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BWL - Unternehmensführung, Management, Organisation


Autor

Nadine Ghanawi
5 Texte

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Kategorie
Seminararbeit
Institution / Hochschule

Assignment
Submitted by:
Nadine Ghanawi
Semester 6
Submission Date:
July 16, 2011
[
VALUE REPORTING
]
About the importance of a value based reporting system for quoted companies, factors of
influence on the shareholder value and the growing impact of intangible assets with respect
to corporate valuation
I
Agenda
List of Abbreviations... II
List of Figures... II
1. Introduction
1.1 Problem
Description...
1
1.2 Objectives...
2
1.3 Methodology...
2
2.
Characterization of Value Reporting
2.1
Definition and Principles... 3
2.2
Prerequisites and Instruments of Value Enhancement Management
2.2.1 Investor
Relations...
4
2.2.2 Internal
Control...
5
3.
Use of Value Reporting Systems
3.1 Concepts...
6
3.2 Corporate
Valuation
according to the Shareholder Value Approach... 8
4.
Conclusion... 9
Bibliography... III
II
List of Abbreviations
AK EU
=
Arbeitskreis Externe Unternehmensrechnung
AK IW
=
Arbeitskreis Immaterielle Werte im Rechnungswesen
BilMoG
=
Bilanzrechtsmodernisierungsgesetz
cf.
= confer
DAI
=
Deutsches
Aktieninstitut
DAX
=
Deutscher
Aktienindex
DCF
=
Discounted Cash Flow
DRS
=
Deutscher
Rechnungslegungsstandard
et al.
=
et aliae / and others
FAS
=
Financial Accounting Standard
Fig.
=
Figure
HGB
=
Handelsgesetzbuch
IAS
=
International
Accounting
Standards
IASB
=
International
Accounting
Standards
Board
i.e.
=
id est / in other words
IFRS
=
International Financial Reporting Standards
IR
= Investor
Relations
KPI
=
Key Performance Indicator
PwC
=
Pricewaterhouse
Coopers
US-GAAP
=
United States Generally Accepted Accounting Principles
WACC
=
Weighted Average Cost of Capital
List of Figures
Fig. 1
Goal Hierarchy of Investor Relations... 4
Fig. 2
Reporting Category Value Generating Activities... 5
Fig. 3
Reporting Categories of Value Reporting... 6
Fig. 4
Influencing Factors on the Company Value... 7
Fig. 5
Single- and Multi-period Financial Ratios... 8
1
__________________________________________________
1
Under US-GAAP (FAS 157), fair value is the amount at which the asset could be bought or sold in a
current transaction between willing parties.
1. Introduction
1.1. Problem
Description
Quoted companies are constituted by their stockholders who invest in the company.
Definitely, a precondition for an investment decision is the trust of the investors in the ability
of the company to sustainably generate returns and to stand its ground at the market over
the long term. With regards to globalization in particular, the internationalization of markets
and integration of different industries led to a growing information need of investors that
currently presents the corporate communications with new challenges. Therefore the
external corporate reporting has a special importance as investors and analysts claim
reliable and relevant information to be taken as a basis for corporate valuation and price
determination.
Concerning this matter there can be regularly noticed broad discrepancies between the
stock exchange value and the book value of equity. Investors are obviously willing to
overbid the fair value
1
of a company referring to the actual economic accomplishments in
the past (cf. Burmann 2002: 227). This goes hand in hand with the growing significance of
intangible assets often characterizing the aggregate value of a company stronger than
tangibles (cf. Maul/Menninger 2000: 529).
The conventional accounting, however, is increasingly perceived insufficient since it does
not provide information about prospective generation of value due to its retrospective
orientation (cf. Labhart/Volkart 2001a: 116); that is to say companies internally as externally
underlay mainly actual figures and do not consider target or reference values. In addition,
key figures are often affected by the company's accounting policies and disregard risks and
financing costs. So, a study of the DAI previously revealed that private investors already
prefer publications in print media and TV shows for opinion making, discounting the
business report of a company including annual financial statements; institutional investors
rather like to get in direct contact or to visit road shows (cf. Ernst et al. 2005: 10).
In the same way legislature activities set high requirements for the finance and IR
departments such as the "Financial Services Action Plan" pursued by the European Union
since 1999, which has already implicated many changes for corporate publicity. A survey
on the subject of investor relations and corporate reporting conducted by Kirchhoff Consult
and PricewaterhouseCoopers in 2005 showed that almost 51% of the interviewed
Introduction
2
__________________________________________________
2
In political science and economics, the problem of motivating a party to act on behalf of another is known
as `the principal­agent problem': it arises when a principal [e.g. stakeholder] compensates an agent [e.g.
company owner] for performing certain acts that are useful to the principal and costly to the agent. Here,
principals do not know enough about whether (or to what extent) a contract has been satisfied [dictionary
entry].
companies considered the numerous regulatory and transparency requirements to be the
biggest future challenge for financial reporting (cf. Nix/Wolbert 2005: 5). In this context an
information overload is expected that will make it difficult for reporting addressees to
directly extract information.
1.2 Objectives
Ever since standard setter like the IASB as well as the government and consultants try to
react correspondingly to those developments and are designing since the beginning of the
nineties a concept of value reporting. In line with this concept the value-oriented corporate
governance aims at maximizing the shareholder value, which is defined as the market
value of equity of a company and simplified as the company value (cf. Fischer et al. 2001:
1209). As a communication instrument between the company and (potential) investors the
value reporting shall close the value gap between stock exchange value and shareholder
value by reducing information asymmetries in order to avoid an agency situation
2
between
the two parties.
The presentation of the problem is how this can be done. In the scope of this assignment it
will therefore be examined important prerequisites for a value based reporting system,
concepts for its correct application as well as its importance considering examples of
concrete corporate valuation approaches.
1.3 Methodology
At first, a basic definition and principles of value reporting systems are given. After that, the
term value reporting will be explained as to its functions of shareholder value maximization
and embedded into a general IR and controlling context, outlining the necessary
prerequisites for its successful use.
Secondly, a value reporting concept developed by PwC will be presented pointing out the
magnitude of intangible assets and value-generating activities. Finally,
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Beschreibung

Titel:
About the importance of a value based reporting system for quoted companies, factors of influence on the shareholder value and the growing impact of intangible assets with respect to corporate valuation
Veranstaltung:
Keine
Autor:
Nadine Ghanawi
Jahr:
2011
Seiten:
15
Archivnummer:
V174585
ISBN (eBook):
978-3-640-94972-4
ISBN (Buch):
978-3-640-94975-5
DOI:
10.3239/9783640949724
Dateigröße:
470 KB
Sprache:
Deutsch

Reihe:
Aus der Reihe: e-fellows.net stipendiaten-wissen

Website:
http://www.e-fellows.net

Schlagworte:
value reporting shareholder value corporate valuation Unternehmensbewertung intangible

Arbeit zitieren:

Nadine Ghanawi, 2011, About the importance of a value based reporting system for quoted companies, factors of influence on the shareholder value and the growing impact of intangible assets with respect to corporate valuation, München, GRIN Verlag GmbH

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