Suchergebnisse

Šajā rakstā tiek izskatīta uzņēmumu finanšu stabilitātes jēdziens, kā arī finanšu stabilitātes vērtējuma metodoloģijas prakstiskā ieviešana, kuru piedāvāja Starptautiskais Valūtas Fonds (SVF). Ši raksta galvenie izskatītie jautājumi:1)Finanšu stabilitātes jēdziena morfoloģiskā analīze ilgspējīgas attīstības kontekstā un finanšu stabilitātes indikatori; 2)Praktiskā ieviešana un SVF metodoloģijas papildinājums; 3)Finanšu stabilitātes indikatoru pietiekoša līmeņa analīzes principu izstrāde;4)Latvijas uzņēmumu finanšu stabilitātes vērtējums, kas operē pakalpojumu sektoru Rīgas reģionā. Raksta autori ieviesa jēdzienu - finanšu stabilitātes kritiskais punkts, un raksturoja to, kā vērtējumu, kurā finanšu stabilitāte sasniedz viszemāko līmeni un tas raksturojošo indikatoru lielumi ir neapmierinoši, bet pieļaujami, lai uzņēmums funkcionētu bez maksātnespējas riska. Latvijas pakalpojumu tirgus pētījuma procesā pēc SVF metodoloģijas un autoru papildizstrādēm tika atklāts, ka šiem uzņēmumiem ir nepieciešams paaugstināt pārdošanas rentabilitāti ne mazāk kā par 85% un pašu kapitāla rentabilitāti par 96%, lai nodrošinātu finanšu stabilitāti un izvairīties no bankrota riska. Autori uzskata, ka tikai analizēto rādītāju integrācija var nodrošināt iespēju savlaicīgi un korekti novērtēt finanšu stabilitātes līmeni. Autoru piedāvāta un SVF papildināta metodoloģija ir labs instruments lēmumu pieņemšanā, kas saistīti ar uzņēmuma darbības un finanšu atskaites plānošanu, kā arī efektīvas uzņēmuma finanšu politikas izstrādi un bankrota riska minimizāciju.

The aim of research is evaluation of factors influencing financial stability in order to help Latvian enterprises keep financial stability on the highest level. The factors reviewed are Latvian legislation, outsourcing, information, intellectual capital

One of the priorities of the National Development Plan of Latvia for 2014 – 2020 is citizens' resilience, which is related to the human economic security. In turn, economic security implies that citizens have predictable and sufficient income. Thus, the issues of the improvement of financial literacy level in Latvia are emphasized at a government level. Despite the questions related financial literacy are frequently debated in the academic literature, there is no consistent approach to understanding of the concept and its measuring methodology. The current paper reflects the results of a theoretical exploration of financial literacy concept and the results of measurement survey, conducted with Latvian sample data.

Purpose. The main objective of the paper is to determine the critical factors, which have an impact on the long-term value maximization for company's shareholders. Methodology. Content analysis of the text segments related to the issues of shareholder value creation is performed. Information data basis consists of 100 abstracts of the published scientific papers from Scopus, EBSCO, Thomson Reuters Web of Knowledge and other databases. Publishing period covers 40 years (1972-2012). The relevant abstracts for the research purposes were selected based on the criterion of mentioning the notions of shareholder value creation, shareholder value maximization, shareholder value sustainability and similar word combinations. Information processing is performed by the means of text analysis software AQUAD 6.0 and Hamlet II. Both differentiation and generalization strategies were used when interpreting the data. Results. Frequency tables generated by AQUAD and cluster analysis provided by Hamlet assisted authors to elicit critical factors stimulating value creation process in companies. Authors' performed analysis revealed that sustainable shareholder value is based on the long-term and stable income stream, and its creation primarily is stipulated by properly implemented corporate governance system, high CSR standards, rational capital budgeting politics and high financial results accountability. Practical implications (if applicable). Value drivers' awareness allows reduction of risks associated with the value creation process and, as a consequence, maximizing return on the invested capital. Considering the factors affecting shareholder wealth it is possible to increase investment attractiveness of a company for existing and potential strategic and retail investors. The distilled factors are planned to be used as variables in a regression model for predicting shareholders' return. Value/originality. The current research expands the horizon of understanding the concept of shareholder value in a sustainable perspective. While the traditional view of shareholder value usually contradicts with the ideas of stakeholder theory proponents, the proposed model combines the elements of both theories and the elements of the sustainable development concept.