As organizações enfrentam pressão por geração de valor e, para tanto, buscam posicionar-se favoravelmente em seus setores de atuação, o que impõe a necessidade de definir uma estratégia clara e realizar investimentos alinhados a ela. Os investimentos são concretizados por meio de projetos, cuja seleção deve ser conduzida por um processo rigoroso, transparente e objetivo o que pode ser obtido com a definição de critérios de seleção baseados em indicadores quantitativos financeiros. Apesar da existência de muitos trabalhos com foco no alinhamento da carteira de projetos à estratégia do negócio, as discussões são conduzidas de modo qualitativo ou baseadas em exemplos específicos e aplicação de poucos critérios. O presente trabalho avalia, por meio de simulações, as implicações estratégicas dos diferentes tipos de critérios de seleção, incluindo visão de risco e retorno. Em resumo, o critério de maximizar o Valor Presente Líquido seleciona projetos de mais longa duração e fluxos de caixas positivos no longo prazo, o que favorece o crescimento da organização. Uma carteira desta natureza pode adequar-se a empresas que competem em indústrias em ritmo acelerado de crescimento. Os critérios, baseados na Taxa Interna de Retorno e no Índice de Lucratividade, selecionam projetos de elevado retorno sobre o capital investido, o que tende a privilegiar rentabilidade em vez de crescimento. Carteiras com estas características podem favorecer a atuação em indústrias de expressivo volume de mercado, porém baixas taxas de crescimento. Em contrapartida, os critérios baseados no Período de Retorno selecionam projetos de menor duração, cujos retornos ocorrem no curto prazo, característica que pode ser desejada quando a organização atua em uma indústria em declínio ou em linhas de negócio em que pretende desinvestir. / Organizations face pressure for value creation and seek a favorable position in their industry segments, what demands a clear strategy and investments aligned to it. Such investments are implemented through projects, which should be selected by a rigorous, transparent and objective process what can be achieved using quantitative financial criteria for project selection. Although there are several studies focused on the alignment of Project Portfolio to Corporate Strategy, discussions are qualitative in most cases or they are based on few specific selection criteria. In order to present a broader study on the field, this work simulates the strategic implication of different selection criteria, using a risk-reward framework. Major conclusion could be achieved on that way. For example, maximizing the Net Present Value selects long lasting projects with strong cash flow generation in the long term. Such portfolios have good fit for companies competing in high growth industries. Selection criteria based on the Internal Rate of Return or the Profitability Index select high return on investment projects, which drive more profitability than growth. Such portfolios are applicable for companies competing in high volume but low growth industries. On the other hand, criteria based on the Payback Period select short term return projects, which are applicable for companies competing in shrinking industries or in divesting business lines.

The diploma thesis is concerned with the issue of investments decision and capital investment planning. The aim of the thesis is to evaluate a possible investment in the underground gas storage Rožná. The thesis is divided into three parts. The first theoretical part deals with the characterization and terms defining in the field of investments decision. It also mentions the methods how to evaluate the effectiveness of investments decision. The second theoretical part discusses the strategic analysis of gas industry with the emphasis on using of the underground gas storages in the Czech Republic and in other countries within the European Union. The third part analyzes the effectiveness evaluation of the investment while applying the terms of both theoretical parts.

As organizações enfrentam pressão por geração de valor e, para tanto, buscam posicionar-se favoravelmente em seus setores de atuação, o que impõe a necessidade de definir uma estratégia clara e realizar investimentos alinhados a ela. Os investimentos são concretizados por meio de projetos, cuja seleção deve ser conduzida por um processo rigoroso, transparente e objetivo o que pode ser obtido com a definição de critérios de seleção baseados em indicadores quantitativos financeiros. Apesar da existência de muitos trabalhos com foco no alinhamento da carteira de projetos à estratégia do negócio, as discussões são conduzidas de modo qualitativo ou baseadas em exemplos específicos e aplicação de poucos critérios. O presente trabalho avalia, por meio de simulações, as implicações estratégicas dos diferentes tipos de critérios de seleção, incluindo visão de risco e retorno. Em resumo, o critério de maximizar o Valor Presente Líquido seleciona projetos de mais longa duração e fluxos de caixas positivos no longo prazo, o que favorece o crescimento da organização. Uma carteira desta natureza pode adequar-se a empresas que competem em indústrias em ritmo acelerado de crescimento. Os critérios, baseados na Taxa Interna de Retorno e no Índice de Lucratividade, selecionam projetos de elevado retorno sobre o capital investido, o que tende a privilegiar rentabilidade em vez de crescimento. Carteiras com estas características podem favorecer a atuação em indústrias de expressivo volume de mercado, porém baixas taxas de crescimento. Em contrapartida, os critérios baseados no Período de Retorno selecionam projetos de menor duração, cujos retornos ocorrem no curto prazo, característica que pode ser desejada quando a organização atua em uma indústria em declínio ou em linhas de negócio em que pretende desinvestir. / Organizations face pressure for value creation and seek a favorable position in their industry segments, what demands a clear strategy and investments aligned to it. Such investments are implemented through projects, which should be selected by a rigorous, transparent and objective process what can be achieved using quantitative financial criteria for project selection. Although there are several studies focused on the alignment of Project Portfolio to Corporate Strategy, discussions are qualitative in most cases or they are based on few specific selection criteria. In order to present a broader study on the field, this work simulates the strategic implication of different selection criteria, using a risk-reward framework. Major conclusion could be achieved on that way. For example, maximizing the Net Present Value selects long lasting projects with strong cash flow generation in the long term. Such portfolios have good fit for companies competing in high growth industries. Selection criteria based on the Internal Rate of Return or the Profitability Index select high return on investment projects, which drive more profitability than growth. Such portfolios are applicable for companies competing in high volume but low growth industries. On the other hand, criteria based on the Payback Period select short term return projects, which are applicable for companies competing in shrinking industries or in divesting business lines.

Capital investments play a crucial role for the business of every firm. In an industrial context, energy efficiency is an important means to meet future energy needs and in the same time reduce climate impact. In this thesis, the investment process for capital investments is therefore studied by addressing the case of industrial capital investments improving energy efficiency. The thesis specifically aims to illuminate how additional benefits, i.e. non-energy benefits, are and can be acknowledged in the investment process by applying an ex-ante perspective. The thesis holds the decision-making process as unit of analysis and aims to contribute with insights on firm level. Especially in an energy-efficiency context, such a process perspective has only been scarcely applied. The thesis is based on a literature review and two empirical studies. The literature review is the starting point of the thesis and reviews the literature on benefit concepts and investment behaviour of energy-efficiency investments. It is then followed by an explorative study in which thirteen industrial Swedish firms are interviewed on how they consider non-energy benefits. Investment motives and critical aspects for adopting energy-efficiency investments are also addressed. It also includes a questionnaire, distributed and collected during a networking event for energy-intensive firms within Swedish manufacturing industry. The second empirical study is a case study conducted at a Swedish pulp and paper firm. It aims to take a comprehensive perspective on the investment process as well as to analyse how and when non-energy benefits are acknowledged in the investment process. This case study approach  enables participants at different levels in the organisation to be engaged in the study and new perspectives to be addressed. The results indicate a general investment process passing through the phases identification, development and selection. Investment motives, information, internal coordination and external actors appear as key aspects of the investment process. Energy-efficiency investments are primarily initiated due to cost-savings motives. However, the subsequent investment process appears as consistent for all investment categories; the investment process described here is thus not specific for energy-efficiency investments only. The results instead indicate an investment process influenced by investment size; it influences the extent to which information is collected and assessed before making the decision, i.e. level of procedural rationality, as well as how the investment project is coordinated within the firm. Last, suppliers are involved in the investment process to a large extent from an early stage. Regarding non-energy benefits, the results indicate that various benefits have been observed but far from all are acknowledged in the investment process. They are to a larger extent acknowledged for larger investments when more resources are devoted to the investment process. Quantifiable non-energy benefits improve the business case for energy-efficiency investments and non-energy benefits should thus be quantified to the extent possible. Yet, nonenergy benefits characterised by a lower level of quantifiability could still be important, such as benefits related to work environment, and should therefore be considered. However, the findings indicate a frequent use and reliance upon an investment manual, implicating a need for simplicity when addressing the additional benefits. This indicates that there should be an emphasis on a limited number of main benefits, rather than seeking to acknowledge all possible benefits.

本論文共分五章，其主要內容如下： ：說明論文之動機、目的、架構及 限制。 及理論：分為對外投資決策行為相關研究、對外投資決策過程 @ 之研究及對外投資相關研究。方法與分析：分為名詞定義、問卷 設計、研究對象與資料蒐集及研究分析方法。結果與分析：使用Probit及 Regression統計分析方法，分析二主題，得到以下結果：典型台灣企業對 外投資決策過程 @ 台灣企業通常是為了取得低價勞工而去對外投資， 對外投資計劃的提議與決定多由董事長或董事會執行，通常成立專案小組 負責對外投資計劃，專案小組的成員主要有董事長或董事會、總經理及副 總經理。進行初步調查的方法主要係由公司自行搜集相關資料，廠商投資 的產業以在國內曾在生產銷售的產品，主要調查東南亞地區，且多會派總 經理實地調查投資地點的市場及廠房設備情形；除此之外，會更進一步調 查投資報酬率。廠商主要對外投資資金來源是以公司現有的資金，投資計 劃的評估方法是採回收期間法，投資風險的評估方法是採主觀判斷法，多 在當地獨 @自成立新公司，一般在對外投資上遭遇的問題與困難主要為利 潤 外投資計劃。影響台灣企業對外投資決策過程的公司因素公司曾有對 外投資經驗與公司規模（以員工人數與營業額衡量）和對外投資動機（考 慮市場因素、生產條件因素、資金因素及地主國政府政策）、對外投資計 劃題議者、對外投資專案小組成員、實地派去調查的人員、對外投資資金 來源管道、對外投資 存在，顯見公司因素會影響台灣企業對外投資 的決策過程。與建議。務評估方式及風險評估方式等七種決策活動之間有 顯著關不符合，有半數的廠商曾因風險或不確定性太大而放棄對

Bakgrund och problem: Företag ägnar idag betydande utrymme i sina årsredovisningar till berättande information som ska ge investeraren en helhetsbild av företaget och dess verksamhet, vilket ska öka användbarheten vid beslutsfattande. Investerare värderar den kontextuella informationen högt men anser samtidigt att den saknar aktualitet och objektivitet. Ett problem med den berättande informationen är att företagen kan framställa sina prestationer och framtidsutsikter på ett opportunistiskt sätt. Med utgångspunkt i att framvagnen består av berättande information och är en viktig del av företags årsredovisning är det av vikt att undersöka framvagnen. Läsbarheten av den berättande informationen har visats påverka icke-professionella investerare i en bedömnings- och beslutssituation, varför det är intressant att undersöka hur framvagnens läsbarhet påverkar investeringsbeslutet. Syfte: Syftet är att förstå hur framvagnen används som kommunikationskanal och förklara hur interaktionen mellan framvagnens läsbarhet och nivån på de finansiella nyheterna, positiva respektive negativa, påverkar icke-professionella investerares investeringsbeslut. Metod: Studien utgår från både en kvalitativ och en kvantitativ ansats. För att förstå hur framvagnen används som kommunikationskanal har vi genomfört semistrukturerade intervjuer, med en projektledare för årsredovisningen och två användare av framvagnen för få att deras syn på sambandet mellan framvagnen och de resterande delarna av årsredovisningen samt vikten av läsbarheten av och tilliten till framvagnen. Vi genomförde ett experiment på tredjeårsstudenter på civilekonomprogrammet vid Linköpings universitet där vi undersökte hur interaktionen mellan framvagnens läsbarhet och nivån på de finansiella nyheterna, positiva respektive negativa, påverkar icke-professionella investerares investeringsbeslut. Slutsats: Vi fann att framvagnen används för att kommunicera en berättelse om företaget men även för att sätta de finansiella rapporterna i ett tydligare sammanhang, vilket ska ge investeraren en känsla för varför den ska investera i företaget. En högre läsbarhet av framvagnen underlättar kommunikationen mellan företaget och dess investerare då samtliga investerare förstår informationen samtidigt som det undermedvetet ökar tilliten till informationen. Experimentet indikerade att läsbarheten i kombination med nivån på de finansiella nyheterna har en viss påverkan på icke-professionella investerares sannolikhet att investera och tillit till informationen. En framvagn med en högre läsbarhet som innehåller positiva finansiella nyheter torde öka icke-professionella investerares sannolikhet att investera i företaget. När framvagnen har en högre läsbarhet har de icke-professionella investerarna en större tillit till de positiva finansiella nyheterna. Har framvagnen däremot en lägre läsbarhet har de icke-professionella investerarna en större tillit till de negativa finansiella nyheterna. / Background & Problem: Today, companies devote significant space in their annual reports to narrative information, which provide investors with a complete picture of the company and its operations. The narrative information enhances the documents’ decision usefulness. Investors consider the contextual information valuable even though it is lacking timeliness and objectivity. One problem with the narrative information is that companies can present their achievements and prospect in a favourable way. Because the-state-of-the-company report consists of narrative information and is a significant part of the annual report it is of importance to explore. The readability of the narrative information has been shown to influence non-professional investors’ investment decision, therefore it is of interest to explore how the readability of the-state-of-the-company report influences the investment decision. Aim: The aim is to understand how the-state-of-the-company report is used as a communication channel and to explain how the interaction between the readability of the state-of-the-company report and the level of financial news, positive or negative, influence investors’ decisions. Method: The study is based on both a qualitative and a quantitative method. We conducted semi-structured interviews to understand how the-state-of-the-company report is used as communication channel. Interviews were conducted with a project manager for the annual report and two users of the state-of-the-company report. The purpose with the interviews were to get their view of the relationship between the state-of-the-company report and the financial reporting part of the annual report, as well as the importance of the readability of and reliance on the state-of-the-company report. We have conducted an experiment on third grade business students at Linköping University to explain how the interaction between the readability of the state-of-the-company report and the level of financial news, positive or negative, influence non-professional investors’ investment decisions. Conclusion: We found that the state-of-the-company report is used to communicate a story about the company, but also to contextualize the numbers, which gives the investor a sense of why they should invest in the company. A higher readability of the-state-of-the-company report enhances the communication between the company and its investors, since all investors can comprehend the information at the same time as it subconsciously increases their reliance on the information. The experiment indicated that the readability, in combination with the level of financial news (positive or negative), has some influence on non-professional investors’ likelihood to invest and their reliance on the information. A state-of-the-company report with a higher readability consisting positive financial new should increase non-professional investors’ likelihood to invest. When the state-of-the-company report has higher readability, non-professional investors have a greater reliance on the positive financial news. If the state-of-the-company report instead has lower readability, non-professional investors have a greater reliance on the negative financial news. The readability has not the same influence on professional investors because they have a more critical perspective on the state-of-the-company report.

Baigiamajame magistro darbe nagrinėjama statybos sektoriaus ekonominės makroaplinkos vertinimo svarba investiciniam sprendimui priimti. Tiek investicinis sprendimas, tiek aplinka, kurioje bus investuojama analizuojama remiantis investicijų projektų ideologija. Apžvelgiama projektų ir investicijų projektų samprata, nustatoma aplinkos ir aplinkos įvertinimo svarba investiciniam sprendimui priimti, išanalizuojami projektų statybos sektoriuje ypatumai ir pateikiama investicinės aplinkos tyrimo schema. Baigiamajame darbe atliktas statybos sektoriaus ekonominės makroaplinkos tyrimas, nustatyti statybos sektoriui reikšmingiausi ekonominės makroaplinkos veiksniai. Išanalizuoti statybos įmonių galutinį rezultatą atspindintys finansiniai duomenys ir santykiniai rodikliai. Įvertinta statybos sektoriaus makroaplinkos įtaka statybos įmonių veiklos rezultatams. Remiantis atliktais tyrimais ir gautais rezultatais, pateikiamos baigiamojo darbo išvados ir siūlymai. / The aim of final thesis is to analyze the importance of economic environment assessment for investment decision making. Both the investment decisions and the investment environment are analyzing the basic ideology of investment projects. Here are reviewing the concept of the projects and the investment projects and are determining the importance of the environment and its assessment for investment decision making. Here are analyzing the importance of project in the construction sector and the scheme of environment‘s investigation is submited. At the end of the master work there is an investigation of construction sector‘s economic macro environment and the most important economic macro environment‘s factors have determined. The finance data and comparative financial indexes of construction companies have shifted. The economic macro environment influence to final result of construction companies has been evaluated. On the basis of investigation and it‘s results, the final work conclusions and suggestions are presented.

This thesis incorporates institutional definition of the economies in transition into the economic analysis of the investment variable. Probability environment of the real world is another point of analysis. Decision-making framework is analyzed and incorporated into analysis as well. Thesis tries to answer questions such as: Why same projects are treated differently in different circumstances. Finally the Russian experience is investigated and used to prove hypothesis about investment climate parameters and to give examples of investment into institutional matrix.

This thesis deals with the issue of investment decisions, which is important for every business. The aim of this thesis was to evaluate the effectiveness of selected investment project.First, we conducted a financial analysis to assess the current status of the company. Then we have identified the revenue and expenditure of the project. We also have assessed the effectiveness of investments in several variants. At the conclusion of the project was assessed risk.

Submitted by Neusa Fagundes (neusa.fagundes@unioeste.br) on 2018-02-27T12:42:36Z No. of bitstreams: 2 Leila_Weiss2017.pdf: 950778 bytes, checksum: 2c055e75324fbc6b593a480ded26a958 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-02-27T12:42:36Z (GMT). No. of bitstreams: 2 Leila_Weiss2017.pdf: 950778 bytes, checksum: 2c055e75324fbc6b593a480ded26a958 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-07-10 / Among the investment options available on the market, there is highlight to the real estate investment funds, which allow small investors to invest in projects previously restricted to large investors and large developers, thus representing an interesting alternative of long-term financing, making it accessible to all investors. However, performance assessment of these funds, which would take into consideration their management, as well as a comparison with for rental real state investment, is an area of study still underexplored, which requires more investigation. Therefore, the overall objective of this study is to identify how management influences the performance of IFIs, compared to direct leaseholds in the period from 2010 to 2016. The theoretical framework contemplates the aspects inherent in the Modern Theory of Portfolio and Agency Theory. The study also includes real estate investments with emphasis on Real Estate Investment Funds, types, advantages, and risks of investment. The methodology used is the hypothetical-deductive, and it is classified, regarding the research problem as, quantitative; as for the objectives, it is exploratory and descriptive and as for the procedures, it is bibliographical and documentary. The results indicate that the performance of the funds is directly linked to the management of these funds, due to the policies adopted by each of the managers. It is also noteworthy that, in comparison to direct investment in real estate, real estate investment funds present higher returns for investors. / Dentre as diversas opções de investimentos existentes no mercado, destacam-se os fundos de investimento imobiliários, que possibilitam ao pequeno investidor o acesso a projetos de investimentos, antes restritos aos grandes investidores e grandes incorporadoras, representando, assim, uma alternativa interessante de financiamento no longo prazo, tornando-se assim acessível a todos os investidores. No entanto, a avaliação de desempenhos destes fundos, que leve em consideração a gestão destes, bem como a comparação com investimentos em imóveis para locação, é uma área pouco explorada no Brasil, exigindo maiores estudos. Assim, este estudo tem por objetivo identificar como a gestão influencia o desempenho dos FIIs se comparados aos imóveis de locação direta no período de 2010 a 2016. O marco teórico contempla os aspectos inerentes à Moderna Teoria do Portfólio e a Teoria da Agência. O estudo contempla ainda os investimentos imobiliários, com destaque para os Fundos de Investimento Imobiliário, tipos, vantagens e riscos de investimento. A metodologia utilizada é a hipotética-dedutiva, e quanto ao problema de pesquisa, quantitativa; quanto aos objetivos, exploratória e descritiva; e quanto aos procedimentos, bibliográfica e documental. Os resultados apontam que o desempenho dos fundos está diretamente ligado à gestão destes, devido às políticas adotadas por cada um dos gestores. Destaca-se, ainda, que, em comparação com o investimento direto em imóveis, os fundos de investimento imobiliário apresentam maiores retornos para os investidores.