الفهرس 
دراسة إنتقادية لنماذج التقييم المالى التقليديةيوجد فقط 14 صفحة متاحة للعرض العام
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المستخلص
Abstract
Sabry Samouel Fahmy
The Usage of Strategic Benefits Concept to Increase the Effectiveness of Financial Appraisal Models for Investment Projects (An Applied Study).
A Ph.D Thesis in Accounting, Faculty of Commerce, Ain Shams University, Accounting & Audit Section, 2015
This study deals with first, the imprecision problem for investment projects appraisal which depend on traditional financial appraisal methods. Second, a trial to increase the effectiveness of investment projects appraisal process through merging between strategic and financial benefits in an integrated model that will help in taking more rational investment decisions.
The researcher analysed criticisms against traditional financial appraisal models, and the effect of applying those models on actual state of affairs. This analysis aimed to prove the failure of those models, and to bring into view the need for their development, especially that strategic investments are distinguished by some strategic benefits that are ignored while appraising those investments.
The researcher discussed 2 further issues: The concept of strategic accounting and its role in providing information for appraising may investment projects purposes . In addition, and also the strategic analysis tools that are used in this domain, while emphasizing the integration between the financial and strategic analyses.
The researcher presented a suggested model for increasing the effectiveness of the financial appraisal for investment projects through determining the concepts and axes of the strategic benefits, and the bases for their formulation and classification. The researcher discussed the gateways for measuring the strategic benefits, measuring those benefits through measuring the strategic index for each suggested investment project, in order to give preponderance to the financial index (profitability index) with the strategic index in an integrated model through which the investment projects are appraised, and he named it the strategic index weighted by the profitability index.
The researcher applied the suggested model on a sample of biggest 10 hospital in Cairo and examine the suggested model in Ain Shams Specialized Hospital through two suggested investments inside the hospital, which are the establishment of a gynecologic and pediatric surgery hospital, the tumors center, the brain and nerves surgeries. Those projects are difficult to justify depending on the financial aspects only, and the situation may differ if the strategic benefits of those projects are taken into consideration at the time of appraisal.
The researcher designed a questionnaire for testing the study assumptions, that were distributed on a sample of 250 persons holding key positions in the hospitals, and the study results are as follows:
1) There is a deficiency in traditional appraisal models when performing appraisal process for those investment suggestions because of ignoring the strategic benefits when performing the appraisal, and this proves the validness of the first hypothesis.
2) There is a direct positive relation between the degree of availability for the strategic benefits in the investment suggestion that is expressed by the strategic index for the project, and the value of the cash flow generated from this project, and this proves the validness of the study second hypothesis.
3) Merging the strategic appraisal with the traditional financial appraisal leads to improving the appraisal accuracy precision, as the studies proved the preference of the tumors center , the brain and nerves surgeries over the gynecologic and the pediatric surgery hospital if the appraisal is performed according to the suggested strategic financial model. In spite that the financial feasibility study data for each project gave preference to gynecologic and pediatric surgery hospital over the tumors center and the brain and nerves surgeries, and this proves the correctness of the study third hypothesis.
In the end the researcher recommends the necessity of avoiding the aspects of deficiency in the present traditional financial appraisal models through the merging of the strategic appraisal with the financial appraisal. Also utilizing the suggested model for increasing the effectiveness of appraisal process. The researcher also recommends the necessity of determining the benefits from the point of view of the organization that has investment suggestions, together with determining the degree of availability of those benefits in these investment suggestions, in order to be able to measure the strategic index for each project, and the researcher recommends the necessity of its availability as one of the basic items in the financial feasibility for the projects.