2007, vol. 55, br. 2, str. 129-140
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Problemi procene vrednosti preduzeća koja posluju sa gubicima
Problems in valuing businesses with negative earnings
Univerzitet u Beogradu, Pravni fakultet, Srbija
Keywords: evaluation; negative earnings; earnings normalization
Sažetak
Postupak procene vrednosti preduzeća koja posluju sa gubicima ima određene specifičnosti u odnosu na procenu profitnih preduzeća. Zbog toga je neophodno da se izvrši prilagođavanje ovog postupka bez obzira na to da li je reč o prolaznim problemima preduzeća ili dugoročnim problemima strateške i operativne prirode. Ukoliko je reč o kratkoročnim promenama u faktorima poslovanja, onda se normalizuju rezultati preduzeća koje je predmet procene uzimajući u obzir troškove povezane sa tim promenama. Kada govorimo o dugoročnim problemima, onda procena postaje komplikovanija, zato što procenitelj mora predvideti da li će preduzeće u budućnosti moći da ih prevaziđe i da, u skladu sa time, proceni vrednost kapitala. Kao dugoročni problem može se javiti i preveliko zaduživanje preduzeća, izazivajući gubitke, što procenitelj, takođe, mora uzeti u obzir prilikom procene vrednosti.
Abstract
The procedure of valuing businesses with negative earnings has some specificity in comparison to the evaluation of companies that are profitable. This is why it is necessary to adjust the process of evaluation not only to the provisional issues but also to the strategic and operational problems. When it comes to the short-term changes in business factors, the normalization of earnings of the enterprise which is subjected to valuation should include all the costs relating to these changes. In case of the long-term problems - namely, those of strategic and operational character the valuation procedure gets more complicated, since the appraiser has to estimate the possibility of their successful solving and to evaluate the capital in the light of this estimation. One of the long-term problems could be over borrowing that leads to negative earnings, and this is one of the issues the appraiser should take into account.
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