Bankruptcies have been a sensitive topic all around the world for over 50 years. From their research, the authors have found that only a few bankruptcy studies have been conducted in Sweden and even less on the topic of bankruptcy prediction models. This thesis investigates the performance of the Altman, Ohlson and Zmijewski bankruptcy prediction models. This research investigates all Swedish companies during the years 2017 and 2018.  This study has the intention to shed light on some of the most famous bankruptcy prediction models. It is interesting to explore the predictive abilities and usability of those three models in Sweden. The second purpose of this study is to create two models from the most significant variable out of the three models studied and to test its prediction power with the aim to create two models designed for Swedish companies.  We identified a research gap in terms of Sweden, where bankruptcy prediction models have been rather unexplored and especially with those three models. Furthermore, we have identified a second research gap regarding the time period of the research. Only a few studies have been conducted on the topic of bankruptcy prediction models post the financial crisis of 2007/08.  We have conducted a quantitative study in order to achieve the purpose of the study. The data used was secondary data gathered from the Serrano database. This research followed an abductive approach with a positive paradigm. This research has studied all active Swedish companies between the years 2017 and 2018. Finally, this contributed to the current field of knowledge on the topic through the analysis of the results of the models on Swedish companies, using the liquidity theory, solvency and insolvency theory, the pecking order theory, the profitability theory, the cash flow theory, and the contagion effect. The results aligned with the liquidity theory, the solvency and insolvency theory and the profitability theory. Moreover, from this research we have found that the Altman model has the lowest performance out of the three models, followed by the Ohlson model that shows some mixed results depending on the statistical analysis. Lastly, the Zmijewski model has the best performance out of the three models. Regarding the performance and the prediction power of the two new models were significantly higher than the three models studied.

Den första januari 2018 ersattes den kritiserade redovisningsstandarden IAS 39 av IFRS 9.Regelverksändringen medförde förändringar i hur kreditförluster ska redovisas och hanterasmed reservposter i balansräkningen. Syftet med denna studie är att studera omregelverksändringen har medfört en ökad värderelevans för faktiska kreditförluster ochavsättningar för kreditförluster. Studien undersöker värderelevansen under IAS 39 och IFRS9 genom att tillämpa regressionsmodeller. Studiens urval består av 97 banker medskatterättslig hemvist i Europa som rapporterat enligt både IAS 39 och IFRS 9. Studienresulterade i att värderelevansen avseende avsättningar för kreditförluster och faktiskakreditförluster ökat efter införandet av IFRS 9. Det innebär att redovisningsinformationenunder IFRS 9 har en bättre förmåga att förklara förändringar i aktiepris jämfört med IAS 39.Däremot kan studien behöva en längre tidshorisont för att fullt ut kunna utvärdera omvärderelevansen faktiskt har ökat i och med införandet av IFRS 9.

Abstract The steel industry has been known as 'The mother of all industries '. With the emerging incidents such as Asian financial meltdown, industrialization of the China, and the policy of macro economic controls by the China government, the stock index of the steel industry has fluctuated violently. Despite the economy of China is to be adjusted upwards, in the foreseen future, the global steel supply will be probably exceed the demand. Such phenomenon definitely causes the pressure on the market that it also attracts much attention of the relevant stockholders. Current research investigates the most suitable model for valuating the stock price of the steel industry that would provide valuating methods to the corporate management and investors for decision making and investment. This research has studied 19 companies of steel industry of Taiwan listing companies with 6 approaches including the ¡¥Discounted Free Cash Flow Models¡¦, ¡¥Price to Earning Ratio¡¦, ¡¥Price to EBITDA Ratio¡¦, ¡¥Price to Sales Ratio¡¦, ¡¥Price to Book Value Ratio¡¦ and ¡¥Edwards-Bell-Ohlson Model¡¦ to valuate their reasonable intrinsic value from 2000 to 2005. The test of Theil¡¦s U is then applied to evaluate the approaches in order to justify the best valuation model. This study indicates the following results¡GThe Price to Book Value Ratio is the best valuation model since its smallest Theil¡¦s U value. The Price to Earning Ratio is the most unsuitable model for this evaluation purpose with a highest Theil¡¦s U value.

有鑑於全球愈來愈重視企業營運對社區造成的社會、環境和經濟影響，企業的利害關係人除了重視企業的財務績效之外，也愈來愈關心企業是否有善盡其「社會公民」的責任與角色。企業責任報告之目的就是在傳統的財務報表之外，進一步揭露企業的營業活動對於社會及環境所造成的影響。為了使資本市場能更有效地運作，公司管理當局應該要揭露範圍更廣、透明度更高、並有助於投資決策的攸關性資訊，因此，發布社會責任報告的企業有日益增多的趨勢。本研究之目的即在探討三個與企業責任報告有關的議題：(1) 企業的公司治理結構之良窳與管理當局企業責任報告揭露決策的關係；(2) 企業揭露社會責任報告之決策是否會產生股價溢酬；(3)企業社會責任報告揭露決策對企業的事前權益資金成本的影響。在控制樣本的自我選擇偏誤之後，本研究的主要發現有二：第一、公司治理結構愈好的企業愈傾向於揭露企業責任報告，而且也愈可能以專節的形式在該報告中揭露公司治理資訊；第二、從有無揭露企業責任報告的角度來看，本研究發現有揭露的公司均有較高 (低) 的股價 (資金成本)。其次，從揭露的內容做進一步分析之後，本研究發現「環境績效」、「社會績效」與「公司治理」三大類內容的揭露決策均具有價格溢酬。至於「企業承諾」則對公司股價並無顯著影響。最後，企業責任報告揭露程度較高之企業會有較顯著的價格溢酬以及較低的資金成本。 / In light of the increasing emphasis on companies’ social, environmental and economic impacts on the communities, stakeholders are more concerned about whether firms appropriately assume their responsibility as a social citizen. To fulfill stakeholders’ demand of such non-financial information, many companies have recently begun to voluntarily issue the corporate responsibility reports (CRR) as a means to disclose their social, environmental and economic performance and their commitment to do business responsibly. This study intends to answer the following three key questions related to the CRR disclosure: (a) Will companies with stronger corporate governance be more willing to issue CRR? (b) Will the voluntary disclosure of CRR leads to stock price premium? (c) Will companies making voluntary disclosure of CRR have lower ex ante cost of capital? After controlling for the self-selection bias, the empirical results reveal several important findings. First, the stronger the companies’ coporate governance, the more likely the management will issue CRR. Particularly, these companies tend to disclose their comporate governance policy and procedures in a separate section in the CRR. Second, companies disclosing CRR experience significantly higher (lower) stock prices (cost of capital). A further examination shows that three out of four major components reported in the CRR (i.e., environmental performance, social performance, and corporate governance) give rise to significant price premium. The disclosure of business commitment, however, seems to bear little or no information content embedded in the stock price. Finally, companies disclosing more information in their CRR have higher price premium and lower cost of capital than those disclosing less information. The implications of these findings are discussed.

This diploma thesis deals with evaluation of the financial situation of selected company between years 2012 - 2016. The theoretical part of this thesis deals with basic principles of financial and strategic analysis which create basis for elaboration of the practical part. The practical part analyzes the current state of the company using classic and modern methods of financial analysis. Based on findings in the practical part is evaluated overall financial situation of the company and recommendations are suggested to improve the current situation of the company.