| Přispěvatelé: |
Bibbey, F.J., Cloete, P.C., 22689915 - Cloete, Philippus Christoffel (Supervisor), 10212582 - Bibbey, Frans Jacobus (Supervisor) |
| Popis: |
MCom (Management Accountancy), North-West University, Potchefstroom Campus, 2015 Recent developments in the breeding of higher-value wildlife have seen the emergence of an alternative investment opportunity being offered to potential investors. Through this opportunity, investors can enter a lucrative market which has proven to date to be a highly profitable alternative, generating even higher than above average returns. The objective of this study can be summarized as three-fold: to determine whether higher-value wildlife can be considered as an investment alternative, to contextualize higher-value wildlife as an investment alternative and finally to establish guidelines for investment in this new asset class by means of a case study approach and the analysis of the methodology of two ranchers/investment providers offering higher-value wildlife as an investment opportunity. As this investment initiative continues to develop and new investment opportunities arise, the need for contextualization and analysis of investments in higher-value wildlife, based on sound financial management principles, is becoming more apparent. In order to address this need for contextualization, a literature review is undertaken where the background of higher-value wildlife is discussed. However, contextualization of a new asset class cannot be completed in isolation. The nature of investments is analysed, followed by a discussion of the most commonly used investment options and techniques utilized in investment analysis. However, contextualization of a new asset class based purely on literature, would disregard the practical application that is utilized within the higher-value wildlife investment sector. Therefore an industry relevant context is presented by analysing the practices and methodology employed by two ranchers/investment providers who offer higher-value wildlife as an investment option. In order to validate investment in higher-value wildlife and factually classify the economic activity as an investment alternative, a set of criteria and characteristics are established. Based on a literature review regarding the nature of investments, the conclusion is made that higher-value wildlife is a valid tangible alternative investment option, adhering to investment principles such as risk and return. Through the analyses of information gathered by means of two case studies, the theory and criteria is applied and further conclusions are drawn in order to establish guidelines for investment in the higher-value wildlife industry. This is done by an analysis of the business model and the modus operandi of the case studies. The advantages and inherent disadvantages regarding the manner in which the case studies approach higher-value wildlife investment is highlighted. By incorporating and analysing the information gathered (by means of semi-structured interviews and literature reviews) conclusions are drawn which could provide information and guidelines for potential future investors. As stated, this research is based on a case study approach, whereby specific industry insights are gained from established high-value wildlife ranchers/investment providers. The investment principles discussed in the literature review are applied to each case study for a comprehensive analysis of investment in higher-value wildlife. This acts as an important aid in the contextualization of higher-value wildlife as a viable investment alternative within the broader investment landscape. Creating context and establishing the validity of a new asset class of investments is of utmost importance. This study aims to address the above and provide guidelines for future investment by analysing higher-value wildlife as an investment alternative. Masters |
