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Финансовая экономика - это область теоретико-прикладных знаний о законах функционирования финансовых потоков и отношений между всеми субъектами экономической системы... (подробнее...)
Всего публикаций в данном разделе: 91

Опубликовано на портале: 21-06-2006
Don Chew Journal of Applied Corporate Finance. 1995.  Vol. 8. No. 2.
In this article, we argue that for many large companies the tops-down, earnings per share-based model of financial management that has long dominated corporate American is becoming obsolete. The most serious challenge to the long reign of EPS is coming from a measure of corporate performance called "economic value added," or EVA. EVA is by no means a new concept. Rather it is a practical, and highly flexible, refinement of economists' concept of "residual income"--the value that is left over after a company's stockholders (and all other important stakeholders) have been adequately compensated. For companies that aim to increase their competitiveness by decentralizing, EVA is likely to be the most sensible basis for evaluating and rewarding the periodic performance of empowered line people, especially those entrusted with major capital spending decisions. EVA, moreover, is not just a performance measure. When fully implemented, it is the centerpiece of an integrated financial management system that encompasses the full range of corporate financial decision-making--everything from capital budgeting, acquisition pricing, and the setting of corporate goals to shareholder communication and management incentive compensation. By putting all financial and operating functions on the same basis, an EVA system effectively provides a common language for employees across all corporate functions, linking strategic planning with the operating divisions, and the corporate treasury staff with investor relations and human resources. We begin by describing the shortcomings of the tops-down, EPS-based model of financial management. Next we explain the rise of hostile takeovers--as well as the phenomenal success of LBOs--in the 1980s as capital market responses to the deficiencies of the EPS model. The EVA financial management system, we go on to argue, borrows important aspects of the LBO movement--particularly, its focus on capital efficiency and ownership incentives--but without the high leverage and concentration of risk that limit LBOs to the mature sector of the U.S. economy. In the final section, we present the outlines of an EVA-based incentive compensation plan that is designated to simulate for managers and employees the rewards of ownership.

Опубликовано на портале: 21-06-2006
Mark Gressle Directorship. 2001.  Vol. 27. No. 1.
Presents information on the use of Value-Based Management (VBM) by managers of the United States corporate elite. Roots of economic profit; Details on the success of Lloyd's Bank in England which employs VBM; Common characteristics among the Value Elite.

Value Based Management [статья]
Опубликовано на портале: 21-06-2006
John D. Martin, William Petty Baylor Business Review. 2001.  Vol. 19. No. 1.
Provides information value based management in the United States. Evaluation of shareholder value; Preparation of financial report; Analysis of stock earning potential.

Опубликовано на портале: 21-06-2006
Financial Analysis, Planning & Reporting. 2003.  Vol. 3. No. 11. P. 1-12. 
Recommends the cash flow return on investment (CFROI) and gross investment technique in measuring corporate growth. Characteristics of CFROI; Limitations of the EBITDA analysis; Best method for determining future stock prices.

Опубликовано на портале: 21-06-2006
Joseph C. Hartman Engineering Economist. 2000.  Vol. 45. No. 2. P. 158-164. 
The metric Economic Value Added, or EVA, has recently become quite popular for analyzing company balance sheets, determining executive compensation packages and even project selection. The analysis entails comparing net after-tax operating profit against the allocated cost of capital for a given period. This paper shows, in general, that Market Value Added (MVA), which is the present value of a series of EVA values, is economically equivalent to the traditional NPV measure of worth for evaluating an after-tax cash flow profile of a project if the cost of capital is used for discounting. Additionally, insight is provided into the rationale behind EVA analysis through an interpretation of its capital and income allocation procedure for investment projects

Опубликовано на портале: 21-06-2006
Jonathan K. Kramer, Jonathan R. Peters Journal of Applied Finance. 2001.  Vol. 11. No. 1. P. 41-50. 
Companies worldwide use the financial metric Economic Value Added (EVAR) to help then assess their financial performance. However researchers speculate that EVA is better suited to traditional manufacturing businesses than to knowledge-based businesses. This study empirically rests the relation between capital intensity and EVA's ability to serve as an effective proxy of market value added. We find that EVA is no less "at home" in the information economy than it is in traditional manufacturing businesses. However, our results do indicate that in most of the industries studied, the marginal costs of using EVA as a proxy for market value added are not justified by any marginal benefits.

Опубликовано на портале: 21-06-2006
Charles L. Baum, Lee Sarver, Thomas H. Strickland American Business Review. 2004.  Vol. 22. No. 2. P. 82-87. 
The aim of this study is to analyze the relationship between a company's performance, measured by Economic Value Added (EVA) and/or Market Value Added (MVA), and the compensation of its chief executive officer. The study also considers whether any relationship between compensation and performance might vary by industry. The results show MVA to be more closely related to executive compensation than is EVA, having a positive and significant association with each component of compensation.

Опубликовано на портале: 21-06-2006
John J. Kim, Jae-Hyeon Ahn, J. K. Yun Journal of Accounting & Finance Research. 2004.  Vol. 12. No. 1. P. 40-48. 
Further understanding of the 'significance of EVA' issue, i.e., 1) whether stock prices follow EVA better than a traditional accounting measure such as earning per share (EPS), 2) how correlation between EVA and MVA are affected by two different economic periods, and 3) whether there is effectiveness of EVA at the industry level. We find no evidence that increase in the change in EVA is attributable to increases in the market-adjusted returns (MAR) regardless of the stage of the business cycle. However, strong positive correlation between EVA and MVA from both parametric and nonparametric tests are more evident during the contraction period. Finally, we also find that the market response to accounting earning, not EVA, is more prone to volatile swings in the manufacturing sector than non-manufacturing industries.

Опубликовано на портале: 16-06-2006
Justin Pettit IVEY Business Journal. 2001. 
How one manage for value? It is not, as I will show, just a case of blindly interpreting and acting on your numbers. Successful cases of managing portfolios for value - Molson, SPX and Herman Miller - show that these companies are careful to apply and interpret their numbers when formulating and exercuting value-based strategies. In this article, I will look at how a company can do this, and discuss the common pitfalls and how to avoid them.

Опубликовано на портале: 16-06-2006
Tom Copelend, Timoty Coller, Jack Murrin Вестник McKinsey. 2002. 
Все компании, акции которых свободно обращаются на рынке ценных бумаг, неизбежно сталкиваются с необходимостью создания стоимости для своих акционеров. Каждой из них приходится прокладывать собственный путь к цели, исходя из своих стартовых позиций и индивидуальных установок. В данной статье рассматриваются финансовые, стратегические и организационные аспекты процесса извлечения стоимости, причем утверждается, что важнейшими для «стоимостного мышления» являются шесть компонентов – формирование идейных установок и индикаторов, управление бизнес-портфелем, разработка организационной структуры, определение факторов создания стоимости, управление эффективностью функционирования бизнеса и управление эффективностью работы персонала. Добившись порядка в этих областях, компании смогут успешно организовать процесс управления, нацеленного на создание стоимости.
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Опубликовано на портале: 14-06-2006
Chun-Yao Tseng, Yeong-Jia James Goo R & D Management. 2005.  Vol. 35. No. 2. P. 187-201. 
Competitive success now is based less on the strategic allocation of physical and financial resources, and more on the strategic management of intellectual capital. Although intellectual capital is intangible and cannot be accurately measured, companies must develop methods of increasing corporate value by proactively focusing on intellectual capital management. This study examines the relationship between intellectual capital and corporate value in an emerging economy. This study employs an intellectual capital perspective, resource-based view and a financial perspective, and investigates how to apply the concept of intellectual capital to value creation. After reviewing the relevant literature, this study identifies human capital, organizational capital, innovation capital and relationship capital as four constructs of intellectual capital. Corporate value is measured using three selection methods: (1) Market/Book value, (2) Tobin'Qand (3) Value Added Intellectual Coefficient (VAIC™). Through a questionnaire survey and secondary data collection, this study applies the Structure Equation Model to analyze the relationships among four constructs of intellectual capital, as well as the relationship between intellectual capital and corporate value. From the empirical findings, for Taiwanese manufacturers, a positive relationship exists between intellectual capital and corporate value. This study visualizes and mobilizes intellectual capital to articulate eight value creation paths.
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Опубликовано на портале: 14-06-2006
Norma Juma, G. Tyge Payne International Journal of Innovation Management. 2004.  Vol. 8. No. 3. P. 297-318. 
Intellectual capital (IC) has been proposed as an essential factor for organizational survival and maintenance of competitive strength. However, there has been very limited consensus on what encompasses IC and how it can best be conceptualized and measured. Further, very little empirical work has specifically examined the relationship between IC and financial performance. Given these shortcomings, this paper focuses first on the impact IC has on performance and secondly on the role strategic alliances may have on this relationship. While we argue that IC will impact performance, we anticipate this relationship will be moderated by strategic alliances and other inter-firm collaborations. Findings reveal interesting relationships that suggest further effort should be placed on the conceptualization and measurement of IC, specifically regarding its relationship to firm performance.
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Опубликовано на портале: 14-06-2006
Leonard L. Lundstrum Review of Quantitative Finance & Accounting. 2003.  Vol. 21. No. 2. P. 141-156. 
Examines how information problems between the firm and the investor affect the value of an internal capital market. Relation of the firm's access to an internal capital market to firm value; Asymmetric information and excess firm value.
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Опубликовано на портале: 14-06-2006
J. R. Franks, J. J. Pringle Journal of Finance. 1982.  Vol. 37. No. 3. P. 751-763. 
In this paper we consider the role of financial intermediaries in the valuation of firms and projects. We show that security prices should reflect both used and unused debt capacity if some corporations can act as financial intermediaries and can capture the tax benefits of debt capacity unused by the operating firm. We also provide some reasons why the value of the firm might be increased if the financing and operating risks of the firm are separated and financial intermediaries issue debt rather than the unit operating the asset.
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Опубликовано на портале: 14-06-2006
Steen Thomsen, Torben Pedersen, Hans Kurt Kvist Journal of Corporate Finance. 2006.  Vol. 12. No. 2. P. 246-269. 
In this study, Granger tests are used to examine the relationship between blockholder ownership and the values of the largest companies in the European Union and the US. Previous studies on US data have found that blockholder ownership has no systematic effect on performance. We propose that these results may not apply to Continental Europe, where ownership concentration is typically higher, the level of investor protection is lower, and influential blockholders may have objectives other than shareholder value. In accordance with previous research, we find no significant association between blockholder ownership and prior or subsequent firm value in either the US or the UK. Nonetheless, in Continental Europe we find a negative association between blockholder ownership and firm value or accounting returns in the next period. Further analysis reveals that this association is significant only for companies with high initial levels of blockholder ownership (>10%). We interpret this finding as evidence of conflicts of interest between blockholders and minority investors. The percentage of blockholder ownership in Continental Europe may be too high from a minority shareholder value viewpoint.
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Опубликовано на портале: 08-06-2006
Юрий Владимирович Волков
Москва: Изд-во МГУ им. М.В.Ломоносова, 2002
Тест использовался для студентов дневной и вечерней формы обучения 3-го курса бакалавриата Экономического факультета МГУ им. М.В. Ломоносова; кафедра "Финансы и кредит".
ресурс содержит полный текст, либо отрывок из него

Опубликовано на портале: 08-06-2006
Юрий Владимирович Волков
Москва: Изд-во МГУ им. М.В.Ломоносова, 2003
Тест использовался для проверки зананий студентов дневной и вечерней формы обучения 3-го курса бакалавриата Экономического факультета МГУ им. М.В. Ломоносова; кафедра "Финансы и кредит".
ресурс содержит полный текст, либо отрывок из него

Мастер финансов: анализ [компьютерная программа]
Опубликовано на портале: 17-03-2006

Программа «Мастер финансов: анализ», представленная компанией «Константа» - известного разработчика программного обеспечения, это профессиональная система оценки финансового состояния организации, позволяющая в десятки раз снизить затраты Вашего времени при составлении отчета по анализу финансово - хозяйственной деятельности.
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Оценка недвижимости 1.2 [компьютерная программа]
Опубликовано на портале: 17-03-2006

Программа «Оценка недвижимости», представленная компанией «Константа» - известного разработчика программного обеспечения, предназначена для определения рыночной стоимости объектов недвижимости и земельных участков с последующим составлением отчета следующими методами: Методом сравнения продаж; Статистическим методом; Доходным методом; Затратным методом.
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Финансовый анализ: ПРОФ [компьютерная программа]
Опубликовано на портале: 17-03-2006

Программа, представленная компанией «Константа» - известного разработчика программного обеспечения, предоставит Вам возможность спрогнозировать финансовую (бухгалтерскую) отчетность организации на любой указанный Вами период (периоды) на основе данных о планируемых объемах производства и распределении финансовых потоков. Таким образом Вы сможете, при необходимости, получить данные о финансовом состоянии предприятия в будущем и добиться требуемых значений финансовых показателей.
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