in China --- p.13 / Chapter III. --- INVESTING IN CHINA PROPERTY MARKET --- p.16 / Demand Side --- p.16 / Domestic Demand --- p.16 / Individual property purchase --- p.17 / Population growth --- p.17 / Improvement of living standard --- p.17 / Overseas Demand --- p.18 / Relatives at homeland --- p.18 / Expatriate demand --- p.19 / Vacation and investment demand --- p.19 / Supply Side --- p.19 / Government --- p.19 / Welfare House --- p.20 / Squeezed profit house --- p.20 / Commodity Premise --- p.20 / Multi-level and high-rise residential properties --- p.20 / Hotel-flat and villa --- p.20 / Foreign Investment --- p.21 / Secondary Market --- p.21 / Key Successful Factors in China Property Market --- p.21 / Macro Environment and Market Sentiment --- p.22 / Monetary policies --- p.22 / Regulatory and taxation policies --- p.23 / Project Analysis: Demand Potential --- p.24 / Property location --- p.24 / Transportation --- p.25 / Hard and software availability --- p.25 / Domestic demand potential --- p.25 / Economic dependency and overseas demand --- p.27 / Project Planning and Operations --- p.27 / Scale --- p.27 / Time span and cash flow position --- p.28 / Pre-sales and Cash Flow Position --- p.28 / Marketing Strategies --- p.29 / Company --- p.29 / Credibility --- p.29 / Other Business Performance --- p.29 / Experience and Expertise --- p.29 / Management Attitude --- p.30 / Chapter IV. --- EXTERNAL ANALYSIS OF ASIA COMMERCIAL: THE IDENTIFICATION OF INDUSTRY OPPORTUNITIES AND THREATS --- p.31 / Company Background --- p.31 / External Analysis: The Identification of Industry Opportunities and Threats --- p.32 / The Role of the Macro-environment --- p.32 / Hong Kong --- p.33 / The PRC --- p.34 / The technological environment --- p.35 / The social environment --- p.35 / The Five Forces Model --- p.36 / Watch manufacturing industry --- p.39 / Potential competitors: strong --- p.39 / Rivalry among established companies - strong --- p.40 / Competitive structure --- p.40 / Demand conditions --- p.40 / Exit barriers --- p.41 / The bargaining power of buyers - strong --- p.42 / The bargaining power of suppliers - weak --- p.42 / The threat of substitute products - weak --- p.43 / Watch retail industry --- p.43 / Potential competitors ´ؤ weak --- p.43 / Cost advantages and economies of scale --- p.44 / Barriers to entry and competition --- p.44 / Rivalry among established companies ´ؤ semi strong --- p.44 / Competitive structure --- p.44 / Demand conditions --- p.44 / Exit barriers --- p.45 / The bargaining power of buyers - strong --- p.45 / The bargaining power of suppliers - weak --- p.45 / The threat of substitute products - weak --- p.46 / The PRC property market --- p.46 / Potential competitors - strong --- p.48 / Rivalry among established companies - strong --- p.48 / Competitive structure --- p.48 / Demand conditions --- p.49 / Exit barriers --- p.50 / The bargaining power of buyers - strong --- p.50 / The bargaining power of suppliers - weak --- p.50 / The threat of substitute products - strong --- p.50 / Summary --- p.51 / Chapter V. --- INTERNAL ANALYSIS OF ASIA COMMERCIAL: RESOURCES AND CAPABILITIES --- p.53 / Manufacturing --- p.55 / Physical --- p.55 / Switzerland --- p.55 / PRC --- p.55 / Hong Kong --- p.56 / Technological --- p.56 / Human --- p.56 / Brand Names --- p.56 / Marketing --- p.57 / Profitability --- p.57 / Summary --- p.60 / Production capability --- p.60 / Product market --- p.60 / Cost advantage --- p.61 / Management knowledge --- p.61 / Finance --- p.61 / Wholesale and Retail Business --- p.62 / Human --- p.62 / Government license --- p.63 / Finance --- p.63 / Macroenvironment --- p.63 / Brand Name Effect --- p.64 / Acquisition of Brand Name --- p.64 / Performance of Wholesale and Retail Business --- p.65 / Property Development --- p.66 / Macroenvironment --- p.66 / Demand --- p.66 / Location --- p.67 / Partners --- p.67 / Finance --- p.68 / Cost and Cash Flow --- p.68 / Property Sales Agent and Project Manager --- p.68 / Pre-sale Results --- p.69 / Financial Impact --- p.70 / Capital history --- p.73 / Share dilution --- p.73 / Reasons for Failure of Property Development --- p.74 / Demand --- p.74 / Property location --- p.74 / Domestic demand potential and overseas demand --- p.74 / Secondary property market and investment purpose --- p.75 / Project operation --- p.76 / Project scale? --- p.76 / Land concept of the management --- p.76 / Commitment by property expertise companies? --- p.77 / Easy access to finance? --- p.78 / Why Did Asia Commercial Fail? --- p.78 / Mismanagement --- p.78 / Management structure --- p.78 / Management was reluctant to change --- p.80 / Underestimated requirement of working capital and overestimated funding ability --- p.80 / Prior strategic commitments --- p.81 / Past glory obsessed future performance --- p.82 / Chapter VI. --- BUSINESS FOCUS --- p.83 / Differences between Businesses --- p.84 / Value Chain --- p.85 / Customers --- p.89 / Contacts with customers --- p.89 / Demand from customers --- p.90 / Competition --- p.92 / Mentalities and Talents --- p.95 / Strategies --- p.99 / Value-added Integration --- p.100 / Diversification --- p.102 / Changing Business Nature --- p.104 / Implications to Hong Kong Manufacturing Firms --- p.105 / BIBLOGRAPHY --- p.108

本研究主要採用Francis et al.（2005）所提出之應計品質衡量模型作為應計品質的衡量指標，以2003-2007國內上市櫃公司為研究對象，探討應計品質與公司現金持有間之關聯性。本研究另將應計品質拆為裁量性應計品質與非裁量性應計品質，分別探討其對公司現金持有之影響。 　　本研究實證結果顯示，應計品質與公司現金持有率呈顯著負相關。亦即公司應計品質越高，越能有效降低公司及投資者之間的資訊不對稱，進而使公司籌資成本降低，而可持有較少的現金。此外，裁量性應計品質、非裁量性應計品質與公司現金持有率之間均呈顯著負相關，且非裁量性應計品質對公司現金持有率之影響大於裁量性應計品質。 　　根據上述結果，本研究建議管理階層應重視公司之應計品質，並利用裁量性應計項目來提升盈餘數字的品質，以作為公司績效的適當指標。亦即管理階層應使盈餘數字更能可靠、更即時的反映公司的經營績效，並避免以投機目的使用裁量性應計項目。換言之，公司可藉由應計品質之提升，降低資訊不對稱的程度，進而改善公司的現金管理、減少資源閒置及增進投資的效果。 / This study mainly uses the accruals quality measurement model proposed by Francis et al. (2005) to empirically examine the effect of accruals quality on cash holdings of the sampled listed companies at the Taiwan Stock Exchange (TSE) and the Gre Tai Securities Market (GTSM) from 2003 to 2007. This study also distinguishes between accruals quality driven by economic fundamentals (Innate AQ) versus management choices (discretionary AQ) and assesses their individual effects on corporate cash holdings. The empirical results show that accruals quality is negatively associated with cash holdings. That is, the firms with good accruals quality may reduce the negative effect of information asymmetry and adverse selection and, therefore, reduce their level of cash holdings as a result of lower cost of raising capital. In addition, discretionary accruals quality and innate accruals quality are significantly negatively related to cash holdings, and, on average, the innate component of accruals quality has a significantly larger effect on cash holdings than the discretionary component of accruals quality. Our findings suggest that management should be concerned about accruals quality because a higher accruals quality may help firms to improve their cash management, reduce unproductive cash levels, and increase their investment effectiveness.

This thesis investigates the determinants of UK corporate cash holdings between 1980 and 2012. The global and long term phenomenon of corporate cash pilling has drawn significant attention from researchers. Similarly, this study aims at shedding light on the empirical relationship between cash holding and specific firm characteristics. Our preliminary research incorporates a comprehensive literature review. Towards this end, the relevant financial theory is presented and the previous empirical studies are highlighted. Afterwards, the expected results of our research are synthesized into a set of distinct hypotheses and tested with regression analysis. The empirical findings suggest that cash holdings are positively related to investment opportunity, as R&D and market to book ratio. Cash ratio is also positively related to industry cash flow volatility and negatively affected by cash flow, net working capital, capital expenditures, leverage, tax expenses, age and size. Regarding the development of the determinants of cash holdings, the study indicates that three major variables influenced cash holdings over the years of analysis. In particular, leverage, tax regime and capital expenditures significantly affect the corporate liquidity in UK market. Furthermore, the results suggest that cash holdings are mostly defined by trade off theory. Indeed, our findings offer stimulating insights on the factors that determine the firms’ cash holdings during the past three decades. These findings may be beneficial for financial managers, investors and consultants. / Στην παρούσα διατριβή εξετάζονται οι προσδιοριστικοί παράγοντες του δείκτη μετρητών σε επιχειρήσεις του Ηνωμένου Βασιλείου μεταξύ των ετών 1980 και 2012. Η διακράτηση μετρητών αποτελεί παγκόσμιο φαινόμενο και λαμβάνει της ανάλογης προσοχής από πληθώρα ερευνητών. Σε αυτή τη βάση, η μελέτη αυτή έχει ως στόχο να ρίξει φως σχετικά με την εμπειρική σχέση μεταξύ του δείκτη μετρητών και τα συγκεκριμένα χαρακτηριστικά που επηρεάζουν την ρευστότητα στις επιχειρήσεις διαχρονικά. Αρχικά η έρευνα ενσωματώνει μια βιβλιογραφική ανασκόπηση. Προς το σκοπό αυτό, οι σχετικές οικονομικές θεωρίες και οι προηγούμενες εμπειρικές μελέτες παρουσιάζονται. Στη συνέχεια, τα αναμενόμενα αποτελέσματα της έρευνας συντίθενται σε ένα σύνολο διακριτών υποθέσεων και δοκιμάζονται με ανάλυση παλινδρόμησης. Τα εμπειρικά ευρήματα υποδηλώνουν ότι ο δείκτης μετρητών σχετίζεται θετικά με τις επενδυτικές ευκαιρίες, τις δαπάνες Ε&Α και τον λόγο της αγοραίας προς τη λογιστική αξία των βιβλίων της επιχείρησης. Ο δείκτης μετρητών επίσης, σχετίζεται θετικά με την μεταβλητότητα των ταμειακών ροών του κλάδου και επηρεάζεται αρνητικά από τις ταμειακές ροές, το καθαρό κεφάλαιο κίνησης, τις κεφαλαιακές δαπάνες, την μόχλευση, τα φορολογικά έξοδα, την ηλικία και το μέγεθος των επιχειρήσεων. Όσον αφορά την εξέλιξη των προσδιοριστικών παραγόντων των ταμειακών ρευστών διαθεσίμων, η μελέτη δείχνει ότι τρεις είναι οι κύριες μεταβλητές που επηρεάζουν τη διακράτηση μετρητών κατά τη διάρκεια των χρόνων της ανάλυσης. Ειδικότερα, η μόχλευση, το φορολογικό καθεστώς και τις κεφαλαιακές δαπάνες επηρεάΖουν σημαντικά την απόφαση για εταιρική ρευστότητα στην αγορά του Ηνωμένου Βασιλείου. Επιπλέον, τα αποτελέσματα δείχνουν ότι η διακράτηση μετρητών ακολουθεί κυρίως την trade off θεωρία. Πράγματι, τα ευρήματά προσφέρουν χρήσιμες γνώσεις σχετικά με τους παράγοντες που καθορίζουν τη διακράτηση μετρητών των επιχειρήσεων κατά τη διάρκεια των τριών τελευταίων δεκαετιών. Τα ευρήματα αυτά μπορεί να είναι επωφελή για οικονομολόγους, επενδυτές και συμβούλους.

This master‘s final paper analyzes and systemizes theoretical and practical bank risk measurement and management analysis conducted by various Lithuanian and foreign authors; presents risk conception in banking sector. Comprehensively analyzes and evaluates bank’s market risk (interest rate, foreign currency and investment risk). The third part suggests market risk evaluation and management improvement opportunities in stock company Šiaulių bankas.

在現今關於公司現金決策的文獻中，多數文獻以預防性動機 (precautionary motive) 或是代理問題動機 (agency motive) 來解釋公司為何要存錢，但至今對於公司存錢的動機仍未有一致的定論。在本篇文章中，我們用籌資不易公司 (financially constrained firm) 在2000年網路泡沫以及2008年金融海嘯的表現來證明現金的預防性價值。我們發現事先有存錢的公司在上述事件期間仍能維持其原有的投資支出，反之事先沒存錢的公司在上述期間會擁有較低的股票報酬以及較高的違約風險。此外，本研究也發現曾在2000年網路泡沫期間遭遇資金問題的公司比較容易在2000年後開始存錢，這些預先存錢的公司在2008年金融海嘯來臨時也有相對較小的違約風險，顯示了公司在現金管理方面的學習行為及其好處。綜上所述，本文以外生事件突顯了現金的預防性價值，證明公司的未雨綢繆確實有用。 / This article examines the role of pre-saved cash in helping financially constrained firms during the 2000 dot-com crash and the 2008 financial crisis, both of which were exogenous shocks to industrial firms. The results show that constrained firms tended to increase capital investments during these severe economic downturns if they had pre-saved more cash. Constrained firms instead exhibited lower excess returns and incurred higher likelihoods of financial distress during the severe downturns if they had saved less cash prior to the events. Firms that experienced the 2000 dot-com crash and saved cash thereafter were less likely to default during the 2008 financial crisis, indicating the existence and benefit of learning effects. This study supports a precautionary motive for cash savings, showing that pre-saved cash helps financially constrained firms fund investment and reduces the likelihood of financial distress during severe market downturns. It demonstrates that saving for a rainy day really is valuable.

M. Tech. (Department of Logistics Management, Faculty of Management Sciences), Vaal University of Technology. / The primary objective of this study was to investigate the supplier relationship management practices at Eskom. Currently, the challenges faced by the parastatal include diminished reserve margin, increased unplanned generation plant outages as well as coal supply and quality constraints coupled with ever-rising primary energy costs. It is, therefore, evident that as a national asset, Eskom cannot overcome the current challenges successfully without strong partnerships with key suppliers. A framework for supplier management containing four different elements was researched. The first element, which forms the basis for all supplier management operations, is the development of supplier management relationships. The framework also includes supplier collaborations and the various aspects of discovery, supplier pre-selection, and supplier selection, which relate to finding, qualifying, and choosing the best suppliers. Lastly, and also very important was the supplier development and localisation as well as the legislature thereof. A quantitative cross-company survey was conducted using a sample of 260 suppliers, who have been on the database for more than twelve (12) months and who responded to the business requests to update the data on the system. The findings of the study are largely supported by the literature. Finally, the study makes recommendations and highlights further research, managerial, and policy implications.

This thesis deals with the fundamental analysis of stocks of selected European technology companies. This type of analysis is the most widely used method of valuation of the shares. The first part describes the theoretical background of the analysis current economic situation, regression analysis, analysis of corporate shares and methods of intercompany comparison necessary for practical application. In the practical part focuses on the analysis of selected companies and selecting evaluation indicators. Subsequently is determined by corporate analysis the current intrinsic value of the shares. In conclusion, a comparison is made of firms using the methods of intercompany comparison. Based on the results of the analysis will be proposed recommendations for the best investment.

La décision de détention d’actifs liquides par les entreprises a fait l’objet de rares recherches. Pourtant,les entreprises françaises détiennent des niveaux importants de liquidités parmi leurs actifs. Ce travailvise à étudier théoriquement et empiriquement les motivations et les conséquences de la décision dedétention d’actifs liquides par les entreprises.La première partie de la thèse a pour objectif d’établir un état de l’art des théories explicatives ducomportement accumulateur de liquidités des entreprises. La deuxième partie cherche à testerempiriquement ces théories sur un échantillon de 202 entreprises françaises cotées au SBF 250. Il s’agit,d’un côté, de vérifier s’il existe un niveau optimal d’actifs liquides, de présenter les différents avantageset inconvénients de la détention de liquidités et de déterminer quels facteurs intrinsèques (financiers etorganisationnels) et macro-économiques influencent le niveau de liquidités, et d’un autre côté, d’estimerl’impact des actifs liquides sur l’investissement, la performance économique et financière ainsi que surla valeur de marché de l’entreprise. Le traitement de ces deux questions est articulé autour de l’étudedes rôles modérateurs des contraintes de financement, de la gouvernance d’entreprise et des conditionsmacroéconomiques. / The topic of corporate cash holdings has received relatively little attention from the academicresearchers. Yet, French firms hold significant cash reserves. This research aims to investigate,theoretically and empirically, the motivations and implications of the decision to hold cash.The first part of the thesis aims to provide a state of the art of the theories explaining corporate cashholding behavior. The second part seeks to empirically test these theories on a sample of 202 Frenchcompanies listed on the SBF 250. We first test the existence of an optimal level of liquid assets. Wesubsequently explore the advantages and disadvantages of holding cash before we examine the specific(financial and organizational) and macro-economic determinants of corporate cash levels. Finally, weestimate the impact of liquid assets on firms’ investment, performance and value and then we analyzethe moderating roles of financial constraints, corporate governance and macroeconomic conditions.

Le régime de cession des droits sociaux applicable des entre les membres d’une même famille est certes privilégié. Mais le législateur ne prend en compte que certains d’entre eux, à savoir, les ascendants, les descendants et certains collatéraux. Pourtant, les parts sociales ou actions font parties des biens patrimoniaux de la famille. Cette mise en société sert de prétexte à une meilleure gestion du patrimoine familial, mais aussi à sa cession au sein de la famille. L’objectif souvent non avoué est la pérennisation de l’entreprise familiale au sein de la famille. Toutefois, législateur ne reconnait toujours pas tous les types de schémas familiaux contemporains. Et pour cause, la notion de famille n’est pas définie en droit. Pourtant cette définition serait bien utile pour soumettre les cessions entre proches à un régime bien spécifique. La conséquence est que la pratique des affaires a développée quantité de règles pour permettre aux associés familiaux soit de rester ensemble au sein de la société ou d’en sortir. En effet, les aléas de la vie familiale commandent les cessions. Ce sont souvent des pactes extra-statutaires qui servent de support à la cession des titres. Le problème est qu’ils n’engagent que leurs signataires. Autrement dit, les associés familiaux non signataires de ces pactes ne sont pas concernés par ceux-ci. Pourtant, ils font partie de la même société et de la même famille. Peuvent-ils pour autant élever contestation en justice ? Car à bien des égards, ces pactes sont souvent à la frontière de l’illégalité notamment celle de l’interdiction des pactes sur succession future. Alors, la liberté de cession du cédant serait-elle empêchée dans le cadre d’une société familiale ? L’élément de réponse se trouve sans doute dans la consécration du pacte de famille, un nouvel outil juridique autonome destiné à compléter efficacement les statuts de la société. / The system of transfer of the corporate holdings of the company applicable between members of the same family is certainly privileged. But the legislator only takes into account some of them namely, ascendants, descendants and some collaterals. However, shares or stocks are part of the family's patrimonial assets. This incorporation serves as a pretext for better management of the family patrimony, but also for its transfer within the family. The often unstated aim is the sustainability of the family business within the family. However, legislator still does not recognize all types of contemporary family patterns. And for good reason, the notion of family is not defined in law. Yet this definition would be very useful to submit the transfers between relatives to a specific regime. The consequence is that business practice has developed a lot of rules to allow family partners to either stay together in society or get out of it. Indeed, the vagaries of family life command shares disposal. These are often extra-statutory pacts that serve as a support for the sale of securities. The problem is that they only commit their signatories. In other words, non-signatory family members of these pacts are not affected by them. Yet they are part of the same company and the same family. Can they raise a challenge in court? Because in many ways, these pacts are often on the borderline of illegality, including the prohibition of pacts respecting a future succession. Could the transferor's freedom of assignment be prevented in the context of a family company? The element of response is undoubtedly in the consecration of the family pact, a new independent legal tool designed to effectively supplement the company statutes.

No description available.