Thesis (MBA)--Stellenbosch University, 1997. / ENGLISH ABSTRACT: This study project comprises an analysis of the Cash Flow Statements of a number of
delisted companies for the years in which the companies were listed on the
Johannesburg Stock Exchange. The trends in the cash flow infonnation for the years
prior to delisting is summarised in order to detennine whether the Cash Flow
Statement can be utilised as an aid in the prediction of financial failure.
The validity of the foUowing hypothesis is tested against the results of the study: If the
cash flow from operations of a company is very low or negative for two years, the
company will be delisted, except if an issue of shares can be done.
From a sample of 46 companies, the following was derived: 16 companies encountered
cash flow problems and tried to delay delisting by issuing shares. 19 companies
encountered cash flow problems, but did not try to delay delisting through tbe issue of
shares. 11 companies were delisted for reasons other than cash flow problems.
The fmal conclusion is tbat the Cash Flow Statement can be utilised as an aid in the
prediction of fmancial failure, but compliance to tbe bypotbesis does not necessarily
mean tbat failure is inevitable. / AFRIKAANSE OPSOMMING: Hierdie werkstuk behels 'n ontleding van die Kontantvloeistate van 'n aantal
gedenoteerde maatskappye vir die jare waarin die maatskappye genoteer was op die
Jobannesburgse Effektebeurs. Die tendense wat waargeneem word in die kontantvloei
oor 'n aantal jare tot en met denotering word saamgevat ten einde vas te stel of die
Kontantvloeistaat gebruik kan word as hulpmiddel in die voorspelling van finansiele
mislukking.
Die volgende hipotesestelling word gemaak en dan getoets aan die hand van die
resultate van die studie: Indien die kontantvloei uit bedrywighede van 'n maatskappy
vir twee jaar baie laag of negatief is, sal die maatskappy denoteer behalwe as 'n
uitgifte van aandele gemaak kan word.
Uit 'n steekproef van 46 maatskappye is die volgende afgelei: 16 maatskappye het
kontantvloeiprobleme ondervind en het deurgaans denotering probeer vertraag deur
aandele-uitgifte te maak. 19 Maatskappye het kontantvloeiprobleme ondervind maar
het die aandele-uitgifte gebruik om denotering te vertraag. 11 maatskappye is
gedenoteer weens redes anders as kontantvloeiprobleme.
Die uiteindelike gevolgtrekking is dat die Kontantvloeistaat wel kan dien as
bulpmiddel in die voorspelling van finansiele mislukking, maar voldoening aan die
hipotese beteken nie noodwendig dat mislukking onvermydelik is nie.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:sun/oai:scholar.sun.ac.za:10019.1/55469 |
| Date | 12 1900 |
| Creators | Schreuder, Johannes Wahl |
| Contributors | Hamman, W. D., Stellenbosch University. Faculty of Economic and Management Sciences. Graduate School of Business. |
| Publisher | Stellenbosch : Stellenbosch University |
| Source Sets | South African National ETD Portal |
| Language | af_ZA |
| Detected Language | Unknown |
| Type | Thesis |
| Format | 78 p. |
| Rights | Stellenbosch University |
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