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Список литературы по оценке бизнеса > Современные методики оценки бизнес-активов: цели, подходы и методы определения стоимости предприятия

Современные методики оценки бизнес-активов: цели, подходы и методы определения стоимости предприятия

Недоспасова Д.Д. Современные методики оценки бизнес-активов: цели, подходы и методы определения стоимости предприятия // Синергия Наук. 2019. № 32. С. 447-453. (публикация отозвана 25.04.2019)

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Фрагмент работы на тему "Современные методики оценки бизнес-активов: цели, подходы и методы определения стоимости предприятия"

Международный научный журнал «Синергия наук» Недоспасова Дарья Дмитриевна Nedospasova Daria Dmitrievna Магистрант Master`s Degree student Финансовый университет при правительстве РФ Financial University under the Government of the Russian Federation СОВРЕМЕННЫЕ МЕТОДИКИ ОЦЕНКИ БИЗНЕС-АКТИВОВ: ЦЕЛИ, ПОДХОДЫ И МЕТОДЫ ОПРЕДЕЛЕНИЯ СТОИМОСТИ ПРЕДПРИЯТИЯ MODERN METHODS OF VALUATION OF BUSINESS ASSETS: GOALS, APPROACHES AND METHODS FOR DETERMINING THE VALUE OF THE BUSINESS Аннотация на русском языке: В статье рассматриваются стандартные современные подходы к оценке бизнеса, принципы и цели процедуры, а также основные этапы процесса оценки. Автором оцениваются экономические цели расчета стоимости компании. Автор дает обоснованные рекомендации по использованию того или иного метода оценки в зависимости от предмета оценки. В заключение приведена сравнительная таблица преимуществ и недостатков каждого метода оценки. The summary in English: The article discusses standard modern approaches of business valuation, the principles and objectives of the procedure, as well as the main stages of the assessment process. The author assesses the economic purpose of calculating the value of the company. The author gives reasonable recommendations on the use of a particular evaluation method depending on the subject of evaluation. In conclusion, a comparative table of the advantages and disadvantages of each evaluation method is presented. Ключевые слова: оценка, стоимость компании, методы оценки бизнеса, инвестиции, финансы. Keywords: valuation, company value, business valuation methods, investments, finance. Business valuation is a set of actions that a professional appraiser performs in order to present a reasonable conclusion about the value of the valuation object at a certain date in monetary units. The expert analyzes the financial, organizational, technological activity of the enterprise, explores the dynamics, draws conclusions about the development prospects and positions among competitors. In the theory and practice of business valuation, you can apply three standard approaches: cost, comparative and income. [1] Therefore, the assessment of any object and, in particular, the value of the company is also carried out on the basis of three standard approaches. Международный научный журнал «Синергия наук» The economic goals of calculating the value of a company are actually about twenty, but the most important are only three: 1. This gives objective data on the state of the business and the effectiveness of the managerial apparatus in it. In response to them, the owners can always adjust the course on time. 2. It is impossible to apply for additional cash infusions to investors without having information about the real value of the company, otherwise you risk not getting what you came for. 3. The assessment allows you to very accurately and correctly take into account the assets arising in the course of the economic activity of the company. Of course, it is necessary to estimate the cost not only for buying or selling a ready-made business. This indicator is important for the strategic management of the company. A clear idea of the value of your company will also be required when issuing securities, shares and entering the stock market. It is also significant that no investor agrees to invest their money where there is no valuation of the company. Standard business valuation approaches. Cost approach. With the cost approach, the cost of business is considered in terms of costs incurred. The book value of assets and liabilities of a company due to inflation, changes in market conditions, accounting methods used, as a rule, does not correspond to the market value. Consequently, to determine the market value of a company, the balance sheet items must be adjusted and reflected at real market values. After that, the adjusted balance sheet items are reduced by the current value of all liabilities, which gives the market value of the company's own capital. [2] The basis of the cost approach is the principle of substitution, which is that a rational buyer does not pay for the object in question a greater amount than the cost of creating an object that is comparable in characteristics and functionality. In the case of the use of the cost approach, the appraiser in one way or Международный научный журнал «Синергия наук» another pushes off in his calculations from the accounting and reporting indicators, it is therefore necessary to take into account that the carrying value of a company's property can be significantly distorted due to the influence of capital expenditures of different durations, revaluation results, the consequences of a change in the company's accounting policy, the application of optimization schemes for tax payments, etc. In addition, assets are often not reflected in financial statements, which, due to their value (potential profitability), can have significant market value. As a rule, such objects include various types of intangible assets: trademarks, patents, knowhow, etc. The scope of the cost approach lies in assessing the market value of the company's own capital based on the idea of a hypothetical sale of its assets. The most important results of applying the methods of the cost approach are for evaluation in cases where: ? a controlling stake is assessed; ? the company has significant tangible assets; ? it is possible to identify and evaluate intangible assets; ? the company is holding or investment; ? a significant part of the company's assets are financial assets (in particular, investments in subsidiaries and associated companies); ? estimated residual value. Comparative approach A comparative approach is used to assess the market value of a company based on actual stock market data on its quotes and (or) similar companies, as well as on the basis of factual information about transactions in equity holdings of the evaluated company and comparable companies outside the stock market, including information on mergers and acquisitions. The ability to use this approach is determined by the following basic Международный научный журнал «Синергия наук» provisions, proving the objectivity of the result obtained. Firstly, the real market prices of the companies-analogues are used as a guideline. In the presence of a developed financial market, the actual price of the sale and purchase of the company as a whole or one share most fully takes into account numerous factors affecting the value of the company. These factors include the ratio of supply and demand for this type of business, the level of risk, prospects for the industry, the specific features of the company, etc. Secondly, the comparative approach is based on the principle of alternative investments. Specific features of a particular business interest an investor only from the perspective of income prospects. The desire to get the maximum return on investments placed (with adequate risk and free capital allocation) ensures the alignment of market prices. Thirdly, the price of the company's shares reflects its economic and financial capabilities, market position, and development prospects. Therefore, in similar companies the ratio between the price and the most important financial parameters should coincide. A distinctive feature of these financial parameters is their decisive role in shaping the income received by the investor. [3] Income approach This approach is based on the principle that the current value of a company is the current value of the net income associated with it. Within its framework, it is customary to single out methods: ? dividend; ? direct capitalization; ? discounted cash flow (DCF). To estimate a share by the dividend method, it is necessary to estimate the cost of equity (the discount rate), the expected payout ratios and the expected growth rate of earnings per share over time. When using the direct capitalization method, a certain normalized level of Международный научный журнал «Синергия наук» continuously changing incomes can be capitalized (with the same growth rate). The market value of a company is defined as the ratio of the revenue stream to the capitalization ratio assuming that in the foreseeable future business incomes will remain at about the same level or will vary linearly. As part of the DCF method, the appraiser discounts future cash flows or revenues from the company's forecasted activities, bringing them to current value. When using this method, the following factors are taken into account: 1. cash flows that the asset owner expects to receive in the future; 2. timing of cash flow data; 3. risk borne by the owner of the assets. To determine the present value of future income, a comprehensive analysis of the company's financial activities is required, including an analysis of income, expenses, investments, capital structure, company value after the end of the forecast period and the discount rate. According to the reviews of Western experts, in 90% of cases of applying the income approach, this method is used to evaluate medium and large companies. Valuation of the business by the DCF method involves the following steps: ? determining the time of receipt of income; ? forecast future earnings; ? risk assessment associated with income. The sum of future incomes presented at the present value is a guideline of how much a potential investor is willing to pay for the estimated company.[4] The main indicator of the DCF method is the net cash flow, which is calculated as the difference between the inflow and outflow of funds over a certain time. [5] Here is the table with comparing of all methods in terms of their advantages and disadvantages: Международный научный журнал «Синергия наук» Method Advantages Disadvantages Income Considers investment expectations and economic aging of the enterprise. Allows you to assess future earnings, taking into account the market situation. The basis - the prediction, rather than clear facts. Errors in the calculation of the discount rate are possible due to incomplete data and the lack of stability in the economy. Cost The most reliable method for evaluating new objects. Attractive for entrepreneurs who are focused on the construction, rather than buying a finished object. Allows you to assess how effectively the land is used. Costs are not always equivalent to the market value of objects. It is difficult to calculate the cost of reproducing outdated buildings. Land has to be assessed separately from buildings. The calculations do not take into account the prospects for the development of the enterprise. Methods of the cost approach are difficult to apply in practice. Compa rative Based on reliable information, reflects the real results of the company. It shows the amount of supply and demand for a specific object, taking into account the market situation. The calculation is based on a retrospective. The potential of the enterprise is not taken into account. The calculations are labor intensive with a large number of adjustments. Methods are effective only if there is extensive financial information for a particular enterprise and its analogues. In conclusion, I would like to note that it is impossible to say clearly and precisely how to estimate the value of a company. It is impossible to write a guide to action on its assessment - there is a specificity everywhere. Each company requires an individual approach, and only general assessment standards are applicable here. Everything comes with experience, both at the legislative level and within each individual company. Evaluation legislation is evolving. Appraisal companies in Russia and abroad are also developing. New methods, ideas, trends and innovations are emerging, allowing to improve the mechanism for evaluating the value of companies. Международный научный журнал «Синергия наук» Bibliography. 1. Braley R., Myers S. Principles of Corporate Finance / Trans. from English N. Baryshnikova. - M .: ZAO “Olymp-business”, 2012, p. 759-787; 2. A. Damodaran, Investment appraisal: Tools and methods for evaluating any assets / Asvat Damodaran; Per. from English - 5th ed. - M .: Alpina Business Books, 2008. p. 35-111,201-291,356-425, 628-724; 3. Gryaznova A.G., Fedotova M.A. Valuation of the enterprise - M .: "Interreklama", 2003, p. 20-157 4. Shannon P. Pratt. Valuing a business. The analysis and appraisal of closely held companies. New York: McGraw-Hill, 2008 p. 1098 5. Tim Koller, Marc Goedhart, David Wessels. Valuation. Measuring and managing the value of companies. New Jersey: Wiley, 2010, p. 840

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