From: ajit sinha (sinha_a99@YAHOO.COM)
Date: Tue May 18 2004 - 08:52:35 EDT
--- Jurriaan Bendien <andromeda246@HETNET.NL> wrote: > I wrote: > Here's an > interesting quote I am using for my article "The > transformation problem and > the Marxian law of value": > > "But the question remains, what is the value of a > company ? The answer > depends on who is asking the question. A business > owner would be interested > in the market value of the company, whereas, the > accountant cares little or > nothing about capitalizing knowledge and wants to > know instead the book > value of the company. Accordingly, not all the > factors determining the value > of the company are included in the book value. Stock > exchange analysts for > example are particularly interested in the economic > value of the company. > They look at a future cash flows, and convert them > into present values > against weighted average costs of capital. An > important point of criticism > about existing annual reporting is the lack of > future-oriented information. ________________ And what do the TV commercials mean when they say, "maximum value for your money"? The problem of value or the value theory is not about how many different things people mean by "value" in English language. It is a particular problem about a particular theory, and in this case about Marx's theory. I don't have time to get involved in a debate on value theory but sometimes I get fed up by reading so much of nonsense on value theory. Cheers, ajit sinha > The rowboat represents the old way of thinking of a > company's value and of > financial reporting. The metaphor of the rowboat > says something about the > role of the accountant. In effect, an accountant is > sitting in a rowboat; he > is going forward but looking backward; while the > entrepreneur is sitting in > a canoe; he is going forward and looking forward. > Or, in the words of Paul > Fentener van Vlissingen (1995): "The figures from an > annual report say > something about the past but nothing about the > future. It's as if you are > sitting on the back of a horse, backwards: what you > can see is already > behind you. Where the horse is going is unknown, > because you have your back > to it. Maybe it is heading for the edge of a > ravine..." > > - Stephen Goldman and Dimitri Hoogenboom, "De > waardebepaling van kennis in > ondernemingen" (Longman, 1998), p. 93. > The reference is to P. Fentener van Vlissingen, > "Business Owners are like > Donkeys". Leuven: Van Halewijk, 1995. > > Jurriaan __________________________________ Do you Yahoo!? SBC Yahoo! - Internet access at a great low price. http://promo.yahoo.com/sbc/
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