The aim of this thesis is to asses the financial situation of a company based on the results of financial analysis and to present proposals for improvements in problem areas. The thesis is divided into three parts. In the first part were collected theoretical knowledge and procedures necessary to understand the nature of financial analysis. The second part applies the theoretical knowledge and assess the situation in the given company. In the third part of the work are then presented recommendations for improvement of a problematic areas.

This research explores the relationship between the organisational culture and financial performance of a South African investment bank by means of quantitative research. The Denison Organizational Culture Survey was used to measure the organisational culture of the investment bank and was administered to a sample of 327 employees. Income statement ratio analysis was selected as a means to assess the financial performance. The results indicate that very few of the financial measures selected could be shown to be correlated with the organisational cultural traits or subscales. Correlations between the cultural dimensions of team orientation, agreement, customer focus and vision were found with certain financial measures. Although these correlations were above the 0.50 level, the levels of significance were not sufficient in all cases to draw conclusions with confidence. The only cultural trait that was found to be correlated with financial measures was the consistency trait. / Industrial and Organisational Psychology / M.Com. (Industrial and Organisational Psychology)

This study explores the financial performance measurement of South Africa's Top Companies. It aims to find a conclusion on the research problem, that is 'Do South Africa's Top Companies use the available arsenal to measure their financial performance?' Commerce and industry are the cornerstones of the economy of a country. This study purports to contribute to the ways and means of minimising the risk of business failures due to the resultant effects on the economy. The sample comprises of sixty companies. The sampling frame is the first hundred companies of the Financial Mail 200 Top Performers for 2004. The arsenal that is available to measure financial performance is researched in the financial literature. Mainly, this covers ratio analysis and interpretation, and the bankruptcy prediction models. To arrive at a conclusion on the research problem, a research instrument is developed from the host of financial ratios in the literature, including the bankruptcy prediction models. The research instrument comprises of popular ratios that are also found to be 'logical', as well as the ratios that make up the Z-Score bankruptcy prediction model. The instrument is called the Ratio Map and Z-Score and is applied to test the financial strengths/weaknesses of the Top Companies. In addition to the Ratio Map and Z-Score, the measures applied by the Top Companies as 'highlights' are analysed. This is done to determine the extent at which the measures unearth the strengths/weaknesses of the Top Companies. The conclusion drawn is that the Top Companies do not utilise the available arsenal to measure their financial performance. The supporting evidence is that the most frequently applied 'highlights' measures by the Top Companies cover only one area of the many financial fields of a company, that is, share performance. On the other hand, the analyses per Ratio Map and Z-Score have not revealed major material weaknesses in the financial position of the Top Companies. It is proposed that: ïf  More information be given in the notes to the financial statements to facilitate meaningful analysis; and ïf  A follow-up research study be done to assess the trends of the Top Companies. / Business Management / D.Comm. (Business Management)

This research explores the relationship between the organisational culture and financial performance of a South African investment bank by means of quantitative research. The Denison Organizational Culture Survey was used to measure the organisational culture of the investment bank and was administered to a sample of 327 employees. Income statement ratio analysis was selected as a means to assess the financial performance. The results indicate that very few of the financial measures selected could be shown to be correlated with the organisational cultural traits or subscales. Correlations between the cultural dimensions of team orientation, agreement, customer focus and vision were found with certain financial measures. Although these correlations were above the 0.50 level, the levels of significance were not sufficient in all cases to draw conclusions with confidence. The only cultural trait that was found to be correlated with financial measures was the consistency trait. / Industrial and Organisational Psychology / M.Com. (Industrial and Organisational Psychology)

This study explores the financial performance measurement of South Africa's Top Companies. It aims to find a conclusion on the research problem, that is 'Do South Africa's Top Companies use the available arsenal to measure their financial performance?' Commerce and industry are the cornerstones of the economy of a country. This study purports to contribute to the ways and means of minimising the risk of business failures due to the resultant effects on the economy. The sample comprises of sixty companies. The sampling frame is the first hundred companies of the Financial Mail 200 Top Performers for 2004. The arsenal that is available to measure financial performance is researched in the financial literature. Mainly, this covers ratio analysis and interpretation, and the bankruptcy prediction models. To arrive at a conclusion on the research problem, a research instrument is developed from the host of financial ratios in the literature, including the bankruptcy prediction models. The research instrument comprises of popular ratios that are also found to be 'logical', as well as the ratios that make up the Z-Score bankruptcy prediction model. The instrument is called the Ratio Map and Z-Score and is applied to test the financial strengths/weaknesses of the Top Companies. In addition to the Ratio Map and Z-Score, the measures applied by the Top Companies as 'highlights' are analysed. This is done to determine the extent at which the measures unearth the strengths/weaknesses of the Top Companies. The conclusion drawn is that the Top Companies do not utilise the available arsenal to measure their financial performance. The supporting evidence is that the most frequently applied 'highlights' measures by the Top Companies cover only one area of the many financial fields of a company, that is, share performance. On the other hand, the analyses per Ratio Map and Z-Score have not revealed major material weaknesses in the financial position of the Top Companies. It is proposed that: ïf  More information be given in the notes to the financial statements to facilitate meaningful analysis; and ïf  A follow-up research study be done to assess the trends of the Top Companies. / Business Management / D.Comm. (Business Management)

Text in Afrikkans / Summaries in English and Afrikaans / The capital-adequacy problem is essentially concerned with the amount of capital that a bank should maintain in order to conduct its operations in a prudent manner. Because one of the primary functions of bank capital is to act as a risk cushion for the protection of a bank's depositors, a bank's capital funds are often regarded as comprising an insurance element. The capital-adequacy concept, therefore, may be seen as part of the overall banking risk, or prudential management. An attempt has been made to indicate that bank supervisors should use not only capital ratios when analysing a bank's capital position. Other factors, such as asset quality and other financial risks, should also be taken in consideration. Financial ratio analysis, however, provides bank supervisors with useful information. When combining ratio analysis with non-quantifiable factors, bank supervisors may indeed achieve their goal of determining capital adequacy. / Die kapitaaltoereikendheidsprobleem is hoofsaaklik gebaseer op die hoeveelheid kapitaal waaroor 'n bankinstelling moet beskik, ten einde die bankbesigheid op 'n verstandige wyse te bedryf. Een van die primere funksies van kapitaal is om te dien as verliesabsorberingsbuffer ter beskerming van 'n bankinstelling se deposante, en daarom word toereikende kapitaal dikwels geag om 'n soort versekeringselement te bevat. Die konsep van kapitaaltoereikendheid kan dus beskou word as deel van die totale risikobestuurskonsep. Daar is tydens die studie gepoog om aan te dui dat banktoesighouers nie net kapitaalverhoudings behoort te gebruik om 'n bankinstelling se kapitaalposisie te ontleed nie. Ander faktore, soos batekwaliteit en antler finansiele risiko's, moet ook in ag geneem word. Finansiele verhoudingsgetalontledings voorsien banktoesighouers van waardevolle inligting. Indien verhoudingsgetalle egter met nie-gekwantifiseerde inligting gekombineer sou word, kan banktoesighouers hul doel om kapitaaltoereikendheid te bepaal, bereik. / M.Com. (Business Management)

Thesis (MBA)--Stellenbosch University, 2004. / ENGLISH ABSTRACT: This study consists of three independent papers which all broadly examine South African economic issues using accounting data obtained from the annual reports of industrial The first paper reports on employment trends amongst listed industrial companies in South Africa over the period 1996 to 2002. The results obtained showed that overall employment decreased 1,26% per annum for the companies under review. This negative trend in the largest companies in the sample. By contrast, smaller companies showed excellent growth in employment numbers. Hence appeared that smaller companies might be the most important vehicle for employment growth in the formal sector of the South African economy. It was therefore recommended that greater emphasis be placed on encouraging small business development in order to reverse the declining rates of employment in South Africa. The of ratios calculated from value added statement data in South Africa. The sample used for this purpose included all listed industrial companies which published value added statements or cash value added statements over the period 1990 to 2002. The ratio V A x 100/sales and the various components of value added as a percentage of total value added were considered in studies, it was not wholly apparent why the central location of the ratio V A x 100/sales remained stable, while the central location of the value added component ratios varied over time. The paper examines the changes which took place in the formal sector of the South African economy vis-a-vis economic growth, employment, labour productivity and from the annual financial statements of 62 industrial companies listed on the JSE Securities by companies listed on the JSE Securities Exchange. by employment growth appeared to be driven mainly by decreased rates of employment amongst it second paper expands on existing knowledge concerning the trends and characteristics VA I detail. Although these ratios were shown to have values similar to those reported in previous I third growth. remuneration and also compares these changes with projections put forward in the Growth, Employment and Redistribution (GEAR) policy. The data used in the study was gathered Exchange over the period 1994 to 2000. income differential in South Africa. It thus appeared that in reality few of the projections put forward in GEAR were achieved by the companies representing the formal sector of the South The findings of this study demonstrated that value added could be used successfully as a proxy for economic growth. Although appeared as though labour productivity had increased, the increase was panly due to an overall decrease in employment, rather than a greater than expected increase in value added. emerged that the majority of companies which decreased employment in fact contributed negatively to economic growth. The companies which decreased employment were also shown to have increased salaries on a per employee basis, which meant that these companies did not reduce their overall salary expenses substantially. By decreasing employee numbers and increasing per capita remuneration, the companies in question only acted to further increase an already wide ronnal African economy. / AFRIKAANSE OPSOMMING: Hierdie werkstuk bestaan uit drie onafhanklike artikels wat Suid-Afrikaanse ekonomiese aspekte behandel. Die bogenoemde ekonomiese temas word ondersoek deur middel van die gebruik van rekenkundige data wat verkry is uit die jaarverslae van industriële maatskappye wat op die JSE Effektebeurs genoteer is. Die eerste artikeI beskryf die patrone van indiensneming van werkers deur genoteerde industriele maatskappye in Suid-Afrika gedurende die tydperk 1996 tot 2002. Die bevindings van hierdie studie bewys dat indiensneming met 1,26% per jaar gedaal het. Hierdie negatiewe neiging in indiensneming is grootliks veroorsaak deur 'n vermindering in die aantal werknemers in kleiner maatskappye toegeneem. Dit blyk dus asof kleiner maatskappye 'n belangrike roI kan speel om te verseker dat indiensneming in Suid-Afrika styg. Daar word op die ontwikkeling van kleiner besighede geplaas moet stuit. Die tweede artikel bou voort op die bestaande kennis oor kenmerke en neigings in toegevoegde waarde staat-verhoudings in Suid-Afrika. Die steekproef wat in hierdie geval bestudeer is, sluit alle genoteerde industriele maatskappye wat oor die tydperk 1990 tot 2002 toegevoegde waarde state in hul jaarverslae gepubliseer het. in. Die verhouding van TW x 100/verkope, asook die verhoudings van die verskillende komponente van toegevoegde waarde as 'n persentasie van die totale toegevoegde waarde, is ondersoek. Daar is bevind dat die waardes van die verhoudings ooreenstem met waardes in vroeëre onderdoeke. Dit was egter nie heeltemal duidelik waarom die sentrale plasing van die verhouding TW x 100/verkope bestendig gebly het, terwyl die sentrale plasing van die toegevoegde waarde komponentverhoudings nie. Die derde artikel ondersoek die veranderinge wat plaasgevind het in die Suid-Afrikaanse ekonomiese groei, indiensneming, arbeidsproduktiwiteit en vergoeding en vergelyk dit met die verandering wat in die Groei, werkskepping en herverdeling (GEAR) dokument voorspel is. Die data wat in hierdie studie gebruik is, is afkomstig van die jaarverslae van 62 industriële maatskappye wat vanaf 1994 to 2000 op die JSE Effectebeurs genoteer was. Die resultate van hierdie studie het gewys dat die verbetering in arbeidsproduktiwiteit deels as gevolg van 'n afname in indiensneming, eerder as 'n bo-gemiddelde toename in toegevoegde waarde, plaasgevind het. Daar is bevind dat die maatskappye wat indiensneming verminder het, 'n negatiewe bydrae gemaak het tot die ekonomie. Verder het hierdie maatskappye ook vergoeding per werknemer verhoog wat beteken dat hulle nie in geheel bespaar het op indiensnemingskoste nie. Die maatskappye wat hulle werknemers verminder en hulle salarisse per werknemer verhoog het, het net verder bygedra tot die groeiende inkomste differensiaal in Suid-Afrika. Dit blyk dus dat min van die beramings wat in GEAR uitgelê was deur maatskappye verteenwoordigend van die formele sektor van die Suid-Afrikaanse ekonomie, in hierdie studie bereik is.

Made available in DSpace on 2015-12-03T18:33:08Z (GMT). No. of bitstreams: 1 Laerte_Cressoni_Neto.pdf: 420638 bytes, checksum: 67527209be1486d3413461fb492cecab (MD5) Previous issue date: 2014-05-22 / Institutions of higher learning (IHL) in Brazil have suffered from idleness in classroom courses, mainly due to the higher number of places offered in the last ten years. Many IHL consider the distance education, and regionalization strategy that this method enables, a way to maintain or increase their margins. However, the development and operation of these courses require expertise not normally found in traditional classroom structure of institutions. Thus, most managers of IHL find some difficulty in financial planning of the distance education project and its feasibility analysis, this occurs because of the complexity and the amount of variables that impact the definition of income and all expenses, including items from tutors to reviewers, editors, cameramen etc. In this context, this study presents a complete breakdown of the variables that influence the financial outcomes of a distance learning course. The assumptions of the variables are divided into five groups: Organizational Management, Content Development, Information Technology, Mentoring and Market, and its valuation distributed among income, investments and costing. Further it also performed simulations and analysis of financial results to a better practical understanding of the model / As Institui????es de Ensino Superior no Brasil v??m sofrendo com a ociosidade nos cursos presenciais, fruto, principalmente, do aumento expressivo do n??mero de vagas nos ??ltimos dez anos. Muitas IESs veem no ensino a dist??ncia e na estrat??gia de regionaliza????o que este m??todo permite uma forma de manter ou aumentar suas margens. Por??m, o desenvolvimento e a opera????o desses cursos demandam expertises normalmente n??o encontradas na estrutura presencial tradicional das institui????es. Desse modo, a maioria dos gestores das IESs encontra dificuldade em fazer o planejamento financeiro do projeto de EaD e analisar sua viabilidade, dada a complexidade e a quantidade de vari??veis que impactam na defini????o das receitas e de todos seus gastos, incluindo itens que v??o desde tutores at?? revisores, editores, cinegrafistas etc. Diante desse panorama, este trabalho apresenta um detalhamento completo das vari??veis que influenciam o resultado financeiro de um curso a dist??ncia, cujas premissas foram divididas em cinco grandes grupos: Gest??o Organizacional, Produ????o de Conte??dos, Tecnologia da Informa????o, Tutoria e Mercado e sua valora????o, distribuindo-se entre Receitas, Investimentos e Custeio. Tamb??m foram realizadas simula????es financeiras e an??lises de seus resultados para um melhor entendimento pr??tico do modelo

本研究主要係探討財務比率資訊對外國專業投資機構投資決策之資訊內涵。主要實證議題包括：（一）探討不同產業下，影響外資投資策略之重要財務屬性為何？（二）前述財務屬性與外資持股變動之關係；及（三）財務比率資訊對外資持股變動之解釋能力是否因產業別之不同而有所差異？ 本研究以民國84年至88年間之台灣上市電子業、紡織業、塑膠業、食品業公司為樣本，首先運用因素分析將十八項財務比率萃取出獲利能力、償債能力、經營能力、帳款變現性及財務結構等五個不同構面的財務屬性，並加入公司規模、本益比及產業加權指數變動作為控制變數，以迴歸模式進行產業別分析。 實證研究結果發現，就整體而言，獲利能力為外資持股最具決策攸關性之財務屬性。就個別財務因素觀之，獲利能力、經營能力、帳款變現性及財務結構屬性均符合本研究假說預期與外資平均持股比例呈正向關係。償債能力屬性在電子業、紡織業及食品業均與預期相符呈正相關，僅在塑膠業與外資持股呈現負相關，與預期假說相違。由於負債比對償債能力屬性之影響為負向，故負相關之研究結果表示負債比相較於其他財務比率對塑膠產業樣本公司之償債能力屬性具更明顯的影響力。如併考量塑膠業之流動比及速動比均較其他產業為高之情形，此發現可能意謂，外資基於塑膠業之產業特性，並不希望塑膠業公司積壓過多資源而導致喪失投資獲利的機會。 此外，實證結果亦顯示，迴歸模式之解釋力在不同產業下確實存在產業之差異性，故產業性質對財務比率分析具有重要影響力。 / By examining whether the detailed financial ratios are informative about subsequent changes in Qualified Foreign Institutional Investors’(QFII) shareholdings, this thesis investigates the usefulness of accounting fundamental signals in the QFII investment decisions. Using a sample of firms listed in Taiwan Stock Exchange from electronics, textile, plastic and food industries over the period of 1995 to 1999, this thesis explores three empirical issues: (1) What are the important financial attributes for QFII’s investment decisions, measured in terms of changes in QFII shareholdings of specific companies? (2) The relationship between the shareholding change and the financial attributes. And (3) Would such relationship differentiate across industries? Based upon a factor analysis approach, this thesis first extracts 18 financial ratios into five dimensions of financial attributes: profitability, operating management, account receivable turnover, liquidity, and financial structure. By incorporating these five financial attributes with company size, price-earning ratio and industrial stock price index into a multiple regression, the relationship between financial attributes and QFII shareholdings is then investigated. The empirical findings indicate that profitability is the most relevant factor that affects the QFII shareholdings. The evidence also shows that consistent with the hypothesis, profitability, operating management, accounts receivable turnover, and financial structure are significantly and positively associated with QFII shareholdings for all industries related. With the exception of the plastic industry, liquidity is negatively related to QFII shareholdings. There is cross-industry difference in explanatory power of regression models used. This result might thus imply that industry factor plays a role in the usefulness of financial ratio analysis.

Text in Afrikkans / Summaries in English and Afrikaans / The capital-adequacy problem is essentially concerned with the amount of capital that a bank should maintain in order to conduct its operations in a prudent manner. Because one of the primary functions of bank capital is to act as a risk cushion for the protection of a bank's depositors, a bank's capital funds are often regarded as comprising an insurance element. The capital-adequacy concept, therefore, may be seen as part of the overall banking risk, or prudential management. An attempt has been made to indicate that bank supervisors should use not only capital ratios when analysing a bank's capital position. Other factors, such as asset quality and other financial risks, should also be taken in consideration. Financial ratio analysis, however, provides bank supervisors with useful information. When combining ratio analysis with non-quantifiable factors, bank supervisors may indeed achieve their goal of determining capital adequacy. / Die kapitaaltoereikendheidsprobleem is hoofsaaklik gebaseer op die hoeveelheid kapitaal waaroor 'n bankinstelling moet beskik, ten einde die bankbesigheid op 'n verstandige wyse te bedryf. Een van die primere funksies van kapitaal is om te dien as verliesabsorberingsbuffer ter beskerming van 'n bankinstelling se deposante, en daarom word toereikende kapitaal dikwels geag om 'n soort versekeringselement te bevat. Die konsep van kapitaaltoereikendheid kan dus beskou word as deel van die totale risikobestuurskonsep. Daar is tydens die studie gepoog om aan te dui dat banktoesighouers nie net kapitaalverhoudings behoort te gebruik om 'n bankinstelling se kapitaalposisie te ontleed nie. Ander faktore, soos batekwaliteit en antler finansiele risiko's, moet ook in ag geneem word. Finansiele verhoudingsgetalontledings voorsien banktoesighouers van waardevolle inligting. Indien verhoudingsgetalle egter met nie-gekwantifiseerde inligting gekombineer sou word, kan banktoesighouers hul doel om kapitaaltoereikendheid te bepaal, bereik. / M.Com. (Business Management)