Инструментарий финансового планирования и оценки в системе управления организациями ИНСТРУМЕНТАРИЙ ФИНАНСОВОГО ПЛАНИРОВАНИЯ И ОЦЕНКИ В СИСТЕМЕ УПРАВЛЕНИЯ ОРГАНИЗАЦИЯМИ УДК 334.7.012.62/.64:[330/101/541:330.142/.143] M. Vochozka, P. Šuleř DETERMINING THE COMPANY VALUE USING FREE CASH FLOW TO THE EQUITY Abstract. <...> Today, however, value orientation is changing and companies have shifted focus towards maximizing their value. <...> Company value is an important management tool, as it is a comprehensive evaluation which may affect competitiveness and achieve progress. <...> To determine the value, it is necessary to know the economic indicators of the company, its market position, organizational structure, etc. <...> The value of the company depends on the uniqueness and quality of the offered product, the company's market, the level of cost control, efficient use of resources, etc. <...> The value of the company also affects, for example, human capital, information systems, environmental management and innovation. <...> The total value is not only the sum of the values of individual assets. <...> The total value at the end of the planning period should be higher than the current value. <...> There are a number of methodological approaches to determining the value of the company – the accounting method, substance method, income methods, methods of exchange appreciation and combined methods. <...> The article also deals with the theoretical description and mathematical basis of the techniques of free cash flow to the firm and free cash flow to equity. <...> Key words: company value, maximizing profits, free cash flow to the firm, free cash flow to equity. <...> Introduction The traditional objective of company management is profit; all company activities exist for the purpose of maximizing profits [1]. <...> Companies that operate on a traditional modem have been unable to meet the requirements of development objectives and the needs of company management changes [2]. <...> At present, companies want to achieve the maximization of corporate value, to reach the business objectives of maximizing profits by maximizing value and switch from profit-oriented company management to value-oriented management [3]. <...> Over time four basic principles of company valuation have been developed, namely: the market value, the subjective value, the objectivised value and the Cologne school [4]. <...> The authors [5] claim that company value is <...>