MODERN DILEMMAS OF THE COMPANY VALUATION

Abstract

The article is devoted to the problems of company valuation, new challenges to analyze and evaluate companies and their market potential in terms of modern economy. Evaluation of the company's value is undoubtedly an important part in the business management process and is an effective management tool for enterprises of any organizational and legal form of ownership. Improved methods for assessing the value of a company can become the foundation for the informed identification of the real value of a business. The research reviews value drivers, which generate most of the company's value. It is proposed to group value determinants into the following categories: financial, marketing and intangible. The aspects of investigates the irrational assessment of business value based on manipulated information spotlighted in the paper. The research has for its object to consider methods of estimating the company's value according to the popular American classification. Nowadays, methods are grouped according to the following approaches: asset-based, income-based, market-based, real options and combined, but their effectiveness is reduced due to the lack of general principles for choosing a business valuation. Also, the detailed review of the advantages and disadvantages of the above methods has been carried out, to create a unique approach that will allow to adapt the experience of foreign countries to Ukrainian realities. Thus, nowadays, it was found that there are a large number of models and techniques to estimate the value of the enterprise, but in most cases, it is western management and evaluation techniques that do not always adapt to the characteristics of Ukrainian business, and therefore their application can give results of the assessment, which deviate significantly from reality. It is proposed to develop a concept for combining various methods using a synthetic formula and indicate the general cost factors for each specific enterprise, which will take into account all types of interactions between factors. The article presents great interest to modern economists, corporate managers and students of financial department.