Magistro darbe tiriama ūkinės veiklos apribojimų II – III grupių miškuose įtaka ekonominiams ūkinės veiklos rezultatams. Darbo objektas – II ir III grupių miškai bei juose taikomi ūkinės veiklos apribojimai. II miškų grupei priskiriami specialios paskirties miškai (ekosistemų apsaugos miškai ir rekreaciniai miškai), o III miškų grupei priklauso apsauginiai miškai. Darbo tikslas – atlikti ūkinės veiklos apribojimų II – III grupių miškuose įtakos ekonominiams ūkinės veiklos rezultatams analizę. Darbo metodai – taikant alternatyviųjų kaštų metodą, apskaičiuojamos miško valdytojų ir savininkų potencialios grynosios pajamos iš II ir III grupių miškų. Apskaičiuotos grynosios pajamos palygintos su pajamomis, kurios būtų gaunamos, kirtimus atliekant pagal IV miškų grupės apribojimus. Rezultatai – nustatyta, kad medienos vertės priklausomybę nuo vidutinio skersmens geriausiai nusako antro laipsnio polinomo lygtis: y = a₀+a₁*x+a₂*x² (y – medienos vertė, Lt/m³; x – vidutinis medyno skersmuo, cm). Naudojant skirtingus ūkinius režimus, apskaičiuota medynų renta II ir III grupės miškams. Gauti rezultatai palyginti su tų pačių medynų miško renta, jei jiems būtų taikomi IV miškų grupės ūkiniai apribojimai. Nustatyta, kad didžiausi yra II miškų grupės pušynų alternatyvieji kaštai. Negaunamos grynosios metinės pajamos (miško renta) iš II grupės pušynų sudaro 15,4 mln. Lt arba 137 Lt/ha, lyginant su IV miškų grupės ūkiniu režimu. Kituose medynuose negaunamos grynosios pajamos gerokai... [toliau žr. visą tekstą] / Influence of forestry restrictions on economic results in forests of II and III forest groups is being investigated in this study. The subject of study – Lithuanian forests of II and III groups as well as forestry restrictions applied to those forests. Forests of II group are are assinged for ecosystems protection and recreation, and forests of III group are protective forests. The objective of master thesis – to carry out analysis of economic impact made by forestry restrictions applied to forests of II and III groups. Methods of sudy – potential net annual income (forest rent) from forests of II and III groups was calculated. Alternatively, the same indicators were calculated, assuming that the forest were managed as commercial forests of IV group. Results of study – ir was concluded, that the value of standing timber can be described as a function of mean diametre of the stand using polynomial function of 2nd order: y=a₀+a₁*x+a₂*x² (y – value of timber, Lt/m³; x – mean diametre, cm). Forest rent for forests of groups II and III was calculated, using different forestry regimes. The results were compared to forest rent if the forests were managed as commercial forest. It was found, that the biggest alternative costs are related to pine forests of II group - 15,4 mill. Lt, or 137 Lt/ha, comparing with forestry regime of IV forest group. Alternative costs in other stands are considerably lower.

No description available.

Esta tese tem o objetivo principal de demonstrar empiricamente que as companhias abertas brasileiras "gerenciam" os seus resultados contábeis como resposta a estímulos do mercado de capitais. Inicialmente, é elucidado o significado de alguns conceitos, tais como "gerenciamento" dos resultados contábeis e acumulações discricionárias. Discute-se o perfil do mercado de capitais brasileiro e as circunstâncias ambientais nas quais são gerados os relatórios contábeis financeiros das companhias abertas brasileiras, enfatizando-se o papel dos órgãos reguladores e da legislação comercial e tributária. A seguir, depois da revisão da literatura brasileira e estrangeira na área de "gerenciamento" dos resultados contábeis, documentaram-se evidências para as companhias abertas brasileiras do "gerenciamento" dos resultados contábeis para: a) Evitar reportar perdas, b) Sustentar o desempenho recente e c) Reduzir a variabilidade dos resultados. O período de estudo foi os anos entre 1995 e 1999, tendo como base de dados principal a Economática. Empiricamente, foi implementado um modelo de regressão múltipla para estimar as Acumulações Discricionárias, que são proxy do valor discricionariamente alterado dos resultados contábeis. Com base na pesquisa, verificou-se que as empresas brasileiras com resultados muito ruins os manejam de maneira a piorá-los ainda mais, visando melhores resultados no futuro. Em termos de desempenho no mercado, constatou-se que empresas que manejam "artificialmente" os resultados conseguem no curto prazo seduzir os investidores; entretanto, no longo prazo, o mercado identifica o procedimento e essas ações são penalizadas com os piores desempenhos acumulados. Nos apêndices, é estudada a influência da Governança Corporativa e da Auditoria Independente na propensão à prática do "gerenciamento" dos resultados contábeis, bem como é estimado o coeficiente de resposta dos retornos das companhias abertas brasileiras aos resultados contábeis. / This thesis has the main purpose to present empirical evidence that Brazilian public companies practice earnings management as a response to capital market incentives. Initially, some important concepts are elucidated, such as earnings management and discretionary accruals. In addition, specific aspects of Brazilian capital market, as well as its financial reporting environment are briefly discussed. After a literature review in this area of Earnings management, it will be documented evidences that Brazilian public companies manage their earnings to: a) Avoid reporting losses; b) Sustain recent performance and c) Income smoothing. The study period of the empirical analysis is between 1995 and 1999, and the most important source of information is Economática. As part of the research, It was implemented a multiple regression model to estimate discretionary accruals, that are used as proxies for the amount of earnings management. Among several observations, it was verified that Brazilian companies practice big bath accounting, so in case of bad results, the companies manage their earnings to report even worse losses, in order to have better future earnings. In terms of performance in the stock market, it was documented that companies that artificially manage their results, towards income decreasing or income increasing, can fool the market in the short run, but in the long run the investors realize the procedure, and their stocks will underperform the market. In the appendixes of this thesis some factors that can reduce earnings management are discussed, such as Corporate Governance and Independent Auditing. Other short analysis is the estimation of the earnings response coefficient for Brazilian public companies.

Esta tese tem como objetivos: [i] estabelecer os fatores preponderantes para a decisão de investimentos em ativos capazes de gerar de renda mensal de longo prazo; [ii] desenvolver ferramentas de avaliação do investimento para auxiliar na tomada de decisão; e [iii] identificar as expectativas dos investidores, com o intuito de construir um conjunto de premissas para o desenvolvimento de produtos mais ajustados aos seus anseios. Isto é feito por meio de análise comparativa com outras oportunidades de investimento, que leva em conta as expectativas, o humor e as características culturais, racionais, emocionais do investidor e do ambiente externo que o cerca. Para isso é necessário ampliar o conhecimento no campo da análise do comportamento do investidor, com base em sua percepção e expectativas acerca da oportunidade de investimento para a geração de renda mensal de longo prazo (RMLP). É preciso conhecer melhor as raízes das necessidades, desejos e aspirações do ser humano, e da diversidade proveniente das características particulares de cada indivíduo que vive em uma sociedade moderna e organizada, em um mundo que está evoluindo muito rapidamente, com escassez de recursos naturais, de energia e que apresenta grandes mudanças na estrutura da sociedade, das ciências econômicas, do conhecimento e do trabalho, e que, em seu íntimo, busca a felicidade no que entende ser melhor, principalmente para si e para a sua família. / This thesis aims: [i] to establish the predominant factors in the decision-making of investment in assets capable of generating long-term income; [ii] to develop tools for evaluating the investment to assist in the decision-making, and [iii] to identify the expectations of investors, with the aim of building a set of assumptions for the development of products more tailored to their desires. This is done through comparative analysis with other opportunities for investment, which takes into account the expectations, mood, and cultural, rational, and emotional characteristics of the investor and the environment that surrounds him. To this end, it is necessary to expand the knowledge in the field of analysis of the investors behavior, based on his perception and expectations about the investment opportunity for the generation of \"long-term monthly income\" (RMLP). We need to understand better the roots of the needs, desires, and aspirations of human beings, and diversity resulting from the particular characteristics of each individual who lives in a modern and organized society, in a world that is evolving very quickly, with scarcity of natural resources and energy, and that presents great changes in the structure of society, of economic sciences, knowledge and work, and who at his core, seeks the happiness in what he thinks is best, especially for himself and his family.

在會計理論上，關於損益的計算，有兩種重要所得觀念：當期營業所得觀念與全含所得觀念。早期會計界採當期營業所得觀念（營業淨利），目前公報規定的淨利則採折衷辦法，但較偏向全含所得觀念，最近有許多學者提倡全含所得觀念（綜合淨利）。究竟何種所得觀念對投資人最為有用，實有加以探討的必要，此乃本文的目的。 　　本研究採用“關聯性研究設計”(Association Study)來探討營業淨利、淨利及綜合淨利與股票報酬的關係，以瞭解何種盈餘定義對投資人最為有用，並進一步檢視淨利相對於營業淨利、綜合淨利相對於淨利是否具有增額資訊內涵。 　　本研究以55家公開上市公司民國72年至民國81年的財務資料進行實證研究，實證結果如下： 　　1、營業淨利、淨利及綜合淨利均具有資訊內涵。 　　2、在相對資訊內涵比較方面，經由t檢定顯示，營業淨利、淨利及綜合淨利在解釋股票報酬能力上，並無顯著差異存在。 　　3、在增額資訊內涵比較方面，經由t檢定顯示，營業淨利外但包含於淨利中的損益項目，具有增額資訊內涵。 　　4、在增額資訊內涵比較方面，經由t檢定顯示，淨利外但包含於綜合淨利中的損益項目，亦具有增額資訊內涵。 　　5、報酬累計期間起迄時點不同，對同一年度同一盈餘與股票報酬的相關程度，具有重大的影響。

The aim of diploma thesis is to evaluate selected company as a whole for its inner purpose. This purpose allocate category value, respectively determination of venture?s market value, which is most often defined as estimated amount for shift assets to the date of evaluation among optional and independent partners. Theoretical part of thesis qualify theoretical problem frame of company valuation. In this part of thesis essential key words, factors and value categories are defined. Part of the problem is also strategic and financial analysis and projection of future reports or financial plan. Last part deals with methods of valuation itself ? methods based on revenue analysis, market and assets. For evaluation purpose has been chosen company BRÁZDA-AUDIT, a. s., which deals with experts activities in field of economics.

En este trabajo, analizaremos el contenido de las normas laborales y tributarias involucradas y develaremos las incongruencias que surgen de su interpretación, a pesar que, en la práctica, las autoridades públicas competentes, así como las revistas especializadas se han alineado a un criterio que si bien termina beneficiando al trabajador, no fluye de los textos legales, generando inseguridad jurídica y confusión. / Trabajo de investigación

This theisis deals with the valuation of a selected company. The main instrument used for achieving the valuation is the income method of valuation. In the first part of the thesis is defined theoretical background that are needed for developing the practical part. The practial part of the thesis contains the characteristics of the selected company. For the purposes of valuation was performed strategic snalysis and were analyzed key financial indicators of valuated company. The part of the work is allso predicting the value of individual generators, financial plan and the achal valuation based on dicounted cash-flow and prfit method based on the capitalized net income. The aim is to determine the value of the company to selected date of valuation.

The aim of this paper is to illustrate the recent situation of the VAT system in China, including its problems as well as reforming trends within it, in order to provide promising further research paradigms. The research methods adopted exploratory studies to find out the major problems of the VAT system. To clearly describe the problems, statistical analyses are performed and quantitative data is used to supplement the qualitative analysis. Moreover, to discuss the problems of the Chinese VAT system, this paper compares the Chinese VAT system with other countries, especially Taiwan, in order to give a detailed description of its problems. The results of this study show that the Chinese government only concentrates on how much revenue it can collect but ignores tax equity and tax neutrality as well as low income groups. The conclusions of this study show that the problems of the imperfect VAT system and the changing economic conditions of China have resulted in double taxation, an unfair tax burden, an unreasonable threshold, complex VAT rates, and a gradual worsening of local fiscal conditions. In comparisons between GDP growth and VAT revenue growth, VAT revenue growth exceeded the GDP growth. One of the major reasons is rapid economic growth. Other reasons are that price indices increase every year and, also, China adopts gross income-type VAT which results in double tax on capital investment. Another probable reason is an increased effectivity and efficiency of China’s tax administration. Analysis of these problems shows that the Chinese government needs to improve not only its VAT system but also the taxation system and its fiscal system.

Från 1900-talets början har banker och låneinstitut använt nyckeltal som hjälpmedel vid bedömning och kvantifiering av kreditrisk. För dagens investerare är den ekonomiska miljön mer komplicerad än för bara 40 år sedan då teknologin och datoriseringen öppnade upp världens marknader mot varandra. Bedömning av kreditrisk idag kräver effektiv analys av kvantitativa data och modeller som med god träffsäkerhet kan förutse risker. Under 1900-talets andra hälft skedde en snabb utveckling av de verktyg som används för konkursprediktion, från enkla univariata modeller till komplexa data mining-modeller med tusentals observationer. Denna studie undersöker om det är möjligt att prediktera att svenska företag kommer att gå i konkurs och vilka variabler som innehåller relevant information för detta. Metoderna som används är diskriminantanalys, logistisk regression och överlevnadsanalys på 50 aktiva och 50 företag försatta i konkurs. Resultaten visar på en träffsäkerhet mellan 67,5 % och 75 % beroende på vald statistisk metod. Oavsett vald statistisk metod är det möjligt att klassificera företag som konkursmässiga två år innan konkursens inträffande med hjälp av finansiella nyckeltal av typerna lönsamhetsmått och solvensmått. Samhällskostnader reduceras av bättre konkursprediktion med hjälp av finansiella nyckeltal vilka bidrar till ökad förmåga för företag att tillämpa ekonomistyrning med relevanta nyckeltal i form av lager, balanserad vinst, nettoresultat och rörelseresultat. / From the early 1900s, banks and lending institutions have used financial ratios as an aid in the assessment and quantification of credit risk. For today's investors the economic environment is far more complicated than 40 years ago when the technology and computerization opened up the world's markets. Credit risk assessment today requires effective analysis of quantitative data and models that can predict risks with good accuracy. During the second half of the 20th century there was a rapid development of the tools used for bankruptcy prediction. We moved from simple univariate models to complex data mining models with thousands of observations. This study investigates if it’s possible to predict bankruptcy in Swedish limited companies and which variables contain information relevant for this cause. The methods used in the study are discriminant analysis, logistic regression and survival analysis on 50 active and 50 failed companies. The results indicate accuracy between 67.5 % and 75 % depending on the choice of statistical method. Regardless of the selected statistical method used, it’s possible to classify companies as bankrupt two years before the bankruptcy occurs using financial ratios which measures profitability and solvency. Societal costs are reduced by better bankruptcy prediction using financial ratios which contribute to increasing the ability of companies to apply financial management with relevant key ratios in the form of stock , retained earnings , net income and operating income.