Fuzzy real option analysis in patent related decision making and patent valuation

The shift towards a knowledge-based economy has inevitably prompted the evolution of patent exploitation. Nowadays, patent is more than just a prevention tool for a company to block its competitors from developing rival technologies, but lies at the very heart of its strategy for value creation and is therefore strategically exploited for economic pro t and competitive advantage. Along with the evolution of patent exploitation, the demand for reliable and systematic patent valuation has also reached an unprecedented level. However, most of the quantitative approaches in use to assess patent could arguably fall into four categories and they are based solely on the conventional discounted cash flow analysis, whose usability and reliability in the context of patent valuation are greatly limited by five practical issues: the market illiquidity, the poor data availability, discriminatory cash-flow estimations, and its incapability to account for changing risk and managerial flexibility. This dissertation attempts to overcome these impeding barriers by rationalizing the use of two techniques, namely fuzzy set theory (aiming at the first three issues) and real option analysis (aiming at the last two). It commences with an investigation into the nature of the uncertainties inherent in patent cash flow estimation and claims that two levels of uncertainties must be properly accounted for. Further investigation reveals that both levels of uncertainties fall under the categorization of subjective uncertainty, which differs from objective uncertainty originating from inherent randomness in that uncertainties labelled as subjective are highly related to the behavioural aspects of decision making and are usually witnessed whenever human judgement, evaluation or reasoning is crucial to the system under consideration and there exists a lack of complete knowledge on its variables. Having clarified their nature, the application of fuzzy set theory in modelling patent-related uncertain quantities is effortlessly justified. The application of real option analysis to patent valuation is prompted by the fact that both patent application process and the subsequent patent exploitation (or commercialization) are subject to a wide range of decisions at multiple successive stages. In other words, both patent applicants and patentees are faced with a large variety of courses of action as to how their patent applications and granted patents can be managed. Since they have the right to run their projects actively, this flexibility has value and thus must be properly accounted for. Accordingly, an explicit identification of the types of managerial flexibility inherent in patent-related decision making problems and in patent valuation, and a discussion on how they could be interpreted in terms of real options are provided in this dissertation. Additionally, the use of the proposed techniques in practical applications is demonstrated by three fuzzy real option analysis based models. In particular, the pay-of method and the extended fuzzy Black-Scholes model are employed to investigate the profitability of a patent application project for a new process for the preparation of a gypsum-fibre composite and to justify the subsequent patent commercialization decision, respectively; a fuzzy binomial model is designed to reveal the economic potential of a patent licensing opportunity.

Three-dimensional modeling of biomass fuel flow in a circulating fluidized bed furnace

The reduction of greenhouse gas emissions in the European Union promotes the combustion of biomass rather than fossil fuels in energy production. Circulating fluidized bed (CFB) combustion offers a simple, flexible and efficient way to utilize untreated biomass in a large scale. CFB furnaces are modeled in order to understand their operation better and to help in the design of new furnaces. Therefore, physically accurate models are needed to describe the heavily coupled multiphase flow, reactions and heat transfer inside the furnace. This thesis presents a new model for the fuel flow inside the CFB furnace, which acknowledges the physical properties of the fuel and the multiphase flow phenomena inside the furnace. This model is applied with special interest in the firing of untreated biomass. An experimental method is utilized to characterize gas-fuel drag force relations. This characteristic drag force approach is developed into a gas-fuel drag force model suitable for irregular, non-spherical biomass particles and applied together with the new fuel flow model in the modeling of a large-scale CFB furnace. The model results are physically valid and achieve very good correspondence with the measurement results from large-scale CFB furnace firing biomass. With the methods and models presented in this work, the fuel flow field inside a circulating fluidized bed furnace can be modeled with better accuracy and more efficiently than in previous studies with a three-dimensional holistic model frame.

Verkostoskenaarioiden arviointi sähkön jakeluverkkotoiminnan valvontamenetelmien kannalta

Tämän työn tavoitteena oli selvittää sähkön jakeluverkkotoiminnan valvontamenetelmien muutoksien vaikutuksia Loiste Sähköverkko Oy:n talouteen neljännellä ja viidennellä valvontajaksolla. Tarkastelua varten tehtiin talousmalli, joka mallintaa verkkoyhtiön taloutta vuoteen 2040 asti. Talousmallissa mallinnettiin kaikkien kannustimien vaikutus paitsi innovaatio- ja toimitusvarmuuskannustimien vaikutus. Talousmallinnuksen perusperiaate oli, että mitä ei pystytä kattamaan siirtotuloilla, rahoitetaan vieraalla pääomalla, kun kassavirran minimitaso ja investointitaso ovat valittu. Talousmallilla tarkasteltiin neljää erilaista verkostoskenaariota. Tarkasteltavat verkostoskenaariot olivat kehittämissuunnitelman mukainen skenaario, nopeutettu kehittämissuunnitelman mukainen skenaario, kaapelointipainotteinen skenaario ja kunnossapitopainotteinen skenaario. Verkon arvon kehittyminen verkostoskenaarioissa mallinnettiin Loiste Sähköverkko Oy:n investointimallilla ja kuvattiin talousmallinnusta varten jälleenhankinta-arvon, nykykäyttöarvon, investointien ja tasapoistojen kehittymisellä vuoteen 2029 asti. Työn tulosten perusteella kehittämissuunnitelman mukaisessa skenaariossa vieraan pääoman määrä pysyy kohtuullisena ja mahdollistaa kohtuullisen kassavirran tarkastelujakson lopussa. Nopeutetussa kehittämissuunnitelman mukaisessa skenaariossa ja kaapelointipainotteisissa skenaariossa vieraan pääoman määrä kasvaa merkittävästi, mikä voi lisätä liiketaloudellisia riskejä, mutta toisaalta mahdollistavat korkeamman kassavirran tarkastelujakson lopussa. Kunnossapitopainotteisessa skenaariossa vieraan pääoman määrä on matala, mutta kassavirta myös pysyy matalana tarkastelujakson loppuun asti.

Foreign exchange exposure management in a fuel procurement company operating in the commodity markets

Fluctuating commodity prices, foreign exchange rates and interest rates are causing changes in cash flows, market value and the companies’ profit. Most of the commodities are quoted in US dollar. Companies with non-dollar accounting face a double risk in the form of the commodity price risk and foreign exchange risk. The objective of this Master’s thesis is to find out how companies under commodity should manage foreign exchange exposure. The theoretical literature is based on foreign exchange risk, commodity risk and foreign exchange exposure management. The empirical research is done by using constructive modelling of a case company in the oil industry. The exposure is model with foreign exchange net cash flow and net working capital. First, the factors affecting foreign exchange exposure in case company are analyzed, then a model of foreign exchange exposure is created. Finally, the models are compared and the most suitable method is defined. According to the literature, foreign exchange exposure is the foreign exchange net cash flow. However, the results of the study show that foreign exchange risk can be managed also with net working capital. When the purchases, sales and storage are under foreign exchange risk, the best way to manage foreign exchange exposure is with combined net cash flow and net working capital method. The foreign exchange risk policy of the company defines the appropriate way to manage foreign exchange risk.

Public-private partnership investments in dry ports – Russian logistics markets and risks

The investments have always been considered as an essential backbone and so-called ‘locomotive’ for the competitive economies. However, in various countries, the state has been put under tight budget constraints for the investments in capital intensive projects. In response to this situation, the cooperation between public and private sector has grown based on public-private mechanism. The promotion of favorable arrangement for collaboration between public and private sectors for the provision of policies, services, and infrastructure in Russia can help to address the problems of dry ports development that neither municipalities nor the private sector can solve alone. Especially, the stimulation of public-private collaboration is significant under the exposure to externalities that affect the magnitude of the risks during all phases of project realization. In these circumstances, the risk in the projects also is becoming increasingly a part of joint research and risk management practice, which is viewed as a key approach, aiming to take active actions on existing global and specific factors of uncertainties. Meanwhile, a relatively little progress has been made on the inclusion of the resilience aspects into the planning process of a dry ports construction that would instruct the capacity planner, on how to mitigate the occurrence of disruptions that may lead to million dollars of losses due to the deviation of the future cash flows from the expected financial flows on the project. The current experience shows that the existing methodological base is developed fragmentary within separate steps of supply chain risk management (SCRM) processes: risk identification, risk evaluation, risk mitigation, risk monitoring and control phases. The lack of the systematic approach hinders the solution of the problem of risk management processes of dry port implementation. Therefore, management of various risks during the investments phases of dry port projects still presents a considerable challenge from the practical and theoretical points of view. In this regard, the given research became a logical continuation of fundamental research, existing in the financial models and theories (e.g., capital asset pricing model and real option theory), as well as provided a complementation for the portfolio theory. The goal of the current study is in the design of methods and models for the facilitation of dry port implementation through the mechanism of public-private partnership on the national market that implies the necessity to mitigate, first and foremost, the shortage of the investments and consequences of risks. The problem of the research was formulated on the ground of the identified contradictions. They rose as a continuation of the trade-off between the opportunities that the investors can gain from the development of terminal business in Russia (i.e. dry port implementation) and risks. As a rule, the higher the investment risk, the greater should be their expected return. However, investors have a different tolerance for the risks. That is why it would be advisable to find an optimum investment. In the given study, the optimum relates to the search for the efficient portfolio, which can provide satisfaction to the investor, depending on its degree of risk aversion. There are many theories and methods in finance, concerning investment choices. Nevertheless, the appropriateness and effectiveness of particular methods should be considered with the allowance of the specifics of the investment projects. For example, the investments in dry ports imply not only the lump sum of financial inflows, but also the long-term payback periods. As a result, capital intensity and longevity of their construction determine the necessity from investors to ensure the return on investment (profitability), along with the rapid return on investment (liquidity), without precluding the fact that the stochastic nature of the project environment is hardly described by the formula-based approach. The current theoretical base for the economic appraisals of the dry port projects more often perceives net present value (NPV) as a technique superior to other decision-making criteria. For example, the portfolio theory, which considers different risk preference of an investor and structures of utility, defines net present value as a better criterion of project appraisal than discounted payback period (DPP). Meanwhile, in business practice, the DPP is more popular. Knowing that the NPV is based on the assumptions of certainty of project life, it cannot be an accurate appraisal approach alone to determine whether or not the project should be accepted for the approval in the environment that is not without of uncertainties. In order to reflect the period or the project’s useful life that is exposed to risks due to changes in political, operational, and financial factors, the second capital budgeting criterion – discounted payback period is profoundly important, particularly for the Russian environment. Those statements represent contradictions that exist in the theory and practice of the applied science. Therefore, it would be desirable to relax the assumptions of portfolio theory and regard DPP as not fewer relevant appraisal approach for the assessment of the investment and risk measure. At the same time, the rationality of the use of both project performance criteria depends on the methods and models, with the help of which these appraisal approaches are calculated in feasibility studies. The deterministic methods cannot ensure the required precision of the results, while the stochastic models guarantee the sufficient level of the accuracy and reliability of the obtained results, providing that the risks are properly identified, evaluated, and mitigated. Otherwise, the project performance indicators may not be confirmed during the phase of project realization. For instance, the economic and political instability can result in the undoing of hard-earned gains, leading to the need for the attraction of the additional finances for the project. The sources of the alternative investments, as well as supportive mitigation strategies, can be studied during the initial phases of project development. During this period, the effectiveness of the investments undertakings can also be improved by the inclusion of the various investors, e.g. Russian Railways’ enterprises and other private companies in the dry port projects. However, the evaluation of the effectiveness of the participation of different investors in the project lack the methods and models that would permit doing the particular feasibility study, foreseeing the quantitative characteristics of risks and their mitigation strategies, which can meet the tolerance of the investors to the risks. For this reason, the research proposes a combination of Monte Carlo method, discounted cash flow technique, the theory of real options, and portfolio theory via a system dynamics simulation approach. The use of this methodology allows for comprehensive risk management process of dry port development to cover all aspects of risk identification, risk evaluation, risk mitigation, risk monitoring, and control phases. A designed system dynamics model can be recommended for the decision-makers on the dry port projects that are financed via a public-private partnership. It permits investors to make a decision appraisal based on random variables of net present value and discounted payback period, depending on different risks factors, e.g. revenue risks, land acquisition risks, traffic volume risks, construction hazards, and political risks. In this case, the statistical mean is used for the explication of the expected value of the DPP and NPV; the standard deviation is proposed as a characteristic of risks, while the elasticity coefficient is applied for rating of risks. Additionally, the risk of failure of project investments and guaranteed recoupment of capital investment can be considered with the help of the model. On the whole, the application of these modern methods of simulation creates preconditions for the controlling of the process of dry port development, i.e. making managerial changes and identifying the most stable parameters that contribute to the optimal alternative scenarios of the project realization in the uncertain environment. System dynamics model allows analyzing the interactions in the most complex mechanism of risk management process of the dry ports development and making proposals for the improvement of the effectiveness of the investments via an estimation of different risk management strategies. For the comparison and ranking of these alternatives in their order of preference to the investor, the proposed indicators of the efficiency of the investments, concerning the NPV, DPP, and coefficient of variation, can be used. Thus, rational investors, who averse to taking increased risks unless they are compensated by the commensurate increase in the expected utility of a risky prospect of dry port development, can be guided by the deduced marginal utility of investments. It is computed on the ground of the results from the system dynamics model. In conclusion, the outlined theoretical and practical implications for the management of risks, which are the key characteristics of public-private partnerships, can help analysts and planning managers in budget decision-making, substantially alleviating the effect from various risks and avoiding unnecessary cost overruns in dry port projects.

Financial working capital - management and measurement

Unexpected changes in cash flow have started to occur more frequently after the financial crisis. The capital structures of companies have also changed, and financial flexibility as well as flexible asset management have therefore become more important. This thesis aims at presenting financial working capital management, a part of flexible asset management, as a possibility to gain financial flexibility and survive the changes. This thesis operates in the interface of corporate finance, strategic management and management accounting, and it has two main objectives: to examine financial working capital management and to develop measures of financial working capital. The research in this thesis has been conducted using archival research and design science. Qualitative comparative analysis and model building are used to formulate tools and strategies for financial working capital management. The tools are tested with simulations, case studies and statistical analysis. The empirical data is collected from companies listed in the Helsinki Stock Exchange. The results of this thesis indicate that there are several possible financial working capital management strategies. FOCAL matrix is created in the thesis to assist in the selection of a strategy. The results also imply that profitability can be improved by reducing financial working capital, which creates a need to change the financial working capital management strategy. Financial flow cycle, and its modification, is developed in this thesis to measure financial working capital. Financial working capital as a concept is presented in this thesis with an orientation towards the management view. New dimensions have also been produced to financial management and working capital management, while providing a holistic approach to financial flexibility. Financial working capital management strategies are presented to managers and practical tools are provided for decision-making.

Rakennusurakan kassavirranhallinta infra-alan yrityksessä

Tämän tutkimuksen tarkoituksena on selvittää keinot, joilla voidaan alentaa infrateollisuuden yrityksen käyttöpääoman määrää. Tutkimus tehtiin konstruktiivisena tapaustutkimuksena, jossa käytettiin excel –mallia kuvaamaan yksittäisen urakan kassavirtaa. Tutkimukseen valittiin kaksi urakkaa, joiden tulevia kassavirtoja ennustettiin ja seurattiin mallin avulla. Tutkimuksen aikana kehitettiin urakan rahoituseromalli, jolla ennustetaan ja seurataan tulevia kassavirtoja. Tunnuslukuna käytettiin urakan rahoituseroa. Mallin avulla urakalle luotiin maksuerätaulukko. Urakan kustannukset ja tuotot jaksotettiin (aikataulutettiin) malliin, joka näytti urakan rahoituseron. Tutkimuksen tuloksina voidaan sanoa, että merkittävin keino vaikuttaa urakan rahoituseroon, on hyvin muotoiltu maksuerätaulukko. Toinen merkittävä asia on saada maksuerälle laskutuslupa mahdollisimman nopeasti. Laskutusprosessia parantamalla voidaan vaikuttaa positiivisesti urakan rahoituseroon. Tutkimuksen pääpaino oli edellä mainittujen keinojen ympärillä, mutta rahoituseroon voidaan vaikuttaa myös kustannusten hallinnalla. Kustannusten syntymisen ajankohtaan voidaan vaikuttaa mm. aliurakointisopimusten muotoilulla, oikea-aikaisella materiaalin ostamisella ja oikeilla omilla resursseilla.

Liquidity traps, capital flows

This paper explores the role of capital flows and exchange rate dynamics in shaping the global economy's adjustment in a liquidity trap. Using a multi-country model with nominal rigidities, we shed light on the global adjustment since the Great Recession, a period where many advanced economies were pushed to the zero bound on interest rates. We establish three main results: (i) When the North hits the zero bound, downstream capital flows alleviate the recession by reallocating demand to the South and switching expenditure toward North goods. (ii) A free capital flow regime falls short of supporting efficient demand and expenditure reallocations and induces too little downstream (upstream) flows during (after) the liquidity trap. (iii) When it comes to capital flow management, individual countries' incentives to manage their terms of trade conflict with aggregate demand stabilization and global efficiency. This underscores the importance of international policy coordination in liquidity trap episodes.

Simulative Risikoanalyse von Biomethanprojekten

Im Zuge der Novellierung der Gasnetzzugangsverordnung sowie des Erneuerbare-Energien-Gesetzes entwickelte sich die Einspeisung von Biomethan in das Erdgasnetz als alternative Investitionsmöglichkeit der Erneuerbare-Energien-Branche. Als problematisch erweist sich dabei die Identifikation und Strukturierung einzelner Risikofaktoren zu einem Risikobereich, sowie die anschließende Quantifizierung dieser Risikofaktoren innerhalb eines Risikoportfolios. Darüber hinaus besteht die Schwierigkeit, diese Risikofaktoren in einem cashflowbasierten und den Ansprüchen der Investoren gewachsenem Risikomodell abzubilden. Zusätzlich müssen dabei Wechselwirkungen zwischen einzelnen Risikofaktoren berücksichtigt werden. Aus diesem Grund verfolgt die Dissertation das Ziel, die Risikosituation eines Biomethanprojektes anhand aggregierter und isolierter Risikosimulationen zu analysieren. Im Rahmen einer Diskussion werden Strategien und Instrumente zur Risikosteuerung angesprochen sowie die Implementierungsfähigkeit des Risikomodells in das Risikomanagementsystem von Investoren. Die Risikomaße zur Beschreibung der Risikoauswirkung betrachten die Shortfälle einer Verteilung. Dabei beziehen sich diese auf die geplanten Ausschüttungen sowie interne Verzinsungsansprüche der Investoren und die von Kreditinstituten geforderte minimale Schuldendienstdeckungsrate. Im Hinblick auf die Risikotragfähigkeit werden liquiditätsorientierte Kennzahlen hinzugezogen. Investoren interessieren sich vor dem Hintergrund einer gezielten Risikosteuerung hauptsächlich für den gefahrvollsten Risikobereich und innerhalb dessen für den Risikofaktor, der die größten Risikoauswirkungen hervorruft. Zudem spielt der Zeitpunkt maximaler Risikoauswirkung eine große Rolle. Als Kernaussage dieser Arbeit wird festgestellt, dass in den meisten Fällen die Aussagefähigkeit aggregierter Risikosimulationen durch Überlagerungseffekte negativ beeinträchtigt wird. Erst durch isoliert durchgeführte Risikoanalysen können diese Effekte eliminiert werden. Besonders auffällig gestalten sich dabei die Ergebnisse der isoliert durchgeführten Risikoanalyse des Risikobereichs »Politik«. So verursacht dieser im Vergleich zu den übrigen Risikobereichen, wie »Infrastruktur«, »Rohstoffe«, »Absatzmarkt« und »Finanzmarkt«, die geringsten Wahrscheinlichkeiten avisierte Planwerte der Investoren zu unterschreiten. Kommt es jedoch zu einer solchen Planwert-Unterschreitung, nehmen die damit verbundenen Risikoauswirkungen eine überraschende Position im Risikoranking der Investoren ein. Hinsichtlich der Aussagefähigkeit des Risikomodells wird deutlich, dass spezifische Risikosichtweisen der Investoren ausschlaggebend dafür sind, welche Strategien und Instrumente zur Risikosenkung umgesetzt werden. Darüber hinaus wird festgestellt, dass die Grenzen des Risikomodells in der Validität der Expertenmeinungen und dem Auffinden einer Optimallösung zu suchen sind.

Model Order Reduction for Determining Bubble Parameters to Attain a Desired Fluid Surface Shape

In this paper, a new methodology for predicting fluid free surface shape using Model Order Reduction (MOR) is presented. Proper Orthogonal Decomposition combined with a linear interpolation procedure for its coefficient is applied to a problem involving bubble dynamics near to a free surface. A model is developed to accurately and efficiently capture the variation of the free surface shape with different bubble parameters. In addition, a systematic approach is developed within the MOR framework to find the best initial locations and pressures for a set of bubbles beneath the quiescent free surface such that the resultant free surface attained is close to a desired shape. Predictions of the free surface in two-dimensions and three-dimensions are presented.

Estudio de factibilidad Comercilizadora On-line en Colombia

Internet cambio la forma de hacer negocios, modifico la dinámica del comercio y abrió un gran número de nuevas posibilidades para las empresas con iniciativa de crecimiento. Es indudable que Internet influye cada vez más en las actividades de las personas y de las empresas. Con cerca de 2 mil millones de usuarios en el mundo, y casi 20 millones en Colombia, Internet alcanza directamente a la tercera parte de la población. En este contexto, surge este proyecto de investigación con el objetivo de analizar la factibilidad de comercializar productos por internet y contribuir al desarrollo del comercio electrónico. En primera instancia se realiza un proceso de contextualización en el que se describe el desarrollo del comercio electrónico. En seguida y a manera descriptiva, se expone la situación actual de la comercialización de productos por internet en términos económicos, legales, organizacionales y estadísticos. Finalmente, se evalúa y analiza cada uno de los aspectos del modelo de negocio de comercialización online con el objeto de cumplir con los estándares de calidad del comercio electrónico a nivel internacional para generar de tal manera, la satisfacción de los usuarios que realizan compras por internet y por ende incrementos en la frecuencia de compras, logrando abrir las puertas del comercio electrónico para aprovechar todo su potencial y habilitar nuevos canales para vender productos y servicios a usuarios cada vez más sofisticados. Finalmente se realiza un estudio financiero en el que se evalúa la viabilidad del negocio en el ámbito financiero , realizando unas proyecciones a 10 años del flujo de caja con sus respectivos indicadores financieros que me ayuda a medir que tan factible y beneficiosa es el modelo de negocio.

Los conceptos de salud financiera, riesgo y epidemiología en los estados financieros de las compañías del sector de extracción de petróleo crudo y gas natural en Colombia

El presente proyecto tiene como objeto identificar cuáles son los conceptos de salud, enfermedad, epidemiología y riesgo aplicables a las empresas del sector de extracción de petróleo y gas natural en Colombia. Dado, el bajo nivel de predicción de los análisis financieros tradicionales y su insuficiencia, en términos de inversión y toma de decisiones a largo plazo, además de no considerar variables como el riesgo y las expectativas de futuro, surge la necesidad de abordar diferentes perspectivas y modelos integradores. Esta apreciación es pertinente dentro del sector de extracción de petróleo y gas natural, debido a la creciente inversión extranjera que ha reportado, US$2.862 millones en el 2010, cifra mayor a diez veces su valor en el año 2003. Así pues, se podrían desarrollar modelos multi-dimensional, con base en los conceptos de salud financiera, epidemiológicos y estadísticos. El termino de salud y su adopción en el sector empresarial, resulta útil y mantiene una coherencia conceptual, evidenciando una presencia de diferentes subsistemas o factores interactuantes e interconectados. Es necesario mencionar también, que un modelo multidimensional (multi-stage) debe tener en cuenta el riesgo y el análisis epidemiológico ha demostrado ser útil al momento de determinarlo e integrarlo en el sistema junto a otros conceptos, como la razón de riesgo y riesgo relativo. Esto se analizará mediante un estudio teórico-conceptual, que complementa un estudio previo, para contribuir al proyecto de finanzas corporativas de la línea de investigación en Gerencia.

Plan de empresa para TECO: modelo de impacto social, autosostenibilidad financiera y de minimización de la huella del e-waste en Bogotá

La red TECO es una iniciativa que integra elementos ya conocidos en el mundo de la publicidad y de la gestión RAEE, en un nuevo modelo de negocio. Esto le permite competir de manera efectiva en un segmento de mercado que si bien no está saturado, requiere de cambios estructurales para poder cumplir su objetivo. El éxito del modelo de TECO radicará en la capacidad de generar su propio flujo de dinero, lo que le garantiza su auto sostenimiento, mientras minimiza la barrera del pensamiento tradicional en la comunidad respecto al miedo de desechar el e-waste (a través de la educación). De igual manera ayudará a todos los participantes de la red a mejorar su reputación y posicionar sus marcas. En última instancia el gran ganador de esta iniciativa es el medio ambiente. Al juntar todos los segmentos de mercado, de entre los cuales TECO podrá participar en su mercado objetivo de mil empresas en Bogotá, estos suman alrededor de ochocientos treinta y ocho mil millones. De esta cifra global nada despreciable, TECO podrá aspirar a cerca de un 0.19% de participación. Más concretamente, en lo que respecta a la categoría de presupuestos destinados a programas posconsumo RAEE y Green Businesses orientados a la publicidad institucional, TECO espera obtener un 6.13% del share.

Valoración del costo de los recursos propios de las empresas. caso particular: empresas de servicios a la persona en Francia

El WACC o Coste Medio Ponderado de Capital es la tasa a la que se deben descontar los flujos para evaluar un proyecto o empresa. Para calcular esta tasa es necesario determinar el costo de la deuda y el costo de los recursos propios de la compañía; el costo de la deuda es la tasa actual del mercado que la empresa está pagando por su deuda, sin embargo el costo de los recursos propios podría ser difícil y más complejo de estimar ya que no existe un costo explícito. En este trabajo se presenta un panorama de las teorías propuestas a lo largo de la historia para calcular el costo de los recursos propios. Como caso particular, se estimará el costo de los recursos propios sin apalancamiento financiero de seis empresas francesas que no cotizan en bolsa y pertenecientes al sector de Servicios a la Persona (SAP). Para lograr lo anterior, se utilizará el Proceso de Análisis Jerárquico (AHP) y el Modelo de Valoración del Precio de los Activos Financieros (CAPM) con base en lo presentado por Martha Pachón (2013) en “Modelo alternativo para calcular el costo de los recursos propios”.

salud financiera y riesgo en los estados financieros de la empresa avianca del sector aeronautico

La globalización y la competitividad como realidad de las empresas, implica que los gerentes preparen a sus empresas de la mejor manera para sobrevivir en este mundo tan inestable y cambiante. El primer paso consta de investigar y medir como se encuentra la empresa en cada uno de sus componentes, tales como recurso humano, mercadeo, logística, operación y por último y más importante las finanzas. El conocimiento de salud financiera y de los riesgos asociados a la actividad de las empresas, les permitirá a los gerentes tomar las decisiones correctas para ser rentables y perdurables en el mundo de los negocios inmerso en la globalización y competitividad. Esta apreciación es pertinente en Avianca S.A. esto teniendo en cuenta su progreso y evolución desde su primer vuelo el 5 de diciembre de 1919 comercial, hasta hoy cuando cotiza en la bolsa de Nueva York. Se realizó un análisis de tipo descriptivo, acompañado de la aplicación de ratios y nomenclaturas, dando lugar a establecer la salud financiera y los riesgos, no solo de Avianca sino también del sector aeronáutico. Como resultado se obtuvo que el sector aeronáutico sea financieramente saludable en el corto plazo, pero en el largo plazo su salud financiera se ve comprometida por los riegos asociados al sector y a la actividad desarrollada.