Economic Bulletin of the National Mining University




Issue:2019 №4 (68)
Section:Economics of enterprise
Article language:Ukrainian
Title:Multiplicative approach to the modeling of industrial enterprises value
Authors:Kozenkova V. D., National Metallurgical Academy of Ukraine,
Kozenkova N. P., National Metallurgical Academy of Ukraine
Annotation:The article considers cost as the basic value of the value-oriented approach to the management of an industrial enterprise. The need for improving methodological approaches to the valuation and modeling of enterprise value has been identified. The essence of the main approaches to valuation is considered - valuation of book, residual and material value, valuation on the basis of income, valuation based on goodwill, valuation based on discounting cash flows, models of economic value added, option models, etc. It is shown that almost all existing approaches to assessing the value are focused solely on the financial performance of enterprises. It has been established that the main tool used in the comparative approach to assessing the value is multipliers. The classification of multipliers into financial, natural, balance (moment) and profit (interval) ones is presented, and their main advantages and disadvantages are determined. Three groups of multipliers used in assessing value have been formed – on the basis of balance, on the basis of income, and on the basis of profit of the enterprise. Formulas used to calculate them are given. The general scheme of calculating cost multipliers is shown, including seven main stages. The mechanism of unconditional vector optimization of multipliers based on the Pareto set is proposed. The choice of Thomas Saati’s hierarchy analysis method, consisting in constructing a multi-level hierarchical structure by decomposition methods, is justified for determining the weight of private multipliers that are included as elements in the integral cost multiplier. To test the developed model, six enterprises of the Ukrtruboprom association were selected as the modeling object, according to which the multipliers of private and integral costs for the period from 2014.01.01 to 2018.01.01 were calculated. Using indicators of the ratios of the actual integral multipliers of enterprises to weighted average values, individual correcting coefficients were determined to determine the estimated market value of enterprises. The market value of model enterprises has been calculated. 
Keywords:Value, Market value, Value based management, Value estimation, Value multipliers, Private value multipliers, Integral value multiplier, Value estimation model, Pareto set, Hierarchy analysis method
File of the article:EV20194_082-092.pdf
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