dr Dariusz Wielgórka
Concepts
of the goodwill in conditions of the globalization
Summary
Finances of the company are the bridge merging
all indications of working of the company in the contemporary economy.
Financial decisions are being treated with money nearly as the special
combination of the piece and know-how from the range of administration in the
company. It would be hard within the space of the a few dozen last years to
point the other area than the activity financial whom equally stormy development
passed under the influence of the globalization and at the same time made a
note of the so big increase in importance in the process perceived overally of
the business management. Contemporary
development of finances is showing, that of managing the key effect the
increase in the goodwill is finances.
Key words: the goodwill, managing finances, the
globalization
We are describing growing integration of
national economies as the globalization, the construction of the global
organization, creating worldwide of global economy, in whom shaping of the
competitive position of the company is happening under the influence of his
situation when he is forming on many markets. This process is featuring passing
of civilization development to the computer phase from the industry phase, i.e.
of economy based on knowledge [1]. So the globalization is both the reason and
the consequence of the information revolution. It is giving effects to the
scale (growth of production - of also financial products and sale), is
influencing diversification of products and services, as well as is reviving
development of the technology. Many factors which, it is possible to enumerate
factors of the international environment among are lying for the globalization
at the base and factors tied with development of the given company and
strategic decisions taken up in him.
Also aiming at obtaining of the benefit from the maximum scale of
production, the possibility are influencing decisions about the globalization
of the activity apart from enumerated groups of factors of geographical
reducing of the risk, and increasing market strength of the company [2].
The
globalization is one of stages or of ordering stages of development of the
company, which a number of new requirements, referring to the sphere in the
main measure was put up in front of. Such tendencies have bigger and bigger
influence for the shape of management, like the globalization remembered already,
the stress on the enterprise, lowering expenses, introducing high quality
standards, in it also in the field of ethics and ecology. Companies have to
perfect their system of management which will tolerate the label and the
improvement in key skills, relying on mastery of basic processes of business
from the point of seeing speed, the quality, of executing precision, the level
of expenses and the service, as well as of consistent directing of the whole
organization to optimization of elements of the value of the company.
Companies
which won't be developed (the investment is missing) they will have big
problems on the global market with maintenance oneself be on the market they
will become local companies. The process is being propelled for the
globalization on the other hand inter alia through investments in innovations,
new technologies, the teleinformatics and the like Won't be let the
globalization stop the process however it is necessary to utilize him
skillfully for good of the economic growth.
He is tolerating effective managing of
business finances for reaching of purpose the maximization of the goodwill is
which. It is necessary to take note of the fact too that capital, involved by
investors is being found to the centre of the interest of the theory of
finances both in the financial form, and subject. And therefore it is necessary
through finances also to understand whole of financial and capital, rising in
the relationship of the person to the economic and social activity phenomena
[3]. Technologies should whereas underlie managing of finances for creating the
rational financial system, both in the aspect macro-, and microeconomic.
Knowledge of issues should also to from this range added for persons about the
environment outside of companies, how e.g. of lenders, investors [4].
Goodwill within a period of the
globalization
Term "goodwill" showed up in
literature and the economic practice in the relationship of transformations to
the structural process - of private companies and with putting new principles
into practice of their functioning, adapted to rules of the market economy.
Concept "goodwill" is posing singly from these economic terms which
are gathering various importance in dependence on the context. Understanding of
his economic content isn't possible without specifying, for which the value is
working, and they are informing labels standing at the term of his importance
"value", goodwills being able to express various aspects of the
measurement.
Separating various kinds of the value by
criteria presented below mutually they are able, they are interfering to be
connected with themselves, creating grounds in this way for specifying of the
concept of the goodwill. To arouse big doubts about this context perhaps
especially determining of the destination of the goodwill. Term value for the
shareholder (shareholder value) is pointing for the destination, but is
determining the value calculated behind means of concrete methods and
procedures before everything. It is possible so to accept the thesis that every
goodwill is for shareholders, both the balance, tax and manager, marketable
value. Every however is informing about what with other person and is being
determined with various methods in the various purpose.
They are pointing at the objective,
arbitrary and decision value too among various kinds of the value, and often
subjective value [5]. The state is being described as the arbitrary value of
the company on the basis of data, revealing him economical - financial. The
objective value, is being built in turn on the basis of market premises the
decision, determined by the buyer or the seller and being marked by the big
subjectivism of the estimation value is the opposite of this value, becoming
the effect of searching for the compromise between the buyer's intentions and
the vendor at the same time.
Balance
value (accountant) companies are the value diminished for the value of
obligations, of his property. She is tied with the tax value of the company
strictly, i.e. with net asset value determined when applying of the adjustment
of balance law, with the usage of the adjustment of law of the income tax. The
liquidation value is posing the amount of prices obtained from sale of each
property components in turn (or whole) companies. However value odtworzeniowa
it is the amount of financial expenditure necessary to reproduce each elements
of the property of the company for a given while [6].
The marketable value shaped through the
market, in conditions of the stable balance between demand and the supply on
the market, which surpluses aren't occurring on, of the company or deficits
were regarded as the most objective measure of the value. This value is the
effect of market transactions based on relations between sellers and buyers,
where price posing the resultant of investors' decision.
We are witnesses of acceleration of the
migration of the value today (being the consequence of the intensive search
highest from possible to obtain the return rate from engaged capital) between
each sectors and companies. This process is taking place in conditions of the
growing globalization and rivalry, as well as of liberalization of law of the
flow of capital between each countries [7]. The process of the migration of the
value isn't the new phenomenon however symptoms of the novelty possess such
phenomena, how: accelerating the process of the capital flow and his size
between each countries, with sectors with companies and dramatic heights and
drops in the comparatively short interval of the time of the marketable value
of companies. This process was restated in detail on the model of three stages
of the migration of the value.
Companies being located in
the phase of the inflow of the value are absorbing her from other sectors and
companies with regard to it, that more to other people understand and they are
providing for needs for customers. Their competitive position is strong, but
raising the profit margin and they are improving, relations tj. between the
marketable value related to her income from sale of the company they are
increasing also their market strength increasing sale. The phase of stability
of the value is characteristic of being located in the peculiar equilibrium,
having companies or the stable competitive position and the market share.
However the length of this stage is made dependent on dynamics of changes of
the structure of consumers' priorities to a large degree and of obtaining is
pushing competitors of the durable advantage for on the market.
The escape of customers and
investors is the situation characteristic of companies being located in the
phase of the outflow of the value in turn. Intensive rivalry, decreasing sale
and lack of the turn of understanding better at the trend of needs and customers'
priorities, they are able to make these companies be doomed to the quickened
outflow of the value.
The concept
of management is the goodwill with effect of the desire of protection of
investors' business and owners of companies. She is leaving the assumption that
the increase in her value is the basic purpose of working of the company and
the company is being treated as the investment project which was initiated so
that earned him bigger than he is the expense of capital [8]. It is possible to
replace a number of plaintiffs whom, it is necessary to maximize the goodwill
for. They are the one inter alia: preventing niedoszacowaniu companies,
encouraging investments creating the value, the improvement in the allocation
of resources, balancing long-term and short-termed purposes, determining
priorities of management, making the usage easier for the action or too
preventing of acquisition [9].
Literature:
1.
K. Górka: Wpływ procesów
globalizacji na integrację gospodarczą. Bielsko-Biała 2001.
2.
J. Penc, Zarządzanie w warunkach globalizacji,
Wyd. Difin, warszawa 2003.
3.
S. Owsiak, Podstawy nauki finansów, PWE,
Warszawa 2002.
4.
[1] P. J.
Szczepankowski, Zarządzanie finansami przedsiębiorstwa. Wyd.
Wyższej Szkoły Przedsiębiorczości i Zarządzania im. L.
Koźmińskiego, Warszawa 2004
5.
C. Helbling:
Unternehmensbewertung und Steuern. Düsseldorf 1991.
6.
I. Ignaciuk: Jak ustalać wartość
przedsiębiorstwa? „Przegląd Organizacji” 1990 nr 6.
7.
Zarządzanie wartością firmy. Praca
zbiorowa pod red. A. Hermana, A. Szablewskiego. Poltext,
Warszawa 1999.
8.
S. Mathur, A. Kenyon:
Creating Value. Butterworth – Heinemann, 1977.
9.
J. Knight: Value Based
Management, MC Graw – Hill, 1998.