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[{"key": "dc.contributor.advisor", "value": "Pellinen, Jukka", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Tarkkala, Max", "language": "", "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2020-12-03T08:51:15Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2020-12-03T08:51:15Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2020", "language": "", "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/72944", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Listaamattoman yhti\u00f6n arvonm\u00e4\u00e4rityksess\u00e4 sovelletaan tyypillisesti markkina-arvomenetelm\u00e4\u00e4, jossa kohdeyhti\u00f6n arvo perustuu verrokkitransaktioihin tai verrokkiyhti\u00f6n arvostustasoon. Mik\u00e4li vertailukelpoisia verrokkitransaktioita ei ole k\u00e4ytett\u00e4viss\u00e4, voidaan arvonm\u00e4\u00e4rityksess\u00e4 k\u00e4ytt\u00e4\u00e4 verrokkiyhti\u00f6n\u00e4 p\u00f6rssilistattua yhti\u00f6t\u00e4. Her\u00e4\u00e4 kuitenkin kysymys, kuinka suuren likviditeettialennuksen sijoittaja vaatii tekem\u00e4ll\u00e4\u00e4n sijoitukselle, siit\u00e4 hyv\u00e4st\u00e4, ett\u00e4 h\u00e4n tekee sijoituksen pieneen ep\u00e4likvidiin yhti\u00f6\u00f6n suuren p\u00f6rssilistatun yhti\u00f6n sijaan.\n\nTutkimuksessa mitattiin, kuinka suuri likviditeettialennus on pieniss\u00e4 pohjoismaalaisissa yhti\u00f6iss\u00e4 ja eroavatko tulokset eri hinnoittelukertoimien v\u00e4lill\u00e4. Tutkimuksessa verrataan yrityskaupan kohteena olevan listaamattoman yhti\u00f6n hinnoittelukerrointa ostavan p\u00f6rssilistatun yhti\u00f6n vastaavaan kertoimeen. T\u00e4ss\u00e4 tutkimuksessa kohteena on kolme eri hinnoittelukerrointa, jotka pohjautuivat k\u00e4ytt\u00f6katteeseen, liikevoittoon ja liikevaihtoon. Tutkimusaineisto pohjautuu Mergermarket tietokantaan, joka sis\u00e4lt\u00e4\u00e4 yritysarvoltaan 1\u201320 miljoonan euron suuruiset yrityskaupat Pohjoismaissa vuosina 2016\u20132018. \n\nTeoreettinen viitekehys koostuu arvonm\u00e4\u00e4ritysmenetelmist\u00e4, jonka pohjalta m\u00e4\u00e4ritell\u00e4\u00e4n yhti\u00f6n arvonmuodostukseen vaikuttavat tekij\u00e4t. Lis\u00e4ksi viitekehyksess\u00e4 on k\u00e4sitelty listaamattoman yhti\u00f6n arvonm\u00e4\u00e4ritykseen liittyvi\u00e4 erityispiirteit\u00e4. Tutkimusaineistoa analysointiin kvantitatiivisin menetelmin ja kohdeyhti\u00f6n ja ostavan yhti\u00f6n hinnoittelukertoimista muodostettiin uusi muuttuja, joka kuvaa hinnoittelukertoimien v\u00e4list\u00e4 prosentuaalista erotusta, eli likviditeettialennusta. Likviditeettialennusta analysoitiin keskiarvon ja mediaanin osalta yhden otoksen t-testill\u00e4. \n\nLikviditeettialennuksen suuruudeksi saatiin k\u00e4ytt\u00f6katteeseen pohjautuvan hinnoittelukertoimen mediaanin osalta 42,72 prosenttia, joka on tilastollisesti eritt\u00e4in merkitsev\u00e4. Muiden hinnoittelukertoimien osalta ei saatu merkitsevi\u00e4 tuloksia ja hinnoittelukertoimet erosivat toisistaan merkitt\u00e4v\u00e4sti.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by Paivi Vuorio (paelvuor@jyu.fi) on 2020-12-03T08:51:15Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2020-12-03T08:51:15Z (GMT). No. of bitstreams: 0\n Previous issue date: 2020", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "51", "language": "", "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "qualifier": "mimetype", "schema": "dc"}, {"key": "dc.language.iso", "value": "fin", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": "en", "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.subject.other", "value": "likviditeettialennus", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "Listaamattoman yhti\u00f6n likviditeettialennus Pohjoismaissa", "language": "", "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-202012036901", "language": "", "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Pro gradu -tutkielma", "language": "fi", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Master\u2019s thesis", "language": "en", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Taloustieteet", "language": "fi", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Business and Economics", "language": "en", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Laskentatoimi", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Accounting", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "yvv.contractresearch.funding", "value": "0", "language": "", "element": "contractresearch", "qualifier": "funding", "schema": "yvv"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": null, "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.subject.oppiainekoodi", "value": "20421", "language": "", "element": "subject", "qualifier": "oppiainekoodi", "schema": "dc"}, {"key": "dc.subject.yso", "value": "yrityskaupat", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "arvonm\u00e4\u00e4ritys", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.format.content", "value": "fulltext", "language": null, "element": "format", "qualifier": "content", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://rightsstatements.org/page/InC/1.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}, {"key": "dc.type.okm", "value": "G2", "language": null, "element": "type", "qualifier": "okm", "schema": "dc"}]
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