ANALYSIS OF APPROACHES AND METHODS OF VALUATION OF CONSTRUCTION ENTERPRISES

Abstract

The article is devoted to the study of theoretical and practical approaches to the choice of methods for estimating the value of construction companies. The relevance of this study is due to the need to implement recognized new methods of determining the value of construction companies and forecasting their financial performance in order to function effectively. The peculiarities of the activity of the enterprises of the construction industry, which directly influence the formation of the value of construction products and, as a consequence, the value of the construction enterprise as a whole, are determined and described in detail. Emphasis is placed on the application of specific principles of value formation of objects in construction, such as: a combination of free and regulated prices; delimitation of powers of pricing entities; establishment of regulated prices for goods; state control over compliance with the current pricing procedure. To assess the value of construction companies used generally accepted in international and domestic practice approaches: income, market, property. However, their implementation requires taking into account the peculiarities of the construction industry and pricing in construction. The article describes these approaches, identifies the methods used within each of them. The author focuses on the peculiarities of the use of these approaches for enterprises in the construction industry, by analyzing the following characteristics: advantages and disadvantages of each approach; expediency of use; restrictions on use; time orientation of the method; basis for calculation; users of information about the results of the assessment. In the context of the analysis of advantages and disadvantages of the considered methodical approaches it is proved that for a choice of concrete methods of carrying out an estimation, it is necessary to consider the purpose of carrying out an estimation and features of the researched enterprise (branch in which it functions). The article substantiates that for the development and implementation of promising options for the development of financial and economic activities of the enterprise, it is necessary to begin the valuation with the use of methods of property approach.