Made available in DSpace on 2016-04-25T18:40:01Z (GMT). No. of bitstreams: 1 Geraldo Carlos Silvestre.pdf: 2013597 bytes, checksum: 8ffc3c06da529b4abcc3d44e6dbe94bd (MD5) Previous issue date: 2014-06-27 / In Brazil, in 2007, the first educational traded companies, Anhanguera, Estácio and Kroton, surrounded by high expectations of positive future results and high and quick returns to investors emerged. After more than six years of IPO emerges the question as to the financial performance of these institutions. Thus, the present study aimed to investigate and analyze the financial performance of the universe (N = 3) of the Higher Education Institutions (HEI) traded in the period 2007-2013, using the indicators: i) value creation measured by EVA; ii) ability to cash generation measured by EBITDA; and iii) financial situation evaluated by the Fleuriet method. Based on secondary sources of data and document analysis in the public domain were calculated, analyzed and compared the performance of HEIs. The results showed that all three have solid financial situation but with a major difference in the ability to generate cash. In the period 2007-2013, only Estácio generated shareholder value. Kroton destroyed / consumed shareholder value during the study period, however, initiated a recovery process in 2012 and in 2013, after six years destroying / consuming value for the first time generated shareholder value. Anhanguera destroyed / consumed shareholder value during the seven years. The results also revealed that financial performance is highly dependent on governmental policies on access and funding of higher education and has directly influenced the market value of the traded HEI / No Brasil, em 2007, surgiram as primeiras empresas educacionais de capital aberto, Anhanguera, Estácio e Kroton, cercadas por grandes expectativas de resultados futuros positivos e de elevados e rápidos retornos aos investidores. Passados mais de seis anos da abertura de capital emerge a questão quanto ao desempenho econômico-financeiro dessas instituições. Dessa forma, o presente estudo teve como objetivo apurar e analisar o desempenho econômico-financeiro do universo (N = 3) das Instituições de Ensino Superior (IES) de capital aberto, no período de 2007 a 2013, utilizando os indicadores de: i) geração de valor mensurado pelo EVA; ii) capacidade de geração de caixa mensurada pelo EBITDA; e iii) situação financeira avaliada pelo Método Fleuriet. Com base em fontes de dados secundários e análise documental de domínio público foram apurados, analisados e comparados os desempenhos das IES. Os resultados demonstraram que as três apresentam situação financeira sólida mas com uma grande divergência na capacidade de geração de caixa. No período de 2007 a 2013, apenas a Estácio gerou valor para os acionistas. A Kroton, destruiu/consumiu valor dos acionistas no período de estudo, entretanto, iniciou um processo de recuperação em 2012 e em 2013, após seis anos destruindo/consumindo valor, pela primeira vez gerou valor aos acionistas. A Anhanguera destruiu/consumiu valor dos acionistas durante os sete exercícios. Os resultados também revelaram que o desempenho econômico-financeiro é altamente dependente das políticas governamentais de acesso e financiamento do ensino superior e tem influenciado diretamente no valor de mercado das IES

The aim of this diploma thesis has been the evaluation of problems of outstandings in term of tax income and their origin and influence on the resulting economic situation of every firm, especially in the connection of payment overdue or outstanding at all. For these reasons I have taken an interest at first in instruments of securing and exacting the outstandings in judicial proceedings. More minutely I have appraised the account advancements about outstandings as well as questions of taxations. Naturally I have taken heed of amortization of debts and creation of correction amounts for them. This diploma thesis can not exhaust the whole cemplexity od the topic, but this one could perhaps be an brief manual for unexperienced, but interested persons in this regard.

Thesis deals with issues of recognition and capture of permanent and temporary changes in the value of assets and liabilities in financial accounting from the perspective of International Financial Reporting Standards (IFRS), US generally accepted accounting principles (US GAAP) and the Czech accounting law. Top of the thesis discusses the bases for accounting for changes in the value of assets in the accounts - attention is paid to the fundamental accounting assumptions and principles, cost basis, latent reserves and deferred tax. A separate section compares the issue of depreciation of fixed assets in terms of IFRS, US GAAP and the Czech accounting law. The main part discusses the rules for identifying and capturing the transitional changes in the value of assets and liabilities in their subsequent valuation rules under IFRS, US GAAP and Czech accounting regulations. There is also the issue of exchange rate differences.

The task of the thesis is to determine the economic rent for passive residential building. Work first defines the essential terms related to the topic of economic rent, then it continues with theoretical determination of the economic rent, which consists of the costs and a reasonable profit. The determination of economic rent for residental Pasove building is done through inserting real values to a pre-described method of calculation. The result of diploma thesis is the determination of economic rents in number of 8 variants with varying degrees of capitalization levels and discount rates. Identified economic rents are finally compared by direct comparison with similar flats and evaluated.

This dissertation work deals with theme of appraisement long term tangible assets in company in terms of intradepartmental bookkeeping, which company give upon voluntary base. Work is situated into five independent parts, when is the first devoted delimitation financial and intradepartmental bookkeeping and differences between them. Furthermore is mention about legislative delimitation single access to appraisement in terms of both bookkeeping. Second part is focused on substantial of meaning subject of dissertation work. Third part discusses about theoretic bases this work; define difference in appraisement that is based on prices found out on basis of court expert record against appraisement real value. Next part is devoted research, from whose coming - out designed model of appraisement real value. Follows by work evaluation, her scientific contribution to theory, practice and pedagogy.

「為利企業以併購進行組織調整，發揮企業經營效率」為企業併購法之立法目的，因此，第三章訂有許多租稅措施，以排除企業併購之租稅障礙。然而，實務上稅捐稽徵機關常以各種理由否准認列企業併購商譽攤銷費用，即便納稅義務人提起行政救濟，行政法院法官多認同稽徵機關主張，作出不利於納稅義務人之判決。雖最高行政法院已於100年12月份第1次庭長法官聯席會將相關爭議舉證責任的分配作出決議，此決議的合理性仍有探討空間。 本研究試圖以近三年企業併購商譽攤銷相關判決為研究範圍，首先，將實務爭議類型化，統計行政法院作出對納稅義務人不利判決之主要原因，並利用法令及財務會計準則相關規範，分析各類型判決；其次，探討前述最高行政法院100年決議內容是否合理；最後，以商譽的本質及企業併購經濟實質，提出個人建議，供後續研究及修法參考。 / “The Business Mergers and Acquisitions Law (the Law) is enacted to facilitate merger /consolidation and acquisition by a business for purposes of reorganization and optimal operation efficiency.” Therefore, there are some taxation measures which aim to get rid of obstacles in taxation during merger and acquisition in chapter 3 of Business Mergers and Acquisitions Act. However, in practice, the competent tax collection authorities usually use every argument to reject the recognition of the expense of goodwill amortization. Even that the tax-payers petition for administrative redresses, the result of judgments are often unfair to them. Although the Supreme Administrative Court rendered the resolution on the distribution of burden of proof in the first joint meeting of the President of the judges in December, 2011, the rationality of the resolution is open to question. This study takes judgments of goodwill on business mergers and acquisitions from the past three years as examples, and attempts to analyze and classify these controversies in practice into patterns. Besides, it discusses the rationality of the resolution in 2011. Last, to supply some references for the future researches and the amendments on the law, this study analyzes and provides perspectives on the goodwill generated by business mergers and acquisitions and the essence of goodwill itself.

企業併購商譽產生係由「併購公司投資成本」與「被併購公司可辨認淨資產公平價值」產生差異所致，本文先由「併購商譽攤銷」之行政訴訟進行分析，進而研究我國稅捐稽徵機關是否應當發展公平價值評價審查制度以解決相關租稅爭議。另外由於在我國102年起上市櫃公司全面採用國際財務報導準則的前提下，透由我國上市櫃公司於102年度之商譽減損測試執行狀況，將該分析結果與國際現況進行比較，試圖了解我國上市櫃公司之商譽會計政策是否隱藏併購公司高估商譽之風險，並進而探討公司負責人於併購時點所作之投資決策，是否有「經營判斷原則」之適用？在此混沌不明的過渡期間中，本文希望透過此研究而呼籲我國監理機關能盡早正視此一問題。 / M&A Goodwill arises from the difference of "M&A investment cost" and "the acquired company's identifiable net assets at fair value" .This study analyzes the administrative litigation about the " amortization of goodwill" at first. Further we study that whether the tax authority should develop the examination system of fair value evaluation to resolve disputes related to income tax. In addition , science Taiwan Financial Supervisory Commission (FSC) formally announced that all listed companies must apply International Financial Reporting Standards (IFRS) after year 2012, we summary the the Goodwill impairments during year 2013 evaluated by the listed companies and compare with the international status ,trying to understand the listed companies`s accounting policy and weather the M&A Goodwill is without evaluation . At last, this study discuss when responsible person of the corporation high paying to the acquired company whether there is "business judgment rule" applicable? In this chaotic period, this study hopes that this research result could let FSC to notice this issue as soon as possible.

本文探討研發支出資本化與攤銷之理論，並以國內股票上市公司為實證對象。本研究使用聯立方程式及Almon lag procedure來檢測企業研發投資效益遞延之情形，然後以Feltham and Ohlson（1995）之評價模式，探討研發支出資本化與攤銷後之權益帳面價值與盈餘之特性，並探討研發投資是否為股票報酬之長期風險因素。本研究並以研發強度（研發費用對銷貨凈額比）區分高、低研發強度二組樣本，比較其與研發有關問題。 本文發現如下： (1)研究發展支出效益遞延實現之現象，似乎存續自第三年開始至未來數期（第四、五年）；平均而言，一元之研發投資可於未來4-5年產生2元以上之獲利，高研發強度廠商則有3元以上之獲利；而低研發強度之公司，研發支出獲益則不顯著的於研發初期二年實現。 (2)在股票評價模式中，高研發強度廠商之研發支出採取資本化，對模式解釋能力較高；而低研發比例（強度）廠商之研發支出則採取費用化，「似乎」對模式解釋能力較高。 (3)目前「一般公認會計原則」對於評價模式的解釋，對低研發強度的廠商之解釋能力較高；反之，對高研發強度廠商較不適用。 (4)研發資本存量對市場比率為股票報酬之長期風險因素。 / This study analyzes the theory of capitalization and amortization of R&D expenditures. This study uses the simultaneous equations and Almon lag procedure to examine whether earnings reflect benefits from past R&D expenditures of public firms in Taiwan. Based on asset valuation model generated by Fetham and Ohlson(1995) and Bernard (1995), this study examines the properties of coefficients of parameters of valuation model and explainary power. In addition, this study estimates the R&D capitalization, and tests whether the R&D capitalization is the long risk factor of stock return or not. Moreover, this study groups sample firms into high or low intensity groups by R&D intensity (R&D expenses-to-sales ratio), and compares the above issues of capitalization of R&D expenditures. The major findings of this study follows: (1)Earnings almost reflect realized benefits from R&D, but there are two years time lag. On average, every one N.T. dollar invested in R&D will produce 2 N.T. dollars profits during four or five - years period. In the high R&D intensity group, every one N.T. dollar invested in R&D will produce 3 N.T. dollars profits in future. On the contrary, in the low R&D intensity group, the benefits of R&D outlays are insignificantly reflected in the first two years. (2)The explainary power (Radj2) of valuation model of R&D capitalized in the high R&D intensity group is higher than that of in the low R&D intensity groups. (3)The relevance of stock valuation generated by present GAAPs for the high R&D intensity group is lower than that of the lower R&D intensity group. (4)The R&D capital-to-market values ratio is the long risk factor of stock returns.

From an economic point of view the claims mean a capital part of a company. They are a special part of intangible property and a treatment with them mean very complicated juristic, accounting and tax probems. The claim means a reason of creditor to urge to debitor a charge of definite engagement. Ever business subject can secure the discharge of the engagement by the help of a security instrument, for example of an advance, a right of lien, a penalty, a liability etc. When the claim will become after all these precautions the overdue claim, the creditor must face up to costs of their recovery, for example by the help of a forfaiting, a factoring, a eviction recovery, a bilateral cleaning of claims etc. The overdue claims we can depreciace or create discretionary entries on them under the rule of law or of bylaw. The company should realize all these facts and keep a general and consistent register of claims. The register is an objectives of this work.

There is a significant number of differences between the Czech accounting legislation and the International Financial Reporting standards in the area of posting and presentation of non-current assets. These are eliminated by the process of harmonization within the European Union. Harmonization process shows clear advantages for the users of financial information; however, the process is still not fully completed. Continuous changes in accounting rules also bring to business a lot of complications and additional costs. The diploma thesis presents a comparison of both accounting conceptions; shows a discussion on their advantages and disadvantages and demonstrates the impact of different approaches to booking for non-current assets to the financial statements of a business entity.