Not a value standard. Workshop name. Basic methodological principles and approaches to assessing the market value of enterprises

The emergence of PBU 14/2007 "Accounting for intangible assets" is associated primarily with the introduction of part four of the Civil Code Russian Federation regulating the rights to the results of intellectual activity and to the means of individualization. In this regard, the rules accounting brought into line with the norms of civil law. The book discusses in detail the methodology of accounting in commercial organizations objects of intellectual property, taking into account RAS 14/2007 "Accounting for intangible assets". Contains the main accounting entries in accordance with the Chart of Accounts for the financial and economic activities of organizations and guidelines accounting of intangible assets. A large number of numerical examples are presented that clearly show the accounting methodology for intangible assets in commercial organizations. Much attention is paid to the provisions of the Tax and ...

The purpose of this book is to introduce the reader to practical techniques and methods for valuing intangible assets. Currently, there is a certain lack of literature on these issues, and therefore there was a need to prepare this publication. In the presented work, in the form of answers to questions, the basics of the theory and practice of assessing the value of intangible assets are stated. In particular, the legislative framework for estimating the value of intangible assets is considered, the main approaches and methods of valuation are given, and the basics of financial calculations necessary for the valuation of property are disclosed. this work It is addressed to appraisers, financiers, heads of organizations, as well as to all those who are interested in property valuation issues. The book can be used in educational process universities, in the preparation of specialists in the field of property valuation.

An important condition for the sustainable long-term growth of any company is investment, and investors need reliable information. Without indicators that reflect the most important components of the company's value, managers cannot make decisions that would most contribute to its economic growth. Existing company valuation methods do not take into account intangible assets. And this is a stable client base, trademark and image of the company, its intellectual resources, competencies, knowledge and experience, general moral values and norms, management processes. The authors of Weightless Wealth attempt to put an end to the age-old neglect of intangible assets in accounting. In the new economy, it is not capital or physical resources that determine the value of your company and provide it with a competitive advantage. What really gives a company value are the intangible assets - brands, networks, competencies, knowledge, skills, corporate...

This book is the first comprehensive, scientifically based study of the nature and impact of intangible assets. The book provides an assessment of the importance of intangible assets as a condition for the success of corporations, economic growth and public welfare in general. Combining case studies and examples from real life with modern economic theory, Baruch Lev sheds new light on the nature of one of the fundamental and at the same time one of the least studied driving forces that influence the results of business activities and ensure the growth of the economy. The target audience of this publication are practicing business appraisers and top managers of companies.

The Financial Valuation Applications and Models (FV) book series is a comprehensive, comprehensive text on business valuation presented in an accessible way. The FV contains numerous examples and techniques to assist in the management of valuation projects, as well as quick tips (NB!) that highlight important and often controversial issues in business valuation. For the first time, John Wiley & Sons has been able to engage 30 prominent and highly respected valuation professionals to discuss and agree on appropriate valuation methods, collectively presenting views and positions on valuation concepts, and most importantly, the application of appropriate business valuation methods in practice. The authors are drawn from all over the United States and are members of professional valuation and financial associations including the AICPA, ASA, SFA, IBA, and NACVA. The series of books "Financial Evaluation. Applications and Models" is aimed at groups...

The structure and objects of intellectual property according to the provisions of the Paris Convention and the legislation of Russia, the funds of intangible assets of the enterprise and the methodology for their evaluation are considered. The organization of the use and planning of the effectiveness of intangible assets is disclosed. For university students and students of advanced training courses, managers and specialists of enterprises.

The system-activity concept of intellectual activity is presented in a systematic way. The subject-object essence of innovations is revealed; directions of commercialization of objects of intellectual property are shown; given legal framework governing the ownership of the results of intellectual activity. The classification of intellectual property objects, their features (non-materiality, usefulness, uniqueness, urgency, depreciation, etc.), the possibility of their full participation in market relations are considered. The methodological toolkit that ensures the involvement of intellectual labor products in economic circulation includes the types of value used on the market (market and non-market), approaches, cost principles and the technology (process) of evaluation. The textbook has been prepared in accordance with the training program for the discipline DS. 1.3 "Valuation of intangible assets and intellectual property". Designed for students studying...

The manual, in accordance with the current regulations, sets out the primary documentation and accounting of intangible assets, fixed assets, capital, material, financial investments (investments) and other non-current assets placed in section 1 of the asset of the balance sheet, as well as the methodology audits. In each chapter, examples are considered and a workshop is given, the solution of which allows you to consolidate the theoretical material. For students of higher and secondary educational institutions studying accounting and auditing, as well as to prepare for the exam for obtaining a qualification certificate professional accountant, auditor and financial manager.

Methodology for the identification and evaluation of "hidden" and "imaginary" assets and liabilities. It is used to assess the market value of an organization (business) The book is an updated and revised edition of two studies previously published by the author: Methods for identifying and evaluating "hidden" assets and Methods for identifying and evaluating "imaginary" assets. The issues of improving the methods and techniques of market valuation of the value of a functioning business using accounting, tax and management accounting, as well as issues of improving methods and techniques for identifying and evaluating assets and liabilities that are either reflected in accounting, but are actually absent, or absent in accounting, but are actually available. The methodology will be of interest to practicing appraisers, as well as teachers, graduate students and students of economic specialties: accounting, entrepreneurial activity, finance and credit, business valuation.

We offer you a translation of the second edition of the "Handbook of Business Valuation". To date, its English-language edition enjoys unconditional authority among valuation business professionals. The authors of the book are recognized authorities in business valuation. The publication presents practical experience US specialists in the field of small business valuation various directions. The target audience of this publication is practicing business appraisers and top managers of companies. The book will be of interest to students of economic specialties and readers interested in modern publications on business valuation. The purpose pursued by the publishers of this book is to expand the reader's understanding of the practical methods of business valuation.

Generally accepted cost standards in the valuation of an enterprise are a set of valuation requirements. There are four main standards for assessing an enterprise:

1) reasonable market value;

2) reasonable cost;

3) investment value;

4) internal (fundamental) value.

All of these standards assume that the assessment is done based on the so-called free, not forced (including administrative interventions), transactions for the acquisition of an enterprise or its shares.

The main differences between these standards are as follows.

Standard reasonable market value assumes that the valuation of the enterprise ( investment project) is made on the basis of information (on property, on the current and forecast market conditions and purchased resources, business opportunities, etc.), which is equally available to any potential buyer and seller of the enterprise, to any investor. The business opportunities of any potential investor, in particular, project financing, sales, are also considered equal and unlimited.

Standard reasonable cost involves the valuation of an enterprise on the basis of an equally accessible for a specific buyer and seller of the enterprise specified information. Their business opportunities are also assumed to be the same.

Standard investment value involves the evaluation of an enterprise (investment project) only on the basis of the awareness and business capabilities of a particular investor (hence, according to this standard, the evaluation of the same project will be different for different potential investors).

Standard intrinsic (fundamental) value involves an assessment of an enterprise (project) by a third-party independent appraiser based on his own knowledge and understanding of the investor's business opportunities (which does not exclude the provision to the appraiser, at his request, of the information necessary for the assessment, which he will correct).

The classification of enterprise value standards, taking into account the completeness and reliability of the information required for the assessment and its availability for a different circle of market participants, can be reflected in the one shown in Fig. 1.2 coordinate system (the sufficiency of information here is understood as the sufficiency for the application of one or another method of assessing the enterprise).

In addition to generally accepted international standards, individual countries develop and approve national standards for enterprise valuation, which play the role of regulatory methodological documents. They are also framework, they do not dictate the method of evaluation for each specific case. However, these national standards purport to streamline the methods of calculation for different methods of enterprise valuation and the terminology used.

In the business valuation process, one of the most important issues is the establishment of a standard or type of value to be assessed.

Standards or types of value are the terms or concepts of value that the appraiser must adhere to in the course of his activity.

IN Russian legislation the concept of "cost standard" replaces the term "value type". The types of value obligatory for Russian appraisers are enshrined in the Law “On Appraisal Activities” and in Decree of the Government of the Russian Federation No. 519 “On Approval of Appraisal Standards” dated 06.07.01.

According to the data regulations the whole set of types of costs is divided into:

· the market value of the appraisal object (equivalent to the standard of reasonable market value in the American appraisal activity);

types of values other than market value.

1. Market value – basic standard or type of value.

Art. 3 of the Law "On valuation activities in the Russian Federation" states:

“... the market value of the appraisal object is understood as the most probable price at which this appraisal object can be alienated on the open market in a competitive environment, when the parties to the transaction act reasonably, having all the necessary information, and any extraordinary circumstances are not reflected in the value of the transaction price , that is, when

one of the parties to the transaction is not obliged to alienate the object of assessment, and the other is not obliged to accept the performance,

the parties to the transaction are well aware of the subject of the transaction and act in their own interests,

The object of evaluation is presented on open market in the form of a public offer (written or oral or resulting from the behavior of the proposing party - the offeror - a message about the desire, offer, to enter into a legally binding contract, and from the terms of this message it is clear or implied that it will bind the offeror as soon as the party - the acceptor, which the offer is addressed to accept it by action, refraining from action or counter-obligation),

the transaction price is a reasonable remuneration for the object of assessment and there was no coercion to conclude a transaction in relation to the parties to the transaction from either side,

payment for the object of assessment is expressed in monetary terms.

In essence, it is a compromise price, and in the literature it is very often called equilibrium price . The concept of reasonable market value is future-oriented, that is, on the assessment of the real value of future income, including the residual value of this object.

2. Investment cost – is the value of the business for a particular buyer. It is formed on the basis of the goals, objectives, prospects pursued by this particular buyer (investor).

Reasons for differences between fair and investment value:

Differences in the assessment of the amount of profit (future profitability);

Differences in the assessment of the risk associated with doing business (a potential investor may have greater resources and solvency than the current owner, and, accordingly, a number of risks for a new investor will not exist);

Differences in tax status (a particular investor may have certain tax benefits, which will also be reflected in the new facility);

· a synergistic effect, that is, the effect of a merger with other assets controlled by a particular investor - as a result, the total value of the two packages will be more than the mathematical sum of their values.

Investment value is not a hypothetical value. It comes from the plan of the investor, taking into account the principle of the most effective use.

3. Intrinsic fundamental value – rare in practice; is applied when there is an assumption that the shares of an open company are undervalued by the market due to some objective circumstances. The basis of the definition is to identify the internal potential of the business.

In accordance with this standard, the value of a business is determined on the basis of the following assumption: if something can be done to increase the value of a business based on its internal potential, then it will be done. The intrinsic value does not depend on how these characteristics correspond to the goals of a particular investor, but on how they are interpreted by one analyst or another.

4. Residual value is the amount of money that can realistically be obtained from the sale of the property in a period insufficient for adequate marketing. It is applied in case the termination of business (closing of the enterprise) is supposed.

It is determined as the difference between the revenue expected from the sale of the company's assets on the market and the costs of liquidating the enterprise (commissions, costs of carrying out the activities of the enterprise until its liquidation, expenses for legal, accounting services, etc.)

As a rule, the liquidation value is significantly less than the value of the existing enterprise.

Other types of value - insurance, taxable, disposal, balance sheet, collateral, rental, effective, capitalized, etc.

15. METHODS (APPROACHES) FOR ASSESSING THE COST OF A COMPANY (BUSINESS)

15.1 Business valuation: subject, goals, practical situations, standards

Subject of evaluation

Business valuation is a function (activity) that in different situations often has to be carried out in a market economy. It must be dealt with both when evaluating a bankrupt enterprise to be sold, and when determining how much a normally operating open Joint-Stock Company has the right to issue new shares (for an amount exceeding the book value equity enterprises), and when calculating the price at which any (open or closed) joint-stock company must redeem shares. From the shareholders leaving it (including the founders). This may apply / also to companies and limited liability partnerships, if the corresponding is provided for by their charter.

In such a most broad sense the subject of business valuation is understood in two ways.

First its understanding boils down to the now traditional in our country (but not historically - see box below) understanding of business valuation as the valuation of a firm as a legal entity. For this understanding, also - according to the tradition of the economy, where only legal entities having a certain property on the balance sheet - it is typical to identify the valuation of the business of firms with the valuation of the property of these firms.

Second - more common in the world - the understanding of business valuation is to find out how much it costs not firms that earn certain incomes, but property rights, technologies, competitive advantages and the assets, tangible and intangible (the latter do not necessarily reflect the relevant technologies and benefits), that enable these incomes to be earned. Moreover, these rights, technologies and assets may belong not to legal, but individuals. This does not deprive them of their attractiveness as objects of sale and purchase on the market. Therefore, the problem of their evaluation remains relevant.

Thus, there are two subjects of business valuation:

- company valuation,whichmay be based (but not necessarily) on the valuation of their property;

- evaluation of "business lines" (the old Russian term for them is a business; in German -Geschaeft ) as a set of property rights, technologies and assets that provide expected future income with some probability.

Business line valuation

More extensively than it has already been done, a business line in a broad sense can be defined as a set of property rights, sufficiently long-term privileges and competitive advantages, special (in its possible application) and universal property, technologies, as well as contracts (for the purchase of purchased resources , renting property, hiring employees and marketing products) that provide an opportunity to receive certain incomes (an income stream or a series of cash flows - cash- stream or stream of cash- flows).

In such a broad sense, the business line is also called product line. In investment analysis, the business line is also called investment project, which may be at different stages of its life cycle(at the beginning of the process of investing in business line components, in the middle of it, at the end of the investment process and during the period of obtaining a return on previously made investments).

In a narrow sense, a business line is also spoken of simply as a collection of contracts (especially long-term ones), including licenses for the type of activity and for technologies that are key (components of the so-called purchasing and marketing business lines) for the income stream they result in.

Accordingly, business lines can serve as subjects of assessment as:

Product lines or investment projects (business lines in the broad sense of the word);

Sets of contracts that provide purchasing and marketing business lines (business lines in the narrow sense of the word).

Goals of Business Line Valuation

Evaluation of business lines in economic practice can have five main goals:

1) evaluate all the business lines of the firm in order to sum up their value (plus the market value of the above non-performing assets) to characterize the true market value of this firm as a going concern;

2) to determine the approximate reasonable maximum (capable of serving in the relevant auctions for the seller as the starting price) at which the holder of the contracts that make up the business line can sell his contract position (rights under the contract) to third parties in the form contract assignment(if it is not prohibited in the contract itself, then, according to the Civil Code of any country with a market economy, including the Russian Federation, this is possible without agreement with the counterparty under the contract);

3) evaluate the entire single-product enterprise (firm), the price of which coincides (excluding non-performing assets) with the assessment of its only business line;

4) assess the market value of an investment project that matches the business line under consideration (which, in turn, can be used to select investment projects for financing);

5) establish the estimated reasonable market value of the authorized (own) capital of an enterprise established for the implementation of the planned investment project and having decisive competitive advantages for this, but which has not yet begun to implement the project being evaluated.

Valuation of firms (enterprises)

A firm (enterprise) as a subject of special evaluation makes sense when the market is not able to evaluate it (it) objectively. This happens in the following situations:

The company being valued is closed, i.e., by definition, it is not subject to valuation on the stock market (we are talking about closed joint-stock companies, limited liability companies and partnerships);

The company being evaluated is formally open, but is not listed on stock exchanges because it does not meet their requirements (in terms of size, openness of financial statements, etc.); at the same time, its constant quotation is not carried out on the over-the-counter market;

The enterprise being valued is an open joint stock company listed on a reputable stock exchange, but its shares are not sufficiently liquid (they are few and rarely traded) - so it would seem that the actually observed market value of these shares cannot be trusted;

The entire stock market in the country is not liquid enough or is very dependent on short-term non-economic factors, the result of which is identical to the previous case.

The purpose of the assessment of the firm (enterprise)

Most often in the world practice, the assessment of firms (enterprises) is carried out for the following purposes:

1) to check how objective (regardless of random and temporary factors) the current market quotation of shares of a public company with sufficiently liquid shares, as well as the current trend observed in the market in changing this quotation: this allows small and portfolio investors to determine the expected continuation or change of this trend, while strategic investors should make a more informed decision on the acquisition or sale of controlling stakes in such a company, not relying only on stock market data;

2) monitor the market value closed companies and enterprises with insufficiently liquid shares, for which there is no other way to obtain any reliable information about their market value, in principle, is not available;

3) prepare proposals for the purchase and sale price of closed companies or enterprises with insufficiently liquid shares;

4) use the audit of companies of all types to provide their owners (for open companies - all market participants) with complete information about the true financial position and prospects for the enterprise.

Note, however, that still the main application of business (firm) valuation is a simple practical situation, when in the interests of preparing a regular transaction for the purchase and sale of a particular block of shares (shares) of any enterprise, it turns out to be necessary to "estimate" what price for it (based on the assessment of the enterprise as a whole - one hundred percent of its shares) can be considered reasonable or the most acceptable.

In modern conditions, there are other, not reflected above, practical applications business valuations. Among the most important of them are the following.

1) If property the security (collateral) for the loan is a package shares, for example, a subsidiary borrower of an enterprise, and it is closed (the shares are not traded on the stock market and it is impossible to rely on their market price), then in order to correlate the amount of the loan with the value of such property security, you will have to resort to the services of an independent licensed business appraiser and receive from him an estimate of the value of the said block of shares. In turn, for this it will be necessary to first evaluate the entire subsidiary. Moreover, this can be done in different ways, because the borrower has access to the internal information of its subsidiary and is able to provide this access to the appraiser.

The same applies to shares in any other enterprises, if the borrower has a sufficiently large stake in them and is represented in their management.

Table 15.1 - Subjects, purposes and special applications of business valuation

Business Valuation Items	Business valuation goals	Special applications of business valuation
Business line valuation	Valuation of a firm by the sum of the values of its business lines (plus non-performing assets) Estimation of the value of the cession under the contracts that make up the business line	Determination of the price for the repurchase by the company of shares (shares) from the shareholders (shareholders) withdrawing from it. Substantiation of the eligibility of the issue of new shares
	Estimation of the market value of a single-product enterprise Determination of the market value of an investment project Assessment of the market value of the authorized capital of a newly established enterprise for the implementation of an investment project	Determination of the selling price of bankrupt enterprises Estimation of a reasonable selling price for privatized enterprises (or state-owned blocks of shares in them) Forecasting the sales price of enterprises being rehabilitated
Firm valuation	Assessing the reliability of trends in changing market quotes open companies
	Monitoring the estimated value of closed companies
	Elaboration of the sale price of closed companies (as well as companies with insufficiently liquid shares)
	Use to present the full and true picture financial condition audited firms

2) In progress restructuring of large companies and in particular their reorganization situations often arise when it is necessary to exchange shares of some enterprises for shares of others - for example, when exchanging shares minority shareholders subsidiaries to shares of a holding or central company, when switching to a single share, consolidating a business, etc. As a rule, in these cases we are talking about shares that are not traded on the stock market, for which there is no observable price. Therefore, in order to justify the exchange ratios used (and thereby avoid possible minority shareholder lawsuits later), it is necessary to first evaluate the enterprises whose shares are being exchanged.

The same problem arises and is also solved when preparing mergers of companies with an exchange of shares between the co-owners of these companies or between the companies themselves.

3) Business valuation is used when assessing a property contribution to authorized capitals newly created firms, if property is contributed in the form of blocks of shares, which then are subject to evaluation.

4) Finally, the assessment of enterprises can be useful in relation to those open companies whose shares are traded on the stock market and are even highly liquid (such as "blue chips"). The valuation customer may seek to obtain an assessment of the so-called objective value of the enterprise and its shares - in order to see how they are undervalued or overvalued at the moment in the market (after all, only the price in the market where the balance between supply and demand has been achieved can reflect the true value ; furthermore, the current market price of a share can only be trusted if the company in question is reasonably transparent - otherwise any unsubstantiated rumor about it or its owners could dramatically distort the price). This will help to correctly predict future changes in the market price of shares, make decisions about when it is more profitable to sell or buy these shares. The market price of shares can also be temporarily over or under, depending on the state of the entire stock market.

Value definitions and valuation approaches

Evaluation of an enterprise initially depends on what kind of "scenario" of its development, i.e., on what version of the decision about its future fate, such an assessment is made.

Therefore, a competent approach to business clearly requires that any assessment of it be made based on the initially indicated cost determination enterprises, which in principle can be two (taking into account intermediate solutions):

1) Evaluation of the enterprise as operating ( on - going - concern ).

2) Estimation of the liquidation value of the enterprise (based on its liquidation, which implies the termination of business) .

If an enterprise is evaluated as operating (preserving jobs), then it is natural to evaluate it within the framework of the so-called income approach. This approach assumes that the market value of a business is determined by the future earnings that can be earned by continuing the business.

At the same time, the assessment of the market value of the enterprise should not be influenced (should not be taken into account in it) by the value of the property that is available at the enterprise, but is necessary for the continuation of business and the life of the enterprise as an operating one. Indeed, in the event of the sale of such property (such a prospect would allow its market value to be included in the valuation of the enterprise), the continuation of the business, which is based on this property, would be impossible and would exclude the initial assumption of the valuation of the enterprise as operating.

The assessment of an enterprise as an operating one is also carried out within the framework of the so-called market approach. It boils down to the fact that in order to assess the market value of a closed company or one that does not have shares of an open company placed on the stock market, among open companies with sufficiently liquid shares, an analogue company is found (of the same industry, of the same size, using the same accounting system in terms of methods accounting for inventory and depreciation methods, the same age, etc.), which is estimated by the stock market itself, and with appropriate adjustments, this assessment is transferred to the enterprise in question.

The liquidation value of the enterprise is estimated mainly within the framework of the so-called property (cost) approach. Its content is to assess the market value of the property of the enterprise free from debts. At the same time, they start from the assessment of the market value of all assets (property) of the enterprise - tangible (real and financial) and intangible, regardless of how they are reflected (and whether they are reflected at all - in regard to) intangible assets in the balance sheet of the enterprise.

This is a natural approach to valuing an enterprise that will close with the sale of its property at market value and with the repayment of the firm's debts, regardless of their expiration dates. Moreover, the most strictly indicated approach is carried out when the market value of the enterprise is determined as the sum of not just the market values of all types of its property, but the estimates of the market values of the enterprise’s property, which are determined in the calculation for its urgent sale (liquidation values of the property). The latter are lower than just the "reasonable" market value of the property, estimated for a slow sale with a thorough search for the most profitable buyer (this applies even to real estate, for which urgent sale prices in the country do not rise, but fall).

Thus, there are the following approaches to the valuation of an enterprise, to a different extent corresponding to one or another definition of the value of a business:

income approach;

Market approach;

Property (cost) approach.

Cost standards

Generally accepted value standards in business valuation are a set of valuation requirements.

There are four main business valuation standards:

Reasonable market value;

Reasonable cost;

Investment cost;

Intrinsic (fundamental) value.

All of these standards assume that the assessment is done based on the so-called free, not forced (including those or other administrative interventions), transactions to acquire a business or its shares.

In particular, the buyer cannot be required to repay capital investments in the enterprise's investment projects that were previously started in order to receive subsequent significant positive flows. Under the conditions of a free transaction, the buyer of an enterprise (a block of shares) is ready to pay for it (the corresponding block of shares) to the maximum exactly as much as he himself can receive from profits for the entire period of operation of the acquired business ( cash flows) of the acquired business.

The main differences between these standards are as follows.

1) The standard of reasonable market value assumes that the valuation of a business (investment project) is based on information (about property, current and forecast market conditions and purchased resources, etc.), which is equally available to any potential buyer and seller of a business, for any investor. The business opportunities of any potential investor (in particular, project financing, sales) are also considered equal and unlimited.

2) The standard of fair value implies the valuation of a business on the basis of the specified information that is equally accessible to a specific buyer and seller of the business. Their business opportunities are also assumed to be the same.

3) The investment value standard assumes the valuation of a business (investment project) only on the basis of the awareness and business capabilities of a particular investor (hence, according to this standard, the valuation of the same project will be different for different potential investors).

4) The standard of internal (fundamental) cost involves the valuation of a business (project) by a third-party independent appraiser based on his own knowledge and ideas about the business opportunities of the investor (which does not exclude the provision to the appraiser, at his request, of the information necessary for the assessment, which he will correct).

fair market value standard, although it may seem too theoretic, it is already used in the world (mainly in the Anglo-Saxon countries) to determine the taxable base for property tax in part financial assets enterprises that have on their balance sheet shares of closed subsidiaries. At the same time, the relevant laws require that the specified taxable base be the justified market value of affiliated closed companies, determined by special business valuation methods, proportionally reduced in accordance with the share of the parent company in the subsidiary.

This requirement determines that Western corporations-taxpayers are forced - in order to protect themselves from claims tax office– involve prestigious valuation firms, most often large audit companies, in the assessment of the reasonable market value of their subsidiary closed companies and controlling stakes in them.

Reasonable Cost Standard is most applicable in Western practice when minority shareholders contest through the courts transactions for the purchase of shares from them by larger shareholders of the same enterprises on the basis of claims against the latter regarding non-compliance with the specified standard in the preparation of the contractual price for the purchase and sale of the specified standard. The claim is that the majority shareholders in such cases often do not provide the transaction counterparty (minority shareholder) with the information about the true market prospects of the enterprise and the true market value of its property, from which they themselves proceed when determining the maximum allowable prices for the company's shares. Proved such information asymmetry can lead to the cancellation of the transaction in question.

Obviously, this situation has direct analogies in domestic practice, when larger shareholders and managers of privatized enterprises, on the basis of similar information asymmetry (often reinforcing it with the dissemination of false information about the underestimated prospects of the company), bought up small blocks of shares from employees of privatized enterprises, who, moreover, the payment of wages was delayed.

Standard, investment value assumes that business valuation is carried out on the basis of awareness of the property and market prospects (in sales markets and markets for purchased resources) of the enterprise of its particular investor (buyer or seller). The role is also played by the business opportunities of a particular investor - assets that he has outside the scope of the transaction for the sale of an enterprise (increasing its value "in the eyes" of such an investor) that can be used to develop a business instead of allocating special financing for the purpose of acquiring or creating them on your own. The creative possibilities (business fantasy) of the investor are also important, etc.

Just as an electric current will flow between the poles when there is a potential difference between them, so the transaction for the purchase and sale of an enterprise (a block of its shares) will take place under conditions when the investment value of the same enterprise from the point of view of the seller below, than its investment value from the buyer's point of view.

The investment value of the enterprise from the point of view of an external investor-buyer is called external cost enterprises.

The investment value of an enterprise from the point of view of its current managers is called the value of the enterprise. "as it is".

Intrinsic (fundamental) value standard The enterprise requires that the business valuation be carried out not only on the basis of information from an independent analyst, who must take into account in this valuation all the factors influencing the valuation, but also taking into account the fact that the specified analyst is not forced to request information from one of the parties interested in the valuation (the seller or the buyer of the enterprise), thereby exposing oneself to dependence on it.

The practical conclusion from the above is that an independent analyst (appraiser), in order to meet the standard of internal (fundamental) value, must have his own experience in the industry of the enterprise in question and his own independent information about it.

The standard of internal (fundamental) cost also assumes that the enterprise in question should be evaluated by all existing methods of business valuation - with the final assessment as a weighted average of all assessments determined by different methods (where specially justified coefficients of the appraiser's confidence in the results of applying that or another method of evaluation in a particular evaluation situation).

Generally accepted value standards in business valuation are a set of valuation requirements. In world practice, there are four main business valuation standards:

■ reasonable market value;

■ reasonable cost;

■ investment value;

■ intrinsic (fundamental) value.

The main differences between these standards are as follows.

Fair market value standard assumes that the assessment of a business or an investment project is based on information (on property, on the current and forecast market conditions and purchased resources), which is equally available to any potential buyer and seller of a business, to any investor whose business opportunities are in the field of financing projects are also considered equal and unlimited. The fair market value standard is considered too theoretic, but nevertheless it is used in world practice (mainly in Anglo-Saxon countries) to determine the taxable base for property tax in terms of financial assets of enterprises that have shares of closed subsidiaries on their balance sheets.

Reasonable Cost Standard involves the valuation of a business on the basis of equally available information for specific buyers and sellers of the business. The information provided must be neutral, the business opportunities of business participants must be the same. The fair value standard is most applicable in Western practice when minority shareholders contest through the courts transactions for the purchase of shares from them by larger shareholders of the same enterprises on the basis of false information about the true market prospects of the enterprise and the true market value of its property. This situation is also typical for Russia, when larger shareholders and managers of privatized enterprises, on the basis of information asymmetry, buy up small blocks of shares from employees of privatized enterprises.

Investment value standard involves the evaluation of a business or an investment project only on the basis of awareness of the property, market prospects of the enterprise in the sales markets, purchased resources, business opportunities (availability of resources for business development, business imagination and creative opportunities) of its particular investor. At the same time, the assessment of the same project will be different for different potential investors. In accordance with this standard, the investment value of an enterprise, from the point of view of an external investor-buyer, is an external value, and from the position of acting managers, it is a balance sheet value.

Intrinsic (fundamental) value standard requires that the valuation of a business or an investment project be carried out by a third-party independent appraiser based on his own knowledge and understanding of the investor's business opportunities. This means that an independent analyst or appraiser, in order to meet the standard of intrinsic (fundamental) value, must have his own experience in the industry of the enterprise in question and his own independent information about it. The standard of internal (fundamental) value also assumes that the analyzed enterprise must be evaluated by all existing business valuation methods in order to obtain a final assessment.

In world practice, it is believed that the most objective valuation of a business meets the standard of reasonable market value, since it does not depend on the opinion of the investor who will implement the project.

To the greatest extent, the impact of standards is taken into account when determining the discount rate for forecasting cash flows, as well as profits and losses for the project. This is due to the fact that commercial and financial information on the level and fluctuation of investment income in the industry under consideration is not always available for different subjects of assessment. If publicly available information is used in the valuation, then it complies with the fair market value standard, if it is confidential, then the valuation is carried out in accordance with the investment value standard.

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