The cost of mining companies listed on the Johannesburg Stock Exchange (JSE) have not been immune to inflationary pressures. Increasing cost pressures, lower grades, and reduced electricity supply imply that management will have to apply rigorous cost saving measures to mitigate the effect on profits. One such measure is value based management (VBM). VBM is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. Discounted cash flow to the present value at the weighted average cost of capital lies at the heart of these metrics. Through the use of value mapping, underlying value drivers are linked to the overall strategy of value creation. While value-based management is used to increase shareholder value, one of the serious drawbacks is the short-term focus on immediate results to the detriment of long-term sustainable competitive advantage. A quantitative study was done on the mining sector to determine if investors can use productivity as a value based management measurement to predict share price movement. The results from this study indicate that productivity measures do not influence share price. Productivity is good for determining shareholder value, but not adequate for determining stock performance. Even though it was found that investors do not rely on productivity measures, companies should still focus on creating value for the shareholders. It is beneficial to investors to understand what value based management is, and to understand management actions in terms of value creation. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

The cost of mining companies listed on the Johannesburg Stock Exchange (JSE) have not been immune to inflationary pressures. Increasing cost pressures, lower grades, and reduced electricity supply imply that management will have to apply rigorous cost saving measures to mitigate the effect on profits. One such measure is value based management (VBM). VBM is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. Discounted cash flow to the present value at the weighted average cost of capital lies at the heart of these metrics. Through the use of value mapping, underlying value drivers are linked to the overall strategy of value creation. While value-based management is used to increase shareholder value, one of the serious drawbacks is the short-term focus on immediate results to the detriment of long-term sustainable competitive advantage. A quantitative study was done on the mining sector to determine if investors can use productivity as a value based management measurement to predict share price movement. The results from this study indicate that productivity measures do not influence share price. Productivity is good for determining shareholder value, but not adequate for determining stock performance. Even though it was found that investors do not rely on productivity measures, companies should still focus on creating value for the shareholders. It is beneficial to investors to understand what value based management is, and to understand management actions in terms of value creation. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

從本研究得知國內上市櫃國際觀光旅館業創造價值之動因，計有 加權平均資金成本、投入資本、稅後淨營業利潤、銷售利潤率、資本週轉率與住房率六個價值動因，其中加權平均資金成本與投入資本和EVA®呈負相關，稅後淨營業利潤、投入資本、銷售利潤率、資本週轉率與住房率與EVA®呈正相關，至於平均每日房價、餐飲坪效則與EVA®不相關，表非顯著之價值動因。 經以EVA®評估台北市主要十家國際觀光旅館的經營績效結果，大型觀光旅館之經營績效具有正的EVA®，以晶華表現最佳，君悅次之，中型觀光旅館之經營績效以西華較佳，老爺次之。經營規模固影響著EVA®之大小，然企業是否具正的超額報酬率才是關鍵。由本研究實證分析顯示，不論大型或中型旅館業，只要原始投入資本低或正確產品定位，配合優秀的經營團隊，都可產生正的EVA®企業價值。 創造國際觀光旅館價值策略及旅館投資案評估方法，建議採經濟附加價值EVA®法或DCF法，也就是以未來旅館營運可產生自由現金流量折現值的方法，來避免掉入不動產買賣行情陷阱，造成過度不當投資，另外也應減少資金大量投入土地資本，改採長期租用方式、爭取國際連鎖管理公司採EVA®為計算基礎之管理費或獎勵金，以解決現行收入和營業利益計費不合理性模式、透過開源節流策略，提高投入資本報酬率ROIC、在現有已投入設備資本下，採取產品差異化的行銷、並導入EVA紅利制度，降低固定人事費用與能源費用提高利潤率。 為維持旅館經營長期超額報酬的期間，在有重新改裝(Renovation)機會時，應以新加入市場者心態，設法創造大躍進式全新的旅館業價值，建立旅館新價值曲線(Value curve)，追求市場領先競爭優勢，不但應分別從同業競爭標準的產品、服務和運輸三構面思考外，更應針對顧客對旅館的真正需求項目,予以增加或超越同業標準，並縮減或刪除顧客根本不在意的服務項目，以達兼顧顧客的需求、企業價值的創造與降低經營成本的效果。 / The following six factors will affect the value created from the listed international hotels: WACC, IC, NOPLAT, PM%, CT% and OCC%. The WACC and IC are negative correlated to EVA®, the NOPLAT, IC, PM%, CT% and OCC% are positive correlated to EVA® and the ADR and F&B are no correlated to EVA®. This paper uses EVA® to evaluate the operating results of ten major international hotels in Taipei. We find the large hotels have positive EVA® operating results, the Grand Formosa Regent Taipei Hotel is the best, and the Grand Hyatt Taipei is the second. Sherwood Hotel is the best in the medium-size hotels, and Hotel Royal Taipei is the second. The operating size will affect the EVA® result and the key factor is the Excess-Ordinary Returns. In our study we discover both large and medium size hotels will have positive EVA® if the have low original input capital, correct product position and excellent operating team. The study suggests using EVA® or DCF, discounting the future free cash flow from hotel operating, to evaluate the value of international hotels. This way will avoid the over investment in real estate. Hotels can improve the unreasonable Franchise and Affiliation Fee Structure by long-term leasehold and EVA® valuation model. They also can decrease fixed personal expense and resource cost to increase profit rate by increasing the ROIC of input capital return, varied product and using the EVA® bonus system. In order to keep the long-term Excess-Ordinary Returns of hotel operating, when the hotel has renovation opportunity, they should act as a new competitor and try to create entire new hotel value, create the new value curve. The hotel should seek the lead competition advantage and think about the product, service and transport. They should increase the quality of service which customer need, and decrease or deduct the service people don’t care, and then they will satisfy the customer, create the hotel value and decrease the operating cost.

Thesis (Ph. D.)--Ohio State University, 2005. / Title from first page of PDF file. Document formatted into pages; contains x, 223 p.; also includes graphics. Includes bibliographical references (p. 207-223). Available online via OhioLINK's ETD Center

This diploma thesis was focused on determination of the company value in the chosen company. For this purpose was chosen two mostly used methods on the Czech market. First one was method of discounted cash flow and the second one was method of the economic added value. Main sources for all the calculation were annual reports and financial statements for the period of five last years from 2011 to 2015. These basis were used for developing a prediction for the following five year period till 2020.

Made available in DSpace on 2010-04-20T20:19:46Z (GMT). No. of bitstreams: 1 163075.pdf: 1186225 bytes, checksum: d22613f1a39afae43d6d6d4d7b7eeb0b (MD5) Previous issue date: 2007-03-29T00:00:00Z / Este estudo teve objetivou, por meio da análise de casos práticos e reais, apurar os retornos gerados por alguns 'novos serviços' (serviços de tráfego de dados segundo a classificação criada por Steuernagel) lançados por uma operadora de telefonia celular operante no Brasil e com isto avaliar a contribuição que estes trouxeram para a criação de valor aos acionistas desta operadora.

Made available in DSpace on 2010-04-20T20:19:57Z (GMT). No. of bitstreams: 0 Previous issue date: 1999-10-05T00:00:00Z / Trata do uso do EVA ™ como único critério de avaliação de desempenho e remuneração variável do administrador profissional. Aborda os pontos positivos e negativos do sistema, questionando sob diversos aspectos a sua abrangência, precisão e equilíbrio, considerando que as organizações não possam não ser racionais como ele supõe.

Made available in DSpace on 2010-04-20T20:20:22Z (GMT). No. of bitstreams: 1 120568.pdf: 1108272 bytes, checksum: 0be6908eb8b09e3c1dc37b72b4159533 (MD5) Previous issue date: 2007-05-02T00:00:00Z / For 70 years LPG has been distributed in Brazil. However, just little is known through the literature on economy and marketing issues that challenge the LPG distributors on fetching profitability, market leadership and growth. Along these years, the commercialization of the product has considerably improved as far as operational or regulatory matters are concerned. It’s utilization for cooking has been the technological rupture that allowed a transformation in the Brazilian’s homes, bringing the family into the kitchen, unlike the old firewood cooker. At the beginning of LPG distribution, on buying a cooker, the customer would choose the distributor with whom it would sign up an agreement on exclusive basis; client’s residence would have them on it’s front door a brand plate of the supplier in charge of delivering the product. Since the product became a requisite of presence in Brazilian homes, its activity started being considered of basic supply, of urban infra-structure and for that reason, it had to be regulated by the govern like the water and power energy supply. Although there had been an attempt to nationalize its distribution, the LPG was among the few infra-structure activities which were not carried out by a state-owned company. Nevertheless, the sector had been closely watched by the government which stated prices, outlined the markets and subsidized the imported material until last decade, when the LPG distributors were set free to make their own decision. An economic approach was required then to run the process, so that it would guarantee profitability and dispute for the national market leadership. The value-based management discussion through EVA of the retained market and the value leverage for the home distribution in Brazil where also demanded in this scenario. egarding the managerial decisions, it was included the cost of capital, one moment demanding additional contribution on the capital charges, the next rationalizing the capital itself, reducing excess and increasing the productivity of the utilized resources. Besides the value drivers discussion there are the reflection on the core activity, where the economic surplus come from the operational management along of products to the market consumer and the efficiency in the use of the assets. The alignment of the shareholders and managers’ objectives starts with the management for value, forgotten in operational management, included though in the EVA management. By running the assets, the executives will make decisions in order to increase the productivity of the system, whether to gain scale in the plants, whether to better allocate the cylinders and vehicles, whether to extract more value from the bigger markets and through the diversification of the distribution channels / A distribuição de GLP no Brasil acontece nos últimos 70 anos, mas pouco se sabe na literatura das questões econômicas e de marketing que desafiam as distribuidoras de GLP no Brasil na busca pela rentabilidade, liderança de mercado e crescimento. Nas últimas décadas, com o fim da regulação do governo na atividade, as empresas se viram num ambiente de livre mercado, sem tabelamento de preços ou reservas de mercado e uma abordagem econômica precisou liderar o processo de tomada de decisão nas distribuidoras de GLP para garantir a rentabilidade e a disputa pela liderança do mercado nacional. A este ambiente de mercado, incluímos a discussão sobre geração de valor, através do EVA dos mercados atendidos e das alavancas de valor para a distribuição domiciliar no Brasil. Nesta equação avaliamos a importância da competição para a definição dos preços ao consumidor, a postura estratégica adequada para crescer onde não se é líder de mercado, o atendimento direto ao consumidor para se diferenciar e a alocação racional dos ativos na operação. Transcender o resultado operacional e esperar o retorno adequado sobre o capital investido nos leva à revisão de todo o negócio, desde as práticas de precificação, a estrutura de canais e o uso dos ativos. Em alguns mercados de atuação da empresa, constatou-se a geração de valor do negócio. Outros mercados, entretanto, com algum incremento marginal nas vendas já atingiriam um EVA positivo, mesmo que para isso dependam também do incremento das margens de contribuição unitárias. Por fim, mercados em situação deficitária, distantes do ponto de equilíbrio do EVA, pedem uma decisão estratégica entre subsidiar os déficits ou desmobilizar os ativos encerrando a operação de distribuição nesses mercados. Há, entretanto, um fator comum entre todos esses mercados: além da comercialização do produto, temos a gestão baseada em valor. Às decisões gerenciais então se propõe incluir o retorno sobre o capital, ora demandando contribuições adicionais na operação, ora racionalizando o próprio capital, reduzindo excessos e aumentando a produtividade dos recursos utilizados.

A ampla divulgação do conceito de valor econômico adicionado (EVA®) fez com que as empresas utilizassem essa medida de desempenho para evidenciar o quanto de valor foi adicionado aos seus proprietários. Essas empresas esperam que EVA®s positivos aumentem o valor da empresa no mercado. Nesse sentido, alguns estudos comprovaram uma relação forte entre o EVA® e o retorno das ações no mercado, confirmando que o EVA® positivo valoriza a empresa no mercado (FELTHAM et al, 2004; SILVEIRA et al, 2004). Entretanto, ao se analisarem as medidas contábeis tradicionais, como lucro líquido e fluxo de caixa operacional, encontra-se uma forte relação dessas medidas com o retorno das ações e uma fraca relação do EVA® com o retorno das ações (BIDDLE et al, 1997). Neste trabalho, foi aplicado o estudo de Biddle et al, para todas as empresas não-financeiras de capital aberto listadas na Bovespa, no período de 1997 a 2006. Foi apurado o lucro líquido, o fluxo de caixa operacional, o EVA® e o lucro residual (EVA® sem ajustes contábeis) e foi analisada a relação dessas medidas com o retorno das ações das empresas brasileiras. Foi analisada também a influência dos ajustes contábeis na explicação do retorno das ações, para o mesmo período. Os testes de regressões com efeito fixo e efeito aleatório para as amostras com as variáveis independentes ajustadas e não-ajustadas mostraram que o poder de explicação, medido pelo r-quadrado, encontrado nos testes foi muito baixo. Este resultado se aproximou do encontrado por Biddle et al e Feltham et al, fato este que não permitiu afirmar claramente o quanto as medidas de valor econômico e as medidas contábeis explicaram o retorno das ações e se afastou dos resultados encontrados por Silveira et al fato este que poderia evidenciar que o mercado brasileiro apresentou alguma eficiência na sua forma semi-forte. / The huge propagation of the EVA® (Economic Value Added) concept allows companies to use this performance measure to prove how much value was added for the owners. These companies hope positive EVA®s increase firm values in the market. In this direction, some studies prove a strong association between EVA® and stock returns, confirming that the positive EVA® valorizes companies in the market (Felthan et al, 2004; Silveira et al, 2004). However, when analyzing mandated performance measures, such as earning and operate cash flow, there is a strong association between these measures and the stock returns, and a weak association between EVA® and stock returns (Biddle et al, 1997). At this study, Biddle et al study was applied to all of no-financial companies with open capital listed at Bovespa, from 1997 to 2006. Earning, operate cash flow, EVA® and residual income (EVA® without accounting adjustments) were verified, and the association between these measures and Brazilian company stock returns was analyzed. The influence of accounting adjustments in the explanation of stock returns was analyzed too, in the same period of time. The tests of fixed effect regression and random effect regression for the samples with independent, adjusted and non-adjusted variables showed that the explanation power, measured by r-square, found in the tests, was very low. This result got closer to the results presented by Biddle et al, which did not allow clearly stating how much the economic value and accounting measures explain the stock returns. In the other hand, this result got far from the results presented by Silveira et al, which could prove that Brazilian market has some efficiency in its semistrong-form.

Made available in DSpace on 2015-05-08T15:00:03Z (GMT). No. of bitstreams: 1 parte1.pdf: 2195747 bytes, checksum: 603940fe9313a5c16903650901059e36 (MD5) Previous issue date: 2009-05-29 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / Gypsum is a building material older than is known. Some of their properties they confer advantages such as fire resistance, thermal and acoustic insulation. By virtue of being a ligand less aggressive environment than Portland cement, its use should be encouraged and new applications studied. This work aims to study the physical-mechanical and thermal composite gypsum with the addition of vermiculite and waste of the footwear industry (EVA). The development of these composites has as its purpose the production of elements of thermal protection coating on walls. In the initial stage were investigated physical and mechanical properties of these composites. To determine the influence of levels of EVA and vermiculite, and ratio water/plaster in the physical and mechanical properties of composites in the fresh and hardened were incorporated into five different percentages of the materials with the three ratios water/plaster. A basic composition of each composite was determined by multivariate analysis. Then the composite was optimized its matrix modified with the partial replacement of gypsum by ceramic waste and lime and studied its physical and mechanical properties as well as aspects related to durability. Finally they were certain the thermal properties of composites with waste gypsum and gypsumvermiculite waste-EVA and proposed a constructive element for use in masonry lining and examined its thermal performance. The results indicated that the incorporation of ceramic waste and lime into matrix gypsum of the composites improved their optimized mechanical properties and their performance in relation to water by surface treatment. The theoretical study has shown that proposed plates reduce the heat load incident on mansory. / O gesso é um dos materiais de construção mais antigos que se tem conhecimento. Algumas de suas propriedades lhe confere vantagens como, resistência ao fogo, isolamentos térmico e acústico. Em virtude de ser um ligante menos agressivo ao ambiente que o cimento Portland, seu uso deve ser incentivado e novas aplicações estudadas. Este trabalho teve como objetivo estudar as propriedades físico-mecânicas e térmicas de compósitos à base de gesso com a incorporação de vermiculita e de resíduos da indústria de calçados (EVA). O desenvolvimento destes compósitos tem como propósito a produção de elementos de revestimento para proteção térmica de alvenarias. Na etapa inicial foram pesquisadas as propriedades físicas e mecânicas desses compósitos. Para determinar a influência dos teores de resíduo de EVA e vermiculita e da relação água/gesso nas propriedades físicomecânicas dos compósitos no estado fresco e endurecido foram incorporados cinco percentuais diferentes dos materiais com três relações água/gesso. Uma composição básica de cada compósito foi determinada através de análise estatística multivariada. Em seguida o compósito otimizado teve sua matriz modificada com a substituição parcial do gesso por resíduo cerâmico e cal e estudadas suas propriedades físico-mecânicas, bem como aspectos relacionados à durabilidade. Finalmente foram determinadas as propriedades térmicas do gesso e do compósito gesso com vermiculita e gesso com EVA e proposto um elemento construtivo para aplicação em revestimento interno de alvenarias bem como analisado teoricamente seu desempenho térmico. Os resultados deste trabalho indicaram que a incorporação de resíduo cerâmico e cal à matriz de gesso dos compósitos otimizados melhoraram suas propriedades mecânicas bem como seu desempenho em relação à água mediante o tratamento superficial. O estudo teórico demonstrou que as placas propostas reduzem a carga térmica incidente em alvenarias.