Kassavirta-analyysi velkarahoittajan näkökulmasta

Tutkielman tavoitteena oli selvittää vuonna 2006 voimaan astuneen osakeyhtiölain, ja sen seurauksena parantuneen velkojainsuojan vaikutus suomessa käytettäviin kassavirtalaskelmiin yritysanalyysissa. Erityisesti tutkittiin maksukykyisyystestin vaikutusta kassavirtalaskelmissa käytettävään maksunsaantijärjestykseen. Aineisto kerättiin haastattelemalla merkittävimpien suomalaisten rahoittajien yritystutkimusten edustajia ja käymällä läpi suomalaista rahoitusalan kirjallisuutta. Tutkielmassa kävi ilmi, että suomen merkittävimpien rahoittajien käyttämissä, tai rahoitusalan kirjallisuudessa esitetyissä kassavirtalaskelmissa, ei ollut otettu huomioon maksukykyisyystestin vaikutusta kassavirta-analyysiin. Tutkielmassa esitetään uudenlainen kassavirtalaskelma, mikä noudattaa mahdollisimman hyvin osakeyhtiön maksunsaantijärjestystä. Uusi kassavirtalaskelma sopii nykyisin Suomessa yleisesti käytössä olevia kassavirtalaskelmia paremmin sekä yrityksen velkakapasiteetin arvioimiseen että osakeyhtiön maksukykyisyystestin tekemiseen osingonjakopäätöksen tueksi. Lisäksi tutkielmassa havainnollistetaan esimerkkilaskelmin kassavirtaanalyysin tekemistä sekä Yritystutkimusneuvottelukunnan suosittamalla kassavirtalaskelmalla että uudenlaisella kassavirtalaskelmalla

Osingonjakopäätökset pienissä osakeyhtiöissä. Empiirinen tutkimus osakeyhtiölain varojenjakosäännösten toteutumisesta

Tässä väitöstutkimuksessa tarkastellaan Suomen osakeyhtiölain pakottavien varojenjakosäännösten vaikutusta osingonjakopaatoksiin. Lain vaikutuksen seuraamisen lisäksi pyritään muodostamaan kokonaiskuva tekijöistä, jotka vaikuttavat pienissä yhtiöissä tehtäviin osingonjakopäätöksiin. Väitöskirja koostuu kahdesta eri osasta. Ensimmäisessä osassa osoitetaan, kuinka toisen osan artikkelit muodostavat kokonaisuuden ja esitellään tutkimustulokset. Väitöskirjan toinen osa koostuu neljästä toisiaan täydentävästä artikkelista. Tutkimus etenee julkaisujen myötä ensin maksukykytestin määrittelystä maksukykytestiin liittyviin oikeudellisiin ongelmiin sekä tilinpaatoksen merkitykseen osingonjakopäätöksissä, siirtyen sitten omistaja johtajan tarpeisiin ja tavoitteisiin, päättyen lopuksi velkojan näkökulmaan. Tutkimuksen tavoitteeksi asetettiin kokonaiskuvan muodostaminen niistä tekijöistä, jotka vaikuttavat osingonjakopäätöksen tekemiseen pienissä osakeyhtiöissä. Tavoitteena oli myös selvittää kuinka osakeyhtiölain 13 luvun varojenjakosäännökset otetaan huomioon osingonjakopäätöstä tehtäessä. Tutkimusaineistona käytettiin sekä kyselytutkimusaineistoa että tilinpäätöstietoja. Aineistoa analysoitiin kvantitatiivisin menetelmin. Tutkimusaineistosta löydettiin kolme erilaista varallisuuden siirtämisen strategiaa. Ne nimettiin seuraavasti: tulojen maksimointi, verosuunnittelu, palkan jousto. Tutkimuksesta nousee esiin kolme keskeistä tulosta. Ensinnäkin, liiketaloustieteellinen maksukyvyn merkitys poikkeaa oikeustieteessä käsitetystä maksukyvystä. Toiseksi, osakeyhtiölain 13 luvun varojenjakosäännökset tulee ottaa huomioon sekä osingonjakopäätöstä tehtäessä että varojen tosiasiallisesti siirtyessä pois yhtiön vaikutuspiiristä. Kolmanneksi, pääomatuloverotuksen kiristyessä omistaja johtaja saattaa siirtää varallisuutta yhtiöstä yksityistalouteen osingon sijasta palkkana. Tämän seurauksena maksukykytestin merkitys vähenee erityisesti pienissä yhtiöissä. Tulosten perusteella tasetesti näyttää olevan pienissä yhtiöissä maksukykytestiä merkityksellisempi.

Osakeyhtiölain maksukykyisyystestin sisältö ja tulkintaongelmat

Tämä Pro gradu -työ on lainopillinen selvitys maksukykyisyystestin sääntelystä ja tulkintaongelmista. Tavoitteena on selvittää maksukykyisyystestin sisältöä sekä esitellä ja analysoida erilaisia näkökantoja siitä, miten maksukykyisyystestiä on tulkittu. Testin mukaan osakeyhtiöstä ei saa jakaa varoja, jos jaosta päätettäessä tiedetään tai pitäisi tietää yhtiön olevan maksukyvytön tai varojenjaon aiheuttavan maksukyvyttömyyden. Maksukykyisyystestin avulla hallitaan osakeyhtiön varojenjakoa: maksukykyisyystesti on siis vain väline rajoittaa varojen jakamista. On monia tapoja jakaa varoja, mutta tässä tutkimuksessa keskitytään osingonjakoon. Tutkimusmenetelmänä on laadullinen tutkimus. Tarkastelen aihetta pääosin oikeustieteellisestä näkökulmasta, mutta tutkimus sivuaa myös liiketaloustieteellistä tutkimusmetodia, koska usein maksukykyisyystestiä on perusteltu taloudellisista lähtökohdista käsin ja taloudellisilla tunnusluvuilla. Juridisen tarkastelun muodostaa osakeyhtiölaki ja muita lakeja tarkastellaan vain siinä määrin, kuin ne välittömästi liittyvät maksukykyisyystestiin. Perimmäisenä tutkimuskysymyksenä on selvittää maksukyvyn arvioinnin ajankohta ja kenen vastuulla maksukykyisyystestin toteuttaminen lopulta on: onko se hallituksen, toimitusjohtajan vai osakkeenomistajan vastuulla? Etenkin hallituksen vastuuta ja sen suhdetta maksukykyisyystestiin on oleellista tarkastella, koska tutkimuksen kohteena ovat pörssiyhtiöt.

Comparison of protection methods of pine stacks against Tomicus piniperda

Summary

Conceptualising the economics of plant health protection against invasive pests

Selostus: Tulokastuholaiset ja kasvinsuojelu : taloudellinen näkökulma

Protection of publicly distributed software components

The nature of client-server architecture implies that some modules are delivered to customers. These publicly distributed commercial software components are under risk, because users (and simultaneously potential malefactors) have physical access to some components of the distributed system. The problem becomes even worse if interpreted programming languages are used for creation of client side modules. The language Java, which was designed to be compiled into platform independent byte-code is not an exception and runs the additional risk. Along with advantages like verifying the code before execution (to ensure that program does not produce some illegal operations)Java has some disadvantages. On a stage of byte-code a java program still contains comments, line numbers and some other instructions, which can be used for reverse-engineering. This Master's thesis focuses on protection of Java code based client-server applications. I present a mixture of methods to protect software from tortious acts. Then I shall realize all the theoretical assumptions in a practice and examine their efficiency in examples of Java code. One of the criteria's to evaluate the system is that my product is used for specialized area of interactive television.

Balancing knowledge sharing and protection in collaborative innovation - The roles and dynamics of contracts, IPR's and trust

Pro-gradu tutkielman tavoitteena on tutkia, miten yritykset tasapainoilevat tiedon jakamisen ja suojaamisen välillä innovaatioyhteistyöprojekteissa, ja miten sopimukset, immateriaalioikeudet ja luottamus voivat vaikuttaa tähän tasapainoon. Yhteistyössä yritysten täytyy jakaa tarpeellista tietoa kumppanilleen, mutta toisaalta niiden täytyy varoa, etteivät ne menetä ydinosaamiseensa kuuluvaa tietoa ja kilpailuetuaan. Yrityksillä on useita keinoja tietovuodon estämiseen. Tutkielmassa keskitytään patenttien, sopimusten ja liikesalaisuuksien käyttöön tietoa suojaavina mekanismeina. Kyseiset suojamekanismit vaikuttavat luottamukseen kumppaneiden välillä, ja täten myös näiden halukkuuteen jakaa tietoa kumppaneilleen. Jos kumppanit eivät jaa tarpeeksi tietoa toisilleen, voi yhteistyö epäonnistua. Sopimusten, immateriaalioikeuksien ja luottamuksen rooleja ja vuorovaikutusta tutkitaan kahdenvälisissä yhteistyöprojekteissa. Tutkielmassa esitellään neljä case-esimerkkiä, jotka on koottu suomalaisen metsätoimialan yrityksen haastatteluista.

Database Rights in Safe European Home: The Path to More Rigorous Protection of Information

1. Introduction "The one that has compiled ... a database, the collection, securing the validity or presentation of which has required an essential investment, has the sole right to control the content over the whole work or over either a qualitatively or quantitatively substantial part of the work both by means of reproduction and by making them available to the public", Finnish Copyright Act, section 49.1 These are the laconic words that implemented the much-awaited and hotly debated European Community Directive on the legal protection of databases,2 the EDD, into Finnish Copyright legislation in 1998. Now in the year 2005, after more than half a decade of the domestic implementation it is yet uncertain as to the proper meaning and construction of the convoluted qualitative criteria the current legislation employs as a prerequisite for the database protection both in Finland and within the European Union. Further, this opaque Pan-European instrument has the potential of bringing about a number of far-reaching economic and cultural ramifications, which have remained largely uncharted or unobserved. Thus the task of understanding this particular and currently peculiarly European new intellectual property regime is twofold: first, to understand the mechanics and functioning of the EDD and second, to realise the potential and risks inherent in the new legislation in economic, cultural and societal dimensions. 2. Subject-matter of the study: basic issues The first part of the task mentioned above is straightforward: questions such as what is meant by the key concepts triggering the functioning of the EDD such as presentation of independent information, what constitutes an essential investment in acquiring data and when the reproduction of a given database reaches either qualitatively or quantitatively the threshold of substantiality before the right-holder of a database can avail himself of the remedies provided by the statutory framework remain unclear and call for a careful analysis. As for second task, it is already obvious that the practical importance of the legal protection providedby the database right is in the rapid increase. The accelerating transformationof information into digital form is an existing fact, not merely a reflection of a shape of things to come in the future. To take a simple example, the digitisation of a map, traditionally in paper format and protected by copyright, can provide the consumer a markedly easier and faster access to the wanted material and the price can be, depending on the current state of the marketplace, cheaper than that of the traditional form or even free by means of public lending libraries providing access to the information online. This also renders it possible for authors and publishers to make available and sell their products to markedly larger, international markets while the production and distribution costs can be kept at minimum due to the new electronic production, marketing and distributionmechanisms to mention a few. The troublesome side is for authors and publishers the vastly enhanced potential for illegal copying by electronic means, producing numerous virtually identical copies at speed. The fear of illegal copying canlead to stark technical protection that in turn can dampen down the demand for information goods and services and furthermore, efficiently hamper the right of access to the materials available lawfully in electronic form and thus weaken the possibility of access to information, education and the cultural heritage of anation or nations, a condition precedent for a functioning democracy. 3. Particular issues in Digital Economy and Information Networks All what is said above applies a fortiori to the databases. As a result of the ubiquity of the Internet and the pending breakthrough of Mobile Internet, peer-to-peer Networks, Localand Wide Local Area Networks, a rapidly increasing amount of information not protected by traditional copyright, such as various lists, catalogues and tables,3previously protected partially by the old section 49 of the Finnish Copyright act are available free or for consideration in the Internet, and by the same token importantly, numerous databases are collected in order to enable the marketing, tendering and selling products and services in above mentioned networks. Databases and the information embedded therein constitutes a pivotal element in virtually any commercial operation including product and service development, scientific research and education. A poignant but not instantaneously an obvious example of this is a database consisting of physical coordinates of a certain selected group of customers for marketing purposes through cellular phones, laptops and several handheld or vehicle-based devices connected online. These practical needs call for answer to a plethora of questions already outlined above: Has thecollection and securing the validity of this information required an essential input? What qualifies as a quantitatively or qualitatively significant investment? According to the Directive, the database comprises works, information and other independent materials, which are arranged in systematic or methodical way andare individually accessible by electronic or other means. Under what circumstances then, are the materials regarded as arranged in systematic or methodical way? Only when the protected elements of a database are established, the question concerning the scope of protection becomes acute. In digital context, the traditional notions of reproduction and making available to the public of digital materials seem to fit ill or lead into interpretations that are at variance with analogous domain as regards the lawful and illegal uses of information. This may well interfere with or rework the way in which the commercial and other operators have to establish themselves and function in the existing value networks of information products and services. 4. International sphere After the expiry of the implementation period for the European Community Directive on legal protection of databases, the goals of the Directive must have been consolidated into the domestic legislations of the current twenty-five Member States within the European Union. On one hand, these fundamental questions readily imply that the problemsrelated to correct construction of the Directive underlying the domestic legislation transpire the national boundaries. On the other hand, the disputes arisingon account of the implementation and interpretation of the Directive on the European level attract significance domestically. Consequently, the guidelines on correct interpretation of the Directive importing the practical, business-oriented solutions may well have application on European level. This underlines the exigency for a thorough analysis on the implications of the meaning and potential scope of Database protection in Finland and the European Union. This position hasto be contrasted with the larger, international sphere, which in early 2005 does differ markedly from European Union stance, directly having a negative effect on international trade particularly in digital content. A particular case in point is the USA, a database producer primus inter pares, not at least yet having aSui Generis database regime or its kin, while both the political and academic discourse on the matter abounds. 5. The objectives of the study The above mentioned background with its several open issues calls for the detailed study of thefollowing questions: -What is a database-at-law and when is a database protected by intellectual property rights, particularly by the European database regime?What is the international situation? -How is a database protected and what is its relation with other intellectual property regimes, particularly in the Digital context? -The opportunities and threats provided by current protection to creators, users and the society as a whole, including the commercial and cultural implications? -The difficult question on relation of the Database protection and protection of factual information as such. 6. Dsiposition The Study, in purporting to analyse and cast light on the questions above, is divided into three mainparts. The first part has the purpose of introducing the political and rationalbackground and subsequent legislative evolution path of the European database protection, reflected against the international backdrop on the issue. An introduction to databases, originally a vehicle of modern computing and information andcommunication technology, is also incorporated. The second part sets out the chosen and existing two-tier model of the database protection, reviewing both itscopyright and Sui Generis right facets in detail together with the emergent application of the machinery in real-life societal and particularly commercial context. Furthermore, a general outline of copyright, relevant in context of copyright databases is provided. For purposes of further comparison, a chapter on the precursor of Sui Generi, database right, the Nordic catalogue rule also ensues. The third and final part analyses the positive and negative impact of the database protection system and attempts to scrutinize the implications further in the future with some caveats and tentative recommendations, in particular as regards the convoluted issue concerning the IPR protection of information per se, a new tenet in the domain of copyright and related rights.

Software methods for HTML files protection in local / corporate networks: review and implementation

Tässä luomistyössä on esitetty tutkimus informaation suojaamisen menetelmien osalta paikallisissa ja ryhmäkuntaisissa verkoissa. Tutkimukseen kuuluu nykyaikaisten kryptagraafisten järjestelmien, Internetin/Intranetin ohjelmointikeinojen ja pääsyoikeuksien jakelumenetelmien analyysi. Tutkimusten perusteella on laadittu ohjelmiston prototyyppi HTML-tiedostojen suojaamista varten. Ohjelmiston laatimisprosessi on sisältänyt vaatimusten, järjestelmän ja suojelukomponenttien suunnittelun ja protytyypin testauksen. Ohjelmiston realisoinnin jälkeen kirjoitettiin käyttöohjeet. Ohjelmiston prototyyppi suojaa informaatiota HTML-tiedoston koko käytön aikana ja eri yrityksissä voidaan käyttää sitä pienien laajennuksien jälkeen.

Modernization of protection and control system of HV/MV substation in Russia

This work describes different possibilities of protection and control system improvement of primary distribution substation. The status of condition and main problems of power networks from reliability point of view in Russia are described. This work studies technologies used today in Russia for protection of distribution networks with their disadvantages. Majority of medium voltage networks (6-35 kV) has isolated network point. There is still no any protection available on the market which allows to estimate distance to fault in case of earth fault. The thesis analyses methods of earth fault distance calculation. On the basis of computer simulation the influence of various factors on calculation accuracy is studied. The practical implementation of the method presupposes usage of digital relay. Application of digital relay is accompanied by numerous opportunities which are described in this work. Also advantages of system implemented on the basis of IEC 61850 standard are examined. Finally, suitability of modern digital relays from GOST standard point of view is analyzed.

Protection of the high-voltage equipment with reduced insulation strength

Power transformer is the most expensive equipment on a substation. It is always necessary to get needed benefit with the lowest expenses. Producing of power transformers with reduced insulation strength is one of the possible ways to reduce expenses. Exploitation of such transformers was begun in the end of 70-th in the last century. Protection from overvoltages was done with valve-type magnetic combined surge arresters with increased blanking voltage during switching overvoltages. Nowadays there is the necessity of replacement of those devices. That’s why modernized nonlinear surge arrester was invented. This master’s thesis is focused on the use research of that modernized device in comparison with usual nonlinear surge arresters. The goal is to show the lightning overvoltages level using different types of nonlinear surge arresters and then calculations of the lightning protection reliability.

Frequency converter protection against supply network phenomena

This master’s thesis is focused on power supply network disturbances and their effects on the frequency converter – one of the components of modern process crane electrical system. The most critical disturbance types, their causes and the effect they bring to crane electrical system was determined in this work. Variety of protective devices used for mitigation of disturbances is investigated. Device protection solutions for the frequency converter used in crane applications are presented. Analyses of the power supply requirements for frequency converter and various components of crane electrical system were carried out and as a result the crane power supply requirements list that guarantees normal crane operation was built. This list is to be included in crane projects for troubleshooting purposes in order to determine potentially dangerous network.

Formal and informal mechanisms for knowledge protection and sharing

The most important knowledge in firms is mostly tacit and embedded in individuals within the organization. This background knowledge that firms possess is used for creation of new knowledge and innovations. As firms today greatly concentrate on their core competencies, they need external knowledge from various collaboration partners. Thus, collaborative relationship governance, as well as control (use of appropriability mechanisms) over background (the input from each firm in innovative activities) and foreground knowledge (the output of collaboration activities) is needed in order to successfully create and capture value from innovative activities without losing core knowledge and competitiveness. Even though research has concentrated on knowledge protection and knowledge sharing, studies that combine both of these views and examine the effects of sharing and protection on value creation and capture have been rather limited. Studies have mainly focused on the protection of the output of innovation while forgetting the protection of the input of innovation. On the other hand, as the research concentrating on the output of innovation tends to favor formal mechanisms, informal mechanisms have remained more unknown to researchers as well as managers. This research aims to combine the perspectives of knowledge sharing and knowledge protection and their relationship with value creation and value capture. The sharing and protection are viewed from two points of view: the use of appropriability mechanisms, as well as governance of the collaborative relationship. The study consists of two parts. The first part introduces the research topic and discusses the overall results. The second part comprises six complementary research publications. Both qualitative and quantitative research methods are used in the study. In terms of results, the findings enhance understanding of the combined use of formal and informal mechanisms for knowledge protection and sharing. Informal mechanisms appear to be emphasized in the protection of background knowledge, and thus are prerequisites for innovation, whereas formal mechanisms are relied on more for protecting the results of innovative activities. However, the simultaneous use of the formal and informal mechanisms that are relevant to the particular industry and innovation context is recommendedthroughout the collaborative innovation process. Further, the study adds to the current knowledge on HRM as an appropriability mechanism: on the firm level its uses include assessing and hedging against employee-related risks such as knowledge leaking and knowledge leaving. A further contribution is to the research on HRM protection and its interrelations with other appropriability mechanisms, its constituents, and its potential use in the area of knowledge protection.

Feasibility study of the available relay protection solutions for microgrids

Thesis talks about relay protection for microgrids. Microgrid operation sets more challenges than traditional utility grid protection because of lower fault current levels. Solutions for these challenges are discussed in this paper. Thesis also studies available relay protection solutions and figures out how they would fit for microgrid protection.