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COMPREHENSION OF ENTERPRISE AND ITS FINANCING
Izvorni znanstveni članak
No sphere in economic and financial system was so exposed to ali possible intensive changes as the role and position of enterprise were. In modem, marketly open economies, enterprise and its immanent category entrepreneurship have capital role in economic development. Enterprise is an autonomous economic subject, it is a capital existence and financial institution at the same time. Essential achievements have been realized in theory of enterprise (theory of firm, practice of its functioning is enriched, methodology of enterprise evaluation is improved, and essentially have changed environments of enterprise's functioning where a significant role belongs to institutional frames). Enterprise has become a strategic focus, because almost ali problems of functioning of economic and financial system have been concisely and consistenly focused in it. Management of enterprise finances consists of bringing financial decisions which mean by their character the strategy realization of business and financial policy and the choice of investment projects. The character of enterprise in marketly open economies is similar: it is a matter of profitability improvement, or business operation profitability and comprehension control of its risk.
Modern enterprise is one of the most significant civilizing acquirements and it is the economic system bearer because it ensures development of production of goods and giving services. Modern enterprise is one of the most important discoveries of modem society and it is a big "world miracle". Enterprise creates value within different organizational profiles, first of ali corporative, thus it imposes a question how to use means (resources) correctly and rationally, balance different demands of investors, productively use effects of investment and financial signalling, as well as of finances globalization, comprehension of changes and application of law and regulations on tax. This is just a part of activity of financial management and policy of enterprise.
The entire set of instruments of economic and financial system is closely connected with realization of goals of enterprise, what especially refers to decisions on short and long term. That makes economic and financial theory of enterprise exciting and growing. Traditional attitude in economy was that adequate goal of enterprise in relation to its business operation was maximization of profit (profitability). Hovvever, a comprehensive goal of enterprise is vvealth maximization of shareholders. Shortly, it is essential earnings by share the value of which is expressed by market prices, with the remark that the goal of maximization of earnings by share must be identical to maximization of share market priče, what represents the value given by participants at the market. Thus it can be said that the goal of enterprise is value creation for shareholders, because enterprise literally makes value. The most important and most comprehensive coordinated decisions which enterprise brings are: 1) decisiort on investment, 2) decision on financing and 3) decision on dividend, although cited decisions do not completely drain of functions of enterprise. Each of the cited decisions has its aspects in relation to the goal of enterprise, although they are mutually connected, even conditioned. It is essential to achieve optimal combination as it is exactly that one which will realize maximization of shareholders, respectively value of enterprise. Decisions have common effect on market priče of fixed capital of enterprise. Such approach enables to enterprise the estimate of how much are decisions of enterprise on investment, financing and dividends in coordination with vvealth maximization of shareholders.
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Puni tekst (Hrvatski) Str. 203 - 235 (pdf, 445.85 KB)
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