The subject of this diploma thesis concerns problems connected with receivables at corporate enterprise. On the basis of results of performed analysis of the present state of receivables in the selected company, several measures are proposed to help improve weak points in the system of care for receivables in the company.

The thesis is elaborated in order to create a business plan. According to the current situation of the company CAMFI L.t.d., I analyze and judge the options for its future development. The results of my analysis in the thesis will be instrumental towards the supporting documentation for company’s management decisions on its future developments.

The topic of this thesis work is solution of receivables. At first we make to charted present status care of receivables in capital company. After analysis suggestions follow to innovation as prevention and solution creation non-paid receivables.

Выпускная квалификационная работа (магистерская диссертация) посвящена исследованию финансовым методам управления оборотным капиталом предприятия. Предметом исследования выступают экономические отношения, возникающие в процессе управления оборотным капиталом предприятия. Основной целью диссертационной работы - опираясь на теоретические и практические основы науки о финансах, проанализировать современные методы управления оборотным капиталом предприятия и выявить пути повышения эффективности его использования. В заключении выявлены проблемы управления оборотным капиталом предприятия и предложены практические мероприятия по его совершенствованию. / The final qualifying work (master's thesis) is devoted to the study of financial methods for managing the working capital of an enterprise. The subject of research is the economic relations arising in the process of managing the working capital of an enterprise. The main goal of the thesis is to build on the theoretical and practical foundations of the science of finance, analyze modern methods of managing the working capital of an enterprise and identify ways to increase the efficiency of its use. In conclusion, the problems of working capital management of the enterprise are revealed and practical measures for its improvement are proposed.

The work deals with the receivables management under the Czech accounting standards and Czech legislation. The aim is to introduce a comprehensive system of receivables management and provide a comprehensive overview of possibilities of origin, classification, ensurance and recovery. The end of this work characterizes process of receivables management in the concrete firm, its assessment and proposals for streamlining this process.

This master's thesis is focused on financial receivables and liabilities under IFRS. The first chapter characterizes financial receivables in IFRS and describes actual IASB projects in this area. The second chapter is devoted to factoring and derecognition theory, which was analyzed on various types of factoring receivables. The third chapter deals with financial instruments with characteristics of equity, where actual IASB project is presented. The fourth part is focused on fair value option of financial liabilities and exposure draft of Fair Value Measurement standard. The thesis is completed with practical analysis of financial instruments of foreign banks.

A securitização de recebíveis é uma modalidade de estruturação financeira que permite à empresa originadora de créditos o acesso direto ao mercado de capitais, constituindo-se em importante ferramenta para a desintermediação financeira. Basicamente, esta modalidade consiste na cessão dos créditos a uma companhia constituída especificamente para este fim e a emissão de títulos, por esta última, lastreados nos créditos adquiridos. O investidor em um título securitizado se beneficia porque não corre o risco da empresa originadora dos créditos, e sim o risco diversificado dos recebíveis que lastreiam o título. No Brasil, a securitização se desenvolveu na forma dos fundos de investimento em direitos creditórios os FIDCs , que captam emitindo cotas seniores e cotas subordinadas. Este trabalho investiga as técnicas relacionadas à securitização, as práticas do mercado de capitais, os benefícios desta modalidade de estruturação financeira, e avalia os riscos dos FIDCs para o investidor em cotas sênior e para o originador que, normalmente, adquire as cotas subordinadas. São apresentadas também as normas estabelecidas pelas autoridades monetárias visando fazer frente aos riscos inerentes à securitização, uma vez que esta forma de estruturação é largamente empregada por instituições financeiras; e avaliado se estas normas estão adequadas para seu propósito. / The securitization is a type of structure finance which allows a company capable of originate receivables to access the capital market, and so, contributing to the financial disintermediation. Basically, the securitization consists in selling credits for a special purpose vehicle, responsible for issuing securities collateralized by those receivables. The investor in a securitized obligation has the benefit of avoiding the risks coming from the credit originator, but the diversified risk from its collateral. In Brazil, the securitization took the form of mutual funds the FIDC, which borrow funds by issuing senior and subordinated cotes. This study investigates the securitization techniques, the capital market practices, the benefits of this structure finance model and, in the case of a FIDC, the risks arising from senior and subordinated cotes. The rules established by the monetary authorities focusing the risks inherent of the securitization process are also presented, considering the fact this structure is largely used by financial institutions; additionally, the adequacy of those rules are evaluated.

Small business owners often do not possess the financial literacy to implement invoice factoring to fund their business. Despite that lack of knowledge, an increasing number of small business owners are using invoice factoring as their primary source of funding. Guided by a systems thinking approach, the purpose of this exploratory multiple case study was to understand the effect of invoice factoring of 5 small business owners, 5 small business finance managers, and 5 factoring program managers, all of whom managed factoring programs and technical services companies with less than $3 million in annual revenues. Participants were located in 6 states with data collected through semi-structured Skype and telephone interviews. Data were analyzed according to the Krippendorff method. Member checking and transcript review established trustworthiness and credibility of interpretations. Three themes emerged from interviews: owner eligibility for traditional capital sources, profit margins, and third-party relationships. The small business owners were not eligible for traditional funding options. Factoring administrators and small business owners cited that companies with better profit margins implemented invoice factoring successfully. Finance managers mentioned that factoring companies acted as a third-party to the invoicing and collection processes. Social implications include a contribution to the advancement of small business success rates and to an entrepreneur's preparation to launch a business venture properly.

La propriété-sûreté a été introduite en droit de l’OHADA à l’occasion de la réforme de l’Acte uniforme portant organisation des sûretés en date du 15 décembre 2010. La présente thèse a pour ambition de montrer les points de convergence et de divergence de la propriété-sûreté du droit de l’OHADA par rapport au droit français. Elle démontre également l’inexactitude de la reconnaissance au titulaire de la propriété-sûreté d’un droit réel sur le bien objet de la sûreté, eu égard au fait que la propriété-sûreté ne saurait juridiquement être assimilée à la propriété ordinaire. Elle montre au contraire que la propriété-sûreté est réductible aux sûretés réelles traditionnelles. Elle invite, ce faisant, les législateurs du droit de l’OHADA et du droit français à aligner le régime de la propriété-sûreté sur celui des sûretés réelles traditionnelles. / Property-security (title for security purposes) was enshrined in the OHADA law during the reform of the Uniform Act on the organization of security rights on December 15, 2010. This thesis then aims at pointing out the similarities and the differences between the OHADA’s property-security law and the French law. It also challenges the accuracy of recognizing to the owner of the title for security purposes a right in rem in connection with the property concerned, as property-security cannot, as to the law, be assimilated to an ordinary property. By contrast, this study shows that property-security has to be seen as other traditional real guarantees. Therefore, both the OHADA and the French legislators are called to shape the legal regime of the property-security in accordance with that of the traditional real guarantees.

A securitização de recebíveis é uma modalidade de estruturação financeira que permite à empresa originadora de créditos o acesso direto ao mercado de capitais, constituindo-se em importante ferramenta para a desintermediação financeira. Basicamente, esta modalidade consiste na cessão dos créditos a uma companhia constituída especificamente para este fim e a emissão de títulos, por esta última, lastreados nos créditos adquiridos. O investidor em um título securitizado se beneficia porque não corre o risco da empresa originadora dos créditos, e sim o risco diversificado dos recebíveis que lastreiam o título. No Brasil, a securitização se desenvolveu na forma dos fundos de investimento em direitos creditórios os FIDCs , que captam emitindo cotas seniores e cotas subordinadas. Este trabalho investiga as técnicas relacionadas à securitização, as práticas do mercado de capitais, os benefícios desta modalidade de estruturação financeira, e avalia os riscos dos FIDCs para o investidor em cotas sênior e para o originador que, normalmente, adquire as cotas subordinadas. São apresentadas também as normas estabelecidas pelas autoridades monetárias visando fazer frente aos riscos inerentes à securitização, uma vez que esta forma de estruturação é largamente empregada por instituições financeiras; e avaliado se estas normas estão adequadas para seu propósito. / The securitization is a type of structure finance which allows a company capable of originate receivables to access the capital market, and so, contributing to the financial disintermediation. Basically, the securitization consists in selling credits for a special purpose vehicle, responsible for issuing securities collateralized by those receivables. The investor in a securitized obligation has the benefit of avoiding the risks coming from the credit originator, but the diversified risk from its collateral. In Brazil, the securitization took the form of mutual funds the FIDC, which borrow funds by issuing senior and subordinated cotes. This study investigates the securitization techniques, the capital market practices, the benefits of this structure finance model and, in the case of a FIDC, the risks arising from senior and subordinated cotes. The rules established by the monetary authorities focusing the risks inherent of the securitization process are also presented, considering the fact this structure is largely used by financial institutions; additionally, the adequacy of those rules are evaluated.