No description available.

Taiwan¡¦s DRAM has high technology, strong capital, and standardized products, but it still can not be escaped from economic fluctuations. With this impact, Taiwan¡¦s DRAM has faced the problem of cash flow imbalance; moreover, the problem is going from bad to worse. The study is based on the view of system dynamics and focuses on fixed assets and investment skills of the investment-cash flow, operating cash flow, and business cycles of Taiwan¡¦s DRAM. It considers the features of dynamic complex, including loop, time delay and nonlinear and constructs a system dynamics model. The model would apply key elements to suppose an investment strategy and then to mimic an investment situation. The aim of the study will figure out the suitable investment strategy to assistant Taiwan¡¦s DRAM making the most of its inputs. The study discovers: (1) the best investment strategy for 10 year is 5.0 (to invest three fixed asset sets); for 30 year is 6.0 (to invest manufacturing skills and one fixed asset set) and 7.0 (to invest manufacturing skills and two fixed asset sets), (2) the most effective element for investment strategy in the long run is to invest fixed asset sets rather than upgrading manufacturing skills, (3) to keep investing in semiconductor fabrications would endanger Taiwan¡¦s DRAM itself; hence the superior limit investment quantity for fixed assets are five to six sets,(4) the best investment timing for Taiwan¡¦s DRAM is the first two business cycle season, and (5)when Taiwan¡¦s DRAM faces economic downturn, the effective investment strategy for it is few. If Taiwan¡¦s DRAM doesn¡¦t change its industrial structure, it will face the high risk of loss.

Cash flow prediction is involved in a number of economic decisions, particularly in investment. Previous research conducted in the United States has provided inconsistency in the results of investigating accounting data, cash flow and accrual accounting data in predicting future cash flows. No published research has studied cash flow prediction in Thailand. The current study investigates the ability of accrual and cash flows accounting data to predict future cash flows of Thai listed companies. Three regression models are constructed namely earnings, cash flows, accrual components and cash flows models. In addition, cash flow ratios are investigated to predict future cash flows by using a stepwise regression. Data used in this study is collected from the financial statements of non-financial companies listed on the Stock Exchange of Thailand from 1994 to 2002. Cash flow data are selected directly from the cash flow statements. The empirical results show that past earnings, cash flows, cash flow and accrual component of earnings can be used to predict future cash flows of Thai listed companies and cash flows have better predictive power than past earnings. Additionally, the cash flow model and the cash flow and accrual components of earnings model have better predictive power than the earnings model. The findings of testing the models in an out-of-sample period suggest that the cash flow model is a better predictor of future cash flows than the other models. Furthermore, additional year lags of accounting data can improve the predictive power of the model. However, the results indicate that cash flow ratios are not a good predictor of future cash flows. In addition, this study finds that the Asian economic crisis had an impact on the predictive power of accounting data.

[Truncated thesis] This thesis investigates the relevance of Jensen’s (1986) free cash flow theory to the market for corporate control in Australia. Jensen posits that firms generating cash in excess of that required to fund positive NPV projects face greater agency problems as the free cash flow exacerbates the conflict of interest between shareholders and managers. One implication from Jensen’s free cash flow theory is that firms with high levels of free cash flow are more likely to initiate takeovers that are value-decreasing. There are two practical issues in testing Jensen’s theory; first, constructing an appropriate proxy for free cash flow and secondly, identifying firms with free cash flow. These issues are addressed directly in the first of the two essays that comprise this thesis. The first essay develops and assesses the merits of four operational measures for free cash. One of them is a stock measure while the others are flow measures. The stock measure is included because previous studies have mostly used the stock measure of cash when identifying firms rich in free cash (henceforth, cash rich firms), despite that Jensen (1986) has made explicit reference to free cash flow. We test the validity of this approach by investigating whether stock measures of free cash coincide with flow measures. Our results reveal that the stock and flow measures of free cash give rise to quite different lists of cash rich firms. This is an important empirical contribution of the thesis. Given the lack of definitive criteria for deciding which operational measure of free cash flow is most appropriate, we identify multiple sets of free cash flow firms based on the different operational measures developed. For each operational definition, two methods are used to identify cash rich firms. The first method defines a firm as cash rich if its cash variable ranks in the tenth percentile. The second method defines firms as cash rich if their cash variable value is greater than one and a half standard deviations of the value predicted by a model.

Zugl.: Berlin, ESCP-EAP Europ. Wirtschaftshochsch., Diss., 2009

The main subject of this thesis is the liquidity -- very important premise for long-term existence of every firm. The aim is to characterize financial management with emphasis on liquidity and cash management in two different firms. Two mentioned firms are quite specific -- broker company and leasing company. Because of this the key goal of this thesis is the analysis and evaluation of their liquidity, monitoring similarity and diversity in procedures which the firms use in cash management. The basic question is the evaluation of process of cash management in two mentioned firms, understanding of preferred instruments and identification if it is sufficient for stable financial solvency. The particular procedures and methods in cash management in two different firms are mentioned in this thesis. Attention is paid on working capital, liquidity ratios and other -- cash flow statement, plan of payment etc.

The aim of the diploma thesis is to determine the market value of the company Westvaco Svitavy s. r. o. to the date 31. 12. 2009 for sale to an unknown buyer. In the practical part, after a brief introduction of the company followed by strategic analysis, which results in setting the pace of sales growth. In contrast, financial analysis, assessment of the financial health and stability of society through absolute, ratio, differential and global indicators. Followed by a financial plan, which was worked on between 2009 - 2012. In conclusion, the company is evaluated using two - stage method of discounted cash flow in the version of FCFF. As complementary methods were used financial value and economic value added.

This Master thesis deals witht he valuation of TBG Betonmix, a. s. to the date January 1, 2013. As a valuation method was used the earnings valuation method based on discounted free cash flow to the equity (FCFE). Important parts of Master thesis are analysis of external environment, analysis of building industry and financial analysis of the company. Process of valuation was implemented on the base of well-prepared financial plan and quantification of necessary input variables such as discount rate and rate of growth. Was used regression analysis as the basic method to predict the most signifiant value generator, sales. Results were then adjusted according to the predictions published in qualitative studies of the Czech building industry. The demand for enterprise production was reduced as a result of the economic crises, it enforced production reduction and led to decline in sales and profit from year 2009 and also deterioratingof rentability indicators or long-term assets turnover.

The main objective of my thesis is to evaluate an innovative organization STOMATOLOGICKÉ CENTRUM MUDr. IVO MAREK s.r.o. and its innovative process. Evaluation method uses the discounted cash flows of APV variant. The innovation process value is estimated as a difference between the estimation of the organization value and a hypothetical estimation of the organization without the innovative process. The result shows that the innovative process has a significant effect on the overall value of the organization.

This thesis deals with methods and options of valuation of companies, valuation process and everything that goes with it. An integral part of the strategic analysis is financial analysis and financial plan to years 2016 - 2020. For the financial analysis following methods have been used: vertical and horizontal analysis, a ratio indexes and the balancing rules. The financial plan has been drawn up by value generators. The aim is to valuate a specific company ELIT CZ, Ltd., which is engaged in the purchase and sale of spareparts for cars. I used to valuation by discounted cash flow method (DCF). The company is valuated to date 31. 12. 2015.