Inside Into Aalto.fi
Kauppakorkeakoulun julkaisuportaali
Aalto-yliopiston kauppakorkeakoulun gradujen tiedot nyt Aaltodocissa: Aaltodoc-julkaisuarkisto
Kauppakorkeakoulu | Laskentatoimen laitos | Laskentatoimi | 2013
Tutkielman numero: 13492
Valuation of unlisted direct investment equity and the impact on Finnish international investment position
Tekijä: Kronholm, Mikael
Otsikko: Valuation of unlisted direct investment equity and the impact on Finnish international investment position
Vuosi: 2013  Kieli: fin
Laitos: Laskentatoimen laitos
Aine: Laskentatoimi
Asiasanat: laskentatoimi; accounting; yrityksen arvo; company valuation; tunnusluvut; financial ratios; arviointi; evaluation
Sivumäärä: 118
Kokoteksti:
» hse_ethesis_13492.pdf pdf  koko: 2 MB (1892352)
Avainsanat: valuation, market value, multiple, direct investment, FDI, balance of payments, international investment position, macroeconomic statistical methodology
Tiivistelmä:
This study examines the various means for valuing unlisted equity in the context of foreign direct investment (FDI) statistics. The objective is to contribute to the international efforts of improving market value estimates and the guidelines on how international direct investment activity should be measured. Moreover, this study explores the impacts that market approximation has on Finnish FDI figures and international investment position during 2005-2011.

This study is carried out by first analyzing how different valuation methods perform in an international context. Valuation models are tested with data taken from all listed companies of 27 European Union member states during 2005-2011. Finally, the models that are applicable in FDI valuation context and lead to lowest valuation errors are applied to the valuation of unlisted FDI in Finland.

The results suggest that when developing models for valuing unlisted direct investment equity, focus should be laid on price-to-book value methods. The results indicate as well that the current valuation practice, which is based on the book values of equity, generates lower direct investment positions when compared to market value approximations. Additionally, the results imply that Finland's overall external financial position might be strongly understated, when the valuation of unlisted direct investment equity is based on the book values.
Verkkojulkaisut ovat tekijänoikeuden alaista aineistoa. Teokset ovat vapaasti luettavissa ja tulostettavissa henkilökohtaista käyttöä varten. Aineiston käyttö kaupallisiin tarkoituksiin on kielletty.