Moskva, Moscow, Russian Federation
The article discusses the theoretical aspects of managing the value of industrial enterprises based on models that have become as wide-spread as possible, such as economic value added — EVA (Economic Value Added), MVA (Market Value Added), Equity value added — SVA (Shareholder Value Added), monetary value added — CVA (Cash Value Added), RCF (Resident Cash Flow) and Balanced Scorecard (BSC). The given models were chosen from a large number of proposed instruments in the works of domestic and foreign scientists, as the later concepts only developed the theory of their application. The purpose of the article was to share the determinants of the increase in the cost of industrial enterprises. The study is based on the theory of VBM (Value-Based Management) — valuebased management. The formation of this theory and the above-mentioned models in the historical aspect taking into account the factors of their occurrence are considered. The characteristic features of each model in terms of their application to cost management of modern domestic industrial enterprises were assessed. On the basis of the conducted study, the determinants of the increase in the cost of industrial enterprises and the methodology of their management have been determined.
industrial enterprises, value management, economic value added, market value added, equity value added, monetary value added, balanced scorecard, value growth factors, value management approach, value thinking, economic profits, cash flows, invested capital, intellectual capital
1. Rappaport A. Creating Shareholder Value: A Guide for Managers and Investors. - Rev. and updated ed. New-Work: Free Press, 1998. Pp.224.
2. G. Bennett Stewart III. The Quest for Value: A Guide for Senior Managers. - New-Work, Harper Business 1991. Rp.800.
3. Copeland T., Koller T., Murrin J. Valuation: Measuring and Managing the Value of Companies. ohnWiley&Sons: N. Y. 1995. Pp.576.
4. Stewart B., Stern D. The Quest For Value. The EVA management guide. New York: Harper Business. 1999. Pp.800.
5. Chen S., Dodd J. Economic Value Added: An Empirical Examination Of A New Corporate Chen S., Dodd J. Economic Value Added: An Empirical Examination Of A New Corporate Performance Measure // Journal Of Managerial Issues. 1997. Vol. IX (3). Pp. 318-333.
6. Feltham G.D., Isaac G., Mbagwu C. (2004) Perhaps EVA Does Beat Earninigs - Revisiting Previous Evidence // Journal Of Applied Corporate Finance. 2004. No. 16. Pp. 83-88.
7. Fernandez P. EVA And Cash Value Added Do Not Measure Shareholder Value Creation // Working paper, IESE Business School. 2001.
8. Maditinos. D., Sevic Z., Theriou N., Dimitriadis E. The Use Of Traditional And Modern Value-Based Performance Measures To Evaluate Companies’ Implemented And Future Strategies In The Greek Capital Market: The Case OF EPS And EVA // Journal Of International Research Publications. 2007. No. 2.Pp. 35-50.
9. Milano G.V. EVA And The “New Economy” // Journal Of Applied Corporate Fi-nance. 2000. No. 13. Rp. 118-126.
10. Riberio de Medeiros O. Empirical Evidence On The Relationship Between EVA And Stock Returns In Brazilian Firms // Working Paper, University of Brasilia. 2005.
11. Stewart G.B. EVATM: Fact and Fantasy // Journal of Applied Corporate Fi-nance. 1994. No.7. Pp. 71-84.
12. Wet J. EVA Versus Traditional Accounting Measures of Performance as Drivers of Shareholder Value - A Comparative Analysis // Meditari Accountancy Research. 2005. No.13. Pp. 1-16.
13. Bacidore J.M., Boquist J.A. etc. The Search For The Best Financial Performance Measure . Financial Analysts Journal 1997. No. 53. Pp. 11-20.
14. Rappaport A. Corporate performance standards and shareholder value. Journal of Business Strategy. 1986.
15. Rappaport A. Creating shareholder value: the new standard for business perfor-mance. Free Press. 1986. Pp. 270.
16. Fernandez R. Three Residual Income Valuation Methods And Discounted Cash Flow Valuation. University of Navarra - IESE Business School. 2002. Pp. 12.
17. Emel'yanov A.M., Shakina E.A. Osnovnye etapy evolyucii koncepcij prav-leniya stoimost'yu kompanij [Tekst] // Korporativnye finansy. 2008. №4 (8). S. 79-87.
18. Golovina A.M. Drajvery effektivnosti upravleniya stoimost'yu kompanii: iz-meritel'nyj aspekt [Tekst] // Nauchno-tekhnicheskie vedomosti SPb GPU. 2017. Tom 10. № 4. S. 230-240.
19. Fedorova T.A. Osnovnye metody upravleniya stoimost'yu predpriyatiya [Tekst] // Izvestiya Tul'skogo gosudarstvennogo universiteta. 2011. № 3-1. S.188-199.
20. Volkov A.I., Ptuskin A. S. Problemy i perspektivy upravleniya stoimo-st'yu biznesa na osnove sbalansirovannoj sistemy pokazatelej [Tekst] // Ros-sijskoe predprin-imatel'stvo. 2013. № 24(246). S. 41-47.
21. Ermolina L.V. Upravlenie stoimost'yu kompanii i strategicheskaya effek-tivnost' [Tekst] // Osnovy ekonomiki, upravleniya i prava. 2012. № 4 (4). S. 45-49.
22. Kozlovskaya E.A., Yakovleva E.A. Etapy razvitiya metodov ocenki ekonomiche-skoj effektivnosti i upravleniya stoimost'yu predpriyatiya [Tekst] // Nauch-no-tekhnicheskie vedomosti SPbGPU. 2008. №2. S. 321-328.
23. Kaplan R.S., Norton D.P. The Balanced Scorecard: Translating Strategy into Ac-tion Harvard Business. Review Press.Hardcover - September 1, 1996. Pp. 336.
24. Kouplend T., Koller T., Murrin Dzh. Stoimost' kompanij: ocenka i upravle-nie [Tekst] // 3-e izd., pererab. i dop. - per. s angl. - M.: ZAO «Olimp-Biznes». 2005. S. 576. str.- 69.
25. Yook, K. Estimating EVA using Compustat PC Plus. Financial Practice and Ed-uca-tion Fall-Winter. 2000. № 9 (2). Pp. 33-37.
26. Biddle, G.C. Does EVA beat earnings? Evidence on associations with stock re-turns and firm values. Journal of Accounting and Economics. 1997. № 24. Pp. 301-336.
27. Osipov. M.A. Ispol'zovanie koncepcii ekonomicheskoj dobavlennoj stoi-mosti (EVA™) dlya ocenki deyatel'nosti kompanii [Tekst] // Upravlenie kor-porativnymi fi-nansami. 2005. № 1. S. 15-19.
28. Shcherbakova. O.N. Metody ocenki i upravleniya stoimost'yu kompanii, osno-vannye na koncepcii ekonomicheskoj dobavlennoj stoimosti [Tekst] // Fi-nansovyj menedzhment. 2003. № 3. S. 46-54.
29. Plotkina A.R., Monin A.A. Metod ocenki stoimosti v upravlenii stoimo-st'yu promyshlennyh predpriyatij [Tekst] // Fundamental'nye issledovaniya. 2015. № 8. S. 596-599.
30. Milgrom P., Roberts Dzh. Ekonomika, organizaciya i menedzhment. [Tekst] // M. 2004. T.1. S. 468, T.2 S. 422.
31. Verhovceva E.A., Grebenik V.V. Upravlenie strukturoj kapitala kak sposob up-ravleniya stoimost'yu kompanii [Tekst] // NAUKOVEDENIE. 2016. Tom 8. №1. S. 1-9.
32. Samylin A.I., Shohin E.I. Ocenka denezhnyh potokov i stoimosti predpri-yatiya [Tekst] // Biznes v zakone. 2012. № 2. S. 264-266. str. - 265.
33. McCabe, G. M., Yook, K. Jensen, Myers-Majluf, free cash flow and the returns to bidders. Quarterly Review of Economics and Finance. 1997. № 37(3). Pp. 697-707.
34. Teplova T. V. Upravlenie investicionnoj deyatel'nost'yu kompanii na osno-ve stoimostnogo analiza: diss. ... d-ra ek. nauk: 08.00.05, 08.00.10. / Teplova Tamara Viktorovna. - M., 2006. - 352s.
35. Kalinina T.V. Stoimostnaya ocenka intellektual'nogo kapitala promysh-lennyh predpriyatij kak instrument upravleniya [Tekst] // Nauchno-tekhnicheskie vedomosti SPbGPU. 2001. № 2. S. 137-144.
36. Fitz-Enz, J. The ROI of Human Capital: Measuring the Economic Value of Em-ploy-ee Performance. Edition: 2nd. NY. Amacom. 2009.
37. Lipka, A. Loyalty and workaholism in the methods of human capital evaluation (in) an organization - a comparative study. Journal of Economics & Management. 2014. № 17. Pp. 26-46.
38. Sakalas, A. Evaluation methods of investment in human capital. Economics and management. 2011. № 16. Pp. 900-906.
39. Vajsman E.D., Suhih M.A. K voprosu ocenki chelovecheskogo kapitala pro-myshlennogo predpriyatiya [Tekst] // Vestnik YuUrGU. Seriya «Ekonomika i menedzhment». 2016. T. 10. № 2. S. 135-141.
40. Valdajcev S.V., Spiridonova E.A. Rol' intellektual'noj sobstvennosti, sozda-vaemoj v rezul'tate nauchno-issledovatel'skih i opytno-konstruktorskih rabot, v uprav-lenii stoimost'yu predpriyatij [Tekst] // INNOVACII. 2008. № 12 (122). S. 92-99.
41. Putihin Yu.E. Upravlenie stoimost'yu predpriyatiya v usloviyah nizkoj in-formacionnoj effektivnosti finansovyh rynkov [Tekst] // Nauchno-tekhnicheskie ve-domosti SPb GPU. 2012. № 5. S. 133-137.
