Features of business valuation in the Russian Federation. Investment assessment of the value of Russian enterprises Alexey Vladimirovich Ovsyankin

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Existing approaches to business valuation, as well as various methods of business valuation of small businesses, have limitations in application related to the specifics of the activity and the peculiarities of the functioning of these economic entities. The cost approach is generally accepted in assessing the value of an enterprise due to its versatility. The comparative approach to business valuation is based on the principle of substitution, according to which the buyer will not pay for an object more than the cost of a similar object on the market. The capital market method (the peer company method) and the transaction method are only possible if comprehensive financial information is available on a large number of similar companies selected as analogues. The method of industry coefficients is used directly to evaluate the business of small businesses and consists in determining the relationship between the sales price and the coefficient obtained from studying the sales practices of businesses in a particular industry. The income approach is based on the expectation principle, when the value of an enterprise is reduced to the expected future profit or other benefits that can be obtained from the use of the enterprise's property, taking into account the size Money from its resale. For valuation using the income approach, the following two methods are used: direct capitalization of profit (income) and discounting cash flows. Problems of applicability of business assessment methods for small businesses can be reduced to the following: lack or distortion of the information base; instability of small business; difficulties associated with the selection of analogue enterprises; difficulties associated with the organizational and legal form

entrepreneurship

business valuation

1. Civil Code of the Russian Federation. Part I: federal Law of November 30, 1994 No. 51-FZ (with amendments and additions).

2. About appraisal activities in the Russian Federation: federal. Law of July 29, 1998 No. 135-FZ (as amended on July 11, 2011, with amendments and additions coming into force on October 1, 2011).

3. On the development of small and medium-sized businesses in the Russian Federation: federation. Law of July 24, 2007 No. 209-FZ.

4. Requirements for the assessment report: Federal assessment standard (FSO No. 3) (approved by Order of the Ministry of Economic Development of Russia dated July 20, 2007 No. 254).

5. Vilensky A.V. Features of Russian small business // HSE Economic Journal. - 2004. - No. 2. Access mode: .

6. Kozodaev M., Pylov M. Assessment and business. - M.: OLMA-PRESS Invest: Institute of Economic Strategies, 2003. - 128 p.

7. Nevsky I.A. Modest models. Usage problems existing methods and indicators when assessing the effectiveness of Russian small enterprises // Russian entrepreneurship. - 2007. - No. 8 (1). - P.28-33.

8. Business valuation: Textbook / Ed. A.G. Gryaznova, M.A. Fedotova. - 2nd ed., revised. and additional - M.: Finance and Statistics, 2006. - 736 p.

9. Business valuation: Tutorial/ Ed. V.E. Esipova, G.A. Makhovikova. - 3rd ed. - St. Petersburg: Peter, 2010. - 512 p.

10. Sokolova N.A., Shindina T.A. Fundamentals of nonlinear development of socio-economic systems // Bulletin of SibSAU. - 2010. - No. 2. - From 24-29.

Problems of business valuation in the business environment are associated with a high degree of uncertainty of the situation and disunity of interests of participants in the valuation process. Generally speaking, business valuation is carried out for the following purposes:

1. determining the value of securities in the case of purchase and sale of shares of enterprises on the stock market. To make an informed investment decision, it is necessary to evaluate the property of the enterprise and the share of this property attributable to the acquired block of shares, as well as possible future income from the business;
2. determining the value of an enterprise in the event of its purchase and sale in whole or in parts (specific shares in the capital, shares), withdrawal of one or more owners from the founders of the enterprise for the calculation of compensation payments, adding to the authorized capital of the business the own contributions of its founders for further development of the business, repurchase of shares from current shareholders, appealing a court decision to confiscate the property of an enterprise;
3. enterprise restructuring (mergers, acquisitions, liquidation, separation);
4. determining the creditworthiness of the enterprise and the value of collateral when lending;
5. insurance;
6. taxation;
7. implementation of an investment project for business development;
8. formation of a priority and long-term development plan;
9. improving management efficiency.

The above assessment purposes are typical for both large, medium and small businesses. According to Russian legislation, small businesses include consumer cooperatives included in the Unified State Register of Legal Entities and commercial organizations(except for state and municipal unitary enterprises), as well as individual entrepreneurs, peasant (farm) enterprises that meet the following conditions:

1. for legal entities, the total share of participation of the Russian Federation, constituent entities of the Russian Federation, municipalities, foreign legal entities, foreign citizens, public and religious organizations (associations), charitable and other funds in the authorized (share) capital (share fund) of these legal entities should not exceed 25% (excluding assets of joint-stock investment funds and closed-end mutual funds); the share of participation of legal entities that are not small and medium-sized businesses should not exceed 25%;
2. average number of employees for the previous calendar year should not exceed the limit values: up to 100 people inclusive for small businesses; up to 15 people for micro-enterprises;
3. revenue from the sale of goods (works, services) excluding VAT for the previous calendar year should not exceed 60 million rubles. for microenterprises, 400 million rubles. for small businesses.

Features of small businesses are a higher degree of instability in the market, due to a high level of risk, increased sensitivity to changes in internal and external factors economic environment, insufficient capital, long-term return on investment, and, as a consequence, low investment activity, difficulties in attracting additional financial resources and obtaining loans. In this regard, the need to improve efficiency is of particular importance current management, making informed management decisions, developing a development strategy. An indicator characterizing qualitative changes in these areas is the value of the company, and business valuation is a tool for determining this value.

Federal valuation standards establish the mandatory use by the appraiser of all possible approaches (income, cost, comparative) to valuation or the justification for refusing to use any approach. Simultaneous use different approaches allows you to analyze information about the company from various points of view and obtain a balanced, most reasonable and most reliable result, but it increases labor costs.

The scientific literature has identified the advantages and disadvantages of various approaches and assessment methods, identified cases where the use of certain methods and approaches is most effective or appropriate, but not enough attention has been paid to the issue of applicability and problems of using business assessment methods in the context of Russian small businesses.

In the case of assessing the business of small businesses, certain difficulties arise in the selection and use of methods within each approach, caused by the specifics of the activities of the entities in question, as well as due to the influence of the features of their organizational and legal form.

The cost approach is generally accepted in assessing the value of an enterprise due to its versatility. It is based on the principle of substitution, which means that a reasonable buyer would not pay more for a business than the cost of recreating or acquiring a similar business with the same degree of utility. The basic formula for the cost approach is as follows:

Value = Market Value - Debt

enterprise assets liabilities

When assessing joint-stock companies, it is necessary to take into account the “Procedure for assessing the value of net assets of joint-stock companies”, approved by Order of the Ministry of Finance of Russia and the Federal Commission for the Securities Market of Russia dated January 29, 2003 No. 10н/03-6/пз. The information base is the balance sheet.

With this approach, difficulties arise in assessing micro-enterprises of any form of ownership using this method using the simplified taxation system (STS). This is due to the fact that such entities are exempt from conducting professional accounting. In addition, there are often no lists of fixed assets, accounts payable and receivable are not kept, and other necessary data is missing. The assessment of such an enterprise is based on the customer’s data “from words” or “from information”. There is also the problem of “hidden income” that is not reflected in the reporting. Thus, we can conclude that the net asset method is inapplicable in the assessment of micro-enterprises under the simplified tax system due to the high probability of unreliability of the information base.

The liquidation value method within the cost approach is used when the enterprise is expected to cease operations. Its features compared to the net asset method are determined by differences in the economic state of enterprises, therefore, when calculating the liquidation value, Goodwill is excluded, the value of other intangible assets due to the lack of buyers can be reduced to zero, the price of assets is reduced below the market value, and the costs of the enterprise associated with liquidation are deducted. When using this method in assessing small businesses, the only, but significant, limitation seems to be related to the reliability of the information base of micro-enterprises that are on the simplified tax system.

The good thing about the cost approach is that it is advisable to use it if income cannot be accurately predicted, you need to evaluate a new enterprise that does not have profit data, and there is no way to determine future cash flows. For example, the net asset method can be used to evaluate enterprises with a fundamentally new product or a limited number of competitors in a given market segment.

The comparative approach to business valuation is based on the principle of substitution, according to which the buyer will not pay for an object more than the cost of a similar object on the market. The possibility of applying this approach depends on the presence of an active financial market, the availability of financial information and the availability of services that accumulate price and financial information. Within comparative approach The following main methods are used: the capital market method (analogue company method), the transaction method and the industry coefficients method.

The capital market method (the peer company method) and the transaction method are only possible if comprehensive financial information is available on a large number of similar companies selected as analogues. The use of these methods becomes more complicated when assessing closed enterprises, information about analogues of which is difficult to find in open sources. In addition, sales of equity stakes in closely held peers tend to be rare and prices may not be fair enough to reflect the consensus view of investors. The possibility of applying the above mentioned methods also depends on the presence of an active financial market, since it is assumed that data on actually completed transactions will be used. In the case of small businesses, the number of such transactions may be limited within different industries.

In the case of evaluating closed companies using these methods, some authors suggest using information on comparable public companies, whose shares are quoted on the stock market, as a guide. The criteria for comparability were a similar industry, identity with the company being valued in terms of capital structure, and the absence of involvement of a similar company in negotiations or in the actual acquisition process, since this usually affects the sale price of a non-controlling interest. Depending on the size of the package, when displaying the final value, various amendments are established (premiums and discounts: discount for non-controlling nature, control premium, discount for insufficient liquidity), affecting its value. The size of discounts and bonuses is determined by the valuation methods used. Thus, when assessing the value of a non-controlling stake in closed companies, it is proposed to apply a discount for the insufficient liquidity of the enterprise's assets in the amount of 30 - 40%.

As for small businesses in the Russian Federation, when assessing the capital market method and the transaction method in the absence of information on transactions with similar companies on the Russian market, we propose to use information on comparable companies on the foreign market with further adjustment for country risk.

The method of industry coefficients is used directly to evaluate the business of small businesses and consists in determining the relationship between the sales price and the coefficient obtained from studying the business sales practices of a particular industry. This method is widely used in the USA, but is currently not applicable in Russia due to the lack of an appropriate statistical base for constructing coefficients taking into account the specifics of activity Russian enterprises. IN currently The development of basic coefficients that can be used in assessing business in the Russian Federation is underway.

The income approach is based on the principle of expectation, when the value of an enterprise is reduced to the expected future profit or other benefits that can be obtained from the use of the property of the enterprise, taking into account the amount of money from its resale. For valuation using the income approach, the following two methods are used: direct capitalization of profits (income) and discounted cash flows.

The use of the profit (income) capitalization method in the assessment of micro-enterprises and small enterprises is limited to cases where the business brings stable profits, the value of which varies slightly from year to year or its growth rate is constant. This situation is possible when the enterprise is at the stage of maturity life cycle, with an established sales market and the absence of plans by management and owners regarding changes in the product or market niche.

When using the discounted cash flow (DCF) method, it becomes difficult to calculate the discount rate. Thus, the application of the capital asset pricing model (CAPM) for closed companies requires additional adjustments, since the model is based on an analysis of changes in the yield of publicly traded shares. The weighted average cost of capital model can only be used by open joint-stock companies (OJSC) when determining an acceptable discount rate. The method is not applicable for companies that do not have sufficient statistical data to calculate the β-coefficient, as well as those who are unable to find a similar enterprise whose β-coefficient could be used in the calculations of the company to be assessed.

When determining the duration of the forecast period, it is important to remember the risks associated with the resistance of small businesses to negative factors of the external and internal environment, therefore, in our opinion, the most adequate duration of the forecast period for small businesses when assessed using the DCF method is 3 years.

As noted above, due to the fact that some small enterprises are on the simplified tax system, it is difficult to assess the business of such entities using the cost approach due to the insufficient information base. In this regard, assessing the value of such a business is possible within the framework of the income approach. However, in this case, the assessment will depend on the specifics of the enterprise’s activities. So, for example, if the object of assessment is a small enterprise with a capital-intensive nature of the services provided (shop, hotel), then it is possible to predict cash flows and determine the cost. But, if the business is based on providing services such as auditing, consulting, mediation activities, wholesale trade, then when assessing the cost it is necessary to take into account the peculiarities of the formation client base and the level of professional training of the manager, his personal contribution to the formation of cash flows of the enterprise. Thus, small businesses in general are characterized by mobility, which is expressed in a flexible approach to the client, the company’s orientation towards the market and the consumer. Adaptability and a flexible approach ensure a constant increase in new consumers of goods and services, and also guarantee quick response to changing consumer demands. Leadership of the company's management as an important criterion for determining the true value of a small business implies that usually all management decisions on running a small business are taken solely by its manager, and the higher his leadership skills and professional knowledge, the more efficiently the business operates. When such a manager moves to another company, some of the clients automatically follow him. In such a situation, cash flow forecasting will have a low degree of reliability.

A significant limitation of using the income approach when assessing the business of small businesses is that the information base for the analysis is accounting data, if it is mandatory to maintain, which often distorts, veils or even falsifies real cost indicators.

Along with the above-mentioned features of the use of various methods and approaches in assessment, small businesses, as a rule, have practically no real fixed capital in their property. The dominant part of them conducts economic activities on the basis of rented premises and equipment, which also gives the assessment of the business of these entities a certain specificity.

Thus, the problems of applicability of business valuation methods for small businesses can be reduced to the following:

1. Absence or distortion of the information base.

Small enterprises are owned by a fairly narrow circle of people, which is a determining factor in building a business management system and its reporting. In addition, the transition to the simplified tax system also causes this problem to arise. Absence necessary documents does not allow assessing the real profit of the enterprise, forecasting cash flows, or assessing its value.

The solution to the problem may be to use in assessment management reporting enterprises, but such an assessment, according to Russian legislation, cannot be fully legitimate and will be in the nature of an expert opinion.

2. The instability of small business.

Small business is less resistant to changing factors of the external and internal environment. Thus, a change in the management of a company with all its inherent professional skills can lead to negative changes in business.

The solution to the problem is to analyze a shorter period when forecasting cash flows.

3. Difficulties associated with the selection of analogue enterprises.

The choice of analogue enterprises when assessing small businesses is complicated by the lack of comprehensive financial information on a large number of identical companies and the unavailability of financial information on closed enterprises.

The solution may be the selection of foreign companies using the transaction method and the capital market method with appropriate amendments.

4. Difficulties associated with the organizational and legal form.

A number of methods are applicable, mainly, only for the valuation of public companies and cannot be used in pure form for the assessment of small closed enterprises without making appropriate adjustments.

Reviewers:

• Shindina T.A., Doctor of Economics, Dean of the Faculty of Economics and Entrepreneurship of South Ural University state university, Chelyabinsk.
• Kiseleva V.A., Doctor of Economics, Professor, Head. Department of Economics of Firms and Markets, Faculty of Economics and Entrepreneurship, South Ural State University, Chelyabinsk.

Bibliographic link

Akhtyamov M.K., Bobrova A.V., Ilyinskaya L.G. ASSESSMENT OF BUSINESS VALUE FOR SMALL ENTERPRISE ENTITIES: GOALS AND PROBLEMS // Contemporary issues science and education. – 2012. – No. 1.;
URL: http://science-education.ru/ru/article/view?id=5600 (access date: 03/24/2020). We bring to your attention magazines published by the publishing house "Academy of Natural Sciences"

Enterprise valuation- this is a set of various activities to collect regulatory data and market conditions, analyze the information received and carry out special calculations, on the basis of which the value of all assets of the company being valued is determined. Independent enterprise valuation is carried out by specially accredited appraisal organizations taking into account the current norms of Russian Legislation, federal examination standards and the individual wishes of the appraisal customer. The result of the assessment activities is the preparation of an official enterprise valuation report, which has legal force when represented in various government bodies, courts and other organizations.

Enterprise valuation- features and difficulties of the event

Professional enterprise valuation any field of activity is a complex and almost always unique process. The difficulty of determining the value of an enterprise is due to the fact that there are no two absolutely identical manufacturing companies, industrial complexes, logistics centers or firms providing a significant volume of specialized services. Even if two enterprises operate in the same territorial region and are represented in the same field of activity, built according to identical project documentation plans, their estimated value may vary significantly due to various conditions functioning and organization of management.

All enterprises are characterized individual characteristics, which, when forming costs and selecting analogues, can significantly influence the assessment process:

• The limitations of this kind of offers and the specifics of competitors
• Limited demand as an object of sale and high replacement cost
• The state of technological equipment of production
• Availability of transport and engineering infrastructure
• Modernization of the enterprise and the level of its wear and tear

Enterprise valuation necessarily takes into account the degree of provision of the production cycle with raw materials and necessary resources. Additionally, the possibility of increasing the existing capacity of technological lines and replacing already used resources is calculated. In addition, in modern conditions operation of facilities must comply with safety and environmental regulations, which is also taken into account when calculating the value of the enterprise.

Independent assessment of an enterprise is a job for true professionals

To enterprise valuation was carried out skillfully, competently and efficiently, it is necessary to analyze the mass of initial documentation and the legal component of the company, the distinctive features of the technological lines and the managerial position of the owner. Currently, appraisal activities are clearly regulated by the legislation of the Russian Federation. Therefore, the assessment should be entrusted only to a specialized organization that has a qualified staff of specialized employees and a large list of completed assessment work.

The professional company “Active Business Consulting” has official accreditation in the field of consulting services varying degrees of complexity, for many years has been effectively carrying out independent assessment activities in various fields of industry, economics, National economy and real estate.

The terms of cooperation between the company and the Customer of the assessment are determined strictly individually, and are based on the labor intensity of the work and its specifics. To indicate the approximate cost and approximate timing of the order, the company’s specialists must first familiarize themselves with the initial information about the organization’s activities and determine with the Customer the main purpose of enterprise valuation.

Main goals and objectives of enterprise assessment

Analysis of the actual situation and enterprise valuation necessary in various legal procedures and economic situations. There are objective reasons and purposes for which assessment is mandatory. For example, it is carried out when carrying out transactions with state or municipal entities, when buying, selling, leasing or registering them in trust. An examination is necessary if the property acts as collateral when applying for a bank loan.

The second category of mandatory situations for assessing an enterprise is the emergence of property disputes and their resolution. The examination is carried out during the nationalization of assets, in compliance with marriage contracts in the process of dividing common property and during the liquidation of organizations

Enterprise valuation held:

• When implementing activities related to tax optimization
• During the preparation of insurance contracts
• When creating projects related to the merger of different companies or the issue of additional shares
• When drawing up lease agreements for enterprise property and when transferring fixed assets to trust management
• After a comprehensive modernization and re-equipment of the enterprise
• When developing investment projects
• In the process of preparing for the sale of an object, its purchase or reorganization

Many modern business owners and competent managers order an assessment of the value of the enterprise to obtain an opinion on the effectiveness of the marketing strategies used.

Methodology and stages of enterprise assessment

When conducting independent assessment An enterprise is considered as a material complex consisting of various assets that allow the company to fully function. Therefore, when assessing the value of an enterprise, they analyze structures and buildings, land, property obligations of the organization, products and raw materials, machines and raw materials, structures and other assets of the company.

Estimation of the market value of an enterprise- this is the most accurate reflection of the characteristics and main parameters of the organization in monetary terms (as a product). When conducting valuation activities, the usefulness of the enterprise is determined (its profitability), and the costs required for its acquisition (market value) are calculated.
The appraiser, collecting and analyzing the information received, uses a systematic approach to establish the most objective price. In most cases, to achieve a professionally justified result, all three valuation approaches are used - property (cost), comparative and income.
The most common method of valuing an enterprise is to establish the market price of the company using the net asset method, which consists in establishing the market value of all assets and liabilities of the organization, according to its balance sheet, with the further deduction of official debts and various losses. Be sure to take into account financial assets company, including its shares and other securities, as well as movable property and investments in various investment projects.
The obtained result, with conclusions, justifications and recommendations, is formulated by the specialists of the Active Business Consulting company in an official report. A competent analysis of the results of the examination can significantly help an enterprise increase its own effectiveness and efficiency.

The procedure for assessing an enterprise

At the first stage, an assessment agreement must be concluded, which is provided for by current federal legislation. The development of an assessment assignment is carried out on the basis of the initial data and wishes of the assessment Customer. It is important that the purpose of the study and the objectives of the assessment activities are identified in a timely manner.
After this, the company’s specialists select the most effective assessment methods and set the necessary examination priorities. Correctly labeled purpose of enterprise valuation will help you get more quality result comprehensive study, coordinates the timing of assessment work and its cost.
The second stage of the assessment is the collection of documents, the composition of which depends on the type of enterprise, its production focus and the purpose of the assessment. As a rule, copies of all title documents of the company being valued, its financial statements for a certain period (usually the last 3-5 years are analyzed), the balance sheet of the organization and its actual economic turnover and assets are provided.
At the third stage, the collection additional information about the state of the market, analogues are selected and special calculations are made based on the data obtained in accordance with the methodology for valuation activities officially approved in the Russian Federation.
The final stage of appraisal services is the provision of a final report, an official document that can become the basis for protecting the interests of the enterprise in court, filing documents with government bodies and notary offices.

Additional information on enterprise assessment you can get from the following articles:

An enterprise (business) is the most complex object of valuation, requiring the appraiser, in addition to proficiency in all methods of valuation itself, to also have a certain knowledge of the basics of investment and macroeconomic analysis, and familiarity with various market research methods.

As market relations develop, the need for independent assessment will increase. There are already legal requirements for independent assessments in a number of cases. Thus, according to the Federal Law “On Valuation Activities in the Russian Federation”, the valuation of objects belonging in whole or in part to the Russian Federation, constituent entities of the Russian Federation, or municipalities, is mandatory when privatizing them, transferring them into trust management or renting, selling, nationalizing, buying out, transferring as a contribution to authorized capitals. The same Federal law cases of mandatory property valuation in the context of legal proceedings have been identified. Both the judicial authorities and the parties involved in the proceedings have already realized the importance of an independent assessment examination for an objective consideration and making an informed decision on a wide range of arbitration and civil claims.

The Law of the Russian Federation "On Joint Stock Companies" also requires an assessment of the market value of share capital by independent appraisers in certain situations. For example, this procedure is provided for an additional issue, repurchase of shares, etc.

One of the features of the modern Russian economy is the presence of a large number of inefficient enterprises, often with large material assets. Restructuring such enterprises is enough difficult process, in which there is also room for independent assessment. Indeed, an assessment of an enterprise is necessary to choose a reasonable direction for its restructuring; during the assessment process, alternative approaches to managing the enterprise are identified and determined which of them will provide the enterprise with maximum efficiency, and, consequently, a higher market price, which is the main goal of the owners and task management firms in a market economy.

Independent assessment various types the value of enterprises (market, recovery, liquidation) also plays a significant role in the process of functioning of financial institutions of the market - banks, insurance companies, stock exchanges. For example, banks are often interested in assessing the market value of the collateral or in determining the liquidation value of the borrower enterprise; insurance companies, when concluding insurance contracts and paying compensation, have to determine the replacement cost of objects; stock exchanges and other stock market participants rely on data from an independent assessment of an enterprise when determining exchange prices for its shares.

Rising flow foreign investment into the Russian economy also contributes to an increase in demand for the services of independent appraisal organizations. Investors, most of whom are from Western Europe and the United States, bring with them their understanding of the culture and methodology of the investment process, in which the role of independent appraisers is much more significant than in the minds of their Russian colleagues. But, despite the formation of conditions conducive to increasing the role of independent assessment of enterprises among other mechanisms market economy, there are many obstacles to the development of business valuation. The main obstacles are the inaccessibility of the necessary information on the parameters of purchase and sale transactions of enterprises in various industries (and often the absence of the transactions themselves) and the opacity of the system for maintaining financial records at enterprises. In addition, the general instability of the economy and the lack of historical information on the business being valued often make any forecasts about possible results unreliable economic activity one or another enterprise. All this imposes serious restrictions on the applicability of modern approaches to business valuation, for example, such as the comparative and income approach, and the experience of Russian appraisers in the field of business valuation mainly comes down to the use of cost-based methods traditional for the domestic economy.

We can say that the quality of business valuation as a market service (and therefore the demand for this service) in Russia will depend on the further improvement of all mechanisms of the stock market, increasing its activity, the formation of a mergers and acquisitions market, the emergence of accessible flows of necessary market information and general stabilization of the economic situation in the country.

5.1. Modified income capitalization methods

The capital asset method does not take into account the value of tangible and intangible assets. It measures the efficiency of all assets in terms of their ability to produce income. The more justified the cash flow values ​​and capitalization rates are, the more weight the estimate obtained by this method will have for a potential buyer. In most cases, in practice, the profit of the last reporting year is chosen as the capitalized value. The capitalization rate R is the rate of expected income. The capitalization rate is usually derived from the discount rate by subtracting the expected average annual growth rate of earnings or cash flow.

General formulas for determining business value and capitalization rates are valid under the following assumptions:

1. The expected income from the business is constant.
2. The period for receiving such income is unlimitedly long (i.e. tends to infinity).

The indicated assumptions and, accordingly, the basic capitalization model are more suitable for theoretical understanding of the essence of the capital asset method. In the practice of business valuation, special cases of the capitalization method (Gordon, Inwood, Hoschald, Ring models) are used more often, applied depending on compliance with assumptions regarding the uniformity and duration of income received by the enterprise (see: Table 5.1 and formulas 5.1-5.4 indicated below) .

Assumptions accepted			Calculation modelbusiness value
Regarding the uniformity of income from business	Regarding the procedure for reinvesting income	Regarding the duration of receipt of income from the business
			Basic model
Business income is clearly variable, but the growth rate is constant	The capital return amount is reinvested at the rate of return on capital	The period for receiving income is not limited	Gordon model
Expected business income is constant in each period	The capital return amount is reinvested at the rate of return on capital		Inwood method
Expected business income is constant in each period	The capital return amount is reinvested at the risk-free rate	The period for receiving income is limited	Hoskald method
The income stream is expected to decline systematically	Reimbursement of the principal amount of investment is carried out in equal parts	The period for receiving income is limited	Ring method

Gordon model

Hoskald model

Where: R biz. – reasonable market value of the operating enterprise (business);

D year - annual profitability of the business by the end of the period;

R - discount rate;

Long-term cash flow or profit growth rates;

Dsr.biz. – average annual business income;

– the future value of each ruble initially invested in the business being valued;

The use of real options can be successfully carried out in the conditions of the Russian economy, since their use does not require a specialized exchange platform on which options would be actively traded. To use real options to add flexibility to projects, you need mutual agreement of the parties to enter into a fixed-term contract. In this case, each of the parties remains a winner: the one who has a long position (the ability to choose between execution and non-execution of the contract) has the opportunity to adjust his decisions depending on the prevailing conditions for a fee acceptable to him, and the one who has a short position (the obligation exercise the option if the other party so wishes), receives additional funds for concluding a contract.

Such options provide various types of flexibility and, based on this, the following main types of real options are distinguished:

• options to exit the project (Abandonment Options);
• options to temporarily suspend or defer development of the project (Options to Defer Development);
• options to expand the project (Options to Expand);
• Switching Options.

This classification is not exhaustive and in practice it is possible to use other types of real options. The following is a description of the above types of options.

Option to terminate operations similar to a put option on a stock. If the first period ends unfavorably, then the decision maker has the right to abandon the project. When the present value of an asset falls below its liquidation value (sale price), the act of terminating the project is equivalent to exercising a put option. And since salvage value serves as a floor on the cost of the project, the termination option has value. Consequently, a project that can be terminated costs more than the same project that does not provide this opportunity.

Option to delay development or deferment of an investment in a tangible asset is similar in form to a call option on a stock. For example, a tenant of an undeveloped oil field has the right to “purchase” the developed deposit by paying development costs. However, the tenant may delay development until oil prices rise. In other words, the management option created by the acquisition of an undeveloped deposit is a deferment option. Expected development costs can be thought of as the strike price of a call option. The net income from production is the opportunity cost of deferring investment. If such costs are too high, then the decision maker may prefer to exercise the option, i.e., start developing the field.

Ate we're talking about about the temporary suspension of the project, then the option will have a form similar to the form of the option to suspend the business with the only difference that the assets are not sold, but are leased, for example.

Switching option (change of activity) the most common type of options. Essentially, an option to change activities within a project is a portfolio of options consisting of both buy (“call”) and sell (“put”) options. For example, the ability to resume operations on a currently frozen project is similar to a call option, and to suspend activities (close a company) in unfavorable circumstances is a put option. The cost of restarting or stopping can be thought of as the strike price of a call or put option. A project that allows you to move from active operations to a complete stop (or transfer operations from one enterprise to another, etc.) costs more than the same project, but does not have such flexibility. Flexible production system, capable of producing two products, serves good example this type of option.

The literature describes various ways determining the value of real options and assessing their impact on the cost of projects. The work of S. V. Valdaitsev proposes a method for comparing indicators of the net present value of a project (NPV) without providing for a real option and for the case when such an option is planned. The difference is a measure of the effectiveness of a real option. It simultaneously serves as a measure of the increase in the value of the company as a result of the use of a real option, since it is competitive advantage companies. In this case, the NPV indicator is a weighted average of three indicators - NPV project expected in cases where the optimistic (NPV wholesale), most possible (NPV present) and pessimistic (NPV dog) project implementation scenarios.

The NPV option indicator (for the option of using a real option) is calculated as a weighted average (based on the probabilities of the same scenarios) value, but for the case of a pessimistic project scenario, instead of the NPV pes indicator, the NPV option pes indicator is taken into account, which reflects:

• cash flow DP t dog, which will appear in the project by the time the real option is exercised;
• expenses C opt(real option price) to purchase the specified option;
• the exercise price of a real option, i.e. gross income or proceeds In opt from its execution.

Indicators NPV wholesale And NPV present are simply reduced by the cost of the option that will not be exercised.

Thus:

The formulas use the risk-free rate R, since the risks of the project have already been taken into account using the scenario method, and the exercise of the option is considered reliable 3 .

This method has the following disadvantage: the calculations use the option price (the value of the option contract). It is logical to assume that it makes sense to purchase such a contract only if the benefits from its acquisition exceed the costs of its acquisition. The measure of efficiency, as mentioned above, is determined by NPV indicators for two options - with and without an option. And it (the measure of efficiency), in turn, cannot be calculated without knowing the option price. Thus, it turns out " vicious circle"and the calculations are purely theoretical.

Also in the literature, other methods for determining the value of a real option are proposed, for example, based on the binomial model (two options for the development of market conditions are considered - favorable and unfavorable). Let's consider an option to defer a project, which allows the company's management to wait a year, and then, under favorable circumstances, implement the project, and under unfavorable circumstances, simply lose this opportunity upon expiration of the option. Let's say the risk-free interest rate is 8%. The decision tree for this project describes it as follows.

Fig.5. Decision tree with deferment option

It depicts three scenarios: immediate implementation of the project, abandonment of it, and postponement. How should we value the option that gives us the right to defer? The assessment process proceeds by creating a portfolio of securities available for direct observation, the prices of which, as well as the rate of return, are known, and the payment flows for which exactly reproduce the payment flows inherent in our “tree” of decisions. Since we know the market prices of the securities, we can determine the value of the deferment option. An equivalent portfolio would consist of m shares worth S, equal to, say, $28, and debt obligations worth B $. with the risk-free interest rate R f . We can find out the number m and the cost B from two equations with two unknowns, which reflect the nature of changes in economic conditions. Coefficients d and u characterize the unfavorable and unfavorable state of the economy, respectively, in which the value of the stock will change and amount to uS = 50 dollars, dS = 20 dollars.

The equations look like this:

m (uS) – (1+ R f)*B = 72.56 dollars.– for a favorable state of the economy,

m (dS) – (1+ R f)*B = 0 dollars.– for an unfavorable state of the economy.

Solving these equations, we find that B = $44.79 and m = 2.24 shares. Now we need to determine the value of the equivalent portfolio, which corresponds to the value of the deferment option:

MS – B = 2.42*28 dollars. – 44.79 dollars. = $22.97

Thus, if the option is worth less than $22.97. it should be purchased. This model answers the question up to what point the acquisition of a real option is profitable, which distinguishes it from the previous model. The value of efficiency is determined, as in the previous model, by the difference between different NPV values. Here this amount will be 28.97 dollars = 22.97 – (-6), where (-6) is the NPV of the project without purchasing the deferment option.

This example was considered in the work of T. Copeland and T. Koller, but a similar approach is also considered in the work of V. A. Vorontsovsky “Risk Management”, where this model is used to determine the value of a land plot.

It should also be pointed out that some literature points to certain disadvantages of using real options on the asset side.

The full application of the real options methodology aims to increase the organizational flexibility of the company, which implies a radical revision of approaches to doing business. The use of real options actually changes the process of forming a company's strategy. Flexibility is undoubtedly an advantage when implementing one or more investment projects. But “when a company’s entire strategy is based on the principle of flexibility, the likelihood of unsuccessful implementation of such a strategy can be high” 4 .

Forming a strategy in the form of a portfolio of real options can primarily lead to a weakening of the “commitment” of staff. The success of a new idea in a company very much depends on the motivation of the main “players”. Having a fully committed leader is often one of the critical factors in successfully completing a project. Any project that contains real options that allow the deferment of decisions vital to the project will imply weakened “commitment” on the part of key participants. When using the real options technique, the company states that it will not make a final decision on the project at this time, but will maintain the project in a state of readiness for a certain period of time, which is needed to clarify the market situation. Personnel working on such a project will not be fully committed to a project whose future is not yet determined. Thus, one of the consequences of using real options in practice may be a weakening of the company's strategic focus and the company's management needs to clearly understand under what conditions the use of real options techniques can increase the overall value of the company.

5.4. Application of assessment methods in Russian conditions

IN modern Russia The market for independent appraisal services began to actively form in the early 90s. XX century, with the revival of the institution of private property. The first few years before the adoption of the law “On Valuation Activities in the Russian Federation”, appraisers worked, as they say, in whatever way they can. There was no regulatory framework for the assessment, there were no approved standards, no clear requirements for the content of the report and the methods used. Things were bad with the assessment of market value. What could be said about the value, for example, of a business when the ruble exchange rate changed several times a day, and the entrepreneur had no idea what he would do next week. At first, no one required any special education from the appraiser. The assessment could be carried out by any citizen who completed a one- to two-week course and received a certificate. Although this was not required. Many newly minted appraisers, taking advantage of the uncertainty of the situation, issued brief certificates instead of reports, and the methods for determining value were very far from scientific.

Even at that time, competent and conscientious specialists worked in assessment, who perceived assessment not as a way to quickly earn money, but as a new promising profession. Almost all of them are in business today. By the second half of the 1990s. In the appraisal market, according to our estimates, there were about three to four thousand small appraisal firms, and by the end of 2000, according to the Russian Society of Appraisers, the number of firms increased to 15 thousand. Public appraisal organizations in the absence legal framework they tried to somehow influence the quality of appraisal services, but the documents they accepted were purely advisory in nature, and few people followed them.

On July 29, 1998, the Federal Law “On Valuation Activities in the Russian Federation” was adopted, introducing the basic concepts of valuation activities, the grounds and conditions for the implementation and regulation of valuation activities.

True, by this time a significant part of the country’s most valuable assets was already in the hands of private owners. The volume of appraisal work fell in 1998 to a critical level. The reason for this was the abolition of mandatory revaluation, as well as the decline in market activity on the eve of the famous August crisis. The crisis entailed a new round of redistribution of property, as a result of which the number of orders began to grow slowly but steadily. At the same time, the volume of assessment work for the purpose of revaluing fixed assets remained at a low level, but the number of orders for other types of assessment increased.

The following were published:

• Decree of the Government of the Russian Federation of July 6, 2001 No. 519 “On approval of assessment standards”, where assessment standards were introduced that were mandatory for use by subjects of assessment activities,
• Decree of the Government of the Russian Federation of June 7, 2002 No. 395 “On licensing of appraisal activities”, which introduced a provision on licensing of appraisal activities.

According to the Resolution “On Approval of Valuation Standards”, the appraiser:

1. Collects and processes:

• title documents, information about the encumbrance of the object of assessment with the rights of other persons;
• accounting and reporting data related to the subject of assessment;
• information about technical and operational characteristics object of assessment;
• information necessary to establish the quantitative and qualitative characteristics of the valuation object in order to determine its value, as well as other information related to the valuation object.

2. Determines and analyzes the market to which the valuation object belongs, its history, current conditions and trends, as well as analogues of the valuation object, and justifies their choice.

3. Implements necessary calculations one or another type of value of the valuation object, taking into account the obtained quantitative and qualitative characteristics of the valuation object, the results of an analysis of the market to which the valuation object belongs, as well as circumstances that reduce the likelihood of receiving income from the valuation object in the future (risks), and other information.

4. When conducting an assessment, he is obliged to use (or justify the refusal to use) cost, comparative and income approaches to assessment.

5. Has the right to independently determine within each of the assessment approaches specific methods assessments.

The appraiser must adhere to next stages when conducting an assessment:

• concluding an assessment agreement with the customer;
• establishment of quantitative and qualitative characteristics of the object of assessment;
• analysis of the market to which the valuation object belongs;
• selection of assessment method(s) within each assessment approach and implementation of the necessary calculations;
• generalization of the results obtained within the framework of each of the valuation approaches and determination of the final value of the value of the valuation object;
• preparation and delivery of an assessment report to the customer.

The appraiser, based on the results obtained within each approach to assessment, determines the final value of the value of the object being assessed. The final value of the value of the valuation object, indicated in the valuation report, drawn up in the manner and on the basis of the requirements established by the Federal Law “On Valuation Activities in the Russian Federation”, must be expressed in rubles in the form of a single value, unless otherwise provided in the valuation agreement .

The Resolution “On Licensing of Valuation Activities” sets out the requirements and conditions for carrying out valuation activities:

1. Compliance by the licensee with the requirements of legislative and other regulatory acts of the Russian Federation on issues of valuation activities.
2. Availability in the state legal entity at least one employee for whom this legal entity is the main place of work, who has the appropriate qualifications in the field of appraisal activities, obtained in accordance with the professional bodies authorized by the Government of the Russian Federation for monitoring the implementation of appraisal activities in the Russian Federation educational programs and confirmed by a document of education.
3. Availability individual entrepreneur relevant qualifications in the field of appraisal activities, obtained in accordance with professional educational programs agreed with the body authorized by the Government of the Russian Federation for monitoring the implementation of appraisal activities in the Russian Federation and confirmed by a document on education.
4. Improvement of qualifications in the field of appraisal activities of an employee (employees) of a legal entity and individual entrepreneur at least once every 3 years.
5. Insurance of civil liability of the licensee by concluding an insurance agreement for a specific type of appraisal activity (depending on the object of appraisal) or under a specific agreement on the assessment of the object of appraisal.
6. Providing, at the request of the licensing authority, documents and information necessary to monitor compliance with licensing requirements and conditions.

The license is issued for 5 years. The validity period of the license may be extended upon application of the licensee. Extension of the license validity period is carried out in the manner established for re-issuance of a license. Re-issuance of a license is carried out within 10 days from the date the licensing authority receives the relevant application.

As a result of these changes, there was a very significant reduction in the number of appraisers, mainly due to those who did not consider appraisal a priority activity (auditors, consultants, realtors, etc.). The remaining appraisal firms on the market merged and enlarged, acquired licensed specialists on their staff and sent the remaining employees to receive specialized education. And most importantly, there was a desire to improve the quality of appraisal services. Public appraisal organizations try to monitor facts of dishonest performance by appraisers of work under a contract.

Many of them were founded in 1993— 1999, which means they are time-tested. However, young companies are emerging (Intelis-Evaluation Company, founded in January 2005) that are striving to conquer the business valuation market.

One way or another, there are difficulties that arise when determining the value of a business from a regulatory point of view, such as:

• approaches and methods used in assessing businesses in the Western market, which have proven themselves, cannot always be used in Russia without adequate adaptation;
• none of the Russian self-regulatory organizations in the Russian Federation does not have professional standards on business valuation. This is especially strange due to the presence of national specifics due to the fact that the objects of business valuation in our country and abroad have significant differences.

It is worth noting that the ability to apply all of the above methods is not enough; you need to know where and which methods will give the most reliable and quick results. In addition, the valuation methods used in world practice make it possible to determine the market value quickly and reliably. Among them I would like to highlight the most versatile and effective - this comparative method(equivalent company method). With its help, knowing the value of similar property, the appraiser can make a preliminary assessment within a short period of time, which can be beneficial for both parties. It is used very widely in most developed countries peace. However, Russia is still very young in terms of market relations. In this regard, the use of this method in Russia is limited by the available information on analogues. It is necessary to screen out analogue companies due to their characteristics (significant fluctuations in the stock price, seasonal dependencies), and be able to average them in a certain way and predict them.

As for the income approach, this is the most subjective method, since it is based on predicting the medium-term prospects of cash flows, which depend, for example, on the level of inflation, changes in legislation, etc. Also, the method for calculating the discount rate is subjective, and professional appraisers do not have there is a consensus on what discount rate should be applied in a particular case. In principle, the discount rate is determined by the level of return that an investor can expect in the future, taking into account certain risks. Accordingly, the calculation of value using the income approach is extremely sensitive to changes in many factors beyond the control of the appraiser, due to which it is impossible to logically predict the future development of the situation. Therefore, it is difficult for the appraiser to achieve accurate results in the appraisal.

Majority appraisal companies rarely take a cost-based approach to business valuation due to the enormous labor intensity and often low cost of the proposed contracts. Ignoring the cost approach leads to a distortion of cost, but it gives a direct idea of ​​the potential of production capacity at the enterprise and is less subject to subjectivity than other methods. IN Russian conditions the method is not ideal, because there are large distortions in the values ​​of assets and liabilities in accounting.

Let us summarize the shortcomings of business valuation methods (in order to offer something new, you should understand what shortcomings are found when using the above valuation methods):

1. Difficulty finding information and cumbersome calculations. Using business assessment on a regular basis should be as simple as possible, and the result should be clear.
2. Having a large number of adjustments related to opacity financial statements. Management should use data to evaluate management accounting, which must be adapted for evaluation.
3. The complexity of long-term planning makes it difficult to use income valuation methods. Basically, a retrospective of actual data for past periods is used. In this regard, it is necessary to develop a methodology for determining the growth rate of cash flows or make forecasts for periods of up to five years.
4. Accounting valuation of assets results in an understatement of net asset value. A market revaluation of all fixed assets and, if necessary, intangible assets is required.
5. Lack of an adequate basis for comparison with analogues. Objectives and requirements for business assessment should become the basis for solving the following tasks:
   1. Development of plans and strategies for enterprise development;
   2. Management effectiveness assessments;
   3. Assessment of the company's performance;
   4. Determining the real value of one share.

In this case, the business valuation must meet the following requirements:

— simplicity;

— visibility;

— validity;

— frequency;

- information content.

5.5. Russian specifics, features of the assessment of Russian companies

The understanding and application of enterprise value in Russia has its own characteristics. Russian specifics are primarily determined by the following points:

1. Many Russian companies, even being formally open joint stock companies, are not yet interested in having their shares actually placed on the stock market. This is due both to the fact that they prefer to be quite informationally closed, and to the fact that for their development they still have enough sources of self-financing investments in combination with the use of loans from banks affiliated with them.

Under these conditions, assessing the effectiveness of management based on changes in the observed or predicted market price of shares of such companies is practically impossible. At the same time, when implementing fairly large investment projects at their initial stages, managers feel the need to report to shareholders in such a way as to show them that a temporary decrease in the company’s profits (until the mentioned projects have had time to produce returns, requiring large expenses) is not only natural, but and justified. The only way To demonstrate their effectiveness in such periods, managers may just try to present their activities to shareholders from the point of view of the concept of enterprise value management - proving to shareholders that as a result of the successful implementation of investment projects carried out at the enterprise, the “true” market value of the enterprise has already increased and continues to grow. This is often an effective method of convincing shareholders to agree that the enterprise will not generate profits for some time (due to the continuation of the stages of large capital investments in investment projects), rather than proving what specific expected profits the enterprise will be able to provide in the future.

The calculation is made that at least some of the large shareholders will support the managers, because as a backup option for themselves, they can always plan to exit the enterprise, independently - not through the stock market - by finding another strategic investor ready to purchase the stake from them shares Of course, for them then the argument about an increase in the possible contractual (based on the assessment of the business presented by managers) price for the block of shares being sold will be very effective.

What has been noted becomes even more relevant if we consider that Russia today is still characterized by frequent changes in strategic investors (major shareholders) of enterprises due to the ongoing “redistribution of property.” However, the same effect occurs due to intensive mergers in the process of actively building new industrial groups, ensuring the production of products that have not yet been produced in Russia, but are being developed on the initiative of foreign capital coming to the country.

2. Due to the absence in Russia of a developed stock market (sufficiently voluminous, with low transaction costs, reliable and fast mechanisms for transferring ownership of shares in the process of making changes to the relevant registers of shareholders), a specific market for the purchase and sale of property complexes is rapidly developing in the country. In light of this, a fairly realistic alternative to the sale of large blocks of shares as a way to exit the enterprise is the separation of local businesses from the developed business (for the production and/or sale of part of the products) and the sale of all assets of the spun-off enterprise.

Managing the value of an enterprise then turns into managing the value not of the company’s shares, but of its property complex, understood as the totality of all tangible and intangible assets that ensure the production and sale of relevant products.

3. It is no secret that in Russia, bankruptcy procedures often also serve the market for the purchase and sale of property complexes - with the difference that the form of “purchase and sale” in this case turns out to be specific: through the purchase of a property complex within the framework, as a rule, bankruptcy proceedings, which are forcedly introduced at the insistence of creditors at a bankrupt enterprise.

It is clear that in this case the property complex will be sold at a reduced price, at a sort of “liquidation value” - although in reality no one was going to “disassemble” the valuable property complex and subsequently sell it in parts; he will be exploited.

In anticipation similar situations management of the value of an operating enterprise by its managers, in fact, is carried out in the interests of any creditor planning to purchase the bankrupt’s property complex at a reduced price as part of the bankruptcy procedure. Maximization of utility for him will be achieved precisely because he will be able to purchase a business that is maximized in its value at a reduced price.

Of course, the scheme briefly described here is close to criminal, since it assumes that managers who maximize the value of the company’s property complex on the eve of its bankruptcy in order to actually sell it in the near future at a much lower price as part of the bankruptcy procedure are not acting in the interests of owners of the company, but in the interests of third parties. In addition, in this scheme, as a rule, the so-called fictitious bankruptcy will be used, under which the company will be “substituted”, using, for example, the so-called simplified bankruptcy procedure.

4. Due to the significant information confidentiality of even those Russian companies whose shares are liquid, serious underestimations or overestimations are quite common in Russia stock market these companies. Consequently, the management of the value of such enterprises should be oriented not so much on the current or forecast market price of their shares, but on maximizing their estimated justified market value, at which, if desired, large shareholders will be able to sell their shares, revealing the company’s internal information to potential buyers.

Consequently, we need simpler, albeit approximate, but more reliably verifiable methods for assessing at least the direction of changes in the value of an enterprise that occur as a result of the actions of managers - especially as a result of their decisions on capital-intensive investment projects, as well as decisions during the management of these projects.

1. Valdaytsev S.V. Business assessment and enterprise value management. – M.: UNITY-DANA, 2001. - (pp. 498-517).
2. Valdaytsev S.V. Enterprise cost management: general features and Russian specifics / Financial World. - St. Petersburg: St. Petersburg Publishing House. University, 2002.
3. Gerasimov N. Application of the Olsen model in assessing the value of a company.
4. Kozlov K. Salun V. How much does a closed company cost? // Stocks and bods market. - 1999. - No. 16.
5. Kozyr Yu. Some aspects of the application of the real options model.