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1
Zhai, Yong Hong. "Asset revaluation and future firm operating performance: evidence from New Zealand." Master's thesis, Lincoln University. Commerce Division, 2007. http://theses.lincoln.ac.nz/public/adt-NZLIU20071015.143314/.
Full textAbstract:
The regulatory framework of many countries allows the upward revaluation of assets. Previous studies on the association of asset revaluation and future performance in Australia (Barth and Clinch, 1998), U.K. (Aboody, Barth and Kasznik, 1999) and Hong Kong (Jaggi and Tsui, 2001) have shown that upward asset revaluations are positively associated with the firms operating performance, suggesting that asset revaluations are value relevant. This study extends the previous research by focusing on the New Zealand environment with recent data to examine the association of upward asset revaluation and future operating performance. There is no obvious evidence indicating that upward revaluations are associated with operating performance in New Zealand. Our market assessments show that current year asset revaluations are related to share prices and returns, but are not statistically significant.
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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.
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Mestrado em Finanças<br>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.<br>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.<br>info:eu-repo/semantics/publishedVersion
3
January, Carol. "Studies in the effectiveness of cash flows from operating and investing activities as possible early indicators of bankruptcy." Thesis, Stellenbosch : Stellenbosch University, 2001. http://hdl.handle.net/10019.1/52464.
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Thesis (MBA)--Stellenbosch University, 2001.<br>ENGLISH ABSTRACT: Users of Cash Flow Statements expect the information provided as cash flow from
operating and investing activities to serve as a possible indicator that the company is
facing bankruptcy. Traditionally, companies disclose depreciation as an operating activity
and replacement of fixed assets as an investing activity. Companies that direct cash
payments toward dividend and future expansion without addressing replacement of fixed
assets are creating an unrealistic picture of their operating and investing activities.
Generally accepted accounting practices (GAAP) have limited its disclosure requirements
and has not addressed the issue of separating the expansion of fixed assets from
replacement.
This mini-study project researches the impact of disclosing depreciation as an investing
activity and the replacement of fixed assets as an operating activity.
Based on the findings, it is recommended that GAAP make it a requirement that the
replacement and expansion of fixed assets be disclosed separately. It is further
recommended that either depreciation be disclosed as an investing activity, or that
replacement of fixed assets be disclosed as an operating activity on the Cash Flow
Statement.
The methods of disclosure investigated in the study will lead to an improvement in the
ability of the two activities to serve as possible early indicators of bankruptcy.<br>AFRIKAANSE OPSOMMING: Gebruikers van kontantvloeistate verwag dat die inligting wat verskaf word van die
bedryfs- en investeringsaktiwiteite as 'n moontlike indikator van die ondergang van die
onderneming moet kan dien. Waardevermindering word tradisioneel as 'n
bedryfsaktiwiteit openbaar, terwyl die vervanging van vaste bates as 'n
investeringsaktiwiteit openbaar word. Ondernemings wat direkte kontantbetalings as
dividende en toekomstige uitbreiding openbaar sonder dat die vervanging van vaste bates
aangespreek word, skep 'n onrealistiese beeld van hul bedryfs- en investeringsaktiwiteite.
Algemeen aanvaarde rekeningkundige beginsels het die openbaarmakingsvereistes
beperk en spreek nie die skeiding tussen uitbreiding van bates en die vervanging daarvan
aan nie.
Hierdie mini-werkstuk ondersoek die impak van die openbaarmaking van
waardevermindering as 'n investeringsaktiwiteit en vervanging van vaste bates as 'n
bedryfsaktiwiteit.
Gebaseer op die bevindinge word daar aanbeveel dat die algemeen aanvaarde
rekeningkundige beginsels dit 'n vereiste maak dat die vervanging en uitbreiding van
vaste bates apart openbaar word. Verder word aanbeveel dat waardevermindering as 'n
investeringsaktiwiteit of vervanging van vaste bates as 'n bedryfsaktiwiteit in die
kontantvloeistaat openbaar word.
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Mostafa, Wael. "An empirical investigation of the incremental information content of earnings, working capital from operations, and cash flow from operations affected by their extremity : new evidence for the UK." Thesis, Durham University, 2005. http://etheses.dur.ac.uk/1790/.
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Zhai, Y. H. "Asset revaluation and future firm operating performance : evidence from New Zealand : a thesis submitted in partial fulfilment of the requirements for the degree of Master of Commerce and Management at Lincoln University /." Diss., Lincoln University, 2007. http://hdl.handle.net/10182/219.
Full textAbstract:
The regulatory framework of many countries allows the upward revaluation of assets. Previous studies on the association of asset revaluation and future performance in Australia (Barth and Clinch, 1998), U.K. (Aboody, Barth and Kasznik, 1999) and Hong Kong (Jaggi and Tsui, 2001) have shown that upward asset revaluations are positively associated with the firm’s operating performance, suggesting that asset revaluations are value relevant. This study extends the previous research by focusing on the New Zealand environment with recent data to examine the association of upward asset revaluation and future operating performance. There is no obvious evidence indicating that upward revaluations are associated with operating performance in New Zealand. Our market assessments show that current year asset revaluations are related to share prices and returns, but are not statistically significant.
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Fernandes, Márcia Pereira. "Quais são as empresas da União Europeia que praticam um maior grau de alisamento de resultados : cotadas ou não cotadas?" Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/11140.
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Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais<br>O presente estudo pretende analisar o grau de alisamento das empresas europeias cotadas e não cotadas. A amostra incide sobre 4511 empresas pertencentes a 9 países europeus, entre o período de 2008 a 2014. As medidas utilizadas para se detetar o nível de alisamento de resultados foram as de Leuz, Nanda, & Wysocki (2003). Os resultados sugerem que as empresas não cotadas apresentam uma maior prática de alisamento de resultados do que as cotadas. Esta conclusão vai de encontro com a revisão de literatura, pois as empresas cotadas são mais monitorizadas e estão sujeitas a uma maior supervisão por parte dos meios de comunicação. Ao retirar-se o país com maior representatividade na amostra (Grã-Bretanha) e agrupando os países em dois grupos (Nórdicos e Anglo Saxónicos vs. Germânicos e Latinos), os resultados obtidos também indicam que, são as empresas não cotadas que alisam mais os seus resultados, confirmando os resultados principais do estudo.<br>This study aims to analyze the degree of income smoothing of listed and unlisted European firms. The sample covers about 4511 firms from nine European countries, between 2008 and 2014.The measures used to detect income smoothing level are from Leuz, Nanda, & Wysocki (2003). The results suggest that unlisted firms have a higher income smoothing practice, than listed firms. This achievement goes in line with the literature, because listed company are the most monitored and are subject to greater oversight by the media. By removing the country with the highest prevalence in the sample and grouping countries into two groups (Nordic and Anglo vs. Germanic and Latin) the results also indicate that there are the unlisted companies that smooth more their results.
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Foster, Timothy. "From cash flows to water flows : an assessment of financial risks to rural water supply sustainability in sub-Saharan Africa." Thesis, University of Oxford, 2016. https://ora.ox.ac.uk/objects/uuid:bb4e0aeb-c5c4-40a5-bf9b-231c5afdf730.
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This research examines the collective action and financial dimensions of rural waterpoint sustainability in sub-Saharan Africa. Four interlinking papers empirically evaluate the nature and drivers of financial risks, and how they in turn impact the operational performance of community water supplies. The research is grounded in conceptual and theoretical frameworks pertaining to collective action and common-pool resource management, in particular Ostrom's social-ecological systems framework (Ostrom, 2007), Musgrave & Musgrave's economic good framework (Musgrave & Musgrave, 1973), and Marwell & Oliver's critical mass theory (Marwell & Oliver, 1993). The first paper analyses data extracted from national waterpoint inventories in Liberia, Sierra Leone, and Uganda. The remaining three papers draw on primary data from rural Kenya comprising 229 years' worth of water committee financial records, a census of 571 waterpoints, and a survey of 3,361 households. These data were collected during extensive field work campaigns in Kwale, Kenya. Quantitative analyses were carried out by way of advanced statistical techniques, including logistic regression, linear mixed (repeated measure) models, and generalised estimating equations. Results suggest collection of user fees is a significant determinant of waterpoint sustainability, alongside other institutional, technical, geographical and environmental variables. However, monthly payment arrangements are beset by non-payment and late payment, particularly if rainfall levels are high, group size is large, households are far away, and water is aggressive and unpalatable. Although monthly contribution levels remain relatively stable above a collective payment rate of 60%, there is little evidence of self-sustaining growth beyond this point, and revenue collection is prone to collapse below this collective payment threshold. In comparison, pay-as-you-fetch fees are associated with increased revenue and improved operational performance, but result in a higher proportion of households opting for an unimproved water source. If the Sustainable Development Goal of universal access to safe water supplies is to be achieved in rural sub-Saharan Africa, strategies are needed to strengthen revenue collection systems and bolster payment incentives. External support and professionalised service delivery models present potential pathways to advance these goals. Policymakers may also need to introduce carefully designed subsidies, or promote self-supply approaches that realign lifecycle costs with users' willingness-to-pay.
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Park, Duri. "Accrual and Cash Flow Comparability: Evidence from Stock Analysts and Credit Rating Agencies." The Ohio State University, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=osu1385895448.
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WANG, Lin Yuan. "Do firms’ earnings reported under IFRS 3R reveal more about future earnings and cash flows? Evidence from the European Union." Digital Commons @ Lingnan University, 2014. https://commons.ln.edu.hk/acct_etd/18.
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Motivated by recent studies documenting inconsistent results regarding the benefits of adopting International Financial Reporting Standards (IFRS), the objective of this thesis is to examine the information value of firms’ earning reported focusing on IFRS 3 (Business Combination). IFRS 3 aims at providing systematic guidelines for acquirers of a business combination transaction to properly report identifiable assets and liabilities, to fairly measure goodwill and to disclose relevant information for investors’ evaluation. IFRS 3 was revised and became effective in July 2009. Opponents of the revised IFRS 3 (IFRS 3R) criticized the guidelines to have broadened the disconnection between current earnings and future cash flows and they argued against the widened implementation of fair value measurement by IFRS 3. This thesis covers European Union’s mandatory adoption of IFRS in 2005 along with the revision of IFRS 3 in 2009. The examination period is split into two time periods: Period 1 is from the mandatory adoption of IFRS to the eve of policy change, and Period 2 is from the policy change to the end of 2013. Sample in this study comprises of 374 firms involved in merger and acquisition (M&A) transactions in both time periods which results in 13,464 firm-quarterly observations drawn from 20 out of 28 European Union member countries.
This study finds the association between current earnings and future earnings as well as future cash flows has been weakened since the adoption of IFRS 3R which implies the information value of current earnings has receded. In addition, quarterly earnings reported under IFRS 3 appear to be more volatile after controlling for factors influencing earnings volatility such as size, economic shocks and managers’ income smoothing behavior. Moreover, this study suggests that earnings volatility has a negative effect on earnings persistence over the whole testing period. In addition, such effect has amplified since the introduction of IFRS 3R. Following Mishkin’s (1983) method of testing market efficiency, this study supports that capital market impounds attenuated degree of earnings volatility effect on earnings predictability since the application of IFRS 3R. These results should draw the attention of both standard setters and public users as the convergence to IFRS from domestic GAAP has been a globally debating topic. Thus, standard setters should balance the benefits such as improved relevance, reliability and comparability of financial reports and costs such as the information loss of earnings when making IFRS adoption decisions. Meanwhile, public users should use the financial statements with caution, especially when M&A transaction involves.
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STRÖM, CHRISTIAN. "Adapting Value Stream Mapping to Circular Product Flows. : From Manufacturing to Equipment Rental." Thesis, KTH, Skolan för industriell teknik och management (ITM), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-263156.
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The rise of the sharing economy is forcing industries to move from traditional take-make-waste economy towards circular ones (Schuttelaar & Partners, 2019). Along with the increasing influence of e-commerce, supply-chain collaboration and globalization has increased the pressure of warehouse operations and requires more efficient operations with the use of less resources thanever before (Frazelle, 2016). Lean is a concept that has gained attention as a means of doing morewith less, through reducing wastes and continuously improving, which has been successful within the manufacturing sector. The difficulties of translating this concept into non-repetitive environments has contributed to the low level of adoption within industries like construction. Where companies within construction equipment rental have an even greater challenge, dealing with circular product flows. Thus, making their warehousing operations inherently complex along with the large amounts of different products. The thesis has focused on analysing the warehouse operations flow of collective fall protectionproducts in the equipment rental industry, from customer order to customer return. This has been enabled by performing an adapted Value Stream Mapping method in a new setting for equipmentrental industries. Where Value Stream Mapping traditionally is applied in manufacturing to visually represents the actions that are required for a product to move through the production andinformation flows. The purpose of the study is to apply VSM beyond manufacturing and tosummarize the results in order to provide suggestions for improving the handling of non-serialized products within the equipment rental industry. A case company within the equipment rental industry has been used to meet the purpose of the study by testing and evaluating the proposed frame work. The findings have been followed up by performing a return handling study, conducted by equipment rental professionals, which has been subject to a statistical analysis. The findings from the VSM are used as a foundation for the return handling study, which serves as a means of verifying or dismissing them. These are then summarized in suggestions for improvements to the case company and suggestions for future actions. Among the findings are indications of longer return times for products that are not forewarned prior to returns, and increase processing rates for sorted returns. Furthermore three product types were more frequently requiring repairs, cleaning and scrapping compared to other products, suggesting that these requiremore time to process. The company is advised to work with standardizing processes for return handling throughout the organization within invoicing specifications and product storage. Suggestions for future research within the subject area is also presented.<br>Den ökande utbredningen av delningsekonomi tvingar industrier att gå från traditionella linjära affärsmodeller mot cirkulära (Schuttelaar & Partners, 2019). Utöver denna förändring så ökar även trycket på lagerverksamheter som ett resultat av det ökande inflytandet av e-handel, Supply-Chainsamarbete och globalisering som kräver effektivare verksamheter med användning av mindre resurser än någonsin förut (Frazelle, 2016). Lean är ett koncept som har uppmärksammats som en filosofi för att hantera dessa förändringar, genom att åstadkomma mer med mindre resurser och därmed minska slöseri och att sträva efter ständiga förbättringar, vilket har varit framgångsrikt inom tillverkningssektorn. Svårigheterna med att översätta detta koncept till icke-repetitiva miljöer har bidragit till den begränsade appliceringen av lean inom industrier som byggnadskonstruktion. Där företag inom uthyrning av byggnadsmaskiner och utrustning har en ännu större utmaning, då deras verksamhet bygger på cirkulära produktflöden. Vilket orsakar komplex lagerhantering av många olika produkter i stora mängder. Avhandlingen har fokuserat på att analysera lagerflödet av kollektiva fallskyddsmedel i uthyrningsbranschen, från kundorder till kundreturer. Detta har möjliggjorts genom att utföra en anpassad värdeflödeskartläggning i ett nytt sammanhang, nämligen för företag inom uthyrning av byggnadsmaskiner och utrustning. Där värdeflödeskartläggning vanligtvis används inom tillverkning för att visuellt representera de aktiviteter som krävs för att en produkt ska kunna flytta genom produktions- och informationsflödena. Syftet med studien är att tillämpa värdeflödeskartläggning utanför tillverkningssektorn och att sammanfatta resultaten i form av förslag på förbättringar av hanteringen av icke-serienumrerade produkter inom uthyrningsbranschen. Ett samarbete med ett fallföretag inom uthyrningsindustrin har genomgåtts för att uppfylla syftet med studien. Tillsammans med fallföretaget har det föreslagna ramarbetet testats och utvärderats. Resultaten har följts upp genom att genomföra en returhanteringsstudie, som utförs av verksamma inom lager hanteringen för kollektiva fallskyddsmedel, studiens resultat har sedan varit föremål för en statistisk analys. Upptäckterna från värdeflödeskartläggningen användes som grund för returhanteringsstudien, som agerat medel för att verifiera eller avfärda dem. Dessa har sedan sammanfattas i förslag till förbättringar till fallföretaget och förslag till framtida åtgärder. Bland resultaten finns indikationer på längre hanteringstider för returer som inte är förvarnade innan de blir återlämnade, samt minskade hanteringstider för sorterade returer. Dessutom krävde tre produkttyper ofta reparationer, rengöring och skrotning jämfört med andra produkter, vilket tyder på att dessa produkter är mer tidskrävande vid returer. Företaget rekommenderas att arbeta med standardiseringsprocesser för returhantering i hela organisationen, mer specifikt inom bestämmelser för fakturering och produktlagring. Förslag till framtida forskning inom ämnesområdet presenteras även.
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Vrbová, Tereza. "Výsledek hospodaření fyzických osob - účetnictví vs. daňová evidence." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-4684.
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The diploma work put brain to income from operations of natural persons in the accounting and tax evidence. At first it targets the income from operations and its different concept in the evidences. It describes establishment of income from operations on accrual and cash basis, defines components of income from operations - expenses, revenues, gains, losses, incomes and expenditures. The next part of the work focuses on legislation of income from operations in teh Czech Republic (in accounting and tax evidence).One of the chapters speeks about some economic transactions, which influences income from operations different in the accounting and tax evidence. The diploma work is finished with short example, which brings near the problem.
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Eriksson, Josefin, and Anna Eldered. "Information Usage in Smart Material Flows : An Evaluation of the Prerequisites of how to Become Smart in the Material Flow from a User Perspective within Assembly at an Industrial Manufacturing Company." Thesis, Linköpings universitet, Produktionsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-139118.
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IT is a well-integrated function within most companies and its importance grows bigger by the day. With new solutions and concepts being introduced continuously it is important to be aware of the ever-changing possibilities found within IT. One of these changes is the concept of Industrie 4.0 which poses as a revolutionary way to do business by connecting the real world with the virtual one to a greater extent than what is done today. Research has shown that there are many possible benefits of implementing Industrie 4.0 and also Smart Factory, such as improved inventory control and faster reaction time. Since these concepts are quite new, no real definition exists and the congruence between the academic and business world is not always at the same level, and therefore the first steps are not yet defined. Therefore, this study tried to reduce the gap between these two worlds by offering concrete recommendations of what needs to be done to be able to apply Industrie 4.0 in the real world at Scania CV AB and Scania IT. Scania CV AB posed as a case company to find out where to start on the road to become smart. Currently there are many functions using the services of Scania IT, but exactly how the systems are used is not known by Scania IT. To be able to provide the necessary services for the various functions of Scania CV AB and start the road of becoming smart, Scania IT needs to know how the systems are used and what information that is currently missing. A formulated strategy of Scania, as a whole, is to be able to collect and analyse information in order to have a more Intuitive Presence and Predictable Future, two words meaning that more proactive work can be conducted and more autonomous decisions can be made. To be able to fulfil this vision, knowledge about the needed information must be acquired by Scania IT. With focus on the information connected to the material flow before the material reaches the assembly lines found at Scania CV AB the purpose of this study was to identify and analyse information and actions needed in the material flow from a user perspective, to become Intuitive and Predictable as part of the concept Industrie 4.0. A set of research objectives were formulated as a guide for the study. By first identifying, with the help of the first research objective, the information input and output for the functions at Scania CV AB connected to the material flow, with a base in the functions planning material, it was identified that at different production sites different standards of working exist, but also differences in the IT usage and system configurations was found. The second research objective focused on what information should be available for production and material planning according to a literature review and this was later compared with the findings at Scania, which composed the third research objective. As it turned out, Scania uses the correct set of basic information such as forecasting, production plan, and calculations of gross demand, along with information regarding costs, lead times, and inventory. However, how to use the information is not standardized and the users of the IT systems perceived the information as hard to find and difficult to interpret. The fourth research objective focused on the concept of Industrie 4.0 and Smart Factories by studying literature, an external company and the ideas that Scania CV AB have, to see what must be done before a Digital Factory can be created. The recommendations for Scania IT were based on the result on the analyses and they can be summarized by the need of further standardization of information and information usage to be able to start the road of becoming Smart and take one step closer to the concepts of Smart Factory and Industrie 4.0.
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Tu, Hsin-Pei, and 杜欣霈. "Incentives to Inflate Reported Cash Flows from Operations-Evidence in Taiwan Stock Exchange." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/33072845863955868688.
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碩士<br>國立臺灣大學<br>會計學研究所<br>101<br>Management may manage operating cash flows due to different incentives. The study investigates the association between unexpected operating cash flows and management incentives, how management does it and the continuity of the management effect. The sample includes companies listed on Taiwan Stock Exchange during 2001 to 2011, and by examining financial statements of these companies, the study contains three tests: Unexpected Operating Cash Flow Test, Timing Test, Continuity Test.
The study finds that with incentives of management, the unexpected operating cash flow will rise and thus inflate operating cash flow.When management has incentives to inflate operating cash flow, cash cycle in first quarter of the year tends to increase comparing to previous quarter, which is the fourth quarter of the previous year. Lastly, when management inflates operating cash flow with incentives doing so, the unexpected operating cash flow tends to vanish afterward, which means the continuity of inflated operating cash flow doesn’t last for long time.
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Tu, Wen-Huei, and 塗文慧. "A Study of Cash Flow from Operations Forecasting Effectiveness on Listed Stock in Taiwan." Thesis, 1994. http://ndltd.ncl.edu.tw/handle/02349694539867846492.
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碩士<br>淡江大學<br>管理科學研究所<br>82<br>Business operations is closely related to the status quo of the
society. Once a business is in danger, it will cause the whole
society a serious loss especially the listed stock company.
Therefore, the samples of this study is concentrated on the
manufacturing industry which has stocks traded in the Taiwan
Stock Market. The study tried to explain：if CFFO information
is helpful to the users of financial statements to make a
correct judgment about investment and credit. The study
collects financial data from 1989 to 1992. The statistics
methods adopted in the study are Factor Analysis and
Discriminant Analysis. The results of the study show that： (1)
In univariate analysis, any of the three CFFO ratios is an
effective forecasting indicators of performance. (2) In
multivariate analysis, the forecasting ability of synthetic
model is not better than traditional model. In conclusion, the
CFFO ratios of the study don't have marginal forecasting
effectiveness.
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Sung, Shu-Chin, and 宋書勤. "An Empirical Study in the Impacts of Income after Tax and Cash Flows from Operating on Stock Prices." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/64115045358310816910.
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碩士<br>南台科技大學<br>會計資訊系<br>97<br>The purpose of this study is to investigate the impact of Income after Tax and Cash Flows from Operating on stock price. This study includes normal corporations and financial crisis corporations based on a sample of 1216 companies in Taiwan. The corporations with equity per share less than 10 dollar, debt ratio being greater than 2/3, or minus earnings per share for current year will be seen as financial crisis corporations; the others as normal corporations. The Barth & Beaver model (1998) regarding stock price, book value and profit is extended to examine the effects of the book value, income after tax and cash flows from operating on stock price for financial crisis corporations and normal corporations. The OLS and panel data are used to select the best measure method to understand the explanatory power of income after tax and cash flows from operating in relation to stock price and then additional explanatory power from different corporations.
The empirical results show that (1) the explanatory power of income after tax in relation to stock price is higher than cash flows from operating for normal corporations; (2) the explanatory power of cash flows from operating in relation to stock price is higher than income after tax for financial crisis corporations;(3) there exists the greater additional explanatory power than income after tax in relation to stock price for normal corporations;(4) there exists the greater additional explanatory power than cash flows from operating in relation to stock price for normal corporations; (5)the explanatory power of income after tax is higher than book value in relation to stock price for normal corporations and the explanatory power of book value is higher than cash flows from operating for financial crisis corporations.
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Young, Roland David. "An empirical examination of the usefulness of value-added and cash flow from operations in a South African context." Thesis, 2002. http://hdl.handle.net/10019.1/70096.
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Thesis (MBA)--University of Stellenbosch, 2002.<br>ENGLISH ABSTRACT: Returns and the ability to statistically formulate the association between returns and other
accounting variables have increased in significance to investors. Over the past three decades
substantial effort in the subject-field of accounting research has been devoted to the definition
of this association between earnings and firm values. The fundamental issue is the
information content of earnings and the value thereof to investors. Usefulness, in the
returns/prices context, can be defined as the R2 of the regression of returns/prices on earnings
(Lev, 1989: 156). Empirical evidence consistently shows that earnings are a statistically
significant explanatory variable.
A natural extension aiming at improving the empirical results is to incorporate GAAP-related
alternative information. One approach followed by numerous researchers is to decompose
earnings into components, and show that the components provide more information than
earnings alone. Another approach is to include additional variables such as working capital
from operations and cash flow from operations (eFO) in the regression models. The empirical
results generally showed that earnings components and other GAAP-related variables have
explanatory powers. The improvements in the predictive capability (measured by R2) of these
models were restricted.
Lev (1989: 181 - 182) suggested an intrepid research direction that departs from GAAP by
investigating the alternative definitions of earnings. Limited empirical studies on value-added
to date have shown that it is a useful measure of performance. For example, Bao and Bao
(1989) empirically demonstrated that value-added is positively associated with firm value in
certain industries. The analysis employed, however, was the firm valuation analysis. Recently
developed levels and changes analyses were not used. In 1998 Bao and Bao completed
another study using earnings as a benchmark. Firm valuation analysis, levels analysis and
changes analysis were all performed to evaluate the explanatory power of value-added. The
results show that value-added is a significant explanatory variable and its explanatory power
is higher than that of earnings.
The results obtained in this research project indicate that in the South African context
earnings is statistically the most explanatory variable. This is divergent from the findings
obtained in other research performed in this area, where value-added was indicated as the statistically most significant variable. It does appear that the explanatory power of valueadded
tends to increase over the review period. This can possibly be attributed to the relative
novelty of value-added in South Africa as opposed to Europe and the USA.<br>AFRIKAANSE OPSOMMING: Opbrengste en die vermoë om die verhouding tussen aandeelpryse en rekeningkundige
veranderlikes statisties te formuleer, wek toenemende belangstelling by beleggers. Oor die
afgelope drie dekades het daar 'n noemenswaardige skuif in die fokus op die vakgebied van
rekeningkundige navorsing plaasgevind. Aansienlik meer tyd word gespandeer om die
verhouding tussen aandeelpryse en die waarde van firmas te kwantifiseer in statistiese
modelle. Die onderliggende begrip vir die navorsing is die informasie-inhoud en die inherente
waarde wat opbrengste vir beleggers lewer. Waarde, in die opbrengste/pryse konteks, kan as
die R2 van die regressie van aandeelpryse teenoor opbrengste gedefinieer word (Lev, 1989:
156). Empiriese navorsing toon konstant aan dat verdienste 'n statistiese beduinde
veranderlike is.
Die logiese ontwikkeling gerig op die verbetering van die empiriese resultate is om
alternatiewe GAAP veranderlikes te inkorporeer. Een benadering wat deur menige navorsers
gevolg is, is om opbrengste in komponente te onderverdeel en sodoende te bewys dat die
komponente meer informasie-inhoud verskaf as opbrengste in geheel. 'n Alternatiewe
benadering is om addisionele veranderlikes soos bedryfskapitaal en kontantvloei in die
regressie modelle in te sluit. In die algemeen toon die empiriese resultate dat die komponente
van opbrengste en ander GAAP-verwante veranderlikes wel beskrywende moontlikhede het.
Die verbetering in die statistiese vooruitskattings vermoë (gemeet deur R2) van hierdie
modelle was wel beperk.
Lev (1989: 181 - 182) het 'n radikale nuwe navorsings-benadering voorgestel wat afwyk van
GAAP deur alternatiewe definisies van opbrengste te ondersoek. Tot op datum toon die
beperkte hoeveelheid empiriese navorsing op toegevoegde waarde dat dit wel 'n
noemenswaardige mate van opbrengste is. Byvoorbeeld, Bao en Bao (1989) het empiries
bewys dat toegevoegde waarde positief geassosieer is met firma waarde in sekere industrieë.
Slegs die firma valuasiemodel is gebruik om die analise uit te voer en nie die onlangs
ontwikkelde vlakke en veranderingsanalises nie. In 1998 het Bao en Bao nog 'n studie
onderneem met opbrengste as die maatstaf. Firma valuasie, vlakke analise en veranderingsanalise
is alles toegepas om die beskrywende moontlikhede van toegevoegde waarde te
ondersoek. Die resultate toon dat toegevoegde waarde 'n noemenswaardige beskrywende
veranderlike is, meer so as opbrengste. Die resultate van hierdie studie projek toon dat in die Suid-Afrikaanse konteks, verdienste die
mees beduidendste statistiese veranderlike is. Dit is teenstrydig met die bevindinge van ander
navorsers, waar toegevoegde waarde statisties meer beduidend is. Dit wil wel voorkom asof
toegevoegde waarde se statistiese informasie-inhoud toegeneem het oor die relevante periode.
Dit kan moontlik toegeskryf word aan die relatiewe onlangse bekendstelling in toegevoegde
waarde in Suid-Afrika in teenstelling met Europa en die VSA.
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Teng, Chu-liang, and 鄧竹良. "Income from discontinued operations and CEO cash compensation." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/76766021690122922035.
Full textAbstract:
碩士<br>國立成功大學<br>會計學系碩博士班<br>97<br>This study investigates whether the boards of directors shield CEO cash compensation from income-decreasing effects of loss from discontinued operations. Moreover, I analyse whether they shield loss from discontinued operations more than continuing operations. This paper also examines the different sensitivity of CEO cash compensation to income from discontinued operations and continuing operations. Finally, I inspect the effects of managerial empire building on the degree of shielding.
Using CEO cash compensation data from 1997 to 2007, the results indicate that the boards of directors do shield loss from discontinued operations. Whereas, I find no evidence that the shielding is significantly different between loss from discontinued operations and continuing operations. Furthermore, I identify that the sensitivity of CEO cash compensation to income from discontinued operations is smaller than continuing operations. Eventually, the findings suggest that in contrast to the CEO without managerial empire building, the compensation of the CEO with managerial empire building is less shielded from the effects of loss from discontinued operations. I conduct several sensitivity analyses by changing the measure of company size, adding controlling variables of pay-performance association, altering the measure basis of CEO cash compensation and applying Tobit regression models. These empirical results are still similar.
18
Thanh, Loan Nguyen Thi, and 阮氏清鸞. "The relative ability of earnings and cash flows data in predicting future cash flows: Evidence from Taiwan." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/ra23xr.
Full textAbstract:
碩士<br>國立虎尾科技大學<br>財務金融研究所<br>102<br>This empirical paper investigates the ability of earnings and cash flows from operation represented in statement of cash flows as well as two traditional measures of cash flows such as working capital from operation and net income plus depreciation and amortization in predicting the future cash flows for case of Taiwanese enterprises. Moreover, this paper mentioned effects of firm size (small size, medium size and large size) which influence the predictive power of four above factors for the future cash flows of corporations. Employing a sample data of 586 Taiwanese companies listed Taiwan Stock Exchange from 2000 to 2012. This study applies the ordinary least square approaches for the regression models. Also, within-sample and out-of-sample predicting tests are used in this paper to assess ability of regression models. The research provides evidence that cash flows from operation is greater than earnings and traditional measures of cash flows in predicting the future cash flows. Moreover, the forecasting ability of cash flows and earnings is proven that have a significant increase through firm size.
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Santos, Inês Amoedo. "Presenting and disclosing cash flows evidence from Portuguese listed companies." Master's thesis, 2017. http://hdl.handle.net/10362/22365.
Full textAbstract:
Presentation and disclosure of cash flows is reaching increasingly importance, stimulating
discussions between standard-setters, users, preparers and auditors. Bearing this in mind, this
study aims at analyzing what and how Portuguese listed companies reported in the Statement
of Cash Flows and related notes in annual reporting. The study describes, on one hand, if and
how those companies comply with IAS 7 for presentation and disclosure of cash flows and, on
the other hand, the impact of companies’ disclosure choices. Results provide an overview of
cash flows reporting, evidencing compliance, consistency and significant impact of accounting
choices, complementing existent Portuguese Literature.
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THANH, NGUYEN THI NGOC, and 阮氏玉青. "Does Cash Flows-Cash Sensitivity a Good Measure of Financial Constraints? Evidence from Taiwan and Vietnam." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/77972659982494588628.
Full textAbstract:
碩士<br>國立雲林科技大學<br>財務金融系<br>102<br>Previous studies suggest that firms subject to financial constraint exhibit high cash-flow sensitivity of cash, whereas those in countries with developed financial market show low cash-flow sensitivity of cash. This article compares the cash-flow sensitivity of cash between Taiwanese and Vietnamese firms by using firm data for 2004 to 2012 on 2,577 firms from Taiwan and Vietnam. Results show that the cash-flow sensitivity of cash in Taiwan is approximately 33.88%, which is higher than that in Vietnam at 22.67%. Results put into question the validity of using the cash-flow sensitivity of cash as a country-level measure of financial constraint.
21
Li, Bin. "Separating Information About Cash Flows From Information About Risk in Losses." Diss., 2012. http://hdl.handle.net/10161/5763.
Full textAbstract:
<p>This paper reconsiders the information content of losses, specifically, the extent to which losses contain distinct and offsetting information about future cash flows and about risk. Based on theory that suggests exit value is the lower bound of firm value, I posit that shareholders who decide to abandon the firm (or some portion thereof) will receive the exit value of disposed resources, thereby resolving uncertainty about payoffs (that is, cash flow uncertainty). Under this view, a higher likelihood of abandonment, proxied by losses, should be associated with both lower payoffs (the exit value of the disposed net assets) and lower risk (because uncertainty about the payoff is partially resolved). Using Vuolteenaho's (2002) method to decompose realized returns into expected returns, cash flow news and discount rate (risk) news, I predict and find that losses provide adverse news about cash flows (the valuation numerator) and favorable news about the discount rate (the valuation denominator). Because the effects of the two types of news are mutually offsetting, the relation between earnings and returns appears weaker for loss firms than for firms reporting profits. These results suggest that losses are valuation relevant, in the sense of providing information that is correlated with the information in returns.</p><br>Dissertation
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Yen, Wei-Heng, and 顏偉恆. "Stock return, Exchange rate and Cash Flows :Evidence from Taiwan Stock Market." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/j3pk8z.
Full text
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Shih, Szu-Chia, and 施思佳. "Research of Forewarning of Financial Crisis in Electronic Industry— from cash flows viewpoint." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/66962620533057257189.
Full textAbstract:
碩士<br>國立臺北大學<br>企業管理學系碩士在職專班<br>90<br>Since 1998, businesses have faced financial difficulty due to downturn of overall business environment, wrong financial operation implemented by the administration, and failure of capital reinvestment on different areas. A series of reactions to financial difficulty finally induce a general financial crisis locally in Taiwan. There is no forewarning that businesses just fall into a financial crisis instantly with stockholders, creditors, financial institutes and employees all suffering with great loss. The focus of this paper is to establish a forewarning model of Financial Crisis in different areas of electronic industry by utilizing published business financial information and cash flows related indexes in order to protect the interests of the stockholders and the creditors.
This paper has adopted one to one coupling method with selection of electronic companies listed or over the counter as the subjects, and which had encountered some financial crisis or problems after 1998; and then couple each of such company with one normal running company. The study is based on reviewing the financial statements of the previous 5 years before the company shows signs of crisis, calculating variables of financial ratios on the traditional financial statements and increasing variables of cash flows ratio.
First, simplify behavior variables and extract important common factors by Factor Analysis, then followed by a Stepwise Discriminant Analysis in order to find out the ranking order of the common factors in terms of their importance when predicting if the business is going to have a financial crisis or not. Then by way of Discriminant Analysis, predict if a business is going to have a financial crisis in order to establish a forewarning model for Financial Crisis.
Conclusions:
1.The paper focuses on analysis of single industry, and establish forewarning model of financial crisis. Based on Discriminant Analysis, it concluded that the prediction capability from the first to the fifth year before a financial crisis actually occurs would be 95%, 90%, 87%, 84%, and 77% in order respectively, and which shows that the model has an excellent prediction capability of financial crisis.
2.Business operation efficiency and Cash Safety Margin index represent better capability to distinguish the two comparison groups and better short-term prediction capability of crisis in terms of the time frame one to two years before a financial crisis happens.
3.Cash Safety Margin index and Activity index represent better capability to distinguish the two comparison groups and better long-term prediction capability of crisis in terms of the time frame three to five years before a financial crisis happens.
4.Cash Safety Margin index centered by cash flows ratio represents both long-term and short-term prediction capability of crisis, and which shows performing business financial prediction by increasing cash flows ratio can greatly improve the distinguishing capability.
5.The paper discovers the facts that highly accuracy up to 90% on performing financial prediction of electronic companies with an exception of the four companies listed below Lite-On Electronics, Inc., Action Electronics Co., Ltd., Sdi Corporation and Greatek Electronics Inc. that are of poorer prediction capability by the time frame four to five year before a financial crisis occurs.
6.Business is going to encounter a financial crisis whenever there is a type II error shown on the analysis result, and there is no way to come up with any forewarning from the analytical model. Stockholders and creditors may lose their investments when type II error appears. By the time frame one to four years before a financial crisis happens, the analytical model shows that the probability under 10% for the occurrence of type II error, and which means that type II error is under effective control; therefore, the chances that the stockholders and creditors may lose their investments are scarce.
24
Lee, SzuYuan, and 李思遠. "The seasonality of mutual fund cash flows: Evidence from Taiwan open-end equity funds." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/41715734950008534429.
Full textAbstract:
碩士<br>國立臺北大學<br>企業管理學系<br>100<br>The purpose of this article is to find out in which month the seasonality of mutual funds may be exist, and whether it happens every single year. This study examines the seasonal pattern in net flows to Taiwan equity funds over ten-year period, beginning in January 2002 through December 2011, and the sample is based on mutual fund database compiled by Taiwan Economic Journal.
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Hu, Ya-Ting, and 胡雅婷. "The Relationships among Free Cash Flows, Debt Policy and Governance Structure：Evidence from Taiwan Listed Companies." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/58k5w6.
Full text
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LIN, CHING-HUI, and 林青憓. "The Relationship Between Ownership Structure, Cash Flows and Tax Planning—The Evidence from KY Shares." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/bwss8p.
Full textAbstract:
碩士<br>東吳大學<br>會計學系<br>107<br>In the trend of internationalization, overseas funds and Taiwanese business returned to Taiwan local capital market. The numbers of KY shares has huge increased from 7 to 78 in 2010-2011, the total number of KY shares was 109 in the end of 2018. KY shares in the tax planning usually accompanied by equity transfer and earnings management. This research for Taiwan's listed company at stock exchange market and listed company at over-the-counter market in 2011 to 2018 as the major try to find the differences of KY shares and non-KY shares on the tax planning and discuss relationship between ownership structure, cash flows and tax planning of KY shares.
In this research, use effective tax rates of current income tax expense (CTAX), effective tax rates of gross income tax expense (GTAX) and book-tax difference (BTD) as the proxy variables of tax planning. The results show there are no different between KY shares and non-KY shares. In the regression analysis of KY shares, the ownership structure shows the higher ratio of external agencies, will reduce the tax planning. In cash holding aspect, KY shares can save cash through the tax planning, will make the enterprise keep more cash flow. Also, can distribute profits back to shareholders and repay debt with creditors or keep on hand for the invest resource in the future.
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Chi-HsienChiu and 邱繼賢. "Incorporating Environmental Flows into Crossing-Basin Water Resource Operations - an Inspiration from the Dujiangyan." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/19902549303960348589.
Full textAbstract:
碩士<br>國立成功大學<br>水利及海洋工程學系碩博士班<br>98<br>This thesis studies Tseng-Wen Reservoir Transbasin Diversion by considering impacts on both water usage and environmental integrity simultaneously. The Tseng-Wen Reservoir Transbasin Diversion Plan proposes to divert water from the Launong River into Tseng Wen Reservoir. This study attempts to provide management strategies on water diverting rate and 10 days reservoir operation for an optimal solution of both water usage of southern Taiwan and environmental integrity of these two river basins by using genetic algorithm (GA). I developed water diverting rates at three flow conditions inspired from Dujiangyan, and 36 storage levels for reservoir to evaluate the optimal solution from GA simulations that minimizes water deficiency and maximizes environmental integrity. Historical flow data of Launong River and Tseng Wen Reservoir from 1975 to 1998 were compiled into six indices for the GA simulations with their associated weights. The GA simulation results show that the optimal water diversion is 0.05 of the low flow (flow less than 20 million cubic meter/10 days), adding 0.39 of the median flow (flow between 20 million and 100 million cubic meter/10 days), and adding 0.37 of the high flow (flow between 100 million and 200 million cubic meter/10 days). The water diversion is 0 because of the turbidity while the flow over 200 million cubic meter/10 days. Under this optimal operation, the results of the water deficiency at Launong River, and the environmental integrity at Launong River and Tseng-Wen Reservoir are better than the original plan.
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Chang, Lun-Wen, and 張侖紋. "Discussion on the Effects of Free Cash Flows on Capital Expenditure from the Perspective of Corporate Governance." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/w8p7ks.
Full textAbstract:
碩士<br>國立臺中科技大學<br>企業管理系碩士班<br>107<br>This study discussed the effects of corporate governance on free cash flows and capital expenditure in Taiwan’s listed and OTC companies during the period from 2007 to 2017. After inapplicable samples and financial stock samples were eliminated, the total study samples were 7604.
In order to understand whether corporate governance degree affects capital expenditure of enterprises, in this study, the corporate governance index rating was established based on the total scores after the corporate governance variables were dualized, and the linear regression analysis was conducted on the two variables, corporate governance index rating and free cash flows, to determine the effects on capital expenditure of enterprises. There were 5 corporate governance variables, including board size, president concurrently be the general manager, shareholding ratio of controlling shareholders, shareholding ratio of major shareholders, size of independent directors and supervisors, and the capital expenditure variable was defined as the fixed assets purchased in the current year.
The empirical results show that, from the perspective of corporate governance, free cash flows are significantly and positively related to capital expenditure. On corporate governance variables, board size as well as independent directors and supervisors are significantly and positively related to capital expenditure. Controlling shareholders are negatively related to capital expenditure, and the higher the shareholding ratio of controlling shareholders is, the less the capital expenditure will be.
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Peixinho, Tiago Saldanha Lopes Pereira. "Reporting cash flow evidence from campanies listed in the Euronext Lisbon." Master's thesis, 2016. http://hdl.handle.net/10362/17189.
Full textAbstract:
Based on the 2013 and 2014 consolidated statements of cash flows of companies listed
in Euronext Lisbon, this Work Project analyses the cash flow disclosures, namely if they are in
accordance with International Accounting Standards 7, specifically the format, the choice of
classification interests, dividends paid and received and the composition of cash and cash
equivalents. Additionally, quality of income ratio is analyzed due to its importance for users of
financial statements. The results show evidence of uniformity and consistency in the use of the
direct method for reporting operational activities in both years, but there are some differences
regarding the disclosure of interests and dividends, paid and received, respectively.
30
Lin, Ching-chih, and 林敬智. "Examining Investment-Cash Flow and Operating Cash Flow from the View of System Dynamics to study the Investment Strategy of Taiwan’s DRAM." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/27193552257302846306.
Full textAbstract:
碩士<br>國立中山大學<br>資訊管理學系研究所<br>98<br>Taiwan’s DRAM has high technology, strong capital, and standardized products, but it still can not be escaped from economic fluctuations. With this impact, Taiwan’s DRAM has faced the problem of cash flow imbalance; moreover, the problem is going from bad to worse.
The study is based on the view of system dynamics and focuses on fixed assets and investment skills of the investment-cash flow, operating cash flow, and business cycles of Taiwan’s DRAM. It considers the features of dynamic complex, including loop, time delay and nonlinear and constructs a system dynamics model. The model would apply key elements to suppose an investment strategy and then to mimic an investment situation. The aim of the study will figure out the suitable investment strategy to assistant Taiwan’s DRAM making the most of its inputs.
The study discovers: (1) the best investment strategy for 10 year is 5.0 (to invest three fixed asset sets); for 30 year is 6.0 (to invest manufacturing skills and one fixed asset set) and 7.0 (to invest manufacturing skills and two fixed asset sets), (2) the most effective element for investment strategy in the long run is to invest fixed asset sets rather than upgrading manufacturing skills, (3) to keep investing in semiconductor fabrications would endanger Taiwan’s DRAM itself; hence the superior limit investment quantity for fixed assets are five to six sets,(4) the best investment timing for Taiwan’s DRAM is the first two business cycle season, and (5)when Taiwan’s DRAM faces economic downturn, the effective investment strategy for it is few. If Taiwan’s DRAM doesn’t change its industrial structure, it will face the high risk of loss.
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yu-cheng, Chen, and 陳佑鎮. "The influence of sales, net income and cash flow from operating activities on stock returns." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/99119508868743582245.
Full textAbstract:
碩士<br>東吳大學<br>國際經營與貿易學系<br>101<br>People would like to make money in stock markets. There are several methods to analyze stock price. Benjamin Graham, the teacher of Warren E. Buffet, said that only using logical fundamental analysis would make money in stock market.
Based on Benjamin Graham’s statement mentioned, we use panel data and some fundamental economic variables such as sales, net income and cash flow from operating activities to investigate their influence on stock returns.
The conclusion is that net income and cash flow from operating activities do affect the stock returns. We hope this paper could help investors create the second money pool for their accounts.
32
CAI, YOU-LIN, and 蔡侑霖. "The Effect of Incremental Relevance from Dual Cash Flow Presentation of Operating Activities on Firm’s Value." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/p94gf9.
Full textAbstract:
碩士<br>國立高雄科技大學<br>會計系<br>107<br>The purpose of this study is to investigate The Effect of Incremental Relevance from Dual Cash Flow Presentation of Operating Activities on Firm’s Value. There are 8,878 samples between 2013 to 2018 by Taiwan Economic Journal and Market Observation Post System. Using cash generated from operation per share and cash flow operating per share represents variable of information of operating activities. The model bases on Ohlson equity valuation model and Easton and Harris Model. My findings indicate that cash generated from operation per share shows significant positive with stock price based on Ohlson equity valuation model and cash flow operating per share shows significant positive with stock price based on Easton and Harris Model.
33
Zeng, Huei-Ping, and 曾惠萍. "Cash Flow at Risk in Operating, Investing and Financing Activities: Evidence from the Companies in Taiwan 50 Index." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/65705008498092487996.
Full textAbstract:
碩士<br>中原大學<br>國際貿易研究所<br>98<br>U.S. house prices started to decline and the sub-prime mortgage crisis began to spread around the world from 2006 to 2007. The sub-prime mortgage problem was obviously in the third quarter of 2007 and the global financial crisis occurred from 2007 to 2008. Global non-financial enterprises have been faced the increasing uncertainty and different risk sourses, so enterprises need more cash for unexpected risk. In view of this, the cash flow at risk of enterprise has become more important than past, so enterprises can’t ignore the importance of cash flow at risk. In a period of poor global economic environment, businesses must have sufficient cash flow to maintain its normal operating, so it is important for enterprises to measure cash flow at risk for enterprises’ operation. Value at risk is not only to provide financial statement users to obvious how companies’ cash flow exposed to market risk at a specific time. It also provides a signal for the management of enterprises to take appropriate hedge strategies to aviod cash flow fluctuations by the market in the future. When enterprises can control cash flow efficiently, enterprises can reduce huge unexpected losses.
Statement of cash flow includes three major activities that are operating activities, investing activites and financing activities. The traditional calculation of cash flow at risk use the total amount of three kind cash flow activities as a benchmark to measure, but the overall economic activities will influence three kind cash flow activites with different degrees. Therefore, when enterprise want to control cash flow at risk should aim operating, investing and financing activities to develope different company policies. This article wants to prove the three kinds cash flow activities influenced by different economic risk factors with different degrees and show that enterprises can’t ignore the three kind cash flow activities in measure cash flow at risk.
Three major cash flow activities are different in essentially, the investing activities is cash outflow, operating and financing are cash inflow activities. Therefore, operating, investing and financing activities will have different sign in cash flow at risk. Exception to three kind cash flow activities have different cash flow at risk, it also have different economic risk factors, so when estimate enterpieses cash flow at risk should separate statement of cash flow into operating, investing and financing activities. In additional, this research use two samples which include the financial tsunami and without financial tsunami during the financial crisis, two samples will have different risk factors and out of sample forecasting power.
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Hsiao, Ta-Wei, and 蕭大衛. "The influence of exchange rate and interest rate exposures on operating cash flow and stock returns-Empirical evidence from Taiwan 50 index constituents." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/92124586114993985481.
Full textAbstract:
碩士<br>中原大學<br>國際貿易研究所<br>99<br>Abstract
According to the statistics of the Ministry of Economic Affairs, the imports and exports account for over 70% of Taiwan’s Gross National Product, revealing that the international trade plays an important role in Taiwan’s economic growth. Among numerous factors affecting imports and exports, exchange rate exposure has received close attention in recent years. Besides, economic recovery, the moderate cross-straits relationship and the relatively low interest rate level in contrast to other Asian countries impel funds to enter the stock market of Taiwan on a large scale, which imposes Taiwan stock market to have outstanding performance in Asian markets, and pushes the appreciation of TWD largely. The loose monetary policy in American also has made the TWD/USD rate hit the new peak for past 13 years, which assaults the export-oriented electronic and technological industry. Therefore, the issue of how the variations of interest rates and foreign exchange rates influence operations of a company should be investigated. Based on this concern, the study evaluates the influences of exchange rate exposure and interest rate exposure on cash flows and stock rate of returns for a company.
In addition to employing panel data regression method, this research further utilizes the Wald test to analyze whether foreign exchange rate, long-term and short-term spread differentially impact the rate of returns and cash flows of a specific company, i.e., the so-called “differential slope estimation”. Through the results in differential slope estimation, it is easier to clarify which company is influenced directly by governmental adjusting policies of interest rates and foreign exchange rates, and which specific company is needed to be consulted and communicated. The policy goal is expected to be reached more smoothly.
The empirical results show that the variance of interest rate significantly influences on cash flows and stock rate of returns in the sample companies; however, the fluctuation of foreign exchange rate affects stock rate of returns weakly. It reveals that there is no direct relationship between stock prices and foreign exchange rates, but only apparently influence on some companies. Furthermore, with different sizes and directions, the fluctuation of exchange rates has apparent influences on a company's cash flows, pointing out that every company takes quite different currency hedge policies.
Keywords: Foreign exchange exposure, Interest rate exposure, Panel data, Wald test,
Differential slope estimation