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The main aim of the thesis is to perform the financial analysis of company E.ON Energie, a.s. based on the accounting data from 2006-2010, to critically assess the development of the data and important ratios and to compare the results with the best company in the industry sector. The thesis is divided into two main parts: the theory and the practical application. The theory explains the methods that I decided to choose for the financial analysis -- horizontal and vertical analysis, ratios of profitability, leverage, liquidity and activity, the DuPont analysis and selected bonity and bankruptcy models. In the theoretical part I also assess the explanatory power of financial statements and its main threats. In the practical part I present the company as an electricity and natural gas retailer. The energy industry has recently undergone a market liberalization, which had a large impact on the energy companies. As the sector analysis of Michael Porter confirmed, the industry faces greater competition than before. The energy companies are also influenced by macroeconomic developments, e.g. GDP and energy consumption, prices in the electricity market and the euro exchange rate. The main result of the performed financial analysis is the fact that E.ON Energie, a.s. follows its strategy to become a leader in the electricity market. In the years 2009 and 2010 E.ON Energie, a.s. caught up with CEZ Prodej, s.r.o. in the liquidity, leverage and activity ratios. In addition to this, it improved its profitability. Moreover, the revenues grow at a faster pace than in CEZ Prodej, s.r.o. In the future it will be interesting to see how the company will develop despite the increasing competition in the market.

Abstract in English, Afrikaans and Zulu / This study is aimed at investigating the capital structures of the Johannesburg Stock Exchange listed South African IT firms and compare these to the capital structures of NASDAQ listed US IT firms in order to better understand the capital structures that JSE listed South African firms employ. The study made use of secondary data in the form of ratio analysis from public sources, as well as the published annual financial statements of the firms. The Generalised Method of Moments regression analysis technique was used in order to test the data for relationships between certain ratios. The study found positive relationships between the firm’s capital structure and its return on equity; meaning that firms should make use of their capital structures to maximise their return on equity and as a result, returns for its shareholders. / Hierdie studie is daarop gerig om die kapitaalstrukture van Suid-Afrikaanse IT-ondernemings wat op die Johannesburgse Aandelebeurs (JSE) genoteer is te ondersoek, en dit te vergelyk met die kapitaalstrukture van NASDAQ-genoteerde Amerikaanse IT-ondernemings ten einde die kapitaalstrukture wat JSE-genoteerde Suid-Afrikaanse ondernemings gebruik, beter te verstaan. Die studie het sekondêre data in die vorm van verhoudingsontleding uit openbare bronne, asook die gepubliseerde finansiële jaarstate van die ondernemings gebruik. Die Veralgemeende Metode van Momente-regressieanalisetegniek is gebruik ten einde die data vir verwantskappe tussen bepaalde verhoudings te toets. Die studie het positiewe verwantskappe tussen die ondernemings se kapitaalstruktuur en opbrengs op ekwiteit gevind; dit beteken dat ondernemings hul kapitaalstrukture behoort te gebruik om hul opbrengs op ekwiteit en gevolglik ook opbrengste vir hul aandeelhouers te maksimeer. / Lolu cwaningo kuhloswe ngalo ukuhlola izinhlaka ezifaka imali ezinkampanini zobuchwephese bamakhompuyutha ezisohlwini lwe-Johannesburg Stock Exchange (i-JSE), nokuziqhathanisa nezinhlaka ezifaka imali ezinkampanini zase-US zobuchwepheshe bekhompuyutha ezisohlwini lwe-NASDAQ ukuze kuqondakale kangcono izinhlaka ezifaka imali ezinkampanini zaseNingizimu Afrika ezisohlwini lwe-JSE. Lolu cwaningo lusebenzise imininingwane eqoqwe kweminye emayelana nokucwaningwa kwezinombolo etholakala emithonjeni evulelekile emalungwini omphakathi kanye nakwizitatimende zezezimali zonyaka zezinkampani. Kusetshenziswe indlela yokucwaninga ehlawumbiselayo ngokuqhathanisa ubudlelwano neyaziwa ngokuthi yi-Generalised Method of Moments, ukuze kuhlolwe imininingwane eveza ubudlelwano phakathi kwezinombolo ezithile. Ucwaningo luthole ubudlelwano obubonakalayo phakathi kwezinhlaka ezifaka imali enkampanini kanye nenzuzo yayo yamanani amasheya; okusho ukuthi izinkampani kumele zisebenzise izinhlaka zazo ezizifakela imali ukwandisa amathuba enzuzo yamanani amasheya okuyinto ezodala ukuba kuhlomule abanini-bamasheya. / Finance, Risk Management and Banking / M. Com. (Finance)

自由貿易風潮席捲全球，在國外競爭對手紛紛進入台灣市場、或是與我國貿易夥伴結盟的壓力下，台灣的企業不得不進軍國際市場，進行國際化擴張來確保企業永續發展。傳統理論主張，國際化享有分散市場風險的好處，也幫助企業可借到更充裕的銀行資金，有助企業經營發展。然而，從管理層面來看，國際化也會使得管理風險上升，並且讓銀行不易監控，代理成本問題惡化，導致拉高資金借貸成本，以致造成企業營運危機。因此，本研究要探討企業進行國際化是有利還是不利公司營運穩定以及公司借得資金。 本研究參考相關的文獻，從公司國際化的程度以及涉入國家類型兩個層面，來探討國際化對營運風險以及對借貸能力的影響，並提出三個假設：首先，先看國際化程度跟公司營運風險是否有U型的關係曲線，是否有一個最適的國際化程度使營運風險為最低。再來看國際化程度跟公司借貸能力是否有倒U型的關係曲線，是否有一個最適的國際化程度使借貸能力為最強。最後換個角度，看企業國際化涉入國家的金融發展程度，是否也會造成國際化程度相同的企業營運穩定跟資金借貸有不同表現。 本研究以台灣製造業規模較大的廠商為樣本來進行實證研究，應用事件研究法，取各廠商2004年到2009年間的平均值為研究資料，樣本數為208家。採迴歸方法分析資料，以資產報酬率的變異、長期債務相對股東權益的比例，分別作為衡量風險及借貸能力的依變項，自變項則有代表國際化程度的海外銷售比例或國外資產比例、代表市場金融發展程度的銀行放款佔GDP比率之加權平均。控制變數則有獲利能力、公司規模、研發支出、成長潛力、及產業別虛擬變數等等。 研究結果顯示國際化程度跟營運風險有U型關係，跟借貸能力有倒U型關係，國際化程度高於或低於某最適水準（國外資產比率45%，外銷比率55%），都會使營運風險上升、借貸能力下降。企業國際化活動涉入國家金融深化程度對借貸沒有顯著的影響，但是卻會增加營運風險。

This thesis contains three self-contained chapters, covering different subjects but using similar methods: The Effect of Foreclosure Laws on Securitization: Evidence from U.S. States shows that mortgage loans are less likely to be securitized in states with costlier foreclosure procedures. I interpret this in light of prior literature showing a higher foreclosure risk for securitized loans, due to unwillingness to renegotiate by the agents working on behalf of investors. Moreover, the magnitude of the effect increases for loans with higher risk of default, and disappears for loans where state foreclosure laws usually do not apply. Do daughters make family firms more sustainable? studies listed companies with a family owning a large block of shares, and asks how the family composition affects the company’s policies. Creating a novel Swedish data set, I find that environmental performance improves when the family has more daughters. The effect does not seem to operate through more adult daughters leading to more female CEOs or board members, or through the appointment of family members as CEOs. Bank taxes, leverage and risk uses staggered changes in US state-level bank taxation, and documents an increase in leverage when taxes are raised. Banks partly dampen the effect by adjusting their Tier 2 capital (a lower-quality form of regulatory capital that is less able to absorb losses), and by reducing the risk on the asset side of the balance sheet as measured by regulators. / <p>Diss. Stockholm :  Stockholm School of Economics, 2015. Introduction together with 3 papers</p>

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 dissertation paper defends a thesis that as the Lithuanian enterprises more actively participate in international contracts, the need for financing grows. In order to minimize possible microeconomic and macroeconomic loss, it is necessary to form the expediente strategy of financing; emphasizing costs of alternatives financial sources under conditions of risk and uncertainty. Analyses conducted in the thesis were sought to contribute both conceptually (by formation of systems and models of capital structure) and practically (by implementation of such systems and models) to financing of companies activities, and to maximizing of EVA. The EVA reveals the dependence of an enterprise’s profitability on the employed capital for gaining that profit. The conceptual need urges to determine the zone of effectiveness of rational capital structure, which stipulates the growth of EVA. Scientific relevance of the dissertation is the main results of the scientific study presented for public maintenance. First, one studied adequate motives under Lithuanian conditions that encourage enterprises to study the substantiation of capital structure formation. The preconditions and criteria affecting the financing decisions of Lithuanian enterprises were conceptually grounded while stressing the aspects of finance market globalization. Second, the systemic capital leverage management model was created; involves the three main ranges that affect enterprises’ activity: internal enterprise’s... [to full text]

Pelningumo siekimas yra pagrindinis verslo įmonės tikslas, dažnai lemiantis vadovų pasirinkimą sprendžiant problemas susijusias su pardavimo kainomis, įvairiomis išlaidomis. Pelno-išlaidų-veiklos apimties vertinimas teikia apibendrinantį planavimo proceso vaizdą ir išlaidų kitimo supratimą, todėl gauta informacija yra nepakeičiama, siekiant užtikrinti racionalų įmonės valdymą. Šio darbo tikslas – išanalizavus pelno-išlaidų-veiklos apimties metodologiją, atlikti įmonės pelno-išlaidų-veiklos apimties vertinimą ir sudaryti modelį, leidžiantį efektyviai planuoti ir analizuoti įmonės kaštų, veiklos apimties ir pelno ryšį. Taigi, šio darbo objektas-įmonės pelningumas, jo priklausomybė nuo įmonės pajamų, kaštų ir veiklos apimties. Siekiant įgyvendinti darbo tikslą, keliami tokie uždaviniai: išanalizuoti pelno-išlaidų-veiklos apimties vertinimo metodologiją, suformuoti prielaidas pelno-išlaidų-veiklos apimties vertinimo modeliavimui, atlikti įmonės pelno-išlaidų-veiklos apimties vertinimą, bei sudaryti pelno-išlaidų-veiklos apimties vertinimo modelį. Darbą sudaro trys pagrindinės dalys: metodologinė, analitinė ir rezultatų. Pirmojoje darbo dalyje nagrinėjami pelno-išlaidų-veiklos apimties vertinimo metodologijos aspektai-pateikiamos analizės prielaidos, vertinimo reikšmė ir galimybės. Antrasis darbo skyrius apima prielaidų pelno-išlaidų-veiklos apimties vertinimo modeliavimui analizę: tiriami ir lyginami pelno-išlaidų-veiklos apimties vertinimo modeliavimo metodai, bei pateikiama... [toliau žr. visą tekstą] / The main purpose of business enterprise is striving for profitability and this purpose usually decides the head‘s of enterprise choice when he tackles the problems about prices of sales and different expenses. Cost-volume-profit evaluation gives resumptive view about planning process and understanding of costs range so given information is irreplaceable because of trying to ensure rational management. The purpose of this work is to do cost-volume-profit evaluation and make a model according the analysis of cost-volume-profit methodology. This model will let to plan and analyse enterprise‘s cost, activity‘s size and profit‘s relation in effective way. So the object of this work is the profitability of an enterprise, its dependence from enterprises revenue, cost and activity‘s volume. In purpose to realize work‘s aim there are these objectives: to analyse cost-volume-profit evaluation methodology, to structure presumptions for cost-volume-profit evaluation modeling, to do enterprises cost-volume-profit evaluation and to make cost-volume-profit evaluation model. Three main parts makes this work: methodological, analytical, results. In the first part of this work there is an analyses of cost-volume-profit evaluation methodology‘s aspects, there are analysis presumptions, evaluations mean and possibilities. The second part includes presumptions analysis to cost-volume-profit evaluation modeling: here are researched and compared cost-volume-profit evaluation modeling methods and is... [to full text]

In questa tesi si sostiene che il meccanismo di trasmissione della politica monetaria nasconde un canale di trasmissione del rischio, e che una politica monetaria espansiva non solo aumenta l’offerta di credito ma anche la propensione delle banche a prendere rischio. I modelli macroeconomici esistenti non sono adatti ad identificare questo meccahismo, visto che o non incorporano un settore bancario, oppure si concentrano sull’amplificazione finanziaria dopo una crisi piuttosto che sulla presa del rischio prima delle crisi. La tesi propone un semplice modello in cui il rischio di credito e di insolvenza e’ modellato endogenamente. Il modello mostra l’esistenza di un trade-off tra quantita’ e qualita’ del credito, il che puo’ avere importanti ripercussioni per la gestione della politica monetaria. Successivamente, la tesi sviluppa un paper empirico e di policy che studia la leva finanziaria delle banche. Si sostiene che le misure tradizionali della leva non possono mostrare un importante peggioramento della qualita’ del capitale delle banche prima della crisi del 2007. Si mostra che la qualita’ di tale capitale e’ progressivamente peggiorata prima della crisi, in particolar modo per le banche commerciali. Viene proposta una misura alternativa della leva finanziaria. / This dissertation argues that the transmission mechanism of monetary policy hides a risk taking channel, as loose monetary policy not only increases credit supply but also increases the propensity of banks to take risks. The existing macroeconomic models are ill-designed to identify the forces of this mechanism, as these models either do not have an explicit banking sector, or they focus on ex-post amplification mechanism rather than ex-ante bank risk taking. A simple model is developed, where credit and solvency risk is determined endogenously. The model shows that a trade-off exists between credit quality and credit quantity, and this trade off impacts on the effectiveness of monetary policy. Subsequently, the dissertation develops an empirical, policy paper that investigates banks leverage ratios. It is argued that traditional measures of leverage cannot detect an important decline in bank capital quality before the 2007 crisis. The dissertation shows that capital quality has declined progressively before the 2007 crisis, particularly for commercial banks. A new leverage ratio is proposed.

Diss. Stockholm : Handelshögskolan, 2008 Sammanfattning jämte 3 uppsatser