Submitted by Joao Henrique Perez Santos (joaohpsantos@terra.com.br) on 2014-02-25T20:40:19Z No. of bitstreams: 1 Tese MPFE - Joao Santos.pdf: 1094828 bytes, checksum: 85c04c4b4e18b219b437fceb8bae5c0b (MD5) / Approved for entry into archive by Vera Lúcia Mourão (vera.mourao@fgv.br) on 2014-02-25T20:45:49Z (GMT) No. of bitstreams: 1 Tese MPFE - Joao Santos.pdf: 1094828 bytes, checksum: 85c04c4b4e18b219b437fceb8bae5c0b (MD5) / Made available in DSpace on 2014-02-26T12:20:14Z (GMT). No. of bitstreams: 1 Tese MPFE - Joao Santos.pdf: 1094828 bytes, checksum: 85c04c4b4e18b219b437fceb8bae5c0b (MD5) Previous issue date: 2014-01-30 / The present paper aims at analyzing the adoption of portfolio immunization techniques for the FX hedge management in the corporate environment of a Trading Company using in a pioneering way the Principal Component Analysis applied to the FX curve as an alternative to the frequently used models of hedge using back-to-back and duration-hedge strategies which show some deficiencies on its management. To exemplify the effectiveness of the immunization strategy, it was created a random portfolio of FX exposures dated at 02/01/2013 that comprised 200 transactions with notional between US$5 million and –US$10 million, for maturities also aleatory between 03/06/2013 and 01/12/2014 maturing on the first business day of each month. The results of the Principal Component Analysis showed that for the 3 periods analyzed, 1,2 and 3 years, the first three components explained, respectively, 97.17%, 97.90% e 97.53% of the variability of the FX curve. With respect to the portfolio immunization, the strategy that used the principal component methodology seemed to be extremely effective, when compared to the back-to-back strategy, allowing it to be used in the corporate environment. The hedge strategy using the Principal Component Analysis for 1, 2 and 3 years and the Duration Hedge strategy showed an effectiveness of, respectively, 101.3%, 99.47%, 97.64% and 99.24% for the period of analysis and an amplitude on its daily effectiveness of 8.62%, 7.79%, 8.45% e 19.21%, which shows a superiority of the strategy when compared to the Duration Hedge. The results obtained from this paper are of great relevance for the corporate risk management in the local market. / O presente estudo busca analisar a adoção de técnicas de imunização de carteiras para a gestão dos hedges cambiais no ambiente corporativo de uma Trading Company, utilizando de forma pioneira a análise de componentes principais aplicada à curva cambial como uma alternativa aos modelos usualmente utilizados de hedge por exposição gerada (back-to-back) e duration hedge que mostram algumas deficiências em sua gestão. Para exemplificar a efetividade da estratégia de imunização foi gerada aleatoriamente uma carteira de exposição cambial com data base de 02/01/2013 composta por 200 transações com valores entre US$5 milhões e -US$10 milhões, para vencimentos também aleatórios entre 03/06/2013 e 01/12/2014 com vencimento no primeiro dia útil de cada mês. Os resultados da Análise de Componente Principais mostraram que para os períodos analisados de 1, 2 e 3 anos, os três primeiros componentes explicam respectivamente 97.17%, 97.90% e 97.53% da variabilidade da curva cambial. No que diz respeito à imunização da carteira, a estratégia que utiliza a metodologia de componentes principais mostrou-se altamente efetiva, quando comparadas à estratégia back-to-back, de forma a permitir a sua aplicabilidade no ambiente corporativo. A estratégia de hedge utilizando-se da Análise de Componentes Principais para 1, 2 e 3 anos e pelo Duration Hedge apresentaram uma efetividade de, respectivamente, 101.3%, 99.47%, 97.64% e 99.24% para o período analisado e uma amplitude na efetividade diária de 8.62%, 7.79%, 8.45% e 19.21% o que indica uma superioridade da estratégia em relação ao Duration Hedge. Os resultados obtidos nesse trabalho são de grande relevância para a gestão de risco corporativo no mercado local.

This thesis deals with business plan of a trading company. Aim of this business plan is a proposal of expansion and structural change of commercial section of the company. I have created project of simple and working split of sales and technical department of the company. This plan is supposed to improve the productivity of labour, increase staff motivation and company sales.

Comparison of approaches to the issue of the concurrence of the performance of the function of a member of the statutory body and the employment relationship in commercial corporations in the French and Czech legal order The possibility of concurrence of the performance of the function of a member of the statutory body and the employment relationship within one company is traditionally non regulated by Czech legal order. The solution is based on case law which, due its rigorous approach and poorly developed argumentation, does not offer neither clear answer to the question, nor the sufficient level of legal certainty. The thesis aims to analyse the approaches to the issue of the concurrence and its solution in France and the Czech Republic respectively, compare this approaches and propose possible adjustments in the approach of Czech justice to the issue, regarding the decision of the Czech Constitutional court from 13th September 2016, no. I. ÚS. 190/15. The thesis is divided into four parts. First part defines the basic legal notions in context of the legal orders of both countries. In the second and third part are described both approaches to the issue of concurrence of the performance of the function of a member of the statutory body and the employment relationship in France and the Czech...

The thesis deals with project of a textbook for commercial Academmies. The theme is a legal form of business (profitable organization). The project is made in such a way the students get total information on this problems. The project is for the students of higher classes. The project consists of o theoretical part and a practical part which is intended for verification of knowledge gained.

El objetivo general de la investigación ha sido analizar la factibilidad y viabilidad de la creación de una empresa comercializadora de medicamentos esenciales con propósito de beneficiar con precios competitivos a aquellas clínicas con limitado poder de negociación y adquisición ubicadas en Miraflores, San Borja y San Isidro. El abastecimiento oportuno a las clínicas del segmento del mercado elegido y el aumento del periodo promedio de pago a las clínicas con menor liquidez, son las principales características del modelo del negocio. A partir del marco teórico se analizan diversos aspectos relacionados a laboratorios y proveedores, precios Kairos; así como distribución y centrales de compras. El mercado meta está constituido por 44 clínicas ubicadas en los distritos elegidos. En la investigación se utilizó la metodología mixta (cuantitativa y cualitativa) lo cual permitió corroborar que el modelo del negocio es atractivo para el mercado real constituido por 14 clínicas. Los procesos clave de la empresa están compuestos por la negociación del costo de adquisición, cotización al cliente, consolidación y adquisición de medicamentos, almacenamiento, así como, venta y distribución. La simulación con proyección a 5 años, una inversión de S/ 773 829 financiado con 81,64% de capital propio y un 18,36% de préstamo bancario a una TEA de 16,48% a un plazo de 3 años, arrojan un VAN positivo de S/ 864 015 y una TIR de 42,08% superior al costo de oportunidad de los inversionistas. Se ha concluido que el modelo del negocio es altamente atractivo para los potenciales clientes e inversionistas. / The main purprose of the research is to analyze the feasibility and viability of the creation of a trading company of essential drugs with the purpose to help those clinics a competitive prices with limited purchasing power and negotiation located in Miraflores, San Borja and San Isidro. The appropiate supply to clinics in the chosen market segment and the high average payment period to clinics with less liquidity, will be the main characteristics of the business model. Through the theoretical framework, many related aspects are analyzed to laboratories and suppliers, Kairos prices; as well as distribution and purchasing centers. The target market is composed of 44 clinics located in the chosen districts. In the research, it's used the mixed methodology (quantitative and qualitative), which corroborated that the business model is attractive for the real market consisting of 14 clinics. The key processes of the company are composed to the negotiation of the cost of acquisition, quotation to the client, consolidation and acquisition of medicines, storage space, as well as, sale and distribution. The simulation with a 5-year projection with an investment of S/ 773,829 financed with 81.64% of equity capital and 18.36% of bank loan at a rate of 16.48% for a term of years, results a positive NPV of S/ 864,015 and IRR of 42.08% higher than the opportunity cost of investors. For all that reaffirms that the business model is highly attractive to potential clients and investors. / Trabajo de investigación

本研究是以 司徒達賢教授「產業價值鏈」、「策略形態分析法」及「網絡定位分析法」做為分析架構，試圖分析一家新創貿易商的事業策略及網絡定位，並探討其策略成功之環境前提與條件前提。 個案選擇雖是一家特定公司在特定市場的成功案例，並不足以作一般化的推論，但仍可供參考。主要之初步結論如下： 1. 貿易商創立極為不易，但若能找到自己所擅長的市場和產品，藉著本身既有快速、彈性、機動的條件，針對某些價值活動和特定的目標市場作深入的掌握和聚焦，必能獲得成功。 2. 貿易商可以藉由交易對象的選擇與組合，以創造有利的網絡 定位。上、下游交易對象的家數多、規模小、向前或向後整合的 能力或意願低，則貿易商較能確保其有利的生存空間。 關鍵詞:策略管理 貿易商 衛浴產業 策略形態 產業價值鏈

In order for one to understand the dramatic historic development of Taiwan, one must first gain a sense of place and time in order to appreciate how different periods in the history of Taiwan have helped shape its progress, either in a constructive or negative way. The purpose of this thesis is to describe a British presence that existed in Taiwan from 1858 to 1895. The Treaty Port era has been documented in a number of different discourses, but the role the British played in the nineteenth century economic and social transformations of Taiwan have not been studied as a subject within its own right. Attention to this overlooked aspect of British history is not only important because it was a turning point in British perception of extraterritoriality, but also in Chinese relations to foreign powers. In addition the period was also marked by a reformation in the importance Taiwan played to the Qing court. In 1858 with the signing of the Treaty of Tientsin and the Treaty of Peking in 1863, as a result of the Second Opium War, China was required to open four ports on Taiwan. The Treaty of Tientsin designated Anping as a Treaty Port in 1858 and the Treaty of Peking opened the ports of Tamsui and Keelung in 1860 and 1863 respectively. Finally, concessions of the treaty opened Takao in 1864. However, the question of Taiwan as an obvious location for trade was raised as early as 1883 and this period was mirrored by the withdrawal of the East India Trading Company for China. As a consequence, it was not the ‘Company’ that penetrated the shores of Taiwan as it had done in both India and China. Instead it was agency houses and private firms, which transformed the agrarian economy into the market mechanisms of international commerce. This thesis will confront a British community presence as a social historical process by highlighting the cause, course, and consequence of the formation and the theoretical structuration of nineteenth century treaty ports in Taiwan.

近年來，互聯網及資訊通訊技術的發展使得買方和賣方之間的交流溝通更為通暢，交易成本降低，因此單純從事買賣中間業務的貿易公司的作用變得越來越小，其生存空間不斷縮小。國際貿易公司如果仍然只是接受國外訂單，組織國內貨源，進行出口交貨，這樣的代理角色必然會缺乏競爭力，並逐漸被市場淘汰。在傢俱行業之中，貿易公司也面臨著這樣的問題。 本研究從供應鏈整合、交易成本、服務創新等理論出發，結合傢俱行業貿易公司發展的實際情況，提出了一個新的傢俱行業貿易公司商業模型。新商業模型建議貿易公司進行客戶整合、供應商整合及內部整合，有助於公司降低交易成本、更好的服務客戶，提升原有服務品質並提供新的附加服務，增強貿易公司的競爭力及績效。 並且本研究使用一個實際的企業案例來說明該商業模型應用，通過實際的例子說明了該商業模型的運作方式，包括目標市場定位、經營業務、人員編製、營收估計及投資效益分析、風險及敏感性分析，同時也證明了該商業模型確實能夠為企業帶來效益增長與長遠發展。本研究具有理論意義及實踐意義。

This thesis presents a business plan for development of trading company. Based on thorough analysis of significant external and internal factors I present the draft of conceptual changes in areas: organizational structure, employee motivation, sales management. Target of changes are increase market share and increase competitiveness. This thesis will serve management as implementation document for the realization of the proposed changes.

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