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

 

Process of the globalization on financial markets but business managements

      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.