Оцінювання та формування вартості машинобудівних підприємств

Abstract

В диссертации исследованные концептуальные, теоретико-методологисеские основы и прикладные аспекты оценивания экономических ресурсов в системе формирования стоимости и стоимостно-ориентированной концепции менеджмента. Доказана перспективность и адекватность использования стоимостных показателей и индикаторов в оценивании эффективности функционирования отечественных машиностроительных предприятий как хозяйствующих субъектов инновационного типа развития с целью демонстрации стоимости собственного капитала (инвестиционной привлекательности), объективность стоимостных критериев для установления эффективности управления акционерным капиталом. Сформулированы принципы и основы построения системы оценивания стоимости машиностроительных предприятий, адекватные условиям отечественной экономики. Сформирована и обоснована теоретико-концептуальная основа системы оценивания стоимости машиностроительного предприятия, которая базируется на имущественном подходе и ресурсной концепции с корректирующим индикатором экономической добавленной стоимости.Thesis research is aimed at solving actual scientific and applied task for grounding conceptual principles and construction of system for economic assessment of engineering enterprise resources as tools for supporting management process of its value formation. The present thesis researches conceptual principles, methodological fundamentals and methodical approaches of systems and models of economical assessment of economic agent resources in system of value formation and value-oriented management. Paper discloses basic principles of management aimed at creation of value, proves economic and social justification of value paradigm, objectivity for use of value criteria in assessment of efficiency of modern enterprise operation and system of corporate management. Principles of interconnected assessment of enterprise operation efficiency and efficiency of corporate management system were suggested. Approach to efficiency determination of management system of domestic engineering enterprise on the ground of basic index of return on assets in combination with indicator of economic value added were objectified that enables to combine operating and long-term efficiency of enterprise operation. Prior to conditions of stabilization of production and economic and financial activity, it was suggested to assess efficiency of corporate management of engineering enterprises according to indicator of correlation of market capitalization and rates of sales increase or reduction of costs (first of all it concerns overhead costs). Appropriateness and adequacy of use of value indices and indicators by domestic engineering enterprises as economic agents of innovation development type with the view of formation of strategic potential and demonstration of its investment value (attractiveness) were grounded. Problem issues of basic and theoretical and conceptual principles, methodological fundamentals and methodical provisions of systems and models of economic assessment of enterprise potential for information support of value paradigm of management were disclosed. Objectivity of information disclosure about value of economic agent, adequacy and correspondence of results of measurement systems in disclosure of value of enterprise capital and their changes pursuant to needs of capital markets, stock markets, shareholders and other persons interested in value parameters of economic agent was analyzed. Insufficient justification of use of subjective basic indicators, connected with estimated rates of projected cash generation, dividend payments, establishment of discount rate and “post-projected value” indicator was proved. Principle features of different kinds of enterprise value in modern economics were disclosed, structure of economic resources that form potential and value parameters of economic agent was specified. Economic essence and characteristic of enterprise as organizational form of share capital, object of cost estimate and value bearer in the light of social relations were analysed and extended, reasons for different impact factors of reduction of coverage of share capital value by net assets of enterprise were found out. Existing theoretical and methodical approaches to value assessment of aggregate economic recourses were analysed, on the grounds of which priority tasks were defined, improvement of methodological principles of value assessment of enterprise own capital. Theoretical and scientific approaches to assessment of non-material component of capital of economic agent were generalized, their basic contradictions were found out and defined and methodical provisions and principles of assessment of non-material assets and intellectual component of capital of engineering enterprise were laid down through “ideal capital” category. Qualitative characteristic of financial and non-formalized indicators of value measurement of economic potential of enterprise, used basic indicators in systems and models of cost estimate were determined and approaches as to their aggregation with the view of objectivization of conceptual principles of assessment of value parameters of engineering enterprise adequate to real conditions of domestic economics were suggested. Content characteristic of “capital reserves” indicators, reversion of amortization flows and their use in system of value assessment as multiplier of reproductive ability of enterprise own capital was improved. Use of principles of concepts of capital preservation, resource concept, concept of non-expressed assets, as well as approaches to adjustment of net assets of enterprise, use of “assets usefulness reduction” method in system of value measurement were grounded. Theoretical and conceptual principles of economic potential assessment system in system of value-oriented management of engineering enterprise were stated. Methodological base of economic assessment system is based on property approach and method of net value of adjusted assets, indicatively corrected on value of non-material resource potential, real reserves of own capital, costs and deferred income, reversed directions of amortization. Applied approaches to use of formulated information support in system of management of processes of formation of value parameters of economic potential of engineering enterprises were suggested with the view of support of managerial decisions.У дисертації досліджені концептуальні, теоретико-методологічні засади і прикладні аспекти оцінювання економічних ресурсів у системі формування вартості та вартісно-орієнтованої концепції менеджменту. Доведено перспективність і адекватність використання вартісних показників та індикаторів в оцінюванні ефективності функціонування вітчизняних машинобудівних підприємств як господарських суб’єктів інноваційного типу розвитку з метою демонстрації вартості власного капіталу (інвестиційної привабливості), об’єктивність вартісних критеріїв для встановлення ефективності управління акціонерним капіталом. Сформульовано принципи і засади побудови системи оцінювання вартості машинобудівних підприємств, адекватні умовам вітчизняної економіки. Сформовано і обґрунтовано теоретико-концептуальну основу системи оцінювання вартості машинобудівного підприємства, що базується на майновому підході та ресурсній концепції із коригувальним індикатором економічної доданої вартості.