home Finance Books Фінансова діяльність суб'єктів господарювання - Tereshchenko O.O.

Фінансова діяльність суб'єктів господарювання - Tereshchenko O.O.

9.3.3. Оцінка вартості підприємства на основі ринкового підходу

Rinkovyi pіdhіd perebachay rozraunok vartostі pіdpriєmstva na osnovі results in yogo zіstavlennya z inіshim biznes-analogov. The head here is the presence of the pri- mation base for porting and receiving analogues. The subbienne of the business is guilty of being conducted in the same galusies, but also in the department, in the galusies, in the ugly to the quieter ones themselves. For z'yasuvannya chiogo pitania slіd to conduct portivnyal analiz kilkisnykh ta yakisnyh podibnost ta vidminostnost mizh analogichnimi pіdpriemstvami that ob'ektom otsinki. In the framework of the market approach, the following methods are invaluable:

* 6: {Rule No. 4 of the IES "Otsinka to Biznessu."}

Зіставлення мультиплікаторів;

Порівняння продажів (Transaction).

The main features of the information in the case of a financially secured piracy are the funds of the bazaar and the pozabirzhov trading systems, which are subject to the rights of ownership in the sub-business, the financial information about the counterparties, and the information about the transactional transactions with corporate rights in the business, which is to be assessed.

By singing an instrument of approval of corporate rights, and otzhe, і vartosty pidpriemstva, є efektivnyi rynok kapitalyv, oskilki vіn u tsilomu volodіє іnformatsієyu, yaka vіssutnya v okremih uchasnikіv rinku * 7. To him in the regions with the economically diligent economical economy, the hour of valuation of the warships behind the rinkovy pidokhod, the base for porting is often to issue information about the rinkoviy (birgoviy) course of corporate rights.

* 7: {Schneider D. Investition, Fionanzierung und Besteuerung. 7., vollst. Uberarb. U. Erw. Aufl., Studentenausg. - Wiesbaden: Gabler, 1992. - S. 520.}

The method of creating multiplatforms allows you to save your life on the basis of property on the basis of the meaning you have shown on the analogs of analogues. The method is to work on the theories about the multiplication of multipliers, the rozrachovaniy for pidpriemstv-analogues. Algorithm for rozraunku rinkovoy vartostі pіdpriemstva zim method is the following:

BnM = Po x M, (9.7)

De Vpm - vartim pidpriemstva, rozrahovana on the basis of zistavlennya multiplikatoriv; On - the meaning of a showboy, scho porivnyuetsya (pure virus, pributok, CF tochno), on otsinyuymomu pidpriemstv; M - multiplikator (rozrahovuyutsya z vikoristannyam give pidpriemstva-analog).

Як мультиплікатори здебільшого використовуть такі viewers:

Відношення ціни (corporate rights chi підприємства) to clean viruses від реалізації;

Відношення ціни підприємства до операційного Cash-flow;

Відносня ціни до чисто прибутку;

Vidnoshennya rinkovogo rate of corporate rights to the balance sheet.

Principally ─ vikoristania povnistju іidentichnih techniques rozraunku meaning multiplikatorіv on otsinyuemnomu pidpriemstvіa that ob'ekt poryvnyannya. In the case of one pidpriemstva mozhut bots vikoristani kilka multiplikatorіv. Vartizh pidpriemstva pri tsimu obkislitsya yak serednjoaritmeticna vartіst, rozrahovana for kozhnym multiplikatorom.

Application 9.3

Before the financier, the goal is to settle the riskiness of compliance, corporate rights, I do not want to flock to the market. On the basis of the conducted analysis of statistical and financial information, z'yasuvati has been forced to invest in the corporate rights of property, for the basic ones, those kilkis characteristics of a similar property. As a result, the website is published in the official web site of the analogue of the information, supported by the results of birzhovyh trades, has been uploaded to the public so that the images can be viewed in the same way:

For otsinki vartostі pіdpriemstva rozrauєmo znachennya okremih multiplikatorіv po pidpriemstvu-analogue:

Vidnoshennia rinkovogo course to the balance = 0,75;

Vidnoshennya rinkovogo course to operational Cash-flow = 2.72;

Vidnoshennya rinkovogo course to a net surplus = 3;

Vidnoshennya rinkovogo course up to the pure virchka від реалізації = 0.214.

Vikoristovoychi dany otsinyuyogo pidpriemstva, zaydemo zagalnu rinkov vart yst yogo korporativnykh zhurnal (yak dorivnyuatime otsіonichniy vartosty pidpriemstva) in the top of multiplexers:

Multiplayer of the price of the market price to the balance rate: 112.5% ​​(0.75-150%) abb. 3375 thousand yen. UAH (112.5% ​​of 3000 thousand UAH);

Multiplayer vinodoshennia rinkovogo course up to the operational Cash-flow: 3808 tis. UAH (2.72? 1400);

Multiplayer of the veneer exchange rate to net surplus: 3600 yew. UAH (3? 1200);

Multiplayer vinodoshennia rinkovogo course up to the pure viruses in the real life: 3210 tees. UAH (0,214? 15,000).

Кннцеву оціночну вартість can be known yak serednu arithmetical on multiple multipliers: (3375 + 3808 + 3600 + 3210) / 4 = 3498 yew. UAH

The method of porting sales (transactions) is based on cost-effective solutions, vigodachi tsini selling analogues ob'ektiv. Він передбачає, що под'єкти ринку здійснють операції купівлі-май майна за цінами, які були встановлені при купівлі-аналогічних об'єктів. Oskilki absolute analogues are not practical in practice, the sale of pi-privyvaniyh pіdpriєmstv koroguyutsya na spetsialno obshchei podprachnichi koefіtsієнti, yakі pokazatyvat rіvenь vіdmіnostі об'єкта оцінки та його аналогу.

Application 9.3

Vikoristovoychi dany alternating the butt in part otsinyuvannogo pidpriemstva, znaydemo yogo vartit by the method of porting sales, yakshchoo pidpriemstvo-analogue of the clean virchka vid realizatsii 20 000 yew. UAH, we clean by a surplus 1550 yew. UAH that is operational Cash-flow 1850 tis. UAH boolo realizovane for 4500 yew. UAH

By the method of assessment of the quality of the property, the familiar correction:

Clean viruses in the real life: 1.33 (20 000/15 000);

Net surplus: 1.29 (1550/1200);

Operational Cash flow: 1.32 (1850/1400).

The average arithmetic mean of the correction key becomes 1.31. Shukana rinkova vartit pidpriemstva dorivnyuє 3435 тис. UAH (4500 / 1.31).

In the framework of the method of determination of the ocinic community, it is known that in the framework of the rink pidhod, the portability is correlated with the amendments, which characterize the risks of the establishment of the community, the rights to the rights of the people, the riches of the mobility of corporate rights.

Prior to the transfer of the method, in order to ensure that those who are able to do so, they can provide the opportunity to obtain a realistic estimate of the quality of the main lane. Недоліки метоів оцінки за ринковим підходом змовлені тм, що вони не враховуть ватість potentііних прибутків, які можно отримати, експлуатуючи об'єкт оцінки. In addition, in actual vypadkas, the results of the application for the pragmatic methods are dovzlno zistavati z vartitistu pidpriemstva, rozrahovannuyu for the method kapitalizovanoї vartostі chi diskontuvannya grooshovikh toriiv.

The problem of the vikoristani method in the framework of the rink pidhodu is zoomed in, in Ukraine the real price of the purchase and sale of property in the official statistics is limited, and the stock market can not be bothered.