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Моделирование рыночных мультипликаторов на развивающихся рынках капитала
Управленческий учет и финансы. 2016. № 02(46) . С. 108-129.
The article presents the algorithm allowing making country-risk adjustments to market multiples when analysts use peers from developed countries to estimate company in emerging capital market. We prove the necessity to country-risk adjustments to market multiples depending on industry where the company operates. We improve the technique of company valuation under the public-company method. Our empirical study is based on the sample of 130 Russian companies and 797 companies from developed countries over 2009-2013.
Власов Д. А., Научные исследования и разработки. Российский журнал управления проектами 2018 Т. 7 № 1 С. 4-9
Mitigation of risks becomes one of the key problematic areas of national oil and gas companies in case of low energy prices, prolongation of sanctions regarding Russia and development of alternative energy sources. The study devoted to development approach to quantitative assessment of country risk as a tool of oil and gas international projects selection. ...
Added: December 14, 2017
Коныгин С. С., Наука и бизнес: пути развития 2012 № 10 С. 146-150
Статья посвящена определению факторов, влияющих на доходность суверенных облигаций различных государств в мире. В статье рассматриваются определения типов рисков, влияющих доходность государственных бумаг. На основе макроэкономической ситуации в мире сравниваются риски рынка суверенных ценных бумаг Америки, Европы, России. ...
Added: December 24, 2012
Shakina E., Блинов С. С., Корпоративные финансы 2010 № 2(14) С. 47-61
Recently, the valuation of intellectual capital is one of the urgent problems of financial management. This is due to the complexity of determining cash flows and discount rates. The proposed method solves these problems by using the approach based on the logic of the value chain. Draw conclusions on whether the analyzed company-oriented personnel or ...
Added: October 27, 2012
Karminsky A. M., Frolova E., Корпоративные финансы 2015 № 1 (33) С. 59-70
This paper reviews the theory of value-based management, classification of value-based management models and the main value-based management methods at the commercial bank. It is shown that value-based management models can be classified depending on: 1) used information; 2) measures of performance; 3) valuation horizon. First, we present key value drivers-based approach. In order to ...
Added: October 25, 2015
Stulova N., Казанская наука 2010 № 5 С. 103-105
Одним из главных индикаторов успешности деятельности компании является увеличение ее стоимости. В статье рассмотрены традиционные модели оценки стоимости компании, приведены доказательства некорректности их использования в условиях функционирования постиндустриальной экономики, и предложена новая методика, основанная на оценке интеллектуального потенциала компании как основного ресурса создания ее стоимости. ...
Added: December 10, 2012
Stulova N., Казанская наука 2010 № 6 С. 53-58
Company value is one of the most important measures of business effectiveness and corporate investment and management decisions. The article investigates different methods of company value assessment and comparison of theoretical and the real price of merger between Pyaterochka Holding N. V. and Perekrestok Holdings Ltd. ...
Added: November 7, 2012
Cherkasova V. A., Корпоративные финансы 2014 № 4 (32) С. 112-129
The review is constructed on financial architecture, which is one of the most popular concepts of the corporate finance. There is a limited number of the empirical works devoted to studying of the state participation in a share capital, hence, the article contains the review of the theoretical works devoted both to influence of structure ...
Added: December 31, 2014
Molodchik M., Абрамова О. В., Нурсубина Я. С., European Social Science Journal 2012 Т. 2 № 18 С. 375-383
В последние двадцать лет интеллектуальный капитал стал объектом пристального внимания, как теоретиков, так и практиков. Экономика знаний фокусирует усилия менеджеров на повышении эффективности управления интеллектуальным капиталом компании. На сегодняшний день мало изученным остается вопрос о роли интеллектуального капитала в процессе увеличения стоимости компании и о том, какие факторы оказывают влияние на отдачу от интеллектуального капитала. ...
Added: September 28, 2012
Nazarova V., European Social Science Journal 2013 Т. 1 № 8(35) С. 517-528
Contemporary economic development opens the new sphere of the competition – intellectual capital. Those companies have the bigger financial success which hold not only traditional factors of production but also technologies, and which develop actively the intellectual capital. However, at the same time, the concept “intellectual capital” is not enough learned.
A purpose of the article ...
Added: February 4, 2014
Balashov A. I., Ишкулова Р. Р., Менеджмент в России и за рубежом 2015 № 1 С. 97-104
The article analyzes the special features of the pharmaceutical industry as an object of mergers and acquisitions. The motives of the consolidation transactions in the pharmaceutical market are analyzed. The hypotheses about the influence of individual factors on the cost of the acquired company are developed. Using the econometric analysis, the effect of the presence ...
Added: January 19, 2015
Partin I., Корпоративные финансы 2012 № 2(22) С. 24-33
Target company valuation in mergers and acquisition (M&A) deal can depend on the type of the acquirer. There is a prevalent opinion that strategic investors pay more for the target company shares than financial investors, which usually pay less. In this article we use regression analysis in order to examine this hypothesis. We take EV/EBITDA ...
Added: November 27, 2012
Grigorieva S., Корпоративные финансы 2010 № 2(14) С. 36-46
The level of corporate diversification is one of the most important decisions that management makes. The diversification strategy has its benefits and costs. According to the principles of corporate finance the efficiency of diversification strategy is always assessed by its impact on shareholder value. The article discusses the main value-creating and value-destroying drivers of diversified ...
Added: November 16, 2013
Stulova N., Казанская наука 2010 № 4 С. 103-109
Одним из главных индикаторов успешности деятельности компании является увеличение ее стоимости. В статье рассмотрены традиционные модели оценки стоимости компании, приведены доказательства некорректности их использования в условиях функционирования постиндустриальной экономики, и предложена новая методика, основанная на оценке интеллектуального потенциала компании как основного ресурса создания ее стоимости. ...
Added: December 10, 2012
Nazarova V., Дмитриева М. Б., Управленческий учет и финансы 2014 № 1(37) С. 66-81
В статье рассматриваются вопросы, касающиеся специфики оценки компаний при реализации стратегии диверсификации путём слияний и поглощений. Этот процесс требует раскрытия не только общих особенностей оценки, с которыми сталкиваются при данном типе корпоративных сделок, но также вытекающих из данной стратегии последствий для оценки объединённого портфеля бизнесов. Решение о снижении уровня диверсификации или, наоборот, о его увеличении ...
Added: January 3, 2015
Demkin I. V., Власов Д. А., Gabrielov A. et al., Проблемы анализа риска 2016 Т. 13 № 6 С. 30-47
Globalization of the world economy is forcing companies to enter international markets by implementing investment projects and competing for scarce resources and markets in foreign countries. Companies are faced with the need to assess country risk in order to select attractive countries for investment with an acceptable level of risk. This work is devoted to ...
Added: December 15, 2017
Gromov A., Научно-исследовательский финансовый институт. Финансовый журнал 2015 № 4 С. 62-71
В работе перечислены основные методы оценки значений фискальных мультипликаторов, описаны факторы, влияющие на них. С помощью SVAR-модели получены значения фискальных мультипликаторов как для совокупных расходов российского бюджета, так и для отдельных категорий. Определен интервал, в котором должно лежать значение фискального мультипликатора для России. ...
Added: October 31, 2016
Ulanov V. L., Минеральные ресурсы России. Экономика и управление 2014 № 5 С. 1-5
В статье проанализирована необходимость обоснованного выбора рыночных показателей и определения отдельных управленческих показателей при их использовании нефтегазовыми компаниями. ...
Added: August 11, 2014
Stulova N., Казанская наука 2010 № 4 С. 103-109
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the ...
Added: November 7, 2012
Karminsky A. M., Frolova E., Вестник МГИМО Университета 2015 № 3 (42) С. 173-183
This paper reviews the theory of value-based management at the commercial bank and the main valuation methods in the age of globalization. The paper identifies five main factors that significantly influence valuation models selection and building: funding, liquidity, risks, exogenous factors and the capital cushion. It is shown that valuation models can be classified depending ...
Added: October 25, 2015
Nazarova V., Финансовый менеджмент 2013 № 6 С. 51-60
The development of the company via the procedure of mergers and acquisitions (M&A) can have the negative impact on its appreciation by business groups, analytics and investors, and it can be estimated as value destruction.
The purpose of this paper is to estimate the motives of the M&A, that is aimed to form the optimal business ...
Added: February 4, 2014
Шамраева С. А., Корпоративные финансы 2010 № 2(14) С. 36-46
The level of corporate diversification is one of the most important decisions that management makes. The diversification strategy has its benefits and costs. According to the principles of corporate finance the efficiency of diversification strategy is always assessed by its impact on shareholder value. The article discusses the main value-creating and value-destroying drivers of diversified ...
Added: October 27, 2012
Bredikhin S. V., Linton J., Matoszko T., Foresight and STI Governance 2017 Vol. 11 No. 1 P. 24-30
How and why the positive net effect of science related activities substantially increases the value that would be anticipated by the financial theory that seems to work so well for other fields is considered here. A qualitative analysis of 25 small listed biotechnology R&D firms illustrates that these firms do not follow the neo-classical expectation ...
Added: March 24, 2017
Ivashkovskaya I., Journal of Corporate Finance Research / Корпоративные финансы 2010 Т. 4 № 1 С. 39-61
The variety of research papers on economic profit explanatory power in corporate market value changes exists with the data from developed as well as emerging capital markets. Existing empirical papers are classified to analyze the trade-offs in research methods. ...
Added: October 27, 2012
Ulugova A. E., Данилов Е. В., Ибрагимова Х. К. et al., Корпоративные финансы 2013 № 2 (26) С. 102-115
Comparative valuation is based on the market prices of similar companies and actually obtained financial results. Despite the fact that the method represents an approach which is quite easy to implement compared to the income approach, there are still some issues to be kept in mind regarding applicability of a set of multiples, accuracy of ...
Added: November 13, 2013