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    Wyświetlanie 1-6 z 6
    Tytuł:
    ANALYSIS OF THE PRIVATIZATION PROCESS IN POLAND IN THE YEARS 2008-2011 – OUTCOMES AND PROSPECTS
    Autorzy:
    Patena, Wiktor
    Powiązania:
    https://bibliotekanauki.pl/articles/599688.pdf
    Data publikacji:
    2014
    Wydawca:
    Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
    Tematy:
    privatization revenues
    company performance
    state-owned enterprises
    Opis:
    The paper focuses on the analysis of the privatization process conducted in the years 2008-2011 with an attempt to show a broad picture of privatization in Poland, indicate resources that still exist although hidden and show government practices in making privatization more effective or, on the contrary, in carrying out quasi-privatization practices. Three main issues are discussed. First, the privatization process that took place in 2008-2011 seems to be to some extent only sham privatization – many of the companies were simply communalized, or transferred to other state-controlled companies and various government agencies. Thus, contrary to opinions expressed by the government officials, the privatization process is far from being terminated. A new approach used by the Ministry of Treasury is to create special purpose vehicles in order to sell the state-controlled assets more effectively. It turns out that 76% of privatized enterprises in the years 2008-2011 were sold via a tender or auction mechanism - the rest can be considered sham privatization. Huge resources are still to be privatized - the companies have to be identified and should report to one government agency. The novelty is the government’s approach to privatization which involves packing assets into one market attractive entity. The hypothesis verification is preceded with analysis of privatization in Poland in the years 1989-2007, its relations with politics and the economic situation.
    Źródło:
    Finansowy Kwartalnik Internetowy e-Finanse; 2014, 10, 2; 57-70
    1734-039X
    Pojawia się w:
    Finansowy Kwartalnik Internetowy e-Finanse
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    A Coherent Model of DCF Valuation
    Autorzy:
    Patena, Wiktor
    Powiązania:
    https://bibliotekanauki.pl/articles/475135.pdf
    Data publikacji:
    2011
    Wydawca:
    Fundacja Upowszechniająca Wiedzę i Naukę Cognitione
    Tematy:
    company valuation
    DCF
    interactive financial planning system
    sensitivity analysis
    iteration
    Opis:
    Business valuation through DCF is recognized as one of the most popular valuation approaches. DCF valuation models, however, have become extremely complex. Modeling requires plenty of input data to be processed, the process is done in many stages, and the data obtained on each of the stages may be interrelated. The process then is not simply a chain of tasks. The modern models work via sophisticated mechanisms of loops being triggered whenever a new piece of information is revealed and the whole model needs updating. Technically speaking, in the spreadsheets environment, this may only be done with the use of iterations. The valuation model should also be subjected to the sensitivity analysis, which is able to quantify the impact of every single assumption made on the final company value. The analysis points out the set of critical assumptions, which have the major impact on the calculated company’s value. Apart from quantifying the impact of the assumptions, the analysis runs qualitative checks on the assumptions assessing the robustness of the arguments standing behind the critical factors for valuation. Consequently, the sensitivity analysis improves the objectivity of the model and mitigates the exposure for the possible results manipulation. The sensitivity analysis reveals its critical role in the valuation process and proves that it should be considered as the standard step in every DCF valuation.
    Źródło:
    Journal of Entrepreneurship, Management and Innovation; 2011, 7; 16-28
    2299-7075
    2299-7326
    Pojawia się w:
    Journal of Entrepreneurship, Management and Innovation
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    COMPANY VALUATION. HOW TO DEAL WITH A RANGE OF VALUES? (Wycena przedsiebiorstwa. Jak traktowac zakres wartosci?)
    Autorzy:
    Patena, Wiktor
    Powiązania:
    https://bibliotekanauki.pl/articles/599402.pdf
    Data publikacji:
    2011
    Wydawca:
    Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
    Tematy:
    COMPANY VALUATION
    LIQUIDITY DISCOUNTS
    RANGE OF VALUES
    Opis:
    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.
    Źródło:
    Finansowy Kwartalnik Internetowy e-Finanse; 2011, 7, 3; 75-84
    1734-039X
    Pojawia się w:
    Finansowy Kwartalnik Internetowy e-Finanse
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    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.)
    Autorzy:
    Patena, Wiktor
    Powiązania:
    https://bibliotekanauki.pl/articles/599430.pdf
    Data publikacji:
    2010
    Wydawca:
    Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
    Tematy:
    CAPITAL STRUCTURE
    COMPANY VALUATION
    DCF
    ITERATIONS
    LOGICAL LOOPS
    Opis:
    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.
    Źródło:
    Finansowy Kwartalnik Internetowy e-Finanse; 2010, Special Issue; 15-27
    1734-039X
    Pojawia się w:
    Finansowy Kwartalnik Internetowy e-Finanse
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Commercialization as a recommended approach to hospital restructuring. Case study of Łańcut Medical Center
    Autorzy:
    Patena, Wiktor
    Kaszyk, Bartłomiej
    Powiązania:
    https://bibliotekanauki.pl/articles/599681.pdf
    Data publikacji:
    2015
    Wydawca:
    Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
    Tematy:
    health care system
    hospital restructuring commercialization
    hospital operational performance
    Opis:
    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.
    Źródło:
    Finansowy Kwartalnik Internetowy e-Finanse; 2015, 11, 2; 32-46
    1734-039X
    Pojawia się w:
    Finansowy Kwartalnik Internetowy e-Finanse
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    BUSINESS VALUATION STANDARDS - A NEW APPROACH FOR POLAND (Standardy wyceny przedsiebiorstw - nowa propozycja)
    Autorzy:
    Patena, Wiktor
    Maslankowski, Krzysztof
    Powiązania:
    https://bibliotekanauki.pl/articles/599396.pdf
    Data publikacji:
    2010
    Wydawca:
    Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
    Tematy:
    BUSINESS APPRAISAL
    BUSINESS VALUATION
    PRIVATIZATION PROCESS
    VALUATION STANDARDS
    Opis:
    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.
    Źródło:
    Finansowy Kwartalnik Internetowy e-Finanse; 2010, 6, 2; 26-39
    1734-039X
    Pojawia się w:
    Finansowy Kwartalnik Internetowy e-Finanse
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
      Wyświetlanie 1-6 z 6

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