Luxembourg is one of the most successful financial centers in the world. Initially associated with international syndicated loans, euro-bonds and euro-currency markets, Luxembourg has developed as a center for private banking and is currently the second largest center for the domiciliation of investment funds in the world after the US - with a portfolio equivalent to about sixty times the country’s GDP -, and the first captive reinsurance market in the European Union. As in many other financial centers, the interbank market plays an important role. This partly reflects intra-group operations of foreign banks using their Luxembourg branches and subsidiaries to adjust their liquidity position. More generally, Luxembourg has attracted foreign banks seeking to benefit from its favorable regulatory framework, political stability, language skills of the local workforce and the agglomeration of specialized skills in accounting and legal services.<p><p>The importance of the financial sector in Luxembourg implies that a computable general equilibrium (CGE) model with explicit modeling of the financial sector is indispensable in order to properly take into account the interaction between the financial and the real sector in the economy and the interconnectedness between different financial institutional sectors (e.g. commercial banks and investment funds). Explicit modeling of the financial sector also allows for an analysis of how the economy might respond to financial shocks.<p><p>This dissertation contributes to the literature by developing two analytical tools:<p><p>1.\ / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

The doctoral thesis is dealing with the questions about synergy business which is understood as clusters, strategic alliances and franchise. It investigates the influence of the selected synergy business on the change of the company value (market value or the objective one). The topic reacts on the contemporary economic trends where fusions and grouping of companies is happening in more levels. One of them is the fusion and acquisition. Second one are various forms of alliances and groupings which allows to companies cooperation, sharing of knowledge, marketing, risks, know-how etc. They allow to the small and middle size companies to increase their competitiveness against the big firms. The doctoral thesis is treating the effect of using one of the form of the synergy business, namely the franchise, on the company value. Because just the increase of the company value should be one of its basic goals. In the framework of the doctoral thesis was made a research with the goal to identify the changes of selected value generators, which determine as a whole the company value. On the basis of the research results there was made in the final part of the work model evaluation of some variants, simulating the value change caused by the change of the selected value generator and there was quantified the synergy effect coming from the use of synergy enterprise. At the end of the work there are summarised the results of the research and of the model determination of the company value, possible benefits for the practice and theory and there are mentioned some possible starting points for the following scientific work in this field.

[pt] A crise financeira de 2008 estimulou com que as empresas compradoras e fornecedoras, assim como os bancos, buscassem novas alternativas de financiamento para aumentar a transparência das operações, reduzindo os riscos e o custo do crédito. O foco então passou a ser a gestão integrada da cadeia de suprimentos a partir dos seus fluxos físicos, de informação e financeiros, criando uma relação de ganha-ganha para todos os elos envolvidos na cadeia. O Financiamento da Cadeia de Suprimentos (FCS) é um meio de realizar esta integração dos fluxos, gerar economias e potencializar os ganhos financeiros utilizando a própria cadeia de suprimentos como fonte de recursos. Desta forma, este trabalho foi iniciado a partir da revisão da literatura acerca do FCS, destacando a sua evolução, principais conceitos e soluções de financiamento. Em seguida foi realizado um estudo de caso com o objetivo de compreender e descrever o funcionamento e principais características do programa de FCS de uma empresa de petróleo. A partir da comparação do Ciclo de Conversão de Caixa (CCC) com outras empresas e índices referentes ao setor de petróleo, mostrou-se que o CCC da empresa estudada, em geral, situa-se acima dos demais, sendo o principal fator para este resultado o seu elevado Prazo Médio de Estocagem (PME). Pela análise de indicadores de desempenho financeiro e econômico não é possível concluir objetivamente que o programa de FCS desde a sua implementação, em 2011, até 2019 tenha contribuído para a liquidez e rentabilidade da empresa. É preciso levar em conta questões adicionais como preço do petróleo e defasagem dos preços domésticos em relação aos preços internacionais nas importações de derivados, sendo fatores que tiveram forte impacto sobre o desempenho da empresa no período. Como forma de contribuição adicional para a Gestão da Cadeia de Suprimentos (GCS), a partir da análise DuPont sobre o Retorno Sobre os Ativos Líquidos (RONA) de 2019, foi realizada análise de sensibilidade para avaliar a relação dos componentes do CCC sobre esse indicador. Este trabalho foi realizado sob a perspectiva da empresa de petróleo que é a compradora dentro do programa FCS. Portanto, a principal recomendação para trabalhos futuros é a realização de pesquisas que avaliem o impacto do programa de FCS sobre os fornecedores. / [en] The 2008 financial crisis stimulated buyers and suppliers, as well as banks, to seek new financing alternatives to increase the transparency of operations, decrease risks and the cost of credit. The integrated Supply Chain Management (SCM) based on its physical, information and financial flows became the focus, creating a win-win relationship for all links in the chain. Supply Chain Finance (SCF) is a way of integrating flows, generating savings, and enhancing financial gains using the supply chain as a source of funds. Thus, this work begins with a literature review of the SCF, highlighting its evolution, main concepts and financing solutions. Then, a case study was carried out in order to understand and define the functioning and the main characteristics of an oil company s SCF program. From the comparison of the Cash Conversion Cycle (CCC) with other companies and indexes referring to the oil sector, it was demonstrated that the CCC of the studied company is in general situation above the others, being the high Days Inventory Outstanding (DIO) the main reason for this result. By analyzing financial and economic performance indicators, it is not possible to objectively realize that the SCF program since its implementation in 2011 and until 2019 has contributed to the company s liquidity and profitability, there are issues such as oil prices and the gap between domestic and international prices on imports of oil products had a strong impact on the company s performance in the period. As a form of additional contribution to SCM, from the DuPont analysis on the Return on Net Assets (RONA) of 2019, a sensitivity analysis was carried out to analyze the relationship of CCC components on the indicator. This work was carried out from the perspective of the oil company that is the purchasing company within the FCS program, therefore, the main recommendation for future work is to conduct research that evaluates the impact of the FCS program on suppliers.

Выпускная квалификационная работа (магистерская диссертация) посвящена оценке эффективности политики управления оборотным капиталом предприятия. Необходимость научного исследования заключается в выработке наиболее рациональной политики управления оборотным капиталом и разработке мер по повышению эффективности использования оборотных активов на предприятиях оптовой торговли. Актуальность работы обусловлена тем, что ограниченность в оборотных средствах и неэффективное управление ими, приводит к снижению ликвидности и платежеспособности предприятия, сокращению его прибыльности. И, в конечном итоге, влияет на финансовую устойчивость фирмы. / Final qualification work (master thesis) on the assessment of the effectiveness of policies of working capital management of the enterprise. The need for research is to formulate the most rational policy of working capital management and the development of measures on increase of efficiency of use of circulating assets at the enterprises of wholesale trade. The relevance of the work due to the fact that limited working capital and inefficient management, reduce liquidity and solvency of the company, reducing its profitability. And, ultimately, affect the financial stability of the company.

Магистерская диссертация посвящена разработке методического инструментария, направленного на совершенствование системы управления оборотными средствами на предприятии. В качестве научной новизны выявлена обратно-пропорциональная корреляция между рентабельностью оборотных активов и оборачиваемостью запасов предприятия, а также установлена обратно-пропорциональная зависимость между инфляцией и оборачиваемостью запасов. Автором предложен методический подход к определению потребности в запасах материалов на основе календарного плана-графика, разработаны методические основы для внедрения категорийного подхода к управлению закупками на предприятии. Полученные результаты и рекомендации могут использоваться специалистами предприятий при разработке тактических и стратегических мероприятий по управлению оборотными средствами. / The master's thesis is devoted to the development of methodological tools aimed at improving the working capital management system at the enterprise. As a scientific novelty, an inversely proportional correlation between the profitability of current assets and the turnover of stocks of the enterprise was revealed, and an inversely proportional relationship between the turnover of stocks and inflation was also established. The author has proposed a methodological approach to determining the need for stocks of materials based on a calendar schedule, developed methodological foundations for introduction of a categorical approach to procurement management at enterprise. The obtained results and recommendations can be used by specialists of enterprises in the development of tactical and strategic management measures for working capital.

Made available in DSpace on 2015-12-03T18:35:24Z (GMT). No. of bitstreams: 1 Paulo_Roberto_Macedo_de_Andrade.pdf: 958605 bytes, checksum: 8bf349be18c9e86bd6ece938301717a8 (MD5) Previous issue date: 2012-12-05 / The decision-making process of credit developed by banks for analysis and credit concession. to corporate entities involves a series of procedures for information gathering objective and subjective. By subjective information has information related to customer records and sources information the past relationship with the market, and objective information has been obtained from those collecting information of its financial statements as of the balance sheet and income statements, which undergo a process of standardization or reclassification of accounts, lets you extract and briefly present a set of economic and financial indicators that assess liquidity, activity, debt and profitability of these companies that will serve as a basis for analysis and interpretation of current economic and financial situation of that particular company or client entity. However, these financial indicators, called traditional, allowing only provide information to evaluate the financial situation of a company or corporate customer from past to present, and there is a great need to assess trends and future prospects. The objective of this dissertation is to describe and evaluate the importance of the Model Fleuriet as financial management tool, which allows you to analyze the trend of the financial situation of a company, combining the assessment of indicators such as the financial cycle, working capital, the need for working capital and cash balance, enabling managers who use it to make decisions faster and more assertive to correct the course of the operating company and how it can be used as a tool in decision-making accessory credit. The methodology as the approach to the problem was a qualitative study and used an explanatory research to further study and survey of new facts from existing knowledge made through a literature search and a field survey by done through a questionnaire to a group of credit analysts from various financial institutions, to assess the importance given by them for the use of traditional financial indicators and financial Model Fleuriet indicated for the development of its activity. It was concluded that the Model Fleuriet is little known and used by most credit analysts in their daily analysis and credit concession, as well as financial institutions where they work and that only 14% of respondents believe in the superiority of Model Fleuriet compared to traditional indicators, highlighting the analysts with over 10 years experience. As a suggestion of continuity this study proposes a new research in the financial market in order to assess the financial stability of companies listed on the Bovespa using traditional indicators and Model Fleuriet and development of a practical study in a financial institution with the implementation of Model Fleuriet in their analysis procedures and credit concession. / O processo decis??rio de cr??dito desenvolvido pelas institui????es financeiras para a an??lise e concess??o de empr??stimos para pessoas jur??dicas envolve uma s??rie de procedimentos para levantamento de informa????es objetivas e subjetivas. Por informa????es subjetivas tem-se as informa????es ligadas ao cadastro do cliente e fontes de refer??ncias pelo hist??rico de relacionamento com o mercado e, por informa????es objetivas, tem-se aquelas obtidas a partir do levantamento de informa????es de seus demonstrativos financeiros como o balan??o patrimonial e demonstrativos de resultados, os quais passam por um processo de reclassifica????o ou padroniza????o das contas, que permite extrair e apresentar resumidamente um conjunto de indicadores econ??mico-financeiros que avaliam a liquidez, a atividade, o endividamento e a lucratividade dessas empresas que servir??o como base para an??lise e interpreta????o da atual situa????o econ??mico-financeira daquela determinada empresa ou cliente pessoa jur??dica. Contudo, esses indicadores financeiros, chamados tradicionais, trazem informa????es que permitem apenas avaliar a situa????o econ??mico-financeira de uma empresa ou cliente pessoa jur??dica do passado para o presente, sendo que existe uma grande necessidade de se avaliar tend??ncias e perspectivas futuras. O objetivo dessa disserta????o ?? descrever e avaliar a import??ncia do Modelo Fleuriet como ferramenta de gest??o financeira, o qual permite analisar a tend??ncia da situa????o econ??mico-financeira de uma empresa, conjugando a avalia????o de indicadores como o ciclo financeiro, o capital de giro, a necessidade de capital de giro e o saldo de tesouraria, permitindo aos gestores que o utilizam a tomarem decis??es mais r??pidas e assertivas para corrigir a rota operacional da empresa e como pode ser utilizado como uma ferramenta acess??ria no processo decis??rio de cr??dito. A metodologia utilizada quanto a abordagem do problema foi uma pesquisa qualitativa e utilizou-se de uma pesquisa explicativa para aprofundar estudo e levantamento de fatos novos a partir de conhecimentos j?? existentes feitos atrav??s de uma pesquisa bibliogr??fica e de um levantamento de campo ou survey, por meio de um question??rio feito a um grupo de analistas de cr??dito de v??rias institui????es financeiras, para se avaliar a import??ncia dada por eles quanto ?? utiliza????o dos indicadores financeiros tradicionais e dos indicados financeiros do Modelo Fleuriet, para o desenvolvimento de sua atividade. Concluiu-se que o Modelo Fleuriet ?? pouco conhecido e utilizado pela maioria dos analistas de cr??dito em suas atividades di??rias de an??lise e concess??o de cr??dito, como tamb??m pelas institui????es financeiras onde atuam e que apenas 14% dos respondentes acreditam na superioridade do Modelo Fleuriet em rela????o aos indicadores tradicionais, destacando-se os analistas com mais de 10 anos de experi??ncia. Como sugest??o de continuidade desse estudo prop??e-se nova pesquisa junto ao mercado financeiro a fim de se avaliar o equil??brio financeiro de empresas listadas na Bovespa utilizando-se os indicadores tradicionais e o Modelo Fleuriet e o desenvolvimento de um estudo pr??tico numa institui????o financeira com a implanta????o do Modelo Fleuriet em seus procedimentos de an??lise e concess??o de cr??dito.

First of all, two investment projects are introduced: one of a small hydro power plant and the second of a wind power plant. These are then subjected to a financial analysis. Projects are evaluated on the financial analysis basis. The hypotheses are verified, project risks, proposals and measures to minimize or increase overall economic performance are determined in the thesis.

The aim of the thesis is to describe the purpose, content and methods of economic analysis in the theoretical part. The application part continues by application of the theoretical findings to financial statements of ITW PRONOVIA, s.r.o. company of years 2009 to 2014. The most important elements are horizontal and vertical analysis, ratio indicators, DuPont analysis, working-capital analysis, economic value added (EVA), Value and Bankruptcy models and labor productivity analysis.

This diploma thesis deals with the preparation of the financial plan proposal for the selected company. The first part focuses on the theoretical basis, followed by the analytical part, where the analyzed company is presented, the strategic financial analysis of the company is made on the basis of which a financial plan is proposed in two variants. Following is the evaluation of the plan and the draft recommendation.

The master’s thesis analyses financial health of the company SLB, s.r.o. in the years 2004 – 2007 at the basis of selected methods of the financial analysis. It comprises proposals of possible of identified problems which should result in the improvement of financial situation of the firm in future years.