The thesis presents the development of theoretical and methodological provisions and the development of scientific and practical recommendations for the formation of a mechanism for assessing the value of a joint stock company.
In the work on the basis of generalization of approaches, the definition of the concept of «mechanism for assessing the value of a joint stock company» and «alternative value» has been improved, which will allow to substantiate the methodical tools of cost estimation. Under the mechanism for assessing the value of a joint stock company is an organized complex system of evaluation process, the final result of which is to determine the company's alternative value, taking into account the factors of influence on the value and level of financial and corporate governance in a particular market. Alternative value refers to the possible value (stock of shares) taking into account the corrective rate of the factors of influence, minimization of deficiencies or revaluation of a joint stock company. The structure of the company's value appraisal process and the relationship of the main types of value with the purpose of such an assessment are determined. The research of valuation methods and approaches has proven that the choice of approach and the appropriate method for estimating the value of a joint stock company depends on many factors, each of them has no fundamental advantages over others, because it has its negative and positive features. The theoretical basis of the formation of the mechanism for assessing the value of a joint stock company in part principles, functions and factors. Principles of the mechanism for assessing the value: algorithmically, adaptations, synergies, cost-benefit, materiality, complexity and systemic. The functions of this mechanism are defined: informational, analytical, control, managerial, feedback, organizational. The factors of the value are proposed to be divided into factors of the time, risk and value, and the latter, in turn, are defined as braking and driving factors by introducing an additional classification feature «the directness of influence on value Studies have shown that most trades are conducted on an unorganized (over-the-counter) market. The necessity of the process of forming a mechanism for assessing the value of a joint stock company and the proposed method of its formation are substantiated. The theoretical approach to the formation of a mechanism for assessing the value of a joint stock companies with the allocation of stages and their detailing by subjects, objects, methodical, functional, organizational and process components is developed. Appropriate financial, institutional and organizational support, both at the level of the company itself and externally, has been developed. The procedure of the integrated assessment of the level of financial and corporate status of a joint stock company has been improved. One of the most problematic is to find out the level of available opportunities or undetectable provisions for the status of joint stock companies to determine the impact on their value. For the formation of a system of indicators for assessing the financial and corporate status of joint-stock companies, a method of content analysis was used. The selection of the most influential indicators for the financial and corporate status of joint stock companies was carried out using the method of multiple regression. The assessment of the financial and corporate status of joint stock companies is proposed in terms of three components: property, financial and corporate status, using the approach to the definition of the integral indicator. It is substantiated that the level of financial and corporate status of joint stock companies affects their alternative value and is in direct dependence. The scientific and methodical approach to the assessing the value and risk factors has been developed by substantiating the scenarios of their influence on the value of a joint stock company. The possibility of using methods of analysis of complex problems for determining the influence of value and risk factors on the value estimation system is substantiated. The ranking of problems is done, structured according to the levels. It is proved that value and risk factors reduce the alternative value of a joint-stock company. As a result, the estimate tools the alternative value of a joint-stock company is proposed, taking into account the amendments to the level of business properties, namely, the coefficients of change in the factors of value and risk, and the rate of deviation of the existing level of financial and corporate status of the company from the reference. Implementation of the estimate tools the alternative value of a joint stock company according to a market approach is demonstrated on the example of four companies and the obtained results testify to the effectiveness of the proposed recommendations.
