Развитие концептуальных подходов к измерению гудвилл с исторической перспективы. Часть 1
This article is the first part of the historical review of the occurrence and development of concep- tual approaches to measuring goodwill in economic science since the end of the 19 century to the 70-ies of 20 century. The problem of goodwill measurement arose in economic science at the end of the 19th century and still discussed in the academic and practitioner communities around the world. Despite numerous studies and the adoption of accounting standards issued by various pro- fessional organizations internationally, existing opinions on this issue vary and change frequently. The need to preserve the established recognition criteria, on the one hand, and the need to provide useful information, on the other, has led to a number of controversial issues in the measurement and recognition of goodwill. In the study we analyze the historical experience in the form of goodwill perceptions, identifying historical patterns suitable for improvement of modern theory and practice of measuring goodwill. Methodological basis of the study consists of the works of distinguished sci- entists in the fields of accounting, international and generally accepted standards of accounting and reporting. The authenticity of the author’s findings confirmed by a logical use of scientific methods such as historical-and-comparative, historical-and-typological and historical-and-system method. The author track back the transformation of methods of measuring goodwill in academic research and normative documents of the nineteenth and twentieth centuries. Separate section is devoted to modern concepts of goodwill measurement, which represents an alternative to the existing account- ing standards. а gradual, cumulative and cyclical process of development of methods for measuring goodwill was identified. We found that in periods of economic growth the paradigm of current value usually dominates, while in periods of recession the historical cost paradigm is rolled back.
Theoretists and practical men discussed about the nature of amortization in Russia from 1898 until the present time. The formation of the accounting of amortization in Russia is considered in the article in the framework of this discussion.
The FTA community relies on a set of disciplines and methods, which try to better understand
and shape the future from different methodological perspectives. Whilst the community has
grown since the first edition of the International Seville Conference on Future-oriented
Technology Analysis (FTA), there is still little dialogue and exchange between those applying
quantitative and those applying qualitative methods.
The FTA events have, since the beginning, provided an avenue to debate methodological
aspects and this paper summarises and furthers the discussion developed during the 2011
edition, building on the debates at the conference and between members of the conference
Scientific Committee, to which the authors of this paper belong. In particular this paper
describes the methodological state of the field through a tripartite taxonomy of increasing
levels of qualitative and quantitative integration. It shows how significant progress has been
made for simpler forms of combinations but not for more sophisticated (and perhaps more
promising) ones. Following that, it suggests that an epistemological divide, common to the
social sciences as a whole, combined with cultural differences and misconceptions within the
FTA community are amongst the factors undermining further methodological integration. The
paper concludes by suggesting some steps, combining research and practice, to overcome such
This paper aims at explaining the differences in valuation of banking firms in Russia through the impact of selected elements of corporate governance. We rely upon value-based management theory to test the hypothesis that expenses on corporate governance system create shareholder value. The price at which share stakes are acquired by strategic foreign investors is for us a criterion of market-proven value, so we use the standard valuation tool, i.e. price-to-book-value of equity (P/BV) multiple, as the dependent variable. The set of corporate governance parameters whose materiality for a would-be external investor we would like to test includes: the degree of concentration of ownership and control; maturity of corporate governing bodies; degree of Board independence; qualification of external auditors; stability of governing bodies (Management Board and Board of Directors); and availability of external credit ratings from the world’s leading rating agencies. We test our approach on a sample of acquisition deals and public offerings over the period 2004-2008 that we develop for the first time. Firstly, we find out which factors are statistically significant and relevant to a bank’s selling price. Secondly, a least squares multiple linear regression model is devised to check how each individual variable impacts the dependent variable. We discover that external investors attach value to high concentration of ownership, external credit rating coverage, stability of the Board of Directors, and involvement of well-established external auditors. Investors of a strategic nature tend to pay a higher acquisition premium. Independence of the Board of Directors might be perceived by external strategic investors as a disadvantage and might destroy shareholder value.
This paper analyses from a financial perspective one of the most controversial of company assets, namely goodwill. The controversial nature of goodwill lies not only in its definition but also in its evaluation and accounting disclosure, giving rise in recent years to an important line of research centred on impact of goodwill on company performance.
The paper has a two-fold objective: First, to compare international and national standards of accounting of goodwill, to work out a number of suggestions for unification and optimising of accounting methods; and secondly to evaluate the impact of goodwill from the perspective of company value. The comparison focuses on the advantages and potential complexities of international standards highlighting the many problems and ambiguities that will arise in the application of those rules for Russia. On the other hand, we underline that both the acquired and the generated goodwill influence the value of a company and unifiacation of accounting methods is inevitable.
During 1998-2010 the National Research University – Higher School of Economics (Moscow) has been surveying the results of activities of most leasing market operators in Russia, including all the largest ones. The results of the scheduled annual analysis undertaken by us to survey the activities of leasing companies in the Russia indicate that the year 2010 was successful for the leasing business. According to the Leaseurope, and author’s data, Russia occupies the 5th place in Europe after Germany, United Kingdom, Italy, French. In practice many Russian leasing companies have managed not only to copy but also successfully to adapt the experience of the countries with developed leasing industries. Despite the growth in new business, account must be taken of the quality of the leasing portfolio. It turned out that it just got a little better as compared with the previous year. The analysis showed that cost of loans taken for financing leasing operations, as well as the cost of the funds of a leasing company, the funds of the lessee, the use of factoring, promissory notes/exchange bills, securities and other instruments, depends on a variety of factors, including: financial independence of leasing companies; the risks associated with the sale of a leasing product; the security for the transaction; the terms of depreciation of leased property, the terms of credit contract and of leasing contracts; the currency of the leasing transaction; whether the funds are borrowed on the domestic or on the international capital market; the schemes for carrying out a leasing operation, etc. With each year there the number of Russian leasing companies that can obtain financing directly from foreign banks grows. There is a growth in the volume of credit operations with the involvement of the national agencies for insurance of export-import operations, e.g. from Germany, Austria, Italy, the Netherlands, the USA and other countries. Securitisation of leasing assets held at the junction of four financial tools – lending, leasing, factoring, securities issues. This innovative mechanism that requires subtle scientific and practical configuration achieves remarkable economic performance update, modernisation and re-equipment of enterprises. The author has developed a system of securitisation leasing asset pricing which is feasible through a set of equations that balance the interests of the participants. The article also examined the status of concentration of leasing market, its regional and sectoral structures.
When writing this tutorial, the contributions received by the authors with the assistance of the NTF - National Training Fund subproject "Creating a center of excellence for economics teachers ' Innovation Project Development of education and work , received diplomas Russian competitions intellectual projects " Ideas for Russia " ( 2004) and "Power" (2008 , the Public Chamber of the Russian Federation ) . The manual is intended for students and undergraduates enrolled in the direction of "Economics" and "Management" , and may also be useful to managers and professionals , both financial and non-financial corporations.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.