Aspekte met betrekking tot die struktuur van die Suid-Afrikaanse ondernemingswese
- Authors: Van der Merwe, Hermanus
- Date: 2015-09-28
- Subjects: Business enterprises - South Africa - Finance , Informal sector (Economics) , Financial institutions - South Africa , Economics - South Africa
- Type: Thesis
- Identifier: uj:14195 , http://hdl.handle.net/10210/14638
- Description: M.Com. ( Business Management) , Please refer to full text to view abstract
- Full Text:
- Authors: Van der Merwe, Hermanus
- Date: 2015-09-28
- Subjects: Business enterprises - South Africa - Finance , Informal sector (Economics) , Financial institutions - South Africa , Economics - South Africa
- Type: Thesis
- Identifier: uj:14195 , http://hdl.handle.net/10210/14638
- Description: M.Com. ( Business Management) , Please refer to full text to view abstract
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Projekfinansiering : die betekenis daarvan vir die finansiële instelling
- Authors: Hattingh, Johan Christiaan
- Date: 2014-07-28
- Subjects: Economic development projects - Finance , Financial institutions - South Africa
- Type: Thesis
- Identifier: uj:11896 , http://hdl.handle.net/10210/11624
- Description: D.Com. (Business Economics) , A clear distinction should be made between the straightforward financing of a project and project finance itself. In short, project finance can be defined as the financing of a particular economic unit with the aim of the financial structuring to be such that there is as little recourse as possible to the sponsor of the project and the lender is thus satisfied to look at the cash flows and earnings as the source of repayment and the assets of the project as security. Usually, project finance would incorporate all or some of the following characteristics namely, off balance sheet financing, recourse limited to the pre-commissioning stage, an element of fixed rate debt, utilisation of tax allowances, optimisation of tax position, long term finance and some degree of foreign exchange activity. If the project is sponsored by an existing company, it will be looking to maximise debt, minimise recourse and group tax liability, optimise financial costs and retain or improve financial ratios after consolidation of the project. However, the degree of project financing appropriate for any project depends on what lenders are prepared to accept and what sponsors are prepared to provide in order to let the project become a reality. The project financier's role is to formulate financial structures, assess financial feasibility, develop funding proposals, secure sources of finance and to manage the financing facilities once they are in place. A project sponsor employs a project financier because the latter is objective, impartial, has access to required information and is able to process it into a professional presentation to the financial community, has the experience and expertise to advise on the most appropriate and cost effective financing structure and is best equipped to perform a thorough project financial analysis. This study has been undertaken to point out the differences between project finance and finance for a project, to identify the role of project financier and is as such largely concentrated on the financial side of a project. The goal was to discuss the importance of project finance from the financial institutions' viewpoint and to identify those aspects that would be important to a project advisor or lender. Although relatively little has been published on project finance, it is a multidisciplinary subject and references have been used wherever available. The author's attendance at seminars on the subject, as well as discussions with international project financiers and bankers have also contributed to the understanding of the subject. In addition to an in-depth exposure to project finance in South Africa, several months have been spent with an international bank's project finance division in London.
- Full Text:
- Authors: Hattingh, Johan Christiaan
- Date: 2014-07-28
- Subjects: Economic development projects - Finance , Financial institutions - South Africa
- Type: Thesis
- Identifier: uj:11896 , http://hdl.handle.net/10210/11624
- Description: D.Com. (Business Economics) , A clear distinction should be made between the straightforward financing of a project and project finance itself. In short, project finance can be defined as the financing of a particular economic unit with the aim of the financial structuring to be such that there is as little recourse as possible to the sponsor of the project and the lender is thus satisfied to look at the cash flows and earnings as the source of repayment and the assets of the project as security. Usually, project finance would incorporate all or some of the following characteristics namely, off balance sheet financing, recourse limited to the pre-commissioning stage, an element of fixed rate debt, utilisation of tax allowances, optimisation of tax position, long term finance and some degree of foreign exchange activity. If the project is sponsored by an existing company, it will be looking to maximise debt, minimise recourse and group tax liability, optimise financial costs and retain or improve financial ratios after consolidation of the project. However, the degree of project financing appropriate for any project depends on what lenders are prepared to accept and what sponsors are prepared to provide in order to let the project become a reality. The project financier's role is to formulate financial structures, assess financial feasibility, develop funding proposals, secure sources of finance and to manage the financing facilities once they are in place. A project sponsor employs a project financier because the latter is objective, impartial, has access to required information and is able to process it into a professional presentation to the financial community, has the experience and expertise to advise on the most appropriate and cost effective financing structure and is best equipped to perform a thorough project financial analysis. This study has been undertaken to point out the differences between project finance and finance for a project, to identify the role of project financier and is as such largely concentrated on the financial side of a project. The goal was to discuss the importance of project finance from the financial institutions' viewpoint and to identify those aspects that would be important to a project advisor or lender. Although relatively little has been published on project finance, it is a multidisciplinary subject and references have been used wherever available. The author's attendance at seminars on the subject, as well as discussions with international project financiers and bankers have also contributed to the understanding of the subject. In addition to an in-depth exposure to project finance in South Africa, several months have been spent with an international bank's project finance division in London.
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Determination of net interest margin drivers for selected financial institutions in South Africa : a comparison with other capital markets
- Authors: Mudzamiri, Kizito
- Date: 2013-05-01
- Subjects: Banks and banking - South Africa , Financial institutions - South Africa , Net interest margins , Classical Linear Regression Model , Ordinary Least Squares data estimating technique , Bank profits - South Africa , Interest rates - South Africa
- Type: Thesis
- Identifier: http://ujcontent.uj.ac.za8080/10210/379972 , uj:7473 , http://hdl.handle.net/10210/8331
- Description: M.Comm. (Financial Management) , There is a wide perception that bank net interest margins (NIMs) in Sub-Saharan Africa in general and South Africa in particular, are higher compared to other regions. The study investigates four commercial banks in South Africa with the aim of identifying the relevant factors affecting the behaviour of NIMs in commercial banking in South Africa, and draws comparisons with other markets. The study employs the Classical Linear Regression Model (CLRM) using the Ordinary Least Squares (OLS) data estimating technique to analyse net interest margins over the period 2000 to 2010. The study takes note of Ho and Saunders’s seminal work produced in 1981, and subsequent extensions and modification by other authors and researchers. Net interest margins are modeled in a single-step together with explanatory variables driven from the theoretical model. Using data obtained from the Bankscope data base, the variables examined in the study are; competitive structure of the market, average operating costs, management’s propensity for risk aversion, credit risk exposure, the quantum of the bank’s operations, short-term money market interest rate volatility, the opportunity cost of holding reserves and quality of management running the institution. The findings of the study suggest that market power, average operating costs, degree of risk aversion, credit risk exposure, and size of operations are major factors explaining the behaviour of NIMs in South Africa. These variables are major in terms of the number of banks that exhibit statistical significance. Market power, interest rate volatility and opportunity cost of holding reserves are also relevant factors, although they affect fewer banks than the major factors. Comparison of South African net interest margins determinants with those from other regions reveals some fundamental differences. These differences indicate that banks from different countries and regions are faced with different operating environments and risk profiles that drive net interest margins.
- Full Text:
- Authors: Mudzamiri, Kizito
- Date: 2013-05-01
- Subjects: Banks and banking - South Africa , Financial institutions - South Africa , Net interest margins , Classical Linear Regression Model , Ordinary Least Squares data estimating technique , Bank profits - South Africa , Interest rates - South Africa
- Type: Thesis
- Identifier: http://ujcontent.uj.ac.za8080/10210/379972 , uj:7473 , http://hdl.handle.net/10210/8331
- Description: M.Comm. (Financial Management) , There is a wide perception that bank net interest margins (NIMs) in Sub-Saharan Africa in general and South Africa in particular, are higher compared to other regions. The study investigates four commercial banks in South Africa with the aim of identifying the relevant factors affecting the behaviour of NIMs in commercial banking in South Africa, and draws comparisons with other markets. The study employs the Classical Linear Regression Model (CLRM) using the Ordinary Least Squares (OLS) data estimating technique to analyse net interest margins over the period 2000 to 2010. The study takes note of Ho and Saunders’s seminal work produced in 1981, and subsequent extensions and modification by other authors and researchers. Net interest margins are modeled in a single-step together with explanatory variables driven from the theoretical model. Using data obtained from the Bankscope data base, the variables examined in the study are; competitive structure of the market, average operating costs, management’s propensity for risk aversion, credit risk exposure, the quantum of the bank’s operations, short-term money market interest rate volatility, the opportunity cost of holding reserves and quality of management running the institution. The findings of the study suggest that market power, average operating costs, degree of risk aversion, credit risk exposure, and size of operations are major factors explaining the behaviour of NIMs in South Africa. These variables are major in terms of the number of banks that exhibit statistical significance. Market power, interest rate volatility and opportunity cost of holding reserves are also relevant factors, although they affect fewer banks than the major factors. Comparison of South African net interest margins determinants with those from other regions reveals some fundamental differences. These differences indicate that banks from different countries and regions are faced with different operating environments and risk profiles that drive net interest margins.
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Finansiële adviesdienste deur die eiendomsagent in die woonhuismark : 'n bedryfsekonomiese ondersoek
- Authors: Swart, Nico Johannes
- Date: 2015-02-11
- Subjects: Real estate agents - South Africa , Financial institutions - South Africa
- Type: Thesis
- Identifier: uj:13286 , http://hdl.handle.net/10210/13305
- Description: M.Com. , The purpose of this study is to consider the financial advice an estate agent should give the purchaser and seller of a house in order to allow the parties to have a clear understanding of the financial implications of the sale. Entering into an agreement of sale in respect of personal property, with specific reference to housing, has to be one of the biggest single investments of a person's life. Should a person make such a decision without having sufficient advice concerning the financial implications, making a mistake could have far-reaching results. That is why it is in the best interests of the country that both parties should receive comprehensive financial advice. Not all estate agents are able to provide professional financial advice to purchasers and sellers of houses. The main reason for this is insufficient agent training. In addition to this, agents are allowed to close deals between purchasers and sellers for a year before writing an examination according to law. Purchasers are generally uninformed about sale transactions and what is more, usually respond to advertisements encouraging them to purchase a home of their own at low monthly instalments. The hidden cost items are not always revealed to the parties to a sale agreement. An estate agent is not an "agent" in the true juridical sense of the word,because he cannot close a deal on behalf of his principal (who instructs him).
- Full Text:
Finansiële adviesdienste deur die eiendomsagent in die woonhuismark : 'n bedryfsekonomiese ondersoek
- Authors: Swart, Nico Johannes
- Date: 2015-02-11
- Subjects: Real estate agents - South Africa , Financial institutions - South Africa
- Type: Thesis
- Identifier: uj:13286 , http://hdl.handle.net/10210/13305
- Description: M.Com. , The purpose of this study is to consider the financial advice an estate agent should give the purchaser and seller of a house in order to allow the parties to have a clear understanding of the financial implications of the sale. Entering into an agreement of sale in respect of personal property, with specific reference to housing, has to be one of the biggest single investments of a person's life. Should a person make such a decision without having sufficient advice concerning the financial implications, making a mistake could have far-reaching results. That is why it is in the best interests of the country that both parties should receive comprehensive financial advice. Not all estate agents are able to provide professional financial advice to purchasers and sellers of houses. The main reason for this is insufficient agent training. In addition to this, agents are allowed to close deals between purchasers and sellers for a year before writing an examination according to law. Purchasers are generally uninformed about sale transactions and what is more, usually respond to advertisements encouraging them to purchase a home of their own at low monthly instalments. The hidden cost items are not always revealed to the parties to a sale agreement. An estate agent is not an "agent" in the true juridical sense of the word,because he cannot close a deal on behalf of his principal (who instructs him).
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