Submitted by Dioscoro Gomes (dioscorogomes@gmail.com) on 2010-06-02T13:41:59Z No. of bitstreams: 1 ESCASSEZ DE CRÉDITO BANCÁRIO NO BRASIL COMPARAÇÃO INTERNACIONAL E EVIDÊNCIA RECENTE.pdf: 1555837 bytes, checksum: 6aebde8ee407dd08bda97ca25a4971c2 (MD5) / Approved for entry into archive by Vitor Souza(vitor.souza@fgv.br) on 2010-06-02T15:02:26Z (GMT) No. of bitstreams: 1 ESCASSEZ DE CRÉDITO BANCÁRIO NO BRASIL COMPARAÇÃO INTERNACIONAL E EVIDÊNCIA RECENTE.pdf: 1555837 bytes, checksum: 6aebde8ee407dd08bda97ca25a4971c2 (MD5) / Made available in DSpace on 2010-06-07T14:35:36Z (GMT). No. of bitstreams: 1 ESCASSEZ DE CRÉDITO BANCÁRIO NO BRASIL COMPARAÇÃO INTERNACIONAL E EVIDÊNCIA RECENTE.pdf: 1555837 bytes, checksum: 6aebde8ee407dd08bda97ca25a4971c2 (MD5) Previous issue date: 2010-03-31 / The objective of this work is to examine the level of bank credit in Brazil in the period after the Real Plan. To this, the work uses the Barajas and Steiner (2002) methodology but with a larger country sample (Brazil among nine Latin American countries and other forty outside Latin America). The results suggest that bank credit has not grown as expected and is still as volatile as the Latin America average. The size of the Brazilian banking system is not small as expected, but is less prone to lending to the private sector. Credit to the public sector still occupies a very important share of the Brazilian banking system balance sheet. About this matter the work shows that an increase in securitization could increase significantly the credit to the private sector. / O objetivo deste trabalho é estudar o nível de crédito bancário no Brasil no período pós implantação do Plano Real. Para isso, o trabalho utiliza a metodologia de Barajas e Steiner (2002) mas utilizando uma amostra maior de países (além da economia brasileira, nove países da América Latina e quarenta não América Latina). Os resultados encontrados mostram que o crédito bancário historicamente não cresceu como o esperado e ainda é tão volátil quanto a média América latina. O sistema bancário não mostrou-se menor do que o esperado para a economia brasileira, mas é menos propenso ao crédito ao setor privado. O crédito ao setor público ainda ocupa uma fatia muito relevante no balanço do agregado bancário e sobre esse respeito o trabalho mostra que um aumento na securitização e cessão de crédito aumenta significativamente o crédito ao setor privado.

The earlier theories considered trade credit as a substitute for bank credit. Recent theories suggest that bank credit and trade credit can also be considered as two complementary sources of financing. By using South African panel data from 2007 to 2015, the study examines if the problem of financial inclusion in South Africa can be mitigated by utilising trade credit data. The empirical findings using trade credit at current period are consistent with the earlier theories of trade credit that trade credit and bank credit are substitutes, but the model was not robust to estimation techniques. The study also used the lagged trade credit as a variable of interest and found that it is positively related to bank credit. This means that the trade credit data from the previous period can facilitate access to bank credit. Therefore, the information from trade credit can serve as a signal about firms’ quality and thus facilitates access to bank finance. / Economics / M. Com (Economics)

This study provides evidence of the relationship between bank-granted credit and business cycles in South Africa. The study is conducted in three phases, namely qualitative research (Phase I), quantitative research (Phase II) and econometric analysis (Phase III). A sequential (connected data) mixed methodology (Phase I and II) is used to collect and analyze primary data from market participants. The qualitative research (Phase I) involves structured interviews with influential or well informed people on the subject matter. Phase I of the study is used to understand the key determinants of bank credit in South Africa and to appreciate how each of the credit aggregates behaves during alternate business cycles. Qualitative survey results suggest key determinants of commercial bank credit in South Africa as economic growth, collateral value, bank competition, money supply, deposit liabilities, capital requirements, bank lending rates and inflation. The qualitative results are used to formulate questions of the structured survey questionnaire (Quantitative research- Phase II). The ANOVA and Pearman’s product correlation analysis techniques are used to assess relationship between variables. The quantitative results show that there is direct and positive relationship between bank lending behavior and credit aggregates namely economic growth, collateral value, bank competition and money supply. On the other hand, the results show that there is a negative relationship between credit growth and bank capital and lending rates. Overall, the quantitative findings show that bank lending in South Africa is procyclical. The survey results indicate that the case for demand-following hypothesis is stronger than supply-leading hypothesis in South Africa. The econometric methodology is used to augment results of the survey study. Phase III of the study re-examines econometric relationship between bank lending and business cycles. The study employs cointegration and vector error correction model (VECM) techniques in order to test for existence of long-run relationship between the selected variables. Granger causality test technique is applied to the variables of interest to test for direction of causation between variables. The study uses quarterly data for the period of 1980:Q1 to 2013:Q4. Business cycles are determined and measured by Gross Domestic Product at market prices while bank-granted credit is proxied by credit extension to the private sector. The econometric test results show that there is a significant long-run relationship between economic growth and bank credit extension. The Granger causality test provides evidence of unidirectional causal relationship with direction from economic growth to credit extension for South Africa. The study results indicate that the case for demand-following hypothesis is stronger than supply-leading hypothesis in South Africa. Economic growth spurs credit market development in South Africa. Overall, the results show that there is a stable long-run relationship between macroeconomic business cycles and real credit growth in South Africa. The results show that economic growth significantly causes and stimulates bank credit. The study, therefore, recommends that South Africa needs to give policy priority to promotion and development of the real sector of the economy to propel and accelerate credit extension. Economic growth is considered as the significant policy variable to stimulate credit extension. The findings therefore hold important implications for both theory and policy. / Business Management / D.B.L.

Submitted by Viviani Bacchmi (vbacchmi@uol.com.br) on 2018-05-04T23:43:50Z No. of bitstreams: 1 Dissertação versão final pdf_maio2018.pdf: 2165181 bytes, checksum: 07d81c83d220ec75dc2dd926c48b8896 (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-05-10T17:24:21Z (GMT) No. of bitstreams: 1 Dissertação versão final pdf_maio2018.pdf: 2165181 bytes, checksum: 07d81c83d220ec75dc2dd926c48b8896 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-05-10T17:35:37Z (GMT) No. of bitstreams: 1 Dissertação versão final pdf_maio2018.pdf: 2165181 bytes, checksum: 07d81c83d220ec75dc2dd926c48b8896 (MD5) / Made available in DSpace on 2018-05-10T17:35:37Z (GMT). No. of bitstreams: 1 Dissertação versão final pdf_maio2018.pdf: 2165181 bytes, checksum: 07d81c83d220ec75dc2dd926c48b8896 (MD5) Previous issue date: 2018-04-18 / Este estudo tem por objetivo analisar em que medida os tributos incidentes sobre as operações de crédito e sobre a atividade bancária interferem no spread bancário, considerando que tais tributos devem observar determinados limites e princípios constitucionais e legais para sua criação e majoração. Tendo em vista que na atividade de concessão de crédito, uma das principais realizadas pelos bancos, estes captam recursos no mercado e os repassam aos tomadores de crédito, o que lhes gera um 'ganho', que é conhecido como spread bancário: o presente trabalho prestou-se a analisar como esse ganho é calculado. Essa diferença entre custo e margem dos bancos, o spread, é calculado a partir de determinados componentes que afetam o seu percentual e, portanto, o custo do crédito. Entre os principais componentes do spread destacam-se os tributos incidentes sobre o crédito e sobre a atividades dos bancos. Para determinar se os tributos afetam ou não o valor do spread, optou-se por analisar, primeiramente, o papel do Estado como agente regulador da economia o papel dos Bancos como agente de fomento do mercado financeiro, para então comentar sobre o mercado de crédito e o spread bancário, que interfere no custo desse crédito. Passando por considerações sobre o crédito brasileiro e a interferência dos tributos na apuração do spread, o trabalho parte para a avaliação da observância dos princípios constitucionais que regem a criação e a majoração dos tributos bancários frente à necessidade de reduzir o spread para cumprimento da finalidade de desenvolver a atividade econômica de pessoas e de empresas. / The aim of this study is to analyse how much credit operation and bank activities incident taxes interfere on bank spread, considering these taxes must observe some constitutional and legal limitation to its creation and increase. In view of credit grant activity, one of the most important realized by banks, they raise funds in the Market and pass along them to credit borrowers, what generates a 'gain', called bank spread: the present study analysed how this gain in calculated. This difference between bank’s cost and margin, the spread, is calculated from certain components that affect its rates, and so the cost of credit. One of the main component of the spread is tax incident on credit and on bank activities. In order to determine if tax affects spread value, it was analysed, first of all, the Estate as an economy regulator agente and the banks as agents of economy development, and so make comments about credit market and spread that interferes in the credit cost. After making considerations on brazilian credit and the interference of taxes on spread apuration, this study analyses if the constitutional principles that rule the creation and increase of bank taxes are observed, considering the necessity to reduce spread to accomplish the objective of developing economic activities of people and companies.

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 diploma work deals with using e-banking and e-catalogues problems. First part of the diploma work describes e-banking development including actual forms of e-banking. Next part deals with connection between e-catalogues and e-banking. In the last part of the diploma work there is described concept of the procedure of using e-banking and e-catalogues and the practical ways of using the procedure.

This master´s thesis concerns with evaluation of financial situation of the company by means of financial analysis of its accounts and tries to propose alteration in capital structure of the company. This thesis contains theoretical, analytical and proposal part. The theoretical part concerns explanation of basic ideas and methods of financial analysis and sources of company financing, analytical part evaluate the financial situation of the company in last five years. End of this thesis indicate potential improvement of the financial situation through change in capital structure.

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.

Cette thèse se compose de quatre essais portant sur les effets des contraintes de financement sur l'utilisation du crédit commercial (TC) et d'autres sources alternatives de financement des entreprises. Dans le premier essai, nous étudions les effets des contraintes sur l'emprunt bancaire (BL) sur l'utilisation du TC par les entreprises vietnamiennes. Nous étudions plus particulièrement l’effet de la taille sur le choix entre les deux types de financement. Nous constatons que les grandes entreprises lorsqu’elles sont rationnées sur les BL comptent plus sur le TC que les petites et moyennes entreprises (PME). En particulier, nous constatons que les grandes entreprises dont la demande de crédit a été refusée utilisent plus de TC tandis que les PME dans la même situation en utilisent moins. Dans le deuxième essai, nous étudions les effets des contraintes sur les BL sur l’utilisation du TC en fonction de la taille et de l'âge des entreprises ainsi que du développement institutionnel des différents pays. Nos résultats suggèrent que le TC et le BL ont tendance à être des substituts pour les entreprises les plus grandes, les plus âgés et lesquelles situées dans les pays développés (développement institutionnel plus fort). En revanche, le TC et le BL sont complémentaires pour les entreprises les plus jeunes, les plus petites et lesquelles situées dans les pays en développement (développement institutionnel faible). Ce résultat est particulièrement net dans le cas où la demande de crédit est refusée. Dans notre troisième essai, nous étudions les effets des contraintes sur les BL sur l'utilisation de six sources alternatives de financement par les PME dans le monde entier. Les formes de financement étudiées sont: le TC, le crédit-bail, les cartes de crédit, la finance informelle, les fonds provenant de la famille et des amis et les capitaux propres. Nos résultats suggèrent généralement que les PME rationnées par les banques ont tendance à compter davantage sur les fonds de la famille et des amis et sur les prêts des usuriers. Nous trouvons aussi qu'elles utilisent les modes de financement alternatifs plutôt pour financer le fonds de roulement que pour financer de nouveaux investissements. Dans le dernier essai, à partir d’un échantillon d'entreprises non financières du S&P 500, nous examinons l'interaction entre l'utilisation du papier commercial (CP), des lignes de crédit bancaire (CL) et du TC sur la période 2003 à 2014. Nos résultats suggèrent que les entreprises avec le risque de refinancement le plus élevé empruntent plus sous la forme de CL et de TC que sous la forme de CP. Cet effet est plus fort pour les CL. Nous constatons également que plus le niveau d'asymétrie d’information est fort, plus les entreprises utilisent les CL et le TC par rapport à CP. En revanche, plus les problèmes d'aléa moral sont graves, plus les entreprises favorisent les CP par rapport aux CL et TC. / This thesis consists of four essays investigating the effects of financing constraints on firms' use of trade credit (TC) and other alternative financing sources. In the first essay, we investigate the effects of bank loan (BL) constraints on the use of TC by Vietnamese firms across size. We find that bank-constrained large firms rely on TC more than bank-constrained Small and Medium-sized Enterprises (SMEs). Particularly, we find that denied large firms use more TC whereas denied SMEs use less of it. In the second essay, we study the effects of BL constraints on firm's use of TC across size, age and institutional development by using an international sample. Our results suggest that TC and BL tend to be substitutes for larger, older firms and those in developed countries with stronger institutional development; and complements for smaller, younger firms and those in developing countries with weaker institutional development, especially when constraints relate to credit denial. In our third essay, we investigate the effects of BL constraints on the use of six alternative financing sources by SMEs worldwide, i.e. TC, leasing, credit cards, informal finance, sources from family and friends and equity. Our results generally suggest that bank-constrained SMEs tend to rely more on sources from family and friends and those from money lenders. We also find that they use alternative financing to finance working capital requirement to a greater extent as compared to new investments. In the last essay, by using a sample of nonfinancial S&P 500 firms, we examine the interplay between the use of commercial paper (CP), bank credit lines (CL) and TC for the period 2003-2014. Our results suggest that firms with higher rollover risk borrow more from CL and TC relative to CP with a stronger effect for CL. We also find that higher level of asymmetric information is associated with more usage of CL and TC relative to CP while more severe moral hazard problems are associated with more usage of CP relative to CL and TC.