Valuation of shares is one of the urgent problems of the modern market valuable papers Russia. This is due to many factors, the main ones being the following:

Variety of types of value of securities;

Availability of alternative concepts for determining the value of securities and methods for its calculation;

Simultaneous influence of multidirectional factors on the level of the value of securities;

Lack of professionally trained financial market analysts;

Lack of specialized organizational structures.

The Russian theory, according to which the valuation of shares is carried out, has changed significantly over the past decades. This theory is characterized by the presence of deep contradictions in it, and no method of valuing shares has yet received universal recognition. Different approaches and methods for assessing the actual value of a share are based on an analysis of the company's assets, cash flows and projected income. A greater number of different types of share prices correspond to different approaches and methods of valuation based on certain concepts.

The choice of approaches and specific methods for assessing the value of shares is determined by the professionalism and qualifications, theoretical and methodological preferences of the appraiser. Theoretically, there are two bases for estimating the value of shares, which are based on the concepts of valuation and the theory of pricing in the stock market.

Valuation base based on the concepts of valuation activity. Appraisal activity uses various concepts cost (table).

Table - Value concepts used in valuation activities

Valuation base based on theories of pricing in the stock markets. Numerous pricing theories reflect different approaches to determining the value of securities. The main theories used in valuation activities are portfolio theories, functional analysis, reflexivity, market analysis and forecasts, cycles, agency relations, etc.

Table - Approaches and methods for assessing the value of shares

Topic 4. Portfolio theory and models of the value of financial assets

The concept of an investment portfolio, the principles and stages of its formation. Portfolio risk and return. Optimal portfolio. market portfolio. Characteristic line of the capital market (CML). Financial asset valuation model (CAPM). Security characteristic line (SML). Model arbitrage pricing(APT)

In the process of development of the Russian market, a qualified assessment of the value of property objects is becoming increasingly important. However, few people know that the profession of appraiser, which appeared in the 19th century, is not new to Russia and has its own history.

With the development of domestic market economy the Russian owner, finally, has the opportunity to dispose of his movable and immovable property at his own discretion, invest his funds in a business or sell it. But almost everyone who is going to exercise their rights as an owner has a lot of questions. One of the main ones is the issue of assessing the value of property, including business.

Just a few years ago, only a limited circle of financial analysts and top managers Russian companies we had a clear idea of ​​what “business (company) value” is, how it is defined and how this category can be used to find optimal solutions for managing a company. However, the process of integration of the Russian economy into the world market system takes place not only in material sphere, but also influences the system of our corporate thinking, as a result of which an increasing number of Russian companies are managed using the cost estimates of the proposed development strategies.

Indeed, it is precisely the value created for shareholders in long term is the best criterion for the optimality of managerial decisions. It is the shareholders, being the residual contenders for the company's cash flows, that, unlike any other circle of stakeholders (managers, employees, society as a whole), need the most complete information to make decisions, they think in long-term categories and must effectively manage all the company's cash flows. .

IN modern conditions any object of ownership can be a source of income and the object of a market transaction, including such an object are the rights of the owner. The business owner has the right to sell it, mortgage it, insure it, bequeath it, i.e. business becomes the object of a transaction, a commodity with all its inherent properties, and, like any commodity, business has utility for the buyer. But this is a special kind of product.

Firstly, it is an investment product, that is, a product in which investments are made with the aim of returning in the future. Costs and revenues are decoupled in the future. Moreover, the size of the expected profit is not known, it has a probabilistic nature, so the investor has to take into account the risk of possible failure.

Secondly, a business is a system, but both the entire system as a whole and its individual subsystems and even elements can be sold. In this case, business elements become the basis for the formation of a different, qualitatively new system, that is, it is no longer a business that becomes a product, but its individual components.

Thirdly, the need for this product depends on the processes that occur both inside the product itself and in the external environment. Moreover, on the one hand, instability in society leads business to instability, on the other hand, its instability leads to a further increase in instability in society itself. Another feature of business as a commodity follows from this - the need to regulate the sale and purchase.

According to I.V. Guseva, chief appraiser of the LAIR Center of Expertise, a feature of the valuation process is its market nature. This means that the assessment is not limited to taking into account only the costs of creating or acquiring the object being assessed. It necessarily takes into account a combination of market factors: the time factor, the risk factor, market conditions, the level and model of competition, the economic features of the property being valued, its market popularity and fame (goodwill), the macro- and microeconomic environment of the property.

The whole process of assessing the value of a business (company) directly depends on the reasons that prompted it and the goals pursued by it. Correct Definition goals - one of the most important tasks of the initial stage of work on assessing the value of a business. Without a clear understanding of the client's problems and what function the assessment result will perform, it is impossible to determine either the object of assessment, or the methodology for conducting the study, or the required assessment base. The solution of the problem is also complicated by the fact that the managers or owners of the company are trying to solve different problems within the same work. Quite a typical situation is when the customer intends to use the same appraisal for the revaluation of fixed assets of the enterprise, the appraisal of property contributed as a contribution to the authorized capital, and for making a decision on the restructuring of the company. The appraiser must clearly define and agree with the customer the purpose of the work, determine the basis for the assessment, identify the object of assessment and justify the need to use a particular methodology. Most often in world practice, business (company) valuation is carried out for the following purposes:

• · Improving the efficiency of the current management of the company;
• · Determining the value of securities for the purpose of buying and selling shares of companies on the stock market;
• · Determining the value of the business in case of its purchase and sale in whole or in parts;
• · Company restructuring. Conducting a market assessment is expected in the event of liquidation of the company, merger, acquisition or separation of independent enterprises from the holding;
• · Development of company development plans. In progress strategic planning it is possible to assess the future income of the company, the degree of its stability and the value of the image;
• · Determination of the creditworthiness of the company and the cost of collateral for lending;
• · Insurance, during which there is a need to determine the value of assets in anticipation of losses;
• · Taxation; .

The concept of business (company) value has many interpretations. Generally accepted value standards in business valuation are a set of valuation requirements. In the literature on business (company) valuation, there are four main valuation standards: reasonable market value; reasonable cost; investment value; 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 to acquire a business or its shares.

Usually in the world and Russian practice the most objective valuation of the business as such is considered to meet the fair market value standard.

An enterprise (business) is the most complex object of appraisal, requiring the appraiser, in addition to mastering all the methods of appraisal itself, also a certain knowledge of the basics of investment and macroeconomic analysis, and familiarity with different methods of market research.

As market relations develop, the need for an independent assessment will increase. There are already legal requirements for an independent assessment in a number of cases. Thus, according to the Federal Law "On Appraisal Activities in the Russian Federation", the valuation of objects owned in whole or in part by the Russian Federation, constituent entities of the Russian Federation, or municipalities is mandatory when they are privatized, transferred to trust management or leased, sold, nationalized, redeemed, transfer as a contribution to the authorized capital. the same federal law identified cases of mandatory property valuation in the context of litigation. Both the judiciary and the parties involved in the proceedings have already realized the importance of an independent appraisal examination for an objective examination and making an informed decision on a wide range of arbitration and civil claims.

The Law of the Russian Federation "On Joint Stock Companies" also requires an assessment of the market value of share capital by independent appraisers in certain situations. For example, this procedure is provided for in case of additional issue, buyback of shares, etc.

One of the features of the modern Russian economy is the presence a large number inefficient enterprises, often with large tangible assets. Restructuring of such enterprises is enough difficult process, in which there is room for an independent assessment. Indeed, an assessment of an enterprise is necessary to select a reasonable direction for its restructuring, in the process of assessment, alternative approaches to enterprise management are identified and which one will provide the enterprise with maximum efficiency, and, consequently, a higher market price, which is the main goal of the owners and the task management firms in a market economy.

Independent evaluation various kinds value of enterprises (market, recovery, liquidation) plays a significant role in the functioning of the financial institutions of the market - banks, insurance companies, stock exchanges. For example, banks are often interested in assessing the market value of the collateral or in determining the liquidation value of the enterprise - the borrower; when concluding insurance contracts and paying compensation, insurance companies have to determine the replacement cost of objects; Stock exchanges and other participants in the stock market rely on data from an independent valuation of an enterprise when determining exchange rates for its shares.

Increasing flow of foreign investment in Russian economy also contributes to an increase in demand for the services of independent appraisal organizations. Investors, most of whom are from countries Western Europe and the USA, bring with them their understanding of the culture and methodology of the investment process, in which the role of independent appraisers is much more significant than in the view of their Russian counterparts. But, despite the formation of conditions conducive to an increase in the role of an independent assessment of enterprises among other mechanisms of a market economy, there are many obstacles to the development of business assessment. The main obstacles are inaccessibility necessary information in terms of the parameters of purchase and sale transactions of enterprises in various industries (and often the absence of transactions themselves) and the lack of transparency of the financial documentation system at enterprises. In addition, the general instability of the economy and the lack of historical information on the business being valued often make any forecasts about the possible results of the economic activity of a particular enterprise unreliable. All this imposes serious restrictions on the applicability modern approaches to business valuation, for example, such as a comparative and income approach, and the experience of Russian appraisers in the field of business valuation mainly comes down to the use of traditional cost methods for the domestic economy.

It can be said that the quality of business valuation as a market service (and hence the demand for this service) in Russia will depend on the further improvement of all mechanisms of the stock market, increasing its activity, the formation of the mergers and acquisitions market, the emergence of available flows of necessary market information and general stabilization of the economic situation in the country.

Existing approaches to business valuation, as well as various methods for valuing the business of small businesses, have limitations in application related to the specifics of the activity and features of the functioning of these economic entities. The cost approach is generally recognized in assessing the value of an enterprise because of its versatility. The comparative approach in business valuation is based on the principle of substitution, according to which the buyer will not pay for an object more than the cost of a similar object on the market. The capital market method (analog company method) and the transaction method are possible only if comprehensive financial information is available for a large number of similar firms selected as analogues. The method of industry coefficients is used directly to assess the business of small businesses and consists in determining the relationship between the sale price and the coefficient obtained on the basis of studying the practice of selling businesses in a particular industry. At the core income approach the principle of expectation lies, when the value of the enterprise is reduced to the expected future profit or other benefits that can be obtained from the use of the property of the enterprise, taking into account the amount of money from its resale. To evaluate using the income approach, the following two methods are used: direct capitalization of profit (income) and discounted cash flows. The problems of applicability of business valuation methods for small businesses can be reduced to the following: the absence or distortion of the information base; instability of small business; difficulties associated with the choice of analogue enterprises; difficulties associated with the organizational and legal form

entrepreneurship

business valuation

1. Civil Code Russian Federation. Part I: Feder. Law of November 30, 1994 No. 51-FZ (as amended and supplemented).

2. On appraisal activities in the Russian Federation: Feder. law of 29.07.1998 No. 135-FZ (as amended on July 11, 2011, with amendments and additions, effective from October 01, 2011).

3. On the development of small and medium-sized businesses in the Russian Federation: Feder. law of 24.07.2007 No. 209-FZ.

4. Requirements for the valuation report: Federal Valuation Standard (FSO No. 3) (approved by Order of the Ministry of Economic Development of Russia No. 254 dated July 20, 2007).

5. Vilensky A.V. Features of Russian small business // Higher School of Economics Economic Journal. - 2004. - No. 2. Access mode: .

6. Kozodaev M., Pylov M. Evaluation and business. - M.: OLMA-PRESS Invest: Institute of Economic Strategies, 2003. - 128 p.

7. Nevsky I.A. modest models. Problems of using existing methods and indicators in evaluating the effectiveness of Russian small enterprises // Russian entrepreneurship. - 2007. - No. 8 (1). - S.28-33.

8. Business Valuation: Textbook / Ed. A.G. Gryaznova, M.A. Fedotova. - 2nd ed., revised. and additional - M.: Finance and statistics, 2006. - 736 p.

9. Business valuation: Tutorial/ Ed. V.E. Esipova, G.A. Makhovikova. - 3rd ed. - St. Petersburg: Piter, 2010. - 512 p.

10. Sokolova N.A., Shindina T.A. Fundamentals of non-linear development of socio-economic systems // Vestnik SibGAU. - 2010. - No. 2. - From 24-29.

The problems of business valuation in the business environment are associated with a high degree of uncertainty of the situation and disunity of interests of the participants in the valuation process. Generally speaking, business valuation is carried out for the following purposes:

1. determining the value of securities in the event of the sale and purchase of shares of enterprises on the stock market. To make an informed investment decision, it is necessary to evaluate the property of the enterprise and the share of this property attributable to the acquired block of shares, as well as possible future income from the business;
2. determining the value of the enterprise in the event of its purchase and sale in whole or in parts (specific shares in the capital, shares), the withdrawal of one or more owners from the founders of the enterprise for the calculation of compensation payments, adding own contributions of its founders to the authorized capital of the business for further development business, repurchase of shares from current shareholders, contestation of a court decision on the seizure of the property of the enterprise;
3. enterprise restructuring (mergers, acquisitions, liquidation, separation from the structure);
4. determining the creditworthiness of the enterprise and the value of collateral for lending;
5. insurance;
6. taxation;
7. implementation investment project business development;
8. formation of a plan for priority and long-term development;
9. improving management efficiency.

The above objectives of the assessment are typical for both large, medium and small businesses. According to Russian legislation, small businesses include those entered in the Unified State Register of Legal Entities consumer cooperatives And commercial organizations(with the exception of state and municipal unitary enterprises), and individual entrepreneurs, peasant (farm) enterprises that meet the following conditions:

1. For legal entities the total share of participation of the Russian Federation, subjects of the Russian Federation, municipalities, foreign legal entities, foreign citizens, public and religious organizations(associations), charitable and other funds in the authorized (share) capital (share fund) of these legal entities should not exceed 25% (except for the assets of joint-stock investment funds and closed-end investment funds); the share of participation of legal entities that are not subjects of small and medium-sized businesses should not exceed 25%;
2. the average number of employees for the previous calendar year should not exceed the limit values: up to 100 people inclusive for small enterprises; up to 15 people for micro-enterprises;
3. proceeds from the sale of goods (works, services) excluding VAT for the previous calendar year should not exceed 60 million rubles. for micro-enterprises, 400 million rubles. for small businesses.

The peculiarities of small business are a higher degree of instability in the market due to a high level of risk, increased sensitivity to changes in factors of the internal and external economic environment, lack of capital, long-term return on investment, and, as a result, low investment activity, difficulties in attracting additional financial resources and receiving loans. In this regard, the need to improve the efficiency of current management, make informed management decisions, and develop a development strategy is of particular importance. The indicator that characterizes qualitative changes in these areas is the value of the company, and business valuation acts as a tool for determining this value.

Federal valuation standards establish the obligatory use by the appraiser of all possible approaches (profitable, costly, comparative) to the valuation or the rationale for refusing to use any approach. Simultaneous use different approaches allows you to analyze information about the company from different points of view and get a balanced, most reasonable and most reliable result, but increases labor costs.

In the scientific literature, the advantages and disadvantages of various approaches and methods of assessment have been identified, cases have been identified when the application of certain methods and approaches is most effective or appropriate, but the issue of applicability and problems of using business valuation methods in the context of Russian small business has not been given enough attention.

In the case of assessing the business of small businesses, certain difficulties arise in the choice and use of methods within each of the approaches, caused by the specifics of the activities of the entities in question, as well as due to the influence of the features of their organizational and legal form.

The cost approach is generally recognized in estimating the value of an enterprise due to its versatility. It is based on the principle of substitution, which means that a reasonable buyer would not pay more for an enterprise than the cost of recreating or acquiring a similar enterprise with the same degree of utility. Basic Formula cost approach as follows:

Value = Market Value - Debt

enterprises assets liabilities

When evaluating joint-stock companies, it is necessary to take into account the “Procedure for assessing the value of net assets of joint-stock companies”, approved by the Order of the Ministry of Finance of Russia and the Federal Securities Commission of Russia dated January 29, 2003 No. 10n / 03-6 / pz. The information base is the balance sheet.

With this approach, there are difficulties in assessing micro-enterprises of any form of ownership using the simplified taxation system (STS) using this method. This is due to the fact that such entities are exempted from conducting professional accounting. In addition, lists of fixed assets are often missing, accounts payable and receivable are not kept, and other necessary data are missing. The assessment of such an enterprise is based on the customer's data "from words" or "according to information". There is also the problem of "hidden income" not reflected in the financial statements. Thus, we can conclude that the net assets method is inapplicable in the assessment of micro-enterprises located on the simplified tax system, due to the high probability of the information base being unreliable.

The salvage value method within the cost approach is used when the termination of the enterprise is expected. Its features in comparison with the net asset method are determined by differences in the economic condition of enterprises, therefore, when calculating the liquidation value, Goodwill is excluded, the value of other intangible assets due to the absence of buyers can be reduced to zero, the price of assets decreases below the market value, the costs of the enterprise associated with liquidation are deducted. When using this method, in assessing small businesses, the only, but significant, limitation is seen related to the reliability of the information base of micro-enterprises located on the simplified tax system.

The cost approach is good in that it is advisable to use it if income cannot be accurately forecast, it is required to evaluate a new enterprise that does not have profit data, and there is no way to determine prospective cash flows. So, for example, the net assets method can be used when evaluating enterprises with a fundamentally new product or a limited number of competitors in a given market segment.

The comparative approach in business valuation is based on the principle of substitution, according to which the buyer will not pay for an object more than the cost of a similar object on the market. The possibility of applying this approach depends on the presence of an active financial market, the availability of financial information and the availability of services that accumulate price and financial information. Within the framework of the comparative approach, the following main methods are used: the capital market method (analog company method), the transaction method and the industry coefficient method.

The capital market method (analog company method) and the transaction method are possible only if comprehensive financial information is available for a large number of similar firms selected as analogues. The application of these methods becomes more complicated when evaluating closed enterprises, information about analogues of which is difficult to find in open sources. In addition, transactions for the sale of blocks of shares of closed-type companies are usually rare, and prices may not be objective enough, namely, they may not reflect the consensus opinion of investors. The possibility of applying the above methods also depends on the presence of an active financial market, since it is supposed to use data on actually completed transactions. In the case of small enterprises, the number of such transactions may be limited within different industries.

In the case of valuation of closed companies by these methods, some authors suggest using information on comparable public companies, whose shares are listed on the stock market, as a guideline. Comparability criteria are similar industry, identity with the company being valued in terms of capital structure, the absence of the involvement of a peer company in negotiations or in the actual acquisition process, since this usually affects the sale price of a non-controlling stake. Depending on the size of the package, when deriving the total cost, various adjustments are set (premiums and discounts: discount for non-controlling nature, control premium, discount for insufficient liquidity) that affect its value. The amount of discounts and premiums is determined by the methods of assessment used. Thus, when assessing the value of a non-controlling stake in closed companies, it is proposed to apply a discount for insufficient liquidity of the company's assets in the amount of 30 - 40%.

As for small businesses in the Russian Federation, when assessing the capital market method and the transaction method, in the absence of information on transactions with similar companies on Russian market we propose to use information on comparable companies on the foreign market, further adjusted for country risk.

The method of industry coefficients is used directly to assess the business of small businesses and consists in determining the relationship between the sale price and the coefficient obtained on the basis of studying the practice of selling businesses in a particular industry. This method is widely used in the USA, but is currently not applicable in Russia due to the lack of an appropriate statistical base for constructing coefficients taking into account the specifics of the activity. Russian enterprises. At the moment, the development of the main coefficients that can be used in the assessment of the business of the Russian Federation is underway.

The income approach is based on the principle of expectation, when the value of the enterprise is reduced to the expected future profit or other benefits that can be obtained from the use of the property of the enterprise, taking into account the amount of cash from its resale. For valuation using the income approach, the following two methods are used: direct capitalization of profits (income) and discounted cash flows.

The use of the profit (income) capitalization method in assessing microenterprises and small enterprises is limited to cases where the business brings a stable profit, the value of which varies little from year to year or its growth rate is constant. Such a situation is possible when the enterprise is at the stage of maturity of its life cycle, with an established sales market and the absence of plans for management and owners to change the product or market niche.

When using the discounted cash flow (DCF) method, there is a difficulty in calculating the discount rate. Thus, the application of the capital asset valuation model (CAPM) for private companies requires additional adjustments, since the model is based on the analysis of changes in the yield of publicly traded shares. The weighted average cost of capital model can only be used by public companies when determining an acceptable discount rate. joint-stock companies(OAO). The method is not applicable for companies that do not have enough statistical data to calculate the β-coefficient, as well as those that are unable to find an analogue company whose β-coefficient could be used in the calculations of the company to be assessed.

When determining the length of the forecast period, it is important to keep in mind the risks associated with the resistance of small businesses to negative external and internal environment, therefore, in our opinion, the most adequate duration of the forecast period for small businesses when assessed by the DCF method is 3 years.

As noted above, due to the fact that some small businesses are on the simplified tax system, it is difficult to evaluate the business of such entities using the cost approach due to the lack of information base. In this regard, the valuation of such a business is possible within the framework of the income approach. However, in this case, the assessment will depend on the specifics of the enterprise. So, for example, if the object of assessment is a small enterprise with a capital-intensive nature of the services provided (shop, hotel), then it is possible to predict cash flows and determine the cost. But, if the business is based on the provision of services such as audit, consulting, mediation, wholesale trade, then when assessing the cost, it is necessary to take into account the features of the formation of the client base and the level vocational training manager, his personal contribution to the formation of cash flows of the enterprise. So, small business as a whole is distinguished by mobility, which is expressed in a flexible approach to the client, the company's orientation to the market and to the consumer. Adaptability and flexible approach ensure a constant growth of new consumers of goods and services, as well as guarantee a quick response to changing consumer demands. The leadership of the company's management as an important criterion for determining the true value of a small business implies that usually all management decisions small business are taken solely by its leader, and the higher his leadership qualities and professional knowledge the more efficient the business is. When such a manager moves to another company, some of the clients automatically follow him. In such a situation, cash flow forecasting will have a low degree of certainty.

A significant limitation of using the income approach in assessing the business of small businesses is that information base accounting data are used for analysis, if it is mandatory for maintenance, often distorting, veiling or even falsifying real cost indicators.

In addition to the above features of the application various methods and approaches to valuation, small businesses, as a rule, practically do not own tangible fixed capital. The dominant part of them leads economic activity on the basis of rented premises and equipment, which also gives certain specifics to the assessment of the business of these entities.

Thus, the problems of applicability of business valuation methods for small businesses can be reduced to the following:

1. Absence or distortion of the information base.

Small businesses are owned by a fairly narrow circle of people, which is a determining factor in building a business management system and its reporting. In addition, the transition to the simplified tax system also causes this problem. Absence required documents does not allow assessing the real profit of the enterprise, predicting cash flows, assessing its value.

The solution to the problem may be the use of enterprise management reporting in the assessment, but such an assessment, according to Russian law, cannot be fully legitimate and will be in the nature of an expert opinion.

2. Small business instability.

Small business is less resistant to changing factors of the external and internal environment. Thus, a change in the management of a company with all its inherent professional skills can lead to negative changes in the business.

The solution to the problem is the analysis of a shorter period when forecasting cash flows.

3. Difficulties associated with the choice of analogue enterprises.

The choice of analogue enterprises in the assessment of small businesses is complicated by the lack of comprehensive financial information on a large number of identical firms, the inaccessibility of financial information on closed enterprises.

The solution may be the choice of foreign companies using the transaction method and the capital market method, with appropriate amendments.

4. Difficulties associated with the organizational and legal form.

A number of methods are applicable mainly only to the valuation of public companies and cannot be used in their pure form for the valuation of small enterprises of a closed type without making appropriate adjustments.

Reviewers:

• Shindina T.A., Doctor of Economics, Dean of the Faculty of Economics and Entrepreneurship of the South Ural state university, Chelyabinsk.
• Kiseleva V.A., Doctor of Economics, Professor, Head. Department of Economics of the Firm and Markets, Faculty of Economics and Entrepreneurship, South Ural State University, Chelyabinsk.

Bibliographic link

In modern conditions, business valuation is a necessary step for the further development of an economic entity. This is due to the fact that the assessment allows you to determine how effectively the company operates in the market environment and, if there are problems, to quickly eliminate them and thereby increase the stability of the business.

The development of a market economy has led to the formation of enterprises of various forms of ownership. Owners now have the opportunity to advance available free cash into the business and sell it. Thus, business has become a kind of commodity that must have a price.

Business valuation in Russia means professional activity subjects of appraisal activities aimed at establishing in relation to the objects of appraisal a market, cadastral, liquidation, investment or other valuation provided for by federal standards

Also, business valuation is a procedure for calculating the market value of an economic entity, taking into account its assets and financial results carried out by specialized organizations or authorities.

To date, providing sustainable development business is associated with the analysis of business processes occurring at the enterprise, analysis of the strengths and weaknesses subject, as well as monitoring the competitive environment.

Considering the business valuation models, it can be noted that initially they were focused on the “hard” scenario of the development of an economic entity and practically did not take into account the specifics of the “problems of the cognizing subject” - the flexibility or quality of managerial decisions.

Analyzing existing methods business value assessments, it should be noted that many of them do not take into account the market mechanism that is inherent in certain countries, this statement is true for Russian Federation.

Among the national features of business valuation in the Russian Federation, the following can be noted:

1. Inefficient operation of the stock market, which leads to errors in the results of evaluating certain processes. In Russia, I have formed a system of indicators that allows me to fully assess the trends in this area.
2. There is a high level of uncertainty in the market, the presence of which is due to the unpredictability of price changes in the long term.

Valuation activity is important integral part implementation of the process of reforming the country's economy and the formation rule of law. This type of activity makes it possible to form the information basis for the restructuring of the economy and ensure the formation of a competitive market environment. Through the assessment, objective information about the economic processes taking place in the economy is formed.

To date, the following problems of valuation activities in the Russian Federation can be distinguished.

1. The valuation system is not associated with the system of accounting and taxation, which does not allow the formation of a harmonious system for estimating the value of an economic entity.
2. Lack of a clear system of interaction between auditors, appraisers and financial advisors.
3. Poorly designed evaluation methodology

Today, however, business valuation methods are being modernized. In addition to traditional approaches, new methods based on the use of various financial instruments are being introduced.

As effective tool business growth in modern conditions is recognized as a real option. Often a real option is understood as the practice of applying the theory of financial options to the management of real assets. The essence of this method of estimating the value of a business is to evaluate, calculate the optimal cost and determine the prospects for the development of an existing business. Valuation of the business value using the real option method allows making the necessary adjustments to the value of the business previously valued under the hard scenario.

We will develop a business valuation model using the real options method. The data is presented in Figure 1.

Figure 1. Real options business valuation model

In accordance with the figure, it can be concluded that the initial step in assessing the value of a business is to determine the objectives of the assessment. It is the goals that set the vector of analysis and justify the use of certain assessment methods.

Based on the results of the assessment, a report is drawn up, according to which it is possible to determine the possible reserves for the development of the subject, which will contribute to the growth of its value.

The assessment methodology needs to be improved, as well as to adapt the improved methods to the realities of Russian companies. As methods for improving the analysis methodology, we can propose to create an approach that would combine the analysis of the internal environment of the company and external components. This would allow taking into account more factors when evaluating a business, and the investigator would more accurately and fully determine the value of the company.

The following long-term goals for the development of valuation activities in the Russian Federation can be distinguished:

1. The short-term goal is the formation of a complete regulatory and legal framework that will provide comprehensive regulation of valuation activities and the activities of appraisers.
2. The strategic goal is to form such a system of valuation activities that could adapt to changing conditions and develop under the influence of various factors. This would ensure the provision of high-quality business valuation services, which would improve the level of business valuation in Russia and make it competitive in comparison with the international level.

Among the innovations in valuation activities in 2018, it is planned to create professional standard for appraisers, which is already on public display. This standard assumes the appearance of ancillary activities in the implementation of the assessment. Certain requirements will be imposed on the level of education of assistants by the appraiser.

In order to determine the cost of objects of the 1st category of complexity, an employee must have a higher education or a specialized education of the same level. Work experience of at least a year.

To evaluate an object of the 2nd category of complexity, employees must have a profile higher education master's or specialist's level, or specialized education bachelor's or specialist's degree.

Changes will also be made to the metrological scientific research activities in the field of business valuation.

Employees holding managerial positions will be required to have at least 3 years of work experience in managerial positions.

Also among the innovations, it can be noted that assessors must pass the exam before April 1, 2018. Experts estimate that a total of 22,000 people should complete this training in 2018.

Thus, the valuation activity is developing, changes are being made to the legal framework governing this species activities.

Bibliography:

1. Federal Law "On valuation activities in the Russian Federation" dated July 29, 1998 N 135-FZ [ Electronic resource] Access mode: http://www.consultant.ru/document/cons_doc_LAW_19586/ (date of access: 02.02.2018).
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