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Topical issue Development of market economy in Ukraine is very long and difficult way. Unpredictable market dynamics, the abundance of new policy decisions and legislation to create a Ukrainian enterprises numerous obstacles to development. In such circumstances, special importance makes a strategic enterprise management. It is becoming increasingly important for the Ukrainian enterprises, which come into fierce competition, both among themselves and with foreign corporations. Today, the world's leading economists recognized that the main financial goal of the strategic enterprise management is to increase its value. However, the implementation of the principles of value management in a fragile economic situation facing serious difficulties. The most important element in the control system is to assess the value of the business. Existing assessment methodologies are not adapted to the task of decision making under uncertainty, which is always present at the creation of innovative enterprises. This is confirmed by the fact that traditional methods of income approach does not allow taking into account the effects arising from the conditions of emerging market economies, such as high and varying rates of growth, the weak predictability of results. In addition, the calculation of business value within these practices are not adequately take into account the financial performance of the company (return on capital, the reinvestment rate). Also used methods for calculating the value of companies do not allow to take into account the uncertainty that accompanies the process of strategic management in the projections. As a consequence, modern methods of assessment do not allow to determine the effect of control actions to increase value. In the scientific literature of the fundamental principles of valuation. However, the methodological aspects of their practical application for the Ukrainian economy is not adequately developed. The need for a scientifically sound analysis and development of methods for assessing the value of innovative enterprise and determined choice of the theme of master's work. The purpose and objectives of the study. Aim is to improve methods of valuation of innovative enterprises, aimed at improving the company's value. Achieving the goal of establishing the need to address the following tasks: - Study of contemporary approaches to determining the value of innovative enterprises in Ukraine and abroad; - Identify gaps in current methods of calculating the value of innovative enterprises; - Research methods to deal with uncertainty in assessing the value of innovation; - Development of proposals for the use of an optional approach in practice, evaluation of innovative enterprises; - Development and modification of the method of valuation; - Development of methods for determining the key value drivers for the construction of model of the research enterprise and evaluate its business. The subject of research the methods of valuation of innovative enterprises and their application in business management. The object of the study are the processes and conditions of the company's value within the uncertainty and taking into account the flexibility of management of innovative enterprises. Scientific novelty of the master's thesis is to develop the author of the new approaches to managing the value of property companies, as well as - to clarify and supplement the author of some existing methods of property valuation. The practical significance of the research lies in the fact that its main findings and conclusions arising from it can be used to estimate the value of innovative enterprises, business valuation under uncertainty, as well as other tasks of the operating, investing and financing activities from the perspective of the value of the company. Practical application of the proposed equipment will enhance the efficiency of capital and the end result would increase the value of enterprises. In the scientific literature of the fundamental principles of valuation. Theoretical aspects of graduate study subjects developed in the writings of such scholars as L. Abalkin, G. Alexander, I. Ansoff, R. Brayley, J. Bailey, A. Damodaran, G. Desmond, K. Griffith, R. Hampton D. Hay, R. Kelly, T. Koller, T. Copeland, In . N. Livshits, S. Myers, S. Meltszer, M. Miller and F. Modigliani, J. Morris, J. Moorrinya, S. Pratt, D. Ross, B. Sharp, F. Scherer, J. Fishmen, K. Wilson. Unfortunately, we must note that the accumulated mainly overseas experience may not always be applied in modern Ukrainian conditions. In this connection it is necessary to find ways to resolve specific problems of the Ukrainian economy. In this aspect it should be noted the work of Russian experts, in terms similar to the Ukrainian economy, on the subject - SV Valdaytseva, A. Gryaznova, N. Danilochkinoy, Efremov, Yu Hotspur, N. Tren'ova, VA Livshits, MV Fedotova, etc. At the same time, it should be noted that the above authors and their proposed approaches do not cover all arising in this part of the problem. And also because of the difference in the legislative framework, there are certain gaps and ambiguities in the methods of valuation of innovative enterprises in Ukraine, so the need for a scientifically sound analysis and development of valuation methods and determined the choice of theme master's thesis. The first chapter of the study - "Methodological Principles and approaches to assessment and management of the enterprise value of the property" - is devoted to basic theoretical approaches to the assessment and management of the enterprise value of the property in the application of cost, comparative and optional approaches. There are several basic approaches to valuation of property companies - profitable, cost and compare, within each of which there are several methods that take into account certain features of the object assessment and evaluation purposes. In addition, in recent years in the assessment of property companies are increasingly began to apply optional approach. The specificity of the cost approach is its focus on the identification and registration of all existing assets and liabilities of the enterprise. His analysis led to the conclusion that the approach is useful for large material-production, in conditions not good business or a lack of information about financial-economic activity of the enterprise and prices of transactions in shares or assets of the enterprise-analogues. Certain types of enterprises, usually assessed on the basis of their commercial potential (eg, petrol station or hotel). Sales of gasoline, the number of guests in the hotel are the sources of income, which, after comparison with the cost of operating expenses to determine profitability of the enterprise. This approach to evaluation is profitable. The income approach is a procedure for assessing the value that comes from the principle of direct communication of business value of the company with the present value of its future revenues that would result from the use of property and / or its possible future sale. In the case where there is a market of business, such estimate may be used to determine the market value approach is a comparative or market, based on the selection of comparable properties already sold on the market. In contrast, the cost approach, a comparative approach is based on market data and considers the current actions of potential buyers and sellers. In contrast to the widespread profitable, comparative, and, to a lesser extent (abroad), the cost approach, an approach involving the use of option pricing models, appeared in the West relatively recently, but got a good momentum of development. However, in Ukraine, this approach has rarely used. Application of option pricing models can simulate and evaluate the cost of the most difficult financial and economic objects with variable level of risk assessment and modeling are other approaches is incorrect and practically impossible. The objects of evaluation, which can be used optional approach include the right to development and commercial exploitation of natural resources and mining, the value of patents, the equity value of companies on the verge of bankruptcy, and companies whose work is just beginning and is associated with the findings market a radically new type of product, as well as many other objects. The fundamental significance of the optional approach for the Ukrainian business is as follows. In the Ukrainian change (a country in transition), traditional methods of evaluation, and, above all, the method of discounted cash flows, underestimate the potential of the Ukrainian business: a high level of risk characteristic of the Ukrainian market leads to higher rates of discounted cash flow and reduce the valuation of the property. Unlike traditional valuation methods, an optional approach allows us to consider the high volatility of the market more as a positive factor (due to the impairment of the obligations of companies and opportunities for growth in the value of assets), increasing the equity value of companies. Main results and conclusions of the master
The process of assessing and managing the value of company property, is inextricably linked to the quality of company management. Company management, based on the value approach is in some sense a dual procedure: on the one hand, the results of valuation are needed to analyze the economic results achieved by the company, on the other hand, adjusted to the evaluation of management policies and procedures specifically affect the value of the company. And this process is endless (at least within the lifetime of the company itself). Methodical basis of this approach is constantly evolving and multiplying, as evidenced by the opinion of the author, can be fragments of work.
List of sources:
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