MARKET VALUE ASSESSMENT OF THE ENTERPRISE TAKING INTO ACCOUNT RISK AND INFLATION

The paper deals with the problem of assessing the market value of property of urban construction enterprises with due regard for risk and inflation, which has become particularly relevant in connection with their privatization, lease, joint ventures, and the ongoing war with the Russian Federation on the territory of Ukraine, and which is also important and highly significant in calculating national wealth and restructuring the country's tax system. Since countries with developed market economies always levy taxes on capital (property) in various forms, and due to the current dynamics of the value of existing property, it must be constantly reassessed. It is shown that a correctly assessed market value of an urban construction enterprise allows for an unambiguous assessment of various options for its modernization, which are burdened with a certain risk and affect the conditions of its functioning in the long term. It is proved that such actions (decisions) increase the value of an urban construction enterprise, which means, in turn, that they are effective and should be taken promptly, or vice versa. It is established that an important factor in assessing the market value of an urban construction enterprise is the amount of income stream that this enterprise brings to its owner. It is demonstrated that an investor will act rationally by investing his or her funds in those urban construction enterprises that generate the highest income (the highest rate of return). The paper notes that by becoming a co-owner of such an enterprise, the investor acts under conditions of uncertainty, various economic risks and the impact of inflation (more precisely, its level and growth rate). It is shown that the amount of profit, which is a source of income, is not certain (determined), but can be changed, and those who buy securities (shares or bonds of an enterprise) act under conditions of uncertainty and the resulting risk. The authors assume that investors are guided in their decision-making by only two parameters (expected rate of return and risk), and therefore argue that the value of an urban construction company is an important selection criterion under conditions of uncertainty and resulting risk. The paper provides scientifically sound approaches and methods for determining the expected rate of return, discount rate of cash flows from the implementation of an investment project, taking into account the impact of inflationary factors and various types of economic risks.