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by Kwan Cho-sing, Cheung Kuk ming. / Abstract also in Chinese / Bibliography: leaves 78-79 / Thesis (M.B.A.)--Chinese University of Hong Kong, 1982

The purpose of this final thesis is to provide the outline of the effective legal regulation of the lease of the property for the business purposes. After short introduction of the lease as a legal institute itself and its usage in business area of life, the thesis then concerns itself with the particular questions that are subject to legal regulation of the lease of the property for business purposes constituted mainly by the Civil Code. Amongst these questions the basic necessities of the lease agreement that are required by the law are described first, then the mutual rights and obligations of the contracting parties and finally the matters related to the termination of the lease.

The thesis analyses the ways of external financing above all from the accounting and tax perspective through lease and loan. The first part defines the financial lease and loan, the way how they are captured in accounting and their relations to taxes. There are advantages and disadvantages of both ways of financing listed and analysed in more details. The second part of the thesis compares the acquision of assets through loan or lease. The ways of financing are compared from the administrative and tax perspective as well as the financial cost of the investment.

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Purpose: The purpose of this thesis is to explain how the implementation of IFRS 16 Leaseshas affected how publicly listed firms on the Scandinavian stock exchange markets useearnings management activities. Methodology: This thesis has used a quantitative method using a deductive approach with ageneral positivistic philosophy. The database Datastream, provided via Jönköping University,was used in the data collection. To analyze the data, a Pearson and Spearman’s Rho correlationwas conducted, as well as a multiple linear regression analysis. Findings: The findings suggest that operating leasing has not been used as a substitute to otherkinds of earnings management. Further, Scandinavian public companies show no increasedincentive to use income increasing earnings management via discretionary accruals. Moreover,the findings also show that the implementation of IFRS 16 Leases does not appear to have hadas incremental effects on the Scandinavian public companies as initially expected. Theoretical perspectives: The thesis uses earlier literature within earnings management, aswell as the Agency theory, the Positive accounting theory, and the Signaling theory to enablean explanation to how IFRS 16 Leases has affected how publicly listed firms on theScandinavian stock exchange markets use earnings management activities.

Detta arbete analyserar Uppsala och Göteborgs kommunala fastighetsförsäljningar och konsekvenserna som dessa försäljningar kan ha för kommunerna. Uppsala och Göteborgs kommun har båda låga självfinansieringsgrader och därför är ett av deras mål att öka denna. För att kunna uppnå målet kommer de båda kommunerna att genomföra försäljningar av kommunala fastigheter. De fastigheter som kommunerna har bestämt att avyttra är övervägande kommersiella fastigheter men även en del samhällsfastigheter.Uppsala avser att sälja större strategiska fastigheter som innehåller köpcentrum medan Göteborg säljer icke sammanhängande fastigheter som inte anses vara strategiska. Uppsalas försäljning är tre gånger större än Göteborgs sett till yta, och kvadratmeterpriset är högre.Därför får Uppsala in cirka fem gånger högre intäkter än Göteborg. Dessa försäljningar kan få olika tänkbara konsekvenser för kommunerna beroende på vilken typ av fastighet som säljs. Vid försäljningen av kommersiella fastigheter kan mervärdet väl uppväga risken. I Uppsalas fall säljs stora och viktiga fastigheter som är delar av kommunens nysatsning. Om fastigheterna köps och förvaltas av rätt aktör kan fastigheterna lyfta attraktiviteten i hela kommunen.Dessutom ökar konkurrensen på marknaden och det frigörs tid som kommunen kan göra annat med.Göteborg säljer mindre, icke strategiska fastigheter och uppsidan för kommunen är inte lika stor som för Uppsala, men de tar betydligt mindre risk och en svag köpare skulle inte påverka kommunen lika negativt som i Uppsalas fall. Negativa effekter som denna försäljning kan ha är förlorade stordriftsfördelar då fastigheten byter ägare. Kommunerna förlorar även kontroll över fastigheterna i och med ägarbytet. När det gäller samhällsfastigheterna så skulle ett gynnsamt upplägg vara att de säljs men att kommunen sedan hyr tillbaka dem. Då får kommunen in kapital och andra positiva effekter kan uppstå såsom ökad flexibilitet och lägre hyror. Transaktionens utfall beror helt och hållet på avtalets utformning. Det är därför av största vikt att kommunen är noggrann när den skriver avtal. / This work analyzes Uppsala and Gothenburg's municipal property sales and the consequences that these sales may have for the municipalities. The municipalities of Uppsala and Gothenburg both have low self-financing rates and therefore one of their goals is to increase this. In order to achieve the goal, the two municipalities will carry out sales of municipal properties. The properties that the municipalities have decided to sell are predominantly commercial properties but also some community properties. Uppsala intends to sell larger strategic properties that contain shopping centers, while Gothenburg sells non-contiguous properties that are not considered strategic. Uppsala's sales are three times larger than Gothenburg's in terms of area, and the price per square meter is higher. Therefore, Uppsala receives about five times higher revenues than Gothenburg. These sales can have different possible consequences for the municipalities depending on the type of property being sold. When selling commercial properties, the added value may well outweigh the risk. In Uppsala's case, large and important properties are sold that are part of the municipality's new investment. If the properties are bought and managed by the right player, the properties can raise the attractiveness of the entire municipality. In addition, competition in the market increases and time is freed up that the municipality can do other things with. Gothenburg sells smaller, non-strategic properties and the upside for the municipality is not as great as for Uppsala, but they take significantly less risk and a weak buyer would not affect the municipality as negatively as in Uppsala's case. Negative effects that this sale can have are lost economies of scale when the property changes owners. The municipalities also lose control of the properties as a result of the change of ownership. When it comes to community properties, a favorable arrangement would be that they are sold but that the municipality then rents them back. Then the municipality receives capital and other positive effects can arise such as increased flexibility and lower rents. The outcome of the transaction depends entirely on the design of the agreement. It is therefore of the utmost importance that the municipality is careful when writing agreements.

The main purpose of this diploma thesis is to provide a general overview of the three types of fixed assets financing -- long-term bank loan, capital lease and operating lease; their general description, definition and typology, mainly from the accounting standpoint of view in appliance with the International Financial Reporting Standards. Close attention is also paid to their comparison and outlining their main qualitative and quantitative benefits and disadvantages. The last part of the thesis includes a case study that implements quantitative comparison of the three types of assets financing and their accounting according to the theoretical material contained in the preceding chapters.

The dissertation is focused on the analysis of the institute of residential lease. At the beginning a brief historical progress of the legal regulations of the lease of the apartment is described with the reference to social circumstances which influenced it. Subsequently, attention is paid to the lease agreement as the legal reason for using an apartment. The dissertation deals also with the object of the lease agreement, i.e. with the apartment and its definition in the legal regulations, and also with the subjects of the lease agreement, i.e. with the landlord and the tenant. In the next part the dissertation describes rights and obligations of the contracting parties. A special chapter is dedicated to the rent, as one of the essential requirements of the lease agreement. Also the institutes of the subtenancy, passage of the lease of flat and exchange of the apartments are mentioned. Furthermore, the issue of the termination of the lease is elaborated in detail. The whole dissertation contains also important rulings of the courts and presents changes that will come into effect with new civil code.