Restructuring and Managing the Enterprise in Transition
A wide gap still exists between Western concepts and their application in the ex-socialist countries during transition. Most Western models in financial management make assumptions about the efficiency and stability of markets and the signals that can be obtained and also assume that traditional accounting information is available and can be used for management purposes. A new paradigm is needed to manage the finance function in a transition economy experiencing hyperinflation since stamdard assumptions are not valid in most ex-socialist countries. This book describes the adaptations of financial techniques as it reviews standard financial concepts and tools, adjusts them when necessary to the unique conditions in the ex-socialist enterprises, and then presents the restructuring context and some strategies that are based on the application of these tools.
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3E Company accounts receivable adjustment amount assume assumption average balance sheet break-even business plan calculated capital structure cash flow Chapter company's competitive competitors compute contribution margin corporation current assets customers debt decisions defined depreciation deutsche mark developed discount rate dividend earnings EBDIT EBIT economic effective enterprise equity evaluation ex-socialist countries expected expenses Financial Market firm fixed assets fixed costs forecast future higher important included income statement increase indifference curve industry inflation rate inflows inputs interest rate inventory investment investors issue leverage liabilities loan machine ment net present value operating pany payment percent period plastic extrusions position potential present value problem product line profit project analysis rate of return ratio required rate restructuring revenues risk scenario selling shareholders strategy suppliers Table tax shield tion total assets U.S. dollars variable costs