Přístupy ohodnocování akcií, technická analýza, fundamentální analýza, psychologická analýza, teorie efektivních trhů. Metody oceňování podniku, fundamentálně analytické, tržní princip, výnosový princip.

This study examines the relationship between stock prices and accounting figures, primarily the book value of equity and earnings, as well as the market perception of accounting choices implemented by companies. Market event studies from late sixties have initiated numerous of researches, and the majority of contemporary results were consistent with strong belief in the market efficiency theory. The book value of equity and earnings have been proved to have the highest explanatory power of future stock prices. Other accounting-related issues, like inventory methods or accounting for business combination, were proven to have reliable impact on the stock prices. Moreover, the cash flow implications triggered by the accounting change are not an indispensable condition to influence the stock price level. Although a great body of research has treated the relationship between accounting choices and stock prices, a clear-cut mechanism is not well specified. The evidence is inconsistent, and the consequences of accounting change are difficult to measure. However, the accounting figures included in financial statements remain the most important measure of the companies’ performance. Due to the economic and technical progress, which considerably modified the structure of companies and the environment in which they operate, further studies are advisable in order to maintain the reliability of accounting figures on significant level.

<p>This study examines the relationship between stock prices and accounting figures, primarily the book value of equity and earnings, as well as the market perception of accounting choices implemented by</p><p>companies. Market event studies from late sixties have initiated numerous of researches, and the majority of contemporary results were consistent with strong belief in the market efficiency theory. The</p><p>book value of equity and earnings have been proved to have the highest explanatory power of future stock prices. Other accounting-related issues, like inventory methods or accounting for business combination, were proven to have reliable impact on the stock prices. Moreover, the cash flow implications triggered by the accounting change are not an indispensable condition to influence the stock price level. Although a great body of research has treated the relationship between accounting</p><p>choices and stock prices, a clear-cut mechanism is not well specified. The evidence is inconsistent, and the consequences of accounting change are difficult to measure. However, the accounting figures</p><p>included in financial statements remain the most important measure of the companies’ performance. Due to the economic and technical progress, which considerably modified the structure of companies</p><p>and the environment in which they operate, further studies are advisable in order to maintain the reliability of accounting figures on significant level.</p>

The aim of this thesis is to examine the relationship of all corporate governance indicators with firm performance (proxied by price to book value) and tax fees. Using a sample of 133 large U.S firms, in a single model, we explore the correlation of price to book value with board of director's structure (composition and size). Our results show that smaller and younger boards with less independent directors lead to a higher firm performance. We further find that presence of women on board is important rather than their number. The outcome of the study shows also that financial expertise of audit committee members has a significant and positive influence on the amount of tax fees. Overall, the results suggest that board characteristics are important and they influence firm performance. Keywords: board of directors, firm performance, price to book value, governance indicators, tax fees.

The aim of this diploma thesis is to estimate the value of the water supply company Vodovody a kanalizace Beroun a.s. on the date 30. 4. 2011 by using the yield method of DCF. The value is assessed for a potential investor in order of purchase. The thesis is divided into a theoretical part defining the basic theoretical background of valuation and a practical part, which primarily consists of a strategic analysis, a financial analysis and a financial plan.

O objetivo deste trabalho é a investigação da relevância do fator tecnológico no valor das empresas de tecnologia. Espera-se que o fato de uma empresa ser considerada empresa de tecnologia tenha influencia positiva no valor medido pela relação entre o preço das ações e o seu valor patrimonial, medida conhecida como múltiplo preçopatrimônio líquido. Adicionalmente, foi testada a relevância das despesas com pesquisa e desenvolvimento no valor das empresas da amostra utilizada. Como plataforma teórica foi utilizada a literatura de value-relevance, estudada por vários autores que desenvolveram modelos para medir o relacionamento entre o valor das empresas e variáveis disponíveis nas demonstrações contábeis e no Mercado de Capitais. Com relação à empiria construiu-se uma proxy baseada no quociente preço-valor patrimonial das ações . A partir desta proxy , que se constitui de uma simplificação do conceito de valor de 607 (seiscentas e sete) companhias abertas que possuem ações cotadas nas bolsas americanas NASDAQ (National Association of Securities Dealers Automatic Quotation System) e NYSE (New York Stock Exchange) ao longo de doze anos, 1997 a 2008 , sendo que deste total de 607 (seiscentas e sete) companhias, 233 (duzentas e trinta e três) foram classificadas como empresas de tecnologia por serem empresas fabricantes de equipamentos, componentes eletrônicos e computadores hardwares, empresas fabricantes de programas e sistemas para computadores softwares - e empresas de processamento de dados e pesquisa. As outras 374(trezentas e setenta e quatro) empresas foram classificadas como empresas da velha economia por atuarem em ramos como petroquímica, têxtil, metalurgia, automobilístico, de alimentos, indústria de móveis, madeira, aeronáutica, indústria naval e mineração. Para o teste da hipótese formulada foi utilizado o seguinte modelo: (PPVt) = (TEC + PDt-1 + variáveis de controlet-1) que testou o relacionamento entre o valor das ações e o fato das empresas serem de tecnologia. Para a análise dos termos da regressão foram utilizadas duas técnicas, anacor (análise de correspondência) e regressão com dados em Painel. Os resultados demonstraram que existe uma relação positiva entre o valor das ações e o fato das empresas serem de tecnologia. Os testes também demonstraram existir evidências de relacionamento positivo entre as despesas com pesquisa e desenvolvimento e o valor das empresas. Embora os resultados obtidos possam ser considerados seguros para as condições do experimento, deve-se levar em consideração as limitações inerentes à metodologia e à amostra utilizada. / The objective of this research is to investigate the technologic factor on technology companies value. Additionally, the model tested the value-relevance of research and development expenses for the value of companies in the samples. It is expected that the fact of one company to be considered a technology company can be considered that have positive influence over its value measured by price-book value ratio. The valuerelevance theory between accounting data and market stock market value were used to base the research. In respect of empirical behavior, this research is based on the concept of price-book-value to construct a proxys of firm value. This proxy, was build based on 607 (six hundred and seven) companies with its stocks at NASDAQ (National Association of Securities Dealers Automatic Quotation System) and NYSE (New York Stock Exchange) over twelve years, 1997 to 2008, being these total of 607 (six hundred and seven) companies, 233 (two hundred and thirty three) was classified like technological companies because its produces softwares and hardwares. That others 374 (three hundred seventy and four) companies was classified like conventional companies because its produces traditional industrial products. By the hypothesis texts was used the model: (PPVt) = (TEC + PDt-1 + controll variablest-1) which tested the relationship betweem market value of stocks and the thecnological factor. We used correspondence analysis-anacor and panel data which exploratory and confirmatory methods. The results shows that exist a relationship between market value level and technological factor. The results also suggests that exists evidences of a positive relationship between research and development expenses and the market value of companies in the samples. This fact suggest that technological factor could be considered an positive element by valuation effects. Despite conclusions and the method could be considered secure, the limitations of this search need led in consideration, and this results are restrict of companies in the sample.

O objetivo deste trabalho é a investigação da relevância do fator tecnológico no valor das empresas de tecnologia. Espera-se que o fato de uma empresa ser considerada empresa de tecnologia tenha influencia positiva no valor medido pela relação entre o preço das ações e o seu valor patrimonial, medida conhecida como múltiplo preçopatrimônio líquido. Adicionalmente, foi testada a relevância das despesas com pesquisa e desenvolvimento no valor das empresas da amostra utilizada. Como plataforma teórica foi utilizada a literatura de value-relevance, estudada por vários autores que desenvolveram modelos para medir o relacionamento entre o valor das empresas e variáveis disponíveis nas demonstrações contábeis e no Mercado de Capitais. Com relação à empiria construiu-se uma proxy baseada no quociente preço-valor patrimonial das ações . A partir desta proxy , que se constitui de uma simplificação do conceito de valor de 607 (seiscentas e sete) companhias abertas que possuem ações cotadas nas bolsas americanas NASDAQ (National Association of Securities Dealers Automatic Quotation System) e NYSE (New York Stock Exchange) ao longo de doze anos, 1997 a 2008 , sendo que deste total de 607 (seiscentas e sete) companhias, 233 (duzentas e trinta e três) foram classificadas como empresas de tecnologia por serem empresas fabricantes de equipamentos, componentes eletrônicos e computadores hardwares, empresas fabricantes de programas e sistemas para computadores softwares - e empresas de processamento de dados e pesquisa. As outras 374(trezentas e setenta e quatro) empresas foram classificadas como empresas da velha economia por atuarem em ramos como petroquímica, têxtil, metalurgia, automobilístico, de alimentos, indústria de móveis, madeira, aeronáutica, indústria naval e mineração. Para o teste da hipótese formulada foi utilizado o seguinte modelo: (PPVt) = (TEC + PDt-1 + variáveis de controlet-1) que testou o relacionamento entre o valor das ações e o fato das empresas serem de tecnologia. Para a análise dos termos da regressão foram utilizadas duas técnicas, anacor (análise de correspondência) e regressão com dados em Painel. Os resultados demonstraram que existe uma relação positiva entre o valor das ações e o fato das empresas serem de tecnologia. Os testes também demonstraram existir evidências de relacionamento positivo entre as despesas com pesquisa e desenvolvimento e o valor das empresas. Embora os resultados obtidos possam ser considerados seguros para as condições do experimento, deve-se levar em consideração as limitações inerentes à metodologia e à amostra utilizada. / The objective of this research is to investigate the technologic factor on technology companies value. Additionally, the model tested the value-relevance of research and development expenses for the value of companies in the samples. It is expected that the fact of one company to be considered a technology company can be considered that have positive influence over its value measured by price-book value ratio. The valuerelevance theory between accounting data and market stock market value were used to base the research. In respect of empirical behavior, this research is based on the concept of price-book-value to construct a proxys of firm value. This proxy, was build based on 607 (six hundred and seven) companies with its stocks at NASDAQ (National Association of Securities Dealers Automatic Quotation System) and NYSE (New York Stock Exchange) over twelve years, 1997 to 2008, being these total of 607 (six hundred and seven) companies, 233 (two hundred and thirty three) was classified like technological companies because its produces softwares and hardwares. That others 374 (three hundred seventy and four) companies was classified like conventional companies because its produces traditional industrial products. By the hypothesis texts was used the model: (PPVt) = (TEC + PDt-1 + controll variablest-1) which tested the relationship betweem market value of stocks and the thecnological factor. We used correspondence analysis-anacor and panel data which exploratory and confirmatory methods. The results shows that exist a relationship between market value level and technological factor. The results also suggests that exists evidences of a positive relationship between research and development expenses and the market value of companies in the samples. This fact suggest that technological factor could be considered an positive element by valuation effects. Despite conclusions and the method could be considered secure, the limitations of this search need led in consideration, and this results are restrict of companies in the sample.

The goal of thesis is market value determination of Rodinný pivovar BERNARD for owners. Theoretic part describes categories of value and the basic methods for valuation. Practical part contains strategic and financial analysis, financial plan and valuation. For valuation was applied DCF method(FCFF), book value and market comparison method.

企業對於日常發生之經濟事項，按照一般公認會計原則處理，依此原則而編製之財務報表，即為投資人評估及了解公司財務狀況之工具。而會計上所表達之公司價值（資產減負債之餘額）通常也稱為公司帳面價值(BOOK VALUE)。另一方面，公司之股票市價，代表市場上投資人對公司價值之評估，此價值通常被稱為公平市價(MARKET VALUE)。然而公司之帳面價值和公平市價往往不相等，兩者間之差異即為未實現損益。而差異產生的原因，即歸因於會計對於經濟事項處理之特殊規範。 　　由上述分析可知，未實現損益的多寡便會間接影響BV/MV ratio的大小，而未實現損益可能來自於資產，亦可能來自負債，而本論文僅討論資產面之未實現損益。以單一資產為例，從資產的購置使用至處置、廢棄為止，不論其未實現損益有多少，終因資產的報廢或處置而將未實現損益認列，因此公司之未實現損益便會受到資產狀況的影響。若將所有樣本按可折舊性資產多寡，以及資產平均耐用年限長短分類，然後進行相關之實證分析，其結果應會有顯著的差異。 　　本研究對象為台灣之上市公司，除此之外，研究之時間落差(Time Lag)從二期至七期。實證結果顯示，就以可折舊性資產多寡分類之樣本而言，可折舊性資產較多之樣本的模式解釋力確實比可折舊性資產較少之樣本高。其次，按資產平均耐用年限長短分類之實證結果而言，資產平均耐用年限較長之樣本，要將未實現損益認列所花費時間，明顯較資產平均耐用年限較短之樣本來得長。此外，針對部分和預期不符之實證結果，改採Fixed-Effect Model進行修正，結果顯示Fixed-Effect Model之修正效果相當良好。

The master´s thesis is focuses on the Business combinations. The aim of this thesis is to project accounting procedures of the merger and then analyze financial situation of the acquiring company.