THE ENTERPRISE VALUE AS A SUMMARY INDICATOR OF ITS ECONOMIC DEVELOPMENT

Estimation of the pace and scale of economic development of enterprises requires the selection of indicators of this development. These indicators include the indicator of the market value of the enterprise, which characterizes all the main current and predictive characteristics of both the enterprise itself and its external environment in a generalizing form. In addition, the criterion for maximizing the market value of the enterprise can be applied in the process of developing measures aimed at ensuring the further economic development of the enterprise. Taking into account the aforementioned, the purpose of this article is to study the possibilities of using the enterprise value as a summary indicator of its economic development. The peculiarities of application of three basic approaches to the assessment of enterprise value (cost, comparative and profitable approaches) are analyzed. It is shown in the article that the main difference between the above-mentioned approaches is a different array of information used in their application. The main factors that influence the market value of the enterprise according to the income approach are determined. The authors paid particular attention to the issue of harmonization of the results obtained using different approaches to assessing the enterprise value. It is possible to combine certain aspects of cost, comparative and income approaches to assess the enterprise value as an indicator of its economic development. For this purpose, the authors proposed to use the following indicators: coefficient of adjustment of net profit of enterprises taking into account its possible future changes, indicator of the maximum profitability of assets of enterprises in the industry and the indicator of the total initial value of the available assets of the enterprise under assessment. The article presents the method of choosing the best option for increasing the market value of the enterprise in the process of its economic development. This method is based on the application of the indicator of optimal level of return on assets, which corresponds to the best option for the implementation of measures aimed at increasing the market value of the enterprise. In turn, the value of this indicator is determined by the optimal amounts of income, expenses and investments in the development of the enterprise. Using in the practice of enterprises of the proposed approaches to assess their value will increase the degree of justification of organizational and technical measures, the implementation of which involves ensuring the economic development of enterprises.