Koncepcje zwrotu kapitału

• Autorzy: Piotr Szczukiewicz

Warianty tytułu

Return on Capital in Poland

• Języki publikacji: PL

Abstrakty

W pracy przedstawiono przegląd kwestii związanych z obliczaniem kosztów kapitałowych. Omówiono przegląd modeli kalkulacji kosztu kapitału własnego, oraz zasygnalizowano potrzebę agresywnych form motywacji zarządów celem zabezpieczenia interesów akcjonariatu.

EN

In this article, the author reviews issues connected with calculating the cost of capital. In this regard, the article refers mainly to the following issues: difficulties in calculating the cost of capital in Poland, methods of calculating the cost of ownership capital,, the weighted average cost of capital, the marginal cost of capital. The author draws attention to the problems connected with estimating the basic parameters needed to determine the cost of capital in Central and Eastern European countries and stresses the fact that financial markets there are poorly developed. The author emphasises the fact that no Polish approach exists toward the theoretical issues associated with measuring of the cost of capital. In general, published works present the experience of highly-developed economies. The author also points to the need to adapt to Polish conditions the methods for measuring and estimating the cost of capital. A review of the situation on the Polish capital market shows that protecting investor interests by attaining a good return on capital hinges on the need to introduce more aggressive incentives systems for management, based on company market values. (original abstract)

Słowa kluczowe

PL

Koszty; Kapitał przedsiębiorstwa; Kalkulacyjny rachunek kosztów; Stopa zwrotu kapitału

EN

Costs; Business capital; Cost accounting calculation; Return on Investment (ROI)

• Czasopismo: Zeszyty Naukowe / Akademia Ekonomiczna w Krakowie
• Rocznik: 2004
• Numer: nr 632
• Strony: 37--49

Twórcy

autor

Piotr Szczukiewicz

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