Ризик-орієнтований підхід до генерації вартості підприємства

Tamara Shilova

doi:10.33987/vsed.2(73).2020.164-173

Authors

Tamara Shilova Odessa National Economics University, Ukraine https://orcid.org/0000-0002-0255-9700

DOI:

https://doi.org/10.33987/vsed.2(73).2020.164-173

Keywords:

enterprise value, value generator, risk-based approach, transport and logistics activities, Industry 4.0

Abstract

The article investigates the essence of the risk-based approach to generating the value of enterprises with transport and logistics specialization. The objective of the study is to determine the content of all components of risk management using the example of this industry. Methodological feature of the components’ study on the risk-based approach is a disclosure of the modern paradigm «Industry 4.0», namely, a comprehensive study of operational, investment and financial activities factors. The key criterion of economic efficiency in the article substantiates the use of the enterprise value indicator. In addition, it is proposed to use the methodology for calculating the impact of Value-at-Risk on the generation of enterprise value. The result of the study of the risk-based approach’s components to the formation of enterprises value indicators in the transport and logistics industry is to obtain a clear algorithm for determining each of the key risk factors inherent in the industry. Particular attention is paid to the description of the manifestation of the IT-system of electronic risks, in particular, hacker attacks and other cybercrimes. The practical uniqueness of the obtained research results lies in the fact that, using the example of BKP (Ukraine), a reasoned risk management policy is developed in full compliance with the ISO 31000 standard. Risks were identified based on the probability of risks and calculation of minimizing the impact of their consequences on the cost indicators of the enterprise. Based on the results of the study, it is established the practical usefulness of the above-described management model for generating of an enterprise value, directly based on the study of the main risk factors for activities of transport and logistics companies in Ukraine, it is substantiated the possibility of its implementation in the practical aspects of the business processes implementation.

Author Biography

Tamara Shilova, Odessa National Economics University

PhD Student, Department of Enterprise Economics and Entrepreneurship Organization

References

Rappaport, A. (1986). Creating Shareholder Value: The New Standard for Business Performance, The Free Press, New York, 270 p.

Damodaran, A. (2017). Narrative and Numbers: The Value of Stories in Business, Columbia Business School Publishing, New York, 284 p.

Black, A., Wright, P, Bachman, J. E. (2000). In Search of Shareholder Value: Managing the Drivers of Performance, Financial Times Management, London, 366 p.

Ruhl, J., Cowen, S. (1990). How an In-House System Can Create Shareholder Value? Financial Executive, No. 1, pp. 53–57.

Turner, R. (1998). Projects for Shareholder Value: the Influence of Project Performance Parameters at Different Financial Ratios, Project Management, No. 4 (1), pp. 70–73.

Mehari, M. A. (2002). Measuring and Ranking Value Drivers, Tinbergen Institute Discussion Paper, No. 02-043/2, 18 p.

Moskowitz, J. (1998). What Is Your Business Worth? Management Accounting, No. 66 (9), pp. 30–34.

Jajuga, K. (2007). Zarządzanie ryzykiem [Risk Management], PWN, Warszawa, 384 p. [in Polish]

Tarczyński, W., Mojsiewicz, M. (2001). Zarządzanie ryzykiem [Risk Management], PWE, Warszawa, 280 p. [in Polish]

Garvey, P. R. (2008). Analytical Methods for Risk Management: A Systems Engineering Perspective, Chapman and Hall/CRC Press, Boca Raton, 282 p.

Coyle, J. J., Novack, R. A., Gibson, B., Bardi E. J. (2010). Transportation: A Supply Chain Perspective, Nelson Education, Scarborough, 503 p.

Damodaran, A. (2007). Strategic Risk Taking: A Framework For Risk Management, Wharton School Publishing, Philadelphia, 408 p.

Nagi, A., Indorf, M., Kersten, W. (2017). Bibliometric Analysis of Risk Management in Seaports, Proceedings of the Hamburg International Conference of Logistics (HICL), No. 23, pp. 491–521.

ISO 31000:2018(en) Risk management – Guidelines. International Organization for Standardization: website. Retrieved from: https://www.iso.org/obp/ui#iso:std:iso:31000: ed-2:v1:en.

Słodkiewicz, D., Wanicki, P. (2016). Istota społecznej odpowiedzialności biznesu w procesie kreowania wartości [The essence of corporate social responsibility in the process of creating value], Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, No. 436, pp. 253–260 [in Polish]