TFL Vsebine / Revija Poslovodno računovodstvo

Prispevek obravnava strateške investicije, za katere velja, da edine ustvarjajo vrednost za lastnike in povečujejo njihovo premoženje. Namen raziskave je ugotoviti vpliv strateških investicij na rast podjetij, na povečanje vrednosti, produktivnosti in uspešnosti poslovanja. V članku smo prikazali rezultate testiranja treh raziskovalnih hipotez, in sicer (1) strateške investicije so največji generator rasti podjetij, (2) strateške investicije z ustvarjanjem dobička povečujejo vrednost podjetij in (3) strateške investicije povečujejo produktivnost in izboljšujejo uspešnost poslovanja. Na začetku postavimo preprost konceptualni model, ki ga poimenujemo krog strateških investicij. Bistvo tega modela je, da izhaja iz strateških investicij in se nanje vrača. Strateške investicije spodbujajo rast podjetij, kar predstavimo s povečanimi čistimi prihodki od prodaje in dodano vrednostjo. Če so bile strateške investicijske odločitve racionalne in uspešne in če so podjetja ob povečanih prihodkih dobro gospodarila s sredstvi in ob obvladovanju tveganj tudi zniževala stroške poslovanja, so strateške investicije ustvarile dobiček. Dobiček je sestavina kapitala, seveda če ostane v bilanci stanja nerazporejen, torej kot zadržani dobiček. Večji kot je, večji je kapital, večja je vrednost podjetja, večje je premoženje lastnikov. Ta akumulirani dobiček je pa tudi potencialni vir financiranja novih strateških investicij. In krog je sklenjen. Na osnovi temeljitega pregleda literature nas članek vodi po krogu strateških investicij in podrobno predstavlja konstrukte v konceptualnem modelu. Te konstrukte smiselno povežemo in po posameznih parih nakažemo vzročno posledično odvisnost med njimi (strateške investicije in rast podjetja, rast in vrednost podjetja vključno z dobičkom). Na koncu še ocenimo vpliv strateških investicij na produktivnost in finančno uspešnost poslovanja podjetij. ...

The article discusses strategic investments, which are considered to be the only ones that create value for owners and increase their wealth. Therefore, the article researches the impact on the growth of companies, as well as on increasing their value, productivity, and business performance. The primary purpose of this article is to present the results of testing three research hypotheses, namely (1) strategic investments are the largest generator of company growth, (2) strategic investments increase the value of companies by creating profits, and (3) strategic investments increase productivity and improve business performance. The article initially establishes a simple conceptual model, which refers to as the strategic investment cycle. The essence of this model is that we start from strategic investments and return to them. Strategic investments stimulate company growth, which is evident in increased net sales revenues and added value. If strategic investment decisions were rational and successful, and if companies managed their assets effectively while increasing revenues and reducing operating costs, strategic investments generated profits. Profit is a component of capital, of course, if it remains undistributed on the balance sheet, i.e. as retained earnings. The higher it is, the greater the equity, the greater the company's value, and the greater the wealth of its owners. This accumulated profit is also a potential source of financing for new strategic investments. And the circle is closed. Based on a thorough review of the literature, the article guides us through the circle of strategic investments, presenting the constructs in the conceptual model in detail. We then connect them sensibly and indicate the cause-and-effect relationship between them in individual pairs (strategic investments and company growth, company growth and company value including profit). Finally, we assess the impact of strategic investments on the productivity and financial performan