Die Wirtschaften im 21. Jahrhundert sind geprägt vom Übergang der industriellen Strukturen zu Organisations- und Geschäftsformen, in denen informations- und wissensbasierten Strukturen dominieren. Die Paradigmenwechsel erfordern in allen Bereichen der Unternehmensführung auch eine Neuausrichtung bisheriger, industriell geprägter Konzepte und Anpassung an die Erfordernisse einer neuen Informations- und Wissenswirtschaft.
Die vorliegende These versucht hier Ansatzpunkte zu einer Neuausrichtung der Unternehmensbewertung und Unternehmensführung in der Informations- und Wissenswirtschaft herauszuarbeiten und darzustellen. Prinzipien der Unternehmensbewertung und Rechnungslegung einschl. moderner marktwertorientierter Ansätze der Unternehmenssteuerung (EVA) werden dargestellt und analysiert. Ebenso die Bedeutung und wertschöpfenden Funktion von Wissen in der Organisations- und Prozeßgestaltung, der Messung, Bewertung und Beobachtung des Wertschöpfungsbeitrages von wissensbasierten Systemen im Unternehmen . Auch die Besonderheiten und technologiebedingten Charakteristiken und neuen Regeln der künftigen Informations- und Wissenswirtschaft werden betrachtet. Auch die Probleme der Unternehmensbewertung und Unternehmensführung unter Unsicherheit, die doch gerade Paradigmenwechsel und Übergangswirtschaften besonders prägen und künftig in einer sich durch Innovationsschüben rasch ändernden und nichtlinear verlaufenden Informations- und Wissenswirtschaft dominieren. Hierbei wird zunehmend Unternehmenswachstum durch optionale Wahrnehmung von Marktchancen und frühzeitigen Erkennen und Eliminieren von Marktrisiken durch die Unternehmensleitung geprägt werden.
Als Ergebnis wird erkannt, daß zur Unternehmensbewertung neben den marktwert –und ertragswertorientierten linearen Bewertungsverfahren, künftig eine stärkere Berücksichtigung von nichtlinearen, mehrdimensionalen, optionspreisorientierten Bewertungsmodellen erforderlich ist. Hierbei verschmelzen Strategieentwicklung und Unternehmensfinanzierung zu einem hochwirksamen Instrument der Unternehmensführung. Zur Unternehmenswertsteigerung in der künftigen Informations- und Wissenswirtschaft erscheint der Einsatz von wissensfokussierte Strategien, bei denen moderne Elemente der Personalführung mit den medialen Möglichkeiten der Informations- und Kommunikationstechnologie optimiert werden, am wirksamsten.
This master’s thesis was written in English for the degree exam at the GSBA Zürich in March 2000.
Table of Contents
1. Introduction
1.1. Economic Background and Environmental Analysis
1.2. Identification of Problems and Formulation of Subjects
1.3. Mission, Objectives and Strategies of the Thesis
1.4. Structure of the Thesis (Flow of Thoughts)
2. Analysis of Essence
2.1 Definition of, and approaches to Shareholder Value
2.2 Confrontation of Economic Principles and Accounting Principles
2.3 Definition of Knowledge
2.4 Paradigm shift in the Economy
2.4.1 New Growth Theory
2.4.2 Rules of the New Economy
2.5 Analysis of Impacts
2.5.1 Analysis of Impacts of Information Markets on Shareholder Value
2.5.2 Peculiarity of Information Markets
2.5.3 Analysis of the Impacts of Knowledge
2.6 Position of Knowledge in the Information Age Economy
2.7 Measuring Knowledge
2.7.1 Investment in Intangible Assets
2.7.2 Measuring Yield
2.7.3 Profit Margin
2.7.4 Efficiency and Effectiveness
2.7.5 Non-financial Measures
2.7.6 Financial Measures by Comparative Indicators
2.7.7 Monitoring Intangible Assets for Financial Success
2.7.8 Measuring Competence, Internal Structure, and External Structure
2.7.9 Implementing Systems For Measuring Intangible Assets
2.8 Management Methods of Knowledge
2.8.1 Techniques for Mapping an Organization’s Knowledge Landscape
2.8.2 Identifying Knowledge Management-related Benefits and Priorities
2.8.3 Considering Knowledge by key figures and Critical Success Factors
2.9 Mutual Dependencies of Shareholder Value and Knowledge
3. Emergence of Conclusion and Deduction of Knowledge Valuation
3.1 Knowledge Utilization and Economic Perspectives
3.2 Technical Feasibility
3.3 Cost-Benefit Analysis
3.3.1 Tangible Benefits
3.3.2 Intangible Benefits
3.3.3 Comparison of Costs with Benefits
3.4 Development of an extended Value Analysis under uncertainty and criticism
4. Developing Strategies and Approaches for Problemsolving
4.1 Core questions and “quod vadis”
4.2 Knowledge and Uncertainty
4.2.1 Problems
4.2.2 Levels of Uncertainty
4.2.3 Developing a Strategic Analysis to Levels of Uncertainty
4.2.4 Strategic Postures
4.2.5 Portfolio of Actions
4.2.6 Framework of Strategies against Uncertainty
4.3 Real Options Approach to Uncertainty
4.3.1 The Resolution of Uncertainty
4.3.2 The Consequences of Contingent Investment decisions
4.3.2.1 Investment Platforms and Growth Options
4.3.2.2 Uncertainty, Exposure, and Risk; Uncertain and Predictable Changes
4.3.2.3 Considering the Application Cases of the Real Options Approach
4.3.3 Strategic Investments under Uncertainty
4.3.4 The Valuation Dilemma
4.3.5 Strategy of Options
4.3.6 Uncertainty, Total Risk and Option Valuation
4.3.7 Consequences of insights for strategic investments
4.3.8 Comparing the Real Options Approach to Valuation to the Alternatives
4.3.9 Verification of the Real Options Approach
4.3.10 Valuing Options on Real Assets
4.3.10.1 Adapting the Payoffs to Contingent Investment Decisions by Building Block-Approach
4.4 Vision Transformation into Investment Strategy
4.4.1 Implications of the Real Options Approach
4.4.2 Solution Methodology
4.4.2.1 Frame the Application
4.4.2.1.1 The Classification of Real Options
4.4.2.2 Implementation of the Option Valuation Model
4.4.2.3 Review of the Results and Re-design
4.5 Valuing Real Options
5. Proposals for Implementation and Application of the Approach
5.1 Adaptation of Principles of Accounting
5.2 The Principles of Knowledge Organizations
5.3 Proposed Framework for Identifying Knowledge
5.4 Proposed Method of Measuring Key Factors of Knowledge
5.5 Approaches to the Valuation of Enterprises
5.6 Realizing Business Value and Outlook
5.7 Results, Conclusions and Insights
Objectives and Topics
The primary objective of this thesis is to reform traditional corporate valuation and management methods from the industrial age to better fit the requirements of the modern knowledge-driven economy. The central research question explores how to adapt accounting and valuation frameworks to accurately capture "true and fair" business values in an environment dominated by intangible assets and rapid innovation, specifically within the information industry.
- The transition from industrial to knowledge-based economic structures.
- The limitations of traditional methods like Discounted Cash Flow (DCF) in high-uncertainty environments.
- Application of the "Real Options" approach for strategic valuation.
- Development of frameworks for identifying and measuring intangible knowledge assets.
- Integration of knowledge management strategies into corporate finance and value creation.
Excerpt from the Book
2.1.1. Shareholder Value Analysis
The most widely used traditional methods of measuring performance are earnings per share (EPS) or return on equity (ROE) as accrual-based accounting measures. However, these accrual-based ratios aren’t always useful indicators of future growth or performance.
A more realistic means of assessing business value other than accrual-based accounting standards is offered by use of free cash flow analysis or Shareholder Value Analysis (SVA).
SVA works by explicitly measuring the economic impact of each strategy on the value of a business. Any strategic decision, regardless of whether it involves internal or external investment, should be evaluated. Such strategic decision making situations include mergers and acquisitions, joint ventures, divestitures, new product development (R&D), and capital expenditures (major plant and equipment investments).
The actual measurement of shareholder value combines three main factors: 1) cash flow, 2) cash as measured over a given period of time (value growth duration), and 3) risk, otherwise known as the cost of capital.
With a basic understanding of these three components, you are well on your way to valuing a business or entity (see Figure 1) <16>.
Summary of Chapters
1. Introduction: This chapter outlines the transition from the industrial to the information age and defines the scope of the thesis, focusing on the need to adapt traditional business administration methods.
2. Analysis of Essence: This section provides an in-depth analysis of existing valuation principles, the definition of knowledge, and the paradigm shift toward an information-based economy.
3. Emergence of Conclusion and Deduction of Knowledge Valuation: This chapter establishes the basis for new valuation approaches, specifically focusing on technical feasibility and cost-benefit analysis of knowledge management systems.
4. Developing Strategies and Approaches for Problemsolving: This core section introduces the Real Options Approach to handle strategic investments under high levels of uncertainty.
5. Proposals for Implementation and Application of the Approach: The final chapter provides concrete proposals for adapting accounting principles and creating frameworks to measure knowledge and business value effectively.
Keywords
Shareholder Value Analysis, Knowledge Management, Real Options, Intangible Assets, Information Economy, Economic Value Added (EVA), Strategic Investment, Uncertainty, Corporate Valuation, Competitive Advantage, Knowledge Accounting, Discounted Cash Flow (DCF), Business Strategy, Intellectual Capital, Value Drivers.
Frequently Asked Questions
What is the core focus of this thesis?
The thesis focuses on the fundamental changes in corporate valuation and management necessitated by the transition from an industrial economy to a knowledge-based, information-driven economy.
What are the central themes of the work?
Key themes include the failure of traditional accrual-based metrics in the "New Economy," the necessity of valuing intangible assets, and the integration of "Real Options" logic into strategic decision-making.
What is the primary research goal?
The goal is to reform traditional methods of business appraisal to ensure they remain "true and fair" by accounting for the value-adding functions of knowledge and intellectual capital.
Which scientific methods are applied?
The work utilizes a combination of financial analysis (DCF, EVA), management theory, and the Real Options approach, which is borrowed from financial option pricing theory and applied to real asset management.
What is covered in the main section?
The main section details the "Analysis of Essence," the "Emergence of Conclusion and Deduction of Knowledge Valuation," and the "Developing Strategies and Approaches for Problemsolving," which collectively define how companies can manage and value knowledge under uncertainty.
Which keywords characterize this work?
The work is characterized by terms such as Knowledge Economy, Shareholder Value, Real Options, Intangible Assets, and Valuation under Uncertainty.
Why is the "Real Options" approach considered superior in this context?
Unlike traditional methods that assume fixed, static outcomes, the Real Options approach allows managers to treat strategic decisions as a sequence of choices, thus capturing value that traditional DCF models ignore by treating corporations as passive investors.
How does the author propose to measure "Knowledge"?
The author proposes using specific monitoring frameworks (such as the "Business Navigator" or "Intangible Assets Monitor") that look beyond financial statements to assess competence, internal structure, and external relationships.
- Quote paper
- Paul-Jürgen Sparwasser (Author), 2000, Corporate Valuation in the Knowledge Economy, Munich, GRIN Verlag, https://www.grin.com/document/35402
