Fedorovich V.O.Siberian Transport University (STU), Novosibirsk, Russian Federation klania2002@mail.ru ORCID id: отсутствует SPIN-код: отсутствует
Fedorovich T.V.Novosibirsk State University of Architecture and Civil Engineering (SIBSTRIN), Novosibirsk, Russian Federation tani_vf@mail.ru ORCID id: отсутствует SPIN-код: отсутствует
Subject The value of a firm is an unbiased and reliable measure of operations and strategic performance of an enterprise. Objectives The study analyzes a combination of approaches based on the book and market values as part of the information asymmetry theory, which points out the comprehensive integrated indicator, such as a firm's value as an unbiased and the most understandable metric for stakeholders, shareholders, would-be investors and managers. Methods The study is based on methods of induction, deduction and general cognition, methods of logic, statistical and correlation analyses. Results It is advisable to reduce the information asymmetry for principals and agents by updating the Economic Value Added (EVA) and derivative indicators, such as CFROI, CVA, RCF and EM, which are integrated into consolidated income, earnings before taxes and structure of capital owned by subsidiaries and associates and share of capital invested in the development of property portfolios of corporations. Subsidiaries and associates contribute to the consolidated net income, being financially accountable for the capital involved. Conclusions and Relevance To forecast the value of a firm, economic-mathematical modeling is advisable, since it will ensure an unbiased evaluation of the firm’s position within a three to five year time horizon and help to reduce the information asymmetry, which requires special tools to substantiate the increment in EVA and corporate capitalization. The ultimate objective of research provides for an unbiased integrated value, such as corporate value of a business, which decreases the information asymmetry for principals and agents.
Van Horne J.C., Wachowicz J.M. Jr. Fundamentals of Financial Management. 13th edition. Pearson Education, Prentice-Hall, 2008, 744 p.
Brealey R., Myers S., Allen F. Principles of Corporate Finance. 12th edition. McGraw-Hill Education, 2016, 976 p.
Kleiner G.B. [System Management and System Optimization of an Enterprise]. Sovremennaya konkurentsiya = Journal of Modern Competition, 2018, vol. 12, no. 1, pp. 104–113. URL: Link (In Russ.)
Fedorovich V.O., Fedorovich T.V. [Management of finance of large State corporations: sources of financing of innovations]. Finansy i kredit = Finance and Credit, 2012, vol. 18, iss. 40, pp. 47–55. URL: Link (In Russ.)
Kontsipko N.V. [Development of conceptual approaches to depreciation policy as the source of corporate financing]. Vestnik Tomskogo gosudarstvennogo universiteta. Ekonomika = Tomsk State University Journal of Economics, 2017, no. 37, pp. 153–168. (In Russ.) URL: Link
Postupinskii I.A. [Improving the mechanism of debt financing of investment activities of metallurgical companies]. Innovatsii i investitsii = Innovation and Investment, 2016, no. 4, pp. 24–30. URL: Link (In Russ.)
Fedorova E.A., Khrustova L.E., Chekrizov D.V. [Industry characteristics of bankruptcy prediction models appliance]. Strategicheskie resheniya i risk-menedzhment = Strategic Decisions and Risk Management, 2018, no. 1, pp. 64–71. URL: Link (In Russ.)
Ushaeva S.N. [Facets of optimization of capital structure in conditions of crisis]. Vestnik Chelyabinskogo gosudarstvennogo universiteta = CSU Bulletin, 2010, no. 5, pp. 173–179. URL: Link (In Russ.)
Teplova T.V. [Borrowed capital-based work: Company's optimal leverage: from theoretical concepts to practical model justifications (part 1)]. Upravlenie korporativnymi finansami = Corporate Finance Management, 2013, no. 4, pp. 198–208. URL: Link (In Russ.)
Teplova T.V., Getalova A.A. [Borrowed capital-based work: Company's optimal leverage: from theoretical concepts to practical model justifications (part 2)]. Upravlenie korporativnymi finansami = Corporate Finance Management, 2013, no. 5, pp. 262—279. URL: Link (In Russ.)
Postupinskii I.A. [The economic essence of an effective borrowing company policy]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2016, no. 3, part 1, pp. 1124–1127. URL: Link (In Russ.)
Rusanova E.T. [Development of the capital structure theory after Modigliani and Miller]. Finansy i kredit = Finance and Credit, 2011, vol. 17, iss. 9, pp. 60–67. URL: Link (In Russ.)
Syroezhin A.S. [Management of the company's capital structure]. Vestnik Rostovskogo gosudarstvennogo ekonomicheskogo universiteta (RINKh) = Vestnik of Rostov State University of Economics, 2009, no. 29, pp. 172–179. URL: Link (In Russ.)
Fedorovich V.O. [Rational capital structure of a corporation as a base for the growth of the innovative value of its property complex]. Sibirskaya finansovaya shkola = Siberian Financial School, 2012, no. 3, pp. 91–97. URL: Link (In Russ.)
Chernysheva T.Yu., Ozhogova O.V. [Expert assessment of forms of borrowed funds of the enterprise]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2013, no. 7, pp. 301–304. URL: Link (In Russ.)
Obukhova A.S., Anisimov A.Yu. [The influence of various factors on the choice of sources of financing of the enterprise in the conditions of stagnation]. Ekonomika v promyshlennosti = Russian Journal of Industrial Economics, 2015, no. 2, pp. 92–97. (In Russ.) URL: Link
Fedorovich V.O. [Criterion of efficiency of rational structure of the capital of the corporation]. Problemy ucheta i finansov = Problems of Accounting and Finance, 2012, no. 2, pp. 17–25. URL: Link (In Russ.)
Shchetinin E.Yu. [The production process in the food industry: the relationship of investment in fixed assets and technical efficiency]. Prikladnaya ekonometrika = Applied Econometrics, 2012, no. 4, pp. 63–84. URL: Link (In Russ.)
Sharikova O.V. [Determination of the optimal capital structure of Russian organizations]. Korporativnye finansy = Journal of Corporate Finance Research, 2013, no. 1, pp. 33–43. (In Russ.) URL: Link
Shuklov L.V. [Effective capital structure as a key for successful business growth]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2010, vol. 3, iss. 16, pp. 55–61. URL: Link (In Russ.)
Ebrati M.R., Emadi F., Balasang R.S., Safari G. The Impact of Capital Structure of Firm Performance: Evidence from Tehran Stock Exchange. Australian Journal of Basic and Applied Sciences, 2013, vol. 7(4), pp. 1–8. URL: Link
