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EN
Efficient value management especially in dynamic and variable environment will demand controlling support. In an article there is presented a controlling conception in a shareholders value steering. In peculiarities there are presented definitions, functions, assignments and structure.
EN
During estimation of value of firm or its strategic unit, which stocks are not a subject of turnover on a capital market, there is a problem of measurement on cost of equity and beta factor. In this case there are possible two approaches: analogy and analytic. In this article are presented both of them. Special attention is called to one of the part of analytic approach, accounting-beta.
EN
New conditions for concerns running, called information era, created a need for a new conceptions of results measurement. Analytic systems of ratios are supplemented by systems of ratios for steering. In this article is presented rudiments of construction this systems as also as examples for Balanced Scorecard.
EN
The aim of the article was to show EVA as a measure that promote and makes value management easier. The article displays that equity based EVA is a simply formula, especially when no corrects are made and gives equival result to traditional EVA. This is an argument that equity based EVA should be used by all: internal and external units, a specially in a first etap of EVA implementation process.
Logistyka
|
2015
|
tom nr 2
1355--1361, CD2
PL
Od kilku lat obserwujemy jak innowacje w sektorze telefonii komórkowej zarówno w obszarze technologii przesyłu i gromadzenia danych, jak i możliwości smartfonów w sposób naturalny wpisały się w strukturę marketingu; szczególnie w obszarze kreowania wartości dla nabywców, komunikacji oraz personalizacji oferty. Autor przedstawił jak światowi liderzy w swoich działaniach „zaprzęgają” innowacje sprzężone z ka-nałami social media do kreowania wartości dla nabywcy. Autor zauważa, że budowanie wartości dla klienta łączy się nieodzownie z próbą jak najlepszego dopasowania oferty do oczekiwań nabywcy oraz jego indywidualnych potrzeb. Autor przedstawił jak dzięki innowacjom możliwe jest mierzenie trafności spersonalizowanej oferty do indywidualnych potrzeb i oczekiwań nabywcy.
EN
For the past few years, we have been witnesses to how innovations in mobile telecommunication sector, both as far as transmission technology, data collection and possibilities of smartphones are concerned, have naturally become an element of the marketing structure. In particular with regard to the creation of value for buyers, communication and personalization of the offer. In the publication, the author will present how the world leaders in their respective segments engage innovations, combined with social media, to create value for the buyer. The author notes that the building of value for the client is inevitably combined with an attempt of the best possible adaptation of the offer to the expectations of the buyer and his individual needs. In the publication, the author will present how it is possible, thanks to innovations, to measure the accuracy of the personalized offer from the point of view of individual needs and expectations of the buyer.
EN
According to literature and practice excess cash seems to be good measure of company performance. It is in opposition to measures basing on profit. Article provides analysis of two quoted companies performance. Author compared two measures: profit and cash and profitability ratios based on profit and cash. Author also discuses problem of usefulness of cash and profit in company performance measurement.
EN
The aim of this article was to show a genesis and theoretical basis of acceptable to practitioners and theoreticians conception of value management. The main them was a core of value management in a capital market and financial (in large meaning) theory focus. It joins theory of inwestition and financial theory (in narrow meaning).
EN
Business value management is a cognitive and useful for practical reasons oneself system of coefficients. Properly characterised relationships makes possible qualification of directions of activities for business value in firm itself (top-down analysis), and in the other hand influence of value generators for business value in all of the firms (bottom up analysis). Large complexity of measure of aim, which is shareholders value, caused need for clear measures system. This one, proposed in an article, unites three levels of financial system of measurements, and consists of: all firms, business units and one time period (usually year) measurements.
EN
In the terms of market economy the effectiveness of the invested capitals in a short and long term is the subject of the great importance. Thus there is a need for appropriate measurement and furthermore analysis. The paper is focused on the presentation of the issues connected with the measurement of the rate of return on the invested capitals in two approaches: traditional one which is based on the book values, and a new one - financial - which is adjusted to the firm's value management.
EN
Article presents cash profitability of capital analysis. Author presents that cash profitability of capital is very synthetic ratio. Therefore author propose two other ratios to describe relation above. These two ratios are: cash profitability of sale and capital turnover ratio. Presented method is linked with cash-flows which are base of company valuation.
PL
Celem artykułu była weryfikacja wartości poznawczej wybranych, światowych standardów wyceny kapitału intelektualnego. Przedmiotem badań były skalkulowana wartość niematerialna (CIV), zysk z kapitału wiedzy (KCE) oraz ekonomiczna wartość dodana (EVA). Wszystkie one mogą być ustalone na podstawie danych księgowych. Zakres ich stosowania jest wiąc szerszy, niż alternatywnych rozwiązań w likwidacji luki informacyjnej sprawozdawczości finansowej. Wyniki przeprowadzonego badania zweryfikowały negatywnie I oceniane koncepcje, możliwe do zastosowania w pomiarze kapitału intelektualnego przedsiębiorstw w restrukturyzacji. Na tej podstawie sformułowano wniosek końcowy wskazujący na konieczność poszukiwań innych koncepcji do momentu ulepszenia stosowanego obecnie systemu księgowości, żeby stworzyć właściwe podstawy dla podejmowania decyzji w warunkach restrukturyzacji ciągłej.
EN
The aim of his article was an empirical verification of particular, global Intellectual Capital (IC) estimation standards. The subject of research was Cumulated Immaterial Value (CIV), Knowledge Capital Earnings (KCE), Economic Value Added (EVA). All of them can be estimated on financial statement. The usage I area of this measurements is larger then alternative methods used in lowering information gap of financial statement. The result of research negatively verificates thesis of usefulness of presented Intellectual Capital estimation methods in corporation during restructurisation. On this basis a conclusion was form, that for decision making process in corporation during permanent restructurisation should be other methods created.
EN
The main aim of this article is a presentation of deterministic model that explains a change of market value of listed companies and takes into account generated cash flows. There is also a presentation of usage of model on sample of companies included in WIG 20 between 1999-2002. At the and of the article are shown advantages and disadvantages, as also as directions of its further application.
EN
The aim of this article was to verify deterministic model of market value change. This model is greater then other, older models of financial analysis, because shows exactly change in value because of separate model elements. It cause better strategy identification of creation or destruction of market value.
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