Tài liệu miễn phí Tài chính doanh nghiệp
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Lý luận chung về hoạt động tài chính và phân tích tình hình tài chính doanh nghiệp
Hoạt động tài chính là một trong những nội dung cơ bản của hoạt động kinh doanh của doanh nghiệp nhằm giải quyết mối quan hệ kinh tế phát sinh trong quá trình kinh doanh được biểu hiện dưới hình thái tiền tệ để thực hiện các mục tiêu của doanh nghiệp là tối đa hoá lợi nhuận, tối đa hoá vốn chủ sở hữu. Nói cách khác hoạt động tài chính là những quan hệ tiền tệ gắn trực tiếp với việc tổ chức huy động phân phối, sử dụng quản lý vốn trong quá trình kinh doanh.
5/4/2020 10:01:29 PM +00:00
Khái niệm, ý nghĩa và phương pháp phân tích tình hình tài chính doanh nghiệp
Tài chính doanh nghiệp là hệ thống các quan hệ kinh tế có liên quan đến việc hình thành và sử dụng tài sản trong doanh nghiệp. Tài chính được biểu hiện dưới hình thức tiền tệ và có liên quan trực tiếp tới hiệu quả sản xuất kinh doanh của doanh nghiệp. Có rất nhiều khái niệm khác nhau về tài chính doanh nghiệp, các nhà kinh tế đã tìm kiếm khái niệm tài chính trên các vấn đề có tính chất nguyên lý khác nhau của họ mà thường tập trung vào 5 nguyên tắc được chia sẻ trong bài viết sau đây, mời các bạn cùng tham khảo.
5/4/2020 10:01:22 PM +00:00
Khái niệm và ý nghĩa của phân tích tài chính doanh nghiệp
Phân tích tình hình tài chính cũng nhằm cung cấp thông tin quan trọng nhất cho chủ doanh nghiệp, các nhà đầu tư, các chủ nợ và những người sử dụng khác đánh giá số lượng, thời gian và rủi ro của những khoản thu bằng tiền từ cổ tức hoặc tiền lãi. Vì các dòng tiền của các nhà đầu tư liên quan với các dòng tiền của doanh nghiệp nên quá trình phân tích phải cung cấp thông tin để giúp họ đánh giá số lượng, thời gian và rủi ro của các dòng tiền thu thuần dự kiến của doanh nghiệp.
5/4/2020 10:01:16 PM +00:00
Chỉ tiêu phân tích tài chính doanh nghiệp
Khả năng thanh toán của doanh nghiệp: khi so sánh khả năng thanh toán hiện hành của doanh nghiệp (bằng tài sản lưu động/ nợ ngắn hạn) hay khả năng thanh toán nhanh TSLĐ / nợ ngân hàng cuối kỳ với đầu quý hay với khả năng thanh toán thanh toán trung bình toàn ngành chủ doanh nghiệp sẽ biết được tình trạng doanh nghiệp mình ra sao. Để tìm hiểu thêm về các chỉ tiêu phân tích tài chính trong doanh nghiệp, mời các bạn cùng tham khảo bài viết sau đây.
5/4/2020 10:01:10 PM +00:00
Các chỉ số phân tích tài chính cơ bản
Chỉ số tài chính là các công cụ phổ biến mà các nhà đầu tư sử dụng để liên kết và phân tích mối liên hệ giữa giá của cổ phiếu với một hay một vài yếu tốt có liên quan đến hiệu suất hoạt động của các công ty. Các chỉ số này có thể trở nên hữu ích thông qua nhiều cách khác nhau miễn là bạn hiểu được và nhận thức được những hạn chế của các chỉ số đó. Tuy nhiên trước khi chúng ta tìm hiểu về công thức tính các chỉ số này, hãy cùng tìm hiểu những định nghĩa cơ bản nhất thông qua bài viết dưới đây nhé!
5/4/2020 10:01:04 PM +00:00
Các bước trình tự tiến hành và phương pháp phân tích tài chính doanh nghiệp
Phân tích tài chính sử dụng mọi nguồn thông tin có khả năng lý giải và thuyết minh thực trạng hoạt động tài chính doanh nghiệp, phục vụ cho quá trình dự đoán tài chính. Nó bao gồm cả những thông tin nội bộ đến những thông tin bên ngoài, những thông tin kế toán và những thông tin quản lý khác, những thông tin về số lượng và giá trị...trong đó các thông tin kế toán phản ánh tập trung trong các báo cáo tài chính doanh nghiệp, là những nguồn thông tin đặc biệt quan trọng. Do vậy, phân tích tài chính trên thực tế là phân tích các báo cáo tài chính doanh nghiệp.
5/4/2020 10:00:58 PM +00:00
Why activity based costing (ABC) is still tagging behind the traditional costing in Malaysia?
This study compares activity-based costing (ABC) model and traditional costing method in Malaysia. Activity based costing (ABC) which was developed into the manufacturing/service sectors in Malaysia. It calculates the cost and performance of activities, resources and cost objects. It can be considered as an alternative model to Traditional Cost-based accounting systems.
5/4/2020 8:57:00 PM +00:00
Portfolio selection using genetic algorithm
The selection of optimal portfolios is the central problem of financial investment decisions. Mathematically speaking, portfolio selection refers to the formulation of an objective function that determines the weights of the portfolio invested in each asset as to maximize return and minimize risk. This paper applies the method of genetic algorithm (GA) to obtain an optimal portfolio selection. However, the GA parameters are of great importance in the procedure of convergence of this algorithm towards the optimal solution such as crossover. While, a five stock portfolio example is used in this paper to illustrate the applicability and efficiency of genetic algorithm method, GA method can also be used however for a larger number of portfolio compositions. The results obtained confirm previous research studies about the validity and efficiency of genetic algorithm in selecting optimal portfolios.
5/4/2020 8:42:54 PM +00:00
Political connection and corporate innovation: Evidence from China
This paper studied the correlation between corporate innovation and Chinese private enterprises’ political connection based on a sample from 2008 to 2016 of all listed Chinese private companies. The empirical results showed that political connection contributed to corporate innovation and increased the corporate innovation output. The study further conducted a Difference-in-Difference approach which utilized China’s 2013 anti-corruption campaign as a natural experiment and the results showed that the positive effects between political connection and corporate innovation were weaken among political connected firms after the anti-corruption campaign.
5/4/2020 8:42:48 PM +00:00
On the robustness of fama and French model: Evidence from Italy
The purpose of this the article is to investigate if the Fama and French three-factor model is able to explain the variations in stock returns in Italian market. We choose Italian market as it is a weak equity market, characterized by small listed firms. Asset pricing literature believes that risk factors additional to beta are as more relevant as the market are smaller one, as in these contexts, beta differences are not able to explain return differences. We choose to achieve this aim through the tool of the literature review. In the sample of studies investigated, the relation between size and yield holds, while the empirical evidence related to the book-to-market ratio are mixed.
5/4/2020 8:42:29 PM +00:00
Listing standards and IPO performance: Is more regulation better
Decline in confidence in free market mechanisms in the past decade has provoked an increase in interest in regulatory issues. This paper seeks to answer one question: Are exchange listing rules an effective screening mechanism? Using a sample of IPO firms listing on major U.S. exchanges in 1984-2005, I find that (i) firms listing on different trading floors exhibit different characteristics; (ii) introduction of higher standards on one market tier does not prevent entry of low quality firms. My findings call in question the exchanges’ ability to create effective screens by changing listing rules, but speak in favour of further market segmentation.
5/4/2020 8:41:16 PM +00:00
Legal-Based Financial Structure and Long
This paper examines specifically the impact of legal-based financial structure on long-run economic growth in Nigeria, using time serial data for 17 year period: 1992 – 2008. Time series general method of movement (GMM) regression was used to estimate the necessary models. The growth rate of gross domestic product per capita was adopted as the dependent variable, while the independent variables were the country’s legal codes.
5/4/2020 8:41:10 PM +00:00
Leadership behaviors and culture dimensions in the financial industry
This paper investigated the relationship between leadership behaviors as well as Hofstede’s five cultural dimensions in financial institutions. A questionnaire is collected from 678 employees of Taiwan financial institutions. Leadership behaviors are measured through Bass and Avolio’s Multifactor Leadership Questionnaire. Awareness of organizational culture is tested via Hofstede’s cultural dimension. Pearson Correlation test reveals that 14 significant correlations among leadership behaviors and culture dimensions. In addition, the relationships among all transactional and transformational leadership attributes indicates high levels of transactional leadership associated with higher levels of transformational leadership.
5/4/2020 8:41:04 PM +00:00
Is bankruptcy costly? Recent evidence on the magnitude and determinants of indirect bankruptcy costs
In this study we estimate indirect bankruptcy costs for a recent sample of large corporate bankruptcies in the United States over the period, 1997 to 2004. We find indirect bankruptcy costs of approximately 2%, 6.2% and 14.9% of firm value in years -3, -2 and -1 relative to the year of bankruptcy announcement respectively. Together with the direct costs reported in Altman (1984), our results suggest total bankruptcy related costs around 6.09%, 9.71% and 17.43% of firm value over the corresponding three years.
5/4/2020 8:40:52 PM +00:00
International financial reporting standards (IFRS) and its influence on Pakistan
Worldwide application of IFRS (International Financial Reporting Standard) not only standardize the accounting treatments but also helpful in producing true and fair financial statements. All the counties using IFRS (International Financial Reporting Standard) can easily make comparisons of their financial statements across the industries and countries. Because of its fair results these are highly reliable standards for the allocation of resources and for keeping the accounting records. ICAP (Institute of Chartered Accountants of Pakistan) is responsible for the implementation of these standards in Pakistan. ICAP (Institute of Chartered Accountants of Pakistan) suggests theses standards to SECP (Securities and Exchange Commission of Pakistan), SECP (Securities and Exchange Commission of Pakistan) implement these standards but there are some contradictions between these standards and the companies’ ordinance 1984.
5/4/2020 8:40:40 PM +00:00
Integral equation methods for pricing perpetual bermudan options
This paper develops integral equation methods to the pricing problems of perpetual Bermudan options. By mathematical derivation, the optimal exercise boundary of perpetual Bermudan options can be determined by an integral-form nonlinear equation which can be solved by a root-finding algorithm. With the computational value of optimal exercise, the price of perpetual Bermudan options is written by a Fredholm integral equation.
5/4/2020 8:40:34 PM +00:00
Impact of macroeconomic factors on underpricing of initial public offerings before and after the recent global financial crisis: Evidence from Istanbul stock exchange
Underpricing of Initial Public Offerings (IPO) has always been a big deal to see the money left on the table by the issuers. This study analyzes the after-market performances of IPOs observed in 2006-2011 period in Istanbul Stock Exchange (ISE). Besides looking at the period as a whole, we divide that period into three regarding the Eight Annual Ernst & Young Global IPO Trends. This gives the opportunity to analyze the impact of macroeconomic factors before financial crisis (2006-2007), during the financial crisis (2008-2009), and after the financial crisis (2010-2011).
5/4/2020 8:40:10 PM +00:00
How did listed islamic and traditional banks performed: Pre and post the 2008 financial crisis
This study tests the efficiency and profitability of banks that belongs to two different sectors: a) Islamic Banks (IBs) and b) Traditional Banks (TBs). The study concentrates on the pre and post 2008 financial crisis with an aim to test if there are any significant differences in performance between the two sectors. The study applies the MANOVA techniques to analyze the financial secondary data for only publicly traded banks in the same region.
5/4/2020 8:39:58 PM +00:00
Financial Sector Development and Industrial
Literature abound justifying that industrialization is a pathway to economic development and growth. Whereas linkage between financial development and economic growth has long been a subject of intense scrutiny, not much has been done to examine the link between financial development and industrial growth. Using an aggregate production framework and autoregressive distributed lag (ARDL) cointegration technique for Nigerian time series data covering the period 1970 to 2009, the paper finds a cointegration relationship between financial sector development and industrial production. Both the long run and short run dynamic coefficients of financial sector development variables have negative and statistically significant impact on industrial production. Based on these research outcomes the following policy implications can be drawn: the most important task for government of Nigeria is to introduce further financial sector reforms to improve the efficiency of the domestic financial sector which is a pre-requisite for the achievement of industrial development.
5/4/2020 8:38:58 PM +00:00
Financial reforms, interest rate behaviour and economic growth in Nigeria
The paper examines the implications of financial reform and interest rate behaviour on economic growth in Nigeria. The cointegration and error correction model were used on time series data from 1970-2006. The results demonstrate that financial reform and interest rates have significant impact on economic growth in Nigeria. The results imply that the behaviour of interest rate is important for economic growth in view of the empirical nexus between interest rates and investment, and investment and growth.
5/4/2020 8:38:52 PM +00:00
Financial performance of disinvested central public sector enterprises in India: An empirical study on select dimensions
The objective of this paper is assess the financial performance of disinvested central public sector enterprises (PSEs) in India on the basis of several dimensions on pre and post disinvestment bases over the life span of more than two decades (i.e. 1986-87 to 2009-10); financial performance has been measured on the basis of select profitability, efficiency, liquidity, leverage and productivity ratios.
5/4/2020 8:38:46 PM +00:00
Financial inclusion and financial sector stability with reference to Kenya: A review of literature
This paper concludes that enhanced measures of financial inclusion which include both access and usage should be applied, since access and usage are not the same but supplementary. Informal financial services should also be included as they play a big role in developing countries.
5/4/2020 8:38:26 PM +00:00
Financial constraints, information asymmetry and Tunisian firm investment
The aim of this paper is to empirically analyze the effect of financial constraint, information asymetry on the firm investment. On the basis of a data relating to 394 Tunisian firms observed over the period 2001-2008 and by adopting the panel data method, our findings show that the effect of financial constraints varies according to the number of bank-firm relations, the funding mechanisms and the investment type.
5/4/2020 8:38:20 PM +00:00
Factors that influence financial leverage of Canadian firms
This study contributes to the literature on the factors that influence financial leverage of the firm. The findings may be useful for financial managers, investors, and financial management consultants.
5/4/2020 8:38:14 PM +00:00
Does government linked companies (GLCs) perform better than non-GLCS? Evidence from Malaysian listed companies
The purpose of this paper is to examine the impact of an alternative ownership/control structure of corporate governance on firm performance. Specifically, we investigated the governance system of government linked companied (GLCs) in Malaysia. In this paper, we examine governance mechanism and firm performance of Malaysian GLCs and non-GLCs over a 11 year period from 1995 to 2005.
5/4/2020 8:37:10 PM +00:00
Do dividend policies signal corporate operating characteristics
Dividend policy is one of controversial financial issues. There are various theories about dividend but in this study, the focus is on empirical test of signaling theory. This theory says that the payment of dividends provides information for investors and analysts. The aim of this study is preparing the evidence on dividend signaling about corporate operating characteristics (return, performance and earning). Therefore, linear regression models were fitted. Results showed that significantly positive correlation exists between dividend and return. Also, there was a similar relationship between dividend and earning. It means that dividend has information content about return and earning and so, signaling theory was approved about them.
5/4/2020 8:37:04 PM +00:00
Determinants of capital structure for listed construction companies in Malaysia
Some studies have determined the impact of financial factors on the failure of firms; such as bad financial management and lack of capital which are the main determinants of failure. The construction industry is generally also facing these problems to some extent. Where the Malaysian scene is concerned, the failure rate of construction companies is quite high. This study examines the debt and equity structure for the construction companies listed in the Bursa Malaysia market during a seven-year period from 2001 to 2007.
5/4/2020 8:36:52 PM +00:00
Day-of-the-week effects in the Indian spot and futures markets
The paper studies the efficiency of the Indian equity and futures markets by applying statistical techniques to returns and volatility during trading and nontrading hours. Returns have been decomposed into trading and non-trading period returns by taking close to open, open to close and close to close prices. We find the presence of a weekend effect during the non-trading period in the spot index market, while, there is no day of the week effect in the index futures market. Also, the volatility in both the markets is higher during the trading period than during the non-trading period.
5/4/2020 8:36:28 PM +00:00
Corporate debt financing and earnings quality
The objective of this research is to study the relationship between corporate debt financing and earnings quality and also to find the dominance of positive influence of debt or negative influence of debt on earnings quality. The research data were collected from 81 firms listed in Tehran Stock Exchange (TSE), during the years 2005-2009. For testing the hypotheses, multiple regression analysis was used.
5/4/2020 8:36:03 PM +00:00
Construction of investment risk measure by the dispersion degree of estimation errors of working capital
This study is based on investors’ viewpoint and adopts the accruals quality model [1] as proxy variable of earning quality. By applying the process capability concept in engineering application, we establish capability index of basis accrual quality and transform it into the investment risk assessment. It provides investors an effective way to control investment risk and to improve the investment decision-making process.
5/4/2020 8:35:57 PM +00:00