Estimation of the value of the enterprise Chebotarev n f. Enterprise valuation - N.F. Chebotarev

978-5-394-02047-6

The textbook is written in accordance with the requirements of the Federal State Educational Standard for Higher vocational education third generation. It outlines the fundamentals of the theory and practice of the functioning of the world economy as an economic system in which international economic relations play an integrating role: international integration, international trade, international services and others. For undergraduate students studying in the field of study "Economics", as well as university professors.

The book is included in the collection:

• Books of the publishing house "Dashkov and K" 3

Chebotarev Nikolay Fedorovich

Chebotarev, N. F.: textbook for bachelors / N. F. Chebotarev. - 4th ed., erased. - Moscow: Publishing and Trade Corporation "Dashkov and Co", 2020. - 252 p. - ISBN 978-5-394-03460-2. - Text: electronic. - URL: https://website/catalog/product/1091810 read

978-5-394-03460-2

The textbook outlines the main topics of the discipline "Estimation of the value of an enterprise (business)" in accordance with the requirements of the Federal State Educational Standard higher education Russian Federation. The main methods for estimating the value of the property of an enterprise (business), its intangible assets, human capital and others. For undergraduate students studying in the areas of study "Economics" and "Management".

The book is included in the collection:

• Books of the publishing house "Dashkov and K"

Chebotarev Nikolay Fedorovich

Chebotarev, N. F. Enterprise (business) valuation/ Chebotarev N.F., - 3rd ed. - Moscow: Dashkov and K, 2017. - 256 p.: ISBN 978-5-394-02368-2. - Text: electronic. - URL: https://website/catalog/product/450877 read

978-5-394-02368-2

The textbook outlines the main topics of the discipline "Estimation of the value of an enterprise (business)" in accordance with the requirements of the Federal State Educational Standard of Higher Professional Education of the Russian Federation. The main methods for estimating the value of the property of an enterprise (business), its intangible assets, human capital, etc. are given. For undergraduate students studying in the areas of study "Economics" and "Management".

The book is included in the collection:

• KazNU them. al-Farabi. Economy and business
• Books of the publishing house "Dashkov and K"
• Books of the publishing house "Dashkov and K" 4

Year of issue: 2009

Genre: Finance

Publisher:"Dashkov and K"

Format: PDF

Quality: OCR

Number of pages: 256

Description: The textbook "Estimation of the value of the enterprise" systematizes the theoretical and methodical material by assessing the value of the assets of the enterprise (business).
The structure of the textbook provides for the study of the basic concepts, goals and stages of the process of assessing the property of an enterprise, content, principles, approaches and methods of assessment.

The book "Appraisal of the value of an enterprise" sets the task of familiarizing with the basic methodology for assessing the value of an enterprise's property using the market (comparative), cost (property) and income approaches to the valuation of an enterprise (business).
Within the framework of the above educational material, methods for assessing intangible assets, the human capital of an enterprise, the effectiveness of financial and economic activity the enterprise in general and the effectiveness of innovations in particular, as well as aspects of assessing the assets of an enterprise in the process of anti-crisis management.
Estimating the value of an enterprise's assets is considered in the publication as a systemic process that reflects the integrity of the economy as a complex system. A special place is given to methods for assessing the effectiveness of the financial and economic activities of an enterprise in order to determine the value of its assets. The concept of management aimed at creating value (Value-Based Management, hereinafter VBM) is characterized. Methods for estimating the value of the property of an enterprise-debtor for the purpose of selling it in case of bankruptcy are considered.
The textbook "Estimation of the value of the enterprise" also reflects the issues of legal regulation appraisal activities and its information support. The method of assessing the future profitability of the enterprise is considered. Special attention given to the economic and legal terminology adopted in valuation activities. This approach is reflected in the glossary, which reveals the basic concepts of the enterprise property valuation process.

"Estimation of the value of the enterprise"

Basic concepts, goals and stages of the process of assessing the property of an enterprise

• The concept of enterprise property valuation
• Goals and stages of the property valuation process
• Legal regulation appraisal activities
• Information support for valuation activities

The content of the principles, approaches and methods for assessing the property of an enterprise

• Principles of enterprise property valuation
• The choice of approach to the valuation of the property of the enterprise and the standard of value
• Methods for assessing the property of an enterprise
• Methods for taking into account the risk factor in the assessment of an enterprise (business)

Evaluation of the effectiveness of the financial and economic activities of the enterprise in order to determine its value

• The main criteria for assessing the effectiveness of the financial and economic activities of the enterprise
• Measurement methods economic effect and economic efficiency
• Financial stability of an enterprise as an indicator of its effectiveness
• Efficiency mark investment project

Criteria for assessing the insolvency (bankruptcy) of an enterprise

• Basic concepts, types and stages of bankruptcy of an enterprise
• State anti-crisis regulation of business entities: forms and methods
• Diagnostics financial condition enterprises in crisis management
• Controlling in anti-crisis management of an enterprise: goals and functions

Property valuation

• Types of real estate value
• Income Approach to Real Estate Valuation
• Market approach to real estate valuation
• Determination of wear and tear of buildings and structures

Assessment of the market value of machinery and equipment

• Income approach to valuation market value machinery and equipment
• Market approach to valuation of machinery and equipment
• Cost approach to assessing the market value of machinery and equipment

Valuation of intangible assets

• Features of accounting for intangible assets
• Income approach to assessing the market value of intangible assets
• Market and cost approaches to the valuation of intangible assets
• Features of the valuation of intangible assets using the property approach

Inventory valuation

• general characteristics inventory
• Classification of inventories by intended purpose
• Features of inventory accounting
• Features of the valuation of inventories

Estimation of the value of the property of an enterprise-debtor for the purpose of sale in case of bankruptcy

• Features of assessing the value of enterprise property in the process of anti-crisis management
• Comparative approach to assessing the value of the property of the debtor enterprise
• Property approach to assessing the value of the property of the debtor enterprise
• Income approach to assessing the value of the property of the debtor enterprise

Methods and models for assessing the human capital of an enterprise

• Methods for assessing the human capital of an enterprise
• Models for assessing and accounting for human capital
• Using the Asset Model in the Valuation of Intellectual Property Objects (OIP)
• Estimation of assets of the structural capital of the enterprise

Assessment of the human capital of an enterprise

• Cost Approach to Valuation of Human Capital
• Income Approach to Valuation of Human Capital
• Expert approach to the assessment of human capital
• Comparative approach to human capital assessment

Valuation of shares in an enterprise (business)

• Approaches to valuation of shares in business
• Types of issue value valuable papers
• Approaches to the evaluation of non-controlling (minority) stakes
• Premiums and discounts in determining the market value of shares
• Models for calculating the market value of shares and bonds

Estimating the value of an enterprise during restructuring

• The purpose of the restructuring
• Types of activities in the strategic direction of enterprise restructuring
• Forms of enterprise restructuring
• Assessment of the market value of an enterprise during restructuring

Literature

Name: Evaluation of the value of the enterprise (business).

The textbook covers the main topics training course"Estimation of the value of an enterprise (business)" in economic specialties in accordance with the requirements of the State Educational Standard of Higher Professional Education of the Russian Federation.
The main methods for estimating the value of the property of an enterprise (business), its intangible assets, human capital, etc. are given.
For students, masters, graduate students, university professors.

This textbook systematizes the theoretical and methodological material for assessing the value of the assets of an enterprise (business).
The structure of the textbook provides for the study of the basic concepts, goals and stages of the process of assessing the property of an enterprise, content, principles, approaches and methods of assessment.
This publication aims to introduce the fundamentals of the methodology for assessing the value of an enterprise's property using the market (comparative), cost (property) and income approaches to the assessment of an enterprise (business).
Within the framework of the above educational material, methods for assessing intangible assets, human capital of an enterprise, the effectiveness of the financial and economic activities of an enterprise in general and the effectiveness of innovations in particular, as well as aspects of assessing the assets of an enterprise in the process of anti-crisis management, are disclosed.

TABLE OF CONTENTS
Introduction 7
Chapter 1. Basic concepts, goals and stages of the process of assessing the property of an enterprise 8
1.1. The concept of enterprise property valuation 8
1.2. Goals and stages of the property valuation process 12
1.3. Legal regulation of valuation activities 18
1.4. Information support for valuation activities 19
Chapter 2 The content of the principles, approaches and methods for assessing the property of an enterprise 22
2.1. Principles of enterprise property valuation 22
2.2. The choice of approach to the valuation of the property of the enterprise and the cost standard 26
2.3. Methods for assessing the property of an enterprise 28
2.4. Methods for taking into account the risk factor in the assessment of an enterprise (business) 55
Chapter 3 Evaluation of the effectiveness of the financial and economic activities of the enterprise in order to determine its value 59
3.1. The main criteria for evaluating the effectiveness of the financial and economic activities of the enterprise 59
3.2. Methods for measuring economic effect and economic efficiency 65
3.3. Financial stability of an enterprise as an indicator of its effectiveness 72
3.4. Evaluation of the effectiveness of the investment project 82
Chapter 4 Criteria for assessing the insolvency (bankruptcy) of an enterprise 91
4.1. Basic concepts, types and stages of bankruptcy of an enterprise 91
4.2. State anti-crisis regulation of business entities: forms and methods 104
4.3. Diagnostics of the financial condition of an enterprise in anti-crisis management 105
4.4. Controlling in anti-crisis management of an enterprise: goals and functions 108
Chapter 5 Property valuation 112
5.1. Types of real estate value 112
5.2. Income Approach to Property Valuation 115
5.3. Market approach to real estate valuation 118
5.4. Determination of wear of buildings and structures 121
Chapter 6 Assessment of the market value of machinery and equipment... 123
6.1. Income approach to assessing the market value of machinery and equipment 123
6.2. Market approach to the valuation of machinery and equipment 124
6.3. Cost approach to assessing the market value of machinery and equipment: 125
Chapter 7 Valuation of intangible assets 131
7.1. Features of accounting for intangible assets 131
7.2. Income approach to assessing the market value of intangible assets 136
7.3. Market and cost approaches to the valuation of intangible assets 137
7.4. Features of the valuation of intangible assets using the property approach 138
Chapter 8 Inventory valuation 142
8.1. General characteristics of inventories 142
8.2. Classification of inventories by intended purpose 145
8.3. Features of inventory accounting 149
8.4. Features of the valuation of inventories 150
Chapter 9 Estimation of the value of the property of an enterprise-debtor for the purpose of sale in case of bankruptcy 153
9.1. Features of assessing the value of enterprise property in the process of anti-crisis management 153
9.2. Comparative approach to assessing the value of the property of the debtor enterprise 158
9.3. Property approach to assessing the value of the property of the debtor enterprise 163
9.4. Income approach to assessing the value of the property of the debtor enterprise 163
Chapter 10 Methods and models for assessing the human capital of an enterprise 166
10.1. Methods for assessing the human capital of an enterprise 166
10.2. Models for assessing and accounting for human capital 169
10.3. Using the asset model in the valuation of intellectual property (IP) 174
10.4. Estimation of assets of the structural capital of an enterprise ... 181
Chapter 11 Assessment of the human capital of an enterprise 187
11.1. The cost approach to assessing human capital 187
11.2. Income Approach to Valuing Human Capital 189
11.3. Expert approach to the assessment of human capital 194
11.4. Comparative approach to human capital assessment 195
Chapter 12 Valuation of shares in an enterprise (business) 198
12.1. Approaches to valuation of shares in business. Types of value of equity securities 198
12.2. Approaches to the evaluation of non-controlling (minority) stakes 203
12.3. Premiums and discounts in determining the market value of shares 203
12.4. Models for calculating the market value of stocks and bonds 205
Chapter 13 Estimating the value of an enterprise during restructuring 215
13.1. Purpose of restructuring 215
13.2. Activities in the strategic direction of enterprise restructuring 216
13.3. Forms of enterprise restructuring 218
13.4. Assessment of the market value of the enterprise during restructuring.: 221
Glossary 225
Literature 251

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n1.doc

Publishing and Trade Corporation "Dashkov and Co"

N. F. Chebotarev

GRADE

COSTS

ENTERPRISES

(BUSINESS)

"State University management"

As a textbook for students of economics

Universities studying in the direction

"Economics" and economic specialties

Moscow, 2009

UDC 330 BBK 65.6 4-34

Reviewers:

V. N. Nezamaikin- Doctor of Economics, Professor; T.D. Vikulin- doctor of economic sciences, professor.

Chebotarev N. F.
4-34 Estimating the value of an enterprise (business): Textbook /

N. F. Chebotarev. - M.: Publishing and Trade Corporation "Dashkov and Co", 2009. - 256 p.

ISBN 978-5-394-00059-1

The textbook outlines the main topics of the training course "Appraisal of the value of an enterprise (business)" in economic specialties in accordance with the requirements of the State Educational Standard of Higher Professional Education of the Russian Federation.

The main methods for estimating the value of the property of an enterprise (business), its intangible assets, human capital, etc. are given.

For students, masters, graduate students, university professors.

UDC 330 BBK 65.6

ISBN 978-5-394-00059-1 © Chebotarev N.F., 2008

© LLC "ITK" Dashkov and K "", 2008

Introduction 7

Chapter 1. Basic concepts, goals and stages of the process

enterprise property valuation 8

1. 
   The concept of enterprise property valuation 8
2. 
   Goals and stages of the property valuation process 12
3. 
   Legal regulation

1.4. Information support of the assessment
activities 19

Chapter 2. The content of the principles, approaches and methods of evaluation

enterprise property 22

1. 
   Principles of enterprise property valuation 22
2. 
   Choosing an Approach to Property Valuation

1. 
   Methods for assessing the property of an enterprise 28
2. 
   Risk Factor Methods

Chapter 3. Evaluation of the effectiveness of financial and economic
activities of the enterprise in order to determine
its cost 59

1. 
   The main criteria for evaluating the effectiveness of the financial and economic activities of the enterprise 59
2. 
   Methods for measuring the economic effect

1. 
   Financial stability of an enterprise as an indicator of its effectiveness 72
2. 
   Efficiency mark

Chapter 4. Criteria for assessing insolvency

(bankruptcy) enterprises 91

1. 
   Basic concepts, types and stages of bankruptcy of an enterprise 91
2. 
   State anti-crisis regulation of business entities:

4.3. Diagnostics of the financial condition

Enterprises in crisis management 105

4.4. Controlling in crisis management
enterprise: goals and functions 108

Chapter 5. Valuation of real estate objects 112

1. 
   Types of real estate value 112
2. 
   Income Approach to Property Valuation 115
3. 
   Market approach to real estate valuation 118
4. 
   Determination of wear of buildings and structures 121

6.1. Income Approach to Estimating Market Value

Machinery and equipment 123

1. 
   Market approach to the valuation of machinery and equipment 124
2. 
   The cost approach to assessing the market

Chapter 7. Valuation of intangible assets 131

1. 
   Features of accounting for intangible assets 131
2. 
   Income approach to assessing the market value of intangible assets 136

1. 
   Market and cost approaches to the valuation of intangible assets 137
2. 
   Features of the valuation of intangible assets

Chapter 8 142

1. 
   General characteristics of inventories 142
2. 
   Classification of inventory

8.3. Accounting Features

Inventory 149

8.4. Evaluation features

Inventory 150

Chapter 9
debtor for sale in bankruptcy 153

1. 
   Features of assessing the value of enterprise property in the process of anti-crisis management 153
2. 
   Comparative approach to assessing the value of the property of the debtor enterprise 158
3. 
   Property approach to assessing the value of the property of the debtor enterprise 163
4. 
   Income Approach to Valuation

Chapter 10

enterprise capital 166

1. 
   Methods for assessing the human capital of an enterprise 166

1. 
   Models for assessing and accounting for human capital 169

1. 
   Using the asset model in the valuation of intellectual property (IP) 174

1. 
   Estimation of assets of the structural capital of an enterprise ... 181

Chapter 11. Assessment of the human capital of an enterprise 187

11.1. The cost approach to assessing human

Capital 187

11.2. Income approach to the evaluation of human

Capital 189

11.3. Expert Approach to Valuation

Human Capital 194

11.4. Comparative approach to the evaluation of human
capital 195

Chapter 12. Valuation of shares in an enterprise (business) 198

12.1. Approaches to valuation of shares in business.

Types of value of equity securities 198

12.2. Approaches to the assessment of non-control

(minority) stakes 203

12.3. Premiums and discounts in definition

Market value of shares 203

12.4. Models for calculating the market value of shares

And bonds 205

Chapter 13

during restructuring 215

1. 
   Purpose of restructuring 215

1. 
   Activities in the strategic direction of enterprise restructuring 216

1. 
   Forms of enterprise restructuring 218
2. 
   Assessment of the market value of the enterprise

Glossary.j 225

Literature 251

INTRODUCTION

This textbook systematizes the theoretical and methodological material for assessing the value of the assets of an enterprise (business).

The structure of the textbook provides for the study of the basic concepts, goals and stages of the process of assessing the property of an enterprise, content, principles, approaches and methods of assessment.

This publication aims to introduce the fundamentals of the methodology for assessing the value of an enterprise's property using the market (comparative), cost (property) and income approaches to the assessment of an enterprise (business).

Within the framework of the above educational material, methods for assessing intangible assets, human capital of an enterprise, the effectiveness of the financial and economic activities of an enterprise in general and the effectiveness of innovations in particular, as well as aspects of assessing the assets of an enterprise in the process of anti-crisis management, are disclosed.

Estimating the value of an enterprise's assets is considered in the publication as a systemic process that reflects the integrity of the economy as a complex system. A special place is given to methods for assessing the effectiveness of the financial and economic activities of an enterprise in order to determine the value of its assets. The concept of management aimed at creating value (Value-Based Management, hereinafter VBM) is characterized. Methods for estimating the value of the property of an enterprise-debtor for the purpose of selling it in case of bankruptcy are considered.

The textbook also reflects the issues of legal regulation of valuation activities and its information support. The method of assessing the future profitability of the enterprise is considered. Particular attention is paid to the economic and regulatory terminology adopted in valuation activities. This approach is reflected in the glossary, which reveals the basic concepts of the enterprise property valuation process.

Chapter 1

BASIC CONCEPTS, GOALS AND STAGES

PROPERTY APPRAISAL PROCESS

ENTERPRISES

1. 
   The concept of enterprise property valuation
2. 
   Goals and stages of the property valuation process
3. 
   Legal regulation of valuation activities
4. 
   Information support for valuation activities

Under enterprise property refers to tangible and intangible assets that are objects of the enterprise's property.

Enterprise assets are considered economic assets, control over which the organization has received as a result of the facts of its economic activities and which should bring it economic benefits in the future. These are economic resources formed from the capital invested in them, characterized by cost, productivity and the ability to generate income. The constant turnover of assets in the process of their use is associated with the factors of time, risk, liquidity.

Material assets- a group of enterprise assets that have a material (material) form. The group of tangible assets includes:

fixed assets;

• 
  Construction in progress;
• 
  equipment intended for installation; production stocks of raw materials and materials;
• 
  stocks of goods;
• 
  the volume of work in progress;
• 
  stocks of finished products intended for sale, and other non-current and current assets.

• 
  the object is intended for the production of products, performance of work, provision of services or for the management needs of the organization;
• 
  the object is intended to be used for a long time, i.e. the period beneficial use lasting more than 12 months or the normal operating cycle, if it exceeds 12 months;
• 
  the subsequent resale of this object is not expected;
• 
  the object is capable of bringing economic benefits (income) to the organization in the future.

Data for fixed assets both operating and being mothballed or in reserve are reflected in the balance sheet of the enterprise according to residual value. In the amount of actual acquisition costs are shown land, objects of nature management (water, subsoil and other natural resources).

A breakdown of the movement of fixed assets of the enterprise during the reporting year, as well as their composition at the end of the year, is given in the appendix to the balance sheet (form No. 5).

Non-current assets (long-term)- a set of property values ​​of the enterprise, repeatedly participating in the process of its economic activity and transferring the used value to the products in parts.

In accounting practice, they include property values ​​(assets) of all types with a period of use of more than one year.

Current assets (current)- a set of property values ​​of the enterprise that serve the current economic process and are fully consumed during one operational (production and commercial) cycle. In accounting practice, they include property values ​​(assets of all types with a useful life of less than one year).

Intangible assets of the enterprise- part of its property, which is an identifiable non-monetary, non-physical object that is used in production, in the provision of goods or services, for leasing to other parties for administrative purposes.

Intangible assets used in the production of products, performance of work, provision of services during the period of economic activity (exceeding 12 months) and bringing economic benefits (income) include:

• 
  technical knowledge;
• 
  developing new processes or systems;
• 
  objects of intellectual property;
• 
  computer software;
• 
  patents;
• 
  copyright;
• 
  movies;
• 
  exclusive rights to carry out activities or services;
• 
  trademarks;
• 
  brand names;
• 
  business reputation (goodwill), etc. Accounting Regulations (PBU 14/2007) "Accounting for intangible assets").

Estimating the value of assets (property) of an enterprise and operations with them is of fundamental importance for market entities:

• 
  buyer and seller - when establishing a reasonable transaction price;
• 
  lender - when making a decision to grant a loan;

• 
  the insurer - in case of compensation for damage;

• 
  tax authorities - when taxing transactions with real estate;

• 
  for making management decisions.

When one company seeks to acquire another, the former may need to assess the current value of the assets owned by the latter.

The appraisal of the value of any object is a purposeful process of determining in monetary terms its price, taking into account the potential and real income that it brings in this moment time.

Object of assessment is any object of ownership in conjunction with the rights vested in the owner (movable and immovable property, intangible assets, securities, etc.). The assessment is not limited to taking into account only the costs of creating or acquiring an object. A combination of market factors is necessarily taken into account: time and risk, the level of competition, the characteristics of the property being valued, etc.

The enterprise as a whole or part of it may be the object of sale, pledge, lease and other transactions related to the establishment, change and termination of property rights. An enterprise as a property complex includes all types of property intended for its activities, including land plots, buildings, structures, equipment, inventory, raw materials and materials, products, claims, debts, etc.

The result of the valuation of the enterprise can be its probable selling price, which reflects the properties of the enterprise as a commodity:

A) utility for the buyer;

B) the costs associated with this utility.
Market price of the enterprise is a monetary measure

The value set by the buyer of this type of property in the process of a trade transaction (purchase and sale), a compromise between the seller and the buyer. The market price of an enterprise is the amount of money paid to the owner of the enterprise for the alienation of his property in favor of the buyer, carried out on open market in a competitive environment.

Thus, the market value of the enterprise (object) being valued, as a rule, is a calculated indicator, and its market price is the result of an agreement, bargaining, compromise between the seller and the buyer.

1.2. OBJECTIVES AND STAGES OF THE PROPERTY APPRAISAL PROCESS

The purposes of property valuation may be as follows:

1. 
   improving the process of current management of the enterprise to increase its value;
2. 
   determination of the value of securities in the event of the sale and purchase of large blocks of shares on the stock market;
3. 
   establishing the value of the enterprise in the event of its purchase and sale in whole or in parts;
4. 
   enterprise restructuring - liquidation, absorption, merger, separation of independent production units;
5. 
   development of an enterprise development plan (future income of the company, the degree of its financial stability, image, etc.);
6. 
   determination of the creditworthiness of the enterprise and the value of collateral for lending;

1. 
   determination of the value of assets in the process of insuring the property of an enterprise in the event of the likelihood of losses;
2. 
   determination of the cost and profitability of an investment project in the process of substantiating a business plan;
3. 
   establishment of a taxable base for the calculation of corporate property tax (real estate tax);

1. 
   determination of the cost of equipment and other fixed assets leased (under the terms of a financial lease agreement;
2. 
   sale of a part of real estate in order to get rid of unused buildings and structures, land plots, etc.;
3. 
   real estate insurance and determining the value of insured property;
4. 
   obtaining a bank loan secured by real estate (mortgage loan);
5. 
   renting out real estate;
6. 
   registration of a part of real estate as a contribution to authorized capital newly created enterprise;
7. 
   sale certain types physically and morally obsolete machines and equipment to replace them with more efficient ones;
8. 
   transfer of machinery and equipment for rent, etc.

Relations with appraisers are based on mutual agreements, which are fixed in a special agreement. The contract is concluded in writing, serves as the basis for the assessment and is not subject to mandatory notarization.

The evaluation process consists of the following main steps:

• 
  preparatory;
• 
  estimated;
• 
  final.

At the appraisal stage, the enterprise (business) is directly assessed in accordance with the selected cost standard and assessment methods.

At the final stage of the assessment, the necessary cost adjustments are made (in particular, for the financial position of the enterprise, for the degree of control, for liquidity, the quality of management and the degree of diversification of production) and a report on the assessment of the enterprise (business) is drawn up.

Depending on the purpose of the assessment, the following standards (types) of value are applied:

• 
  market;
• 
  investment;
• 
  mortgage;
• 
  liquidation;
• 
  tax;
• 
  insurance;
• 
  fundamental.

Market value of the enterprise is the result of a regulated procedure for the quantitative determination of its

Value carried by the owner or authorized persons.

The market value of an enterprise is determined by the capitalization of its value (profitability, profitability), socio-economic significance, uniqueness, innovation and intellectualization of products, works, services.

The final value of the market value of the enterprise depends on the profitability and degree of risk of the economic activity of the enterprise, solvency potential buyer, availability of alternative investment objects, etc.

Investment cost- takes into account the requirements of a particular investor (in terms of risk, return, etc.). Calculated if necessary to make an investment decision.

Security deposit- the price that the lender hopes to receive from the sale of the asset in the market in the event of the insolvency of the borrower. It is estimated when the enterprise is the subject of collateral when attracting credit resources or in case of securing other obligations.

Liquidation value- the price of the separate sale of assets, less all the obligations of the enterprise and the costs of sale. Estimated in case of liquidation of the enterprise.

tax value- calculated for tax purposes in accordance with the requirements of representatives of the tax authorities.

Insurance value- is determined for the purpose of property insurance and represents the cost of reproducing an exact copy of an object (replacement cost) or creating another object similar in function (replacement cost). The object of evaluation in this case is the property (assets) of the enterprise.

fundamental value is the market value that an asset would have if the market had full information about it. Defined for purposes financial analysis and management.

Book value Enterprise is not considered as a standard of value and, as a rule, is not used for business valuation purposes, since it only includes the value of balance sheet assets and therefore does not give a complete picture of the value of the enterprise.

Once the cost standard for valuation is determined, the cost valuation approach and methods are selected.

There are the following approaches to assessing the value of the property of an enterprise: market (comparative), costly (property), profitable.

Market (comparative) approach means that the most probable value of the valued enterprise may be the actual sale price of an identical company that has developed in the market.

Cost approach(property approach, asset-based approach) consists in assessing the current value of certain elements property complex enterprise and its intangible assets. At the same time, the value of the enterprise's assets is considered from the point of view of the costs incurred, i.e., it is determined by the sum of the costs of its reproduction or replacement, taking into account physical and obsolescence.

With the cost approach, an enterprise is considered as a complex of property and property rights (intangible assets). In this regard, it is advisable to apply it in cases of sale of assets during the liquidation of an enterprise, in case of property insurance, i.e., if it becomes necessary to assess the property complex of an enterprise.

The cost approach may be the only one in assessing the property complex of an enterprise, since:

1) for inefficient, unprofitable enterprises, the cost approach makes it possible to obtain an acceptable price for the seller, since it takes into account the value of assets and does not take into account potential profitability;

2) for business valuation costly approach the necessary statistics exist (as opposed to the comparative approach).

income approach considers the enterprise as an asset that generates income in the future, which is the main advantage of this approach. One of the main shortcomings of the approach is the predictive nature of the information on the basis of which the assessment is carried out.

The listed approaches to the valuation of the property of an enterprise (business) complement each other. As a rule, depending on the objectives of the assessment, the conditions, the state of the object of assessment, external environment the value of the enterprise is estimated at once by several methods (two or three), which are most suitable for a particular situation within the framework of the above approaches, and then the final value is calculated as a weighted average (by the method of mathematical or expert weighting). When choosing specific gravity Each individual method takes into account such factors as: the nature of the enterprise, the purpose of the valuation and the methods used to determine the value, the quantity and quality of data used by each method, etc.

Based on the results of the assessment, a report. The report contains the following sections:

• 
  name and details of the customer;
• 
  information about the enterprise;
• 
  property rights in relation to the assessed objects;
• 
  the purpose of the valuation and the cost standard;
• 
  the date of the assessment and the date of the report;
• 
  accepted assumptions and restrictions in the assessment of value;
• 
  information used;
• 
  justification of the chosen method (methods);
• 
  final conclusion on the value of the enterprise (object);
• 
  statement of lack of personal interest, impartiality of the appraiser and his qualifications.

Ment of managing the value of the enterprise, in another case, it becomes possible to show a potential investor or lender the process of creating the value of the enterprise.

1.3. LEGAL REGULATION OF EVALUATION ACTIVITIES

The legal norms of valuation activities are enshrined in federal law dated July 29, 1998 No. 135-FZ "On appraisal activities in the Russian Federation", which introduces the concepts of appraisal activity, the object and subject of appraisal, the obligation to evaluate individual objects, the rights and obligations of the appraiser, etc.

The legal relationship between the appraiser and the customer is governed by an agreement concluded in writing and does not require notarization.

The contract must contain the following essential conditions:

• 
  grounds for its conclusion;
• 
  type of appraisal object and its determined value;

• 
  monetary reward for carrying out appraisal work;
• 
  information about appraiser's civil liability insurance, etc.

Valuation standards are mandatory for use by the subjects of valuation activities. System normative documents(standards, methods, code of ethics) of self-regulatory organizations of appraisers is aimed at protecting the rights, protected by law, the interests of consumers and appraisers.

1.4. INFORMATION SUPPORT FOR EVALUATION ACTIVITIES

The information used in the evaluation process must be reliable, accurate and representative. Information in the process of assessing the value of an enterprise (object) is divided into external and internal. External information characterizes the conditions of the enterprise's activity in the region, industry and economy, while internal information gives an idea of ​​the enterprise's activities.

The scope and nature of external information varies depending on the purpose of the assessment. It is expedient to provide information in sufficient volume and focused on the assessed object. Macroeconomic parameters include information on how the main macroeconomic factors affect the activities of the enterprise:

1. 
   growth rates of gross domestic product (GDP);
2. 
   inflation rate;
3. 
   change in the exchange rate;
4. 
   change in the discount rate of bank interest;
5. 
   innovations in tax legislation;
6. 
   the level of political stability in the country, etc. A block of external information, except for macroeconomic

Internal information characterizes the current activities of the enterprise and includes:

1. 
   historical aspect enterprise activities;
2. 
   characteristics of suppliers;
3. 
   production capacity;
4. 
   management;

1. 
   internal financial information (balance sheet, income statement, cash flow statement, etc.);
2. 
   other information directly related to the valuation of the enterprise.

1. 
   sales volume for the past and current periods and forecast for the future;
2. 
   cost of sales;
3. 
   projected change in the volume of demand for the company's products;
4. 
   production capacity of the enterprise;
5. 
   periods life cycles goods.

Depending on the purposes of an estimation the directions of the financial analysis change. For example, if the market value is estimated non-controlling stake shares of a joint-stock company, then a potential investor is more interested in the predictive assessment of the company's profitability and its ability to pay acceptable dividends.

The report on the results of the assessment indicates that the amount of information collected and used in the assessment process is necessary and sufficient for the final conclusion on the value of the enterprise (object).

test questions

1. What is meant by the process of evaluating an object?

1. 
   What is included in the company's intangible assets?
2. 
   What are the differences market price enterprise from its market value?
3. 
   What is the purpose of a property valuation?
4. 
   What standards (types) of value are applied depending on the purpose of the assessment?
5. 
   What are the approaches to assessing the value of the property of an enterprise?
6. 
   What kind essential conditions must contain an appraisal agreement?
7. 
   What sections does the evaluation report contain?
8. 
   What are the requirements for the information used in the evaluation process?

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