Tesi sul tema "Future operating performance"

S tím, jak se neustále vyvíjejí nové technologie pro energeticky náročná průmyslová odvětví, stávající zařízení postupně zaostávají v efektivitě a produktivitě. Tvrdá konkurence na trhu a legislativa v oblasti životního prostředí nutí tato tradiční zařízení k ukončení provozu a k odstavení. Zlepšování procesu a projekty modernizace jsou zásadní v udržování provozních výkonů těchto zařízení. Současné přístupy pro zlepšování procesů jsou hlavně: integrace procesů, optimalizace procesů a intenzifikace procesů. Obecně se v těchto oblastech využívá matematické optimalizace, zkušeností řešitele a provozní heuristiky. Tyto přístupy slouží jako základ pro zlepšování procesů. Avšak, jejich výkon lze dále zlepšit pomocí moderní výpočtové inteligence. Účelem této práce je tudíž aplikace pokročilých technik umělé inteligence a strojového učení za účelem zlepšování procesů v energeticky náročných průmyslových procesech. V této práci je využit přístup, který řeší tento problém simulací průmyslových systémů a přispívá následujícím: (i)Aplikace techniky strojového učení, která zahrnuje jednorázové učení a neuro-evoluci pro modelování a optimalizaci jednotlivých jednotek na základě dat. (ii) Aplikace redukce dimenze (např. Analýza hlavních komponent, autoendkodér) pro vícekriteriální optimalizaci procesu s více jednotkami. (iii) Návrh nového nástroje pro analýzu problematických částí systému za účelem jejich odstranění (bottleneck tree analysis – BOTA). Bylo také navrženo rozšíření nástroje, které umožňuje řešit vícerozměrné problémy pomocí přístupu založeného na datech. (iv) Prokázání účinnosti simulací Monte-Carlo, neuronové sítě a rozhodovacích stromů pro rozhodování při integraci nové technologie procesu do stávajících procesů. (v) Porovnání techniky HTM (Hierarchical Temporal Memory) a duální optimalizace s několika prediktivními nástroji pro podporu managementu provozu v reálném čase. (vi) Implementace umělé neuronové sítě v rámci rozhraní pro konvenční procesní graf (P-graf). (vii) Zdůraznění budoucnosti umělé inteligence a procesního inženýrství v biosystémech prostřednictvím komerčně založeného paradigmatu multi-omics.

碩士<br>元智大學<br>會計學程<br>99<br>The purpose of this study is to examine the relation between real earnings management and future operating performance, and to compare the future performance implication of real earnings management with that of accrual earnings management. I hypothesize that the firms engaging in earnings management to meet earnings threshold will have better future operating performance compared to those miss the threshold, based on the belief that the investors will punish the earnings management behavior if they notice the negative earnings reversing effect. Firms can conduct earnings management by doing real transactions or using accrual adjustment. The former costs higher, and has longer-period effect compared to the latter. So based on cost-benefit effect, I hypothesize that the firms conducting real earnings management should have longer and better future performance improvement compare to those conducting accrual earnings management. This study adopts Modified Jones Model to measure the accrual-based earnings management, and Roychowdhury (2006) to measure real earnings management. The empirical results show that firms use real earnings management to meet earnings threshold have significantly better future operating performance compared to firms that miss the target. The finding also shows that firms conducting real earnings management have longer performance improvement than those doing accrual earnings management.

碩士<br>國立中正大學<br>財務金融研究所<br>103<br>In this study, TEJ Database from 1995 to 2012 non-financial, fuel and energy industry, GTSM, TWSE, GTSM-Delisted, TWSE -Delisted as samples. This study takes both univariate control-firm approach and regression approach, to understand whether a firm’s dividend change conveys information about its future operating performance, and a firm’s accrual quality will make a difference with regard to the strength of information conveyance of dividend changes to the future operation performance. The total current accruals, a year ago, current, after a year of cash flow, the amount of change in net sales, fixed assets variables, calculated accrual quality. Based on the above, the results of the study found that abnormal changes in dividend convey future operating performance. As well as poor corporate governance, low accrual quality with a positive change in the dividend to strengthen convey the message of the future operating performance, but low accrual quality with a negative change in the dividend does not strengthen convey a negative future abnormal operating performance.

This paper investigates the value relevance of fair value accounting for non-financial tangible and intangible assets in the United States by examining the association of asset recognitions and revaluations accompanying business combinations with future performance. Asset recognitions and revaluations are measured as components of acquisition premia generated in business combinations. Future performance is measured as subsequent-period changes in operating income and changes in operating cash flows. The paper addresses three related research questions. First, to what extent are the components of acquisition premium generated in a business combination associated with the stock price of the combined firm? Second, do the components of acquisition premium reflect changes in future performance, where performance is measured as operating income and operating cash flows? And, third, does the accounting treatment in business combinations result in differential associations of the components of acquisition premium with stock prices or changes in future performance? I find that, consistent with prior research, acquisition premia generated in business combinations are positively associated with the market values of equity of the combined firms. Also, I find acquisition premia generated in purchase transactions are positively associated with changes in future operating income and cash flows from operations. However, acquisition premia generated in pooling transactions are not associated with changes in future performance. I conclude that the value relevance of fair value accounting for non-financial assets depends in part on the context in which it is valued.

碩士<br>國立臺北大學<br>企業管理學系<br>107<br>Whether dividends of companies have information contents, that is, whether dividend change can predict the change of future operating performance, is inconclusive in both domestic and foreign literature. On the other hand, prior studies have pointed out that investors will overestimate the company's future operating performance due to irrational optimism, so that the stock price may deviate from its reasonable level. Moreover, the manager could then cater to investors’ optimistic expectations and distribute more dividends. Therefore, this paper argues that if dividends have information contents, then it should be particularly obvious in the periods other than the high-sentiment period and among the firms whose stock prices are less sensitive to investor sentiment. In order to examine the validity of this argument, this paper employs both the pooled and the Fama-MacBeth cross-sectional regressions in conducting the empirical tests. The preliminary empirical results show that the dividend changes of Taiwanese firms do not bear information contents. However, after controlling for investor sentiment, as expected, it reveals that dividend changes do possess information contents. But it occurs only in the case of dividend reduction and it is weakened when investor sentiment is higher. Finally, when the firm characteristics of stock price sensitivity to sentiment is controlled for, the results show that dividend reduction seems to have information contents among the less-sentiment-sensitive firms. Therefore, the empirical findings of this paper provide new insights for the inconclusive literature and help to resolve the dispute.

碩士<br>中興大學<br>財務金融系所<br>95<br>Before 1991, most dividend policy is stock policy. After Securities & Futures Institute (SFI) executing 「Balance dividend policy」, we find cash dividend policy becoming more and more popular. Recently, even the high-tech industries prefer cash policy to stock policy and that makes cash policy more noticeable. The stock policy may be the way which the companies choose to attract the general to invest or be influenced by the law of SFI. But no matter how, it could provide the investors to know more about the business administration and stock’s price. In this research, we find dividend policy is indeed influenced by the change of the decree. That means the law has the direct effects on the companies, which means a sturdy financial system is urgency right now. This research also finds the dividend policy will bring us different information by different industries. In electronics industry, both of the dividend policies translate the positive signal to the investors. Besides, the employee dividend grant is also a positive signal. In traditional industries, both of the policies are positive signal to the industry. However, the employee dividend grant is negative. And the management grants is positive which means the more grant the management take the more operating efficiency the company will get in the traditional industries. Most of the researches about dividend policy in Taiwan are event methods. In this paper, we would try to use the dividend policy as the signal which the company announces. We would use the empirical results to analyze which policy will affect the efficiency most. The results find that the dividend policy will bring the positive signal to the future operating efficiency in finance and have the positive and negative to the company in market. The research also finds that cash dividend policy is a negative signal to the company before 2001 but positive hereafter. That fits what we see in the market. In stock policy, the investors take it as a positive signal but negative in the next year.

碩士<br>國立成功大學<br>財務金融研究所在職專班<br>101<br>This study investigates whether R＆D expenditure is associated with higher level of future performance in semiconductor industry and its three sub-industries: IC design industry, manufacturing industry, and packaging/testing industry. The empirical results show that the R＆D expenditure is negatively associated with the future performance in semiconductor industry, suggesting that R＆D expnding hurts future profitability. However, I find that the interaction term between R＆D expenditure and the number of patents is positively associated with the future performance in semiconductor industry, suggesting that R＆D spending could increase future performance when R＆D activities can finally lead to more patents. Finally, I find that my results in seminductor industry are driven by its IC design sub-industry.

碩士<br>朝陽科技大學<br>會計所<br>101<br>Previous studies document that managers with incentive of self-interest may manipulate operation activities to increase operating income temporarily. However, there are few literatures widely to explore the information content of abnormal operation activities. By linking the relation between abnormal operation activities and future profitability, this study infers that 1. the abnormal operation activities of firms with poor corporate government possess the information content of earnings management; 2. the abnormal operation activities of firms with better corporate government possess the content of transmitting internal information. Empirical results reveal that under poor corporate government group, abnormal cash flow from operating as well as abnormal discretionary expense are both positively associated with subsequent profitability, and abnormal production cost is negatively associated with subsequent profitability, supporting our earnings management inference. On the other hand, under better corporate government group, there are no significant relations between subsequent profitability and any item of abnormal cash flow from operating, abnormal production cost as well as abnormal discretionary expense, documenting the weak inference of transmitting internal information.

碩士<br>中原大學<br>國際貿易研究所<br>91<br>This paper researches about Futures Commission Mechants’ (FCMs’) operating performance after Taiwan futures market established. Main observations are 12 FCMs during 2000 ~ 2002. First, we interviewed the seniors in the futures business, then designed a questionnaire and requested the FCMs to choose several items that are suitable performance evaluation. We will know the potential factors that influence operating performance by means of these ways. We selected top 3 items among inputs and outputs, respectively. According to selective inputs and outputs data, we applied the Data Envelopment Analysis (DEA), which is an approach widely used evaluating multiple performance indicators to the empirical study of organations. The results are 6 FCMs with technical efficiency in 2000, 6 FCMs with technical efficiency in 2001, 7 FCMs with technical efficiency in 2002, and 4 FCMs with technical efficiency 3 years running from among those FCMs with technical efficiency during 2000 ~ 2002. This study provides inefficiency FCMs with output direction of improvement by DEA output orientation. Also, we utilized AR model instead of CCR model. Then, we found the FCMs with technical efficiency dropped to 2 in 2000, dropped to 3 in 2001, and dropped to 3 in 2002. The result shows AR model is better than CCR model in discriminating power. The results of questionnaire shows that the most important non-financial factor is AE’s professional skill on potential influence operating performance, and the worst factor is price war between FCMs on operating facet. Some questionnaires show the other harmful factors are futures exchange center charge too much fees from FCMs, the trading taxation is rather higher, and government policies are tightly for QFII and native investor of institution.

碩士<br>國立臺北大學<br>國際財務金融碩士在職專班<br>94<br>The government has vigorously impelled the liberalization, internationalization and diversification of the financial market in recent years. The financial industry, including insurance, banking, securities and futures, no longer faces competition from within its own sector owing to digital technology development and other market trends. Management environments have become more complicated and management risks have intensified. The financial and business complexity of the futures industry has increased as futures products have diversified and futures markets have internationalized. The current development of financial industry is under the trend of “big-always-get-bigger”, Financial holding companies have profoundly influenced the current industry since the Financial Holding Company Act was passed. This research, through the use of statistical analytical methods, provides understanding of the operating performance of the futures brokers. Futures brokers are categorized as “financial holding group related” or “non-financial holding group related” for purposes of analyzing their operating performance. Further, this research analyzes the correlation between the operating performance and the asset size of futures brokers. This research adopts the two-factor variance test based on Analysis-of-Variance (ANOVA) statistical method to carry out the significant test between these groups. Operating performance can be evaluated based on three categories: operating efficiency, business profitability and market growth. These three performance categories are used to do the significance test between groups of futures brokers, so that the correlation between the operating performance and financial holding-related futures brokers and non-financial holding-related futures brokers, as well as the correlation between the operating performance and the asset of the futures broker can be determined. For the operating efficiency, based on the results of the analysis, non-financial holding-related futures brokers have better operating efficiency than those with financial holding companies, while the futures brokers with larger assets have better operating efficiency than those with smaller assets. Therefore this research concludes that the futures broker with a financial holding company does not have any advantage in operating efficiency. For the business profitability, the larger the assets of the futures broker, the higher its profit, whether it belongs to a financial holding company or not. For the market growth, there is no significant difference between the financial holding group’s futures brokers and non-financial holding group’s futures brokers. In conclusion, we generally think the complementary effect of operating within a financial holding company will help futures brokers to outperform those non-financial holding futures brokers. However, according to the results of this research, there is no significant difference between financial holding’s futures brokers and non-financial holding futures brokers in terms of operating performance. Nevertheless, there is significant difference between futures brokers with large assets and those with small assets in terms of operating performance. Moreover, the larger the assets of the futures brokers, the better Keywords: Futures Broker, operating Performance, ANOVA

Yes<br>Public–Private Partnerships (PPPs) have become a critical vehicle for delivering infrastructure worldwide. Yet, the use of such a procurement strategy has received considerable criticism, as they have been prone to experiencing time/cost overruns and during their operation poorly managed. A key issue contributing to the poor performance of PPPs is the paucity of an effective and comprehensive performance measurement system. There has been a tendency for the performance of PPPs to be measured based on their ex-post criteria of time, cost and quality. Such criteria do not accommodate the complexities and lifecycle of an asset. In addressing this problem, the methodology of sequential triangulation is used to develop and examine the effectiveness of a ‘Process Management Life Cycle Performance Measurement System’. The research provides public authorities and private-sector entities embarking on PPPs with a robust mechanism to effectively measure, control and manage their projects’ life cycle performances, ensuring the assets are ‘future proofed’.