Магистерский диплом (ВКР) на тему Международные корпоративные финансы ( Тема на усмотрение автора)

Содержание:

Introduction. 3

Chapter 1. Theoretical bases for studying cross-cultural
features of international corporate Finance management 6

1.1. Cross-cultural phenomena in the business environment 6

1.2. Specifics of forming business interaction between
Germany and Russia. 21

Chapter 2. Financial analysis in the catering industry in
Germany. 32

2.1. Methods of financial analysis. 32

2.2. The importance of financial analysis in corporate
Finance management 35

2.3. Trends in restaurant business development in Germany. 38

Chapter 3. Financial analysis of the restaurant «Bareiss». 56

3.1. Vertical and horizontal analysis. 56

3.2. The calculation of coefficients. 60

3.3. Measures to improve the financial condition of the
restaurant 67

Conclusion. 71

Bibliography. 77

Application  82

Введение:

Currently, business managers and specialists in the
field of Economics pay special attention to the financial condition of
enterprises and the subsequent search for ways to improve the efficiency of
economic entities. Any resources are limited, and the maximum effect can be
achieved not only by volume control, but, above all, by optimal use.

With a rational distribution of resources, the
importance of financial stability of business entities increases sharply.
Consumers want to get high-quality services, for a comparable cost, and
resources are needed to emulate this ratio. And to identify the necessary
reserves at the enterprise, an analysis of the financial condition of the
enterprise is carried out.

The financial condition of an enterprise is a reflection
of its accumulated potential at the expense of current financial results, which
is described by the active and passive items of the balance sheet, as well as
the ratios between them. The analysis of the financial condition of the
organization is carried out by the head, economic and financial services, as
well as founders and investors in order to study the effective use of
resources.

Banks analyze the financial condition to assess the
conditions for granting credit and determine the degree of risk, suppliers to
receive payments on time, and tax inspections to implement the budget revenue
plan.

The analysis of the financial condition of the
enterprise includes an analysis of the balance sheet: liabilities and assets,
their relationship and structure; analysis of financial stability; analysis of
the company's solvency and profitability. This is especially true for companies
after the spread of COVID-19 infection in the restaurant business, which was
particularly affected by the pandemic.

In today's market economy, monetary resources are one
of the most limited resources. In this regard, it is important for the
management of a commercial organization to determine the optimal amount of
their stock. Note that on the one hand, the lack of monetary resources can
negatively affect the liquidity, solvency, business activity and reputation of
the economic entity of the enterprise and even lead to its bankruptcy.

On the other hand, surpluses of these types of assets
have a negative impact on the overall performance of the organization. This is
due to the fact that monetary resources themselves do not bring any income,
while losing their original value under the influence of inflation.

The management of monetary resources, namely the
aggregate of cash and cash equivalents, is the most important element of the
financial policy of an economic entity, since it is the fundamental category
for the entire management system from the point of view of financial
management.

It is difficult to overestimate the importance and
importance of managing these resources in an organization, since its quality
and effectiveness depend on the stability of the enterprise in a particular
period, as well as the ability to further develop the business and achieve
financial success in the future. In this regard, the topic of the final
qualifying work is relevant.

Relevance of the practical questions raised. The topic
is relevant, since the results of the cash flow analysis provide an opportunity
to form an opinion and make decisions regarding the financial viability of the
enterprise at a particular time for repayment of debt estimate balance sheet
liquidity and solvency of the company for carrying out of calculations and
payments effectiveness of cash flow generation.

The purpose of this work is to study the features of
financial analysis in the restaurant industry.

To achieve this goal, the author set and solved the
following tasks:

1. To Study the features of financial analysis in the
framework of cross-cultural management.

2. Identify the features of financing the restaurant
industry.

3. To analyze the financial statements of the
restaurant.

The object of work is the restaurant business. The
subject of the research is financial analysis of public catering enterprises in
Germany.

When writing the work, the main research methods were
used: theoretical; method of comparative analysis, tabular provision of
information. A complete and high-quality analysis of the company's financial
condition allows you to identify weaknesses of the company and take timely
measures to eliminate negative factors that reduce performance.

The work consists of
an introduction, three chapters, conclusion, and bibliography.

Заключение:

When evaluating the subject and tasks of economic
analysis of an enterprise's economic activity, the most important indicators
are:

̶ solvency
and liquidity (characterize the financial capacity of the enterprise to repay
debt);

̶ profitability
(ability to compare the received profit with the invested capital);

̶ business
activity (characterize the turnover of funds in the enterprise);

̶ financial
stability (characterize the ratio of own and attracted funds).

Liquidity and solvency in the short term is the
criterion for assessing the financial condition of the enterprise. The term «liquid»
is characterized by the smooth conversion of property into means of payment.

Liquidity is considered the higher, the less time it
takes to turn a particular type of asset. Based on this, the company's
liquidity is its ability to convert assets into cash for the purpose of paying
off short-term liabilities.

As a result of research of indicators of economic
activity of the enterprise the following conclusion is made: Bareiss develops
dynamically, reduces borrowed funds and actively increases its own capital, but
has problems with increasing the share of reserves and reducing the volume of
financial investments.

The organization is a net borrower. Most of the
financial stability coefficients are higher than the standard values,
therefore, the organization has increased market financial stability during the
analyzed period.

The trend of these indicators is negative. Formal
liquidity indicators are at a sufficient level.

During the analyzed period, the organization did not
increase its authorized capital, and its own capital increased significantly.

The General assessment of equity capital is that
equity accounts for more than half of the financing structure, the value of net
assets is quite sufficient and provides the organization with a very high
degree of freedom in making decisions that are related to its value.

Analysis of receivables and payables showed that in
General, the debt is not characterized by high turnover, and therefore not high
quality. Their ratio is in favor of the organization (accounts payable exceeds
accounts receivable).

Optimal availability of cash resources (cash and cash
equivalents) is one of the signs of a stable financial condition of the
organization and a guarantee of its solvency. This is because they are the most
liquid part of assets that can be used to cover current liabilities at any
time.

In this regard, the management of monetary resources
and their flows becomes important due to the huge complexity of financial
markets.

In a competitive environment, it is required that an
economic entity be able to generate cash flows to maintain operations in the
current period and further develop the business.

Proper definition and classification of cash flows are
necessary for accurate assessment of the balance sheet liquidity and solvency
of the organization.

Monetary resources, as we know, are a means of
circulation and show their value in movement.

The cash flow of an economic entity is a set of
time-distributed cash receipts and payments generated by its financial and
economic activities, i.e. they arise in the course of purposeful movement of
cash and cash equivalents in the implementation of current, investment and
financial operations.

Having studied a number of definitions of "cash
flows" in Russian and foreign practice, three approaches are identified:

- cash flows (cash flows) – cash resources remaining
in the organization, i.e. the difference between cash inflows and outflows,
based on the results of one or a number of settlement operations for a certain
period of time;

- cash receipts (inflows) and payments (outflows) for
a certain period of time, meaning by cash flow "the aggregate of
time-distributed receipts and payments of cash generated by its economic
activities»;

- the basis is the cash balance formula, which assumes
equality between the corresponding elements: the sum of the initial balance of
cash resources and cash inflows for the reporting period;

- the amount of payments for the reporting period and
the final balance of monetary resources for the reporting period.

In order to choose the best form of managing money
resources and their flows, it is necessary to study and analyze in detail the factors
that affect their volume, intensity and nature of formation over time.

 As a result of
the study and analysis of theoretical developments in the field of financial
management, accounting and practical data obtained in the study of a number of
manufacturing enterprises, including organizations for the production of bakery
products, groups of external and internal factors that affect cash flows are
identified:

̶ economic;

̶ political;


̶ financial;


̶ industry;


̶ social;


̶ organizational;


̶ organizational
and technological;

̶ accounting
and analytical;

̶ marketing.


The impact of the proposed groups of factors will
allow us to take into account factors that affect the volume and intensity of
cash flows for three types of operations of economic entities (current, investment,
and financial).

Management of monetary resources and their flows is an
important financial lever to accelerate the turnover of assets of an economic
entity. The financial balance of the enterprise in the process of its strategic
development, reduction of the need to attract borrowed funds, and minimization
of the risk of insolvency of the organization depend on the effectiveness of
management of these resources.

The system for managing cash resources and their flows
in an organization includes a set of techniques and methods, tools for
purposeful, continuous influence by the organization's management on the flow
of cash and cash equivalents to achieve certain goals.

The purpose of managing cash resources and their flows
is to achieve financial balance in the conduct of business, which is achieved
by balancing the volume of cash receipts and payments, as well as synchronizing
them over time. In the course of administration is solved by the combination of
a number of tasks, namely:

- formation of a sufficient amount of money resources
taking into account the needs of the business;

- optimization of the mechanism for distributing the
available amount of monetary resources of an economic entity by types of
operations and areas of use;

- ensuring a high level of financial stability;
maintaining a constant level of solvency of an economic entity;

- maximizing net cash flow to ensure appropriate rates
of socio-economic development of the business on a self-financing basis;

- minimization of losses in the cost of monetary
resources in the process of their use.

The management process is based on four main
principles: informative reliability, ensuring balance, ensuring efficiency, and
ensuring liquidity

Cash flow management includes:

- identification and analysis of factors that affect
the formation of cash flows in the analyzed periods;

- complete, timely and reliable accounting of
operations with cash and cash equivalents;

- control over the legality of making settlement
monetary transactions and the correctness of their accounting reflection;

- analysis of the organization's cash flows in the
previous, previous and reporting periods; calculation of the time of
circulation of cash resources and the financial cycle;

- determining the optimal level of monetary resources;

- assessing the solvency of an economic entity and
forecasting cash flows;

- selection of ways to optimize cash flows;

- development of recommendations for effective cash
flow management.

Recently, in the world practice, much attention is
paid to the application of IFRS. Thus, when generating reports according to
international standards, the procedure for discounting future cash flows is
used. The result of evaluating various reporting elements depends on which
discount rate will be used. Note that the discounting mechanism is based on the
concept of time value, according to which monetary resources currently
available and expected to be received after a certain time period can not be
considered equivalent, which is determined by the effect of the inflationary
process, the risk of not receiving the expected amount, the turnover period and
the possibility of investment. As a result, the current value of monetary
assets may differ significantly from its nominal value.

In practice, accountants and auditors face the main
problem of correctly determining the discount rate, taking into account the
validity of the requirements of users of accounting (financial) statements.
When performing the discount procedure, the appropriate interest rates are applied.

Of particular interest are the methodological features
of calculating bids using the WACC and CAPM models.

The study was based on data from BAREISS, whose
activities are related to the spice trade.

Special attention is paid to the analysis of the solvency
of an economic entity, which showed:

- all financial coefficients that characterize the
speed of covering the organization's debts to third-party organizations do not
correspond to the standard value and have a negative dynamics.

All this indicates some problems in the solvency of
BAREISS in both the short and long term.

BAREISS does not effectively manage cash flows,
because there are small problems with maintaining solvency at the proper level.
We offer the following recommendations to improve the efficiency of managing
money resources and their flows:

- it is necessary to monitor the state of accounts
payable (do not accumulate it and repay it in a timely manner) and the amount
of cash and cash equivalents;

- increase the amount
of net cash flow by: reducing the amount of fixed and variable costs of the

Фрагмент текста работы:

The concept of culture in a broad sense means the way
of life of the people of a country and its characteristic methods of
understanding and perception of the world[1].
As a rule, nationalities differ in their way of life, character traits, and
systems of perception of the world, and these differences may be less or more
pronounced depending on a number of economic, political, geographical, and social
factors.

In today's global world, it is obvious that the
effectiveness of international interaction depends on taking into account the
distinctive features of the national culture of States, the ability to adapt to
differences between the cultures of Nations, since culture significantly
affects the decisions and behavior of people.

National culture refers to important non-material
values and distinctive behaviors that characterize the behavior of people in a
particular state[2].

The concept of «cross-culture» is made up of two
terms: «CSOs» and «culture», which together mean «intersection of cultures».
Psychology and communication specialists define cross-culture as the
interaction, collaboration, and collaboration of people belonging to different
cultures[3].

Modern researchers identify the following theories for
cross-cultural analysis:

- the universal approach assumes that the importance
of national and cultural characteristics in business management is exaggerated,
and people, regardless of their national and country affiliation, are generally
quite similar and identical, therefore, the same management tools can be
applied to them;

− the economic cluster approach recognizes significant
differences in the behavior of individuals and groups belonging to different
ethnic communities, but these differences are mainly determined by different
levels of economic development and well-being of the peoples of different
countries;

− the cultural cluster approach recognizes the primary
significance of national and cultural differences in the awareness of human and
group behavior and lays the Foundation for a deep analysis of the impact of
these differences on the interaction of representatives of different cultures[4].

The reason for these contradictions lies in the
subjectivity of assessing the impact of cross-cultures on business performance
. But how can we determine the effectiveness of culture and assess its impact
on macroeconomic indicators? The answer to this question, for the most part, is
rhetorical, which explains the wide range of theories of cross-cultural
analysis[5].

The most appropriate approach in this work is to apply
the economic cluster approach to cross-cultural analysis.

In total, there are six regions where national
cultures are localized. The most developed is the Roman-speaking region (most
of it falls on the territory of the European Union. There are also Northern,
English-speaking, German-speaking, Asian and middle Eastern regions. Each of
them has its own characteristics of business culture, which has its own role in
doing business[6].

For example, the Northern region is characterized by a
short hierarchical ladder, a high degree of individualism, and an average
degree of uncertainty. The German-speaking region is characterized by a long
hierarchical ladder, a high degree of uncertainty, and a lower degree of
individualism. In the Asian and middle Eastern region, business culture is
characterized by a long hierarchical ladder and low values of uncertainty and
individualism[7].

Language differences have a big impact on business in
General and on product promotion in particular. For example, «Zhiguli» cars are
exported under the brand «Lada» due to the peculiarity of the sound of the
original name in French, which can be interpreted by the French as «girl»,
«Alphonse» or «thigh». A similar case was in the practice of General motors,
which changed the name of the model «Nova» due to incorrect translation in
Spain («does not work, does not go»)[8].

The specifics of national gestures have their own specifics
and peculiarities in business culture, since each nation acts as a carrier of
specific forms of gesture expression in particular and means of external
expression in general[9].

In this regard, individual study of symbols is
necessary for different categories of sign movements. In particular, we are
talking about a kind of «symbols» that replace words, and signs that illustrate
and regulate verbal communication. Such symbols and signs are specific to each
of the national cultures.

As an example, the different
content of the same gesture in different national cultures can be cited.
Misinterpretation of these gestures inevitably leads to a failure in the sign
system and reduce the effectiveness of business negotiations and public
marketing, lead to awkward situations, etc.For example, common in the United
States of America and other countries formed by the thumb and index finger
«zero» is interpreted as «excellent», «normal», «OK». However, representatives
of Japanese culture will interpret this sign as «zero», and for the Portuguese,
it is generally indecent and can cause offense[10]. [1] Sadokhin A. P.
cross-Cultural communication: textbook. - Moscow: volters kluver, 2019. - P. 18 [2] Saginova O. V.
Cross-cultural marketing: textbook. - Moscow: Altair, 2019. - P. 23 [3] Burnes T. F.,
Stalker G. M. Culture of management. - Moscow: Prior, 2019. - P. 56 [4] Myasoedov S. P. Fundamentals of cross-cultural management. - Moscow:
Delo, 2018. - P. 38. [5] Tomilov D. A., Shilova N. N. Influence of cross-culture on enterprise
management features // Modern trends in the development of science and
technology, 2015, no. 1, Pp. 134-138. [6] Grigoryan
A. A., Kazakova V. A. Complexity of social identity and intercultural attitudes
// Priority research areas: from theory to practice. Collection of materials of
the XXXIX International scientific and practical conference. - 2017. - Pp.
92-101. [7] Podol, R.
Ya. Sociocultural transformations in the modern global world / / Philosophical
traditions and modernity, 2014, no. 2, Pp. 43-51. [8] Noskova E.
V., Romanova I. M. Study of the influence of cross-cultural differences on consumer
behavior in the business market / / Practical marketing. - 2015. - №5. - Pp.
7-12 [9] Timokhina
G. S., Wagner R., Urkmez T. Cross-cultural variations in consumer behavior: a
review analysis of scientific research (theoretical focus) / / Marketing and marketing
research. - 2016. - №2. - P. 126-142 [10] Alieva N. N. On the problem of intercultural communication // Theory
and practice of social development. - 2017. - №11. - P. 131-133.