Template-Type: ReDIF-Article 1.0 Author-Name: Eva Kislingerová Title: Company Value, Its Measurement and Management Abstract: The maximalization resp. growth of company market value ranks among the most widely spread objectives of company management. Its environment which is often presented as turbulent or volatile puts weight on how to measure and especially how to manage the company value which is understood as a sum of future benefits accruing to company claimholders (share- and debtholders) so that the objective were accomplished. Which methods to use for value assessment and which factors influence the value represent the main interests of the following paper. Keywords: value, cash flow, cost of capital, growth Pages: 10-19 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=202.pdf File-URL: http://www.vse.cz/aop/202 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2005:y:2005:i:4:id:202:p:10-19 Template-Type: ReDIF-Article 1.0 Author-Name: Miroslav Javor Title: Global strategic alliances and acquisitions Abstract: The article focuses on analysis of global alliances and acquisitions with emphasis on their common strategic context - both categories are presently key vehicles to maintain competitiveness of globally operating businesses. Initially attention is paid to the phenomenon of transnational corporations, which are subjects to global alliances and acquisitions and which are involved in global strategic processes most. Core of the article consists of two independent parts (one regarding alliances, the other dealing with acquisitions) presenting theoretical basis of given topic, complemented by case examples. Keywords: globalisation, corporate strategy, alliances, acquisitions Classification-JEL: M21 Pages: 20-39 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=203.pdf File-URL: http://www.vse.cz/aop/203 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2005:y:2005:i:4:id:203:p:20-39 Template-Type: ReDIF-Article 1.0 Author-Name: Hana Scholleová Title: Investment projects value as an important factor of firm value Abstract: Investments projects value has a significant influence on firm value. There are a lot of methods for more precious evaluation of project value. The classic methods based on NPV have their origin in financial plan and the assumption of its precious implementation. They can not evaluate the management right to adapt it according to the future courses. It is the reason why the real options methodology based on analogy to financial options has been developed. The value of firm rights depends on the same parameters, which are inputs of NPV method. Additional important parameter is volatility as a measure of uncertainty, which increases the firm value. Real options methodology should be used especially on parallel affect of firm flexibility and surrounding volatility. The best benefits these methods bring when NPV is near to zero. The main areas of their utilisation are risk and developing projects especially in the branch of power engineering, communications and biotechnology. Keywords: volatility, flexibility, real options, investment, project value Pages: 40-61 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=204.pdf File-URL: http://www.vse.cz/aop/204 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2005:y:2005:i:4:id:204:p:40-61 Template-Type: ReDIF-Article 1.0 Author-Name: Patrik Sieber Title: Investment Decision Making Process and Public Projects Abstract: When conducting valuation of investment in the public sphere, we must pay attention to the whole spectrum of economic disciplines. In our business practice we may in this area encounter many irrational opinions, out of line with the contemporary economy theory. To increase the effectiveness of public investment decision-making, we must qualify many business and public sphere organizations, and provide them with quality, conflict-free framework for evaluation of public projects. The point of this project is not the maximizing of shareholder value, but rather growth of the society welfare via the most advantageous allocation of rare resources among competing uses. One such method is the Cost-Benefit Analysis, which in monetary units quantifies the value of all impacts of an investment project on the society. Among the main conceptual presumptions we consider the relation between allocation effectiveness and value of project, definition of the main principle of valuation of inputs on the basis of Willingness-to-Pay (WTP) and evaluation pf project inputs on the basis of opportunity costs, dependency of WTP on the definition of society, and the anthropocentric nature of CBA. Microeconomic result of net benefits resulting from project impacts is the change of social welfare. Evaluation of project impacts is practicably dependent on whether the market for them is effective, ineffective or does not exist at all. The resulting socio-economic flows are transformed into their current value via public discount rate, and consecutively a NPV value is calculated. Keywords: public sector, investments, investment project, Cost-Benefit Analysis, social welfare, social discount rate, weighted social opportunity costs, shadow prices of capital, net present value Pages: 62-79 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=205.pdf File-URL: http://www.vse.cz/aop/205 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2005:y:2005:i:4:id:205:p:62-79 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Hnilica Title: Some Remarks On the Impact of Risk Management on Firm Value Abstract: The paper focuses on how risk management may influence the value of a company. Situation is discussed with models of Modigliani - Miller - Fama and their assumptions in the background. After the basic explications of the afore mentioned models and of the decision- making rule for investments, particular states where risk management may add value are analyzed. An attention is paid mainly to costs of taxation and financial distress, underinvestment and asset substitution. Keywords: risk management, hedging, firm value Classification-JEL: G30 Pages: 80-112 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=208.pdf File-URL: http://www.vse.cz/aop/208 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2005:y:2005:i:4:id:208:p:80-112 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Daňhel Title: Quality Changes in Comercial Insurable Risk Abstract: The paper show the main reason for a general decline of ratings of insurance and reinsurance companies and gives several practical examples of disasters situations in the past few year, including floods in Czech Republic. The paper also deal with some recent examples of fundamentals changes of risks cause by decesion of state administration that were not consulted with insurance companies and may cause futer deteratioration of the overall situation. The conclusion is, however, rather optimistic, the brunch is stabil and relatively safety, insurance companies behaving with utmost care. Keywords: quality changes in non-life risks, gender and life insurance, situation on czech Classification-JEL: G22 Pages: 113-120 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=210.pdf File-URL: http://www.vse.cz/aop/210 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2005:y:2005:i:4:id:210:p:113-120 Template-Type: ReDIF-Article 1.0 Author-Name: Inka Neumaierová Author-Name: Ivan Neumaier Title: The Dynamic Scorecard INFA Abstract: The most important competitive advantage performance driver is ability to manage a company. This ability depends on the quality of managerial decisions. There´s a chance and must in comtemporary world to react to changes in business environment. The goal of this article is to introduce one of the dynamic tools that corresponds to today´s challenges. We introduce the Dynamic Scorecard INFA implemented into strategic management simulator. A company is seen via System dynamics point of view and company performance is incorporated as a result of company behavior measured and managed by financial and non-financial indicator. Keywords: business performance, system dynamics, management flight simulator Classification-JEL: G30 Pages: 121-137 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=211.pdf File-URL: http://www.vse.cz/aop/211 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2005:y:2005:i:4:id:211:p:121-137 Template-Type: ReDIF-Article 1.0 Author-Name: Petra Hlačinová Title: Management of complexity in the automotive industry Abstract: The article deals with the analysis of tools that are used to manage the increasing complexity that has come out in the automotive industry during the recent years due to significant changes in the business environment. The ability to manage the increasing complexity of the processes and products results into cost savings and significantly contributes to value increase. The introduction is dedicated to presentation of basic trends of the automotive industry. The main attention of the article is paid to the area of complexity management and analysis of tools to manage it within the value chain, mainly focused on the development phase. Aspecial attention is paid to possibility to apply platform and module strategy and to evaluate advantages and disadvantaged accompanying them. Keywords: complexity, platform and module strategy Classification-JEL: M21 Pages: 138-153 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=212.pdf File-URL: http://www.vse.cz/aop/212 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2005:y:2005:i:4:id:212:p:138-153 Template-Type: ReDIF-Article 1.0 Author-Name: Miroslav Hučka Title: Správa společnosti a konkurenceschopnost: Existuje vazba? Abstract: Příspěvek se zabývá problematikou vztahu mezi úrovní správy společnosti a její konkurenceschopností. Diskutuje konkurenceschopnost podniku, která vyrůstá z konkurenčních výhod. Hledá odpověď na některé zdroje konkurenční výhody a cesty k jejímu získání. Prezentuje kvalitativní i kvantitativní přístupy měření úrovně správy společností. Analyzuje výsledky empirických průzkumů v angloamerickém prostředí, pokud jde o vztah mezi indikátory finanční výkonnosti a správou společnosti, ukazuje na rostoucí množství nových důkazů existence pozitivní vazby. V závěru příspěvku je vyslovena hypotéza pro české prostředí, že lepší právní ochrana a dodržování zákona přispějí ke zvýšení úrovně správy společností a jejich výkonnosti. Pages: 154-166 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=214.pdf File-URL: http://www.vse.cz/aop/214 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2005:y:2005:i:4:id:214:p:154-166