Теоретические основы развития экономических систем в современных условиях ТЕОРЕТИЧЕСКИЕ ОСНОВЫ РАЗВИТИЯ ЭКОНОМИЧЕСКИХ СИСТЕМ В СОВРЕМЕННЫХ УСЛОВИЯХ UDC [338.22:338.26]:336.763.2 BBK 65.292.3-93-231 M. Vochozka, V. Stehel SHAREHOLDER’S VALUE IN ENTERPRISE ACTIVITY PLANS М. <...> Стегел АКЦИОНЕРНАЯ СТОИМОСТЬ В ПЛАНАХ ПРЕДПРИНИМАТЕЛЬСКОЙ ДЕЯТЕЛЬНОСТИ Owing to the managerial concept of the company, the fundamental objective of an enterprise’s existence is the shareholder value. <...> The owners of the company require managers to fulfil the objectives of its owners - that is to increase shareholder value. <...> This is done through the growth of the value of the owners‘ shares in the company or figuratively in the form of growth of dividends or profit shares owners. <...> Therefore, managers are faced with a problem of how to incorporate proprietary objectives into business objectives - to survive, to realize a profit. <...> A pyramidal overview of economic value added compiled from the perspective of the owners brings a possible solution. <...> Economic value added not only quantitatively expresses the increase in the shareholder value, but it also makes it possible to identify key absolute indicators for the company management and their decomposition to the level of strategic, tactical and operational objectives of the company. <...> Пирамидообразный обзор экономической добавленной стоимости, составленный с точки зрения собственников, приносит возможное решение. <...> Ключевые слова: экономическая добавленная стоимость, пирамидообразный обзор, стоимость для акционера, собственник, менеджер, планирование. <...> Introduction Many contemporary authors such as Ballow, Burgman, Molnar [1] argues that the main objective of business is to deliver value for the owner rather than make profit. <...> An enterprise is defined as a set of tangible and intangible assets, people and information systems that operate in interaction and act outwardly as a whole. <...> A fundamental objective of an enterprise’s existence, as stipulated by law, is the generation of profits. <...> Their interest is strongly supported by their share of the company’s business management. <...> Shareholder Value in Enterprise Activity Plans However, it is often difficult for the manager to find a suitable way to apply a management system to meet the owners‘ objectives. <...> The aim of this paper is to propose and introduce a suitable management concept for a company trying to satisfy the objectives of the owner. <...> Following that, a system <...>