Концепція вартісно-орієнтованого управління як новітній стандарт корпоративного менеджменту
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Date
2018
Journal Title
Journal ISSN
Volume Title
Publisher
ДВНЗ «Київський національний економічний університет імені Вадима Гетьмана»
Abstract
В статті представлено результати дослідження сутності економічного зростання та систематизації факторів, що її визначають. Також на теоретичному рівні було обґрунтовано взаємозв’язок елементів стратегічно-орієнтованої моделі забезпечення економічного зростання за постіндустріальних умов діяльності підприємства. Також було виявлено взаємозв’язок між триваючою глобалізацією ринків капіталів, зростаючою активністю інвесторів внаслідок розширення сфер інвестування, а також з можливим моделями вартісно-орієнтованого управління підприємством, як основною ланкою капіталізації ринків. Також в статті знайшли своє відображення аспекти, пов’язані з трактуванням понять фундаментальна, ринкова та маркетингова капіталізація.
The article examines the aspects related to the study of the evolution of the concept of value-based management as an innovative tool and standard of corporate management. Through the ongoing controversy among academics on the list of indicators that affect the calculation of the company’s value, the bipolar nature of the VBM concept was also identified. The article also analyzed the root causes of value-based management, which has close interconnections with the constant globalization of capital markets, increasing their mobility, which increases the share of foreign investors, which in turn leads to a wider range of alternatives for investing. Additionally, the authors identified the link between a modern negative trend as a raider and market capitalization of the company, which eventually acts as an additional tool for determining the potential for growth of its market value and allows for the development of a strategy and measures for its further realization. The implementation of value-oriented management in the company’s activities means that almost all processes and divisions of the company should be focused on creating value, which was also defined in the article through the prism of existing principles of corporate finance. Identifying the concept of VBM in the early 90’s of the XX century as a system allowed to introduce the concept of "economic psychology" in the arsenal of value-based management, which gave the authors the ability to form the advantages of the VMB-method to alternative methods of company management, while minimizing the negative impact of «agent problem». The study of all these aspects allowed the authors to provide a variety of interpretations of the concept of value-based management, as well as to identify their main distinguishing features: management system, management approach, maximization of shareholder value. The article also analyzed the advantages and disadvantages of the VBM concept, leaving a lot of subjects for further discussion and research.
The article examines the aspects related to the study of the evolution of the concept of value-based management as an innovative tool and standard of corporate management. Through the ongoing controversy among academics on the list of indicators that affect the calculation of the company’s value, the bipolar nature of the VBM concept was also identified. The article also analyzed the root causes of value-based management, which has close interconnections with the constant globalization of capital markets, increasing their mobility, which increases the share of foreign investors, which in turn leads to a wider range of alternatives for investing. Additionally, the authors identified the link between a modern negative trend as a raider and market capitalization of the company, which eventually acts as an additional tool for determining the potential for growth of its market value and allows for the development of a strategy and measures for its further realization. The implementation of value-oriented management in the company’s activities means that almost all processes and divisions of the company should be focused on creating value, which was also defined in the article through the prism of existing principles of corporate finance. Identifying the concept of VBM in the early 90’s of the XX century as a system allowed to introduce the concept of "economic psychology" in the arsenal of value-based management, which gave the authors the ability to form the advantages of the VMB-method to alternative methods of company management, while minimizing the negative impact of «agent problem». The study of all these aspects allowed the authors to provide a variety of interpretations of the concept of value-based management, as well as to identify their main distinguishing features: management system, management approach, maximization of shareholder value. The article also analyzed the advantages and disadvantages of the VBM concept, leaving a lot of subjects for further discussion and research.
Description
Keywords
цінність, глобалізація ринку капіталів, капіталізація, корпоративне зростання підприємства, вартісний вектор управління, value, globalization of the capital market, capitalization, enterprise corporate growth, value vector of management
Citation
Сідлецька К. А. Концепція вартісно-орієнтованого управління як новітній стандарт корпоративного менеджменту / Сідлецька К. А., Смирнов Є. Є. // Економіка та підприємництво : зб. наук. пр. / М-во освіти і науки України, ДВНЗ «Київ. нац. екон. ун-т ім. Вадима Гетьмана» ; [редкол.: І. М. Рєпіна (відп. ред.) та ін.]. – Київ : КНЕУ, 2018. – № 41. – С. 34–44.