Evaluation of the Market Value of the Enterprise with Consideration of Exogenous Factors

Abstract

The interrelation between the value characteristics of the enterprise (market value and market cost) is investigated. The economic model of formation of market value of the enterprise taking into account five basic components (the potential of the enterprise, financial capital, external factors, information about the enterprise and time) is proposed. The proposed components identify the base drivers of cost formation. These drivers are the cash flow of receipts and expenditures, the cost of capital, as well as the influence of factors of risk and uncertainty. In the context of these components, a universal complex of factors of formation and destruction of the market value of the enterprise is formed and their hierarchical classification is constructed. In this classification, the levels of significance of individual components and factors for the formation of the individual and aggregate values of the enterprise are established. The substantiation of the scientific provisions set forth in this article is based on the use of general scientific methods of analysis and synthesis, research of systems, econometric meta-modelling, and also methods of analysis of hierarchies. To choose the approach to the estimation of the value of the enterprise, as well as to construct a hierarchical system of factors of formation of the value of the enterprise, we used the Tomas Saati’s metod.