Управління вартістю в інтеграційних процесах

Tetyana Gamma; Oleg Babiy

doi:10.33987/vsed.2-3(63-64).2017.51-60

Authors

Tetyana Gamma Odessa National Economic University, Ukraine
Oleg Babiy Odessa National Economic University, Ukraine

DOI:

https://doi.org/10.33987/vsed.2-3(63-64).2017.51-60

Keywords:

value management, integration processes, mergers and acquisitions, non-public structures, illiquidity risk

Abstract

The article considers the problems of value management tool formation that is adequate to modern management conditions in the mergers and acquisitions process of food industry enterprises. The main problems of non-public structures business valuation, to which the most domestic food enterprises are belong, are identified as a result of the monographic analysis. Highlighted problems require a theoretical and methodological solution. A theoretical basis for the business value toolkit of non-public companies for the purposes of the M&A market as the result of the empirical study is created. A methodical approach to determining discounts for the liquidity level of a business-purpose in mergers and acquisitions is proposed.

Author Biographies

Tetyana Gamma, Odessa National Economic University

PhD in Economics, Associate Professor, Department of Enterprise Economics and Business Organization

Oleg Babiy, Odessa National Economic University

PhD in Economics, Associate Professor, Department of Enterprise Economics and Business Organization

References

Ross, S., Vesterfild, R., Dzhordan, B. (2001). Base of corporate finance[Osnovy korporativnykh finansov], Laboratoriya bazovykh znaniy, Moskva, 720 s. [in Russian]

Kouplend, T., Koller, T., Murrin, J. (2005). The company value. Valuating and management. Ed. by T. Kouplend [Stoimost kompanii. Otsenka i upravlenie; pod red. T. Kouplenda], Olimp-Biznes, Moskva, 569 s. [in Russian]

Damodaran, A. (2004). Investment valuation: tools and methods for valuing any assets. 3^rd ed. Trans. from Eng. [Investitsionnaya otsenka: instrumenty i metody otsenki lyubykh aktivov; 3-e vyd.; per. s angl.], Alpina Biznes Buks, Moskva, 1324 s. [in Russian]

Brigkhem, Yu., Gapenski, L. (1998). Financial management: in 2 vol. Trans. from Eng.

V. V. Kovalev [Finansovyy menedzhment: v 2 t.; per. s angl. V. V. Kovaleva], Ekonomicheskaya shkola, Sankt-Peterburg, T. 1., 497 s.; T. 2., 669 s. [in Russian]

Zvi, B., Kein, A., Marcus, A. (2004). Principles of investment[Printsipy investitsiy], Vilyams, Moskva, 984 s. [in Russian]

Merser, K., Kharms, T. (2008). Integrated theory of business valuation[Integrirovanaya teoriya otsenki biznesa], Maroseyka, Moskva, 294 s. [in Russian]

Penman, S., Sougiannis, T. (1998). A comparison of dividend, cash flow and earnings approaches to equity valuation, Contemporary Accounting Research 15, Fall, pp. 343–383.

Mendrul, O.G. (2002). Value management of enterprises: monograph [Upravlіnnia vartіstiu pіdpryiemstv], KNEU, Kyiv, 272 s. [in Ukrainian]

Shevchuk, V., Koryagіn, M. (2012). Theoretical and methodical bases of enterprise valuation [Teoretyko-metodolohіchnі zasady otsіnky vartostі pіdpryiemstva], Ekonomіst, No. 10, s. 58–60 [in Ukrainian]

Petrash, O.P. Valuemanagement: modern methods for evaluating the efficiency of an investment project of a developer[Upravlіnnia vartіstiu: suchasnі metody otsіnky efektyvnostі іnvestytsіinoho proektu developera]. URL: https://drive.google.com/file/d/0BwKoeQ7_rduSQUNMZjZ4VmJxd3M/view [in Ukrainian]