Thesis (PhD(Agric) (Agriculture))--University of Stellenbosch, 2009. / Traditionally, agricultural land was regarded mainly as a production factor. Accordingly, in their application of the market sales comparison approach to agricultural land, valuers relied on a set of attributes related to agricultural production as the primary determinants of an agricultural property’s highest and best use (HBU) and market value. These characteristics were measurable and related to the property’s income-generating capacity. The emergence of a multi-functional rural land market with alternative uses of agricultural land, such as for lifestyle purposes, has transformed this concept. Lifestyle inspired buyers often focus on a wider range of attributes not necessarily related to income, but associated more with satisfaction derived from the property. This creates a measurement problem for agricultural land valuers, as the characteristics valued by lifestyle buyers are more intangible and subjective, which leave valuers without a base from which to value such properties. The presence of lifestyle inspired buyers makes agricultural land valuations more demanding as it implies different interpretations of the same farm and complicates the choice of a single HBU. The continued use of familiar conventional farming attributes by valuers when valuing farms where lifestyle motivations are present, and the omission of less measurable characteristics, implies that the market sales comparison method cannot be executed accurately. The objectives of the study were twofold: to reveal the dominance of value attributes applicable to farming as HBU when valuing farms bought primarily for lifestyle purposes and to identify the characteristics of land important to lifestyle inspired farm buyers.

Flooding of residential property is a real and growing phenomenon in the UK causing short and long-term detriment of various kinds to its victims. The issue of potential decrease in value of those properties which are located on the floodplain, though much discussed in the media, has received scant attention in the UK research literature. An extensive literature survey has revealed a need for methodological innovation in the field of temporal impact of flooding and the inadequacy of the current paradigms for inclusion of insurance into flood modelling. A wide-ranging review of data sources, including discussion with industry experts, has identified the requirement to generate primary data on the availability and cost of flood insurance. A novel framework has been developed for this research. This framework is an extension of the recent research in flood modelling and incorporates ideas from the wider house price analysis literature. Data collected via a questionnaire survey of householders has been combined with secondary data on property prices and flood designation in order to attribute any loss in property value to the correct vector of underlying flood status. The output from this study makes a contribution to the understanding of the impact of flooding on house prices, allowing for better valuation advice. Empirical findings are that the understandable concerns of residential property owners at risk of flooding regarding long term loss of property value are largely unfounded. Price discounts are observed for some recently flooded areas but they are temporary Improved appreciation of the impact of claims and flood risk on the cost of insurance has also emerged. The insurance market was not found to be instrumental in reducing the price of property. The output from the study also makes a methodological contribution in extending concepts relating to the relationship between flooding, insurance and house prices. This development is anticipated to facilitate refinement and updating of the empirical findings with reduced effort in the light of future events.

published_or_final_version / Real Estate and Construction / Master / Master of Science in Real Estate and Construction

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Real Estate and Construction / Doctoral / Doctor of Philosophy

本研究中，考慮連續時間下，附最低保證之長期最適投資策略；在利率模型中，為較能符合現實狀況，我們採用CIR模型；另外，在此策略中，我們將投資人之風險偏好加入模型中研究，最適化投資人到期時財富之效用函數，並用Cox & Huang之市場中立評價方法來解決數學模型問題。此篇研究顯示，最適之投資策略可以等價於某些共同基金之投資組合，這些共同基金能利用金融市場上之主要資產(market primary assets)來複製。 / In this study, we consider a portfolio selection problem for long-term investors. Dynamic investment strategy with the continuous-time framework incorporating the minimum guarantees are constructed. Maximizing expected utility of the terminal wealth is employed by investors to trade off profits in good future state against losses incurred in worse states. Follow the previous works of Deelstra et al. (2003), we concentrate on the simplest case of a one-factor Cox-Ingersoll-Ross (CIR) model in formulating the stochastic variation from the interest rate risks. Under the market completeness assumption, the fund growth is modelled under the market neutral valuation and the optimal rules are mapped into the static variational problem of Cox and Huang (1989). In this study, we show that the optimal portfolio is equivalent to a certain mutual fund that can be replicated by the market primary assets

證券公司之獲利情形，受市場影響甚巨，為了避免台股之因景氣循環、台海兩岸及政治因素所造成之系統性獲利風險，證券公司利用跨國購併，來規避上述風險，似乎是國內券商一致的觀念。 本研究以個案研究的方式，討論證券業進行跨國併購時，所應注意的事項，研究結果發現： (1)跨國購併，對於自營業務，可以有效避險，但須走出亞洲。對於經紀業務，無法有效避險，但基於拓展市場的觀點，國內券商仍有跨國購併的需求。 (2)以價值法、獲利能力分析法及比較法來評價是具參考價值的，但無法量化的部分仍須設法列入評價模型。 (3)此類型購併活動，避險難度高，本研究所設計之匯率及股價避險模型，並無法有效的避險。 (4)投資溢價所形成的商譽，對股東權益的影響也需要列入評估，方可為公司及股東帶來最大利益。 本研究建議，可以為此類購併評價作業擬定標準作業程序及評價事項檢查表，以避免作業時的遺忘及疏漏。 / The bull or bear markets have a great effect upon the profitability of a securities company. In order to avoid the profitability variability from business cycle, cross-Strait problem and the political affairs, the securities companies have a common consensus to deal with the international M&A. This paper uses case study method to discuss the matters needing attention when a securities company deals in the M&A. The study results are: (1)We can avoid the securities trading risks by international M&A, besides investment in Asia. For brokerage business, international M&A can’t decrease the risk effectively, but securities companies need to extend the market base through international M&A. (2)Valuation by value method, DCF method and compare method are contributive, and non-countable factors need to be put into the valuation model. (3)This kind of M&A is difficult to hedge; the hedge transaction designed by this case can’t hedge effectively. (4)The Goodwill, which is from investment premium, will affect the stockholders’ equity. The effect should be considered to maximum the stockholders’ equity. Our studies also advise the securities company to prepare the standard M&A operating procedure and the valuation item check-list to avoid the misplacement and carelessness when dealing with M&A.

1980年至今，是企業併購與重組的年代，許多企業集團進行了繁複的併購與重組活動，經學者20年的研究，企業併購活動能創造新的成長機會及提高企業價值，已不徨多論。而企業重組的價值創造活動就少有研究。 企業重組活動包括廣義的分立與撤資二種。撤資是消極的行為，是減少損失或獲利後退出的行為。廣義的分立，包括 (1) 單純式分立:將公司的部分資產或業務分割並獨立成為子公司， (2) 另立子公司:結合公司內部資源並加上外部資源而成立子公司， (3) 入主: 以取得別家公司股權，先實質控制該公司並結合公司資源來成立子公司。企業集團透過分立進行重組活動遠比併購頻繁。 從重組分立的價值創造結果來分析重組策略的關鍵成敗因素，是本研究的重點。本研究以台灣主要的電子資訊企業集團為例，分析1980年以來，電子資訊企業集團進行企業分立的重組行為時所創造的價值。從財務評價的實證數據來分析分立的重整活動，是否為企業帶來成功的結果，即創造了母子公司價值及使股票累積投資報酬率增加。 本研究也針對有形及無形資產的轉移情況及高層經理人及董事會的變化來分析企業價值的變化與高層人力資源改變的關係。 當企業成長至集團的規模時，就會產生新的資源利用與分配的問題，集團執行長的工作就不再是行銷或產品發開，而是資源使用的分配；毋庸置疑，只要資源分配得當，企業重組分立活動會是企業集團組織創造新價值的捷徑。 本研究也發現台灣企業集團，在進行分立公司的重組過程中，公司擁有或新創設一個子公司，共並使該公司成為上市(櫃)公司後，亦可創造驚人價值，分立子公司只要取得母公司少許資源，亦在3-10年內可創造巨大價值。 國外亦有研究顯示，在重組分立子公司的過程中，就算母公司的價值實際上沒有改變，而子公司卻產生了新的且獨立的市場價值；投資人普遍認為，子公司除了享有企業集團的資源協助，亦增加了價值能見度。投資人易於分析子公司各種營運活動所帶來的企業價值變化。而財務評價結果亦發現子公司也易於因決策快速及營運彈性而創造新價值。上述三種分立方式均可創造不同的價值，價值的創造的關鍵即在於資源分配的恰當與否。 本研究以分析財務評價的數據結果，計算公司價值的變化並進一步根據公開資訊分析分立策略的關鍵成功因素；並反向分析數據與重組過程中的高層經理人的調度變化及有形資產及無形資產的轉移之間的關聯性。並據以建立十三項命題。 / Since 1980 till 2005, the eve of M&A and Restructuring, So many companies initiated the complicated activities of M&A and Restructuring. Through the pass 20 years studies by scholars, they found, the growth opportunity and enhance the corporate value are been creating. But, the research of “Restructuring” is no so many. The generic meaning of the “Corporate Restructuring” will include: Spinoff and Disinvestment. The disinvestments are the behavior of passive decision, for reduction the loss or exiting after profit. The generic “Spinoff” include: (1) Pure Spinoff: separate the business unit or asset unit and build up new subsidiary. (2) New Subsidiary: combine the external capital or resource to build up new subsidiary. (3) Acquisition and then Control: Acquire external share and real control the company through organization change and board members change, then combine the parent company resource become a true subsidiary. The group of business to restructure the business through “Spinoffs” is much more than M&A. To study the key success factors of “Business Restructuring” through the value - creation of “Spinoffs” is one of the key points of the dissertation. The base of the dissertation is the “Subsidiary of the Electronic-Information Group in Taiwan”. Analyzing the results of valuation from the “Spinoffs” from 1980 till 2005. To study the Financial Valuation through empirical results of “Spinoffs” and try to confirm the “Spinoffs” is successful or not. That is, the valuation of both parents and subsidiaries were enhanced or not, or the accumulation return of investment of them were enhanced or not. The dissertation will study the real condition of the transfer of tangible and Intangible Assets and the change of top management and board members. Analyzing the relation of the change above and the corporate value. As the corporate grow to the scale of group, will produce the new issues of resource distribution and utilization. The responsibility of the CEO of group is not the marketing or product development area, but the resource distribution. Of course, if the decision-making of resource distribution is proper, the “Spinoffs” will be the royal road of the creation of “New Value”. The dissertation had found the process of “Spinoffs” – own or build up a new subsidiary and make it IPO (initial public offering). It will create amazing value. Subsidiaries just transfer a few resources from parent, and then create mass value in 3 to 10 years. The dissertation had found the process of “Spinoffs”- although the value of the parents company has no change, but the subsidiaries still create the new and alone market value the same. The investors ideal is, subsidiaries through “Spinoffs” will enjoy the supporting from parents. The subsidiaries had improved the transparency of operation. Investors are easy to analyze the change of value from their business operation. The financial evaluation had found the subsidiaries had speed up the decision-making process and more decision flexibility. The 3 kinds of “Spinoffs” can create different value. The key point of the value creation is the proper resource distribution. The dissertation will base on the results of financial valuation to evaluate the change of companies’ value, and base on the public information to analyze the key success factor of “Spinoffs”. The dissertation will reverse to check the relation of the top-management change and the assets transfer (include tangible and intangible assets). The final proposition had been built the 13 propositions through the dissertation conclusion.

<p>Bakgrund och problemdiskussion: Med hjälp av segmentinformation kan analytiker bryta ned analysen av bolagen till en lägre nivå vilket borde resultera i säkrare analyser. Segmentinformationen är viktig för användarna av de finansiella rapporterna eftersom information om bolaget som helhet kan vara svår att utläsa. Vi har tagit del av tidigare forskning inom området,men vi har dock inte funnit någon forskning med samma syfte som vi har. Vi anser därför att segmentrapportering är viktigt och intressant att studera.</p><p>Syfte: Vårt syfte med denna uppsats är att utreda hur, bolag noterade på Stockholmsbörsen i branschen sällanköpsvaror och tjänster, utformat sina segmentrapporter i deras årsredovisningar samt hur relevanta, tillförlitliga och jämförbara de är. Vidare kommer vi att studera vad analytiker anser om rapporterna gällande dessa egenskaper med fokus på hur relevanta de är.</p><p>Metod: I denna uppsats använder vi oss av både kvalitativ och kvantitativ metod. Vi har genomfört tre besöksintervjuer med analytiker samt granskat 36 bolags segmentrapporter. Analytikerna har den specialistkunskap som krävs för att kunna svara på om relevansen är uppfylld för segmentrapporterna. Den kvantitativa metoden ger oss en annan synvinkel, den avspeglar hur bolagens segmentrapporter är utformade i verkligheten.</p><p>Analys och slutsatser: För att analytikerna ska kunna framställa bra analyser så krävs det att informationen från segmentrapporterna är tillförlitlig och jämförbar och därigenom relevant. Om segmentrapporterna inte är relevanta leder detta till att analytikernas analyser blir felaktiga. Risken med detta är att läsarna av rapporterna baserar sina investeringar på felaktiga grunder vilket kan leda till ekonomiska förluster för dem. Respondenterna hade varierande åsikter gällande segmentrapporterna, men vi har funnit att segmentrapporterna i branschen generellt sett är tillförlitliga och jämförbara. Med detta som grund kan vi fastställa att de flesta av de studerade segmentrapporterna är relevanta. Vi vill dock poängtera att det finns en viss variation gällande hur relevanta rapporterna är.</p><p>Nyckelord; segment, segmentrapportering, värdering, IAS 14, valuation, financial reporting,segment report(ing).</p>