ASSESSMENT OF BUSINESS VALUE: METHODOLOGICAL ASPECT

Анотація

Introduction. The need to deepen and develop theoretical and methodological principles of business valuation is objectively determined by the transformational transformations of the Ukrainian business environment, which is formed in the context of deepening globalization processes and deformed under the influence of negative factors of uncertainty and increased risks. The formation of theoretical and applied principles will contribute to obtaining more accurate, transparent and objective results in business valuation, which will provide a basis for making effective management decisions in financial markets. Materials and methods. The article proves that existing methods of business valuation in domestic and foreign practice are based mainly on the cost mechanism, that is, on the principles of classical political economy. It is noted that business valuation is based on fundamental economic concepts developed by classical political economy. The teachings of famous classics, among which A. Smith, K. Marx, D. Ricardo should be distinguished, are the basis for modern methods of company valuation. It is proposed to deepen the analytical approach to the development of business valuation methods based on the principles of institutionalism (T. Mitchell) and neo-institutionalism (R. Coase). Results and discussion. The article presents an analytical approach to business valuation in its applied interpretation based on existing methods of Ukrainian and foreign experience. The approaches used in world practice and based on income assessment, market data, asset valuation, and strategic approaches are taken into account. The achievements of domestic practice are highlighted through the prism of analysis of the economic content of the income, expense, and comparative approaches. Attention is focused on the feasibility of deepening business valuation methods through a theoretical understanding of this phenomenon in the context of the transformation of market relations and taking into account institutional features of the business environment. Conclusions. Adaptation to the changing conditions of today and global transformations proves the need to deepen the methodological principles of business valuation. A component of the methodological content of business valuation, in the author's interpretation, is the consideration of the principles of the theory of the firm, namely the institutional theory of the firm, which generally optimizes the costs of market transactions.

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