О стоимости бизнеса и ценностно-ориентированном менеджменте
Value is a particularly helpful measure of performance because it takes into account the long-term interests of all the stakeholders in a company, not just the shareholders. Alternative measures are neither as long-term nor as broad. For instance, accounting earnings assess only short-term performance from theviewpointofshareholders;measuresofemployeesatisfactionmeasurejust that. Value, in contrast, is relevant to all stakeholders, because according to a growing body of research, companies that maximize value for their shareholders in the long term also create more employment, treat their current and former employees better, give their customers more satisfaction, and shoulderagreaterburdenofcorporateresponsibilitythanmoreshortsightedrivals. Competitionamongvalue-focusedcompaniesalsohelpstoensurethatcapital, human capital, and natural resources are used efficiently across the economy, leadingtohigherlivingstandardsforeveryone.Forthesereasons,knowledge ofhowcompaniescreatevalueandhowtomeasurevalue—thesubjectsofthis book—is vital intellectual equipment in a market economy. In response to the economic crisis unfolding since 2007, when the U.S. housing bubble burst, several serious thinkers have argued that our ideas aboutmarketeconomiesmustchangefundamentallyifwearetoavoidsimilar crisesinthefuture.Thechangestheyproposeincludemoreexplicitregulation governingwhatcompaniesandinvestorsdo,aswellasneweconomictheories. Ourview,however,isthatneitherregulationnornewtheorywillpreventfuture bubbles or crises. The reason is that past ones have occurred largely when
companies,investors,andgovernmentshaveforgottenhowinvestmentscreate value, how to measure value properly, or both. The result has been confusion aboutwhichinvestmentsarecreatingrealvalue—confusionthatpersistsuntil value-destroying investments have triggered a crisis.
|