PL EN


2014 | 164 | 97-108
Article title

Methods for Estimating the Growth in Company Value and Shareholder Value Resulting from Business Combinations

Authors
Content
Title variants
Languages of publication
EN
Abstracts
EN
The paper aims to present the measures which can be applied to estimate the company value creation and shareholder value creation resulting from a merger or an acquisition of a company. The selection of an appropriate method allows to determine whether the merger or acquisition has really contributed to an increase in the owners' wealth. Company value can be increased by creating added value or by maximizing earned profits and positive cash flow. The use of maximized profits and cash flow to build company value involves maximizing revenues and minimizing expenses. On the other hand, creating added value means building strong elements which will allow to generate and increase revenues and profits in the future. Consequently, added value causes that even an enterprise which generates little or no profit or cash flow may have a considerable market value for a potential investor or buyer
Year
Volume
164
Pages
97-108
Physical description
Contributors
References
  • K. Machała: Zarządzanie finansami i wycena firmy. UNIMEX, Wrocław 2011, s. 18.
  • E. Maćkowiak: Ekonomiczna wartość dodana. PWE, Warszawa 2009, s. 58.
  • S. Jovonovic, Braguinsky: Bidder Discounts and Target Premia in Takeovers. "American Economic Review" 2004, 94 (1), s. 45-46.
  • M. Lewandowski, J. Strysik: Zjawisko synergii w przypadku fuzji i przejęć przedsiębiorstw. W: M. Lewandowski et al.: Fuzje i przejęcia w Polsce na tle tendencji światowych. WIG-Press, Warszawa 2001, s. 223
  • Z. Korzeb: Teoria kreowania wartości dla akcjonariuszy w procesach fuzji i przejęć w polskim sektorze bankowym. Difin, Warszawa 2010, s. 186.
Document Type
Publication order reference
Identifiers
ISSN
2083-8611
YADDA identifier
bwmeta1.element.desklight-0d53d6fb-0932-4af3-9144-6c800fe1105d
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.