RUS
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Master's
portal of DonNTU
Podsitkov Stepan
Faculty: Economic
Speciality: Economics of
enterprise
Scientific adviser: Shilova
Larisa
About
author
Development of cost evaluation
methods of the enterprise potential
Summary of research and
developments
Introduction
Management capacity of the enterprise — a relatively new area
economic research of the last decade. The development of market
principles of management in the national economy gives rise to creation
of new appropriate practice methods of analysis and evaluation
opportunities for the company, taking into account domestic and foreign
practice economic status of internal and external environment of the
organization. For capacity assessment proposed to use a scorecard
economic and entrepreneurial power company, takes into account amount
of accumulated resources, the extent of potential opportunities. In
addition, the more relevant question becomes not only ability to
produce goods and services and meet needs, but to determine when this
amount of resources that are spent.
Summary of work
The first chapter deals with theoretical aspects of concept definition
and assessment of the capacity of the enterprise.
Any business — it is a specific activity, organized within a
particular
institutional structure in the form of the enterprise. The company,
striving to occupy its own niche in the market, creates a certain
potential, there is a manufacturing, financial, marketing,
intellectual, organizational and informational capabilities that will
fix the specific features of the enterprise, it will create a market
position and ultimately determine the prospects for its development.
Due to the fact that the level of implementation of current and
potential direct impact on the achievement of operational, tactical and
strategic goals of the enterprise, there is an objective need for its
determination, the determination of its quality, ieassessing the
potential of the company.
Moreover, the main characteristic of the potential in such an
evaluation should be worth it to achieve these goals can be determined
with relative or price indices.
Value — money or money's worth, which the buyer is willing to
exchange
for any item or object. Despite the apparent closeness of valuation
theory to distinguish between the concept of value, costs and
prices. The cost — a measure of how much a hypothetical buyer
would pay
for the assessed value. Expenses — it is a measure of the
expenditure
required to create a similar estimated. Costs affect the market value,
but it definitely does not define. Expensive facility may have a low
value and correspondingly low cost.
The main purpose of the valuation of the capacity of the company is
producing results that are suitable for practical use in the management
of competitive capacity, investment processes, business development,
entrepreneurship and innovation.
The second chapter
justified methodological approaches to assessing the potential of the
enterprise.
Evaluation of a company using the income approach based on the
determination of present value of expected benefits (income cash flows)
of the corporate rights of ownership of the enterprise.
In assessing the potential from the standpoint of enterprise income
approach is not seen as material and manufacturing capabilities, and
investigated as an activity that can generate income (profit). That is
the basis of this approach is to determine the present value of future
income that will come from the activities of the enterprise. Thus, the
evaluation of a company based on the income approach in most cases
depends on the development prospects, the actual market situation and
trends in the retrospective period.
In the approach is based on the thesis that the purpose of investing in
the investor buying the company primarily is to provide stable income.
The methods are based on an assessment of business income are:
● income capitalization method;
● discounted cash flow method.
The cost approach to assessing the value of the potential is realized
in a simple easy balance method. Cost method is based on the value of
the property company at the time of evaluation. This method is to
assess specific group of assets of the enterprise. Valuation of assets
provides a definition of the amount for which a similar means of
production for the market to buy or sell. The real value of an
enterprise is defined as the difference between the value of its assets
and liabilities. For the basis of valuation, as a rule, take the
balance on a certain date. Long-term development of the enterprise does
not directly affect its real value. This effect must be "indirect" in
nature.Selected balance sheet items are estimated net of depreciation,
and (necessarily) at replacement cost. Positive business outlook and
other "intangible factors" such as market access, skilled workers, etc.
not taken into account when assessing the balance. They form a
reservoir for the so-called goodwill, that is the positive difference
between actual cost and selling price. However, this positive
difference can be realized only by the presence of competition between
buyers. This valuation method has the disadvantage — it is
not
related to the performance of the company (present and future).
Therefore, in countries with market economies are often used methods of
assessment, based on the amount of future income. On instructional
techniques used by these approaches are similar to the process of
evaluating the effectiveness of investments. Price the company acts as
a one-time costs must be recouped by future revenue summary given to
the present. This method is used as a diagnostic tool for assessing the
surface in the absence of reliable information on the specificity and
nature of the business.
The cost approach to assessing the potential involves the use of such
methods:
● substitution method;
● the liquidation value method;
● method of net assets;
● method of book value;
● adjusted book value method.
The essence of the comparative approach is to compare the estimated
value of the company with the value of similar businesses. The approach
uses one or more methods based on comparing the performance of the
company with the same companies. Data on market agreements by
companies, the shareholders shares in the capital of companies or
securities may be a source of objective information to determine the
cost factors in the evaluation of the potential. This approach can be
used to estimate the value of a company whose shares are not traded on
the stock market or they are illiquid, with those of its activity the
company, whose shares are involved in a stock transaction.
Valuation of building can be done through the use of such methods:
● method of industry factors;
● method of capital market.
In the third chapter a system of indicators for assessing
the capacity of the enterprise and practical recommendations to
improve the methodology for assessing the potential.
Conclusion
I should say that the formation and development potential of the
enterprise should be comprehensive, focused and grounded, which takes
into account the internal capabilities of the enterprise and external
environment to ensure it a competitive advantage in the marketplace.
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