Abstract
The directions of improving the methodical principles of Balanced Scorecard as a system of strategic enterprise management have been highlighted. The need to avoid the simplified mechanistic dividing of the indicators into financial and non-financial ones has been substantiated; the authors have also disputed the corresponding binding of financial indicators mainly to tangible assets and financial strategic prospects, and non-financial indicators — to intangible assets and non-financial projections of the strategy. The criteria of strategic targeting, efficiency and functionality have been defined as key criteria in selecting the BSC metrics.
 The necessity and the possibility of integration of VBM and BSC concepts, which may be implemented through the company’s financial control panel by using VBM metrics, has been substantiated. The unified criteria for selecting VBM metrics for the financial perspective of BSC (i.e. to take into account the investors’ risk and intangible factors of creating the enterprise’s market value; to be easily calculated and efficient; to provide for cascading and motivation) have been determined and their respective comprehensive assessment has been made. The general structure of the investment-financial perspective on the strategy map of a value-based enterprise of MMC has been developed.
 One can highlight specific features of the management perspective of a value-based enterprise. Among them:the «investors» projection or the financial-investment projection serves as the starting point of the cascade of a company’s value creation; unlike the amorphous classical BSC, the proposed pattern is clearly subordinated to the main indicator (EV); the financial-investment projection is represented by a limited number of financial, mostly VBM indicators; the balance of traditional and new metrics; unlike the classic BSC technique, the template developed does not imply a mandatory quantitative predominance of non-financial indicators.
 On the basis of the analysis of interdependence of factors and indicators of the company’s market value (KPIs / CSFs) аbsence of a linear relationship between financial indicators — tangible assets — current cost factors — on the one hand and non-financial indicators — intangible assets — future value factors — on the other, is defined.
 The рossibility to use financial and non-financial indicators to measure both tangible and intangible assets as sources of market value creation is proved.
Highlights
Influenced by today’s advances in economy, management is seeking for a «seamless» balanced enterprise management system that would integrate such concepts and techniques as economic profit, value-based management (VBM), balanced scorecard (BSC), activity based costing (ABC) etc
The problem of integrating the balanced scorecard into the practice of managing industrial enterprises has been investigated in the works of foreign and domestic researchers, namely A
The current research deals mainly with the partial problems of the evolution of strategic management based on the balanced scorecard, considering the latter in a limited methodological format
Summary
Influenced by today’s advances in economy, management is seeking for a «seamless» balanced enterprise management system that would integrate such concepts and techniques as economic profit, value-based management (VBM), balanced scorecard (BSC), activity based costing (ABC) etc. – management of the investment community; – assessment and justified choice of strategy for increasing the business value; – ensuring the creation of the company’s value as a result of balanced performance management [4] Addressing these challenges makes it necessary to integrate VBM and BSC concepts through the enterprise financial management panel and using VBM metrics. The unique features of the enterprise require defining uniform criteria for the selection of VBM metrics in the BSC financial perspective They should take into account: – principles of value-based management [1];. If a company shows a lower TSR than its competitors, as a result of a negative response of the capital market to its managerial decisions in the current year, this may be a reason for the company’s strategy correction That is, this popular financial indicator best takes into account the contribution of intangible assets to the value creation. The key indicator of the «investors» projection is earned value (EV)
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