The purpose of this thesis is to analyse and compare the transfer pricing approaches held by the OECD, Germany and the United States when transferring an ongoing concern. The term “ongoing concern” in the OECD Transfer Pricing Guidelines is to be interpreted as very wide and to cover every case where a function is bundled with assets and risks. Even though there is no legal definition of the term , the definition of the OECD can still be said to represent the common definition of the term. When transferring an ongoing concern or a function the three approaches are all that it should be given a value that independent enterprises under similar circumstances would agree upon. Besides some particular cases, the OECD and German approach is that the function, assets and risks should be aggregated when determining the arm’s length price. The approach of United States is somewhat different, where an aggregation of the transactions is not always the case and goodwill and going concern value are not subject to the transfer pricing legislation. The comparability approaches and the transfer pricing methodologies of the three are is very similar, where some factors should be taken into account when determinign the comparability between two transactions and with the selection of the most appropriate transfer pricing method applied to the transaction. The comparable uncontrolled price method should be seen as a primary transfer pricing method, and if it is not possible to find comparable transactions or to make reasonable accurate adjustments the profit split method should be applied. The hypothetical arm´s length test is the method that would be applied in such case according to the German legislation. The selection of which valuation method to apply to the transfer depends on the facts and circumstances of the transfer.

För att skapa fler jobbtillfällen och driva på BNP-tillväxten i Sverige krävs det att små och medelstora företag får möjligheten att utvecklas och växa. För att klara det krävs det mer kapital från venture capital-marknaden, som är den viktigaste källan av finansiering för ett nystartat företag. Det har dock varit tuffa år för venture capital-bolagen sedan finanskrisen slog till. Den problemformulering som legat till grund för studien var följande: Hur har finanskrisen och den pågående eurokrisen påverkat venture capital-bolagens investeringsprocess? Studien syftade till att undersöka hur finanskrisen och den pågående skuldkrisen i Europa påverkat de svenska venture capital-bolagen och dess marknad. Vidare syftade studien till att redogöra för vilka delar inom investeringsprocessen som förändrats av de senaste åren av kriser. Hur venture capital-bolagen upplever samt arbetar med de problem som kan uppstå mellan dem och portföljbolagen gällande agentproblemen och informationsasymmetrin har även det undersökts. Vi använde oss av en kvantitativ och en kvalitativ undersökning för att genomföra vår studie. Till den kvalitativa undersökningen har vi intervjuat 10 personer som vid tidpunkten för undersökningen hade höga positioner inom vardera venture capital-bolag. Datamaterialet till den kvantitativa undersökningen baserades på SVCAs kvartals-, halvårs- och årsrapporter. Studien har i huvudsak baserats på teorier gjorda i andra länder på grund av bristfällig forskning i Sverige. De områden som avhandlats är inom riskkapital, agentteori, informationsasymmetri, investeringsprocessen samt yttre faktorers påverkan på venture capital. Studiens slutsatser var att förändringar skett inom venture capital-marknaden på grund av finans- och eurokrisen. Antalet investeringar och det investerade kapitalet hade minskat. Dessutom visade vår undersökning att den enda delen i investeringsprocessen som påverkats av kriserna är när venture capital-bolagen ska avyttra sina innehav. Vi fann även att agentproblemet och informationsasymmetrin existerar samt att alla respondenter använder sig av syndikering.

This diploma thesis deals with issues of the insolvency proceedings with further focus on methods of valuation of assets and creditor's claims. The thesis defines the basic terms of insolvency law and outlines the insolvency procedure. The following parts describe the basic principles of valuation in accounting and business valuation methods. The practical part deals with the analysis of the specific insolvency proceedings against NERIA a.s., focusing on the assets and its valuation.

The thesis is focused on the intangible assets, particularly trademarks. In the beginning it deals with the classification of intangible assets and its conception by the Czech legislation and International Valuation Standards. The main part of the work relates to trademark legislation, classification by various criteria and functions. It gets on with a description of the valuating methods. Practical part includes the valuation of trademarks in a concrete example.

The subject of the thesis is a business valuation using the income method of discounted cash flow. The theoretical section deals with the description of the valuation process including financial analysis, and presents the most commonly used valuation methods and the specifics of real estate companies. The practical part includes the valuation of aAIM Czech Republic (Olomouc) using discounted cash flow and a detailed introduction to this method. The project concludes with an estimated market value of the company and suggestions on how to increase its value.

The aim of this thesis is the comparison of the accounting systems in the Czech Republic and the Federal Republic of Germany with a focus on financial assets from the investor's perspective. Although both countries being members of the European Union successfully implemented the European Directive no. 2013/34/EU, we can hardly address comparability financial reporting in financial assets. Firstly, the thesis defines the generally accepted accounting principles and legal regulation of accounting procedure on which the accounting system of examined countries are based. Afterwards, each balance sheet position of financial assets will be described. The most important issue of this thesis is the valuation of financial assets, which differs across accounting systems. The practical part contains an analysis of the financial statements of significant companies from both countries, focusing on the balance sheet position and valuation methods. The thesis intent to demonstrate the diametrical differences in the valuation of financial assets, even though they are consistent with the EU legislation.

The task of the final thesis is to estimate the value of the enterprise in order to sell the minority stock to unknown buyer. Whole the work is divided to two parts. The first one is theoretic part, which is presented by description of strategic analysis, financial analysis, financial plan and valuation methods. Strategic analysis consists of analysis of external potential of company and its competitive strength. The purpose of financial analysis is to show financial condition of the company using chose ratios and other financial tools and methods. The last important part is financial plan. In accordance with financial plan are predicted future revenues and cash-flow, which is the essential for method discounted cash-flow. In the second practical part were applied strategic analysis, financial analysis of financial statements, created financial plan and estimated the value of the company by the most appropriate method of valuation of enterprise.

The primary goal of this thesis is to determine the enterprise value of KRONOSPAN OSB, spol. s r.o. to the date 1. 4. 2015 for the company management, who wants to manage this value in terms of maximum fulfillment of the primary objectives of business owners. The thesis is divided into theoretical and practical part. The theoretical part describes the approaches and methods that lead to the valuation of the company. The practical part includes a description of the valued company and its internal potential, financial and strategic analysis including analysis of external potential and SWOT analysis, financial plan and the final valuation of the company. For assessment are used these methods: discounted free cash flows to the firm, book value and comparable companies. The enterprise value of KRONOSPAN OSB, spol. s r.o. to the date 1. 4. 2015 is 8 610 092 tis. Kč.

Marknaden för IT-system har växt kraftigt under de senaste årtiondena vilket även har lett till att olika system för transportadministration har utvecklats. Allt fler företag väljer att investera i TA-system för att underlätta den dagliga verksamheten och förenkla transportrelaterade affärsprocesser. En stor aktör på den svenska marknaden för TA-system är LogTrade, som även varit undersökningsobjektet i denna studie. Syftet med arbetet har varit att undersöka hur LogTrades kunder utvärderar sina investeringar i TA-system. Den teoretiska referensramen som ligger till grund för undersökningen berör tidigare forskning om Electronic Data Interchange (EDI), IT-investeringar samt finansiella och icke-finansiella värderingsmetoder. En kvalitativ studie har genomförts, vilken huvudsakligen bygger på en enkätundersökning som har tolkats likt en strukturerad intervju. Enkäten skickades ut till totalt 156 företag, varav 31 svar erhölls. Merparten av respondenterna angav att anledningen till investeringen i TA- systemet främst har varit för att möjliggöra tids- och kostnadsbesparingar samt för integrationsmöjlighet med ett ERP-system. Den största delen av respondenterna har gjort någon form av utvärdering för investeringen och främst har icke-finansiella mätetal använts för att beräkna investeringens nytta. Undersökningens resultat visade dock att majoriteten av LogTrades kunder inte har använt sig av någon konkret värderingsmodell för att utvärdera sin investering och häften av respondenterna upplever att de inte har kunnat beräkna investeringens totala nytta. Studien visar även att det råder en avsaknad på uppföljningar av investeringens nytta, en värdering av nyttan har främst skett innan implementeringen av TA- systemet. Trots delvis bristande värderingsmetoder och uppföljningar av investeringens nytta, upplever ändå LogTrades kunder att investeringen levt upp till deras förväntningar. / The market for IT systems has grown rapidly in recent decades, leading to the development of transportation administration systems. An increasing amount of companies choose to invest in TA-systems facilitating their day-to-day operations and transport administration. A major actor on the Swedish market for TA-systems is LogTrade, and this company has also been the investigation object for this study. The purpose of the study has been to examine how LogTrade's customers evaluate their investments in TA-systems. The theoretical framework that has built the basis for our research, concerns previous research on Electronic Data Interchange (EDI), IT investments and different financial and non-financial valuation methods. A qualitative study has been conducted which is mainly based on a survey that has been interpreted similarly to a structured interview. The survey was sent out to a total of 156 customers, resulting in 31 replies. A majority of the respondents stated that the reasons for the implementation of the TA-system has mainly been for time- and cost savings, but also for integration opportunities with their ERP-system. Most of the respondents have made some type of evaluation regarding the investment, and non-financial metrics has been most commonly used to evaluate the benefits of the investment. However, the result of the survey showed that the majority of LogTrade's customers did not use any specific valuation model for their investments and half of the respondents’ experience that they have not been able to calculate the full benefits of the investment. The study also shows that there is a lack of follow-up regarding the benefits of the investment. Despite partly inadequate evaluation methods and follow-up of the investment's benefit, LogTrade's customers felt that the investment in the TA-system lived up to their expectations.

Final thesis focuses on a comparison of selected methods of valuation for the property type of holiday and a garden cottage in South Bohemia. At the beginning of the work presented is a site where the object is measured, the proposal to flood protection measures because of the location of objects and economic analysis. Then there was the master devoted himself just valuation of real estate (basic concepts, data for valuation and property inspection and valuation methods). The central part is the measurement of three properties. The first three objects are located by the river in the village Luznice Roudna at Soběslavi, cadastre Roudna over river. At the conclusion of the thesis is still carried out the summary set prices and select the most appropriate method for evaluating the type of cottage property in the district.