Rynkowe metody wyceny przedsiębiorstw

Przedsiębiorstwo jest szczególną formą inwestycji. Ważność wyceny przedsiębiorstwa polegana tym, że pozwala oszacować wartość przedsiębiorstwa, a zatem kontrolować osiągnięciepodstawowego celu finansowego spółek kapitałowych, jakim jest jej maksymalizacja. Rosnącepotrzeby informacyjne doprowadziły do rozwoju wielu metod, wśród których najważniejszympodziałem jest rozróżnienie na metody rynkowe i nierynkowe. Celem niniejszej publikacji jestprzedstawienie metody porównań rynkowych, jako jednej z rynkowych metod wyceny przedsiębiorstw,w celu zweryfikowania hipotezy o istnieniu stosunkowo dużej subiektywności w stosowanejpowszechnie procedurze, która może prowadzić do rozbieżności w końcowych wynikach.Procedura wyceny metodą porównań rynkowych składa się z kilku etapów: wybór mnożników,wybór grupy porównawczej, wyznaczenie mnożników dla grupy porównawczej i ich uśrednienie,obliczenie wartości wycenianego przedsiębiorstwa, oraz dokonanie korekty o dyskonto i premie.Zaprezentowanie tej metodyki ma na celu uwypuklenie pewnych niedoskonałości, co może byćjednym z dowodów na słuszność postawionej hipotezy – rezultaty przeprowadzanych wycenprzedsiębiorstw ciągle różnią się od siebie w dość dużym stopniu ze względu na dowolnośći subiektywność doboru danych wejściowych oraz brak spójności w szacowaniu parametrów.Poruszenie zagadnienia rynkowych metod wyceny jest impulsem do dyskusji na temat wycenyprzedsiębiorstw, która powinna poprowadzić do pożądanego ujednolicenia metodyki szacowaniapodstawowych parametrów służących wycenie, co niewątpliwie będzie stanowiło wartość dodanądla nauk o finansach i zarządzaniu

E2SP. The Business Case of an Environmental Information System for Decision Support in ASP Mode

According to PSR (OECD) and DPSIR (EEA) models, Environmental Agencies are in charge of measuring the State and Pressure and evaluate the Impact in order to define the most suitable Responses; this implies data analysis and reporting activities, as one of their core responsibilities. Environmental Information Systems (EIS) support these activities by combining the advantages of first-rate consolidated technology (such asBusiness Intelligence and Data Warehouses) to specific technical architectures tailored to environmental management tasks. E2SP (Environmental Enterprise Service Provider) is a online reporting and forecasting platform, providing a cost effective, Internet based EIS and Decision Support System in ASP (Application Service Provider) mode. Tasks such as data integration, data analysis through OLAP (On Line Analytical Processing), impact analysis and forecasts through mathematical models, emission inventories, indices/indicators calculation, reporting, are supplied in an integrated environment as on line services to public authorities and private industries. E2SP project, funded by the eTEN program of the European Commission, allowed to deploy two service centres and to develop the business case study, described in this paper, to verify the viability of the ASP approach to EIS in a trans-national context, starting from the air quality theme

Problematyka pomiaru efektywności zabezpieczenia przed ryzykiem rynkowym w rachunkowości instrumentów pochodnych w świetle wprowadzenia MSSF 9

Efficiency is an subject of interest in miscellaneous areas of the social and technical sciences. Hedge effectiveness in accounting theory is understood as a relative measure of determi­ning the degree of mutual settlement of changes in the market value of the hedged instrument with changes in the market value of the hedging instrument. Measuring the effectiveness of the hedge is one of the key issues of risk management. It aims to demonstrate that a derivative used to hedge the balance sheet item or planned transaction actually meet (or meet) its role. This object is due to the fact that the accounting and, in particular, financial reporting, it is possible to hide a certain extent of the use of derivatives, which can be used for speculative purposes, not security. Intended use of the derivative is crucial for estimating the risks of investing in the shares of the entity. The process of measuring the effectiveness of became the subject of research in the sciences, econometrics, and in the sphere of regulation of hedge accounting. In the long in put in to force of the International Financial Reporting Standard 9 it seems discussion on its implications is relevant. The purpose of this article is to present the problems of measuring the effectiveness of the hedge accounting of derivatives in the perspective of the introduction of IFRS 9 and the analysis of potential threats and opportunities resulting from this change, affecting the values of information financial statements of the business

Effects of l-α-amino acids side chains on their interparticle interactions with the dissociated potassium chloride in aqueous solutions

Dissolution enthalpies of several natural amino acids (l-α-asparagine, l-α-glutamine, l-α-aspartic acid, l-α-glutamic acid, l-α-arginine, l-α-lysine and l-α-histidine) were measured in aqueous solutions of potassium chloride at T = 298.15 K. Based on the resulting data the standard dissolution enthalpy of amino acids in aqueous solutions of potassium chloride have been determined. The standard dissolution enthalpy values were subsequently used to calculate the heterogeneous enthalpic pair interaction coefficients (hA-KCl) between zwitterions of l-α-amino acids and dissociated potassium chloride in water. Interparticle interactions in system (amino acid + dissociated KCl + water) were interpreted in terms of the hydrophobic - hydrophilic effects of the side chains of the tested encoded amino acids

High Seroprevalence of CMV Among Women of Childbearing Age Implicates High Burden of Congenital Cytomegalovirus Infection in Poland

Cytomegaloviruses are common worldwide, with variable frequency of infections. The infection in pregnancy may lead to pregnancy loss or serious sequelae for the child. To understand the risk posed by CMV in Poland we conducted cross-sectional study on women aged 15–49 basing on existing serum bank. Age dependent CMV incidence, the rates of congenital infection and sequelae were modelled from sero-prevalence, literature and demographic data. The overall anti-CMV IgG prevalence was 81.9% increasing from 74.3% in < 30 years old to 94.3% in subjects 45+ years old. The lowest incidence was estimated at the age of 15 and the highest at the age 34 (3.8 and 8.95 respec­tively/100 women/year). The estimated rate of cCMV varies from 22.4 to 37.2 per 1000 live birth depending on the assumptions made. The proportion of cases due to secondary infection ranged from 34.8% to 49.9% accordingly

The use of modern telemedicine technologies in an innovative optimal cardiac rehabilitation program for patients after myocardial revascularization: Concept and design of RESTORE, a randomized clinical trial

Despite proven efficacy of cardiac rehabilitation (CR) in reducing the all-cause mortality in patients after myocardial revascularization, the penetration of CR, due to patient-related factors and referral rates remains limited. To improve the outcomes, home-based tele-rehabilitation (TR) has been proposed recently. In theory TR enhances the effects of standard CR procedures due to implementation of an intelligent monitoring system designed to ensure optimal training through on-demand transmission of vital signs, aimed at motivating the patients through daily schedule reminders, setting daily goals and creating a platform for mutual feedback. Several meta-analyses assessing various studies comparing these two methods (CR and TR) have proven that they are at least equally effective, with some of the research showing superiority of TR. Although there was a small sample size, lack of long-term follow-up, reporting effects of TR itself, no integration with tools designed for coaching, motivating and promoting a healthy lifestyle constitutes an important limitation. The latter carries a hopeful prognosis for improvement when utilizing a broad-spectrum approach, especially with use of dedicated technological solutions exploiting the fact of a large and yet rapidly increasing penetration of smartphones, mobile PCs and tablets in the population. The above-mentioned findings worked as the basis and rationale for commencing the RESTORE project aimed at developing and delivering state-of-the-art, comprehensive TR for patients after myocardial revascularization and evaluating its molecular aspect in view of how it influences the atherosclerosis progression attenuation. This paper presents the current state and rationale behind the project based on up-to-date TR efficacy data

Implementation of a Mental Health Guideline in a Long-Term Care Home: A Participatory Action Approach

AbstractBackground: The goal of this pilot study was to implement a Canadian mental health guideline in a long-term care residence in order to improve interprofessional care of clients with mood and behavioural issues.Methods: Using a participatory action approach, this pilot study engaged staff/physicians, residents, and families in identifying key priorities for action related to the goal of improving interprofessional care. This resulted in the implementation of educational interventions, a mandate for non-registered nursing staff to attend interprofessional rounds, and enhanced interprofessional collaboration through unit-based huddles. A staff satisfaction survey and focus groups were conducted to assess perceptions of change.Findings: The staff satisfaction survey revealed statistically significant improvements in perceived job satisfaction, leadership, and workplace resources. Focus group findings indicated improved interprofessional collaboration, teamwork, support, and communication. Staff noted a stronger perception of being valued and increased confidence in their own contributions.Conclusions: Both qualitative and quantitative improvements were noted in staffjob satisfaction. Despite some limitations, these findings suggest that further dissemination of this initiative with rigorous evaluation is warranted

Graphene on quartz modified with rhenium oxide as a semitransparent electrode for organic electronic

Our research shows that commercially available graphene on quartz modified with rhenium oxide meets the requirements for its use as a conductive and transparent anode in optoelectronic devices. The cluster growth of rhenium oxide enables an increase in the work function of graphene by 1.3 eV up to 5.2 eV, which guarantees an appropriate adjustment to the energy levels of the organic semiconductors used in OLED devices.Comment: 8 pages, 3 figure