|Title:||PROBLEMS OF THE ANALYSIS OF STRATEGIC FINANCIAL VALUE-BASED BENCHMARKS OF THE UKRAINIAN ENTERPRISES|
Vol. 7, No 1, 2014
Published date: 20-05-2014 (print) / 20-05-2014 (online)
Economics & Sociology
ISSN: 2071-789X, eISSN: 2306-3459
|Keywords:||cash value added, Z-score, total shareholders’ return, emerging markets, strategic financial value-based management, discriminant model, multicollinearity|
|JEL classification:||F43, C10|
Article is devoted to problems of the organization of effective monitoring of financial indicators as a part of strategic financial value-based management by the enterprise. The main goals of offered research are to describe some analytical approaches and to modify them for effective valuation of the emerging markets enterprises (in particular, to valuate the strategic financial benchmarks of the unprofitable Ukrainian oil refineries which are absent on stock market). Finally, the author offers discriminant model which includes the main financial benchmarks of strategic corporate development (cash value added as an indicator of operating activity; total shareholders’ return as a basic indicator of current quality of corporate governance; Z-score as an indicator of corporate default probability).