Verslo vertinimo sistemos kūrimo metodika

LTStraipsnyje nagrinėjamos verslo vertinimo ir įmonės vertės valdymo teorinių žinių ir praktinių priemonių sistemos plėtotės problemos. Tai sprendžiama pasiūlant verslo vertės nustatymo modelį, papildytą šiuolaikinės vertės valdymo koncepcijos elementais. Verslo vertinimo modelio sudarymas ir praktinis naudojimas grindžiamas šiuolaikinėmis analizės priemonėmis ir kompiuterizuotomis technologijomis. Straipsnį sudaro du skyreliai: 1. Verslo vertinimo metodai, kuriame apžvelgti taikomi įmonės vertės nustatymo metodai ir iškelti spręstini uždaviniai; 2. Verslo vertinimo modelio kūrimo principai, kuriame pasiūlytas modelis, jungiantis du posistemius - diskontuotą pinigų srautą ir ekonominį pelną. Siekiama rasti tinkamiausius sprendimo būdus ir pasiūlyti priimtinas priemones, taikytinas Lietuvos sąlygomis.

ENThe creation of the theoretical basics of business valuation and the development of the valuation practice occur in two sufficiently opposite tendency's interaction. First, business valuation practice is not yet achieved at a satisfactory level, which satisfies the requirements of Lithuania's economic privatization and restructuring, also the requirements of the creation of an efficient business market. Second, progressive world business valuation theory has become more universal, at the same time it is more oriented to concrete countries' peculiarities of localities and the nature of business. Business value estimation and its management require not only a united and theory based principles, which are realized by present day means, but also these principles co-ordination with economic management and accountability practice. This forms some certain preliminary requirements for value estimations and management researches. In recent years Laws have been accepted, which legalize private ownership and business development in Lithuania, also it created conditions for a business market, and its efficient use. However, there are many things that still need to be done. These things which the author of this work in her article raised, discussed, analyzed, considered and presented, suggestions were also completed. The article analyses business valuation theoretical methodologies and their application to Lithuanian environment.Author poses clear distinction between methods used in practice and methods having scientific value, which are based more on business analyses and usage of mathematical methods. After having analyzed different valuation methods, the author have proposed to use Discounted Cash Flow in valuation of big local enterprises. In the article author has revealed main problems, connected to Discounted Cash Flow model. Article covers calculation of discount rate, based on Weighted Average Cost of Capital and proposes concrete ways how to deal with it, as WACC is the main blocking factor of usage of Discounted Cash Flow valuation in Lithuania and Eastern Europe.