| Abstract [eng] |
Relevance of the subject. More and more often is recognized importance of research of corporate activity efficiency and identification of factors that determine it. As well it is more and more often stated that efficiency is an important factor in all organizations that plays the main role of corporate success. In many countries the state aims to control companies that provide the main public services. Companies that provide public services and whose main shareholder is municipality encounter difficulties related to activity management because while executing activity plans they, unlike private companies, must act effectively taking into account the interests of their shareholders and the society. The said companies must help implement social objectives. However, in order to survive they must also pursue profit. Therefore, due to different objectives efficiency of activity in profit pursuing and public establishments is perceived and treated in different way. Companies that provide public services encounter a conflict of interests of social and economic objectives because companies that provide public services find it difficult to strive at the same time for social objectives and a desired efficiency of activity as well as financial results. Scientists constantly discuss about determination of efficiency of investment projects of companies with different legal status. Using various methods of efficiency measurement, they assess a social benefit generated by projects. However, there is a lack of scientific works analysing determination of general efficiency of companies that provide public services, not efficiency of individual projects, by assessing a social benefit generated. The problem of the research arises from a variety of methods of assessment of activity efficiency, complexity of determination of efficiency of activity of companies that provide public services by assessing a social benefit generated and demand for assessment. The object of the research. Assessment of efficiency of activity of companies that provide public services. The objective of the research. To analyse the methods of assessment of efficiency of activity of companies that provide public services taking into account the interests of the shareholders and the society and to analyse opportunities and limitations of application of such methods in practice. Tasks: 1. to identify conception of efficiency of corporate activity and factors that influence efficiency of activity; 2. to analyse an essence and importance of regulation of the state prices in corporate and social context; 3. to carry out analysis of the methods of assessment of efficiency of corporate activity and to identify the methods allowing a reliable assessment of efficiency of activity of companies that provide public services; 4. to perform empirical research of aspects of assessment of efficiency of activity of companies of public sector and to analyse opportunities and limitations of practical application of the methods of such assessment; 5. to provide suggestions for improvement of the methods of activity efficiency allowing determination of efficiencies of activity of companies analysed taking into account the interests of the shareholders and the society. Analysis of scientific literature revealed that conceptions of activity efficiency applied for private companies and establishment of public sector are different. Therefore, a new conception of activity efficiency that also defines a social benefit generated and that is designed for companies that provide public services and defining has been formed. Comparison of efficiency of activity of private and public sector revealed an essential difference, i.e. social efficiency of activity is prioritized in the public sector while financial efficiency of activity is prioritized in the private sector. It has been found out that control of the state applied to companies that provide public services is important because it is intended to protect the society. However, striving of social objectives impedes the system of prices and decreases efficiency of corporate activity. Economic Value Added (EVA) and Cash Value Added (CVA) value methods allowing a sufficiently reliable assessment of efficiency of activity of companies that provide public services but not establishing an aspect of time and a social benefit generated were determined after accomplishment of analysis of the methods of assessment of efficiency of corporate activity. Therefore, they were modified during empirical research by integrating Social Discount Rate (SDR) and social benefit indicator. |
