Implementation of the value management to the optimization of financial structure of the company capital supposes the substantiation of choice of performance evaluation characteristics on the grounds of market value and forming of the factor set of its creation on this objective criterion. Despite the acknowledgement of value based conception importance, the financial practice preserves a number of problems, connected with the controversial comprehension of its opportunities in the financial management.

Even developed countries of the West, where the value based approach to the financial management is applied beginning from the second half of the XX century, have substantial differences from country to country concerning its application as the conducted researches state. For example, in Austria, Germany, Ireland, Switzerland it is used by 75% of the largest companies, in Great Britain — 65%, in France — 50%, in Italy — 40%, in Norway and Sweden– about 30%. Besides, some companies, which manifest the use of value based approach, restrict it to the performance evaluation of policy decisions at the acquisition and implementation of capital investment projects, and others restrict it to be used as extra tools for the goal setting and evaluation of their activity.[1]. Moreover, it is recognized that in the process of development of value based approach a permanent perfection of company value management tools took place together with the methods of its determination.

Value Based Management (VBM) only begins to be used in the Russian financial practice. This conditions the necessity of appeal to the analytical tools of evaluation of company market value, developed in Western countries, detection of VBM opportunities in the sphere of optimization of the company capital financial structure.

 

The most general approach to the company market value evaluation in developed countries is based on the market capitalization definition. As G.B. Kleiner states, the amount and dynamics of the company capitalized income value in the market economy correlates with the change of market value of ongoing business rather closely.[2]. In addition, in latest decades at the world financial markets appeared a tendency for advanced exceeding of the company’s market value in comparison with their real assets, which acted as one of the key factors of the current financial world crisis.

In order to define the substantiated market value of the company, we need to perform its special evaluation. There is a number of indicators and methods in the countries with the developed market economy for these purposes based on the defininition of three fundamental approaches: cost (property), market (comparative) and income producing (appendix 14). Each of the indicated approaches has distinct advantages and disadvantages, which are quite fully investigated in economic literature.[3].

 

For the purpose of this research it appears necessary to contrast the possibilities of their usage as applied to the organization tasks of the financial company capital structure taking into account the influence of factors, which are fundamental, for both the formation of capital structure and the company market value (table 3.1.1).  Table 3.1.1 — Comparative analysis of approaches to the company market value evaluation [4]

Factor Value based approach
Cost(property) Market (comparative) Income producing
Existing financial capital structure + — + +
Change of financial capital structure +
Cost prediction +
Risks + +

+  The approach takes into account the given factor;

— The approach does not take into account the given factor;

+- The approach partially takes into account the given factor.

Cost (property) approach suggests the value determination on the basis of the hypothetic sale of company’s underlying assets. In addition, it is taken into account an integrated cost of separate constituents of the property complex, but not the economic value of the company and the quality of its management. The cost approach only partially considers the existing financial structure of business capital, for example, at the use of net assets method. However, it ignores the effect of such factors as change of capital structure, as well as the earning capacity from the use of assets and the associated risks[5], being the basis for the adoption of strategic financial decisions.

 

The use of cost approach for the value assessment of companies, which shares are circulated, can lead to the false outcome, especially if the valuation results are based on the book value method of assets. This is conditioned by the fact that the method of depreciation accounting, the value of purchased resources in the production cost of the sold output, the size of revaluation coefficient for the basic funds, including the rate of inflation, and periodicity of conduction of such revaluation etc. render decisive influence on the balance sheet value.

 

Fundamental disadvantages of the cost approach cannot be eliminated even at the use of net assets method or the method of adjusted balance cost, because it is impossible to consider the impact of the analyzed factors on the company value. The use of factors like “depreciated cost” and “replacement cost value” sensitized to the latest changes and latest expenses on the creation (acquisition or use) of the company do not give proper results. Introduction of inter-temporal cost indices of valuation objects and acting prices allows to reflect the changes of price standards and prospective profitability to some extent. However, this does not change the circumstance, that the value of the company as valuation object is identified with the resource costs and does not reflect the income receivable and risks. We may conclude, that the use of this approach for the valuation of the corporation market value is not efficient in relation to the organization of financial structure of the capital.

 

Market (comparative) approach, contrary to the cost-based one, is focused on the accounting of market value not on the assets but on the similar companies. Basic methods within the present approach are as follows: the method of similar companies, the method of comparable sales (transactions), and the method of multiplies (industry ratios). The use of these methods mainly depends on the presence and availability of information, characteristics of appraisal object, subject and conditions of the estimated transaction with the appraisal object. Multiplier method is used most often to determine the market value of the company, which shares are in free circulation. The following financial characteristics are usually used as multipliers: P/S — price / sales volume; Р/ЕВIТ — price / profit before taxes and interests; Р/Е — price / net income; EV/EBITDA – market value / profit before taxes, interests and amortization;  Р/СF — price / cash flow; Р/ВV — price / book value of the own capital etc. The information on the market financial multipliers is published in the materials of analytical agencies.

 

The methods of comparative approach judge from the actual price of purchase and sale of similar companies; therefore, when they are used, as opposed to other approaches, based on the calculation, the value of enterprise is defined by the market. Comparative approach considers the existing financial structure of the company capital and market risks. However, it is focused on the pricing environment, reflecting the past financial results, and, therefore, disregards the prospective changes of capital structure and income receivable of the company. Besides, the methods of comparative approach have a number of disadvantages, limiting their use for the valuation of market value of the company. Necessity to conduct intermediate calculations, adjustments, which require substantiation, subjectivity of these adjustments, limitation of access to financial information, requirements of reliability of financial statements etc., refer to these disadvantages.

 

Consequently, both reviewed valuating approaches proceed from the actual prevailing conditions and results of production and financial activity of the company (expenses or costs), and do not consider the company’s expected future development, prospective pecuniary benefit, and impact of financial capital structure on the operating results of the company. In this regard, the methods of profitable approach correspond to the objectives of the present research to the maximum extent. They allow to take into account some key factors, defining the organization of capital structure and market value of companies. We shall note, that the profitable approach is accepted for the use in the world practice for the valuation of impact of managerial decisions on the company value[6].

 

The use of the following fundamental financial conceptions forms the basis for the profitable approach: time value of money and relation of risk and profitability. All methods within its limits reflect the requirements of certain benefit gaining by the investor from the company possession, taking into account the risk of such possession. This suggests the accounting of perspective use of assets into the future, the size of produced income flow from the assets, distribution of this flow in time and its volatility. Therefore, the methods of profitable approach are based on the money receipts, which are separated in time by means of accounting one or several factors, which reflect the likelihood of their receipt.

The most common method within the limits of profitable approach is the method of capitalization (profit), which is used in conditions of stability of income (profit) or its grow rate. The use of this method suggests the transformation of earnings flow into the current value by means of capitalization rate. Capitalization rate can be treated as a simplified discount factor, which is used on condition of proportional yield income.

 

Market value of the company is defined according to the following formula:

                          ,                          (3.1)

 

where V is the market value of the company;

 

D – is the measure of income;

N – is the capitalization rate (norm).  Pure cash flow, net profit of enterprise, size of dividend payouts may be used as a measure of income. This indicator is usually used at the valuation of company value, which have quoted equity investments. If the shares of the valuating company are not traded, in order to detect the most typical level of dividends, a similar company is chosen, which shares are in free circulation. Then the profit share is calculated, which can be used for distribution of dividends upon payment of all tax liabilities. The amount of possible dividend payouts, received by calculation, is capitalized like in the method of net profit capitalization.

Another variation of the reviewed method is the method of net profit capitalization. Net earnings (profit) are used as a profit indicator; and the rate of expected reward (profit) is used as the capitalization rate when the method is applied. This method, like other methods, based on the use of profit, has disadvantages, which arise because of use of this bookkeeping factor. At the same time, the method of net profit capitalization is simple and allows to compare various kinds of evaluated property.

In order to account the intangible fixed assets for the valuation of company enterprises, the capitalization method of surplus revenue is often used. It is based on the assumption that the company value is made from the value of its tangible and intangible assets. The value of intangible assets is defined by their ability to generate the surplus revenue, which is the income above the mid-market value rate of return on tangible assets. Thus, the company value is calculated as the sum of tangible assets value and capitalized value of surplus revenue (profit).

 

The most widespread method within the limits of profitable approach is the method of discount cash flow, when the expected cash flow is transferred into the current ones with the help of discounting method. It supposes the calculation of current value of free cash flow generated by the company, or the flow attracted on the definite discount rate according to its general definition:

                                                (3.2)

 

where FCFt – is the index of free cash flow in the year t

The period of calculation, each stage includes pure current value minus the flow of capital investments.

   

  r – is a discount rate,

 

 t – is the time cell of calculation period.   For the purposes of value appraisal of the company, the scheme of implementation of the present method foresees the split period of calculation onto two constituents: planned (predicted) and post-forecast periods. The predicted period is defined on the basis of length of company trade cycle, average time of running projects (in this case the company is seen as a project portfolio), the period of the company strategy implementation. The prognosis of prospective cash flow is made for the planned period, the company value in the post-forecast period (terminal value — TV) is defined; then the values of cash flow and terminal value are discounted.

 

Market company value is calculated by summing up the discounted value on the fixed forecasting horizon and the discounted terminal value:

                                        (3.3)

 

The discount cash flow method allows to reflect the market company value taking into account its perspectives. It is based on the number of governance models of corporation value (A. Damodaran, balanced system of parameters, “Pentagon” by MacKinsey).

 

Moreover, the use of discount cash flow method is connected with the necessity to adopt a number of assumptions and the choice substantiation of certain key parameters. There are the following problems connected with the use of discount cash flow method in economic literature:

— selection of discount rate. Economic value of discount rate consists of the fact that it acts as a required rate of return according to the existing alternative choices of capital use with the comparable risk level. The discount rate is determined on the basis of statistic, analytical, expert heuristic methods, and their combinations. Besides, it is necessary to establish additional unknown parameters for its calculation (like profitability of “risk free” investments, profitability of alternative investments, weighted average cost of invest capital etc.);

— evaluation of predicted and post-forecast period of calculation, degree of consistency of the company activity in post-forecast period;

— prognosis of future income stream in the uncertain environment and risk conditions;

— recognition of risks, accompanying the use of assets or operation of the company during the whole calculation period;

— subjective nature of valuation, determined by one or another interpretation of economic climate and adopted decisions.[7].

 

The stated problems define the possibility of statistical discrepancy for the company market value. Furthermore, the present method has some restrictions in the sphere of application: It may be used for the estimation of the company value for companies only, which may generate the cash flow. This means they perform steady economic activity. It is not applicable for the estimation of the company value for companies, which bear financial loss.

Besides the discount cash flow method, there are other methods widely used in the financial practice, like the methods of analysis and management of value added, implementing the conception of economic income. In accordance with the stated conception the company increases its value only if its profit exceeds the expenses for the capital attracted, which means there is some residual income left. One of the first economists, who substantiated the conception of economic profit and residual income, is A. Marshall. He wrote back in the year 1890: “What is left from his [the owner or the manager] profit after the extraction of interest on capital on the current rate, can be called his business or administrative profit”. According to the views of A. Marshall on the defining of the company value at any period of time (its economic profit), not only expenses, which are indicated in the accounting records can be considered, but also alternative expenses from the capital attracted and engaged in business[8].

 

The ideas of economic profit and residual income were finally formed in 60th of XX century, and at the end of the 80-th. They were practically implemented in the number of models, which began to be used to valuate the company value for the purpose of management.[9].

 

One of such models is the development of American consulting company Stern, Stewart & Co., which proposed the methods of calculation of economic value added – EVA and the market added value – MVA)[10].

 

D. Stewart defined the economic value added as the difference between the neat operating profit after taxation (NOPAT = EBI = EBIT — Taxes) and the sum of expenses for the capital charge – CC of the company for the same period of time: 

 

            [3.3,p.125]

 

Converting the formula (3.3) we receive the following:

 ,  (3.4)

Where IC is invested capital;

ROIС – is return on the invested capital, 

WACC- weighted average cost of capital.  The formula (3.4) means that the parameter EVA depends upon the financial structure and the capital value of the company. It shows which type of financing (own or borrowed) and which capital value is necessary to invest for getting a specified profit value. Moreover, on the one hand, the company should guarantee the level of profitability for the invested capital not lower than the sum of expenses on its attraction. On the other hand, the rate of return on share capital should cover the risks connected with investments into the company.

 

The parameter of EVA acts as a current financial parameter of the value increase, which allows to join the accounting reporting of the company and the requirements of value management conception. This defines its role in the financial management practice (at the forecasting of new project, the processes of restructuring, mergers and acquisitions, determination of managerial rewards etc.). When the method of EVA is applied in order to reflect the company capital value properly, a number of the terms of the authors of this conception[11]) are used, the most significant of which are as follows:

— accounting of all types of intangible assets (research-and-development activity, expenses for the trademark creation, goodwill etc), the value of which at the calculation of EVA should be capitalized and not referred to as expenses;

— accounting of various reserves, which are created by the company;

— accounting of deferred taxes, any paid sources of financing;

— rediscount of doubtful investments from the principle «successful efforts» to full costs[12].

 

Certain amendments in relation to the company profit are also provided, which are aimed at the transformation of accounting earning into economic profit, accounting of changes, caused by the capital adjustment, reflection of “typicality», repeatability, exclusion of speculative effects

 

There are the following disadvantages of EVA model, limiting its use in economic literature:

 

— connection of EVA with bookkeeping factors. Calculation of EVA is based on the factors of accounting reports, which reduces the reliability of impact assessment of current financial decisions for the future value of the company;

— necessity of making adjustments in accounting records;

— underestimation of differences at the rate of investigated companies and the reasons of possible problems in the company activity;

— possibility of underestimation of long-term company’s expected future development. When introducing large investment projects, which are characterized by long-term expenses and risks, EVA becomes worse. Therefore, the orientation for this factor at the choice of strategy can cause the decrease of capital investments and profit, which are generated by these investments in future;

— mismatch of Return on Invested Capital (ROIC) of actual rate of return is used at the recalculation of EVA. At the valuation of investment projects factor, ROIC shows the underestimated value of the internal rate of return (IRR) in the beginning of period and overestimated late. When valuating the companies, industrial displacement may take place. In the growing industries with huge investments the factor ROIC is overrated as for the real profitability, and in mature industries it is decreased.[13].

 

Necessity to level the disadvantages of EVA model caused the development of new factors, mainly the factor of market added value – MVA. MVA is the registered valuation of predicted value for the economic value added (EVA):

 

              М., 3.5.

 

The company value (V) is calculated as the sum of invested capital (IC) and the market added value.

 

                  М., 3.6.

 

Thus, the factor MVA allows to expand the boundaries of use of EVA method for the long-term forecast period.

 

There are other contemporary developments, based on the economic profit conception:

 

— adjusted economic value added — АEVA) and refined economic value added — REVA, which are proposed by J. De Villiers. In the first case the current market value of the capital is used instead of the updated capital value at the calculation of ROIC, and in the second case it is a market value at the beginning of the period.[14];   

— the model of value-added analysis (valuation) of proprietory capital, which is presented in the works of A. Rappaport[15], K. Walsh[16], specialists of Mac Kinzi consulting company. The added value is considered here as the gain of proprietory capital to the balance sheet valuation. The model supposes the detection of basic financial ratio, being a framework of operation levers within this value conception;

— the model of cash value added (CVA), is worked out by E. Ottoson and F. Weisenrider.[17]. According to this model the financial management consists of the maximization of cash flow variety from the current company activity and cash flow from strategic investments;

— the model of total shareholder return (TSH) of the Boston consulting group company. TSH factor is calculated as the ratio of difference in the market capitalization of the evaluated company for the accounting period taking into account dividends, paid out to shareholders, and the company base value;

— Olsson valuation model — (EVO) [18]. The company value is manifested via the current value of net assets and the current received surplus profit (the value of contingency of company profit over the industry average value, resulting from the available competitive advantages). Valuation parameters from the standard accounting, being in autoregressive relation, are used instead of predicted cash flow;

— the model of cash flow return on investment (CFROI). This parameter synthesizes cash flow and generates its capital, thus allowing to take into account inflation factor, various quality and terms of financial assets, accounting policy methods etc.

 

The option method has a special place within the method of profitable approach. It is based on the accounting of a probability factor of any development event and cost volatility. The idea of using technique of optional price formation for the enterprise value assessment belongs to F. Black and M. Shawles[19]. They developed a model, which was lately modified by R. Merton, according to which the company value is defined via its correlation with the value of underlying asset and the risk-free rate and is the function of a number of variables (the current value of underlying asset, striking price, option lifetime, risk-free interest rate, corresponding to the option term, dispersion in the value of underlying asset). Option models allow to reflect the opportunity of getting distinct advantages at the competent management. However, their actionability is complicated by the tasks of search characteristic for the model and a reliable volatility valuation.

 

Generally, the analysis of modern analytic instruments of value-based management of the company allows to come to the following conclusions concerning the possibilities of their use at the optimization of financial structure of company capital. The methods of profitable approach, which allow to consider the recapitalization factors, incomes receivable of the company and risks associated with their generation answer the purpose in a greater or lesser degree.

 

Among the methods of profitable approach the model of economic income should be put emphasis. Its advantage over the model of discount cash flow is that economic income provides an idea of company performance in any specific year, while free cash flow does not possess such a quality. The discount cash flow method can be used for the valuation of the market company value for the specific period of time, but it does not make it possible to conduct a current monitoring of changes in the process.

 

Economic profit model with the use of factors EVA and MVA allows to detect the impact of changes in the financial capital structure for the change of market company value, as well as provides the synthesis of accounting and financial approaches, combining the standard accounting reporting of the company and requirements of the value conception of management.

 

The results of calculation of the market company value, based on the factor EVA, are herein identical to the results, obtained from the use of discount cash flow method. The formal proofs of the present provisions are mentioned in the works of a number of researchers.[20]. Comparative analysis of discount cash flow models and economic value added is set in Appendix 15.

 

The implementation of model EVA, as analytical company value management tool, suggests the analysis of elimination possibility of its peculiar restrictions. We shall detect these possibilities with a breakdown into those drawbacks of ЕVA, which have been detected above, based on the analysis of economic literature.

 

1. EVA calculations are based on the factors of accounting reports, which reduces the reliability of impact assessment of current financial decisions for the future value of the company. This restriction is leveled by the use of EVA together with the factor MVA, which allows to expand the boundaries of use of this method for the long-term forecast period. We should also indicate that factor EVA is more perfect tool for making financial decisions than the accounting income, because EVA makes it possible to evaluate the end result as well as what made it happen (volume and capital structure, the value of capital). In this context it is fair to say that such approach is rather economic than bookkeeping.

 

2. Necessity to make certain adjustments in the accounting records. The question on the necessity and number of appropriate adjustments in the accounting reporting, which should be made at the calculation of EVA, is disputable. Particularly S. Stewart and G. Bennet give description to about 154 adjustments, but suggest to use only 10-12 out of them[21]. E. Ottoson and F. Weissenrider restrict the number of necessary adjustments to 20[22]. A. Erhbar indicates, that it is enough to use 5-6 adjustments for the application of model EVA[23]. R. Ray and T. Russ think it makes no sense to conduct any adjustments[24].

 

In reality these adjustments complicate the calculations of EVA factor, and therefore, make it more difficult to use for the substantiation of financial decisions. Those adjustments in the reporting, which increase the factor value, may evoke mistrust among shareholders, creditors, and financial analysts. Besides, some adjustments do not have essential effect on the EVA value. On this basis, at the substantiation of calculation technique EVA, it is necessary to consider the complexity and working time of the adjustment conduction, as well as the level of effects, which makes the adjustment on the factor value and company value determination. It is evident that the level will be different for different companies, which conditions the practicality of conduction of particular adjustments (Appendix 16).

 

It should be emphasized that these adjustments complicate calculations of EVA factor, and therefore increase the risk of problem rise at the use of this conception for business management. Besides, the adjustments in the reporting, increasing the factor value, may evoke mistrust among shareholders, creditors, and financial analysts.

 

4. Underestimation of differences at the rate of investigated companies and the reasons of possible problems in the company activity. This restriction may be removed if the use of relative ratio based on EVA, for example, relation of EVA value to the invested capital.

 

5. Possibility of underestimation of long-term company’s expected future development. EVA really gets worse at the implementation of large investment projects, which are characterized by long-term expenses and risks. These expenses and risks are connected with them are distributed for the whole horizon period, thus, reducing the value of EVA in the current and the following years. However, such changes will take place in case of use of the method of discount cash flow, as long as Free Cash Flow decreases at the cost escalation.

 

6. Mismatch of Return on Invested Capital (ROIC) of actual rate of return is used at the recalculation of EVA. If the investment project is taken as the base of analysis, it is evident, that in the start year, when the investments into project are large, in comparison with high income, the profitability ratio of investment is understated, and in the end of the period it is vice versa. Jean de Villiers particularly points out that inconsistency between ROIС and IRR is in the direct proportion to and connected with the length of investment period (lifetime of assets)[25]. However, if to consider the company as a whole (as a complex of capital investment projects), the problem of incorrect periodization decreases. Another solution of the indicated problem is the implementation of modified amortization schedule[26].

 

Thus, taking into account the possibilities of eliminations of the listed limitations, we may arrive at a conclusion on the high potential of EVA as analytical management tool of the company value. This factor combines possibilities of detection of the company value, performance evaluation of the company as a whole, and of its separate divisions, motivation of managerial personnel to the acceptance of efficient investment decisions. Its use allows to implement a value approach to the optimization of financial company structure, and build a corresponding model. 


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[4] Composed by the author.

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[8] T. Coupland, T. Coller, J. Murrin Company Value. Valuation and Management /Коупленд Т. Коллер Т., Мурин Дж. Стоимость компаний: оценка и управление.- М., 2007. — С.123.

[9] Dodd J.L, Chen Sh. EVA: A New Panacea?// Business and Economic Review, Vol. 42. Jul-Sep 1996. — Р.26-28.

 

[10] Wilson J. Economic Value Added (EVA). L., UBS Global Research. May, 1977.

 

[11] Stewart G. The Quest for Value: a Guide for Senior Managers. — New York: Harper Collins Publishers, 1991.

 

[12] V.V. Krivorotov. Value Management: Valuating Technologies in Business Management / Криворотов В.В.Управление стоимостью: Оценочные технологии в управлении предприятием. — М.: ЮНИТИ-ДАНА, 2005. — С.38; T.V. Teplova Contemporary Modification of Value Management Model of the Company/ Теплова Т.В Современные модификации стоимостной модели управления компанией // Вестник МГУ.- 2004. — №1.

[13] T.V. Teplova Contemporary Modification of Value Management Model of the Company/ Теплова Т.В Современные модификации стоимостной модели управления компанией // Вестник МГУ.- 2004. — №1. — С.19-20.

[14] De Villiers J. The distortions in Economic Value Added // Journal of Economics and Business, Volume 49, №3 May/June 1977. – P. 285-300.

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