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Russia and the World Communitys Respond to a Challenge of Instability of Economic and Legal Systems Materials of the International Scientific-practical Conference ...

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Vide P. Skowron, Znaczenie przywdztwa jako wartoci niematerialnej w ksztatowaniu wartoci przedsibiorstwa, in: T. Borys, P. Rogala (eds.), Zarzdzanie jakoci i rodowiskiem jako determinanty doskonalenia dziaania organizacji, Wyd. AE im. O. Langego we Wrocawiu, Prace Naukowe Nr 1177 AE we Wrocawiu, Wrocaw 2007, p. 135.

B. Nita, Metody wyceny i ksztatowania wartoci przedsibiorstwa, PWE, Warszawa 2007, p. 26.

Vide J. liwa, S. Wymysowski, Jak szacowa warto przedsibiorstwa?, in: W. Szczsny (ed.), Finanse firmy. Jak zarzdza kapitaem, C. H. Beck, Warszawa 2007, p. 333.

A. Duliniec, Struktura i koszt kapitau w przedsibiorstwie, Wydawnictwo Naukowe PWN, Warszawa 1998, p. 147.

Moreover, while considering company value it is important to notice economic and financial factors creating this value.

Company value growth is of interest most of all for shareholders, investors, customers and employees. Those groups expect the delivered value to be characterized by 12 :

Rareness consisting in the purse of that the offered products and services be different from others and unique;

landmarkness resulting not from the improvement of status quo, but from creating new markets, products and services, which means stepping out from a traditional approach to researching and satisfying customer needs and replacing it with a new approach whose core is to lead customers;

uniqueness which intrigues, inspires with features of offered products and services or with a way of their purchase and use;

individualization, resulting from the facts that in a new economy the market is becoming less and less a mass recipient market in favour of an individual persons market, which means a necessity of offering products and services for tailor made needs of particular recipients;

features giving the sense of recipients life quality improvement.

Company value growth takes place through its elements value growth and the provision of their effective use as a system. Nowadays there is a tendency to increase the significance of company intellectual asset. In numerous publications it is noticed that company value depends more and more on company intellectual potential and its efficient use 13.

Value maximization consists in the use of a structured approach, a systemic approach enabling to focus the efforts of managing staff of all degrees and the whole executive personnel on creating value.

The acquaintance and a proper formation of the factors which a company has influence on provide a possibility of an indirect company value creation.

The managing staff, who knows factors influencing value, has a possibility of an appropriate choice of targets and a formation of company functioning rules. It is worth keeping in mind that what has also influence on company value i san country economic situation, company development strategy, sector and market attractiveness, employees, customers, etc. Value is always a subjective amount, since particular assets are worth as much as a customer is willing to pay.

3. Value based management Management generally it may be defined as a deliberate and rational formation of the dependencies between organization system elements. Management always takes place while making a deliberate choice of one from alternative posO. Hanari, Value in the New Economy, part 1 and 2, http:/mworld.mce.be.

Vide B. Lev, B. Sarath, Sougiannis: R&D Reporting Biases and Their Consequences, Working Paper, University of Illinois at Urbana-Champaign 2002; B. H. Hall, A. Jaffe, M. Trajtenberg, Market Value and Patent Citations: A First Look, Working Paper 7741, Cambridge Map., National Beureau of Economic Research, 2000.

sibilities. Company management, whose one of priorities is value growth, requires form managing staff bigger and bigger knowledge and skills of using this knowledge.

Value based management is nowadays a dominating company activity target. The best management practice applied today is believed in many branches to be the implementation of value based management system. Effective value management introduces changes in company functioning, in a way of taking important decisions. All company processes, strategies, targets, activities, planning, reporting and controlling systems, evaluation and motivation systems are currently translated into the language of company value. Company value is a perspective of an investor as a supplier of capital for a company and constitutes currently a basis of management and its most important goal.

Value based management constitutes an integrated process realized on all company levels and all decision levels which has as its purpose long-term company value growth, owners wealth multiplication, satisfying customer expectations, and thus gaining competitive advantage 14. In the management theory and practice it is assumed that company value, that is company value for shareholders, is defined by current value of future cash flows generated by a company and discounted by a weighted average cost of capital diminished by company liabilities value.

Value based management (VBM) [] is in fact a management system of a company in which its particular elements are correlated and subordinate to final goal realization which is maximization of value created for shareholders 15. Value-oriented management enables to identify competitive advantage elements and manage them appropriately 16 .

T. Dudycz perceives value based management as [] the transformation of a company into an organization of an increased number of mechanisms enabling to provide higher value for owners and to generate bigger benefits for employees and company customers 17 . The core of VBM consists in the use of a company market value conception while analyzing, evaluating, undertaking and then controlling company strategic and operational processes and correcting them. In practice, the realization of the VBM conception comes down to the implementation of such decisions which maximize company value, and thus owners wealthiness.

Vide M. K. Gsowska, Logistyka zaopatrzenia a zarzdzanie wartoci przedsibiorstwa w warunkach kryzysu; in: J. Bieliski, R. Poska (eds.), Przedsibiorstwo w warunkach kryzysu, Prace i Materiay Wydziau Zarzdzania Uniwersytetu Gdaskiego, 3/2 2009, Sopot 2009, p. 297.

A. Cwynar, W. Cwynar, Kreowanie wartoci spki poprzez dugoterminowe decyzje finansowe, Wyd.

Wyszej Szkoy Informatyki i Zarzdzania w Rzeszowie, Polska Akademia Rachunkowoci S.A., WarszawaRzeszw 2007, p. 9.

W. Skoczylas, Warto przedsibiorstwa w systemie jego oceny, Wydawnictwo Uniwersytetu Szczeciskiego, Szczecin 1998, p. 25.

T. Dudycz, Finansowe narzdzia zarzdzania wartoci przedsibiorstwa, Wyd. AE im. O. Langego we Wrocawiu, Wrocaw 2001, p. 44.

There are a lot of value based management determinants, both endogenous and exogenous. Before taking decisions leading to maximize company values it is necessary to identify their conditions and determine how the undertaken activities may influence value.

Value based management requires focus on the future, which consists in using solutions catching signals about approaching changes and reacting to them early enough. In addition, the conception of value based management enables to organize activities forming organization value and to design and implement mechanisms of influencing its growth, translate paramount value growth targets into specific activities of an organization and motivate employees to make right decisions. The VBM conception treats company value for owners as a paramount objective which all other objectives should be subordinate to. A company creating company value may be defined as healthy financially, stable and having perspectives of development.

Among the benefits which may be brought to a company by value management it is worth noticing the most important two of them, namely:

It may indelibly maximize previously created company value;

It may increase its transparency.

Moreover, value management may facilitate communication between investors, analysts and other persons engaged in company activity (from outside) and may improve the inner communication concerning a company strategy.

Summing up, it may be stated that the value base management conception is nowadays a good way of building and developing a successful company. This conception enables to translate paramount value growth targets and motivate employees to make right decisions.

4. CONCLUSIONS Changes in the company surroundings force companies to adapt constantly.

Therefore, in every company there must take place deep and universal transformations both on the strategic and operational level it should be conducted in the conditions of the 21st century. Because of the market development and competition gaining intensity, it is more and more difficult for companies to achieve satisfying results permitting strategic goals realization. In the competitive surroundings, an indirect objective to continue and develop, instead of a traditional target profit maximization, is becoming a company target company value growth, being a dominant target. Therefore, for the companies pursuing competitiveness the most important goals are becoming costs reduction, products quality improvement, higher innovativeness and bigger creativity in management processes, as well as the implementation of more modern management methods. One of them is value based management, and its core consists in that a company should focus on developing its main activity areas where it has or may gain competitive advantage in the market. Value based management is a contemporary, dominating way of management, used in the best joint ventures and a lot of companies on almost all continents. It includes rules, offers and solutions with reference to taking strategic and operational decisions whose purpose is maximization of company value for owners and the other groups of interest related to the company. Company value multiplication satisfies the objectives of many groups of interest, from assets owner to a state.

Bibliografia 1. Bieliski J., Poska R.(eds.). Przedsibiorstwo w warunkach kryzysu / Prace i Materiay Wydziau Zarzdzania Uniwersytetu Gdaskiego, 3/2 2009. Sopot, 2009.

2. Borys T., Rogala P. (eds.). Zarzdzanie jakoci i rodowiskiem jako determinanty doskonalenia dziaania organizacji / Wyd. AE im. O. Langego we Wrocawiu, Prace Naukowe Nr 1177 AE we Wrocawiu. Wrocaw, 2007.

3. Cwynar A., Cwynar W. Kreowanie wartoci spki poprzez dugoterminowe decyzje finansowe / Wyd. Wyszej Szkoy Informatyki i Zarzdzania w Rzeszowie, Polska Akademia Rachunkowoci S.A. Warszawa-Rzeszw, 2007.

4. Dudycz T. Finansowe narzdzia zarzdzania wartoci przedsibiorstwa / Wyd. AE im. O. Langego we Wrocawiu. Wrocaw, 2001.

5. Duliniec A. Struktura i koszt kapitau w przedsibiorstwie / Wydawnictwo Naukowe PWN. Warszawa, 1998.

6. Gobiowski G., Szczepankowski P. Analiza wartoci przedsibiorstwa, Difin sp. z o.o. Warszawa, 2007.

7. Hall B. H., Jaffe A., Trajtenberg M. Market Value and Patent Citations:

A First Look, Working Paper 7741, Cambridge Map., National Beureau of Economic Research, 2000.

8. Hanari O. Value in the New Economy, part 1 and 2. URL:


9. Lev B., Sarath B. Sougiannis: R&D Reporting Biases and Their Consequences, Working Paper, University of Illinois at Urbana-Champaign, 2002.

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