En el contexto actual, obtener una buena estructura de financiamiento se ha convertido en una dificultad en muchos de los emprendimientos más aún si estos emprendimientos son informales, situación que no es ajena a los acopiadores de miel de abeja en la ciudad de Jaén. Razón por la cual, la presente investigación se propuso como objetivo principal determinar la alternativa de financiamiento que pueda contribuir a la mejora de la rentabilidad de los acopiadores de miel de abeja en la ciudad de Jaén. Se utilizó un enfoque cuantitativo, porque utiliza la recolección de datos en fuentes de análisis documental, en tanto se aplicaron encuestas a un sector de la población de Jaén para conocer las preferencias sobre el producto de miel de abeja con registro sanitario. La investigación es de tipo descriptivo, porque pretende informar el momento presente del fenómeno o la determinación de la frecuencia con que algo ocurre, además, posee un diseño no experimental al observar el objeto de estudio tal como se presenta en la realidad para analizarlo y un corte transversal porque se va a recolectar datos en un solo momento y en tiempo único. La población está determinada por 13 negocios vigentes de acopiadores y 17 entidades financieras que podrían ser fuentes de financiamiento. Encontrando como resultado que una estructura de financiamiento puede generar viabilidades sostenibles de un proyecto con un retorno superior al costo del accionista como ha sido el caso de esta investigación, en el caso de las entidades microfinancieras.

La presente investigación fue realizada con la finalidad de valorizar a la empresa Agrocap bajo los métodos flujo de caja descontados y múltiplos comparables, para ello se ha realizado un análisis de la situación económica y financiera en el que se ha podido identificar que la empresa presenta dificultades de liquidez y solvencia, ocasionando un desequilibrio financiero e inconveniente en su apalancamiento. Según la valorización de flujo de caja descontados, y teniendo en cuenta las proyecciones de sus ventas, el mercado, la producción entre otros datos importantes, se obtiene un valor de 17 millones de dólares, a este valor para poder tener un panorama más neto, también se le han disminuido las deudas financieras que presentaban en ese año. Por otro lado, bajo el método de múltiplos comparables la entidad obtiene un valor de 10 millones de dólares aproximadamente, para esta valorización se han tenido en cuenta empresas relacionadas a la industria que ejerce actualmente la empresa Agrocap.

Much of the literature on investment-cash flow sensitivity examines only manufacturing firms, uses capital expenditure as a measure of investment, and uses operating cash flow as a measure of internal funds. Over the last several decades, due to outsourcing, the importance of manufacturing firms in the U.S. economy and the importance of capital expenditure as the primary type of investment have declined. The introduction of the Nasdaq exchange allowed smaller, less-profitable, and more human-capital intensive firms to become public, lowering the importance of operating cash flow as the primary source of internal funds. To take into account these trends, I introduce three innovations to the prior literature. (i) I include non-manufacturing firms. (ii) I broaden the definition of investment to include R&D and SG&A (which are both investments in human capital required at the innovation and marketing stages of the product life cycle), cash investment in subsidiaries and joint ventures, and the cash used to finance acquisitions. (iii) I broaden the definition of internal funds to include cash holding available at the beginning of the year. Empirically, non-manufacturing firms are more capital intensive than non-manufacturing firms, and hence excluding these firms could understate the true investment-cash flow sensitivity. Capital expenditure understates true investment, and hence excluding other forms of investment could also understate the true investment-cash flow sensitivity. Finally, operating cash flow understates true internal funds, and excluding cash holdings could overstate the true investment-cash flow sensitivity. The net effect of my proposed changes on the sensitivity is, therefore, an empirical issue. Overall, I document that investment is highly sensitive to cash flow––it is 570% higher than what I estimate using the definitions in prior literature––and this higher sensitivity is primarily caused by broadening the definition of investment. Further, though the sensitivity declines over time, the decline is modest and, importantly, the sensitivity is still economically and statistically significant in recent years. I identify three factors that have contributed to this decline: (i) the decline in Fed Funds rate (ii) changing firm characteristics and, (iii) changing firm composition. The changing characteristics and changing composition of firms are possibly due to macro trends such as outsourcing and the introduction of Nasdaq exchange. While outsourcing reduced firms’ capital expenditure, the introduction of the Nasdaq facilitated listing of less profitable and more human-capital intensive firms. Such firms are likely to invest more in R&D and SG&A and are less reliant on operating cash flow for their investment. These macro trends altered firms’ investment and cash flow mix, specifically decreasing the investment-cash flow ratio, which, in turn, contributed to the decrease in investment-cash flow sensitivity. / Business Administration/Finance

Several research studies in finance have investigated the effect of financial factors on investment decisions of firms. More recently, researchers have extended conventional models of firm-investment by incorporating a role for financing constraints in determining the firm's investment decision. Empirical work points to overwhelming evidence that in the presence of market imperfections, firm investments become sensitive to the availability of internal cash flows. However, the evidence regarding the patterns of these observed investment-cash flow sensitivities has been ambiguous. In this study we examine the impact of financial development on the sensitivity of firm-level investment to internal cash flow. Using international data from 31 countries over the 1987-1997 period, we find that after controlling for growth opportunities (as measured by Tobin's Q), investment is more sensitive to cash flow for firms in less financially developed countries, indicating higher costs of information problems and lower availability of external capital in such countries. The results are robust to six different measures of financial development. We also find a strong negative relationship between investment cash-flow sensitivity and size (as measured by log of total assets) across countries, though our results are mixed when we investigate this size effect within 6 OECD countries. Overall, these findings are consistent with the notion that smaller firms face greater information costs and are therefore more dependent on internally generated capital for making their investment outlays. Furthermore, we establish a direct connection between the investment cash flow sensitivity studies and a parallel literature on the allocational efficiency of capital markets. We also document important distortionary impacts of using log specifications in the empirical estimation, and of including negative cash flow observations in the sample, which explain the qualitative difference between our results and those of some earlier studies. Finally, our results have important policy implications. Firms that are based in countries with poor standards of financial accounting and information disclosure are found to face greater challenges in accessing external capital markets. These firms are likely to experience high under-investment costs that, at a macro level, would translate into slower economic growth for the country. / Ph. D.

This Dissertation consists of two essays. The first essay examines how corporate financial policies depend on the properties of future cash flows. In contrast to prior literature, we investigate the role of asymmetries in the distributionof cash flows. We document the relevance of such asymmetries for firms' payout, liquidity, and capital structure policies. Policies are more sensitive to downside volatility and the directional effect of upside variation is often opposite that of downside. Controlling for cash flow volatility,policies significantly relate to measures of skewness. Firms adopt more conservative policies (lower propensity to pay, more cash, less leverage) when cash flow news is more negatively skewed. The second essay addresses a mythical relationship between corporate payout and short-termism. Over the past 30 years, aggregate investment by US public corporations has declined, and corporate payout has increased. These facts are interpreted as evidence that public firms are plagued by short-termism and are foregoing valuable investment opportunities to support the large payouts. We find that large increases in corporate payout do not impact firm investment or innovative activities in the short run. In the long run, firms which increase their payout invest more in physical capital than control firms and that their RandD spending is comparable. Firms which increase their payout do not experience a decline in operating profitability or valuation in the long run. These conclusions hold when we restrict our attention to firms who persist in making large payouts and for those high payout firms that rely on internal funds. Our results are inconsistent with the view that unusually high payout harms the long-term viability of US firms. The evidence in the paper suggests that the high payers are from industries with declining growth opportunities but the firms themselves are expecting their high profitability and cash flow to persist. / Doctor of Philosophy / Large increases or decreases in a company’s earnings or stock returns are breathcatching. Do such large changes contain information about the company’s future performance? If so, what information do they carry? My first essay answers these questions by looking into the data. We find that extreme stock returns do carry information about firms’ long-run performance, and this information effectively predicts firms’ financial decisions including payout, cash balance, and leverage. U.S. public firms have been decreasing their capital investment and increasing their cash payout to shareholders in the past 30 years. This create a concern because these firms are supposed to support economy growth and create jobs. Some commenters would conclude that if public firms payout so much money to shareholders, they would not have enough resource to support economy growth and create jobs. We try to find evidence from the data to support or refute this argument. The data shows that firms that payout a large amount of cash to shareholders do not reduce investment relative to their otherwise similar peers, neither in the short run nor in the long run. We also find that the firms that payout high amount are from industries with declining growth opportunities but the firms themselves are expecting their high profitability and cash flow to persist.

Technology and advanced systems are developed to streamline work processes and reducecosts for businesses. In the accounting industry, there is a constant pursuit of newopportunities to conduct work more efficiently. Artificial intelligence presents both challengesand opportunities for industries to varying degrees, instigating a new chapter for businesses toincrease its capabilities. Similar to previous stages in the accounting industry where newtechnology was introduced. Replacing older methods with newer and more efficient ones, AIis aimed to change the accounting industry in a whole new phase.This study is applying a quantitative approach to study the potential impact of artificialintelligence on the accounting industry, particularly focusing on individuals who arespecialized in cash flow analysis. The study aims to enlighten factors that are influencing AIcapabilities and the ability of accounting professionals to work with cash flow analysis, aswell as the extent to which artificial intelligence poses a threat.Artificial intelligence has demonstrated the ability to work systematically, similar to humans,which would potentially replace tasks traditionally performed by humans. This factor presentschallenges for many employees in the accounting industry, especially those working with cashflow analysis. For inexperienced and low-skilled individuals working in the accountingindustry, AI poses significant challenges in securing their employment, leading to a decline inemployment rates and prioritizing specialization for those wishing to remain in their roles.KeywordsAccounting, cash flow analysis, complementarity factor, artificial intelligence.3 / Teknologi och avancerade system skapas för att underlätta arbetsprocesser och minskakostnaderna för företag. Inom redovisningsbranschen är det en ständig utveckling att finnanya möjligheter för att effektivare bedriva sina arbete. Artificiell intelligens utgör utmaningaroch möjligheter för branscher i olika utsträckning, och som en ny teknik skapar den ett nyttkapitel för företag att utnyttja dess funktioner. Det finns sedan i tidigare skede inomredovisningsbranschen där ny teknik som till exempel Excel och andra bokföringsprograminförts. Till följd av detta lämnades den gamla arbetsmetod mot den nyare och effektivarearbetsmetod som till exempel från kassaböcker till datorprogram.I denna studie appliceras en kvantitativ enkätundersökningsmetod. Syftet är att undersöka hurartificiell intelligens kommer att påverka redovisningsbranschen och individer som arbetarinom redovisningsbranschen med inriktning mot den finansiella rapportens kassaflödesanalys.Studien avser belysa faktorer som påverkar AI:s förmågor samt redovisningsekonomernasförmåga att arbeta med kassaflödesanalys och vilken utsträckning artificiell intelligens utgörett hot eller stöd.Artificiell intelligens visade sig att ha en förmåga att arbeta systematiskt i sammaförhållningssätt som människor. Det kan komma in och ersätta den typen arbete för debefintliga systematiska arbeten som utförs av människor. AI utgör därför en stor utmaning förmånga yngre oerfarna som är lågutbildade för att säkerställa sina platser i branschen. De ungaoch oerfarna samt lågutbildade individer som arbetar i redovisningsbranschen har svårt atthitta en betydlig befattning som återspeglar deras förmågor på grund av brist på behov avanställda efter implementering av automatiseringar. Det gör att anställningsgraden sjunker ochspecialiseringar blir prioritet för de som önskar vara kvar i sin befattning.

The Bergman & Beving sphere is a group of Swedish companies that have been successfulduring the last decades as serial acquirers. This study examines how the Bergman & Bevingsphere operates and how management makes capital allocation decisions; this has beenexamined through interviews with key individuals and large owners within these companiesand has by that taken a qualitative approach to the research questions outlined.The business model of the Bergman & Beving sphere revolves around continuously acquiringniched companies, with a long track record of profitable growth and with a culture that alignswith that of their own. What distinguishes them from many serial acquirers is that they do nottry to integrate the acquired company into a bigger one and/or find synergies between them,but instead, they operate with a highly decentralized model where the companies actindependently. The group has for a long time used internal financial metrics, with theirtrademark metric being Profit/Working capital (P/WC), to guide their subsidiaries and aidmanagement in capital allocation decisions.

國內證券信用交易中介機構係採雙軌制，由復華、富邦、環華、安泰等四家證券金融公司，以及多家自辦信用交易的證券商共同辦理，國內因證券信用交易市場發展的背景衍生出特有的證券金融公司，經過近二十七年的發展，證券金融公司在證券市場的地位及重要性已經產生質變，發展上長期面臨的核心問題為： 1.業務集中度偏高以及； 2.業務規模萎縮導致經營不具經濟效益。 本研究結果係建立於外部資訊上，其中雖然有客觀的基礎數據，然亦包含若干主觀判斷的假設值，以個案公司歷史之財務業務資訊為推論基礎， 透過EVA®觀點評估企業之超額報酬及採取權益現金流量(Equity Cash Flow Approach)折現方式推論個案公司之企業價值。 就本個案之研討結論來看，個案公司似已經陷入產業的衰退期，從財務的訊息所獲得的是低度成長性及低報酬率，而且未來之成長動能力道相當微弱，尤其是代理券商家數逐漸減少，因此就資本投入之機會成本、學理研究以EVA®及超額報酬長期處負值產生的低投資價值企業，現有之經營者實應評估與衡量現存之產業情態，應思考企業有無發展另一再成長動能之機會，如無，則應思考與其他同業合併、業務讓與、甚至減資撤出資本的可能。

In this article, the author is trying (1) to know more about the Internet industry, theoretically and practically, (2) to know the strengths and weaknesses of Internet companies with different business models, and the criteria that can be used to tell a winner from a would-be loser, and (3) to arrive fundamental approaches that could be used or that would be suitable to the valuation of a given Internet stock. They are mainly because the law of increasing return, first mover advantage, brand name advantage and model consolidation that make the competitiveness of leading Internet companies increase continually, and make it harder and harder to survive for new entrants. The author compares different valuation models including dividend discount model, discount free cash flow method, adjusted discount free cash flow method, EVA method, P/S, P/B, P/E multiples, and other non-financial multiples such as page view multiples and unique visitor multiples. Among them, the adjusted discount free cash flow method is the most suitable model to the valuation of Yahoo! and other leading portals that already report positive earnings or can be sure to make money in the near future. Other valuation models cannot be used to the valuation of portals.

Background: The reported result from the lifetime of an organization will be followed by a cash flow equal in size. In contrast, accruals enables short term discrepancies. When a property can be valued at fair value and recognize changes in the value directly in the result, it is interesting to examine how the earnings and cash flow relate to each other in these companies. By studying the relationship between a company's earnings and cash flow it is possible to appoint their consistency. Aim: The purpose of this paper is exploratory, it intends to examine how property management companies value their property holdings, and examine the relationship between the companies' overall earnings and cash flow from operating activities during the period 2008-2014. Method: Empirical data is primarily collected from primary sources in the form of annual reports. Numbers from the companies' annual reports allowed us to calculate the ratio of accumulated cash flow and accumulated earnings, to then be able to determine the connection between the two. Results and Conclusions: Real estate companies value ​​according to level 3 and during 2014 65,61% of the value of the property portfolio's are valued externally. Ten of the 17 companies that were listed during the period 2008-2014 has accumulated a higher earning than cash flow from operating activities. On average the real estate companies has accumulated 48% higher earnings than cash flow from operating activities. / Bakgrund: Det redovisade resultatet från en verksamhets livstid kommer att efterföljas av ett lika stort kassaflöde. Däremot möjliggör periodiseringar att det på kortare sikt kan finnas avvikelser. Då fastighetsbolag får värdera till verkligt värde och redovisa värdeförändringar direkt mot resultatet är det intressant att undersöka hur resultatet och kassaflödet förhåller sig till varandra i dessa bolag. Genom att studera ett företags relation mellan resultatet och kassaflödet går det att utse om dessa stämmer överens eller inte. Syfte: Syftet med uppsatsen är explorativt, den ämnar till att undersöka hur fastighetsförvaltande bolag värderar sitt fastighetsbestånd samt undersöka relationen mellan bolagens sammanlagda resultat och kassaflöde från den löpande verksamheten under perioden 2008-2014. Metod: Studiens empiri har främst insamlats från primärkällor i form av årsredovisningar. Med hjälp av siffror från företagens årsredovisningar har kvoten mellan ackumulerat kassaflöde och ackumulerat resultat kunnat räknas fram, för att därefter kunna bedöma dess samband. Resultat och slutsats: Fastighetsbolagen värderar enligt nivå 3 och under 2014 har 65,61% av branschens sammanlagda värde på fastighetsbeståndet externvärderats. Tio av de 17 företag som var börsnoterade under perioden 2008-2014 har ackumulerat högre resultat än kassaflöde från den löpande verksamheten. I genomsnitt har fastighetsbolagen ackumulerat ett 48% högre resultat än kassaflöde från den löpande verksamheten.