The aim of this thesis is to perform an analysis of capital structure of joint stock companies based in the Czech Republic. The first part of the thesis introduces modern theories and main determinants of capital structure. Further it stakes out basic models used for testing the validity of mentioned theories and the methodology used. The second part of the thesis focuses on practical results of the analysis. The first chapter summarises descriptive analysis of the passive structure, the level of leverage, the composition of equity and liabilities of the joint stock companies. These ratios are judged mainly according to industry classification and the type of ownership. In the next step, the relationship between leverage and profitability is closely explored since it is thought to be one of the main determinants. In the last chapter, the models are applied to the sample of Czech companies with the effort to judge the validity of capital structure theories and to evaluate the effect of determinants on capital structure.

The subject of this thesis on fundamental equities analysis, which is considered one of the most commonly used methods for valuing securities, is to make the best investment in the chosen field into the selected equity companies. In the first part of the thesis there is a brief outline of other types of analysis together with other theoretical approaches but the main problem to be solved is the fundamental analysis. The second part is devoted to the selection and characterization of joint-stock companies of the same field and then selecting assessment indicators. The third part deals with the analysis of individual companies using selected methods of intercompany comparison from two different points of view. The final part conveys the comparison of selected methods of intercompany comparisons for both points of view and the proposal of the most suitable investment.

The objective of this thesis is to propose an investment recommendation in shares of selected airlines based on fundamental analysis. The theoretical part of the thesis describes the basics of investing. To select the best company there was used several intercompany comparison methods, which are based on assessment indicators. The result is an investment recommendation in the form of determining the order of profitability of individual companies.

The subject of this Master´s thesis is creating of the investment portfolio based on fundamental analysis of stocks, which is considered of the most commonly used methods for valuing securities. The theoretical part of the thesis summarizes investment approaches of the most successful investors as well. In the practical part, these findings applied to the analysis by Archer-Daniels-Midland Company, Douglas Dynamics, Inc., Gentex Corp. and Union Pacific Corporation. The investment recomendation is proposed in the basis of the comparsion of the results gathered by the analysis.

El presente artículo jurídico comprende como objetivo el argumentar la inclusión de unipersonalidad en las Sociedades por Acciones Cerrada Simplificada para fomentar la formalización de los micro, pequeños y medianos empresarios, debido a que la informalidad es un problema que sigue en crecimiento en nuestra sociedad, lo que ha originado que el estado peruano implemente diferentes métodos para reducir sus índices en crecimiento de informalidad; razón por lo cual en ésta investigación utilizando la metodología mixta que reúne al método cualitativo y cuantitativo, sirviéndose de la técnica de la observación, el análisis documental y de los instrumentos como la guía de observación y la guía de análisis documental, los cuales han sido utilizados para poder argumentar la importancia de incluir la unipersonalidad en este modelo empresarial. Respecto a los resultados podemos determinar que sí existe esa necesidad de incluir la unipersonalidad en nuestro ordenamiento jurídico a través de la Sociedades por Acciones Cerradas Simplificada con la finalidad de fomentar la formalización de los micro, pequeños y medianos empresarios. / The objective of this legal article is to argue for the inclusion of sole proprietorship in Simplified Closed Share Companies to promote the formalization of micro, small and medium-sized entrepreneurs, because informality is a problem that continues to grow in our society and State. has tried to implement different methods to reduce its growth rates, which is why using the mixed methodology that brings together the qualitative and quantitative method, using the technique of observation, documentary analysis and instruments such as the observation guide and the documentary analysis guide, are used to argue the importance to include unipersonality in this business model. Regarding the results, we can determine that there is a need to include sole proprietorship in our legal system through Simplified Closed Share Companies with the purpose of promoting the formalization of micro, small and medium-sized entrepreneurs.

Li Xue. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 36-38). / Abstracts in English and Chinese.

Study project (MAcc)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: The most basic principle of agency theory is that an individual will always serve his own interest best. According to Eisenhardt (1989) agency theory describes individuals as rational, risk averse en motivated by egotism. Agency theory also deals with the conflict that exists between different parties in an organization due to people's egoism. This self-interest can lead to goal incongruence if a person is placed in an environment where he has to serve somebody else's interest. Ownership and management vested in the same party until about 130 years ago. These roles were however separated with the development of the modem organization. The principal or owner is now represented by the shareholder and management serves as the agent. The principal thus appoints the agent to serve and manage his interest in the organization optimally. The principal's goal is the maximising of his shareholders' wealth. The agent's goal to carry out his task with the minimum effort and or to obtain maximum benefit for himself. It is thus clear that the goals of the principal and agent might often differ and this will give rise to goal Incongruence. This goal incongruence may give rise to some managerial actions which will be detrimental to optimal value of the company. The agency conflict, which is caused by man's self interest, manifests in the modem organization in a number of ways. These are referred to agency problems in this assignment. Agency problems are found both on a micro- and macroeconomical level. Agency cost is the sum of the difference between the real and optimal value of the company, the monitoring costs of the principal and the bonding costs of the agent. This cost is to the disadvantage of the principal and might even be to the disadvantage of the agent. It is thus essential that agency conflict and agency costs are reduced to a minimum. A number of measures are taken to address the agency problems and to reduce their negative effect on the organization. None of these measures will be efficient enough ifused in isolation. An optimal combination of solutions will depend on the company's specific circumstances. An empirical study was conducted to determine to what extent the agency problems manifest during the demutualisation of a big insurance business. The measures taken to address these problems were also investigated as well as the extent to which these were successful. / AFRIKAANSE OPSOMMING: Die basiese aanname van agentskapsteorie is dat die individu sy selfbelang altyd eerste sal stel. Volgens Eisenhardt (1989) beskryf agentskapsteorie individue as rasioneel, risikoongeneigd en gemotiveer deur selfbelang. Agentskapsteorie handel verder oor die konflik wat tussen die verskillende belanghebbende partye binne 'n organisasie as gevolg van persone se selfbelang ontstaan. Hierdie selfbelang van die mens kan lei tot doelwitinkongruensie, indien die persoon in 'n omgewing geplaas word waar daar van hom verwag word om 'n ander se belange te dien. Eienaarskap en bestuur was tot ongeveer 130 jaar gelede gevestig in dieselfde party. Met die totstandkoming van die moderne onderneming, is hierdie rolle egter geskei. Die prinsipaal of eienaar word nou verteenwoordig deur die aandeelhouer en die bestuur dien as die agent. Die prinsipaal stel dus die agent aan om na sy belang in die onderneming om te sien en dit optimaal te bestuur. Die prinsipaal se doel is die maksimering van sy aandeelhouerswelvaart. Die agent poog om sy taak met minimale inspanning te voltooi en of uitsonderlike voordeel vir homself te behaal. Dit is duidelik dat die prinsipaal en agent se doelwitte meermale sal verskil en doelwitinkongruensie ontstaan dus. Hierdie doelwitinkongruensie word vergestalt in sekere aksies wat bestuur soms neem en wat daartoe lei dat die optimale waarde van die firma nie bereik word nie. Die agentskapskonflik wat as gevolg van die partye se selfbelang ontstaan manifesteer in die moderne onderneming op 'n verskeidenheid van wyses, wat in hierdie werkstuk as agenskapsprobleme gedefinieer word. Agentskapsprobleme kom op 'n mikro- sowel as op 'n makro-ekonomiese vlak voor. Die verskil tussen die werklike en optimale waarde van die organisasie, plus die prinsipaal se moniteringskoste en die agent se gebondenheidskoste, verteenwoordig agentskapskoste. Hierdie koste strek tot die nadeel van die eienaars en meermale ook tot die nadeel van die bestuur. Dit is dus noodsaaklik dat agentskapskonflik en die gepaardgaande agentskapskoste tot 'n minimum beperk word. Daar word van 'n verskeidenheid van maatreëls gebruik gemaak ten einde die agenskapsprobleme aan te spreek en hul negatiewe impak op die onderneming te versag. Nie een van hierdie oplossings kan in isolasie gebruik gemaak word nie en afhangend van die onderneming se spesifieke omstandighede, sal daar hoogstens 'n optimale kombinasie van oplossings ontwikkel kan word. Daar is vervolgens in hierdie werkstuk 'n empiriese ondersoek uitgevoer ten einde te bepaal in hoe 'n mate die agenskapsprobleme tydens die demutualisering van 'n groot versekeringsonderneming manifesteer. Die neem van regstellende stappe om hierdie probleem aan te spreek is ondersoek, sowel as die mate waartoe hierdie maatreëls suksesvol was al dan nie.

本研究所稱建商包括「建設公司」以及有從事建設業之「資產股公司」。建設公司在一般人的認知裡是高獲利的產業，但其營運狀況易受到房地產景氣波動的影響，發生財務危機的比例較其他產業高；而資產股公司投入建設業被認為是挹注獲利拉高股價的題材，因此本研究探討1996-2007年建設公司利潤力績效與房地產景氣的關聯性，獲利較同業佳的建設公司類型、投資決策之差異為何，以及資產股公司從事建設業獲利與房地產景氣之關聯，使建商能根據所發佈之房地產景氣指標在投資決策上做適當之調整，也提供投資人投資建商之參考。研究結果如下： 一、前期房地產景氣越好，建設公司利潤力績效越佳，總銷與購地總額越高。 二、市場佔有率高、建設營收比＞90％的建設公司利潤力績效較佳。借殼上市、曾發生財務危機、上市公司相較於上櫃興櫃公司利潤力績效較差。產品純住宅較產品包含辦公室、廠辦的公司獲利差，但並不明顯。此外，推案區位並非影響建設公司獲利之因素。 三、獲利較佳的建設公司較能夠敏銳掌握房地產景氣趨勢推案，並在景氣較差時敢於持續購地，景氣好時也積極購地。 四、資產股公司多數個案選擇在房地產景氣燈號綠燈時推出，銷售情形佳，貢獻獲利良好。大型商業開發案開發、獲利情形與房地產景氣的關係可能不如一般建案密切。近期開發案除了住宅建案，還有辦公、商場、商務住宅等商業不動產，長期租金收益的開發概念增加，較早期開發多元化。 / The real estate developers in this study included “construction companies” and the “property stock companies” which operate construction businesses. Construction companies are commonly known as a high-return industry by the general public, but their operations are easily affected by real estate cycle and their chances of financial crisis are higher than other industries. It is considered a sure bet for pushing up the share prices when property stock companies participated in the construction industry. This study analyzed the relationship between the profit performances of construction companies and the real estate cycle, the types of relatively high profitability construction companies in the industry, the differences in investment strategies and the relationship between property stock companies’ gain of profits from construction business and the real estate cycle in 1996-2007. This is to enable real estate developers to make appropriate strategic adjustment on their investment according to the announced real estate cycle indicators, and to serve as a reference for the investors on investing in construction companies. The results of the study are as follows: 1.The better the real estate cycle in the previous year, the better the profit performance of construction companies, with higher total sales and total land-purchase amount. 2.The construction companies with higher market share and construction-revenue ratios higher than 90% have better profit performances. The profit performances of backdoor listed companies, companies with previous financial crisis and TSE listed companies are not as good as OTC and emerging-market listed companies. Companies providing purely residential products have poorer profit performances than those providing offices and factory space alongside with residential products, but the difference is insignificant. Apart from that, project location does not affect the profitability of the construction companies. 3.Construction companies with better profits can get hold of the real estate cycle in a relatively fast way. They also can continue to buy land when the real estate cycle is depressing and to actively buy land when the real estate cycle is good. 4.Most projects of property stock companies were released when the real estate cycle signal turned green. Good sales contributed to good profitability. The relationship between large commercial development project profitability and the real estate cycle might not be as close as general construction projects. Apart from residential projects, recent development projects also include commercial real estates such as offices, shopping malls, residential-commercial buildings, etc. The development concept of long-term rental return is more popular and it has more variety than the initial period.

Made available in DSpace on 2015-12-03T18:33:11Z (GMT). No. of bitstreams: 1 Marcelo_Bueno_de_Morais.pdf: 923077 bytes, checksum: 0240fffe544bfb3c0675036c9ebb3cbd (MD5) Previous issue date: 2014-11-04 / This dissertation considers the relationship between the practice of corporate governance and the implied cost of capital by the Brazilian??s publicly held companies seeking companies in the Novo Mercado da BM&FBovespa has lower implied cost of capital over the business of Traditional Market. The sample was used in this research includes the 228 largest non-financial publicly held companies in Brazil, in which 114 include Novo Mercado and 114, Traditional Market. The period considers from 2000 to 2013. As a proxy for corporate governance was used companies included in Novo Mercado segment. The Easton estimation method was used to calculate the implied cost of capital. The results show strong evidence of lower cost of capital for higher levels of corporate governance during the last ten years. / Esta disserta????o investiga a rela????o entre a pr??tica da governan??a corporativa e o custo de capital impl??cito das empresas brasileiras de capital aberto, buscando verificar se as empresas do Novo Mercado da BM&FBovespa possuem menor custo de capital impl??cito em rela????o as empresas do Mercado Tradicional. A amostra utilizada contempla as 228 maiores empresas n??o financeiras de capital aberto do Brasil, sendo 114 do Novo Mercado e 114 do Mercado Tradicional. O per??odo de an??lise compreende os anos 2000 a 2013. Como proxy de governan??a corporativa foi utilizada a participa????o da empresa no Novo Mercado e para o c??lculo do custo de capital impl??cito foi utilizado o m??todo de Easton. Os resultados mostram que nos ??ltimos 10 anos existem fortes ind??cios apontando para custos de capital menores para maiores n??veis de governan??a corporativa.

University of Macau / Faculty of Law