Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl

Results found: 5

first rewind previous Page / 1 next fast forward last

Search results

help Sort By:

help Limit search:
first rewind previous Page / 1 next fast forward last
1
Publication available in full text mode
Content available

COMPANY VALUATION. HOW TO DEAL WITH A RANGE OF VALUES? (Wycena przedsiebiorstwa. Jak traktowac zakres wartosci?)

100%
Patena W.
Finansowy Kwartalnik Internetowy e-Finanse
|
2011
|
vol. 7
|
issue 3
75-84
EN
Company valuation is not done after having generated a few values being a result of applying different valuation methods. In many cases institutions ordering the valuation request a value which can be an equivalent of a market, transactional value. Often the one method (and the valuation resulting from the method) can be indicated, since the valuer claims that it gives the most precise value of the company. However, it is safer to consider the range of values and then try to determine the final value which is the result of a combination of several methods. However, the question is how to consistently deal with a range of values. One of the solutions are so-called mixed methods of company valuation. They are criticized in this paper as they are too subjective. Instead we suggest considering a portfolio approach - PATEV (Portfolio Approach to Equity Valuation). In addition to having to choose a method of defining one value, the value is subject to further corrections: liquidity and control discounts.
2
Publication available in full text mode
Content available

VALUATION OF EMCINSMED PLC. – HOW DOES A COST OF CAPITAL THAT TRACKS CAPITAL STRUCTURE INFLUENCES THE VALUE OF A COMPANY? (Zastosowanie technik iteracyjnych w wycenie przedsiebiorstwa – wycena EMCINSMED S.A.)

100%
Patena W.
Finansowy Kwartalnik Internetowy e-Finanse
|
2010
|
vol. Special Issue
15-27
EN
DCF is the most respected method of company valuation. However, it does have a flaw related to the fact that the weights (share of debt and equity in total financing) that are used are based on book values. The problem may be overcome by using a technique based on iterations. In a real-life case, when one has to deal with numerous parameters and time periods, a numerical solution seems to be the only feasible approach. It is a chain of formulae that becomes so integrated that the information between cash flows and cost of capital moves freely. Loops run along columns (from V to WACC, and from E to k) and lines (from one year to another). The cost of capital 'tracks' the capital structure and changes accordingly. The valuation is recursive, going backwards in time. In general, the recursive method of company evaluation overcomes a fundamental problem that is often ignored by many other methods: the fact that the cost of capital depends on the financial structure. Here in the paper, the valuation of Emcinsmed plc. company is done in order to present the i-DCF valuation method. The company is highly leveraged, hence it serves as a good example.
3

ENTERPRISE'S ANALYSIS IN THE PRE-PRIVATISATION PROCESSES, STANDARDIZATION METHODOLOGY (Standaryzacja metodyki analizy przedsiebiorstwa w procesach przedprywatyzacyjnych)

63%
Maslankowski K., Patena W.
Organization and Management
|
2009
|
issue 4(138)
85-96
EN
The paper is an attempt to describe the privatisation process in Poland and standards that are followed. The focus is on pre-privatisation analyses. Despite frequent changes in the regulations, they still lack consistency. One of the examples that is analysed is as follows: what is the use of the pre-privatisation analysis (analysis of the judicial status of the company's property and company valuation) if the decision to privatise has already been taken at one of the previous stages. In general, there is a need to harmonise and standardise methodology of the privatization process.
4
Publication available in full text mode
Content available

BUSINESS VALUATION STANDARDS - A NEW APPROACH FOR POLAND (Standardy wyceny przedsiebiorstw - nowa propozycja)

63%
Patena W., Maslankowski K.
Finansowy Kwartalnik Internetowy e-Finanse
|
2010
|
vol. 6
|
issue 2
26-39
EN
Many of the generally accepted valuation principles and concepts are related to the classical valuation trio: income approach, asset approach, market approach. Professionals who (in the USA) are granted CBA, CVA or ASA titles have to follow prescribed rules and guidelines in preparing and distributing the appraisal reports. The standards created by some professional organizations must follow a uniform standard of practice consistent with the Uniform Standards of Professional Appraisal Practice. In Poland we lack such standards. All valuation professionals recognize many fundamental truths. All valuators agree on the basic definitions surrounding key concepts such as discount rate or FCF. Still, the valuations may lack consistency and integrity that can be imposed by a uniform valuation standard. The paper is an attempt to review existing valuation standards and suggest a new approach to building a code of practice for valuation professionals in Poland.
5
Publication available in full text mode
Content available

Commercialization as a recommended approach to hospital restructuring. Case study of Łańcut Medical Center

63%
Patena W., Kaszyk B.
Finansowy Kwartalnik Internetowy e-Finanse
|
2015
|
vol. 11
|
issue 2
32-46
EN
Our society is on the brink of health care system reorganization and implementation of new medical technology. Hospitals have to be a core component of the medical revolution so they have to be prepared for the upcoming leap in their development. If Poland wants to be a pioneer in providing new medical solutions, the current ineffective system has to be changed. The necessary action should be taken to deal with the financial problems Polish hospitals have faced for over 20 years. The current structure of hospitals - SPZOZ, is old-fashioned and cannot adapt to a turbulent social and economic environment. The hospitals should be commercialized and restructured. Being capitalized companies will give incentives and new tools to deal with financial problems. The article presents an example of the commercialized hospital in Łańcut. We make the observations that commercialization increases: a hospital’s profitability, its employment productivity, its capital investment spending and leverage. The case proves that the transformation of hospitals to capital companies proposed by the Ministry of Health may be an appropriate approach and it does work once a reasonable management board is in charge. However, the legal structure alteration should be treated as the first step in the overall restructuring process. The article highlights the problem of managers of Polish hospitals who do not only struggle with financial shortages, but barely know which business model they should follow after commercialization to successfully run the restructuring process. Having examined the LMC the authors are crafting a prelude to the overall research on already commercialized hospitals to find an appropriate business model.
first rewind previous Page / 1 next fast forward last
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.