К вопросу о достоверности рыночной цены акции для целей оценки
The article examines the problem of the interchangeability of the market price and the market value of the share. It is obvious that the market value is applied when there is no market price. But when the market price and the market value co-exist, each of them can be a criterion of the truth of the other, depending on the verity of the method of their formation. It is concluded that the reliability of the market price of a share depends on the characteristics of its market. But the appraiser always has a “solution space” within which his subjective approaches to assessing the market value of shares can be also based on the market price.
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.
The actual value of shares in the company in most is determined on the basis of the examination. The author casts doubt on the legality of such practices. Based on the result of the analysis of the legislation and judicial acts, the author proposes to use another mechanism in determining the need for the examination. The examination for this category of disputes as to the position of de lege lata, and from a position of de lege ferenda possible only if the claimant have denied the presumption of validity of the balance sheet data.
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 relies on its key asset, as well as what share of the value of the company generates intellectual capital.
The development of modern economic relations has led to the fact that the impact of tangible assets on the market value of a company has decreased significantly and stepped back to intangible assets, which determine the intellectual capital of the economic entity. It is intangible assets that allow you to gain competitive advantages and ensure long-term development in a dynamic environment. This article reviews a method that will allow performing the assessment of such a specific intangible asset as intellectual capital by determining the economic potential of a company. In turn, the proposed approach is able to quantify this parameter, as well as its components: relational, organizational and human capital. To determine the economic potential of a company, the author proposes using the income approach, which is the sum of the net produced values of investment projects most preferred for implementation, as well as the residual value of the economic entity at the end of the accounting period. Depending on business branch, the proposed method will take into account the totality of all external and internal factors influencing the analyzed company and its economic potential, which will help to create new opportunities and development alternatives for both the long-term and the short-term. Modern management should seek to develop the intellectual capital and prevent its leakage to ensure the growth of company productivity. Practical implementation of this methodology will allow management to more rationally form a company development strategy and take into account the existing shortcomings for their elimination. We will consider the essence of intellectual capital as a set of intangible resources that ensures the creation of added value and unique competitive advantages of a corporation in a selected market segment. While considering the intellectual capital, it is necessary to analyze its 3 components: relational, human and organizational capital. The problems, which arise in the quantitative assessment of separate components of intellectual capital lies in the impossibility of classifying a particular intangible asset to a specific type of capital. It is also impossible to assess the impact of a particular constituent on intellectual capital as a whole, since they create the necessary competitive advantages for a company only in complex. The study proposes to obtain a quantitative assessment of intellectual capital based on the analysis of economic potential of a company. © 2019 Academic Conferences Limited. All rights reserved.
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.
This article focuses on pricing of goods and services by a non-profit organization. The authors presented a list of basic pricing methods, the most widely used in NPO’s. These features allow the methods to generate a list of recommendations for their practical application.
The concluding chapter takes stock of the book’s core notion of high participation systems (HPS) of higher education, in the context of the eight country studies and seventeen HPS propositions. The propositions engender extensive, though not unanimous, support. Declining institutional diversity and more complex governance are broadly agreed, but Finland and Norway differ from the other cases in stratification and equity. The HPS theory and findings are compared and contrasted with Martin Trow’s seminal work. The book ends with a central and enduring tension in HPS. Higher education as self-formation empowers individual agency in HPS on a larger and more inclusive scale. Yet, in HPS those without higher education are more disadvantaged; the average graduate has less social and occupational distinction; and secular tendencies to intensive competition for elite education and institutional bifurcation lead to greater inequality in educational and social outcomes, unless Nordic-style values are sustained.