| Issues | Sections | Authors | Keywords |
Article
| Issue: | 2023 №1 (81) |
| Section: | Finances, accounting and taxation |
| UDK: | 336+004.67 |
| DOI: | https://doi.org/10.33271/ebdut/81.050 |
| Article language: | Ukrainian |
| Pages: | 50-61 |
| Title: | Choosing a model of value-oriented financial management of the enterprise |
| Authors: | Savchuk L. M., Ukrainian State University of Science and Technologies, Bandorina L. M., Ukrainian State University of Science and Technologies, Udachyna K. O., Ukrainian State University of Science and Technologies, Savchuk R. V., Ukrainian State University of Science and Technologies |
| Annotation: | Methods. The classical method of scientific abstraction and the historical approach to the formation of the value-oriented method of financial management of the enterprise were used in the study of models of value-oriented financial management of the enterprise; system approach was used in the formation of the main models and methods of estimating the value of the enterprise. Results. It was found that the choice of approach and method depends on the purpose of the assessment and limitations in use, which are determined by the characteristics of the enterprise; the choice of the model is influenced by the user's subjective perception of information about the value of the asset and directions of its use, taking into account past (incurred) expenses, today's situation and future prospects; the application of the market approach to the assessment seems possible only in the presence of similar enterprises, information about which in domestic practice is difficult to access; for enterprises that for some time did not carry out full-fledged economic activities or did not generate sufficient positive cash flows from operational activities, it is advisable to apply the cost model to estimate the value; the most accurate from the point of view of future prospects and taking into account the variability and uncertainty of the financial and economic environment is the method of discounted cash flows (income approach), which allows modeling when certain factors change. Novelty. The historical aspect of the formation of a value-oriented approach to the financial management of an enterprise was analyzed, three main levels of perception of this direction by the financial management of companies, based on those goals that are most relevant for this or that enterprise at this stage were determined by the authors. Based on the results of the research, it was determined that each of the methods of assessing business value can be correlated with the assessment goals, based on the time perspective (present, future and past); a visual author's interpretation of this approach was present. Practical value. The study of existing methodological approaches, methods and models for estimating the value of an enterprise allows to conclude that it is impossible to use any of them as a basis, and that it is expedient to use several methods when evaluating a business. At the same time, the real value of the company is in the interval between the maximum estimate and the minimum of them. |
| Keywords: | Value-oriented management, Enterprise value assessment models, Factors influencing the choice of model, Cash flows, Value of enterprise assets |
| File of the article: | EV20231_050-061.pdf |
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