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An Analysis of Value Creation Capacity - The Case of Taiwan Semiconductor IndustryWang, Ya-jhen 11 February 2009 (has links)
In this study, for elimination the bias of accounting traditional policy resulted, I use economic value added (EVA) to analyze the performance of Taiwan semiconductor industry. Its findings are as follows:
1.Taiwan semiconductor industry's operating performance is vloatile, the standard deviation of EVA-Spread is more than 14% for years, inter-firm difference in performance is becoming increasingly, and less of 50% of companies is worth to invest.
2.The reason of EVA-Spread performance influence as WACC, mainly be influenced by bank interest rates and industry capital structure changes. And the factors affect ROIC, including the global demand for semiconductor and the real GDP growth rate of Taiwan, Hong Kong, Japan and Singapore, but not related with China¡¦s real GDP growth rate.
3.In Sub-industries, IC design industry is the best performance and steady, but there is obviously different in inter-firm; semiconductor equipment industry has the worst performance and negative EVA-Spread in recent 7-years. IC manufacturing without DRAM has nice performce in recent 5 years and more and more stable. In the orher hand, DRAM industry has performed poorly. That means that corporations have obvious effect on performance in various sub-industries.
4.Focus on the stability of sub-industries performance, the IC design industry has minimum volatility, secondary is lead-frame, photomask and IC packaging and testing industries. And the maximum volatility is DRAM industry and then is DRAM module and semiconductor equipment industry. On the growth, IC packaging and testing, wafer material, manufacturing without DRAM and substrate industries are steady growing industries. Although lead-frame industry is a kind of slow-growing industry, but its EVA-Spreads are minus. Other, flash module and photomask industries are declining industries.
5.Focus on the investing behavior and value creation capcity, when IC packaging and testing, substrate, wafer material and photomask industries increasing their capital, would be helpful to increase EVA-Spread; and it would not be helpful on semiconductor equipment, flash module and IC design industries.
6.It is related with the sub-industries of IC design, substrate, packaging and testing, wafer material, discrete devices, DRAM and flash industries, and IC manufacturing industry without DRAM. It implied that these 7 sub-industries affected by the semiconductor business. It is not related with the sub-industries of semiconductor equipment, DRAM module, lead-frame, photomask and other industries, and the IC manufacturing without DRAM. It implied that these 5 Sub-industries deeply affected by other factors.
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Taiwan IC Design Industry¡¦s ability of value creation AnalysisPu, I-jung 03 September 2009 (has links)
Economic Value Added ¡]EVA¡^to be a business performace indicator popularly. It surveys business¡¦ ability of value creation through tranditional accounting net income and capital opportunity cost.
In this study, I focus on IC Design industries¡¦ performance by EVA and use ten years data to examine it.
The study purposes as below,
A. Does Taiwan IC Design Industry owns ability of value creation for share owners ?
B. Find out the factors of Taiwan IC Design Industry¡¦s performance.
C. Comment on Taiwan IC Design Industry¡¦s performance in various sub-industries
D. Does Taiwan IC Design Industry exist variation in various sub-industries ?
E. Find out which sub-industry owns the best efficiency and the lowest volatility in the meanwhile.
F. Find out the factors of Taiwan IC Design Industry¡¦s ability of value creation.
The study finding as below,
A. The standard deviation and quartile deviation of Taiwan IC Design Industry are uniformity and it is implying that the normal distribution and probability distribution are similar.
B. About 80% of EVA-Spread of Taiwan IC Design companies are positive, it implies that the ability of value creation of Taiwan IC Design Industry is very well.
C. According to evidence-based data, the WACC of Taiwan IC Design Industry is influenced by the cost of equity capital.
D. The ROIC of Taiwan IC Design Industry is influenced by Taiwan Semi-conductor Inductry¡¦s ROIC and the real GDP growth rate of Hongkong, China and South Korea.
E. The capital turnover of Taiwan IC Design Industry does not link with the ROIC of Taiwan IC Design Industry.
F. According to evidence-based data, the variation is exist between Taiwan IC Design Sub-industries.
G. The result of regression analysis that past years Invested Capital Growth Rate of sub-industries to be independent variable and EVA-Spreads to be dependent variable implys that the EVA-Spread of Taiwan IC Design Industry is not effected by Invested Capital Growth Rate, then we know that Invested Capital is not the main factor of value creation of Taiwan IC Design Industry.
H. The Capital Turnover Rate and the Return Rate of EBIT is the main factors of ROIC, they effected the sub-industries by different levels.
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An analysis of the critical discourse on the work of Eva Hesse /Millard, Michèle January 1991 (has links)
This thesis is an analytical study of the various critical approaches taken to the work of Eva Hesse and their underlying methodologies and theoretical assumptions. Its purpose is to determine in a general way how and why the nature of criticism has changed from positions strongly influenced by Modernism as defined by Clement Greenberg to those that involved a separation of criticism from consideration of artworks as individual phenomena. / For the most part, Chapter One concerns critics' Modernist analyses of Hesse's relationship to Minimalism and their progression towards a criticism based on non-formalist, non-hierarchical theories of style. There is also a short discussion on the linkage created between Hesse's art and specific psychological traumas in her life. Included as well is an explanation of the changing conception of originality and the critic's dilemma in confronting private content through the strictures of public dialogue. / Chapter Two investigates critical discussions of experience, how art was apprehended and how meaning was transmitted. / Chapter III involves a feminist debate on the issues of gender. The content of Hesse's work was analyzed in psycho-biographical terms and within the framework of her identity as a female artist in western culture. / And finally, the thesis concludes by pointing out the evolution of criticism into a distinct, independent discipline whereby the critic articulates the theoretical contexts in which the artwork exists, but then extends in into a broader cultural setting where the critic analyzes the significance of such positions taken, its relationship to the past and future implications.
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Künstler sein systemtheoretische Beobachtungen von Autorschaft: Christian Boltanski, Eva & Adele, Pipilotti Rist, Markus LüpertzKampmann, Sabine January 2005 (has links)
Zugl.: Braunschweig, Hochsch. für Bildende Künste, Diss., 2005
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Developing critical consciousness representations of race and gender in two Afro-German works /Knebel, Maren. January 1999 (has links)
Thesis (M.A.)--West Virginia University, 1999. / Title from document title page. Document formatted into pages; contains v, 73 p. Includes abstract. Includes bibliographical references (p. 71-73).
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Analýza ekonomických souvislostí vývoje odvětví vinařství a rozvoje obcí vinařských oblastí ČRKažová, Petra January 2015 (has links)
This thesis deals with the analysis of economic connections of viniculture branch development and development of municipalities in wine regions of Czech republic. The diploma thesis is divided in two parts, which represent literature research and the thesis itself. The literature research is theoretical and it describes the most important concepts and characteristics connected with analysis of branch development and development of municipalities. The main work is practical and the analysis of viniculture branch is carried out using the indicators to measure economic efficiency of the company. Afterwards is executed the comparison of connections of the branch development with particular selected development of municipalities.
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Hodnocení finanční výkonnosti podnikuMrázová, Petra January 2009 (has links)
No description available.
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Oceňování podnikuBřenková, Lenka January 2009 (has links)
No description available.
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Ocenění vybraného podnikuSedláčková, Marie January 2009 (has links)
No description available.
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Oceňování hodnoty podnikuŠilhanová, Petra January 2009 (has links)
No description available.
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