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1

Company valuation – modern day dilemmas

100%
Rak-Młynarska E., Skobelska A.
Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej
|
2018
|
issue 4
45-53
EN
Valuation of a company is a very complex and challenging task. On one hand it requires orientation in the existing analytical tools and relies on selection of appropriate valuation methods, on the other, it is quite intuitive with respect to the choice of unquantifiable factors. Re-occurring financial downturns are frequently triggered by decisions taken upon partial or manipulated information. Therefore, it is necessary to conduct a critical review of the popular valuation methods and develop new, more optimal solutions for company valuation.
2

Valuing Internet Companies. Selected Issues

80%
Zarzecki D.
Folia Oeconomica Stetinensia
|
2010
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vol. 9
|
issue 1
105-120
EN
The internet business is one of the most dynamically developing sectors of the global economy. Internet companies attract ever higher investment despite elevated risk, therefore developing valuation methods adapted to their specificity is of growing importance. This article is an attempt at providing theoretical grounds for potential approaches used in the valuation of such companies. Some of the major difficulties arise from the following reasons: 1) in the early stages of development, internet companies, like many other start-up companies, generate losses or symbolic profits; 2) internet companies grow at a very fast rate (hundreds or thousands of percent p.a.); 3) the future of internet companies is very uncertain.The analysis of different valuation methods carried out in this article points to the conclusion that methods well grounded in theory, such as the Discounted Cash Flow and Real Options methods, have not lost any of their relevance in the "new economy". What is necessary however is to adopt a different approach to probability estimation and consider the internet companies' high flexibility in making business decisions when faced with dynamically changing market conditions. The article also addresses a crucial issue for the stock value of public internet companies - the investors' expectations and emotions.
3

Valuation of Cultural Goods: Evaluation of Perspective Methods

61%
Smrčka L., Kislingerová E., Strouhal J., Kubíčková K., Kubíčková M.
International Journal of Entrepreneurial Knowledge
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2014
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vol. 2
|
issue 2
45-56
EN
Valuation of cultural assets represents a very actual topic not widely discussed within contemporary accounting and financial research. Main motivation of this paper is therefore to provide an empirical evidence of the methods for valuation of cultural and artistic goods. In general, any method for valuating cultural and artistic goods or institutions cannot bring results as objective as those available to valuate assets in the real market economy. Within this paper we did focused on valuation on a specific case of cultural institutions (theatre, museum) and also we aimed to analyse the economic impacts of cultural organizations.
4
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Brand valuation: an innovative approach based on the risk difference

61%
Skalický R., Meluzín T., Zinecker M.
Oeconomia Copernicana
|
2021
|
vol. 12
|
issue 1
159-191
EN
Research background: Among academicians, a growing interest in brand valuation methods can be observed since the 1980s, when it became obvious that firms have off-balance sheet assets which have a significant effect on their value. Moreover, in a number of cases, the need to value the brand arises due to the reporting requirements or transactional and other intrafirm reasons. The existing methods used so far have commonly focused on changes in variables such as sale prices, changes in customer behaviour, or sales volumes and very often lead to different results, even when valuing the same brand. We believe that the risk factor has been neglected in these methods, although having a significant impact on the brand valuation. Purpose of the article: The aim of this paper is to formulate an alternative brand valuation approach based on the risk difference. This is defined as the difference between the risk to which a producer with a certain brand is exposed and the risk of the producer without a brand. Methods: Firstly, a set of assumptions was defined concerning the issue what conditions are required to be applied to use the proposed methodological approach. Next, the concept itself is formulated and tested while using the case study approach. Hence, in conditions of a model company, the method was verified with specific data. The results were also compared with the reproduction cost approach. Findings & value added: This paper presents a novel brand valuation method based on the risk difference. Building on a thought experiment, we compare an incumbent with a brand rather than with an average producer, which is a commonly used approach, with a new entrant to the market. We argue that in comparison to existing methods, our methodological approach reduces the number of unobservable inputs in the brand valuation process, and thus increases the accuracy and reliability of its results. Our method supports both researchers and practitioners to establish a better understanding between the well-established financial theories and new directions in brand valuation research.
5

Pojęcie i zakres inwestycji w rachunkowości oraz metody wyceny inwestycji niefinansowych

51%
Stępień K.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2014
|
issue 6(930)
59-72
PL
Inwestycje stanowią podstawowy warunek rozwoju jednostek gospodarczych. Umożliwiają one ekspansję przedsiębiorstw, a w konsekwencji ich przetrwanie w konkurencyjnym świecie. Posiadają też bardzo szeroki zakres. Opracowanie poświęcono prezentacji różnorodności pojęciowej terminu „inwestycje”, a ponadto przedstawieniu zakresu inwestycji, jak również omówieniu metod wyceny inwestycji niefinansowych stosowanych przy wycenie w rachunkowości.
EN
Investments are essential to the development of business. They allow enterprises to expand, and therefore survive in a competitive world. They also come in a very wide variety. This study presents the variety in the term “investment”, the scope of investment, and also discusses valuation methods of non-financial investments used in accounting.
6

Odhad ekonomických efektů veřejné infrastruktury v území metodami hedonických cen

41%
Vorel J., Franke D., Benešová I., Gabaš O., Kačarevič S.-A., Makovský L.
Urbanismus a územní rozvoj
|
2022
|
issue 6
8-22
EN
This article describes the results of a research project the aim of which was to propose and apply methods of pricing of public possessions for the purpose of spatial planning. The research has focused on hedonic pricing methods, using these to estimate the economic effects of the proximity of metro stops, railway stations, public zones, parks, natural areas and school facilities. The opening part comments on various approaches to the evaluation of public estate and the methods usually used for evaluation. A description of the theory, ways of estimation and domains of use of hedonic pricing is followed by the results of an extensive survey of studies in hedonic pricing in the Czech Republic and abroad. The main part of the article deals with the application of hedonic pricing and the evaluation of its economic effects on public possessions in the city of Prague and the Region of Central Bohemia. The results show significant local economic impacts of these methods. The results indicate significant local economic effects of public possessions, for example a metro station within 600m of a property increases its value by 4.2%, the presence of a park within 300m increases the property price by 1%, and an increase in the proportion of natural areas within 800m of the property increases its value by 1.2%. The analysis also indicates that a primary school that reports gifted pupils on its register increases the value of properties in that school’s district by 1%. Besides benefits, the final part of the article enumerates limitations arising mainly from a lack of data available, complex interconnection of effects and significant heterogeneity in the qualities of territories.
XX
Článek prezentuje výsledky výzkumného projektu, jehož cílem je navrhnout a aplikovat metody oceňování veřejných statků pro účely prostorového plánování. Výzkum se zaměřuje na metody hedonických cen, které využívá k odhadování ekonomických efektů blízkosti stanic metra, železničních stanic, veřejných prostranství, parků, přírodních ploch a školských zařízení. V úvodu jsou představeny různé pohledy na hodnocení veřejných statků a obvykle používané hodnotící metody. Následuje představení teorie, způsobu odhadování a oblastí využití hedonických cen. Článek dále prezentuje výsledky obsáhlé rešerše studií hedonických cen realizovaných v ČR a zejména v zahraničí. Jádrem článku je představení výsledků aplikace metody hedonických cen na hodnocení ekonomických efektů veřejných statků na území hl. m. Prahy a Středočeského kraje. Výsledky ukazují významné lokální ekonomické efekty veřejných statků. Tyto výsledky naznačují výrazný lokální ekonomický efekt veřejných statků, například stanice metra ve vzdálenosti do 600 m zvyšuje cenu nemovitosti o 4,2 %, park ve vzdálenosti do 300 m zvyšuje cenu nemovitosti o 1 % a vyšší podíl přírodních prostor ve vzdálenosti do 800 m od nemovitosti zvyšuje její cenu o 1,2 %. Z analýzy plyne, že i základní škola, kterou navštěvují nadané děti, zvyšuje hodnotu nemovitostí ve svém okolí o 1 %. V závěru jsou uvedeny jak přínosy metod hedonických cen, tak i jejich limity, které vyplývají zejména z omezené datové základny, komplexní provázanosti efektů v území a významné heterogenity vlastností území.
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