Бидний тухай
Багш ажилтан
Human capital is increasingly positioned at the core of sustainable competitive advantage and long-term value creation. In parallel, human resource reporting has emerged as a key mechanism through which organizations communicate the strategic management of their workforce to internal and external stakeholders. While international frameworks have advanced the standardization of human capital disclosure, empirical insight into how such practices are institutionalized within emerging market contexts remains limited. In particular, the governance integration and strategic embedding of human resource reporting in transitional economies are insufficiently understood. This study investigates the institutional maturity of human resource reporting among public interest entities in Mongolia. Drawing on survey data from 41 listed firms, the analysis evaluates governance integration, standards adoption, reporting frequency, and methodological consistency across three interrelated domains: human resource policy and oversight structures, human resource accounting and information systems, and disclosure quality across eleven human capital dimensions. Descriptive statistical analysis and exploratory factor analysis are employed to assess reporting coherence and structural alignment. The findings reveal a marked disjunction between formal compliance and strategic integration. Although most firms report the existence of human resource documentation and policy frameworks, board-level oversight, digital infrastructure, and comprehensive adoption of standardized human capital metrics remain underdeveloped. Reporting practices are predominantly compliance-oriented and externally focused, with limited evidence that human capital measurement is systematically embedded within ongoing strategic decision-making processes. Moreover, strategic dimensions such as leadership development, succession planning, and workforce productivity receive comparatively weaker disclosure than compliance-driven indicators. The study contributes to strategic human resource management and governance scholarship by providing empirical evidence from an underexamined emerging economy and by demonstrating how formal institutional adoption may coexist with limited strategic internalization. The findings suggest that human resource reporting in transitional contexts may function more as a symbolic compliance mechanism than as a substantive governance tool. Implications are drawn for strengthening board-level human capital oversight, enhancing methodological standardization, and advancing the strategic integration of human capital measurement within corporate governance systems
Countries have made developing a results-based management system a top priority, strengthening governance and increasing transparency, openness, and accountability as they strive for people-centered, sustainable development. Therefore, countries regard results-based management as the primary means of achieving sustainable development, and each country is developing and implementing methods and methodologies tailored to its own characteristics. There is a need to develop and implement result-based development policies and planning, aligning national and local budgets, organizational strategies, and performance planning. Results-based integrated planning is a core component of results-based integrated management and is the process of analyzing the present and past and planning for the future.
Introduction: Human capital disclosure (HCD) is essential for corporate transparency and sustainability, yet its adoption in emerging markets like Mongolia remains limited. This study examines HCD practices in 23 joint-stock companies listed on the Mongolian Stock Exchange (2017–2022), focusing on 20 indicators derived from international frameworks. Methods: Using qualitative and quantitative content analysis, the study evaluates 9 input and 11 output indicators. Each was scored on a binary scale, with results analyzed by sector and company size based on national classification standards. Results: The analysis revealed that while 59.4% of firms reported employee headcount and 51.2% included demographic data, fewer than 10% disclosed key financial information such as compensation (0.7%) and recruitment costs (8%). Output metrics were similarly sparse: workplace accidents were reported by 16.5% of firms, productivity by 10.2%, and absenteeism by none (0%). Large companies were generally more transparent than SMEs, and financial sector firms outperformed non-financial ones in input disclosures. Among the most transparent companies were Gobi JSC (65% input, 39% output) and APU JSC (52% input, 24% output). Discussion: The findings suggest that human capital disclosure practices in Mongolia are underdeveloped and inconsistent. The absence of standardized reporting requirements, limited awareness, and lack of regulatory incentives contribute to these shortcomings. Although larger firms and financial institutions showed relatively better performance, overall transparency remains low, especially for output and financial indicators. To improve HCD, Mongolian firms should adopt globally recognized standards such as GRI or SASB and receive capacity-building support. Policymakers are encouraged to mandate core human capital metrics and provide guidance for effective implementation.
The transition to the market orientation from the centralized economy, which started from 1990s, brought a great deal of important changes in Mongolian economy. Implementation of policies on market liberalization, promotion of free market and fair competition and privatization of state managed assets enabled the development of private sector and creation of legal entities in various forms such as privately owned companies, joint stock and state owned enterprises operating on the market. By February of 2024, there are 26 state owned companies (SOC) operating in energy sector of Mongolia, among over 100 fully or partially state owned companies that are involved in strategic sectors such as energy, mining, communications and transportation. Being fundamental to the national security and overall socio-economic stability of the country, the energy sector is necessarily considered to be developed ahead of other sectors and hence, this research is focused on the comprehensive valuation of performances for state owned energy manufacturing and transmission companies of Mongolia.
Researchers believe that the significant difference between the market value of the company and the book value of the owners' equity is that the financial statements do not fully reflect the intellectual capital and intangible assets. We have made two hypotheses to determine how the efficiency of intellectual capital affects a company's stock price and financial performance using the random effects or fixed effects model. As a result of our study, intellectual capital efficiency has not had much impact on stock prices. However, the efficiency of intellectual capital, particularly human capital, positively affects the return on equity and total assets.
In this paper, we examine the impact of intellectual capital on financial performance of commercial banks in Mongolia using the financial data between 2011 and 2021. The performance impact of intellectual capital on business results is measured by the value-added intellectual coefficient (VAIC) methodology which was used to analyze the data in random and fixed effects models. Statistical analysis shows that the human capital and capital employed has positive effect on return on equity. Structural capital and capital employed has positive effect on return on total assets. Human capital has positive effect on net interest margin while capital employed has negative effect on net interest margin. Our recommendation is that in order to increase profitability of Mongolian commercial banks they should measure impacts of their intellectual capital and human capitals.
Монгол Улсын банкны системд нөлөө бүхий банкуудын ашигт ажиллагаанд оюуны капиталын бүрэлдэхүүн болон хүмүүн капитал, бүтцийн капиталын ашиг, оруулсан капиталын үр ашгийн нөлөөг 2011-2021 оны санхүүгийн мэдээлэлд үндэслэн тооцлоо. Өгөгдлийг санамсаргүй болон тогтмол нөлөөллийн загвараар үнэллээ. Судалгааны үр дүнгээр хүмүүн капиталын үр ашиг нь нийт хөрөнгийн болон өмчийн өгөөжид эерэг нөлөө, бүтцийн капиталын үр ашиг нь нийт хөрөнгийн өгөөжид эерэг нөлөө, оруулсан капиталын үр ашиг нь өмчийн өгөөж, цэвэр хүүгийн түвшин, нийт хөрөнгийн өгөөжид аль алинд нь эерэг нөлөө үзүүлдэг болохыг харуулж байна.
Компанийн зах зээлийн үнэлгээ болон эзэмшигчдийн өмчийн дансны үнийн зөрүү их байгаа шалтгаан нь санхүүгийн тайланд оюуны капитал, биет бус хөрөнгийг бүрэн илэрхийлж чадахгүй байгаатай холбоотой гэж судлаачид үздэг. Бид оюуны капиталын үр ашиг нь компанийн хувьцааны үнэ ба санхүүгийн зарим үзүүлэлтүүдэд хэрхэн нөлөөлж байгааг тодорхойлохоор хоёр таамаглал дэвшүүлэн МХБ-д 2005 оноос хойш IPO гаргаж, одоог хүртэл үйл ажиллагаагаа явуулж байгаа 23 компанийн санхүүгийн тайлангийн мэдээлэл болон хувьцааны ханшийн мэдээллийг ашиглан санамсаргүй нөлөөний болон тогтмол нөлөөний аргаар тооцоолол хийлээ. Бидний энэхүү ажлын үр дүнд оюуны капиталын үр ашиг нь хувьцааны үнэд нөлөөлөөд зогсохгүй хүмүүн капиталд оруулсан хөрөнгийн үр ашиг нь компанийн өмчийн өгөөж болон нийт хөрөнгийн ачаалалд эерэг нөлөөтэй нь харагдаж байна.
Optimizing a company’s asset and capital structure has a positive effect on reducing capital costs and increasing the use of assets. In this paper, we consider optimization problem of a company’s asset and capital structure. The proposed model is formulated as a fractional programming problem. The problem was solved numerically on “Matlab” using data of Mongolian mining companies. Numerical results are provided.
Энэхүү судалгааны ажлаар Улаанбаатар хотын төвийн 6 дүүрэгт байршилтай, нийтийн зориулалттай орон сууц (НЗОС)-ны шинж чанарын ялгаатай байдал нь түүний үнэ цэнэд хэрхэн нөлөөлөх талаар судалж, зах зээлийн жишиг үнийн хандлагын шууд харьцуулалтын аргаар орон сууцыг үнэлэхэд хүчин зүйлс бүрээр тохируулгын коэффициентуудыг тодорхойлохыг зорьсон. Эмпирик шинжилгээнд 2013 оны 1-р сараас 2020 оны 9-р сарын хугацаанд Худалдах, худалдан авах гэрээгээр өмчлөх эрх нь шилжсэн НЗОС-ны арилжааны мэдээллийг ашиглаж, Eviews 12 программаар олон хувьсагчийн регрессийн шинжилгээг хийж гүйцэтгэлээ. Үнэлгээний үр дүнд талбайн хэмжээ, насжилт, хотхон, хороололд байрлалтай эсэх болон байршлын үзүүлэлтүүд нь Улаанбаатар хотын НЗОС-ны үнийн 68.86 хувийг тайлбарлаж байна.
Компанийн зах зээлийн үнэлгээ болон эзэмшигчдийн өмчийн дансны үнийн зөрүү их байгаа шалтгаан нь санхүүгийн тайланд оюуны капитал, биет бус хөрөнгийг бүрэн илэрхийлж чадахгүй байгаатай холбоотой гэж судлаачид үздэг. Бид оюуны капиталын үр ашиг нь компанийн хувьцааны үнэ ба санхүүгийн зарим үзүүлэлтүүдэд хэрхэн нөлөөлж байгааг тодорхойлохоор хоёр таамаглал дэвшүүлэн МХБ-д 2005 оноос хойш IPO гаргаж, одоог хүртэл үйл ажиллагаагаа явуулж байгаа 23 компанийн санхүүгийн тайлангийн мэдээлэл болон хувьцааны ханшийн мэдээллийг ашиглан санамсаргүй нөлөөний болон тогтмол нөлөөний аргаар тооцоолол хийлээ. Бидний энэхүү ажлын үр дүнд оюуны капиталын үр ашиг нь хувьцааны үнэд төдийлөн нөлөөгүй байна. Харин оюуны капиталын үр ашиг, тухайлбал хүмүүн капиталд оруулсан хөрөнгийн үр ашиг нь компанийн нийт хөрөнгийн өгөөж, өөрийн хөрөнгийн өгөөжид эерэг нөлөөтэй нь харагдаж байна.
Үйл ажиллагааны онцлогтой сургалт, үйлчилгээний салбарын хувьд орчин үеийн өртөг тооцох аргуудаас сонгож хэрэглэх нь зохимжтой байдаг. Монгол улсын их сургууль 5 бүрэлдэхүүний сургууль, 2 салбар сургуультай боловч Бүрэлдэхүүний болон салбар сургуулийн хөтөлбөр, багшлах боловсон хүчин, элсэлтийн тооны ялгаанаас үүдэлтэйгээр мэргэжил тус бүрийн сургах процесс харилцан адилгүй өртөгтэй байсаар ирсэн. Бид энэхүү ажлаараа сургалтын болон сургалтын бус зардлыг ангилах, түүнд үндэслэн сургалтын төлбөр тогтоох удирдлагын шийдвэрийн үндэслэлийг сайжруулах арга замыг санал болгож байна.
Энэхүү судалгааны ажлаар Улаанбаатар хотын төвийн 6 дүүрэгт байршилтай, нийтийн зориулалттай орон сууц (НЗОС)-ны шинж чанарын ялгаатай байдал нь түүний үнэ цэнэд хэрхэн нөлөөлөх талаар судалж, зах зээлийн жишиг үнийн хандлагын шууд харьцуулалтын аргаар орон сууцыг үнэлэхэд хүчин зүйлс бүрээр тохируулгын коэффициентуудыг тодорхойлохыг зорьсон. Эмпирик шинжилгээнд 2013 оны 1-р сараас 2020 оны 9-р сарын хугацаанд Худалдах, худалдан авах гэрээгээр өмчлөх эрх нь шилжсэн НЗОС-ны арилжааны мэдээллийг ашиглаж, Eviews 12 программаар олон хувьсагчийн регрессийн шинжилгээг хийж гүйцэтгэлээ. Үнэлгээний үр дүнд талбайн хэмжээ, насжилт, хотхон, хороололд байрлалтай эсэх болон байршлын үзүүлэлтүүд нь Улаанбаатар хотын НЗОС-ны үнийн 68.86 хувийг тайлбарлаж байна.
The purpose of this paper is to examine bank brand equity from consumer perspectives. In particular, we analyze an internationally approach in the brand value. Data were collected from 504 customers of the five largest banks in Mongolia. The results from this study show: (1) Brand equity based customers has been studied from 69.3 percent. The equity value of the biggest banks was accounted for 66.75-81.25 percent. (2) Brand equity consists of four types of factors, and brand image was the highest scores. The lowest for scores was included brand loyalty. (3) The factors influencing brand equity were different and explained 0.43-0.88 percent of R-squared.
Purpose - The main purpose of this research work is to study about the brand valuation methodologies and to estimate Mongolian top commercial banks’ brand values by using the superior methodology. Design/Methodologies/approach - This research is exercised on the last three years’ annual financial reports of Khan Bank, Trade and Development Bank and Golomt Bank, which are top commercial banks of Mongolia. This research used Interbrand methodology with its “S” curve and Hirose methodologies to estimate their respective brand values from 2016 to 2018. Findings - The results of our research paper are the following: (1) Brand strength of Khan Bank, TDB and Golomt Bank registered at 77, 55 and 54, respectively; (2) The discount rate of the commercial banks under study was estimated at between 7.58 and 8.92; (3) The brand value of TDB was estimated at 243.2 billion MNT, and Khan Bank’s brand value was 131.8 billion MNT, while the brand value of Golomt Bank was 44.3 billion MNT in 2018. The brand value of the three banks was unequal for the last three years, due to differences in factors, such as changing risk funds of the selected banks. Research implications or Originality - Researchers predicted that Khan Bank’s brand value to get the highest score due to its total assets, number of departments, accumulated assets, and margin level. However, the result was different from our prediction and Trade and Development Bank has the highest brand value because of its high brand value. Furthermore, by estimating the brand value of local commercial banks for the first time, we are enabling commercial banks to compare their results with competitors and it will influence positively to the development of the banks and banking sector
The main purpose of this research paper is to study about the brand valuation methodologies and to estimate Mongolian top commercial banks brand values by using the superior methodology. We used Interbrand and Hirose methodologies based on the last five year’s financial statements of Khan Bank, Trade and Development Bank (TDB), and Golomt Bank to estimate their brand value from 2016 to 2018. The results of our research paper are the following: (1) Brand strength of Khan Bank, TDB and Golomt Bank was 77, 55 and 54 respectively. (2) The discount rate of the commercial banks was between 7.58 and 8.92, as we estimated. (3) The brand value of TDB estimated as 243.2 billion MNT, and Khan Bank’s brand value was 131.8 billion MNT, while the brand value of Golomt bank was 44.3 billion MNT in 2018. The brand value of the three banks was unequal for the last three years, due to the difference in factors and the changing risk funds of the selected banks.
