Building upon previous research around value drivers, the purpose for this study was to review what value-drivers the SMEs within the Swedish steel industry find most important in their suppliers and how the industry as a whole can evaluate this information in a value-based selling approach. In today's literature regarding customer perceived value, the focus has been towards service related industries, and mainly within a B2C context. Indicating that there is a need to investigate this aspect further within a B2B setting in other industries than only service related industries. Especially from the customer perspective of SMEs since there is limited research around them and their perceived value in a B2B context. To answer the purpose, this research used a deductive approach applying a previous framework and exploring its application in a new industry. This research was qualitative in design and explorative, interviewing 8 SMEs  operating in the Swedish steel industry. Using semi-structured interviews, transcribing audio recorded data before a thematic analysis was used to interpret the findings. The findings showcased that the SMEs within the Swedish steel industry valued the following attributes regarding their suppliers the most; Reliability, Trust, Product Quality, Price, Solidarity, Responsiveness, Time/Effort/Energy. These value drivers represent the supplier's ability to create long-term and beneficial relationships based on trust, reliability, solidarity and being responsive, as to put in the time and effort needed. Furthermore being able to perform according to their promises with special care towards correct product quality and delivery precision which resulted in becoming a prioritized supplier. Concluded is that the framework used from previous study is in need of adjustments depending on what industry is being explored. Furthermore this study's findings only touch upon the initial relationship building phases of value-based selling. / Baserat på tidigare forskning kring värde attributer var syftet med denna studien att utvärdera SME inom den svenska stålbranschen och sammanställa vilka attribut de värdesätter mest hos deras leverantörer. Samt hur branschen kan använda denna information för att utvärdera värdebaserad försäljning. I dagen litteratur angående kunders upplevda värde ligger fokus på service relaterade industrier inom en B2C kontext. Vilket indikerar att finns utrymme för forsknings kring ett B2B perspektiv inom andra industrier än enbart service relaterad. Speciellt utifrån perspektivet små och medelstora företag (SME), eftersom det finns limiterade studier utifrån kundens upplevda värde från detta segment inom B2B. För att besvara syftet användes ett deduktivt tillvägagångssätt, där tidigare forsknings ramverk kring värde attributer användes för att undersöka dess applicering i en ny kontext och ny marknad. Denna studie var av kvalitativ design och explorativ där åtta stycken SME företag inom den svenska stålbranschen intervjuades. Användandet av semistrukturerade intervjuer genomfördes där materialet transkriberades innan en tematisk analysmetod användes för tolkningen av datan. Resultatet påvisade att företagen värderade följande attributen hos deras leverantörer högst; pålitlighet, trovärdighet, produkt kvalité, pris, solidaritet, lyhördhet samt tid/energi/ansträngning. Dessa värde attribut representerar leverantörernas förmåga att upprätthålla relationer över tid och bygga relationer baserat som grund av pålitlighet, trovärdighet, solidaritet och lyhördhet att anstränga sig inom relationen. Speciell omsorg nämndes för produktkvalité och leveransprecision för att bli en prioriterad leverantör. Studien konkluderar att ramverket som användes från tidigare forskning behöver uppdateras för att matcha vilken industri som studeras. Resultaten av studien behandlar även enbart de initiala faserna av relationsskapande inom värdebaserad försäljning.

自從1991年美國總統柯林頓提出以創新冒險為知識產業揭開序幕以來，歷經20世紀末網路泡沫化的刺激，探討無形資產的論文與各類文獻如雨後春筍， 而努力找出企業無形資產與該公司市場價值的評量工具更是專家學者的急迫任務。 與無形資產息息相關的學說，以智慧資本討論最具有代表性，自從1969年John Kenne Galbraith首度提出智慧資本的定義到今日為止，已有數十位知名學者以不同的觀點、領域探討著智慧資本的定義；然而智慧資本的相關課題、學說及論述雖然歸納出無形資產的全貌，卻仍無法做為評量各產業企業價值的基礎，更遑論能讓投資方，融資機構及無形資產企業有一個評量無形資產價值的參考指標。 無形資產價值因企業範疇與生產流程具有專屬特性，本研究期望透過研究者本身產業背景、專家問卷及業界訪談進行彙整、歸納出遊戲企業無形資產之價值驅動因子。再以彙整之無形資產價值驅動因子，進行遊戲產業關鍵成功因素的探討。在研究者與專家討論及訪談確認的關鍵成功因素基礎上進行問卷設計，進而對五家遊戲公司進行調研。 最後將調研進行統計整理， 歸納出遊戲產業成功關鍵因素以相對重要性而言有「團隊質量」、「競爭優勢」及「市場影響力」，而此三種關鍵因素應可做為評價遊戲企業價值的參考指標。 / Since US President Clinton proposed regarding innovating and taking risks as the prelude of opening of knowledge industry in 1991， go through the stimulus of the internet bubble in the end of the 20th century， there are lots of papers and documents studying about the intangible assets， and It become the more urgent issue for experts and scholars to make full efforts to find out the valuation tool for measuring the intangible assets and the market value of enterprises. The Intelligence Capital(IC) is the most representative theory which is closely linked with intangible assets， since John Kenne Galbraith proposed the definition of the intelligence capital up to today for the first time in 1969， there have been several dozens of famous scholars with different views and fields discussing the definition of intelligence capital already; However， the relevant subjects and theory about intelligence capital sum up the general situation of the intangible assets， but still not yet to become the standard valuation method to evaluate the value of every industry as well as enterprise， even can not to be the reference indicator to evaluate the intangible assets for the investor、financing organization and those enterprises with intangible assets . The value of the intangible assets has specific characteristics due to the different business model and production procedure of the company. Researcher expects to sum up the the intangible assets value drivers of enterprises in the game industry through her own industry background as well as gathering expert questionnaire and industry interview. Researcher has collected the most value drivers of intangible assets from relevant papers and interviews， also make discussions with the key person from game company on KSF. After designing the questionnaire based on the confirmed KSF， the study has surveyed five game companies to get primary data. Through the whole explored process ， finally got the conclusion that the most important KSF of the game industry are ' the group's quality ' ， ' the competition advantage ' and ' the marketing power '， which are educed from the stat. data， and this three kinds of KSF could be run for the reference indicators of measuring game company value.

No contexto atual dos mercados globalizados, as empresas enfrentam uma competicao cada vez mais complexa na obtencao de capital. Para atrai-lo, elas precisam oferecer um retorno que remunere o risco assumido pelos investidores, ou seja, gerar valor. A Gestao Baseada no Valor defende a maximizacao de riqueza dos acionistas como a meta principal da organizacao. No Brasil, essa abordagem tem sido adotada de forma mais intensa na ultima decada, tornando evidente a necessidade de monitorar o valor da firma nessa economia. Nesse contexto, o objetivo deste estudo foi identificar os principais direcionadores de valor das empresas de capital aberto nao financeiras brasileiras, representadas pelas companhias com acoes negociadas na Bolsa de Valores de Sao Paulo (BM&FBOVESPA), no periodo de 2000 a 2009. Para isso, foram avaliados quais indicadores financeiros estavam mais relacionados a geracao de valor, representada pelo Valor Economico Agregado (VEA), de forma a serem considerados direcionadores desse em cada setor economico. As tecnicas estatísticas utilizadas para esse proposito foram: correlacao, teste t para diferenca de medias entre as empresas com VEA positivo e negativo, regressao multipla, regressao em painel e regressão logistica. Um dos principais resultados encontrados foi que pelo menos dois tercos dos indicadores financeiros utilizados para analise de empresas nao explicam a geracao de valor. Considerando o universo pesquisado, os indicadores financeiros significativamente relacionados a geracao de valor foram: retorno sobre o patrimonio liquido (ROE), retorno sobre o ativo (ROA), spread do acionista, margem bruta, margem liquida e giro do ativo, todos com coeficiente positivo, ou seja, com relacao direta com o VEA. Alem disso, na analise dos setores economicos, por suas caracteristicas especificas, foram encontradas divergencias entre os indicadores financeiros considerados direcionadores de valor. Em relacao ao desempenho das empresas no periodo de analise, observou-se que a maioria delas destruiu valor, ja que apenas 30% obtiveram valor economico agregado anual positivo. Porem, nao ha uniformidade entre os setores, pois as porcentagens medias variaram de 6,7% (setor textil) a 66,7% (setor de petroleo e gas). Outra contribuicao deste trabalho foi a avaliacao das diferencas na geracao de valor das empresas brasileiras antes e apos a crise do subprime. Como resultado tem-se que, embora o ano de 2009 tenha sido o segundo pior nesse quesito, nao foi encontrada diferenca significativa, no conjunto, entre os periodos antes e depois da crise, apesar das divergencias identificadas entre os setores. Esta pesquisa inova pela sua amplitude, ao utilizar um significativo numero de indicadores financeiros (33), que refletem o resultado de estrategias da empresa ligadas a estrutura de capital, rentabilidade, liquidez, operacao e investimento e, tambem, uma ampla base de dados (345 empresas, totalizando 2.205 relatorios anuais), abrangendo dez anos de analise em quinze setores economicos. Assim, espera-se que os resultados contribuam para subsidiar a tomada de decisao nas organizacoes, utilizando a abordagem da Gestao Baseada no Valor, bem como para auxiliar na selecao e monitoramento das empresas pelos investidores. / In the current context of globalized markets, the enterprises face a competition more and more complex in the capital obtainment. To attract it, they need to offer a return that rewards the risk taken by the investors, in other words, create value. The Value Based Management (VBM) defends the shareholders wealth maximization as the main goal of the firm. In Brazil, this approach has been adopted more intensively in the last decade, becoming evident the need of monitoring the business value in this economy. In this context, the objective of this study was to identify the main value drivers of non-financial publicly traded Brazilian companies, represented by the ones with shares traded in the Sao Paulo Stock Exchange (BM&FBOVESPA), in the period from 2000 to 2009. For this purpose, it was evaluated which financial indicators were more associated to the value creation, represented by the Economic Value Added (EVAR), in a way that they could be considered value drivers in each economic sector. The statistical techniques used to obtain the results were: correlation, test t for mean differences between the firms with EVAR positive and negative, multiple regression, panel regression and logit model. One of the main results obtained was that at least two thirds of the financial indicators used for company analysis don\'t explain the value creation. Considering the universe studied, the financial indicators significantly related to the value creation were: return on equity (ROE), return on assets (ROA), shareholder spread, gross margin, net margin and asset turnover, all of them with positive coefficient, what means that they have direct relation with EVAR. Furthermore, in the analysis of the economic sectors, because of their specific features, it was found differences between the financial indicators considered value drivers. In relation to the companies\' performance in the period analyzed, it was observed that most of them destroyed value, since only 30% obtained positive annual economic value added. However, there is no uniformity between the sectors, because the average percentages varied from 6.7% (textile sector) to 66.7% (oil and gas sector). Another contribution of this assignment was the analysis of the differences in the Brazilian companies\' value creation before and after the subprime crisis. As a result, despite the fact that the year of 2009 had been the second worst in this criterion, it was found no significant difference, considering the whole sample, between the periods before and after the crisis. However, divergences were identified between the sectors. This research innovates for its extent, using a significant number of financial indicators (33), which reflect the result of the firm strategies connected to capital structure, profitability, liquidity, operation and investment, besides a wide database (345 companies, totalizing 2,205 annual reports), covering ten years of analysis in fifteen economic sectors. Therefore, it is expected that the results contribute to subsidize the decision making in the organizations, using the approach of Value Based Management, as well as to help the selection and monitoring of the firms by the investors.

The aim of the thesis is to determine the objectified value of the company Měšťanský pivovar v Poličce, a.s. The work is divided into theoretical and practical parts. The relevant theoretical aspects of the business valuation are described in the theoretical part, with the focus on the introduction of categories of values, the valuation process, setting the discount rate and the basic forms of DCF models. The financial and strategic analysis, value drivers and the financial plan is composed in the practical part of the thesis. The company is valued using the method DCF Equity to 1.1.2010.

The thesis is evaluating Drůbežářský závod Klatovy, a. s. This firm is the second biggest poultry producer in the Czech Republic. Goal of this thesis is to set up price of this firm as of 30th April 2012. To be as conclusive as possible, the evaluation itself is made by two independent methods. The final price is synthesis of both. Concretely speaking, DCF entity method and method of accounting value are used. In the frame of these methods the value for both owners and creditors will be calculated. The incentive for valuation is a possible future sell of the firm to an unknown investor. The thesis is divided into subchapters of Profile of the Firm, Strategical Analysis, Financial Analysis, Value Drivers, Financial Plan and Firm Evaluation.

A crescente atuação da sociedade nos processos de discussão e de tomada de decisões relacionados com as políticas públicas incentiva a gestão pública no Brasil a buscar mecanismos para demonstrar eficiência e transparência na aplicação de recursos. Dentro da esfera pública, o setor de saúde é destaque em termos de alocação de recursos, por isso, apresenta acentuadas necessidades de planejamento, avaliação e prestação de contas das atividades desenvolvidas. Este trabalho adotou o modelo conceitual de mensuração do resultado econômico em entidades públicas e teve como objetivo principal calcular o valor econômico agregado à sociedade por Hospitais Universitários Públicos, segundo os preceitos da Gestão Baseada em Valor. Para consecução deste propósito, conduziu-se um estudo de caso no Hospital das Clínicas da FMRP-USP, avaliando seu desempenho econômico em um período de três anos. Para interpretação dos resultados utilizou-se a Análise por Envoltória de Dados que categorizou os epartamentos do hospital estudado em eficientes e ineficientes. Este estudo revelou que o valor econômico agregado à sociedade no longo prazo pela entidade é positivo. Essa medida de valor proposta indicou que a sociedade está obtendo um retorno superior ao custo de oportunidade do capital investido, ou seja, o hospital está construindo valor econômico e, conseqüentemente, contribuindo para o bem estar social. Adicionalmente, o estudo demonstrou que a teoria da Gestão Baseada em Valor pode ser adaptada como uma ferramenta para avaliação de desempenho de entidades públicas, adotando-se a perspectiva do cidadão como investidor. Finalmente, os gestores de hospitais universitários públicos podem aprimorar o processo de tomada de decisões utilizando o cálculo do valor econômico agregado à sociedade, porque foi constado que esta medida de valor econômico tem sensibilidade para identificar os direcionadores de valor econômico a serem enfatizados na gestão de curto e longo prazos. / The increasing performance of the society in the processes of discussion and taking decisions related to public politics stimulates public administration in Brazil to search for mechanisms to demonstrate efficiency and disclosure in resources application. Within public sphere, the health sector is prominence in terms of allocation of resources; therefore, it presents accented necessities of planning, evaluation and accounts rendering of the developed activities. This work has adopted the conceptual measurement model of economic result in public entities and it has had as main objective to calculate the economic value added to the society by Public University Hospitals, according to the precepts of Value Based Management. For achievement of this intention, a case study at ?Hospital das Clínicas da FMRP-USP? has been carried out, evaluating its economic performance in a period of three years. For interpretation of the results it has been used Data Envelopment Analysis that categorized the efficient and inefficient departments of the studied hospital. This study has shown that the economic value added to the society in the long term by the entity is positive. This proposed value measure has indicated that the society is getting a superior return at the opportunity costs of capital invested, or either, the hospital is constructing economic value and consequently contributing for the welfare state. Additionally, the study has demonstrated that the theory of Value Based Management can be adapted as a tool for performance evaluation of public entities, adopting the perspective of the citizen as a shareholder. Finally, the managers of public university hospitals are able to improve the taking decisions process using the economic value added to the society calculation because it has been consisted that this measure of economic value has sensitivity to identify which value drivers should be emphasized in short and long term management.

No contexto atual dos mercados globalizados, as empresas enfrentam uma competicao cada vez mais complexa na obtencao de capital. Para atrai-lo, elas precisam oferecer um retorno que remunere o risco assumido pelos investidores, ou seja, gerar valor. A Gestao Baseada no Valor defende a maximizacao de riqueza dos acionistas como a meta principal da organizacao. No Brasil, essa abordagem tem sido adotada de forma mais intensa na ultima decada, tornando evidente a necessidade de monitorar o valor da firma nessa economia. Nesse contexto, o objetivo deste estudo foi identificar os principais direcionadores de valor das empresas de capital aberto nao financeiras brasileiras, representadas pelas companhias com acoes negociadas na Bolsa de Valores de Sao Paulo (BM&FBOVESPA), no periodo de 2000 a 2009. Para isso, foram avaliados quais indicadores financeiros estavam mais relacionados a geracao de valor, representada pelo Valor Economico Agregado (VEA), de forma a serem considerados direcionadores desse em cada setor economico. As tecnicas estatísticas utilizadas para esse proposito foram: correlacao, teste t para diferenca de medias entre as empresas com VEA positivo e negativo, regressao multipla, regressao em painel e regressão logistica. Um dos principais resultados encontrados foi que pelo menos dois tercos dos indicadores financeiros utilizados para analise de empresas nao explicam a geracao de valor. Considerando o universo pesquisado, os indicadores financeiros significativamente relacionados a geracao de valor foram: retorno sobre o patrimonio liquido (ROE), retorno sobre o ativo (ROA), spread do acionista, margem bruta, margem liquida e giro do ativo, todos com coeficiente positivo, ou seja, com relacao direta com o VEA. Alem disso, na analise dos setores economicos, por suas caracteristicas especificas, foram encontradas divergencias entre os indicadores financeiros considerados direcionadores de valor. Em relacao ao desempenho das empresas no periodo de analise, observou-se que a maioria delas destruiu valor, ja que apenas 30% obtiveram valor economico agregado anual positivo. Porem, nao ha uniformidade entre os setores, pois as porcentagens medias variaram de 6,7% (setor textil) a 66,7% (setor de petroleo e gas). Outra contribuicao deste trabalho foi a avaliacao das diferencas na geracao de valor das empresas brasileiras antes e apos a crise do subprime. Como resultado tem-se que, embora o ano de 2009 tenha sido o segundo pior nesse quesito, nao foi encontrada diferenca significativa, no conjunto, entre os periodos antes e depois da crise, apesar das divergencias identificadas entre os setores. Esta pesquisa inova pela sua amplitude, ao utilizar um significativo numero de indicadores financeiros (33), que refletem o resultado de estrategias da empresa ligadas a estrutura de capital, rentabilidade, liquidez, operacao e investimento e, tambem, uma ampla base de dados (345 empresas, totalizando 2.205 relatorios anuais), abrangendo dez anos de analise em quinze setores economicos. Assim, espera-se que os resultados contribuam para subsidiar a tomada de decisao nas organizacoes, utilizando a abordagem da Gestao Baseada no Valor, bem como para auxiliar na selecao e monitoramento das empresas pelos investidores. / In the current context of globalized markets, the enterprises face a competition more and more complex in the capital obtainment. To attract it, they need to offer a return that rewards the risk taken by the investors, in other words, create value. The Value Based Management (VBM) defends the shareholders wealth maximization as the main goal of the firm. In Brazil, this approach has been adopted more intensively in the last decade, becoming evident the need of monitoring the business value in this economy. In this context, the objective of this study was to identify the main value drivers of non-financial publicly traded Brazilian companies, represented by the ones with shares traded in the Sao Paulo Stock Exchange (BM&FBOVESPA), in the period from 2000 to 2009. For this purpose, it was evaluated which financial indicators were more associated to the value creation, represented by the Economic Value Added (EVAR), in a way that they could be considered value drivers in each economic sector. The statistical techniques used to obtain the results were: correlation, test t for mean differences between the firms with EVAR positive and negative, multiple regression, panel regression and logit model. One of the main results obtained was that at least two thirds of the financial indicators used for company analysis don\'t explain the value creation. Considering the universe studied, the financial indicators significantly related to the value creation were: return on equity (ROE), return on assets (ROA), shareholder spread, gross margin, net margin and asset turnover, all of them with positive coefficient, what means that they have direct relation with EVAR. Furthermore, in the analysis of the economic sectors, because of their specific features, it was found differences between the financial indicators considered value drivers. In relation to the companies\' performance in the period analyzed, it was observed that most of them destroyed value, since only 30% obtained positive annual economic value added. However, there is no uniformity between the sectors, because the average percentages varied from 6.7% (textile sector) to 66.7% (oil and gas sector). Another contribution of this assignment was the analysis of the differences in the Brazilian companies\' value creation before and after the subprime crisis. As a result, despite the fact that the year of 2009 had been the second worst in this criterion, it was found no significant difference, considering the whole sample, between the periods before and after the crisis. However, divergences were identified between the sectors. This research innovates for its extent, using a significant number of financial indicators (33), which reflect the result of the firm strategies connected to capital structure, profitability, liquidity, operation and investment, besides a wide database (345 companies, totalizing 2,205 annual reports), covering ten years of analysis in fifteen economic sectors. Therefore, it is expected that the results contribute to subsidize the decision making in the organizations, using the approach of Value Based Management, as well as to help the selection and monitoring of the firms by the investors.

The aim of this master's thesis is to estimate objectified value of the company Crocodille ČR, spol. s.r.o. for the needs of management and owners by the date 31st of December 2015 for the purposes of identifying value-creation factors from the point of view of the competitiveness of the company. The thesis is divided into two main parts. The theoretical part describes the key concepts related to the valuation of company as well as process of valuation. The practical part contains a introduction of the company, strategical analysis, analysis and prognosis of value drivers, financial plan and finally valuation of the company based on revenue methods FCFF and EVA.

The aim of this thesis is to estimate the market value of specific company as of 31. 12. 2015 based on Discounted Cash Flow method and Multiples method for potential investors. The thesis is divided into two parts, theoretical part and practical part. The first part describes the basic concepts necessary for valuation of the company and it gives the bases for practical part. The second part is focused on the introduction of the company, strategic and financial analysis and forecasting of value drivers, financial statements and final valuation of the company.

The subject of the thesis is the market value of the company KRPA PAPER, a.s. as of December 31st, 2014. The aim of the thesis is an aplication of teoretical knowledge in a particular example. The purpose is to determine the net market value of the company. The thesis is divided into chapters which represent the typical phases of the valuation of a company. At the beginning of each chapter there is a brief description of its purpose in a business valuation. In the introduction part the basic aspects of the valuation are described. The financial and strategic analysis, the value drivers, the financial plan and the valuation chapters follow. For the valuation itself the DCF Entity method is used. The discount on the entity level is applied.