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Värdering till verkligt värde i svenska börsnoterade fastighetsbolag: Orealiserade värdeförändringar, börsvärde och resultatBrännström, Lovisa, Törnlund, Therese January 2017 (has links)
Värdering till verkligt värde anses vara både relevant och tillförlitligt vid effektiva marknader och därmed användbart vid beslutsfattande. Eftersom det sällan existerar effektiva marknader uppkommer en problematik i bland annat fastighetsbolag genom att värderingen av förvaltningsfastigheter försvåras. Dessa värderingar präglas av subjektiva bedömningar och eftersom förvaltningsfastigheter ofta utgör en stor del av de totala tillgångarna ökar osäkerheten i värderingarna ytterligare. Värdering till verkligt värde riskerar således att brista i både relevans och tillförlitlighet.Syftet med studien var att beskriva och analysera om det finns ett samband mellan orealiserade värdeförändringar i förvaltningsfastigheter, vid värdering till verkligt värde, och fastighetsbolags börsvärde respektive resultat, samt mellan resultat och börsvärde. Antalet undersökta börsnoterade fastighetsbolag uppgick till 14, där samtliga omfattas av standardenIAS 40 som reglerar hur förvaltningsfastigheter ska redovisas. Studien omfattade åren 2006–2016. Sekundärdata i form av fastighetsbolagens omsättning och resultat hämtades från Infotorg. Orealiserade värdeförändringar och börsvärde samlades in från fastighetsbolagensårsredovisningar. Insamlade data exporterades till SPSS för vidare analys i form av deskriptiv statistik, Pearson`s korrelationstest samt multipel linjär regression.Studiens resultat visar att orealiserade värdeförändringar har ett positivt och signifikant samband med börsvärde. Dessutom har orealiserade värdeförändringar och resultat ett positivt och signifikant samband. Vidare framkommer att det finns ett positivt och signifikant samband mellan resultat och börsvärde. Avslutningsvis tyder studiens resultat på att det kan finnas andra bakomliggande problem än placeringen av posten orealiserade värdeförändringar i resultaträkningen och resultatets volatilitet. Problem kan grunda sig i själva värderingen vilket kan innebära att det viktiga är att de finansiella rapporterna är transparanta samt att de redovisningsberättigade anser att värdering till verkligt värde fyller sitt syfte som användbarvid beslutsfattande. / Fair value seems to be both relevant and reliable when markets are efficient and thereby decision useful. Since there is a lack of efficient markets there are arising problems among real estate companies that makes the valuation of investment properties more difficult. The valuation of fair value is characterized by subjective assessments. Since investment propertiesoften make up a large part of total assets, the uncertainty according to the valuation increases, thus, there is a risk that fair value decreases in both relevance and reliability.The aim of the study was to describe and analyze if there is a relationship between unrealized changes in fair value in investment properties and real estate companies market capitalization and earnings. Further, the eventual relationship between earnings and market capitalization. There were 14 real estate companies included in the study, where all of these are involved inthe IAS 40 standard, which regulates how investment properties should be accounted for. The study included the years 2006-2016. Secondary data in terms of companies’ turnover and earnings were collected from Infotorg, while market capitalization and unrealised changes in fair value were collected from annual reports of real estate companies. The collected data were exported to SPSS where descriptive statistics, calculations of Pearson´s correlations andmultiple linear regression analysis were produced for further analysis.The results of the study show that unrealized gains and losses are positively and significantly related to market capitalization. Moreover, unrealized gains and losses and earnings are positively and significantly related to each other. Furthermore, there is a positive and significant relationship between earnings and market capitalization. Finally, the results indicate that there might be other underlying problems than the presentation of unrealised gains and losses in the income statement and earnings volatility. However, the problem may be based on the valuation itself, which implies that the transparency in financial statements is important and also stakeholder’s opinions about fair value´s decision usefulness. / <p>Betyg B, 170602</p>
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Hur verkligt är det verkliga värdet? : En studie om svenska börsnoterade fastighetsbolags värdering av förvaltningsfastigheterSollén, Alexander, Lid, Simon January 2022 (has links)
ABSTRACT Date: 2022-06-02 Level: Bachelor thesis in Business Administration, 15 cr Institution: School of Business, Society and Engineering, Mälardalen University Authors: Simon Lid 1997-02-27, Alexander Sollén 1997-08-09 Title: How fair is the fair value? Supervisor: Oksana Feicher Keywords: Fair value, reliability, IFRS 13, IAS40, investment property, unrealized gains, realized gains Research questions: How accurate is the fair value correlation to the actual selling price? Does unrealized gains and losses correlate with the profits? Purpose: The purpose of the study is to examine how reliable the fair value of investment property is in Swedish public companies, and how the valuations affect the profits. Method: In order to answer the research questions of the study a quantitative research method was applied using data from the company’s financial reports during the years of 2005 through 2020. Descriptive statistics have been used to compare the companies and the industry as whole. To study the reliability, two variables have been calculated. The actual gains in comparison with the sales and the unrealized gains in comparison with the profits. To further invigorate the study correlation analysis has been applied to see if there were any correlations between the two variables. Conclusion: The result of the study shows a deviation by approximately 12% of the company’s fair value. Based on the results of the study a conclusion can be drawn that the regulations permit a valuation that is not reliable and show a deceptive picture of the company. Previous research discussed caution, adjustment of profits and interpretation as factors behind the result. The study shows that during the period of the research an average conjunction of 60,08% between unrealized gains and profits were shown. Further a conclusion can be made that the profits are correlated with the unrealized gains.
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備供出售金融資產未實現損益之價值攸關性-以我國上市櫃銀行及金融控股公司為例 / Value relevance of unrealized gains and losses on available-for-sale securities: example of listed bank and financial holding companies in Taiwan羅雅馨 Unknown Date (has links)
本研究採用Sloan(1996)架構,以Mishkin(1983)測試市場效率性,欲探討備供出售金融資產未實現損益(以下簡稱未實現損益)之價值攸關性,研究結果如下:盈餘預測模式(earning forecasting model)顯示,從未實現損益之變化觀察出金融控股公司似乎有Shefrin and Statman(1985)處分效果(即當期備供出售金融資產未實現利益會於下一期實現,增加下期備供出售金融資產已實現利益),因此當期未實現利益能預測下一期盈餘,而銀行業則無處分效果,其未實現損益不具預測性;合理定價模型(rational pricing model)顯示,只有金控公司未實現損益對異常報酬率達到邊際(10%)顯著,且異常報酬率為隔年六月至後年五月的累積異常報酬率(CAR)與購買並持有報酬率(BHAR)才存在此現象,而不管是銀行業或是整體樣本來看,未實現損益並未被合理定價;結合二個模型測試市場效率性,發現備供出售金融資產未實現損益不具市場效率性,而金融工具評價損益則具有市場效率性。 / This study investigates the value relevance of unrealized gains and losses on available-for-sale securities(hereinafter “UAFS”) by adopting the framework of Sloan(1996) and using Mishkin Test(1983) to examine the market efficiency. The reults are as follows: The earnings forecasting model shows that financial holding companies’ UAFS is predictive of one-year-ahead earnings. It seems that the change of UAFS of financial holdings consists with the theory of disposition effect of Shefrin and Statman(1985) which suggests that investors tend to realize the gains of securities in the next period while hold loss securities. Therefore, it is likely that UFAS could forecast next period earnings of financial holding companies. The rational pricing model shows that only UAFS of financial holdings are rationally priced with marginal significance through abnormal returns (CAR and BHAR) for the period beginning five months after the firm’s fiscal year-end through the fifth month after the next fiscal year-end, whereas the coefficients of banks or all sample are insignificant. Combinig with the two models to test market efficiency, this study finds that unrealized gains and losses on available-for-sale securities are inefficient while the valuation gains and losses on financial instruments are efficient.
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