Индикатори за постигане на целта на предприятията

Abstract

Firms are collective economic actors without own goals, aspirations and desires. Therefore, they can not motivate their economic behavior and it is a consequence of interaction and opposition of the stakeholder groups, among which those of the shareholders is essential. Whether firms generate or destroy wealth for the shareholders shows the net present value of the cash flows to them? Are there other financial indicators on which the future net cash flows can be predicted? The paper clarifies the nature of the net present value and the accounting profit from the standpoint of the objectives of the shareholders. It investigates and describes the relationships between them. Accounting profit is seen in this regard as a specific method for smoothing the trend of the projected net cash flows.