Ідентифікація та класифікація факторів створення вартості бізнесу

Abstract

A reliable assessment of the value of a business and its ability to create, preserve, and lose value depends on identifying the factors that affect it. The factors are determined taking into account the interests of financial capital providers and the ability to increase the investment attractiveness of the enterprise. The relevance of the study is due to the need to identify key factors in the context of integrated reporting. That is, there is a need to determine what key factors are of interest to financial capital providers, have an impact on the cost of capital and the total value of the enterprise. The aim of the article is to analyze approaches in scientific publications to the classification of business value creation factors as a basis for their identification and monitoring. The following methods were used in the course of the study: analysis and synthesis; comparison; systematization; deduction. During the study, approaches to the classification of value creation factors used by domestic and foreign scientists were analyzed, as well as approaches to classification, which are provided by the International Framework for Integrated Reporting. It is found that the vast majority of scholars distinguish the factors of both the internal and external environment. Upon closer examination, it is found that there are differences in their understanding. In addition, it is found that the International Framework for Integrated Reporting focuses on external factors that are not controlled by the enterprise. As a result of the study, a system of approaches to the classification of factors of business value creation has been developed using such features as: place of occurrence of the factor; method of impact; the ability to control (manage) the impact; the time of manifestation of the factor; duration of impact; degree of dependence on other factors; consequences (nature) of the impact and materiality of the impact. In practice, the application of the proposed system of classification of business value creation factors in any case will help to identify and define the key factors that have a significant impact on the cost of capital and the value of the enterprise as a whole. In addition, it will allow the enterprise to assess the likelihood of a risk of reduction and the possibility of increasing the value of the business, the scale of such changes; identify the specific circumstances that may lead to the materialization of the risk or the exploitation of the opportunity; take appropriate measures and develop targets to monitor the impact of key factors on business value.