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PL
Nie można zastosować klasycznych metod przy wycenie mikroprzedsiębiorstw. Autor w opracowaniu proponuje metodę wyprowadzoną z koncepcji opcji realnych pomiaru wartości działalności mikroprzedsiębiorstw.
EN
It is impossible to use the classical method in valuation of microenterprises. Therefore the author suggests to test a new method originated from ideas of real options.
EN
According to the concept of managing the value of enterprises, in other words (value based management), the most common in Polish literature of this subject is connecting the value analysis of enterprises and the value for shareholders with the assesment of capital structure of enterprises and direction and scope using access funds. This topic is perceived slightly differently by M. Michalski, who treats Value Based Management from the shareholders interests perspective as a different version of strategic management and he adapts part of the methods of strategic analysis to identify sources of operational value of enterprises. This artical is devoted to those topics.
EN
In the paper there is presented strategic analysis which is the first step when the enterprises wanted to make a process of mergers and acquisitions. In this process it's very important which firm the enterprises choose because from this part of process depend success of mergers and acquisitions. Perfection and preciseness of strategic analysis in choice of firm is not only one from another elements which are important in this process.
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