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1

Chaika, Tetiana, Nataliia Poberezhna, and Olga Panasenko. "Possibilities of using Ukrainian companies’ open financial statements in the profitability analyzing of cash flows." Thesis, Дике Поле, 2019. http://repository.kpi.kharkov.ua/handle/KhPI-Press/42712.

Повний текст джерела
Анотація:
Cash flow information is more transparent, easier to control, less affected by accounting policies, and more clearly shows whether a company generates real money. Therefore, it is obvious that when assessing the profitability, along with the other profitability ratios, it is also necessary to take into account return on cash flow ratios. The Ukrainian companies’ financial statements contain information that allows to calculate a number of cash flow profitability metrics. There are various approaches to the design of cash flow profitability metrics: some of them interpret cash flow as a dynamic form of company’s monetary resources, and others – as a result of financial activity. Cash flow profitability metrics are less susceptible to distortion than traditional profitability metrics calculated by profit. Unfortunately, the statistical reports of the Ukraine State Statistics Service do not contain information about the cash flows of the Ukrainian business entities, so there is no possibility to compare the obtained values with industry average indicators. This makes it difficult to carry out comparative analytical work when using metrics of cash flow profitability.
Інформація про рух грошових коштів більш прозора, легше піддається контролю, менше схильна до впливу облікової політики та чіткіше показує, чи генерує компанія реальні грошові кошти. Тому очевидно, що при оцінці прибутковості підприємства, поряд з іншими коефіцієнтами рентабельності, необхідно брати до уваги також і коефіцієнти рентабельності грошових потоків. Фінансова звітність українських підприємств містить інформацію, яка дозволяє розрахувати цілий ряд метрик рентабельності грошового потоку. Існують різні підходи до конструювання метрик рентабельності грошового потоку: одні з них трактують грошовий потік як динамічну форму грошових ресурсів підприємства, а інші – як результат фінансової діяльності. Метрики рентабельності грошового потоку менш схильні до спотворень, ніж традиційні метрики рентабельності, які розраховані за прибутком. На жаль, статистичні звіти Державної служби статистики України не містять інформації про грошові потоки українських суб'єктів господарської діяльності, тому відсутня можливість порівнювати отримані значення з середньогалузевими показниками. Це істотно ускладнює проведення порівняльної аналітичної роботи при використанні метрик рентабельності грошових потоків.
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2

Peterková, Marcela. "Hodnoceni investičního záměru vybrané firmy." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2016. http://www.nusl.cz/ntk/nusl-241585.

Повний текст джерела
Анотація:
The goal of this diploma thesis was to evaluate the complex investment project of modernization of production halls selected companies. The literature search methods are described, which were subsequently applied to the actual calculations on the basis of which were compiled cash flows of investment, determined discount rate calculations performed indicators selected from among the methods of static and dynamic. Was subsequently identified and assessed the risks associated with an investment by using Monte Carlo simulation. The conclusion of this work the company receives a recommendation whether or not to implement the project.
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3

Stránská, Eva. "Hodnocení připravovaného investičního projektu." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193383.

Повний текст джерела
Анотація:
The topic of the Master's Thesis is an evaluation of a real prepared development project considering strategic analysis. The strategic analysis contains an evaluation of current and expected macroeconomic situation including development of residential market in whole Czech Republic and Prague. The aim is to give a recommendation to investors whether to realize intended investment or not. The theoretical part clarifies specifics of investment decisions, defines entry parameters for investment evaluation and as well as introduces of particular stages of the evaluated investment project. In conclusion of theoretical part is described risk analysis. Introduction of the practical part is presentation of chosen development project. It is followed by analysis of its internal a external potential. After that comes the definition of entry values for evaluation of project by dynamic methods. The conclusion of the practical part includes sensitivity analysis and complex evaluation of investment project.
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4

Veselý, Jakub. "Zhodnocení ekonomické efektivnosti investičního záměru podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2012. http://www.nusl.cz/ntk/nusl-223416.

Повний текст джерела
Анотація:
The main goal of my master thesis is evaluation an investment project of company on the base of dynamic methods of investment evaluation. Methods of evaluation are net present value, payoff period, gross investment, profitability index and internal rate of return.
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5

Koblihová, Markéta. "Zhodnocení ekonomické efektivnosti investice a návrh financování." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2015. http://www.nusl.cz/ntk/nusl-225282.

Повний текст джерела
Анотація:
The subject of this thesis is to evaluate the economic efficiency and financing of the investment project. The theoretical part of the thesis is focused on the basic theoretical knowledge in the field of investment decisions and the description of the main methods of assessing the effectiveness of investments. Another part explains the theoretical knowledge of financial and strategic analysis that affect investment decisions. The practical part of the work captures analysis of current state of the selected company. This analysis is the basis for drafting of the third part, which contains the proposals and recommendations of the investment project.
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6

Troanská, Eva. "Ekonomická efektivnost a finanční proveditelnost podnikatelského záměru." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2015. http://www.nusl.cz/ntk/nusl-227458.

Повний текст джерела
Анотація:
The work aims to determine the economic efficiency and financial feasibility of the business plan, the construction of residential housing complex using a sensitivity analysis to determine the risk that the economic efficiency of most influence. The theoretical part of this work are the basic areas relating to the evaluation of economic efficiency, cash flow, sensitivity analysis and development project. The practical part deals with a specific project CAMPUS REZIDENČNÍ AREÁL II. Showing cash flows on the project and determining the various indicators of economic efficiency. The study also prepared a sensitivity analysis for the project scenario and determine the maximum risk that may threaten the economic efficiency of the project.
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7

Lopeňová, Silvia. "Hodnocení ekonomické efektivnosti investičního projektu." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2014. http://www.nusl.cz/ntk/nusl-226772.

Повний текст джерела
Анотація:
Every company which wants to be successful has to face a question of successful investment and increase of financial resources. Therefore, it is necessary to re-search and deal with investment opportunities. The aim of this thesis is to define and evaluate indicators of efficiency of investment into the multifunctional object in the area of Zázrivá-Terchová in Slovakia. The thesis describes the actual division of investments and the sources of funding In the first part. Further, it deals with a cycle of the project and describes its particular phases. The thesis also examines technical-economic study that is discussed according to its chapters. It focuses on the part Financial analysis and estimate of investment in which the description of a process of defining of specific economic indicators and their assessment is provided. The practical part begins with defining of investment expenses and continues with operational expenses and incomes. The next part discusses calculation of Cash Flow and particular indicators of the project. The conclusion evaluates the project and its efficiency.
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8

Adam, Josef. "Hodnocení efektivnosti investičního projektu." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-10584.

Повний текст джерела
Анотація:
This diploma thesis deals with issues surrounding the evaluation of investment project effectiveness. Apart from general characteristics and identification of key terminology in the area of investment decision making and capital planning, which are outlined in the theoretical part of this thesis, the section also provides an overview of methods used to evaluate the effectiveness of the investment decision making process. Particular attention is paid to the issue of criteria selection based on cash flows generated by the investment project. Theoretical findings regarding the evaluation of investment effectiveness are then used in the analytical part of this this by evaluating the effectiveness of a real-life investment project.
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9

Hub, Michal. "Ekonomická efektivnost a finanční proveditelnost podnikatelského záměru." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2016. http://www.nusl.cz/ntk/nusl-240075.

Повний текст джерела
Анотація:
The thesis deals with an investment project of reconstruction and operation of bakery Anežka in Palačov. The objective of the project is to evaluate the economic efficiency of the business plan. The thesis focuses on all costs and revenues which flow from the project throughout its working life, and on cash flow in individual years. At the end of the thesis, sensitivity analysis and risk assessment have been assessed, and several variations of the course of the projects, which can occur with regard to the likelihood of risk, have been created. The effects of these risks are compared by using the index indicators of profitability and net present value in the last chapter.
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10

Bílková, Alice. "Posouzení ekonomické efektivnosti investičního projektu." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2016. http://www.nusl.cz/ntk/nusl-240007.

Повний текст джерела
Анотація:
The subject of this thesis is to assess the economic efficiency of the investment project. The theoretical part focuses on the basic definitions related to investment decisions on the investment project and the project life cycle, cash flows and their predictions and recommendations to set them correctly, methods useful for assessing the effectiveness of the investment project and the indicators presenting the financial stability and feasibility of the project as well as factors affecting the overall investment decision, and finally the possibility of financing of the investment projects in the private sector. In the practical part there are the theoretical findings applied in the real investment project. Specifically, there will be analyzed the characterized investment project and its possible alternatives and finally made the assessment of economic efficiency.
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11

Porubský, Michal. "Efektivnost u staveb pro využití volného času." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2016. http://www.nusl.cz/ntk/nusl-240289.

Повний текст джерела
Анотація:
The thesis deals with public investment project. The thesis first describes, what are the sources of investments, cash flows and investment evaluation methodes of investment efficiency. Further, the thesis is focused on project Urban swimming pools in Luhačovice. It is mainly about the history, construction and operation of swimming pools. Finally, it assessed the efficiency of the project in program eCBA.
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12

Lehmann, Steffen. "Neue Wege in der Bewertung börsennotierter Aktiengesellschaften : ein Cash-flow-orientiertes Ertragswertmodell /." Wiesbaden : Deutscher Universitäts-Verlag, 1994. http://aleph.unisg.ch/hsgscan/hm00034927.pdf.

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13

Staňa, Marek. "Podnikatelský záměr - realizace výrobní linky stavebních tvárnic." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2019. http://www.nusl.cz/ntk/nusl-399718.

Повний текст джерела
Анотація:
The thesis focuses on the creation of a business plan for the establishment of a production plant for the production of building blocks. This thesis dealing with the various options of final products, depending on the profitability. The main aim of this thesis is to consider the possible risks, the size of investment costs, possible sources of financing and to evaluate the benefits of implementing this project. This work also focuses on analyzing the current market situation and determining the strength of competition.
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14

Hiasat, Shuja'a Ahmad Abdelfattah. "Stock price and cost of debt reaction to changes in cash flow from operations." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20218.

Повний текст джерела
Анотація:
Mestrado em Finanças
Investigamos como o fluxo de caixa das operações afeta o retorno do preço das ações e o custo da dívida e comparamos o efeito relativo do fluxo de caixa versus o lucro líquido nos dois custos de financiamento. Este documento também compara a liquidez entre os índices STOXX Europe 600 e Amman 100 (ASE100), usando quatro medidas: Fluxo de Caixa das Operações, Retorno Ajustado ao Mercado, Retorno Anormal Cumulativo e o Custo da Dívida e seu impacto relativo na associação de fluxo de caixa com custo de capital. Os dados trimestrais utilizados para esta pesquisa são de empresas de capital aberto da Jordânia e de países europeus, de 2009 a 2018. Este estudo contribui para a literatura, pois fornece evidências sobre a associação relativa de ganhos e fluxos de caixa com o custo da dívida e retorno das ações. Também somos os primeiros a considerar qualquer efeito de liquidez de mercado nessa associação. Os resultados mostram um efeito positivo do fluxo de caixa das operações no retorno do preço das ações. Também mostra uma associação negativa e uma influência mais significativa do fluxo de caixa das operações do que o lucro líquido no custo da dívida, reduzindo-o. Além disso, o documento também mostra que o fluxo de caixa das operações tende a influenciar o retorno anormal acumulado e o custo da dívida de uma maneira melhor na Jordânia (um mercado menos líquido) do que no mercado europeu mais desenvolvido.
We investigate how the Cash Flow from Operations affects both the Stock Price Return and the Cost of Debt and compare the relative effect of Cash Flow versus Net Income on both costs of financing. This paper also compares the liquidity between STOXX Europe 600 and Amman stock exchange 100 (ASE100) indexes using four measures, Cash Flow from Operations, Market Adjusted Return, Cumulative Abnormal Return, and the Cost of Debt and its relative impact on Cash flow association with cost of capital. The quarterly data used for this research comes from publicly listed firms from Jordan and European countries, from 2009 through 2018. This study contributes to literature since it provides evidence on the relative association of Earnings and cash flows with cost of debt and stock returns. We are also the first to consider any market liquidity effect on this association. The results show a positive effect of Cash Flow from Operations on Stock Price Returns. It also shows a negative association and a more significant influence from Cash Flow from Operations than Net Income on the Cost of Debt, by reducing it. Furthermore, the paper also shows Cash Flow from Operations tend to influence the Cumulative Abnormal Return and the Cost of Debt in a better way in Jordan (a less liquid market) than in the more developed European market.
info:eu-repo/semantics/publishedVersion
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15

Balga, František. "Ekonomická efektivnost kogenerační jednotky." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2011. http://www.nusl.cz/ntk/nusl-223088.

Повний текст джерела
Анотація:
This master thesis intents on analysing of economic efficiency of the investment project. Theoretical part of the thesis describes particular periods of the investment decision, what compromise a definition of more types of investments, investment projects and their classification. At the practical part of this thesis is applied the theoretical knowledge to evaluation of the planned investment, then is analysed the most profitable of the evaluated alternates and the last step is to propound next measure for the succesful realization of the project.
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16

Vorster, Barend Christiaan. "Liquidity premium and investment horizon a research report on the influence of liquidity on the return and holding period of securities on the Johannesburg Stock Exchange /." Diss., Pretoria : [s.n.], 2008. http://upetd.up.ac.za/thesis/available/etd-08122008-115611/.

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17

Danyśová, Ester. "Hodnocení ekonomické efektivnosti investičního záměru." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2017. http://www.nusl.cz/ntk/nusl-265528.

Повний текст джерела
Анотація:
The thesis focuses on determination of cash flow and evaluation of economic efficiency of the development project of the residential construction in Brno. The theoretical part deals with basic evaluation of economic efficiency of investment project including the most used indicators and gives insight into the developing activity including risks that companies must count with in such projects. The practical part deals with the particular project where cash flows are determined and its economic efficiency is evaluated.
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18

Dvořáková, Martina. "Hodnocení finanční situace podniku a návrhy na její zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-221717.

Повний текст джерела
Анотація:
This diploma work assess the financial health of the company in the years 2002–2006 on the basis of selected methods of the financial analysis. It includes proposals of possible solutions of identified problems which should result in the improvement of financial situation of the firm in the following years.
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19

Blacka, Aaron E. "Financing University Conference Centers: A Multiple Case Study Approach." Thesis, Virginia Tech, 2001. http://hdl.handle.net/10919/35471.

Повний текст джерела
Анотація:
The Co-Alignment Principle is a strategic management framework that guides value-added management. The model suggests that firms will perform successfully if they scan the environment for forces driving change and allocate their resources to industry-leading competitive methods that address environmental trends. When financing and managing a capital project, a firm's managers must think strategically and consider the "four pillars" of project valuation and management: (1) estimating future cash flows over the project's life cycle, (2) determining an appropriate cost of capital/rate of return, (3) assessing and managing operational and financial risk, and (4) investing in the appropriate materials and resources. The four pillars of project valuation and management act as a framework to guide this investigation on university conference center financing. The overall research question of this study asks how university officials make conference center investment decisions based on the four pillars of project valuation and management. To answer the research questions posed by this investigation, this study adopted a multiple case study approach, in which officials at five universities were interviewed about their universities' conference center projects. Interviews with two executive-level personnel at each university along with multiple sources of written documentation provided the basis for conclusions. Evidence from the data collection phase of this project indicates that universities follow similar procedures for financing their conference centers. For instance, they take advantage of low-cost, tax-exempt debt and private contributions to fund these capital projects. In addition, they place little emphasis on sensitivity analyses for cash flow projections and ignore the opportunity costs of capital. University conference center financing practices with respect to the four pillars of project valuation and management are not consistent with the recommendations set forth by traditional financial principles. This study concludes that universities should improve their strategic thinking and pay more attention to the four pillars in order to increase the viability of their conference center businesses.
Master of Science
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20

Dudová, Martina. "Hodnocení investičního projektu společnosti Moravia Sport Group s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-162567.

Повний текст джерела
Анотація:
The topic of the thesis is an evaluation of a real investment project of the company Moravia Sport Group s.r.o. with regard to the current and projected development of macro area, competitive environment and financial analysis results. The aim of this thesis is to give recommendations for the management of the company in order to decide whether to realize or reject the intended project. The theoretical part summarizes the basic analysis, the stages of the investment decision, the parameters entering into the investment evaluation and methods of their evaluation. In its practical part, the thesis initially presents the analysis of the external environment and inner potential of the company performed at first. Subsequently the investment project including its input parameters is introduced and an evaluation of the investment on the basis of defined methods is performed. The conclusion of the practical part is devoted to the sensitivity analysis and overall assessment of the investment plan.
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21

Šmolík, Jiří. "Hodnocení investičního projektu - výstavba niklovací linky." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-192724.

Повний текст джерела
Анотація:
The thesis deals with the evaluation of real investment project of SEVEN-K s.r.o. company which intends to invest in a new production line for nickel plating. Theoretical part of the thesis involves summary of basic analysis, phases of investment decision process, aspects affecting the investment evaluation and dynamic methods of evaluation.Beginning of practical part is an introduction of the analyzed company followed by financial analysis which determines its economic health. After introduction of investment into the new technology of chemical nickel plating including its inputs, the investment evaluating methods are performed. At the end there is a single-factor sensitivity analysis. The goal of the thesis is to provide recommendations to the management of SEVEN-K s.r.o. company in terms of realizing or rejecting the investment.
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22

Joneš, Filip. "Hodnocení ekonomické efektivnosti projektů dopravní infrastruktury." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2019. http://www.nusl.cz/ntk/nusl-392149.

Повний текст джерела
Анотація:
This diploma thesis deals with the evaluation of economic efficiency of investment projects in transport infrastructure in the Czech Republic. The evaluation of road and motorway infrastructure projects is carried out according to the methodological documents of the Ministry of Transport, the State Fund for Transport Infrastructure and the Road and Motorway Directorate of the Czech Republic. As changes in methodological procedures have taken place in recent years, the diploma thesis deals with the resulting values of economic efficiency indicators, especially with net present value. The thesis analyzes the basic calculation formula for the evaluation of road and motorway infrastructure, which is an integral part of the evaluation of road projects. There are also described fundamental methodological changes regarding, for example, the calculation of the residual value of the project at the end of the reference period or the change in the discount rate. The changes are applied to a case study of a specific section of the Czech transport industry. It evaluates their impact on the final value of the critical indicator of economic efficiency, which is the net present value.
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23

Malík, Tomáš. "Hodnocení investičního projektu." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113516.

Повний текст джерела
Анотація:
The thesis is focused on the evalution of real investment. In the theoretical part are summarized the basic analysis, investment characteristics, their input parameters and evalution methods which are needed to assess the investment. In the practical part of the work the company is introduced at first, after analysis of the external enviroment and inner potential of the company is performed. Next investment project is presented, his input parameters and evaluation of the methods from the theoretical part is performed. In finally analysis of sensitivity and complex evaluation of the project is performed. The aim of this thesis will be give recommendations for the management of the company, if the project implement or not implement.
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24

Vieira, Carla Sofia Dias. "A performance e o desempenho financeiro das PPP's : o caso das SCUT's para o período de 2003 a 2009." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/10944.

Повний текст джерела
Анотація:
Mestrado em Finanças
A ausência de estudos de performance às Parcerias Público-Privadas, releva só por si motivo para a elaboração deste estudo. Ainda mais, porque é um tema onde a informação existente é relativamente recente e comporta por isso bastantes dúvidas sobre quais os melhores modelos a aplicar. A questão de investigação abordada é a performance contabilística das Parcerias Público Privadas, especificamente as concessões sem custos para os utilizadores?. Os métodos utilizados para responder à questão são os métodos tradicionais e os métodos de criação de valor. Os resultados obtidos em ambos os métodos evidenciam uma melhoria significativa, em particular nos últimos três anos analisados. Período em que o Estado iniciou os pagamentos às concessionárias. Conclui-se que neste tipo de parcerias, os intervenientes por vezes não partilham os riscos, como seria de esperar. Visto que, nem sempre o desenvolvimento alcança os objetivos pretendidos, esquecendo-se que uma Parceria Público-Privada envolve uma relação de troca entre o setor público e privado, onde os benefícios e responsabilidades de cada interveniente deveriam ser partilhados.
The absence of performance studies for Public-Private Partnerships reveals itself the reason to write this study. Moreover, because this is a subject of complex analysis, where the existing information is relatively recent and still holds many doubts about the best model to apply. The question made is whether the use of Public-Private Partnerships really presents a good performance for the public sector? That is, if the relationship between the state and the private sector represents or not a gain in creating value (Value for Money). The approach taken to assess the performance of concessions under ?no costs to the users?, was conducted thought the traditional methods as well as thought methods of creating value. The results obtained with both methods show an improved performance, especially in the last three years. The justification has to do with the fact that, since then, the state has begun payments to concessionaries. It is concluded that in this type of partnerships, the participants sometimes do not share the risks, as would be expected. This is because its development not always reaches the intended objectives, forgetting that a Public-Private Partnerships involves an exchange between the public and the private sector, where the benefits and responsibilities of each participant are shared.
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25

Šiklová, Aneta. "Hodnocení ekonomické efektivnosti podnikatelského záměru." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2017. http://www.nusl.cz/ntk/nusl-265283.

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Анотація:
This diplome thesisdeals with determining of investment project economic efficiency. Evaluated investment project is redevelopment of urban house into boarding house with restaurant and café. The project is analyzed both in terms of pre-investment phase and 6 years after completion or reconstruction.  There is comparison of both analysis at the end of dissertation including optimal solution suggestion of current situation.
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26

Beisler, Matthias Werner. "Modelling of input data uncertainty based on random set theory for evaluation of the financial feasibility for hydropower projects." Doctoral thesis, Technische Universitaet Bergakademie Freiberg Universitaetsbibliothek "Georgius Agricola", 2011. http://nbn-resolving.de/urn:nbn:de:bsz:105-qucosa-71564.

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Анотація:
The design of hydropower projects requires a comprehensive planning process in order to achieve the objective to maximise exploitation of the existing hydropower potential as well as future revenues of the plant. For this purpose and to satisfy approval requirements for a complex hydropower development, it is imperative at planning stage, that the conceptual development contemplates a wide range of influencing design factors and ensures appropriate consideration of all related aspects. Since the majority of technical and economical parameters that are required for detailed and final design cannot be precisely determined at early planning stages, crucial design parameters such as design discharge and hydraulic head have to be examined through an extensive optimisation process. One disadvantage inherent to commonly used deterministic analysis is the lack of objectivity for the selection of input parameters. Moreover, it cannot be ensured that the entire existing parameter ranges and all possible parameter combinations are covered. Probabilistic methods utilise discrete probability distributions or parameter input ranges to cover the entire range of uncertainties resulting from an information deficit during the planning phase and integrate them into the optimisation by means of an alternative calculation method. The investigated method assists with the mathematical assessment and integration of uncertainties into the rational economic appraisal of complex infrastructure projects. The assessment includes an exemplary verification to what extent the Random Set Theory can be utilised for the determination of input parameters that are relevant for the optimisation of hydropower projects and evaluates possible improvements with respect to accuracy and suitability of the calculated results
Die Auslegung von Wasserkraftanlagen stellt einen komplexen Planungsablauf dar, mit dem Ziel das vorhandene Wasserkraftpotential möglichst vollständig zu nutzen und künftige, wirtschaftliche Erträge der Kraftanlage zu maximieren. Um dies zu erreichen und gleichzeitig die Genehmigungsfähigkeit eines komplexen Wasserkraftprojektes zu gewährleisten, besteht hierbei die zwingende Notwendigkeit eine Vielzahl für die Konzepterstellung relevanter Einflussfaktoren zu erfassen und in der Projektplanungsphase hinreichend zu berücksichtigen. In frühen Planungsstadien kann ein Großteil der für die Detailplanung entscheidenden, technischen und wirtschaftlichen Parameter meist nicht exakt bestimmt werden, wodurch maßgebende Designparameter der Wasserkraftanlage, wie Durchfluss und Fallhöhe, einen umfangreichen Optimierungsprozess durchlaufen müssen. Ein Nachteil gebräuchlicher, deterministischer Berechnungsansätze besteht in der zumeist unzureichenden Objektivität bei der Bestimmung der Eingangsparameter, sowie der Tatsache, dass die Erfassung der Parameter in ihrer gesamten Streubreite und sämtlichen, maßgeblichen Parameterkombinationen nicht sichergestellt werden kann. Probabilistische Verfahren verwenden Eingangsparameter in ihrer statistischen Verteilung bzw. in Form von Bandbreiten, mit dem Ziel, Unsicherheiten, die sich aus dem in der Planungsphase unausweichlichen Informationsdefizit ergeben, durch Anwendung einer alternativen Berechnungsmethode mathematisch zu erfassen und in die Berechnung einzubeziehen. Die untersuchte Vorgehensweise trägt dazu bei, aus einem Informationsdefizit resultierende Unschärfen bei der wirtschaftlichen Beurteilung komplexer Infrastrukturprojekte objektiv bzw. mathematisch zu erfassen und in den Planungsprozess einzubeziehen. Es erfolgt eine Beurteilung und beispielhafte Überprüfung, inwiefern die Random Set Methode bei Bestimmung der für den Optimierungsprozess von Wasserkraftanlagen relevanten Eingangsgrößen Anwendung finden kann und in wieweit sich hieraus Verbesserungen hinsichtlich Genauigkeit und Aussagekraft der Berechnungsergebnisse ergeben
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27

Bergerová, Sandra. "Stanovení ekonomické efektivnosti podnikatelského záměru." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2015. http://www.nusl.cz/ntk/nusl-227527.

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Анотація:
The diplome thesis deals with determination of economic efficiency of the project. This si a project of completion in the sports, recreation, hiking and biking. The theoretical part begins by a chapter describing preparation and implementation phases of the project. The following chapter is an overview of the methods that can be used to assess projects. The most of attention is given to the feasibility study as one of the methods for assessing projects. In the theoretical part is a list of indicators of evaluation of the project and a separated chapter with cost benefit analysis. The practical part focuses on the evaluation of the project, the assessment of cash flow and the resulting financial and economic evaluation of the project.
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28

Ödmark, Victoria. "Samhällsfastigheter som investeringstrend : Hur kan priset motiveras utifrån det man vet om framtida kassaflöden?" Thesis, KTH, Bygg- och fastighetsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-96570.

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Анотація:
Det finns idag en trend i viljan att investera i samhällsfastigheter, det vill säga fastigheter där olika typer av samhällsservice bedrivs. Fördelen med denna typ av investeringar är att ägarna kan teckna långa hyresavtal med kommuner, landsting och staten som hyresgäst, vilket ger säkra kassaflöden i och med låg vakansrisk. Investeringsmarknaden för samhällsfastigheter är relativt ny för privata aktörer då dessa fastigheter tidigare ägdes i princip uteslutande av kommun och landsting, men som idag av olika anledningar valt att sälja och istället hyra tillbaka fastigheten av specialiserade fastighetsägare.  Studien syftar till att identifiera de osäkerheter/risker som existerar vid investeringar i samt förvaltande av samhällsfastigheter och främst vårdfastigheter i Sverige. Genom att intervjua aktörer som deltagit i tre studerade transaktioner av vårdfastigheter från 2011 har en investeringskalkyl samt en känslighetsanalys utformats och legat till grund för de slutsatser som dragits. Att investera i samhällsfastigheter har visat sig vara en relativt stabil och säker investering, då de långa kontraktens driftnetton bidrar till att investeringen kan räknas hem redan under första kontraktstiden. Dock med antagande om att inga oväntade kostnader uppstår. De största riskerna som föreligger gällande dessa fastigheter är restvärdesrisk på grund av svår alternativanvändning för dessa hyresgästanpassade byggnader, teknisk risk då fastigheterna behöver upprätthålla standard och viktiga funktioner samt politisk/jurisdisk risk där förändring i demografi, miljölagar, regleringar och krav påverkar samhällsfastigheters utveckling. Företagen som investerar i samhällsfastigheter är vanligtvis inriktade på denna typ av investering, vilket genom ökad kompetens inom området bidrar till en bra och långsiktig relation med hyresgästerna. Vidare har de inblandade aktörer en tämligen homogen syn på ansvarsfördelningar, kontraktsuppbyggnad och så vidare. Dessutom visar den demografiska utvecklingen i landet på en stor efterfrågan på samhällsfastigheter i framtiden och framför allt på vård- och omsorgsboenden.
There is currently a trend in the willingness to invest in public property, i.e. properties where different types of community services are provided. The advantage of this type of investment is that owners can sign long leases with tenants such as municipalities, counties and the state, providing secure cash flows and low vacancy risk. The investment market for public properties is relatively new to private operators as these properties have previously been owned almost exclusively by the municipality and county. Today, for various reasons, the municipalities and counties have decided to sell their properties and rent them back from specialized property owners. The study aims to identify the uncertainties/risks that are associated with investment and management of public properties, with a special focus on care properties in Sweden. An investment calculation and a sensitivity analysis were made through studies of three care property transactions in 2011 and interviews with the participating actors. The calculation and analysis have been the basis for the conclusions drawn. Investing in public real estate has proven to be a relatively stable and safe investment. The net operating income of the long leases that contribute to the investment could be considered as being paid back during the first contract period, assuming that no unexpected costs arise. The main risks that exist in these properties is salvage value risk due to severe alternative use for these tenant adjusted buildings, technical risk as the properties need to maintain standard and essential functions and at last political/legal risk where changes in demography, environmental laws, regulations and requirements affect public property development. Companies that invest in public real estate are usually focused on this type of investment, which through enhanced capabilities in the area contributes to a good and long-term relationship with tenants. Furthermore, the players involved have a rather homogeneous view of delegation of responsibility, contract structure and so on. Moreover, the demographic development in the country shows a high demand for public buildings in the future and especially in nursing and care homes.
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29

Havlů, Monika. "Podnikatelský záměr rozvoje společnosti." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2012. http://www.nusl.cz/ntk/nusl-223345.

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Анотація:
The present dissertation is the design of a company's business plan, with a view to the new monitoring system, with all the important factors such as economic and technical factors, and legislative changes in the branch are taken into consideration. Furthermore there is the view to the economic standing of the company is also evalua-ted. The business plan is simultaneously considered from a general view of potential implementation of the proposed solution.
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30

Budaeva, Larisa. "Hodnocení investičního projektu na území Ruské federace z pohledu zahraničního investora." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-76258.

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Анотація:
The aim of the thesis is to evaluate an investment project in the Russian Federation from the foreign investor's perspective. The project feasibility study was developed as the first step in a decision making process of execution an international investment project, which includes ambient conditions and market analysis. The plan of cash flow was compiled in compliance of Russian tax system, and was considered as a base for project evaluation by using appropriate methods. For further assessment of possible risks of the project was used sensitivity analysis.
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31

Oceláková, Petra. "Možnosti prohloubení teorie a praxe investičního rozhodování s důrazem na reálné opce." Doctoral thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-196944.

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Анотація:
This dissertation deals with selected areas within capital budgeting theory and practice. The first part is focused on possibilities how to improve traditional financial metrics as net present value and internal rate of return by using graphical tools for their interpretation. The main practical problem can be considered not the methodology itself, but the inability to predict future cash flows correctly. The special attention is paid to depreciation in connection with Czech accounting and tax legislation and its influence on capital decisions. The second part of the dissertation concentrates on real option analysis. The crucial difference between net present value and real options analysis is in how these methods deal with the risk. Mathematical approach is used to derive how the volatility and other parameters affect the theoretical value of an investment determined by real option. The more volatile the future cash flows are the higher theoretical value of the real option should be. Nevertheless, there are some exceptions that are analysed in this paper. In final chapter, total cost of ownership and real option analysis are used to evaluate option to switch from on-premise IT solution to cloud computing.
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32

Лановська, Галина Іванівна, Halyna Lanovska, Тетяна Леонідівна Мостенська та Tatiana Mostenska. "Управління вартістю підприємства з використанням вартісно-орієнтованого підходу". Thesis, Національний авіаційний університет, 2021. https://er.nau.edu.ua/handle/NAU/53427.

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Анотація:
1. Ameels A. Value –based management control processes to create value through integration a literature review. Режим доступу https://www.researchgate.net/publication/23646623_Value-based_management_control_processes_to_create_value_through_integration_a_literature_review 2. Damodaran A. Investment Valuation: Tools and Techniques for Determining the Value of any Asset /A. Damodaran. – University Edition: Kindle Edition. – 3rd Edition, 2012. – 1341 p.
У сучасному конкурентному світі одними з найважливіших цілей бізнесу для акціонерів є максимізація прибутку та створення ринкової вартості підприємства. Для досягнення своїх цілей інвестору необхідні певні інструменти, здатні виміряти потенційну цінність кожної інвестиційної можливості. Зрозуміло, що ці інструменти не передбачають точне майбутнє, вони просто надають інформацію та поради, які допомагають інвестору у прийнятті рішень. Серед цих критеріїв найпоширенішими видами є рентабельність інвестицій (ROI) та прибуток на акцію (EPS). В останні роки закордонні компанії найчастіше використовуються сучасні методи оцінки засновані на вартісно-орієнтованому підході, що включає такі показники, як економічна додана вартість, ринкова додана вартість, акціонерна додана вартість, грошовий потік віддачі інвестиції та додана вартість грошових коштів, що замінюють критерії, засновані на даних бухгалтерського обліку і є більш надійними.Економіка інновацій дозволяє припустити, що виживання фірми залежить від її здатності бути інноваційною в бізнесі. Інновації, однак, піддають компанії ризику, оскільки успіх інновацій невизначений. Тому власники акцій цих фірм вимагають додаткової компенсації за утримання (або інвестування) цінних паперів, оскільки інновація створює ризики для акціонерів. Таким чином, економіку інновацій неможливо трактувати без посилання на очікування капіталу, що надається за допомогою визначення вартості компанії.
In today's competitive world, one of the most important goals of business for shareholders is to maximize profits and create market value. To achieve their goals, the investor needs certain tools that can measure the potential value of each investment opportunity. It is clear that these tools do not predict the exact future, they simply provide information and advice to help the investor in making decisions. Among these criteria, the most common types are return on investment (ROI) and earnings per share (EPS). In recent years, foreign companies have most often used modern valuation methods based on a cost-oriented approach, which includes indicators such as economic value added, market value added, shareholder value added, cash flow return on investment and value added money, replacing criteria based on on accounting data and are more reliable. The economics of innovation suggests that the survival of the firm depends on its ability to be innovative in business. Innovation, however, puts companies at risk because the success of innovation is uncertain. Therefore, the shareholders of these firms demand additional compensation for the maintenance (or investment) of securities, as innovation creates risks for shareholders. Thus, the economy of innovation cannot be interpreted without reference to the expectations of capital provided by determining the value of the company.
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33

Chu, Wan-Yu, and 朱婉瑜. "Dynamic Relationship Between Net Income, Free Cash Flow and Investment Cash Flow of Business." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/w27v95.

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Анотація:
碩士
國立交通大學
經營管理研究所
107
Business’solvency and value can be evaluated by free cash flow, that is , a corporate’s operation ability to make money and When repaying loan and encountering crisis, whether business has enough resource. However, free cash flow arise agent problems because Information asymmetry exist between manager and business owner, and they might have different intention toward benefit. As a result, manager might pursue their max profit, this is agent cost behind free cash flow and also made it a arguable issue. In hope of discover the dynamic relationship between net income, free cash flow and investment cash flow, this article is based on agent thesis and free cash flow hypothesis, and our empirical results show that Stocks Holding Ratio by Directors and Supervisors would influence the relationship and also changed by industries and business scale.
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34

LIN, YU-TING, and 林昱婷. "The Impact of Free Cash Flow on Capital Expenditures and Net Working Capital Investment." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/9fhjj5.

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Анотація:
碩士
東海大學
財務金融學系
107
Jensen (1986) proposed the Free Cash Flow Hypothesis from the perspective of agency costs. When a firm has excessive free cash flow, and the goals of the manager and the shareholders are different, the abnormal investment will be occurred and damage the firm's value. In the prior literature, there was a positive relation between free cash flow and over-investment, but they only focused on capital expenditures. Therefore, this paper expands investment activities to net working capital, and takes Taiwan publicly-traded firms and China A-share listed firms from 2000 to 2016 as samples to respectively investigate the relationship between free cash flow and capital expenditure and net working capital investment.   Based on the prediction model of Richardson (2006), this paper demonstrates that, firms with positive free cash flow are about 70% for the Taiwan and about 90% for China, which means that firms generally hold too much free cash flow. In Taiwan and China, firms with lower financial leverage, higher cash levels, longer firm age, larger firm size and better stock return have positive free cash flow. For companies with positive free cash flow, there will over-invest in capital expenditures and under-invest in net working capital; conversely, companies with negative free cash flow will under-invest in capital expenditures and over-invest in net working capital, which means that an exceeding investment of capital expenditures leads to a decrease in net working capital. In Taiwan, the lower the firm's financial constraints and the higher the firm's information asymmetry, the more free cash flow will over-invest in capital expenditure and under-invest in net working capital. However, in China, the higher the firm's growth opportunities and the higher the firm's the information asymmetry, the more it can alleviate the problem of underinvestment in capital investment due to negative free cash flow. Finally, for Taiwanese companies, join the corporate governance variables. In terms of capital expenditure, the larger the size of the board of directors and the higher the ratio of directors' shareholdings, the more firms with positive free cash flow can reduce excessive investment in capital expenditures; in terms of net working capital, the higher the shareholding ratio of directors and supervisors, the shareholding ratio of major shareholders, and the shareholding ratio of managers, the more firms with negative free cash flow can decrease excessive investment in net working capital. Managers' improper expansion strategies and overinvestment will hurt company value. When the firm has high free cash flow, investors should pay more attention to the firm's investment decisions and corporate governance quality.
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35

Li, Sung-Hsuan, and 李淞炫. "The Study for the Relationship among Dividend policy, ESOPs and Cash Flow Return on Investment." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/73812578606782851894.

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36

Liu, Renyi, and 劉仁義. "The Study for the Relationship among Organizational Capital, Value Driver and Cash Flow Return on Investment." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/73129952688039737819.

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37

Chen, Jie. "Evaluation of Capital Investment and Cash Flows for Alternative Switchgrass Feedstock Supply Chain Configurations." 2011. http://trace.tennessee.edu/utk_gradthes/959.

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Анотація:
Biofuels have been widely recognized as a potential renewable energy source, and the United States’ government has been interested in producing ethanol from lignocellulosic biomass such as switchgrass. To evaluate whether lignocellulosic biomass based biofuels production is economically feasible, this paper estimated the capital investment outlays, operation costs, and net present value for investment in alternative switchgrass feedstock supply chain configurations in East Tennessee a 25 million gallon per year ethanol biorefinery. Two scenarios are analyzed in the study. The conventional hay harvest scenario includes the production, harvest, storage and transportation of biomass feedstocks from the fields to the biorefinery. The preprocessing scenario added preprocessing facilities into the biomass supply chain. According to various harvest, storage, preprocessing, and harvest equipment options, analysis and comparisons were made among different systems. The capital budgeting model developed in this study generated the optimal feedstock supply chain configurations to determine the largest net present value of cash flow from investment. Results of this study shown that with the Biomass Crop Assistance Program (BCAP) incentives, a round bale system using feedstock stored without tarp on pallets using custom hired equipment had the largest positive net present value. By comparison, if all the harvest equipment is purchased rather than custom hired, the stretch wrap baler preprocessing systems, using switchgrass harvested by a chopper with rotary cutter-header, was found to have a cost advantage over conventional hay harvest logistic systems (large round bale and large square bale systems) and pellet preprocessing systems. Assuming most likely values for switchgrass price and production costs, none of the feed stock supply chain configurations evaluated in this study produced a positive net present value when BCAP subsidies were assumed to not be available. However, without the BCAP incentives and based on combination of optimistic assumption, the round bale system using feedstock stored without tarp on pallets using custom hired equipment still has the largest positive net present value. Without the BCAP incentives, no feedstock supply chain configuration using purchased rather than custom hired equipment generated a positive net present value.
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38

Brás, Mário Jorge Oliveira. "Investment decisions of a Bosch suppliers club member: a case study." Master's thesis, 2020. http://hdl.handle.net/1822/69479.

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Анотація:
Projeto de mestrado em Finanças
This project investigates the case of Hardware Development Inc. participation in the initiative “Clube de Fornecedores”. The company is one of the largest companies in Portugal, has been growing for the past decade and it is expected to keep growing in the future. The firm does not seem to use Net Present Value for its financial decisions. Therefore, Real Options was a subject matter mentioned and compared but it was not applied. In this project I conduct a DCF analysis of the project TSIM, that is an R&D project, started in 2019 and it is expected to produce sales until 2024, and that was submitted to the initiative “Clube de Fornecedores” of Bosch. The estimated cost of capital is 8.64%. The base-case scenario NPV is around 400 thousand euros, but it is smaller than the non-refundable subsidy of around 996 thousand euros. The project is therefore acceptable only because of the subsidy. It may also be worthwhile to accept because of other effects not considered in this project, namely future growth opportunities that could be valued using Real Options Analysis. The risk analysis done using Monte Carlo simulation estimated a 20% probability of the project producing a negative NPV, which is low and confirms the recommendation of accepting the project. The sensitivity analysis allows the identification of sales and operating expenses as the variables responsible for the success of the project.
Este projeto investiga a participação da empresa Hardware Development Inc. na iniciativa “Clube de Fornecedores”. Esta empresa é uma das maiores em Portugal, tem crescido durante a última década e é esperado que continue a crescer no futuro. A firma não usa o Valor Atual Líquido para tomar as suas decisões financeiras. Consequentemente, as Opções Reais foram um assunto mencionado e comparado, mas não teve aplicação prática. Neste projeto, eu desempenhei uma análise de Fluxos de Caixa Descontados do projeto TSIM. Este é um projeto I&D, começado em 2019, proveniente da iniciativa “Clube de Fornecedores” da Bosch e é esperado que produza vendas até 2024. O custo de capital estimado para o projeto foi de 8.64%. O Valor Atual Líquido do projeto é cerca de 400 mil euros, mas é mais pequeno do que o fundo não reembolsável de 996 mil euros. O projeto é, portanto, aceitável apenas devido ao subsídio recebido. Talvez também seja preferível aceitar o projeto devido a outros efeitos não considerados neste projeto, nomeadamente futuras oportunidades que surgiriam caso as Opções Reais fossem utilizadas. A análise de risco foi feita através de uma simulação de Monte Carlo, e estimou 20% de probabilidade de o projeto produzir um Valor Atual Líquido negativo, o que é reduzido e confirma a recomendação de aceitar o projeto. A análise de sensibilidade permitiu a identificação das vendas e dos custos operacionais como as variáveis de maior impacto no projeto.
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39

Beisler, Matthias Werner. "Modelling of input data uncertainty based on random set theory for evaluation of the financial feasibility for hydropower projects." Doctoral thesis, 2010. https://tubaf.qucosa.de/id/qucosa%3A22775.

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Анотація:
The design of hydropower projects requires a comprehensive planning process in order to achieve the objective to maximise exploitation of the existing hydropower potential as well as future revenues of the plant. For this purpose and to satisfy approval requirements for a complex hydropower development, it is imperative at planning stage, that the conceptual development contemplates a wide range of influencing design factors and ensures appropriate consideration of all related aspects. Since the majority of technical and economical parameters that are required for detailed and final design cannot be precisely determined at early planning stages, crucial design parameters such as design discharge and hydraulic head have to be examined through an extensive optimisation process. One disadvantage inherent to commonly used deterministic analysis is the lack of objectivity for the selection of input parameters. Moreover, it cannot be ensured that the entire existing parameter ranges and all possible parameter combinations are covered. Probabilistic methods utilise discrete probability distributions or parameter input ranges to cover the entire range of uncertainties resulting from an information deficit during the planning phase and integrate them into the optimisation by means of an alternative calculation method. The investigated method assists with the mathematical assessment and integration of uncertainties into the rational economic appraisal of complex infrastructure projects. The assessment includes an exemplary verification to what extent the Random Set Theory can be utilised for the determination of input parameters that are relevant for the optimisation of hydropower projects and evaluates possible improvements with respect to accuracy and suitability of the calculated results.
Die Auslegung von Wasserkraftanlagen stellt einen komplexen Planungsablauf dar, mit dem Ziel das vorhandene Wasserkraftpotential möglichst vollständig zu nutzen und künftige, wirtschaftliche Erträge der Kraftanlage zu maximieren. Um dies zu erreichen und gleichzeitig die Genehmigungsfähigkeit eines komplexen Wasserkraftprojektes zu gewährleisten, besteht hierbei die zwingende Notwendigkeit eine Vielzahl für die Konzepterstellung relevanter Einflussfaktoren zu erfassen und in der Projektplanungsphase hinreichend zu berücksichtigen. In frühen Planungsstadien kann ein Großteil der für die Detailplanung entscheidenden, technischen und wirtschaftlichen Parameter meist nicht exakt bestimmt werden, wodurch maßgebende Designparameter der Wasserkraftanlage, wie Durchfluss und Fallhöhe, einen umfangreichen Optimierungsprozess durchlaufen müssen. Ein Nachteil gebräuchlicher, deterministischer Berechnungsansätze besteht in der zumeist unzureichenden Objektivität bei der Bestimmung der Eingangsparameter, sowie der Tatsache, dass die Erfassung der Parameter in ihrer gesamten Streubreite und sämtlichen, maßgeblichen Parameterkombinationen nicht sichergestellt werden kann. Probabilistische Verfahren verwenden Eingangsparameter in ihrer statistischen Verteilung bzw. in Form von Bandbreiten, mit dem Ziel, Unsicherheiten, die sich aus dem in der Planungsphase unausweichlichen Informationsdefizit ergeben, durch Anwendung einer alternativen Berechnungsmethode mathematisch zu erfassen und in die Berechnung einzubeziehen. Die untersuchte Vorgehensweise trägt dazu bei, aus einem Informationsdefizit resultierende Unschärfen bei der wirtschaftlichen Beurteilung komplexer Infrastrukturprojekte objektiv bzw. mathematisch zu erfassen und in den Planungsprozess einzubeziehen. Es erfolgt eine Beurteilung und beispielhafte Überprüfung, inwiefern die Random Set Methode bei Bestimmung der für den Optimierungsprozess von Wasserkraftanlagen relevanten Eingangsgrößen Anwendung finden kann und in wieweit sich hieraus Verbesserungen hinsichtlich Genauigkeit und Aussagekraft der Berechnungsergebnisse ergeben.
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40

Македон, В. В., та Ю. В. Вдовиченко. "Моделі вартісної концепції управління і оцінки міжнародного бізнесу". Thesis, 2008. http://essuir.sumdu.edu.ua/handle/123456789/61491.

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Анотація:
Максимізація вартості компанії є головною метою взаємодії наглядової ради і менеджменту в процесі ухвалення стратегічних рішень, ключовим критерієм ефективності управління, який сприяє вирішенню проблеми суперечності інтересів сторін, пов’язаних з процесом корпоративного управління, – як на зовнішньому, так і на внутрішньому рівнях.
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