Verslo vertinimo metodai ir jų taikymo Lietuvoje specifika

Direct Link:
Mokslo publikacijos / Scientific publications
Document Type:
Straipsnis / Article
Lietuvių kalba / Lithuanian
Verslo vertinimo metodai ir jų taikymo Lietuvoje specifika
Alternative Title:
Business valuation methods and their implementation in Lithuania analysis
In the Journal:
Organizacijų vadyba: sisteminiai tyrimai [Management of Organizations: Systematic Research]. 2001, Nr. 17, p. 105-115
Verslo vertinimas; Verslo vertinimo metodai.
Business valuation; Business valuation methods.
Summary / Abstract:

LTNors Lietuvoje verslo vertinimo praktika ir prasidėjo prieš kelerius metus, tačiau vis dar pasigendama išsamesnių šios srities tyrimų ir apibendrinimų. Straipsnyje yra apibendrinami teoriniai bei praktikoje naudojami verslo vertinimo metodai. Taip pat yra pristatomi autorės atlikto tyrimo rezultatai, kuriame buvo tiriama verslo vertinimo Lietuvoje praktika siekiant apibendrinti verslo vertinimo Lietuvoje priežastis bei nustatyti dažniausiai naudojamus metodus. [Iš leidinio]

ENThis study provides insights on the issues of business valuation implementation in Lithuania. Valuation is a complex area and experts often differ in methodology used. First of all, based on detail analysis of financial and investment literature, this paper overviews theoretical and practically used business valuation methods and approaches in order to prepare a background for Lithuanian business valuation analysis. There are three theoretical approaches to valuation: discounted cash flow valuation, relative valuation and contingent claim valuation. For practical implementation purposes all business valuation models are classified into 3 groups: income approach, market value approach, and assets approach. Further part presents Lithuanian business valuation methods approved by law and analyses their limitation emerging from present Lithuanian business conditions. Lithuanian laws recommend using comparable sales, replacement cost, and income capitalization or discounted cash flow methods. However all of them have some limitations, primarily due to the present Lithuanian financial markets development level and lack of historical data about companies' financial performance. Finally, utilizing the survey technique, this study provides an empirical examination of major business valuation goals and methods used by Lithuanian companies. Survey findings indicate that Lithuanian business valuation practice does not vary significantly form such practices in the other countries. It was found that experts place high importance on discounted cash flow valuation method and use comparable sales method as an alternative approach. It was also determined that acquisitions and takeovers (including privatization) were the main group of reasons for business valuation in our country.Based on the survey findings and author's analysis, the paper concludes some major business valuation problems and limitations, which are classified into two groups: overall economic and financial market problems and company specific problems. [From the publication]

1392-1142; 2335-8750
2018-12-20 22:54:22
Views: 5    Downloads: 4