COMPANY`S WORTH VALUATION IN THE FINANCIAL CRISIS PERIOD 

Kaftulina Yuliya Anatol'evna, Candidate of economic sciences, associate professor, sub-department of economics and international relations, Penza State University (40 Krasnaya street, Penza, Russia) ulya_01@list.ru
Rusakova Yuliya Igorevna,  Master’s degree student, Penza State University (40 Krasnaya street, Penza, Russia) rusakova-yulia@mail.ru

336.051

10.21685/2309-2874-2017-1-8

Background. At present, our country's economy is experiencing a financial crisis triggered by the imposition of sanctions. The sanctions were imposed against Russia because of its position on the "Ukrainian question." The economic instability has an impact on many areas of activity, including evaluation. As a rule, during a crisis, the accuracy of assessment reports is greatly reduced. In this regard, a study of possible ways of improving the accuracy of business valuation is relevant. The main purpose of the article is to identify possible ways of improving the accuracy of company’s worth valuation in terms of economic instability.
Materials and methods. The research tasks were implemented on the basis of a comparative analysis of main approaches and their assessment methods, as well as on the basis of a comparison of statistical data on the capitalization of leading Russian companies in various industries. Depending on the characteristics of tasks to be
completed the authors used different methods of economic research: the abstractlogical one when setting the goals and objectives of the study; a comparative analysis – the analysis of data on the capitalization of Russian companies; inductive and deductive methods.
Results. The article identifies and describes practical methods for determining the discount coefficient amendments in the income approach. The expediency of application of each of the three classical approaches during a crisis is substantiated.
Conclusions. During the period of economic instability it is necessary to improve classical approaches to business valuation. This can be done through the introduction of various amendments. The evaluation report accuracy improvement can contribute to obtaining higher quality initial information by valuators.

crisis, sanctions, valuation, valuation methods, financial market, financial crisis, capitalization, discount coefficient

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