Ocenění společnosti ze sektoru výroby nápojů za zohlednění podmínek rizika

Import 05/08/2014In diploma thesis, we estimated the expected value of Tsingtao Brewery Co., Ltd. at the end of 2012 by using DCF method. In the valuation processes, we used OLS method to regress the sales function, Monte Carol simulation and Cholesky decomposition to evaluate 10,000 scenarios of sales in the future for 5 years and then we made financial plans, calculated cost of capital by WACC method. In the WACC method, we calculated the cost of equity and cost of debt. Then, we used DCF method to calculate 10,000 scenarios of values of the company, the 10,000 scenarios of values were normal distributed, and we calculated the expected value of the company. At the end, we made sensitivity analysis to cost of capital and growth rates to study the changes of value distributions and expected value. We found out from the sensitivity analysis that growth rates had positive influences on the valuation of the company, while cost of capital had negative influences on the valuation of the company.In diploma thesis, we estimated the expected value of Tsingtao Brewery Co., Ltd. at the end of 2012 by using DCF method. In the valuation processes, we used OLS method to regress the sales function, Monte Carol simulation and Cholesky decomposition to evaluate 10,000 scenarios of sales in the future for 5 years and then we made financial plans, calculated cost of capital by WACC method. In the WACC method, we calculated the cost of equity and cost of debt. Then, we used DCF method to calculate 10,000 scenarios of values of the company, the 10,000 scenarios of values were normal distributed, and we calculated the expected value of the company. At the end, we made sensitivity analysis to cost of capital and growth rates to study the changes of value distributions and expected value. We found out from the sensitivity analysis that growth rates had positive influences on the valuation of the company, while cost of capital had negative influences on the valuation of the company.154 - Katedra financívýborn

OptScaler: A Hybrid Proactive-Reactive Framework for Robust Autoscaling in the Cloud

Autoscaling is a vital mechanism in cloud computing that supports the autonomous adjustment of computing resources under dynamic workloads. A primary goal of autoscaling is to stabilize resource utilization at a desirable level, thus reconciling the need for resource-saving with the satisfaction of Service Level Objectives (SLOs). Existing proactive autoscaling methods anticipate the future workload and scale the resources in advance, whereas the reliability may suffer from prediction deviations arising from the frequent fluctuations and noise of cloud workloads; reactive methods rely on real-time system feedback, while the hysteretic nature of reactive methods could cause violations of the rigorous SLOs. To this end, this paper presents OptScaler, a hybrid autoscaling framework that integrates the power of both proactive and reactive methods for regulating CPU utilization. Specifically, the proactive module of OptScaler consists of a sophisticated workload prediction model and an optimization model, where the former provides reliable inputs to the latter for making optimal scaling decisions. The reactive module provides a self-tuning estimator of CPU utilization to the optimization model. We embed Model Predictive Control (MPC) mechanism and robust optimization techniques into the optimization model to further enhance its reliability. Numerical results have demonstrated the superiority of both the workload prediction model and the hybrid framework of OptScaler in the scenario of online services compared to prevalent reactive, proactive, or hybrid autoscalers. OptScaler has been successfully deployed at Alipay, supporting the autoscaling of applets in the world-leading payment platform

Time to Clinical Benefit of Intensive Blood Pressure Lowering in Patients 60 Years and Older With Hypertension

Importance Recent guidelines recommend a systolic blood pressure (BP) goal of less than 150 mm Hg or even 130 mm Hg for adults aged 60 years or older. However, harms from intensive BP treatments occur immediately (eg, syncope, fall), and benefits for cardiovascular event reduction emerge over time. Therefore, harms with low chance of benefit need to be clearer, particularly for those with limited life expectancy. Objective To estimate the time needed to potentially derive clinical benefit from intensive BP treatment in patients 60 years and older. Design, Setting, and Participants This secondary analysis included individual patient data from published randomized clinical trials with 27 414 patients 60 years or older with hypertension. Patient-level survival data were reconstructed when the original data were not available. Published trials were identified by searching PubMed until October 15, 2021. Exposures Intensive BP lowering vs standard BP lowering with the treat-to-target design. Main Outcomes and Measures Major adverse cardiovascular event (MACE) defined by each trial, which was broadly similar with all trials including myocardial infarction, stroke, and cardiovascular mortality. Results Six trials (original data from 2 trials and reconstructed data from 4 trials) with 27 414 participants (mean age, 70 years; 56.3% were women) were included in the analysis. Intensive BP treatment with a systolic BP target below 140 mm Hg was significantly associated with a 21% reduction in MACE (hazard ratio, 0.79; 95% CI, 0.71-0.88; P < .001). On average, 9.1 (95% CI, 4.0-20.6) months were needed to prevent 1 MACE per 500 patients with the intensive BP treatment (absolute risk reduction [ARR], 0.002). Likewise, 19.1 (95% CI, 10.9-34.2) and 34.4 (95% CI, 22.7-59.8) months were estimated to avoid 1 MACE per 200 (ARR, 0.005) and 100 (ARR, 0.01) patients, respectively. Conclusions and Relevance In this analysis, findings suggest that for patients 60 years and older with hypertension, intensive BP treatment may be appropriate for some adults with a life expectancy of greater than 3 years but may not be suitable for those with less than 1 year

Plasma exosomal miR-320d, miR-4479, and miR-6763-5p as diagnostic biomarkers in epithelial ovarian cancer

BackgroundExosomal miRNA had been proved as the promising biomarkers for multiple cancers including epithelial ovarian cancer (EOC). This study aimed to validate the diagnostic accuracy of exosomal miR-320d, miR-4479, and miR-6763-5p for EOC.Materials and methodsExosomes isolated from the plasma by ultracentrifugation were verified using TEM, qNano and western blot. MiRNAs sequencing was used to screen out the differential exosomal miRNAs and miR-320d, miR-4479, and miR-6763-5p were selected as candidates, which were further verified by RT-qPCR in 168 healthy donors and 161 primary EOC patients. Besides, the diagnostic accuracy of these three exosomal miRNAs were evaluated using the receiver operating characteristic curve (ROC).ResultsMiRNAs sequencing revealed 95 differential exosomal miRNAs between EOC patients and healthy donors. Subsequently, exosomal miR-320d, miR-4479, and miR-6763-5p were significantly down regulated in EOC patients compared with healthy controls and benign patients. More importantly, these three miRNAs could serve as circulating diagnostics biomarkers for EOC, possessing areas under the curve (AUC) of 0.6549, 0.7781, and 0.6834, respectively. Moreover, these three exosomal miRNAs levels were closely associated with lymph node metastasis, meanwhile exosomal miR-320d and miR-4479 expression was related to tumor stage.ConclusionExosomal miR-320d, miR-4479, and miR-6763-5p might serve as potential biomarkers for EOC

Time to Benefit of Sodium-Glucose Cotransporter-2 Inhibitors Among Patients With Heart Failure

IMPORTANCE Emerging evidence has consistently demonstrated that sodium-glucose cotransporter 2 (SGLT2) inhibitors reduce the risk of heart failure (HF) hospitalization and cardiovascular (CV) death among patients with HF. However, it remains unclear how long a patient needs to live to potentially benefit from SGLT2 inhibitors in this population. OBJECTIVES To estimate the time to benefit from SGLT2 inhibitors among patients with HF. DESIGN, SETTING, AND PARTICIPANTS This comparative effectiveness study systematically searched PubMed for completed randomized clinical trials about SGLT2 inhibitors and patients with HF published until September 5, 2022; 5 trials with the year of publication ranging from 2019 to 2022 were eventually included. Statistical analysis was performed from April to October 2022. INTERVENTION Addition of SGLT2 inhibitors or placebo to guideline-recommended therapy. MAIN OUTCOMES AND MEASURES The primary outcome was the time to first event of CV death or worsening HF, which was broadly comparable across the included trials. RESULTS Five trials consisting of 21 947 patients with HF (7837 [35.7%] were female; mean or median age older than 65 years within each trial) were included. SGLT2 inhibitors significantly reduced the risk of worsening HF or CV death (hazard ratio [HR], 0.77 [95% CI, 0.73-0.82]). Time to first nominal statistical significance (P < .05) was 26 days (0.86 months), and statistical significance was sustained from day 118 (3.93 months) onwards. A mean of 0.19 (95% CI, 0.12-0.35) months were needed to prevent 1 worsening HF or CV death per 500 patients with SGLT2 inhibitors (absolute risk reduction [ARR], 0.002). Likewise, 0.66 (95% CI, 0.43-1.13) months was estimated to avoid 1 event per 200 patients with SGLT2 inhibitors (ARR, 0.005), 1.74 (95% CI, 1.07-2.61) months to avoid 1 event per 100 patients (ARR, 0.010), and 4.96 (95% CI, 3.18-7.26) months to avoid 1 event per 50 patients (ARR, 0.020). Further analyses indicated a shorter time to benefit for HF hospitalization and among patients with diabetes or HF with reduced ejection fraction. CONCLUSIONS AND RELEVANCE In this comparative effectiveness research study of estimating the time to benefit from SGLT2 inhibitors among patients with HF, a rapid clinical benefit in reducing CV death or worsening HF was found, suggesting that their use may be beneficial for most individuals with HF

Robust cross-linked Na3V2(PO4)2F3 full sodium-ion batteries

Sodium-ion batteries (SIBs) have rapidly risen to the forefront of energy storage systems as a promising supplementary for Lithium-ion batteries (LIBs). Na3V2(PO4)2F3 (NVPF) as a common cathode of SIBs, features the merits of high operating voltage, small volume change and favorable specific energy density. However, it suffers from poor cycling stability and rate performance induced by its low intrinsic conductivity. Herein, we propose an ingenious strategy targeting superior SIBs through cross-linked NVPF with multi-dimensional nanocarbon frameworks composed of amorphous carbon and carbon nanotubes (NVPF@C@CNTs). This rational design ensures favorable particle size for shortened sodium ion transmission pathway as well as improved electronic transfer network, thus leading to enhanced charge transfer kinetics and superior cycling stability. Benefited from this unique structure, significantly improved electrochemical properties are obtained, including high specific capacity (126.9 mAh g−1 at 1 C, 1 C = 128 mA g−1) and remarkably improved long-term cycling stability with 93.9% capacity retention after 1000 cycles at 20 C. The energy density of 286.8 Wh kg−1 can be reached for full cells with hard carbon as anode (NVPF@C@CNTs//HC). Additionally, the electrochemical performance of the full cell at high temperature is also investigated (95.3 mAh g−1 after 100 cycles at 1 C at 50 oC). Such nanoscale dual-carbon networks engineering and thorough discussion of ion diffusion kinetics might make contributions to accelerating the process of phosphate cathodes in SIBs for large-scale energy storages

Finanční analýza společnosti Yili

Import 11/07/2012This thesis is about the financial analysis of Yili Company, and this thesis is divided into 5 parts. Chapter 1 is the overview of the thesis and talk about the objective of this thesis. In chapter 2, all the methods of financial analysis and all the formulas are introduced. In chapter 3, Yili Company will be discribed as well as the Chinese dairy food market. And chapter 4 is the financial analysis of Yili Company. And chapter 5 is the conclusion of this thesis.This thesis is about the financial analysis of Yili Company, and this thesis is divided into 5 parts. Chapter 1 is the overview of the thesis and talk about the objective of this thesis. In chapter 2, all the methods of financial analysis and all the formulas are introduced. In chapter 3, Yili Company will be discribed as well as the Chinese dairy food market. And chapter 4 is the financial analysis of Yili Company. And chapter 5 is the conclusion of this thesis.154 - Katedra financívelmi dobř

Impact of Traditional and Digital Financial Inclusion on Enterprise Innovation: Evidence from China

Financial inclusion refers to a process that ensures the ease of access, availability, and usage of the financial system for all members of an economy. This paper aims to study financial inclusion’s impact on enterprise innovation and compare the different effects of traditional and digital financial inclusion. Existing papers mainly focus on digital financial inclusion’s influence. Based on China’s data, this paper fills the gap by constructing an index system to measure traditional financial inclusion and discussing the impact mechanism of the two kinds of financial inclusion on enterprise innovation (output and efficiency). The results illustrate that traditional financial inclusion inhibits the innovation output of enterprises, while digital financial inclusion has a positive effect. However, both traditional and digital financial inclusion is still in the stage of constraining the innovation efficiency of enterprises. Moreover, the two types of financial inclusion function differently for enterprises of different sizes and ownership. Evidence from China is expected to reveal the features of this relationship and inspire research in more economies

Soil Arching of Piled Embankment in Equal Settlement Pattern: A Discrete Element Analysis

Soil arching, which occurs in the piled embankments, plays an important role in stress redistribution between the relatively soft subsoil and the stiffer piles. The formation of the soil arching depends on the differential settlement of the embankment fill above the pile and the subsoil. The soil arching effect is barely investigated in the literature from the perspective of differential settlement of piles and soils. Based on the discrete element method (DEM), this paper develops a classic trapdoor test model to investigate the differential settlement in piled embankment during the downward movement of the trapdoor, and to explore the formation mechanism of soil arching in equal settlement pattern by changing the width of the pile cap and the height of the embankment. Due to symmetry, only one section of the laboratory test model is simulated herein. It was found that the soil arching formed under the equal settlement pattern remained unchanged after a certain degree of development, and the height of the equal settlement did not change at 0.7(s-a), where s is the pile spacing, and a is the width of the pile cap. The height of the embankment (H) and the width of the pile cap (a) have a significant influence on the formation of the equal settlement pattern when the width of the trapdoor is kept constant. Both the decrease in “H” and the increase in “a” facilitate the differential settlement of the soil between the piles and the pile-soil, enabling the slip surface to develop upward gradually, thereby hindering the formation of the equal settlement pattern