THE PUBLIC FINANCE DEBATES: “The New Zealand Government should sell 100% of its SOE stake, not 49%” Proponent: Paul Dyer.

Slides:

Advertisements

Similar presentations

1 Balance Sheet & Income Statement of Securities Companies in Thailand (as of the end of June 2009) Quarterly Report Source : SEC / SET.

Advertisements

1. 2 WELCOME 3 Table of contents  Welcome  Salient features  Sustainability achievements  Financial review  Strategy ›Short-term challenges and.

Advanced Valuation Analytics. Balance Sheet Current Assets- Cash and Equivalents$500,000$550,000$600,000$450,000$300,000$125,000.

Presents: Demystifying Financial Statements Students to Start-Ups Entrepreneurial Skills Workshop Series.

Fin Dr. Menahem Rosenberg1 Financial Statement  The Balance Sheet  The Income Statement  The Statement of Cash Flows  Accounting for Differences.

Presents: Demystifying Financial Statements Students to Start-Ups Entrepreneurial Skills Workshop Series By Jim Chamberlain Center for Entrepreneurship.

Chapter 3. SALES SALES - Cost of Goods Sold GROSS PROFIT GROSS PROFIT - Operating Expenses OPERATING INCOME (EBIT) OPERATING INCOME (EBIT) - Interest.

Statement of Cash Flows COPYRIGHT ©2007 Thomson South-Western, a part of the Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks.

Overview of Finance. Financial Management n The maintenance and creation of economic value or wealth.

1 Balance Sheet & Income Statement of Securities Companies in Thailand (as of the end of June 2009) Half Year Report Source : SEC / SET.

HP v. Apple PRESENTED BY: DANIEL VAKNIN MICHAEL DIFIORE JENNY YOO CHRISTINA MURDOCH VANESSA LOPEZ.

ANALYSIS OF FINANCIAL STATEMENTS Using Ratios Presented by the Arkansas Securities Department.

Evaluating a Firm’s Financial Performance , Prentice Hall, Inc.

Intro to Financial Management Understanding Financial Statements and Cash Flows.

Financials Start up Cost Source of Funds EquityLoans $20K$25K $45K Operational costs Fixed$43,085$113,700$281,840 Variable$29,570$163,220$460,975.

1 Chapter 2 Financial Statement and Cash Flow Analysis.

The Financial Statements Presentations for Chapter 2 by Glenn Owen.

Balance Sheet A balance sheet is one of the three annual financial statements that companies are legally required to produce for auditing purposes. It.

Th 9 ©The McGraw-Hill Companies, Inc Foundations of Financial Management E D I T I O N N I N T H Irwin/McGraw-Hill Block Hirt 2 C H A P T E R T W.

Cash Flow Statement. Why bother? Serves an important purpose Shows the amount of cash on hand Shows the ability to meet obligations Shows the ability.

Evaluating a Firm’s Financial Performance Evaluating a Firm’s Financial Performance , Prentice Hall, Inc.

Essential Standard 4.00 Understanding the role of finance in business. 1.

Accounting & Finance Understanding the book value.

CDA COLLEGE BUS235: PRINCIPLES OF FINANCIAL ANALYSIS Lecture 1 Lecture 1 Lecturer: Kleanthis Zisimos.

1 of 38 ©2012 McGraw-Hill Ryerson Limited Learning Objectives 1.Explain why financial forecasting is essential for the healthy growth of the firm. (LO1)

Chapter 14 Integrating Accounting, Finance, Marketing and Economics Accounting and Finance for Entrepreneurs EBD-301 Dr. David P. Echevarria Slide 1 All.

Chapter 2 Introduction to Financial Statement Analysis.

Chapter 3. Understanding Financial Statements and Cash Flows.

Statement of Cash Flows Chapter 13 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.

Fourth Edition 1 Financial Statement Analysis. Fourth Edition 2 Outline 1.Financial statements 1.Income statement and margin analysis 2.Ratio analysis.

Chapter 2 Analysis of Financial Statements. Financial Ratio Analysis Are our decisions maximizing shareholder wealth?

Chapter Five The Financial Statements of Commercial Banks Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Q2 ‘03 Conference Call March 5, Forward-Looking Statements This presentation contains “forward-looking statements” as defined in the Private Securities.

Chapter 2 Introduction to Financial Statement Analysis.

1 PRIVATIZATION Dr. Suad Husnan Faculty of Economics Gadjah Mada University October 24, 2002.

Annual Report Sony Jeffery Williams ACG2021

©2012 McGraw-Hill Ryerson Limited Learning Objectives 1.Prepare and analyze the four basic financial statements. (LO1) 2.Examine the limitations of the.

Financial Management Decisions n Investment: What assets to own? n Financing: How to pay for those assets? n Dividend: What to do with Net Income?

Monitoring the Business + - x ÷ ÷ x x ÷ : : : : Ratio Analysis C. O' Brien Chanel College.

McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

PREPARE THE FOUR FINANCIAL STATEMENTS 1. INCOME STATEMENT 2. RETAINED EARNINGS STATEMENT 3. BALANCE SHEET 4. CASH FLOW STATEMENT.

Dell Inc. James Mauney 080. Executive Summary My analysis of Dell Inc. resulted in the conclusion of Dell Inc. being a stable and growing company.

Sports & Entertainment Marketing Mr. Bernstein Basic Measures of Business Success June 10, 2013.

Introduction The need for financial planning Balance sheet and income statement overview Internal and external documents Calculating costs Debt servicing.

THE STATEMENT OF CASH FLOWS PROVIDES MANAGERS AND EXTERNAL READERS OF THE FINANCIAL STATEMENTS WITH INFORMATION TO DETERMINE WHAT HAS CAUSED CASH TO INCREASE.

FINANCIAL STATEMENTS.

Chapter 3 Learning Objectives

Financial Statements – Income Statement

Chapter 3 - Evaluating a Firm’s Financial Performance

Chapter 3 Learning Objectives

Accounting for Financial Management

The Role of Accounting in Business

Startup Finance VentureFin.

The longest journey begins with the first step.

Statement of Cash Flows

Chapter 3 Financial Statements

Revisiting the Financial Accelerator Hypothesis

Financial Analysis Quick ratio: ($22,000+ $41,500)/

Intro to Financial Management

Statement of Cash Flows

Review of Accounting 2 Chapter.

NIPA Methodology.

Statement of Cash Flows

Statement of Cash Flows – Background

Statement of Cash Flows

Statement of Cash Flows

5 Financial Analysis FIVE C H A P T E R Irwin/McGraw-Hill

Ratio Analysis - Overview

Financial Statements: Basic Concepts and Comprehensive Analysis

Presentation transcript:

THE PUBLIC FINANCE DEBATES: “The New Zealand Government should sell 100% of its SOE stake, not 49%” Proponent: Paul Dyer

Outline 1.The NZ debate to date. 2.Why public vs private ownership matters. 3.How have NZ SOEs actually been operating, and will anything change? The VUW-GEN Public Finance Debates October 24, 2012

Growth of the Crown Balance Sheet Property, Plant & Equipment Securities, Shares, Deposits and Derivative Gains Other TOTAL ASSETS % GDP74%110%116% The VUW-GEN Public Finance Debates October 24, 2012 Source: Budget 2012 and FY2012 Financial Statements

NZ’s equity investment with the world is essentially balanced As at March, $bn Equity Assets6661 Liabilities6266 Net4-5 Debt Assets Liabilities Net NIIP % GDP-68%-72% The VUW-GEN Public Finance Debates October 24, 2012 Source: Statistics NZ, Balance of Payments, Table 11

Public v private ownership turns on three questions: Does competition matter more than ownership? Are SOEs subject to welfare reducing interventions? Are SOE governance problems intractable? The VUW-GEN Public Finance Debates October 24, 2012 Mary M. Shirley and Patrick Walsh, “Public vs Private Ownership: The Current State of the Debate”, World Bank Research Paper 2420, Mar 2001.

Studies of operating efficiency, public vs private ownership IssueNumber of studies Private performed better No clear winner SOE performed better Comparing efficiency of private/privatised firms with SOEs When comparing firms within the same industry Comparing performance before and after privatisation The VUW-GEN Public Finance Debates October 24, 2012 Mary M. Shirley and Patrick Walsh, “Public vs Private Ownership: The Current State of the Debate”, World Bank Research Paper 2420, Mar 2001.

How large are the gains? Measure% ChangeSignificance (Z scores) Profitability Income/Sales +47% 3.15 *** 3.16 *** 3.92*** Efficiency Real sales / employee +20% 3.66 *** 4.79 *** 4.87 *** Investment Capex / Sales +36% 2.35 ** 2.28 ** 0.80 Output Real Sales +83% 4.77 *** 5.19 *** 7.30 *** Employment Total employees +1.2% Dividends Divs / Sales +224% 4.63 *** 4.37 *** 4.98 *** The VUW-GEN Public Finance Debates October 24, 2012 William Megginson and Jeffry Netter, “From State to Market: A survey of Empirical Studies of Privatisation””, J. Economic Literature, June 2001