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A pesquisa analisa as formas e estratégias de expansão da Escola de Administração de Empresas de São Paulo da Fundação Getúlio Vargas (EAESP-FGV), tanto em sua relação com o Estado brasileiro quanto com o mundo empresarial e educacional na atualidade. De início, apresentam-se alguns aspectos da trajetória histórica da FGV visando situar a criação da EAESP e, nela, os cursos de Administração de Empresas e de Administração Pública. Essa moldura permite demonstrar a construção simbólica do nome da FGV em relação aos cursos citados, inquirindo acerca de questões relativas à tradição desses cursos e dos grupos sociais que os frequentam como também a proximidade da instituição com outros campos sociais (estatal, empresarial, educacional). Os dados relativos aos professores atuais dos cursos de Administração de Empresas e de Administração Pública constituem a base para a construção dos seus perfis profissionais, demonstrando a multiposicionalidade em esferas estatais e privadas, bem como a variação desses perfis no interior da instituição. Assim, a EAESP aparece como exemplo da vinculação entre o processo de formação universitária (mercado educacional), o setor profissional e as funções do Estado. Nesse sentido, acredita-se que a FGV reflete um modo de relação entre o Estado, o setor empresarial e o mercado educacional que constitui a fonte de seu valor simbólico. / This study aims to analyze the performance at Escola de Administração de Empresas de São Paulo da Fundação Getúlio Vargas (EAESP-FGV) [School of Business Administration of São Paulo]. Our goal is to study the expansion forms and strategies of EAESP, school linked to FGV, both in its relation with the Brazilian State and with the business and educational world at the present time. In it, I reconstruct historically the location of Fundação Getúlio Vargas in the last decades and its position between the academy and the administrator and economist profession institutionalization and the rationalization discourse of Brazilian politics. The historiographical reconstruction of the FGV allows us to think about the issues of both the tradition of these study programs and the social groups that attend them, as well as the proximity of the institution with other social fields (state, business and education) and how this history directs the actual performance of the institution. Through a data survey on the trajectories and profiles of all EAESP professors and their partnerships with the three state spheres and with some private companies, we demonstrate the internal logic of the institution and how it intends to position itself against other education institutions, as well as in the business and state environment of São Paulo and Brazil.

A pesquisa analisa as formas e estratégias de expansão da Escola de Administração de Empresas de São Paulo da Fundação Getúlio Vargas (EAESP-FGV), tanto em sua relação com o Estado brasileiro quanto com o mundo empresarial e educacional na atualidade. De início, apresentam-se alguns aspectos da trajetória histórica da FGV visando situar a criação da EAESP e, nela, os cursos de Administração de Empresas e de Administração Pública. Essa moldura permite demonstrar a construção simbólica do nome da FGV em relação aos cursos citados, inquirindo acerca de questões relativas à tradição desses cursos e dos grupos sociais que os frequentam como também a proximidade da instituição com outros campos sociais (estatal, empresarial, educacional). Os dados relativos aos professores atuais dos cursos de Administração de Empresas e de Administração Pública constituem a base para a construção dos seus perfis profissionais, demonstrando a multiposicionalidade em esferas estatais e privadas, bem como a variação desses perfis no interior da instituição. Assim, a EAESP aparece como exemplo da vinculação entre o processo de formação universitária (mercado educacional), o setor profissional e as funções do Estado. Nesse sentido, acredita-se que a FGV reflete um modo de relação entre o Estado, o setor empresarial e o mercado educacional que constitui a fonte de seu valor simbólico. / This study aims to analyze the performance at Escola de Administração de Empresas de São Paulo da Fundação Getúlio Vargas (EAESP-FGV) [School of Business Administration of São Paulo]. Our goal is to study the expansion forms and strategies of EAESP, school linked to FGV, both in its relation with the Brazilian State and with the business and educational world at the present time. In it, I reconstruct historically the location of Fundação Getúlio Vargas in the last decades and its position between the academy and the administrator and economist profession institutionalization and the rationalization discourse of Brazilian politics. The historiographical reconstruction of the FGV allows us to think about the issues of both the tradition of these study programs and the social groups that attend them, as well as the proximity of the institution with other social fields (state, business and education) and how this history directs the actual performance of the institution. Through a data survey on the trajectories and profiles of all EAESP professors and their partnerships with the three state spheres and with some private companies, we demonstrate the internal logic of the institution and how it intends to position itself against other education institutions, as well as in the business and state environment of São Paulo and Brazil.

Through ¡§Economic Value Added¡¨ (EVA) approach, this study tries to observe the correlation between formation process of king stocks and their market prices. We hope to provide a useful tool to investors, which helps to realize value of king stocks and conditions of finding king stocks among numerous of listed companies, in order to make investment decisions efficiently and more precisely, and to obtain a good margin of profit. We gather financial information of those listed companies, which they had ever deemed as king stocks between 1992 and 2011. They basically have some features in common, i.e. companies with positive prospects, high market price, and newly listed. In this research, we utilize WACC, MV, COV and FGV to analyze EVA of king stocks, and find out the following empirical results: 1.When WACC of a king stock trends up in the long-run, it has a greater opportunity to improve and trigger COV trending up as well. 2.When COV of a king stock trends up, it brings stable performances of MV continuously. 3.FGV has a positive correlation with market price. When FGV of a king stock trends up, it triggers its market price to go up. In this research, we see that when MV and COV are convergent, we¡¦re able to use FGV to anticipate future trend of the stock. We also expect this study further facilitates king-stock companies themselves to set up workable market price stabilizing plans and select the best timing for stock buybacks. Keywords: King Stock, EVA, WACC, MV, COV, FGV, Stock Buybacks.

Nowadays, an enterprise is facing more and more pressure, which leads to its concentration on creation or keeping the shareholder value. However, the disadvantage of traditional financial statements makes an enterprise unable to communicate in a effective way to let investors fully understand the real value of an enterprise. The purposes of reducing the distortion of GAAP accounting system, converting the accounting value into economic value, and becoming the investors¡¦ evaluation index are the attentions of this article in the study based on the EVA¡]Economics Value Added¡^foundation. This research is attempting to understand the real economic status hidden under the volatility of an enterprise value. Making the related research on evaluating the MVA on external managing effects, judging the company value according to current EVA (which is so-called COV ) and predicting the FGV with the growth of a company, is to find out the factors forming the trace of volatility itself. The actual evidence tells that the electronics categorized stocks are in the status of positive relation instead of negative relation. It just shows the transition from PC to communication network, the eventual phenomena of pricking the bubbles of net work in the field of electronic industry, the transfer of overall market trend, and the market performance of losing the favors of investors in non-electronics industry. As for FGV and MVA, it shows the positive relation between different categorized stocks, and it also outstands the situation of inflation and deflation in Taiwan stock market. In the analysis of the research mentioned above, we identify the value volatility traces of an enterprise. As for the key factor which effects the volatility, this research is attempting to explain the key influence on the value volatility of COV, FGV and MVA from the view points on the aspects of macroeconomic, industry information, market static data. The outcome of actual evidence also reveals that explaining capability on COV, FGV, and MVA from the views on macroeconomic aspect can truly reflect the situation of the volatility, and can be very helpful to realize the change trend of an enterprise.

This thesis examines especially the area of accounting adjustments for the purpose of use of EVA value concept. Adjustments are examined for financial statements prepared under IFRS and CAS. The thesis concentrates particularly on fair value revaluation of assets and liabilities, capitalization of expenses with investment character, leasing and goodwill. Objective of this thesis is to analyze the EVA value concept, update this topic with the foreign literature and to provide recommendations for performing these adjustments. This thesis concerns also about the general examination of the enterprise value, impact of expectations or division of the enterprise value on current operations value and future growth value.

<p>In the process of Chinese central companies’ restructuring, the strategic merger is becoming the popular trend nowadays. The thesis chooses a specific case of Shanghai International Port Group (hereafter referred to SIPG) stock swap absorption merging Shanghai Port Container Company (hereafter referred to SPCC) which is the listed subsidiary company of SIPG for initial public offering in the whole happened in 2006. From the two aspects of financial indicators and market reaction, the thesis uses the method of financial analysis and event study analysis to do the value-added research about the case. One purpose of the research is to measure the current and follow-up value-added at and after the merger. Another purpose of the research is to find whether the value-added measured is abnormal or reflects the true intrinsic value.</p><p>In this paper, the Economic Value-added (hereafter referred to EVA), the Market Value-added (hereafter referred to MVA) and the Future Growth Value (hereafter referred to FGV) are used to measure the current and follow-up value added at and after the stock swap absorption merger between SIPG and SPCC. Through the research on the pivotal time point, the horizontal comparison of the EVA, MVA and FGV in the same time point and the vertical comparison of the value-added among different time points are taken respectively, which puts the emphasis on the research of the value-added before and after the merger in 2006 (2005, 2006) and the follow-up two years value-added after merger (2007, 2008).The analysis finds that both the economic value-added and the market value-added after the merger are above zero. The research shows that the market value-added is far more than the economic value-added and the future growth value has high proportion in the market value, which indicates the market value-added is more caused by the market anticipation than the incremental true intrinsic value and the economic value.</p><p>In this paper, event research method is used to do the research about the market response / reaction on the stock swap absorption merger between SIPG and SPCC. The event study which is based on the historical data of stock transactions chooses the appropriate event window, observes the change of stock price, calculates the abnormal return (hereafter referred to AR) and cumulative abnormal return (hereafter referred to CAR), and then detects whether the market value-added of listed company is abnormal or not. The study concludes that the market has the positive reaction about share swap absorption merger between SIPG and SPCC. The event of share swap merger can assuredly bring short-term abnormal value-added.</p><p>Finally, through combining the research findings and focusing on the value-added of companies before and after the merger, the thesis proposes some suggestions to the value manager of companies from financial management, corporate strategy, market tactics and information asymmetry problem which can help value managers to realize the companies’ goal of maximizing the value.</p>

In the process of Chinese central companies’ restructuring, the strategic merger is becoming the popular trend nowadays. The thesis chooses a specific case of Shanghai International Port Group (hereafter referred to SIPG) stock swap absorption merging Shanghai Port Container Company (hereafter referred to SPCC) which is the listed subsidiary company of SIPG for initial public offering in the whole happened in 2006. From the two aspects of financial indicators and market reaction, the thesis uses the method of financial analysis and event study analysis to do the value-added research about the case. One purpose of the research is to measure the current and follow-up value-added at and after the merger. Another purpose of the research is to find whether the value-added measured is abnormal or reflects the true intrinsic value. In this paper, the Economic Value-added (hereafter referred to EVA), the Market Value-added (hereafter referred to MVA) and the Future Growth Value (hereafter referred to FGV) are used to measure the current and follow-up value added at and after the stock swap absorption merger between SIPG and SPCC. Through the research on the pivotal time point, the horizontal comparison of the EVA, MVA and FGV in the same time point and the vertical comparison of the value-added among different time points are taken respectively, which puts the emphasis on the research of the value-added before and after the merger in 2006 (2005, 2006) and the follow-up two years value-added after merger (2007, 2008).The analysis finds that both the economic value-added and the market value-added after the merger are above zero. The research shows that the market value-added is far more than the economic value-added and the future growth value has high proportion in the market value, which indicates the market value-added is more caused by the market anticipation than the incremental true intrinsic value and the economic value. In this paper, event research method is used to do the research about the market response / reaction on the stock swap absorption merger between SIPG and SPCC. The event study which is based on the historical data of stock transactions chooses the appropriate event window, observes the change of stock price, calculates the abnormal return (hereafter referred to AR) and cumulative abnormal return (hereafter referred to CAR), and then detects whether the market value-added of listed company is abnormal or not. The study concludes that the market has the positive reaction about share swap absorption merger between SIPG and SPCC. The event of share swap merger can assuredly bring short-term abnormal value-added. Finally, through combining the research findings and focusing on the value-added of companies before and after the merger, the thesis proposes some suggestions to the value manager of companies from financial management, corporate strategy, market tactics and information asymmetry problem which can help value managers to realize the companies’ goal of maximizing the value.