Pomnażanie wartości właścicielskiej jako miara efektywności ekonomicznej funkcjonowania przedsiębiorstw rolnych
Increase of shareholder’s value as a measure of the economic efficiency of agricultural enterprises

Summary/Abstract: In the presented paper, the increase of shareholder’s value as a measure of the economic efficiency of large agricultural enterprises is quantified using the Value Creation Index. It allows to take into account the nature of this group of entities, and at the same time it eliminates the drawbacks of indices traditionally used for the evaluation of economic Pomnażanie wartości właścicielskiej jako miara efektywności ekonomicznej… 131 efficiency. Taking the fluctuations in land prices into consideration is one of the most crucial revisions to the method at hand. In the case of land ownership, the estimated benefits obtained by owners rise significantly, hence the effect of including the increase in this production factor over time. The increase in land prices, in the case of land lease, on the other hand, leads to the growing costs of own capital due to a rise in the share of foreign capital involved in the activity. A study carried out on a group of agricultural enterprises allows to find that since Poland’s accession to the EU this is an economically-effective group, and the estimated land rent is the element that profoundly shapes it.

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