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Transfer pricing in specific agreements for MNE´s financial management
Brabenec, Tomáš ; Marek, Petr (advisor) ; Krabec, Tomáš (referee) ; Kiesewetter, Zbyněk (referee)
My research concluded by the dissertation thesis focused on transfer pricing in financial management. The aim of this paper was to analyze the use of contracts for cost-sharing, contracts for contributing to the cost and service level agreements in a group of related persons of multinational companies. The work is divided into three logical parts. The first part of my dissertation analyzed the available scientific work and literature. A number of publications deals with the issue but only marginally. I thus drew upon mainly legal texts. I assumed the potential for practical use based on my finding that about 72 % of companies doing business in research and development operate in clusters of related persons. The second part of the paper deals with contracts for cost-sharing and cost contribution agreements. The basic problem of both agreements is reasonable estimation of the expected benefits. I suggested a procedure for estimation of benefit sharing among participants and also what indicators to use for measuring. Then I defined the share of costs. I suggested a definition of K.O. criteria for other than the U.S. legislation for incorrectly estimated shares. In this theoretical treatise on the weighted cost of capital I have found that companies that are not part of a group of related persons have a lower WACC. I pointed to the significant impact of agreements on avoidance of double taxation. As an alternative to the above contracts in the Czech Republic I presented a contract of association under the Civil Code. The third part of this work is dedicated to the Service Level Agreement. I conclude that it is necessary in certain ways to measure benefits, as it is a very important factor for the recipient of services. The benefits, however, cannot be measured directly, but through auxiliary variables, when the determining will always be influenced by the applied accounting standards. The second examined aspect was the allocation of costs to the service provider. Here, I conclude that there is no universally correct way. However, essential for these costs are only the actual relevant costs incurred in connection with the provision of intangible assets. Lastly, I focused on the usual profit margin surcharge over the cost provider of intangible assets. I conclude that when setting profit margins in accordance with the arm's length principle one should build on the level of normal returns on the invested assets of the provider.
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The valuation of the company KLINMAM CZECH, s.r.o.
Hejduk, Tomáš ; Svačina, Pavel (advisor) ; Brabenec, Tomáš (referee)
The aim of this thesis is to determine the market value of the company Klinmam czech, spol. s r.o. to 31st December 2011. The thesis is divided into four main parts: financial analysis, strategic analysis, the generators of value and financial plan and valuation. The valuation is made by DCF (Discounted Cash Flow) equity method and methods of market comparison.
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The cost of equity with accent on size of company
Tomko, Marián ; Jurečka, Jan (advisor) ; Brabenec, Tomáš (referee)
This thesis is dedicated to determination of cost of equity capital. The main objective is to evaluate whether the cost of equity may, in its calculations, vary depending on the size of a company. The means for achieving the results can be comparison of calculations of cost of equity by model with historical returns actually achieved. This is what many empirical studies are focused on. A partial goal of this paper is to analyze the results of selected studies and their mutual comparison. Relevant theoretical explanations will be also presented.
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Vliv cen na rozsah krádeží drahých kovů v ČR
Brabenec, Tomáš ; Montag, Josef (advisor) ; Zajíček, Miroslav (referee)
This paper estimates the elasticity of supply-of-offences with respect to the gains from crime. Previous studies have uncovered little evidence because standardly used proxies for gains from crime such as average income suffer substantial problems. They are slightly variable and/or may represent the opportunity cost of crime at the same time. This paper uses higly fluctuating world prices on non-ferrous metals as proxy for the gains from crime. Using monthly data about metal thefts in the Czech Republic for years 2003-2009 estimates elasticity of supply-of-offences. The estimated elasticity with respect to copper price are around 0,6.
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Transfer pricing documentation
Kocánková, Zuzana ; Buus, Tomáš (advisor) ; Brabenec, Tomáš (referee)
This thesis deals with transfer pricing, namely the documentation. It tries to map the legislative standards and procedures of transfer pricing documentation that could be applied in the Czech Republic. The main objective of this thesis is a compilation of documentation for a specific company in the Czech Republic in accordance with those procedures. The thesis contains three main chapters. The first section mainly covers the basic theoretical concepts and actual legislation regarding transfer pricing. This is the minimum necessary for initiation into the issue. The second chapter deals specifically with the theoretical process of creating documentation. The final, third part of the thesis includes the application of the theory to a specific company.
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Financial analysis of Norwegian companies
Falathová, Jana ; Marek, Petr (advisor) ; Brabenec, Tomáš (referee)
This bachelor thesis deals with the financial analysis of the selected sectors of the Norwegian economy. The evaluation is conducted by using the total capital ratios of profitability and return on equity. Further are applied indicators of liquidity, activity and indebtedness. Partially this work deals with the specifications of the Norwegian economy, with emphasis on selected sectors of primary, secondary and tertiary sectors of the economy. The core of the analysis of selected industries and their comparison. Finally, the conclusion of the comparison is that best industry is the manufacture of basic metals and fabricated metal products. The least powerful industry is fishing and fish farming.
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Financial analysis of the company Baťa, akciová společnost.
Kubíček, Petr ; Holečková, Jaroslava (advisor) ; Brabenec, Tomáš (referee)
This diploma thesis provides insight into the world of financial analysis from both theoretical and practical point of view. The basic theoretical apparatus used in the financial analysis is defined in the first part of the thesis and it is applied in the second part on the practical example of the company Baťa, akciová společnost. Emphasis is placed primarily on the issue of accounting procedures, analysis of profitability, liquidity, activity, debt analysis and non-financial indicators. The analysis of intercompany comparisons as a part of finacial analysis is aimed to be one of the basic characteristics of the thesis. Analyzed company is compared both to the industry and its main competitors. In the context of a comprehensive assessment of the financial health of the company, the Altman's model, the IN05 model and test for value added is applied.
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The Financial Analysis ELTODO EG, a.s.
Krásná, Petra ; Marek, Petr (advisor) ; Brabenec, Tomáš (referee)
The Bachelor thesis themed Financial Analysis of the ELTODO EG, a.s. focuses on financial position of the company in period from 2005 to 2009 and assesses the influence of the daughters' companies on mothers company. The first part consists of the methodology, which is then used in the latter parts of the study. In the second part there is characteristics of ELTODO group and reciprocal relations between the companies in the group. The third part contains application of the methodology on factual companies' data and evaluates the overall financial situation of the group.
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Financial analysis of Partners For Life Plannig, a.s.
Krátký, Josef ; Marek, Petr (advisor) ; Brabenec, Tomáš (referee)
The theme of this work is financial analysis of Partners For Life Planning, a.s. and its comparison with 6 major domestic competitors. The first section explains the object and purpose of the thesis and there is introduced Partners For Life Planning, a.s. The following methodological part explains the selected indicators, which companies are subjected. In the third, the practical part is the financial analysis 7 financial consulting- company.
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Money laundering- practical application
Meindl, Lukas Johannes ; Marek, Petr (advisor) ; Brabenec, Tomáš (referee)
The term money laundering represents the process, in which "washers" try to convert the illegal financial resources into the clean money, therefore the legal ones. Simultaneously, they push for separating these resources from the main source to preserve their criminal integrity. By reason that the financial resources involved in this process are acquired by illegal activities, the money laundering itself is considered a criminal offense. At the beginning of this thesis we will describe the fundamentals of money laundering, as well as features and particular phases of this process and we will also outline some modern and conventional methods in this area. The next part of my thesis contains the theoretical aspects based mainly on the theory of representation costs and theory of asymmetric information. The work also covers up the description of relation between the tax evasion and money laundering where they complement each other or conversely diverge.
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