THE INFLUENCE OF SANCTIONS ON THE EFFECTIVENESS
OF CLASSICAL METHODS OF VALUE ESTIMATION 

Tarasov Andrey Valer'evich, Doctor of economic sciences, profess or, sub-department of economics and finances, Penza State University (40 Krasnaya street, Penza, Russia) em@pnzgu.ru
Ponukalin Aleksandr Vladimirovich, Candidate of economic sciences, associate  professor, sub-department of economics and finances, Penza State University (40 Krasnaya street, Penza, Russia) avp1123@mail.ru
Rusakova Yuliya Igorevna, Master’s degree student, Penza State University (40 Krasnaya street, Penza, Russia) rusakova-yulia@mail.ru

 338.1

 10.21685/2309-2874-2017-1-4

Background. Several years ago, some Western states imposed economic sanctions against Russia. Almost always, the introduction of such restrictions leads to stagnation of economic growth, negative changes in the financial sector. All of these inevitably affect the performance of companies, in particular, the value of organizations. In the period of economic instability, the value of companies ceases to meet the requirements of adequacy. In this regard, the study of the impact of sanctions on the business value and effectiveness of classical valuation methods is relevant. The goal of the study is to analyze the impact of sanctions on the effectiveness of classical valuation methods.
Materials and methods. The research objectives were implemented on the basis of the analysis of statistical data on the capitalization of leading Russian companies of various industries. The methodology included the method of comparative analysis that allowed to compare the content and significance for the economic development of the country with the imposition of sanctions taking into account the specific historical circumstances of their introduction. Various methods of economic research were used in the study: the abstract-logical method – in setting the goal and objectives of the study; a comparative analysis – analyzing data on the capitalization of Russian companies; inductive and deductive methods.
Results. The effectiveness of traditional methods of valuation in the period of economic instability was analyzed, as well as the chronology of imposing sanctions against Russia. Also the impact of sanctions on the Russian financial market and the capitalization of domestic companies in various sectors were examined. The assumption
is made about the development of the situation on the Russian financial market in the context of sanctions.
Conclusions. Sanctions and restrictions negatively affect the performance of companies, reducing their capitalization leading to a fall in their value. The effectiveness of classical approaches to business valuation during the period of economic instability can be improved by introducing various amendments.

sanctions, valuation, valuation methods, financial market, capitalization.

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