Made available in DSpace on 2010-04-20T20:50:59Z (GMT). No. of bitstreams: 3 61060100563.pdf.jpg: 11108 bytes, checksum: 1b7efa4fbad1f37cc72bcc536ef6be13 (MD5) 61060100563.pdf: 695300 bytes, checksum: f0046fcffe94e5d794a226b2a63f4792 (MD5) 61060100563.pdf.txt: 81822 bytes, checksum: 9a18081c55dad40762777ad28e9b4c2d (MD5) Previous issue date: 2008-06-06T00:00:00Z / This research provides empirical evidence on the use of trade credit as either a substitution or a complement to bank debt for listed companies in Brazil, controlling for the firms reputation, as stated by Alphonse, Ducret and Séverin (2006). The sample consists of 263 publicly-listed companies for 2006. Our findings support all three hypotheses. We provide evidence that trade credit may be used as a signal for the firm’s quality. / Trade credit é o prazo concedido a um comprador pelo fornecedor, durante a realização de uma venda. Portanto, trata-se de um crédito concedido por instituições não-financeiras. Esta dissertação testa as hipóteses de substituição, complementariedade e reputação relacionadas ao uso de trade credit por empresas brasileiras de capital aberto, e, adicionalmente, analisa a relação entre o endividamento e o fornecimento de trade credit por estas empresas. Sob uma visão mais tradicional, o Trade credit é tido como uma fonte alternativa de crédito em relação ao financiamento bancário. Estudos mais recentes ressaltam sua importância em sinalizar às instituições financeiras a boa qualidade da empresa, uma vez que este carregaria informações relevantes possuídas pelos fornecedores sobre seus clientes. Neste sentido, o trade credit teria também a função de facilitar o acesso ao crédito. Alphonse, Ducret and Séverin (2006) sugerem que, num primeiro momento, a empresa com restrição ao crédito usaria o trade credit como complemento do crédito bancário (hipótese de complementariedade). Considerando que este seria percebido pelos bancos como um sinal de boa qualidade da empresa (hipótese de reputação), enquanto num segundo momento, os bancos se tornariam dispostos a dar crédito para essa empresa, e o trade credit passaria a ser uma fonte substitutiva de financiamento (hipótese de substituição). Os resultados confirmam as hipóteses de substituição, complementaridade, e reputação. Além de ser uma importante fonte de financiamento, o uso do trade credit parece de fato sinalizar a boa qualidade da empresa, mesmo para empresas de capital aberto, facilitando assim seu acesso ao financiamento bancário. Com relação à concessão de trade credit, encontramos que o acesso ao crédito está negativamente relacionado ao fornecimento de trade credit. Este resultado é contrário ao encontrado por pesquisas que utilizaram amostra de empresas pequenas e médias, e se justifica pela menor dependência das empresas de capital aberto em relação a seus clientes, condição que as leva a fazer menos concessões 7 aos mesmos. Com relação às empresas com maior acesso ao mercado de capitais (por exemplo, empresas que emitem debêntures), essa relação negativa entre o acesso ao crédito e fornecimento de trade credit foi ainda mais significativa. Este resultado evidencia que quanto maior a reputação menor o fornecimento de trade credit por estas empresas.

This master´s thesis deals with creating a business plan for the foundation of a travel agency. The thesis consist of three parts, from the theoretical parts, an analysis of the current situation, and the own proposal of the business plan. The theoretical part explains basic concepts related to business, describes the principles of business plan creation, and sources of financing business activities. Then, on the basis of the market analysis, where the emerging travel agency will enter, it has prepared its own business plan proposal.

The aim of this thesis is the business plan for the establishment of riding stable. The stable will be located in the village Vesce near the town Moravské Budějovice and among the services that will be offered include stabling, training horses and riders and equestrian club. Part of the business plan is a thorough analysis of the business environment. There are also dealt with the essential requirements and procedure for the establishment of a riding stable. The business plan is also prepared personnel, marketing and financial plan. The business risks are related, because the work includes risk assessment company. Business plan will serve to decide whether to start a business or not.

The thesis discusses the possibilities of financing construction of the house including the land purchase. The theoretical part is focused on the clarification of all possible variants of financing and explanations of terms that relate to this issue. The practical part is to model the situation shown the possibility of funding specific construction contracts. There is also a comparison of seven banks and their products through value analysis. On the basis of the selected and recommended to the investor the best option.

The thesis discusses the theme “Financing development projects”. The first part deals with theoretical terms related to the issue. It also describes the process of activities related to the developer’s business. The second part is focused on a specific development project - Jundrovská administrative building, where the whole process of financing with own developer’s resources is explained and described. The third part is focused on proposal of other financing alternatives. This part specifies a bank loan as another possible form of financing a development project. The conclusion evaluates diversity of the development project process depending on the form of financing.

The main aim of this thesis is to describe the financing and the accounting of the allowance organizations established by the local authority and apply the theoretical principles into practice so that it can be analyzed economy and evaluated the financial statements of the Primary and Nursery School for the visually impaired and speech disorders, Pilsen. The partial aim is to compare the financing of selected primary schools in the Pilsen region according to the various sources of financing.

The Master’s thesis is focused on purchase of a horizontal boring machine for a company, which operates in the engineering industry. It informs about the financial situation of the company, compares offers of individual banks and leasing companies as well as methods of evaluation of the investment project. The essential part of the work comprises an evaluation of a specific investment project, including formulation of recommendations for its implementation.

This dissertation deals with the funding possibilities of business plan of Sun Marketing, s.r.o. In terms of theoretic peaces of knowledge and of obtained information takes in proposal of optimal alternate of business plan financing.

This thesis focuses on the steps that are necessary for the establishment of the civic association and follow-up activities done by the Association upon registration at the Ministry of the Interior. Theoretical resources are devoted to accounting, tax and financing especially. The practical part contains analysis of the current situation of the association. The findings are applied to the facts. The result of this thesis are proposals for further steps that increase the professionalism of the association and it will contribute to a better management of the acquired funds of the association.

The Master’s thesis is focused on purchase of a horizontal boring machine for a company, which operates in the engineering industry. It informs about the financial situation of the company, compares offers of individual banks and leasing companies as well as methods of evaluation of the investment project. The essential part of the work comprises an evaluation of a specific investment project, including formulation of recommendations for its implementation.