Доходный подход в оценке бизнеса: методология, задачи, тесты
The main purpose of the monograph is to present an innovative assessment tools in the implementation of customer-oriented banking. To do this, in this paper we study the theory of the formation of the valuation of the effectiveness of management of the corporate client in terms of interaction with the investment bank. The theoretical and methodological bases and conceptual modeling unit investment activity aimed at identifying reliable potential borrower from the bank . A new planning tool developed based on the regression analysis of indicators of the bank's cooperation with corporate clients and macroeconomic data. The developed model can serve as an element of the overall management of bank liquidity . Publication addressed a wide range of readers interested in the problems of client banking. Work will be useful for scientific , primarily economic community for students, faculty and graduate students of economic universities and faculties, for those readers who are interested in banking processes aimed at identifying the needs of corporate clients.
The published article is the result of the analysis of a fragment of the ontology of texts created in the political discourse of the Nizhny Novgorod region. The frame structure (actants) of the texts on the political topic is presented in the asrticle. The object of research is the slot "evaluation" (the tone: a fragment of thesaurus of assessment tools is taken and interpreted from the point of meaning, expression and political correctness).
Emerging market companies typically have lover values than their counterparts in developed markets. In order to account for this practitioners typically use an ad hoc premium in discount rate in their DCF models – so called country risk premium. Approaches for this premium calculation do not have adequate theoretical basis in the literature. There is an alternative to premium which is in accounting for a country risk through scenario approach. However it is difficult to implement practically because of the calibration problem. Thus there is a problem of a country risk.
The concept of country risk premium has to be abandoned. We propose following procedure in emerging company DCF valuation.
1) Calculate theoretical discounted value as if the business is from developed country.
2) Account for the risk of an emerging market applying the discount. The discount can be obtained through analysis of differences between emerging and developed stock market multiples. As a result the problem of an emerging country risk stops being "black box" and becomes clear, observable and verifiable.
This paper proposes critical analysis of the theory and practice of discount rates. In addition paper gives a theoretical basis for country risk from the prospective of New Institutional Economics.
This article aims to develop econometric model suitable for valuation of synergies in Russian domestic M&A deals. The authors test several empirical hypotheses about factors of synergy creation in 2006–2014. The article looks into various ways to estimate synergies based on financial statements of companies that participated in the deal. Success rate of deals and synergy structure is estimated for the whole sample and for growth and crisis periods. Most important factors of synergy are estimated, and robustness of these factors during growth and crisis periods is analyzed.
Valuation in emerging markets is always a challenge. The existence of sovereign risk and capital market segmentation as well as small trading volumes and narrow domestic capital market make it difficult to identify peer companies for market multiples valuation without cross- border comparables. This paper investigates the practical implementation of market multiples valuation in emerging markets when the analyst should involve peer companies from developed markets. Companies with comparable operational parameters bear different values on different financial markets. The problem of unavoidable difference among national stock markets exists, that is why methods of cross-border multiples’ corrections are called for. We address cross-border corrections procedures for adjusting multiples to a sovereign risk to find out the role and the extent of these type of adjustments in valuation. We are using the samples of Russian and US companies to test three different adjustments’ techniques: the sovereign spread, the relative market coefficients and the regression approach.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
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 new main sources of company's success that is its intellectual capital.