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The purpose of the research is to study the feasibility of using the combined modeling method in evaluation of business value. Modern approaches and methods of evaluating business value and the possibilities of combining them are explored. The peculiarities of the methodology of evaluating the business value by methods of Gordon Growth Model and Ex...
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... Як показує аналіз змісту наукових публікацій [1][2][3][4][5][6][7][8][9], методологія оцінювання вартості підприємства включає три основних підходи -дохідний, витратний та порівняльний. Встановлено, що дохідний підхід, базуючись на розрахунку майбутніх вигод, приведених до їх теперішньої вартості, відповідає стратегічному підходу трактування вартості підприємства. ...
The main goal of the article is a further development of the usage of income and comparable approaches to company valuation aimed at defining market capitalization sensitivity to value changing in the conditions of dynamization of internal and external business parameters. The relevance of the researched topic is determined by the importance of establishing the factors influencing the change in company market capitalization based on the synthesis of approaches to company valuation. To obtain the results of the study, the following methods were used: structural and logical analysis – to improve the process approach to company valuation in the context of determining the impact of its change on market capitalization; discounted cash flow method (DCF-model) – to determine the value of the enterprise based on the income approach; comparable companies method – to determine the value of the company on the basis of a market approach; factor analysis method – to assess the impact of changes in value on company market capitalization; generalization and logical analysis – in conclusions building. The results of critical analysis of publications of domestic and foreign scientists on the application of company valuation methods identified the need of improvement the process approach to company valuation in the context of determining the impact of its change on the company market capitalization. To adequately assess company value, the use of a synthesis of income and market approaches is proposed. The implementation of the DCF-model and comparable companies valuation method while valuation of Private Joint-Stock Company “SKF Ukraine” allowed to establish that the greatest impact on the target metric (company market capitalization) has an average industry multiplier EV/EBITDA, terminal growth rate and weighted average cost of capital – 5.9 %, 3.2% and 2.7% respectively. The practical value of the results of the study is determined by the importance of forming a full analytical basis for establishing the attractiveness of the performance of joint-stock companies in the market and consolidating management decisionsin order to increase market capitalization.
This study focuses on the development of a macroeconomic model for assessing the financial potential of small enterprises, in particular in the context of their impact on value added. Most enterprises need financing for their current operations, acquisition of fixed assets and implementation of growth strategies. However, the existing assessment methods in the scientific literature are limited in their comprehensive reflection of the impact of entropy. In our study, we applied linear multivariate regression, which made it possible to describe the impact of financial capacity on small business development, in particular, in terms of added value. The results of the study are particularly relevant for small businesses in countries such as Austria, Belgium, Croatia, Germany, France, Italy, Spain, Poland, Portugal, and Slovakia, where the model demonstrates efficiency. We have noted that in Ukraine, on the contrary, efficiency is modelled primarily due to the weaker correlation of indicators. That is why additional factors, including non-economic factors from the informal sector (e.g., shadow financial flows, information asymmetry, poor infrastructure, corruption, etc.), were extremely helpful in assessing the financial potential and impact on small businesses in Ukraine.
The article delves into the theoretical basis for justifying the universal use of enterprise value as an indicator to determine the level of sustainability in its development. A review of the primary factors that determine the effectiveness of enterprise management is undertaken, highlighting the increasing significance of enterprise value as a metric to evaluate the sustainability of its progress. The advantages of the enterprise value indicator in comparison to traditional financial results indicators for enterprises have been identified. A goals matrix is suggested for evaluating enterprise value according to its key stakeholders. The universality of market value for enterprises in modern times is also highlighted.
The collective monograph presents modern studies of economic scientific field. General issues of theoretical and methodological provisions, methodological foundations and practical recommendations for the improvement of economic mechanisms, management and administration in the coordinates of sustainable development, etc. are considered. The publication is designed for scientists, lecturers, postgraduates and students, as well as a wide audience.
The collective monograph presents modern studies of economic scientific field. General issues of theoretical and methodological provisions, methodological foundations and practical recommendations for the improvement of economic mechanisms, management and administration in the coordinates of sustainable development, etc. are considered. The publication is designed for scientists, lecturers, postgraduates and students, as well as a wide audience.
The interaction of the government financial system, the state banking system, and the investment system of renewable photovoltaic (PV) power generation equipment can lead to sustainable strategies of these three parties (including government subsidies and bank loans) in the distributed state PV-market depending on its level of development. However, the instability of power output, caused by the variability and changing nature of renewable energy sources, poses challenges for large-scale power dispatch. In addition, the development of the PV-industry has been constrained by a long period of return on investment in solar photovoltaics and the need for large initial investments. With the rapid development of the sharing economy, the provision of financial support and the sharing of investment risks among investors in the PV-energy have become key means of promoting the PV-industry. State incentive policy was considered an effective approach to significant promotion of PV-systems. Government subsidies reduce the need for large initial investments, and market mechanisms, such as feed-in tariffs and tax rebates, increase
return on investment and reduce payback periods. In addition, bank loans are considered another major source of external financing for the development of the PV-industry. Third-party financing with appropriate risk-sharing is considered an effective approach to promote the use of photovoltaic technologies. As government subsidies put pressure on the state budget and bank loans require banks to take significant credit risks, there are clear barriers to governments and banks supporting the development of the PV-industry. By 2022, the issues of computing such targeted government subsidies and bank loans with limited credit risks, which maximize incentives for the diffusion of PV-technologies, remain underdeveloped. The current important issues for suggested numerical studying and modeling are: can government subsidies and bank loans significantly contribute to the diffusion of PV-installations at various levels of the PV-market development; what evolutionarily stable states will be formed at different levels of the PV-market development; how the volume of government subsidies, the share of bank loans, the capacity of PV-installations by investors will affect the evolutionary trajectories of the all PV-market parameters and the transformation of various evolutionarily stable states. To do this, numerical modeling is performed to study the dynamic evolutionary trajectories
at different levels of the PV-market development.
Business forecasting refers to the methods and strategies used to predict business trends, such as sales, expenditures, and profits. The purpose of business forecasting is to create better plans based on these informed predictions. Many businesses consider that it is imperative to obtain information about the future to ensure future organizational success. Enhancing forecasting progression can allow managers to make better decisions. Hence, in this study, artificial intelligence-assisted intelligent decision support system (AIIDSS) has been proposed for the business forecasting process. The current study discusses possible uses of forecasting in strategic decision making, mainly marketing, management. This paper aims to create a model that helps managers better understand this system's link to better forecasting .A decision support system (DSS), integrating the simulation models and the regular model base, components database, report, user interface, and graph services are discussed and outlined. This decision support system is easier to use than the most extensively utilized approach and does not rely too much on human judgment. The Smart Decision Support System (AIIDSS) for Artificial Intelligence was recommended for the company training algorithm. The potential applications of predictions is in policy decisions, particularly marketing and sales. The purpose is to design a framework that helps organizations recognize the connection. A recommendation system (RS) incorporates mathematical equation and the cosmological constant, database function, reporting, interface, and graphics services. This management information system is extremely easy to get and does not depend more and more on logical reasoning than even the most widely used methodology. The numerical results show that AIIDSS enhances the prediction ratio of 96.5%, accuracy ratio of 98.2%, production ratio of 98.35%, demand analysis ratio of 89.7% for business forecasting.
Purpose – In recent years, crowdfunding platforms have become very popular as intermediaries between fundraisers and funders. However, various campaigns published on the platform might be of bad quality or fraudulent, so the crowdfunding platform must be very careful when choosing the right ones. Also, the proper selection depends on the profits of a crowdfunding platform. In most cases, crowdfunding platforms mainly earn money from transaction and administration fees from successful campaigns on their platforms. While it is very hard to select successful cam-paigns, it is possible to analyse already published campaigns and forecast future revenues of crowdfunding platforms. And based on this, to select new projects which might be successful too. The aim of this work is to develop a model to forecast the revenues of crowdfunding platforms. Research methodology – In this research, comparative and statistical analysis will be used, data structuring, modelling and forecasting, performed with the ARIMA model. Findings – Main findings of this research present the three most successful campaign categories from the Kickstarter platform that receives the highest funding. Fees were calculated from those three campaign categories, and revenues for the platform were forecasted using the ARIMA model. Research limitations – Main limitations are that there were used data from a very short period of time. For better results accuracy, a longer period is needed. Practical implications – this research might be of practical use since the forecasts show that the revenues will continue to grow from the successful campaign categories. Consequently, investors should continue to support technology, games and design categories the most. At the same time, crowdfunding platforms should give more attention to these categories when choosing new projects to launch on the platform.
В статті на основі результатів порівняльного аналізу методичних підходів до оцінювання вартості подальшого розвитку набули теоретико-методичні засади встановлення вартості підприємницьких структур, що визначають важливість використання синтезу методів. Шляхом критичного аналізу публікацій вчених у сфері дослідження оцінювання вартості підприємницьких структур уточнено площину дослідження науково-методичних підходів, які застосовуються для її встановлення. Уточнено особливості вживання тих чи інших назв витратного, доходного та порівняльного підходів. В результаті аналізу основних підходів до оцінювання вартості підприємницьких структур розкрито їх основні переваги та недоліки. Аналіз методів оцінки вартості підприємницьких структур в розрізі доходного підходу дозволив встановити, що основними методами оцінки вартості тут є дисконтування грошових потоків, капіталізації надлишкового доходу, капіталізації дивідендів та капіталізації чистого доходу. Найбільш універсальним є метод дисконтованих грошових потоків, який незважаючи на велику кількість припущень та складність розрахунків, дозволяє врахувати майбутній їх потенціал, можливий рівень зростання галузі функціонування підприємницьких структур, а також ступінь впливу макроекономічних трендів. Визначено, що в межах витратного підходу найбільшим недоліком значної кількості методів (методи визначення ліквідаційної вартості, чистої балансової вартості, вартості заміщення, відновної вартості, скоригованої балансової вартості та оцінювання чистої ринкової вартості матеріальних активів) виступає складність доступу до необхідної інформації. Найбільш досконалим з точки зору об’єктивності та доступності інформації серед таких методів оцінювання вартості, виступає метод відновної вартості, а найбільш універсальним виступає метод ліквідаційної вартості. Встановлено, що в межах порівняльного підходу найбільшого поширення набув метод галузевих коефіцієнтів, а найбільш оптимальним виступає метод компаній-аналогів, який гарантує високий рівень об’єктивності та дозволяє порівняти об’єкт оцінки з компаніями-конкурентами забезпечуючи при цьому широкий діапазон вибору мультиплікаторів.
