Made available in DSpace on 2015-12-03T18:33:10Z (GMT). No. of bitstreams: 1 Marcelo_Ricardo_Carneiro_Barros_Filho.pdf: 1162396 bytes, checksum: 2dbb9e68e0598b336a41e6081fb11993 (MD5) Previous issue date: 2014-06-25 / The objective of this work is to identify the variables related to the operational and market aspects that influence the Market Value of the companies from meat and derivatives segment listed in S??o Paulo Stock Exchange over the period 2007 until 2013. The study was developed from the perspective of two theoretical axles. The first was an analysis of Market Value contributions as a useful indicator for determining the fair market value created for shareholders and, therefore, constitute a solid basis for measurement of companies performance. The second was the efficient market hypothesis which considers the information s efficiency or the impact of certain information on pricing assets. The results produced by the model ratified some of the hypotheses in this research, both in individual significance as on some independent variable sign. In addition, the model presented global significance, given by F test, at 5%, with a coefficient of multiple determination adjusted of 9,22% / O objetivo deste trabalho ?? identificar as vari??veis relacionadas aos aspectos operacionais e conjunturais que influenciam o Market Value das empresas do segmento de carnes e derivados listadas na BM&FBovespa, no per??odo de 2007 a 2013. O estudo foi elaborado sob a perspectiva de dois eixos te??ricos. O primeiro foi uma an??lise das contribui????es do Market Value como um indicador ??til para determina????o do valor justo de mercado criado aos acionistas e, portanto, constituindo uma base s??lida para mensura????o do desempenho das empresas. O segundo foi a hip??tese de mercado eficiente que considera a efici??ncia da informa????o ou o impacto de determinadas informa????es na precifica????o dos ativos. O modelo especificado produziu resultados que ratificaram algumas hip??teses da pesquisa, tanto na signific??ncia individual, quanto no sinal de algumas vari??veis independentes. Al??m disso, o modelo apresentou signific??ncia global, dada pelo teste F, a 5%, com um coeficiente de determina????o m??ltiplo ajustado de 9,22%.

要創造顧客價值，首先需瞭解顧客。顧客是企業最重要的資產，企業應掌握該資產之性質與經濟意涵。本研究自此觀點出發，對個案公司之顧客資產提出四大問題：1.可能長期/短期往來客戶分辨及探討可能長期往來客戶是否一定是好客戶2.各區隔客戶的主要消費型態3.各區隔顧客與企業之獲利關係4.各區隔顧客之理財型態。本研究藉由此四大問題，串連時間、獲利與經濟行為構面進行分析與探討。本研究之資料取自某銀行信用卡部門二年期之月顧客資料。 　　本研究之發現說明如下： 　　1.以獲利與時間兩構面為區隔，發現長期往來之客戶不一定是好客戶。可能短期往來客戶亦有極佳之獲利潛能，但可能因為企業未能滿足需求或客戶有交換使用各家信用卡之行為、預算分配情況的影響，致使此類客戶未能成為忠實客戶，管理當局應深入調查這些顧客的行為，以利策略之擬定。 　　2.各區隔間有鮮明之行為特質。各區隔之所注重的消費層次不同，關心的議題可能不同，因此企業在行銷上注重的層面理應不同。 　　3.大多數之客群對獲利有顯著貢獻，顯示出大多數客戶是具有潛在利潤的客戶。 　　4.「一般交易需求者」為個案銀行之主要客戶，屬於極少拖欠帳款，或者是有支出預算之消費者，銀行只能自手續費獲利，因此，日常營運成本可能是關心重點，企業應力求成為此類顧客的主要銀行。 / Customer valuation is becoming a critical element in strategy development. It is built on the notation that the customer is the primary asset of the firm. The firm has a protfolio of customer assets that should be analyzed economically to determine their value to the firm. The four issues in this study relate to (1) identifying possible long-lived or short-lived customers and if those possible long-lived customers are necessarily profitable customers or not; (2) investigating consuming behavior of each segment; (3) understanding the profit relationship between the firm and customers; (4) establising financing behavior of each segment. This study is based on a monthly data from a large retail bank for two years. 　　Bellows are the illustation of the empirical findings in this study： 　　 1. Duration and customer profitability are two good dimensions of segmentation. Long-lived customers are not necessarily profitable customers. Short-lived customers have great potential in profitability, too. The firm may not fulfill their needs. Those customers may be butterflies, i.e., they like to use different banks’credit cards. On the other hand, some customers may have budget for their spending. The firm must investigate this phenomenon deeply, so as to plan their marketing strategy. 　　 2. Each segment concerns about different issues because they have distintive consuming behavior. So, the firm must have different marketing strategies for each segment. 　　 3. There is positive association between customers and the firm's profitability in most of the segments. This reveals that most customers are profitable. 　　 4. Tansistors are the domain customer type of the firm. They usually pay bills in time. Maybe, they have spending budget. The firm receives transation fees only. Under this condition, operation excellence is the key point. The firm must pay great efforts to become the domain bank of their customers.

This master’s thesis deals with a problems of value management as a comprehensive innovative tool designed to enable the company to achieve competitiveness in all its activities, increase productivity and maximize progress towards the objectives set by using minimum resources. Describes the use of values-based approach and its methods, disciplines and application tools. The purpose of this master’s thesis is to establish a common basis for company management, which could successfully implement and apply the value management in practice.

The aim of this master’s thesis is to find the best type of mortgage loan for several kinds of borrowers. The first part describes personal housing financing, use of loans, use of mortgages in general. At the end of this theoretical part the value analysis is explained as a tool for mortgage lender (or the type of mortgage loan) selection and the way of reaching this goal is defined. Second part is a practical example of how to make decision and find the best choice. It selects the most important criteria and real cash flow is simulated to asset the price of each possibility. Using the discrimination method and efficiency rate the possibilities are ranked. Results are commented on and recommendations are set to every type of client. In conclusion, general method for selection before getting a mortgage is proposed.