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PL
Celem artykułu jest prezentacja współczesnych trendów w obszarze raportowania wykreowanej w przedsiębiorstwach wartości dodanej. W artykule wskazano na potrzebę wykorzystywania „czwartego sprawozdania finansowego” dla zapewnienia realizacji oczekiwań wszystkich interesariuszy, zgodnie z koncepcją zrównoważonego rozwoju. W publikacji określono, dla kogo w przedsiębiorstwach tworzona jest wartość oraz w jaki sposób następuje jej rozdysponowanie. Dodatkowo, przedstawiono przykłady aktualnie stosowanych metodologii, wykorzystywanych na potrzeby określenia kierunków dystrybucji wartości dla jej beneficjentów. Wykorzystana metodyka badawcza bazuje na porównaniu zaprezentowanych metodologii podziału wartości i poddaniu ich krytycznej ocenie na potrzeby stworzenia transparentnego systemu raportowania wyników.
EN
The aim of the article is to present contemporary trends in the area of reporting of created value added in enterprises. The article pointed out the need to use 'fourth financial statements' to ensure the implementation of the expectations of all stakeholders, compatibly with the concept of sustainable development. In the publication defined the stakeholders and showed the ways of distribution of value creation. Additionally, it was presented the current examples methodologies, adapted for determining the directions of the value distribution for its beneficiaries. The research methodology based on a comparison of the presented methodology of value distribution and subjected to critical evaluation on the need to create of transparent reporting system.
PL
Ewolucja uwarunkowań i proces restrukturyzacji były determinantami tworzenia wartości przedsiębiorstw. Artykuł jest formą konkluzji na temat wpływu restrukturyzacji hutnictwa na strukturę wartości firmy. Celem publikacji było wykazanie, że restrukturyzacja hutnictwa była podstawą nowych kategorii wartości przedsiębiorstw. Charakterystyka zestawu wartości stanowiła treść niniejszej publikacji.
EN
Market and restructuring process were determinants of enterprise value. The article is the form of conclusion about restructuring process in metallurgical sector in Poland according to enterprise value. The aim of the article was presentation the structure of value categories according to restructuring results.
3
Content available Life cycle business modelling
EN
The article deals with the task of life cycle business modelling. In the article the strategic orientation of enterprises is examined from the point of estimation view of its possibility to cost creation. A problem consists in development of management mechanism of the difficult mutually concerted multistage complex of tasks in industries of cost creation for a consumer and cost of enterprise, as in turn laid out on the row of the recommended project measures. This task was set forth in terms of the dynamic programming. The brought analysis over of this task allowed forming the comfortable and transparent algorithm of her decision, and her erection in an eventual result to the task of the linear programming.
4
Content available remote Procedura oceny strategii przedsiębiorstwa pod kątem tworzonej wartości
PL
W niniejszym artykule została przedstawiona problematyka oceny strategii przedsiębiorstwa na podstawie wartości przedsiębiorstwa. Sednem problemu jest jakościowy charakter strategii przedsiębiorstwa z jednej strony i ilościowy charakter wartości przedsiębiorstwa z drugiej. W celu umożliwienia dokonania oceny strategii przedsiębiorstwa, na podstawie wartości przedsiębiorstwa została opracowana procedura, której ogólne zarysy przedstawia poniższy artykuł.
EN
This paper raises the issue of evaluation of entrepreneurial strategies based on entrepreneurial value. The problem revolves around the qualitative nature of entrepreneurial strategy on one hand and the quantitative character of the entrepreneurial value on the other. In order to facilitate the value-based evaluation of entrepreneurial strategy a procedure is proposed and discussed below.
EN
The idea of intensive management of a company lies in constant search of effective sources of financing enterprise economic activity. Working capital should play an important role in this financing. Working capital ought to become a basis for the growth of generated capital, and financial affect not divided. As a result it activates the development and enterprise's growth value of a company towards the growth of productivity and remunerative of the engaged fortune and costs.
EN
If the organizations want to succeed in more dynamic and complicated environment of companies, they can not build their competitiveness only on definite products, technology or resources. The worth of company is based on intellectual assets: unique skills, knowledge, which decide about financial outcomes. The paper reported models of intellectual capital and methods of IC surveying. The paper introduced suggestions of different rates, which can be used to estimate of intellectual assets and to gain necessary information to make decisions in the future.
EN
The paper contains the analysis of the Adjusted Present Value of the company. It is consisting from two parts. General methodological remarks referring to APV were restated I in the first part. In the second part it is contained the method of calculating and analysing I factors shaping the APV's value.
EN
Numerous researches shows that many enterprises makes investments with negative NPV. Another surveys indicates that many enterprises have difficulty with current asset management which have a significant influence on value creation process. Both factors makes that many enterprises destroy their value. Therefore this article presents current asset management strategy and their influence on value-based management.
EN
Maximization of wealth of his owners is the basic financial aim in management of enterprise. Cash management must contribute to realization this aim. Article presents the method of determination precautionary level of cash in firm. Level of cash in firm increase net working capital and costs of holding cash. Both of them decrease value of the firm.
EN
The paper presents issues of influence of restructuring on a company's value. Changes occurring in relations between company management and shareholders, which generally speaking mean the company owners, cause that the idea of company's value management seen through widely understood restructuring processes, has priority significance. Thus restructuring activities are to some extent stimulators of changes and influence perceiving of the company as specific investment resulting in maximizing of its value. The paper also presents a useful tool, which is Matrix of Value EVA, allowing to define differences between development paths increasing or decreasing the value. What is also shown is a pentagonal frame restructuring plan which is used to evaluate possibilities of organizational reconstruction.
EN
The analysis of the cross-border consolidation processes from the point of view of their value management is the main subject of this study. Outer restructuring which may consist, among others, in selling or acquisition of the other target and using the financial engineering instruments, is one of the possible way of the enterprises value creating. The problems connected with both merger and acquisition activity which have especially increased in recent years and their influence on the value of company were shown. Moreover, the aim of this study is to indicate the factors which make that not each merger and acquisition cause increase in the value of companies involved in these processes.
EN
The aim of the article is to present the method of economic value added (EVAŽ) and to assess its usefulness in processes of the efficient management in practice of companies. An idea of economic value added is one of the newest methods of corporate financial efficiency calculating. This method allows to implement in practice of companies different operating tasks, concentrated on company value increasing. The article takes into special attention a problem of costs of capitals used when economic value is calculated, especially the cost of equity. At the end there are presented calculations of EVA in three different example companies, which allow to draw conclusions.
EN
Financial decisions are of great importance among economic decisions. They concern financial flows in the management of finances, the process referring to the management of assets or the choice of financial resources of economic activity. The article presents the indicators of an enterprise value as instrument to administration of contemporary organization.
EN
Selection of the most valuable sale should be considered as one of the most important tasks of the Value Based Management. One of the methods useful on this field is the analysis of net present value (NPV) of sale. Present Value (PV) of sale depends on: a) price of product and amount of sale, b) credit-policy alternatives (conditions of payments). In this paper is undertaken an attempt to consider problem of assessment cost of capital, depending on conditions of payments - prepayment, cash on, trade credit (two-part or net terms).
EN
VBM as a new trend, mainly in the fields of strategic management and corporate finance management, has become a frequent topic of discussions in academic environment, as well as among managers and consultants. It impacts not only areas mentioned above, but all the areas of companies' lives, including marketing, selling, motivation, goods storage etc. Due to prof. A. Rappaport, one of the pioneers of the VBM idea, there is a big chance that it will became a standard in a couple of years. Learning organization is another new trend, which emphasizes the role of learning in the organization. Comprehensive approach is one of the main requirements suggested both by value based management and learning organization trends. The article shortly introduces a comprehensive value based management system model elaborated by the author.
EN
The intensive changes in the models of business management, that we have witnessed recently, are accompanied by the common view that the permanent improvement of the organisation is the key element of the process. The success-oriented market players are forced to apply any solutions that would effectively increase the value of a company. The Economic Value Added - as one of the most important measuring instrument in finance management., is answer to send a multi aspects challenge to administration of contemporary organization.
EN
All activities in the firm are undertaken with thought of the realizations of the concrete target. These targets are different and individual for every firm. In the literature exchanged are numerous business strategies and paths of their realizations. The sense of however these all activities and even the Tightness of targets and strategies one can properly rate only after the impartment of the answer on the question: how this activity affects the value of the firm. Managers should have the consciousness that itself firm is not herself value from himself. It is a machine which should bring satisfying value: to customers - the satisfaction of needs, to workers and persons to manageresses - competency and conditions to the self-realization, the owners the turn from invested capital. Because to administer with he firm one ought properly to identify sources of the value and ably them to administer, so that that value constantly former created.
EN
In this paper, we look at one of the widely used value enhancement measure, Cash Flow Return on Investment, and consider where this approach yield similar result to those obtained from traditional valuation model, and where (and why) there might be differences. In conclusion, we show that there is little that is new or unique in this competing measure, and while it might be simpler than traditional discounted cash flow valuation.
PL
W warunkach wzrastającej konkurencyjności rynku utrzymanie pożądanej pozycji konkurencyjnej przedsiębiorstwa wymaga ustawicznego dbania o wykreowanie i utrzymanie przewagi konkurencyjnej. W konsekwencji firmy zmuszone zostają do przeprowadzania zmian strategicznych, których powodzenie uzależnione z jednej strony jest od poziomu aspiracji mierzonej stopniem agresywności zachowania strategicznego, z drugiej strony od szeroko rozumianych kompetencji i zasobów przedsiębiorstwa. W artykule poruszono problem zdobywania i utrzymania przewagi konkurencyjnej w oparciu o trafne identyfikowanie i pomnażanie kluczowych kompetencji firmy w efekcie wykorzystania tzw. "dźwigni zasobów". Główną tezę opracowania stanowi stwierdzenie, że podstawowym źródłem utrzymania czy poprawy pozycji konkurencyjnej przedsiębiorstwa są efekty wynikające z umiejętności uruchomienia dźwigni zasobów w ramach kluczowych kompetencji przedmiotu.
EN
The article refers to the problem how to obtain and keep the competitive advantage in the changing of the competitive environment. In connection with this the following conclusion have been formulated: the basic solution is to identify and multiply the core competence of the corporation by using of the lever of resources.
20
Content available remote Struktura kapitału a wartość przedsiębiorstwa
PL
Celem artykułu jest zwrócenie uwagi na wieloznaczność pojęcia wartości przedsiębiorstwa a jednocześnie uświadomienie potrzeby dokonywania jej pomiaru oraz wskazanie roli struktury kapitału w kształtowaniu tej wartości. Występująca zależność pomiędzy wartością przedsiębiorstwa i strukturą kapitału stała się podstawą dostrzegania roli źródeł finansowania zasobów i poszukiwania tzw. optymalnej struktury kapitału zapewniającej maksymalną wartość rynkową przedsiębiorstwa.
EN
The aim of the article is to pay attention on different meaning of enterprise value and the need of its measuring and to point out the role of capital structure in creating this value. The connection between enterprise value and capital structure became the base of showing the role of financial means of resources and finding optimal capital structure which leads to maximum market value of enterprise.
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