University of Macau / Faculty of Law

Thesis (Ph. D.)--University of Washington, 2001. / Vita. Includes bibliographical references (leaves 120-125).

Thesis (doctoral)--Universität Hamburg, 2008. / Includes bibliographical references and index.

Thesis (Ph. D.)--University of Washington, 2001. / Vita. Includes bibliographical references (leaves 120-125).

abstract: As an alternative to the traditional public transportation system, (urban) rail transit has many advantages such as large capacity, fast speed, tight schedule, safety and comfort, and punctuality, , and has gradually become a top choice of many cities in countering environmental pollution and optimizing traffic quality. At the same time, we must also see that huge amounts of capital are required for the construction of rail transit. The traditional reliance on government investment clearly has its own limitations. The investment not only has a long cost-recovery cycle and a low rate of return, but also hardly attracts investments from the private sector. Therefore, when the government vigorously promotes the construction of a rail transit system, it is generally faced with problems such as a large funding gap and an overall financial loss. Therefore, how to establish a reasonable and efficient mode of investment and financing and further broaden the financing channels for rail transit projects is of great practical significance for improving the profitability of rail transit enterprises and realizing the sustainable development of rail transit. This thesis attempts to study the issue, in general, and further exmines a detailed case study of metro rail transit in a Chinsese city (city A), in particular. The thesis first studies the concept and attributes of urban rail transit, and analyzes four modes and corresponding cases of urban rail transit investment and financing., It then discusses the characteristics of investment and financing of urban rail transit projects and the concept of investment and financing. Moreover, this thesis focuses on the current situation, characteristics and challenges of city A’s rail transit construction,. More specifically, it takes an in-depth look at the financial planning, investment and financing planning and the investment and financing channels products. The study innovatively puts forward three models, namely, PPP, TOD, ABS of rail transit investment and financing products. Based on the AHP decision-making method, the study shows PPP as the optimal integrated choice for city A. Finally, based on the core issues of the domestic urban rail transit project investment and financing, this thesis analyzes the rationality of the PPP model thoroughly and comes up with some managerial and policy suggestions on how to further optimize the investment and financing of the urban rail transit construction from the perspectives of the government management and the rail transit enterprises / Dissertation/Thesis / Doctoral Dissertation Business Administration 2018

A inovação tecnológica vem assumindo um papel central na discussão do desenvolvimento de um país, região ou uma empresa. Estudos realizados por Schumpeter colocam a inovação tecnológica como a mola central do capitalismo, capaz de provocar grandes alterações no dinamismo da economia. A experiência internacional mostra-se importante para países ainda em desenvolvimento como o Brasil. Em países da Europa o plano de incentivo a inovação tecnológica deu início na década de noventa, quando foram estabelecidas medidas, metas e objetivos para o desenvolvimento tecnológico dos países. A atuação brasileira de incentivo a inovação tecnológica sempre foi muito tímida. Somente no final da década de noventa nota-se a ocorrência de uma reformulação da política industrial e uma tentativa de incentivar a inovação tecnológica no país. A realização da Pintec pelo IBGE vem suprir uma falha existente de falta de indicadores relacionados à inovação tecnológica. A pesquisa confirma as suspeitas existentes anteriormente de que no Brasil haja um fraco desempenho das empresas instaladas no que se refere à inovação tecnológica. Alguns fatores são apontados pelas empresas como as principais causas para esse fraco desempenho. Entre eles estão o elevado risco econômico, alto custo da inovação e a falta de fontes adequadas de financiamento. Quando se analisa a inovação tecnológica setorialmente, verifica-se que as mudanças em termos gerais são muito pequenas, que grande parte da inovação das empresas é financiada com capital próprio e que no Brasil a inovação tecnológica está diretamente ligada à aquisição de máquinas e equipamentos. / Tecnological inovation has been considered the center of the development of a country, region or a company. Schumpeter has discussed that the tecnological inovation is capable to cause extraordinary changes in the dynamics of the economy. The international experience is important to be seen by countries like Brasil. Some european countries, for instance, have developed a plan in order to make tecnological inovation possible. This plan includes the definition of goals and ways to mesure the tecnological development of the countries. Tecnological inovation in Brasil began to take place recently, when the industrial politics and some actions to promote this kind of inovation started to become more and more important in the country. Pintec, a study done by IBGE, has an important contribution for the research about tecnological inovation in Brasil. Before this study, there were not enough information about this subject. Pintec data confirm the initial hypothesis that brasilian companies do not have an eficient performance when it refers to tecnological inovation. Some factors are considered the explanation for the lack of tecnological inovation in Brasil. Among these factors are the economical risk, high costs of the inovation and the lack of apropriate sources of financial funds for inovation. Sectorial analysis have shown that the results are not different from the global analysis. The greatest amount of tecnological inovation is financed by internal funds. In Brasil, tecnological inovation is still related to the aquisition of new machines and equipaments.

O presente trabalho tem por finalidade analisar o problema do financiamento das empresas em crise no Brasil e a disciplina a ele conferida pela Lei n. 11.101/05, com enfoque no procedimento de recuperação judicial. Após uma breve análise das diversas causas da crise empresarial e de possíveis medidas saneadoras preliminares, inicia-se a discussão das premissas constitucionais do tratamento das empresas em dificuldade no Brasil e dos objetivos da lei falimentar em geral, para então ingressar nas soluções adotadas pelo direito brasileiro. Em seguida, tem início o escrutínio do tema central proposto, com destaque para seu escopo e importância, além da identificação dos meios, agentes e modalidades relacionados ao financiamento das empresas em dificuldade. Apresentado um sucinto panorama da matéria no direito estrangeiro, investiga-se o tema à luz do ordenamento pátrio, numa abordagem teórica e prática do financiamento das empresas em crise no Brasil e seus limitadores, assim como possíveis alternativas para mitigá-los. O problema é tratado, ainda, sob a perspectiva da governança corporativa e, por derradeiro, vislumbra-se sua eventual adoção na falência, com escoro no princípio da preservação da empresa, passando-se à conclusão. / The present work has the aim of analyzing the problem of financing for distressed companies in Brazil and the discipline granted to it by Law no. 11.101/05, with focus on the judicial reorganization procedure. After a brief analysis of the various causes of corporate crisis and the possible preliminary aid measures, a debate commences on the constitutional premises of the treatment of distressed companies in Brazil and the goals of bankruptcy law in general, after which the solutions adopted by Brazilian Law are examined. Next, the scrutiny of the proposed theme begins, with emphasis on its scope and importance, as well as the identification of the means, participants and categories related to the financing for companies in difficulties. After the presentation of a brief overview of the matter in foreign law, the same is investigated in light of the national legal system, under a theoretical and practical approach of financing for distressed companies in Brazil and its constraints, as well as the possible alternatives to mitigate them. In addition, the problem is treated from the perspective of the corporate governance and, last, a glimpse is taken into its eventual adoption in liquidation processes, with support in the principle of preservation of the company, culminating with the conclusion.

Orientador: Solange Maria Corder / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Geociências / Made available in DSpace on 2018-08-19T20:12:57Z (GMT). No. of bitstreams: 1 Velez-Agudelo_MariaIsabel_M.pdf: 3318065 bytes, checksum: 2ec555f41796cd165fd7dca8600120d2 (MD5) Previous issue date: 2011 / Resumo: A política brasileira de CTI iniciou em fins da década de 90 um processo de reforma baseado na ampliação do marco legal de incentivo à inovação e na criação de fontes estáveis de recursos para a implementação das suas ações. A partir desses dois elementos principais deu-se a criação de um conjunto de instrumentos de fomento à PDI que teriam o propósito de contribuir para ampliar a capacidade de inovação das empresas visando ao aumento da competitividade. A operacionalização desse instrumentos (crédito com equalização de juros, subvenção econômica direta, fundos setoriais e capital de risco), vem sendo realizada pela Finep no marco das diretrizes colocadas pela política, a qual tem incluído dentre outras estratégias, a priorização setorial, que compartilha com a política industrial. O objetivo do presente trabalho é constatar como tem sido a evolução da Política de Ciência, Tecnologia e Inovação Brasileira (PCTI) em sua formulação e implementação a partir de dois elementos principais: a revisão dos documentos básicos através dos quais são formalizadas e divulgadas as orientações políticas nessa área e uma análise da operacionalização dos instrumentos de financiamento à PDI sob responsabilidade da Finep desde 1999. Busca-se, especificamente, verificar quais foram as prioridades estabelecidas para a CTI nos três últimos planos do governo federal e do MCT e como foi efetuada a alocação de recursos através dos instrumentos criados, procurando estabelecer sua sintonia com a dinâmica da indústria brasileira. Para tal é feita uma apresentação dos aspectos setoriais considerados mais relevantes, visando identificar aspectos da produção e do desempenho inovador que esbarram no aproveitamento e direcionamento dos recursos alocados pela Finep. Recorre-se, para a análise, à classificação industrial da OCDE estabelecida a partir das bases tecnológicas que determinam a competitividade dos diferentes setores industriais / Abstract: The Brazilian Science, Technology and Innovation Policy (STIP) began in the late 90s a reform process based on the expansion of the legal framework to encourage innovation and the creation of stable sources of funding for their actions. These main elements enabled the creation of a set of instruments for promoting R&D&I, which had the purpose of contributing to increase the innovation capacity of firms in order to rise their competitiveness. The operation of these financial instruments (loans with interest rate reduced, subvention, sectorial funds and venture capital), has been held by Finep, placed within the framework of the policy guidelines, which have included among others strategies, sectorial prioritization, also shared with the industrial policy. The aim of this study is to find out how has been the evolution of the Science, Technology and Innovation Brazilian Policy, based on two main elements: a review of basic documents through which are formalized and disclosed the policy guidelines in this area and an analysis of the operation of financial support instruments for R&D&I under the responsibility of Finep since 1999. The specific purpose is to determine the priorities established for STI in the last three ministerial and government plans and how was made the resource allocation through the instruments created, to establish their congruence with the dynamics of the Brazilian industry. To do so is made an presentation of the more relevant aspects of the sectorial dynamics of the industry, in order to identify aspects of production and innovation performance that concern the exploitation and targeting of the resources allocated by Finep. It is used for the analysis the OECD industrial classification founded on the technological bases that determine the competitiveness of each sector / Mestrado / Politica Cientifica e Tecnologica / Mestre em Política Científica e Tecnológica

This final thesis deals with various ways of financing a business which are discussed from both economic and legal perspective. The purpose of the thesis is to provide an overview of main possibilities how to finance a business together with stating the related legislation. Different sources of financing are assessed according to their costs, accessibility, flexibility and other criteria. The financing solutions stated in the thesis are discussed mainly from point of view of joint-stock company. In some cases, the author points out also the legislation related to limited liability company. The thesis is divided into four chapters that are further subdivided. The aim of Chapter One is to provide a basis for the following chapters. It includes definitions of the main terms, short overview of the most important legislation which is relevant to the topic, different approaches to classification of financial sources and also the key factors which influence the choice between various solutions when financing a business. Chapter Two examines sources of financing which are related to shareholders' equity. Major part of this chapter deals with creation of and increase in registered capital. The question whether to pay out the profit to the shareholders or to use it for future development of the business is...

Orientador: Bruno Martarello De Conti / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-27T08:55:06Z (GMT). No. of bitstreams: 1 Bastos_HenriqueGoncalves_M.pdf: 1980248 bytes, checksum: b41309facbe175243df3839a0b18cec1 (MD5) Previous issue date: 2015 / Resumo: O objetivo desta dissertação é avaliar se os fundos fechados de previdência complementar atuam ou têm potencial para atuar na alocação de ativos em instrumentos de funding no Brasil. Em simultâneo, explora-se algumas das razões apontadas na literatura para explicar porque o país não dispõe de um sistema privado e autônomo capaz de financiar investimentos no longo prazo. Para investigar o assunto, são apresentados os principais elementos teóricos de uma economia monetária de produção que auxiliam na compreensão do tema, sobretudo o circuito finance-funding, proposto por Keynes, em contraposição à teoria convencional dos fundos emprestáveis, que coloca a poupança como elemento previamente necessário à realização do investimento. São consideradas também as questões pertinentes ao capitalismo globalizado sob dominância financeira, que identifica a importância dos investidores institucionais na determinação dos grandes movimentos de capitais, da exacerbação da preferência pela liquidez e do comportamento de curto prazo nos mercados secundários. Considerando a hipótese de que o financiamento ao investimento de longo prazo no Brasil não depende do fluxo prévio de poupança, mas da estratégia de alocação da riqueza dos agentes econômicos que atuam no mercado financeiro nacional, foram avaliados os fundos fechados de previdência complementar (fundos de pensão) para analisar sua pertinência / Abstract: This work aims to assess whether private pension funds acts or have the potential to act in asset allocation to funding instruments in Brazil. It also explores some of the reasons presented in the literature to explain why the country does not have a private and autonomous system able to finance long-term investments. To investigate this matter, the main theoretical elements of a monetary economy of production are employed to aid in the understanding of the subject, especially the finance funding circuit, as proposed by Keynes, in contrast to the loanable funds conventional theory, which puts the prior savings argument as a crucial need to investment. The issues related to global capitalism under financial dominance, which identifies the importance of institutional investors in determining the large movements of capital, the exacerbation of the liquidity preference and the short-term behavior in secondary markets, are also considered. Pension funds market was observed to test the relevance of the assumption that financing of long-term investment in Brazil does not depend on the flow of prior savings, but on the wealth allocation strategy of economic agents operating in the domestic financial market / Mestrado / Teoria Economica / Mestre em Ciências Econômicas