Cash value added as an indicator of efficiency of issuer’s development in crisis economic environment

Анотація

Article is devoted to problems of valuation of development of the Ukrainian issuers by using of a cash value added (CVA), on a base of Boston Consulting Group's approach. Urgency of problems de nes a main goal of the presented research -the analysis of features of CVA formation, an assessment of in uence of certain elements on dynamics of this indicator, also the analysis of CVA dynamics as the generalized indicator of the enterprise's economic growth. e author describes structure and dynamics of balance of the Ukrainian oil market; he shows the dependence of a dynamics of earnings before interest (EBI as a large element of CVA) on the oil re neries' commitment. In article it also characterizes e ective management of the average cost of the corporate capital according to criterion of economy on nancial expenses; the second criterion is maximizing the sum of CVA. e author o ers a technique of an application of market rate of WACC in CVA indicator (it allows to estimate e ciency of nancial management on the value-based management approach).

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