VALUE BASED MANAGEMENT: MODERN INSTRUMENTS OF EVALUATION OF DEVELOPER COMPANY INVESTMENT PROJECT EFFECTIVENESSJournal: University Economic Bulletin. Collection of scientific articles of scientists and post-graduate students (Vol.1, No. 23)
Publication Date: 2014-11-01
Authors : Petrash Olga;
Page : 25-29
Keywords : value- based management; VBM factors; investment project; developer; effectiveness;
The purpose of the article is scientific substantiation of the possibility to use effectively in the national practice modern instruments and models of the company (developer) value management in order to estimate effectiveness of the investment project of the company. The object of the research is Modern instruments of estimation of effective enterprise management within conception of value-based management. Having analyzed, systematized and generalized of many scientists’ works we have concluded that researches of conceptual approaches and technologies of enterprise cost estimation are still essential. In this results of analysis of modern approaches to value-based company management were proposed; correlation between goals and approaches to estimation of company value was traced; principles of organization of system of indicators, which outline effectiveness of enterprise operation were defined. Possible ways of EVA criteria usage for estimation of effectiveness of enterprise financial and business operation management were reasoned. On the basis of review of modern literature sources related to this issue, main approaches to distinguishing groups of factors of costs, depending on the level of cost assessment, place of origin and possibility of management, were determined. As a result of research classification of native and foreign scientists’ approaches regarding differentiation of cost factors on the basis of financial and nonfinancial criteria was structured and consolidated. It was justified that complex management of divergent factors will enable to apply value- based management system for operation of native enterprises especially when they undergo innovative changes, which are the important lever of enterprise value formation and are often considered to be nonfinancial (quality) factors. We have proposed to use the integral index, such as their combination (for example EVA,SVA and CFROI ), for invest project analyses of the developer for the further comparison of results. Perspective of the further investigations of this problem is developing of scientific-methodic instrument, which will enable to consider overviewed factors for making up decisions in the system of cost-oriented enterprise management.
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