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.

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.

Jämfört med andra branscher har fastighetsmarknaden låg avkastning på totala tillgångar, de utnyttjar istället en hävstångsstrategi för att skapa mer effektiv utväxling på eget kapital. Det finns många riskvariabler kopplat till fastighetsbranschen och flera sätt att differentiera sig från den osystematiska risken. De kommunala fastighetsbolagen har en finansieringskälla Kommuninvest, som enbart vänder sig till allmännyttiga bolag och inte privata aktörer. Syftet med uppsatsen är att historiskt analysera hur risk och avkastning genererats av kommunala och privata fastighetsbolag. Metoden är kvantitativ, kombinerat med en deduktiv metod och som har en förklarande ansats. Utifrån teori har vi formulerat tre hypoteser för att undersöka om vi kan finna indikatorer på hur kommunala och privata fastighetsbolag skiljer sig till från varandra. För att genomföra undersökningen har uppsatsen utgått från en kvantitativ metod och statistiska test har gjorts för att kunna analysera utfallen. Resultaten indikerar på att det finns en signifikant skillnad mellan kommunala och privata fastighetsbolag i två av hypoteserna. Hur undersökningen är genomförd beskrivs i den empiriska metoden. Från de resultat som blivit har det fastställts att det finns mer att undersöka och nya förslag på fortsatt forskning har utformats. / Compared to other industries, real estate markets have historically low return on total assets, instead they use a leverage strategy to create a more efficient ratio on return on equity. There are many risk variables associated with real estate and several ways for real estate firms to differentiate themselves from the unsystematic risk. The municipal property firms have a funding source Kommuninvest, only turning to public utilities and not private actors. The purpose of this paper is to analyze the historical risk and return generated by municipal and private property firms. The method is quantitative, combined with a deductive theory, which has an explanatory approach. Based on theory we have formulated three hypotheses to explore and see if we can find indicators of how differences between municipal and private property is. To conduct the survey, the thesis has a quantitative method and statistical tests to analyze the outcomes. The results indicate that there is a significant difference in two of the hypotheses between municipal and private property. How the survey is conducted is described in the empirical method. From the results determined, the intention shows that there is more to explore, and new suggestions for further research have been suggested.

The main goal of this thesis is to suggest a concept of financial planning for business valuation. Entry chapters are dedicated especially to the examination of differences between financial plan as one of company's activities and plan for business valuation. In the following chapter key parameters essentially influencing company's value (value drivers) are described. Two of them are accented: rate of growth and invested capital which is necessary for company's main business including its rate of return. I examine an impact of historical growth of the company, growth based on analyst's estimates and fundamental growth of the company on company's growth rate in the extraordinary growth period (first stage). In the next part I pay attention to factors and empirical studies influencing long term rate of growth. Then the rate of similarity of accounting invested capital and invested capital for business valuation and its impact on rate of return of invested capital is analysed. I point out intangible assets and in Czech accounting principles financial leasing assets. Then the relationship between rate of return of invested capital and costs of capital is described; the length of the first stage is suggested; use of models, which are necessary for transition of the company to its steady state is suggested; there are company's key characteristics, which change together with stabilization of the company, identified and there are advantages and disadvantages of value drivers formula and Gordon growth formula discussed. An empirical study dealing with planning for business valuation in the Czech Republic, where business valuation experts took part, was accomplished. The results of the study are presented in several different parts of this thesis.

Primary research on sustainable development has suggested that Corporate Social Responsibility (CSR) activities can create a positive effect on employees and consumers. In order to improve CSR outcomes internally and externally, it is necessary to consider the ever-growing expectation of primary stakeholders in different business environment. This study explored the roles of young consumers and office employees in affecting CSR activities of Foreign-invested enterprises (FIEs) in China. Besides a large number of literature reviews, two surveys involved in this study to investigate in practice, the sentiments and expectation of Chinese young consumers and office employees towards FIEs’ CSR behavior in host country-China. To achieve this goal, theories on stakeholders, Maslow’s hierarchy needs and social responsible consumer behavior are main fundamental adopted. As a result, this study emphasized that as significant stakeholders, interest and expectation of young consumers and office employees positively affect FIEs’ sustainable business activities in China, and more importantly, survey in this study presented a clear view on their attitude and expectation on CSR activities of FIEs in China.

During the past planned economy in China, the local government established too many and too small-scale state-owned enterprises, and disregarded market faculty in order to be self-sufficiency. After carried out the market economy in China, those medium, small-scale state-owned enterprises would have faced harsh competition and test, and the scale economy in the market would be leading the industrial structure transforming of China in the future. The main purpose of this research is probing into the problems of the foreign-invested enterprises merger with the Chinese state-owned enterprises, because this research would like to know how the government of China to regulate those activities of the foreign-invested enterprises merger with the state-owned enterprises of China, and will help the foreign-invested enterprises to choose the most potential state-owned enterprises to merger with under the laws and decrees of China. After reformed and opened of China, and during joining the WTO, the main developed goal is how to attract more foreign investments, innovate state-owned enterprises, and fuse with the international market. Under insisting opening to the outside world, attracting more foreign investments tactics, China must adapt to the world tide, and encourage the state-owned enterprises and the multi-national corporations to work together, lead in advanced technologies, funds, managing and selling modes, and build R & D center to increase the international competitiveness of the state-owned enterprises by cross-border modes. However, the foreign-invested enterprises in order to contend for the Chinese market, will get the market share quickly by M & A mode, and this will cause the activities continuing expanding of the foreign-invested enterprises merger with the state-owned enterprises of China.

Au fur et à mesure de la croissance de l’économie chinoise, et de la progression de l’ouverture et de la réforme chinoise, la culture dans les entreprises à capitaux étrangers en Chine n’est plus homogène. Au contraire, de plus en plus d’employés présentant des divergences culturelles travaillent dans ces entreprises implantées sur le marché chinois. Leurs nationalités, langues, comportements et mentalités sont loin d’être identiques, provoquant inévitablement un clash socioculturel qui est beaucoup plus compliqué qu’avant à l’intérieur des entreprises à capitaux étrangers. D’où des problèmes qui entraînent une conséquence néfaste sur le développement de ces entreprises. En revanche, lorsque l’on parle de ce sujet, ce qui vient dans un premier temps à l’esprit, c’est souvent le choc culturel qui existe entre les Asiatiques et leurs collègues issus de l’Europe ou de l’Amérique du Nord, tout en négligeant qu'il existe également des différences culturelles entre les employés asiatiques eux-mêmes, parfois aussi grandes mais souvent beaucoup moins prises en considération aussi bien par les chercheurs scientifiques que par les professionnels. Les Asiatiques sont souvent considérés de manière très simplifiée par beaucoup de chercheurs des sciences sociales et humaines comme une seule catégorie culturelle dans laquelle les valeurs, façons de penser et comportements entre les peuples sont peu différents. Des termes très flous, comme la « culture orientale », ou la « culture asiatique », se trouvent facilement dans des travaux dans la comparaison culturelle. Malgré des raisons historiques et traditionnelles, comme l’influence forte du confucianisme, il existe quand même une diversité culturelle entre les peuples asiatiques. Et surtout la culture est évolutive et dynamique, ces peuples ne cessent de créer et développer leurs propres valeurs, façons de penser et comportements qui sont tous uniques et différents les uns des autres en fonction des circonstances intérieures et extérieures qui transforment les groupes sociaux. Afin de faire ressortir les différences culturelles entre les employés asiatiques au sein des entreprises à capitaux étrangers implantées sur le marché chinois, d’étudier et d’exploiter la transformation de cette diversité et ses représentations dans le travail, et pour essayer de trouver des perspectives permettant de fournir de l’inspiration et des résolutions par rapport aux problèmes originaires de cette divergence culturelle, nous avons choisi une méthodologie de recherche fondée sur des entretiens semi- directifs en profondeur avec des employés asiatiques de profils différents travaillant dans des entreprises à capitaux étrangers en Chine. Selon les résultats que nous avons obtenus au travers des entretiens, nous avons constaté que les différences culturelles existent non seulement entre les employés chinois et leurs voisins asiatiques, à savoir les employés coréens et japonais, mais également entre les employés chinois et les employés des diasporas chinoises, ainsi qu’entre les employés chinois eux-mêmes. Au travail, ces employés ont et manifestent des comportements et façons de penser divers par rapport à l’esprit collectiviste, à la hiérarchie et en face de l’incertitude. Pour conclure, une idée comme l’établissement d’une identité supranationale asiatique, autrement dit le cosmopolitisme asiatique, et les dangers à éviter, comme le nationalisme qui existe depuis longtemps en Asie, sont discutés dans la partie de conclusion. / With the growth of the Chinese economy, its opening-up and its reform, culture in the foreign-invested enterprises in China is no longer homogeneous. On the contrary, more and more culturally different people work together in these enterprises operating on the Chinese market. Their nationalities, languages, behaviors and attitudes are far from being identical, causing an inevitable socio-cultural clash which is much more complicated than before within these foreign-invested enterprises. Hence the emergence of problems that lead to adverse consequences for the development of these enterprises.On the other hand, when talking about this, what first comes to mind, is often the cultural clash between Asians and their colleagues from Europe or North America, neglecting, at the same time that there are also cultural differences between Asian employees themselves, which are sometimes equally marked but often much less taken into consideration both by scientific researchers and by professionals.Asians are often considered by many researchers in social sciences, in a very simplified way, as a single category in which cultural values, ways of thinking and behaviors between people are very similar. Some vague terms such as "Oriental culture", or "Asian culture", are easily found in cultural comparison researches. Despite historical and traditional reasons, such as the strong influence of Confucianism, there is still a cultural diversity among Asian people. What’s more, culture is evolving in a dynamic way and these Asian people continue to create and develop, depending on the circumstances that transform internal and external social groups, their own values, ways of thinking and behaviors which are unique and different from one another. To highlight the cultural differences between Asian employees in the foreign-invested enterprises established in the Chinese market, to explore the transformation of this diversity and its representations in the working field, and to try to find prospects allowing to provide inspiration and resolutions to the problems originating from this cultural divergence, we chose a research methodology based on thorough semi-structured interviews with different profiles of Asian employees working in different foreign-invested enterprises in China.According to the results we obtained through these interviews, we found that cultural differences exist not only between Chinese employees and their Asian neighbors, in other words the Korean and Japanese employees, but also between Chinese employees and overseas Chinese employees, and even among Chinese employees themselves. When they are working together, these employees have and show different behaviors and ways of thinking in the field of collectivist mind, hierarchy and when facing uncertainty.In our conclusion, we question the idea of setting up a supranational Asian identity, in other words an Asian cosmopolitanism, and we mention the dangers which have to be avoided, such as the nationalism that has been existing in Asia for a long time.

This thesis is focused on analysis of utilization of production factors in the agrarian company, during the period from 2005 to 2010. The farm was classified to four groups - LFA, NON LFA, transitional area and ?total?. In the theoretical part were characterized individual factors of production - land, labor and capital. Next part thesis was oriented on financial analysis, mainly was focused on ratio indicators of the financial analysis. In the practical part were made rating utilization of production of factors in agricultural companies. At first was assessed a financial situation companies, during the period from 2005 to 2010 using the indicators of the financial analysis. Next was performed analysis utilization of production of factors. One chapter was devoted structure of production. In last chapter were given production function and cost function.

Background: Light has been shed on the textile industry as one of the leading industries when it comes to economic growth, global warming and sustainable development. The increasing demand for sustainable activities from stakeholders has led to the importance of measuring the sustainable development of companies. ESG reporting is a common tool used to indicate a company’s sustainability performance. Prior research has tended to focus on cross-sectional industries, and therefore a gap was identified for industry specific research.   Purpose: The purpose of this research is to explain the relationship between sustainability performance and financial performance in the textile industry in the European and North American markets to see if companies that invest in sustainability activities benefit financially.   Method: This research has followed a positivistic paradigm, with deductive reasoning and a quantitative approach. A probability sampling approach was performed by conducting secondary data from Thomson Reuters DataStream of companies in the textile industry in Europe and North America. This resulted in a final sample of ESG scores and ROIC of 44 companies. The data was later analysed in the SPSS software program by following the estimation method Ordinary Least Squares (OLS).    Findings: The literature review developed two hypotheses to address the research purpose and questions. The two hypotheses were analysed through two regression analyses that were satisfied through the OLS estimation method. The result showed that there was a significant relationship between the aggregated ESG score and ROIC which supported the first hypothesis. The second hypothesis of the multiple regression model showed that each component of ESG is correlated to ROIC, however, the environmental factor was not statistically significantly related.    Conclusion: The thesis showed that there is a positive relationship between ESG performance and ROIC in this study. This implies that companies that invest in sustainable development increase their financial performance. The aggregated ESG score as well as the social factor and the governance factor had the highest impact on ROIC, which is supported by the stakeholder theory as there has been an increasing demand on social and governance activities in the textile industry. This further supports that sustainability performance impact on financial performance is industry specific.

本研究以1992年至2017年計19,710筆台灣上市櫃公司為樣本，探討以企業乘數與資本報酬率為指標形成投資組合的績效表現與可行性。研究發現單純以低企業乘數指標組成的投資組合表現最佳，且能長期打敗大盤；以低企業乘數與高資本報酬率的綜合指標形成的投資組合表現次佳；而單純以高資本報酬率為指標形成的投資組合表現最差，且長期劣於大盤表現。研究結果亦包括企業乘數投資組合可以創造出顯著的超額報酬（Alpha），且其優異的表現可以歸因於投資人對於企業的未來盈餘表現預期錯誤，造成市場暫時出現錯誤定價的現象。 / We employ Taiwan’s listed companies from 1992 to 2017 as a sample to examine the performance and feasibility of forming a portfolio based on enterprise multiple and return on invested capital. We find that the portfolio which consists solely of low enterprise multiple stocks outperform the market in the long run; the portfolio formed by composite indicators of low enterprise multiple and high return on invested capital beats the market as well; while the pure high return on invested capital portfolio underperforms. We also find that the low-minus-high enterprise multiple portfolio generates Fama-French alpha, and its excellent performance can be attributed to investors' expectation errors of the company's future earnings performance, resulting in temporary market mispricing.