The diploma thesis focus on elaboration of economic analysis of company Mlékárna Hlinsko, a. s. The thesis includes the basic characteristics of the industries in which the company operates, including the composition of Porter's five forces model. In the thesis are used profitability ratios, leverage, activity, liquidity and capital market. At the same time, it analyzes the degree of operating leverage and impact assessment of financial leverage. To determine the incremental impact on the return on equity is used Du Pont decomposition. As part of a comprehensive evaluation were applied credibility and bankruptcy models - Altman model, Index IN05 and Index bonity. Company Mlékárna Hlinsko, a. s. was compared with relevant competitors in the market and industry averages. In conclusion of the thesis were drawn appropriate advices and recommendations for the future. The thesis is drawn up with regard to the specifics of the food industry and the connection with company Agrofert, a. s.

Titel: Påverkar VD:ns aktieinnehav bolags finansiella prestation?  - En kvantitativ studie om sambandet mellan VD:ns nivå av aktieinnehav inom bolaget och dess finansiella prestation.    Författare: Carl-Oscar Backlund & Viktor Granström   Handledare: Jörgen Hellström   Problembakgrund och problemdiskussion Synen på VD:ns roll och dennes betydelse för ett bolag har ändrats mycket genom åren. I modern tid anses en VD vara ytterst ansvarig för bolagets verksamhet, med lagstadgade uppgifter, men också samtidigt vara ansiktet utåt mot media och press. Hur pass stark är korrelationen mellan bolaget prestation och dess VD? Många börsnoterade bolag väljer att knyta VD:ns finansiella kompensation till dess aktiekurs, och på så vis få VD:n att börja arbeta mer utifrån aktieägarnas intressen. Andra bolag väljer att tillämpa olika typer av incitamentsprogram. Huruvida VD:ns aktieägande inom ett bolag påverkar bolagets prestation är studerat ur ett internationellt perspektiv, men det saknas forskning på svenska bolag. Vidare finns det ett flertal faktorer som särskiljer den position svenska bolag befinner sig i gentemot utländska bolag.    Syfte  Syftet med denna uppsats är att undersöka huruvida det finns ett samband mellan VD:ns finansiella incitament och bolagets finansiella prestation. Studien avser bolag listade på Nasdaq OMX Stockholm. Vidare är syftet att redogöra för relevanta teorier inom ämnesområdet för att därefter avgöra ifall det återfinns stöd för dessa utifrån studiens resultat.   Metod Studien utgår ifrån en kvantitativ metod med en deduktiv forskningsansats där en tvärsnittsstudie tillämpas med hjälp av insamlade sekundärdata. Den data som samlats in är för bolag som varit listade på stockholmsbörsen under år 2019. Multipla regressionsmodeller har skapats för att undersöka huruvida samband existerar genom testande av hypoteser.    Teori Agentteorin, stewardship-teorin, entrenchment-teorin, och det resursbaserade synsättet ligger till grund för studiens teoretiska referensram tillsammans med tidigare forskning kring ämnet.    Empiri & slutsats Uppsatsens resultat tyder på att inga säkerställda samband mellan VD:ns nivå av aktieinnehav och den finansiella prestationen, operationaliserat som ROA och ROE kan återfinnas under räkenskapsåret 2019 på Stockholmsbörsen. Varpå studiens resultat genomförande finner stöd för stewardship-teorin, och därmed återfinns inget stöd för agentteorin respektive entrenchment-teorin på en 5% signifikansnivå.

Objective of doctoral thesis is creation of model of financial management of company based on determining the optimal set of key indicators of success and their interaction principle in order to improve the efficiency of the company. Creation of a model of financial management of the enterprise is based on the study and comparison financial and managerial practices of ten large construction companies located in the Czech Republic and in Portugal. A model has been created that links the methods of financial management and analysis. The model was subsequently successfully tested on two specific companies. It was also proposed methodology, sequence of steps for its implementation and subsequent use in practice. To determine the effectiveness of decisions made, the EVA method was used. The model evaluates the financial condition of the company, determines the dependence of financial stability on external factors, determines the tasks that the company must fulfill in order to increase the company's efficiency.

Background: Research shows that there are incompatible outcomes for companies who have completed an Initial Public Offering, which entails difficulties in ascertaining what acompany's financial performance will look like after the Initial Public Offering. Purpose: The purpose of the study is to investigate whether an Initial Public Offering resultsin an improvement or a deterioration in companies' financial performance in connection with a stock exchange listing on the Stockholm Stock Exchange. Furthermore, the study's sub-question aims to examine whether the financial performance differs based on the size ofthe company, in connection with an Initial Public Offering.  Theory: This study is based on three theories; Window Dressing Theory, Agency CostTheory and Window Of Opportunity.  Method: The study has applied a quantitative method in combination with a deductive approach. Two financial ratios have been applied to examine the financial performance, which are; profit growth and return on equity.  Conclusion: The empirical result shows that an Initial Public Offering leads to a deterioration in profit growth for the entire sample, before in relation to after the listing. Furthermore, the size of the company turns out to have no effect on how the financial performance is affected in relation to an Initial Public Offering.

Free cash flow and capital structure is a widely covered topic, with several studies conducted in previous years and markets. We set out to examine the possible effects of free cash flow and capital structure on the Stockholm Nasdaq OMX between the years 2018 and 2022. Regarding this period, no previous studies had been conducted that consisted of a population encompassing an entire market. We decided to employ a deductive approach to perform our quantitative research. Using the ORBIS database, we gathered data regarding variables free cash flow, debt ratio, debt-equity ratio, asset turnover ratio, return on equity and return on assets. Return on equity and return on assets worked as our dependent variables, with free cash flow, debt ratio, debt-equity ratio and asset turnover ratio as independent variables. After testing the data for heteroskedasticity and autocorrelation, a fixed effects regression model was both constructed and examined along with a Pearson’s correlation test.  Our results indicated a significant negative relationship between free cash flow and return on equity, as well as a significant positive relationship between asset turnover ratio and return on equity. From these results, we gathered we had detected evidence to support the financial slack theory, which is a theory that highlights the importance of keeping an excess of resources to use when needed. The theory advocates using additional resources and not allowing an overflow of assets to gather dust in inventory.

Background Traditional banks monopolized financial services, but the 2008 crisis spurred Fintech's emergence as an alternative. Fintech challenges banks with innovative solutions, while Sweden thrives as a Fintech hub. Profitability is vital due to the recent shift in focus from growth. Modern Fintech research is lacking, thus creating gaps in both knowledge and studies among the Swedish Fintech-sphere.  Purpose  The study analyzes leverage, return on equity, and bank size ratios in Swedish Fintech companies. It examines their impact on profit margin and aims to identify correlations. The results aim to enhance understanding and provide guidance for optimizing key figures to increase profitability among Swedish Fintech-companies.  Methodology The study utilized a quantitative approach with a deductive method and cross-sectional design. Data consisted of secondary data and was collected through the database Retriever Business. A total of 1198 observations were analyzed using correlation matrix, bivariate, and multivariate regression analyses.  Results  The quantitative analysis revealed that both debt to equity ratio and return on equity has a significant relationship, while bank size has only a partially significant relationship with profit margin.  Conclusion  Swedish Fintech-companies reveals a positive relationship between return on equity (ROE) and profitability. Furthermore, the leverage ratio also positively affects profitability. Moreover, Bank size shows a slight negative impact.

本文主要探討產物保險公司如何以自身的風險管理及內部的流程控制來達到有效的控管和預測，進而創造更高的業主權益報酬率，確保被保險人的權益，以維繫公司的永續經營發展為研究的目的。 身為風險管理工具之一的保險公司，必須瞭解自身於經營上面對的風險所在。首先論述如何建立保險公司風險管理程序，並從風險中深入分析，得知不適當的定價是造成保險公司喪失清償能力最主要的原因，建立完善的核保風險機制據以發展保險公司本身的核心價值，特以火險為例詳細說明其建制的過程與細節。 除介紹如何利用核保財務分析模型（Underwriting Financial Model）來解決適當訂價的問題，並配合運用風險資本額的公式求出各險種之風險資本額、各險種之業主權益分配額、各險種之可運用資金、各險種之自留綜合率、各險種業主權益報酬率、以預測來年之營運績效，另外尚討論信用風險與風險累積的控制，運用創新的觀念及技術來管理公司的業務量。 最後建議保險公司應設立風險管理專責單位，對於風險管理的流程與運作提早規劃準備，保險公司應有意願提昇風險管理的專業能力並嚴格自律及確實執行，俾強化公司自身風險觀念瞭解到公司真正有此需求。 關鍵字：風險管理、業主權益報酬、風險資本額、核保、產物保險經營 / The main theme of this research is to explore the issues related to the ways of risk management and internal operation control for insurance companies. The insurance companies could be efficiently controlled and projected to create higher return on equity, to guarantee the insured’s benefit, and to maintain the company’s long-term operation by implementing risk management process. Insurance companies, as one of the tools for risk management, are required to realize their own risks in operation. Firstly they must explore how to build up a process of risk management and to recognize that inadequate price is one of the main reasons to cause insurance company’s insolvency. Secondly they should explore how to build up an adequate underwriting risk mechanism to develop the core value of insurance companies, and to illustrate its process and detail of the building-up with Fire insurance business. Insurance companies are also required to know how to solve inadequate price by using Underwriting Financial Model, and how to calculate Risk Base Capital, Capital Allocation, Asset Allocation, Combined Ratio, Return on Equity for each line of business to predict business results for the coming year. This paper also discusses the importance of credit risk and risk accumulation in order that insurance companies can manage their own business by using innovating concept and technique. Finally Insurance companies are recommended to set up a risk management unit that should plan and prepare for the process of risk management. They ought to show their high wiliness to increase the capability of risk management, and to exercise high discipline and put into work in order to enhance the concept and need of risk management. Key Words： Risk Management, Return on Equity, Risk Base Capital, Underwriting, Insurance Operation.

本研究以2000年至2006年中國大陸上市公司之財務資料及股價資料，探討中國上市公司是否因租稅優惠而負擔隱含稅，及其負擔之隱含稅與有效稅率、股東權益稅前報酬率、市場結構及產業別之關係。實證結果顯示，中國大陸上市公司有效稅率之平均值遠低於其稅法上之名目稅率，顯示上市公司整體而言因稅法而享有租稅優惠，其中以農林漁牧業與信息技術業之有效稅率最低，反映中國扶植農業以及獎勵高科技產業之租稅政策。上市公司隱含稅率之平均值約為17.91%，顯示在中國大陸經濟成長率高之市場下，其上市公司仍須負擔隱含稅，且實證結果發現中國上市公司之有效稅率與隱含稅率呈顯著正向關係，即當有效稅率下降時，隱含稅率將會相對提高，呈現如Scholes and Wolfson(1992)所提出之隱含稅理論。 本研究實證結果亦發現，中國上市公司之股東權益稅前報酬率與隱含稅負間呈現顯著負向關係，即享受租稅優惠較多的公司，因負擔隱含稅成本，故整體報酬率未必高於享有較少租稅優惠的公司。非製造業公司之市場結構變數與隱含稅率間具有顯著關係性，即市場集中度越高時，廠商的市場支配力越大，也就越接近壟斷市場，造成該產業租稅優惠隱含稅負之負擔者多為消費者，而公司負擔之隱含稅則相對較低。 / This study uses financial and stock price data of the listed companies in China from 2000 to 2006, to examine if the listed companies have to bear implicit taxes because of tax preferential treatments, and to examine the relationship between implicit taxes and effective tax rates. The empirical results indicate that the average of ETRs of listed companies in China is lower than the statutory tax rate, indicating that overall listed Chinese companies have enjoyed substantial preferential tax treatments. The ETRs of the companies of agriculture and information technological industries are the lowest ones of all industries, reflecting China's tax policy aimed at developing agriculture and hi-tech industries. The average of implicit tax rates of listed companies in China is about 17.91%, indicating that listed companies in a high economics growth market, such as China, still have to bear implicit taxes. The empirical results show that implicit taxes are negatively related to ETRs, and the results support the implicit tax theory by Scholes and Wolfson(1992).The empirical results indicate the relationship between implicit tax and PEROEs is negatively, meaning the returns of tax-favored companies are less than tax-disfavored ones. The variables of market structures are significantly related to implicit tax, meaning the more market power the companies have, the less implicit tax they will bear. The empirical results of this study have implications for the government to further use tax incentives as a vehicle to stimulate economic development.

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)

The aim of this dissertation is to design finance management model and then to test it in real company operated in field of facility management (property and asset management in the field of real estate’s). Designed model works with instruments of financial analysis and investment management. Key hypothesis of the model tells that return on equity should by higher or equal in comparison to weighted average cost of capital. This hypothesis is used not only for effective financial management of the company but also for its smaller units (business centres). Part of the dissertation is definition how to implement and use the model (31 steps for the implementation). Designed model (and hypothesis as well) is verified on the case study.