ФИНАНСОВЫЕ ПОКАЗАТЕЛИ ЭФФЕКТИВНОСТИ БИЗНЕСА В КОМПАНИЯХ

Аннотация

This article provides information on business performance indicators of the enterprise. Recommendations are also given to achieve efficiency in business. Key words: business, financial, investments, economic, companies. ФИНАНСОВЫЕ ПОКАЗАТЕЛИ ЭФФЕКТИВНОСТИ БИЗНЕСА В КОМПАНИЯХ Аннотация. В данной статье представлена информация о показателях эффективности бизнеса предприятия. Также даны рекомендации по достижению эффективности в бизнесе. Ключевые слова: бизнес, финансовый, инвестиции, экономический, компании. Business organizations exist within the context of larger market economies where conditions are always changing. For an organization to survive in the face of this constant change, analytical scientists recommend an organizational strategy of flexibility. They advocate a strategic resilience, which is achievable when managers anticipate and adjust to changes that threaten a company’s core competencies. However, their suggestions for developing strategic resilience contain little guidance for incorporating financial decisions in the organization’s strategic deliberations. An initial step for financial analysis is the quantitative evaluation of a firm’s investment opportunities. But special care is required here. The traditional Net Present Value (NPV) computations, first made popular by Dean, assume that once an investment is made, a manager cannot revise the initial commitment of resources in order to change future cash flows. These methods are still taught today, but they ignore flexibility. Many investments are not passive investments that are unchangeable once committed. Managers can and do act after initial investment commitments have been made to adjust the size and nature of cash flows when past assumptions about future conditions prove incorrect. To reflect the market value of such potential adjustments, Real Option Theory moves away from NPV’s assumption of a passive manager who no longer acts once an investment decision is made, to that of active management that permits managers to enact changes in resource commitments after initial investment is made. In this new view, total NPV of an investment opportunity is seen as a sum of two components: 1. The NPV with no revisions, plus 2. The NPV that is associated with possible revisions in commitments. Real Option Theory offers financial assessment of the flexibility that facilitates a company’s strategic resilience capabilities. It provides a method to quantify the value of managerial flexibility so that a manager’s real options can become part of NPV analyses. This approach can be used for several different purposes. In any of its investment-decision applications, Real Option Theory reflects the reality that managers are not passive, but are able to actively adjust 8 35 International scientific journal ISSN: 2181-3906 «MODERN SCIENCE АND RESEARCH» 2023 VOLUME 2 / ISSUE 11 / UIF:8.2 / MODERNSCIENCE.UZ company operations as unforeseeable future conditions unfold. Real Options Theory is not always as simple to use as computation-guided approaches, such as traditional NPV. It invites subjective judgments as to what could happen instead of focusing only on what is most likely to happen. Think, for example, of putting only enough gasoline in an automobile to safely make a scheduled trip of 100 miles. A traditional NPV approach buys the minimum amount of gasoline because less gasoline reduces investment cost without jeopardizing the scheduled trip. Conversely, Real Options Theory leads management to consider the value of putting an extra amount of gasoline in the automobile—based on the probability that an unanticipated but potentially profitable side trip should be taken during the originally scheduled 100-mile trip. In other words, investing for just the scheduled 100-mile trip does not allow the flexibility to seize an attractive—but unexpected—opportunity. The value of this flexibility involves managerial judgments. The same holds true in evaluating a threat, such as getting a flat tire—would you make this trip without a spare tire? A strictly profit-maximizing approach may seek to reduce costs by recommending against purchasing a spare tire. What is the value of having a spare tire? This is the kind of judgment decision overlooked by traditional NPV calculations. A company might invest in a power plant that can switch between natural gas and wood fiber in generating electricity so that future power needs can be satisfied by whichever method is cheaper. The initial cost of this switching flexibility might be high and so traditional capital budgeting calculations might favor low-cost, less flexible alternatives. But, if the other side of low- cost is an inability to cope with volatile fuel prices, then traditional methods give the wrong answer. Real Option Theory is a better tool, one that values flexibility, and its proper application will serve managers who desire to make their organizations more resilient to economic stress. Strategic resilience comes