Importance The article shows our concept of the analysis of the "assets-potential-goodwill" interrelation, which is based on the evaluation of dependence of investments in assets, the business functioning level and company value. At the same time, the paper identifies the principally important division of assets into fixed and flexible ones, depending on their use for business potential development. Objectives We have proposed a technique, which enables to analyze the portfolio of initiatives based on the assessment of relationship of company's assets, the level of its development and its value. We set a task connected with justification of asset classification of an entity depending on their impact on the level of company's development. Methods We used the analogy of methodological foundations of the "cost-volume-profit" dependency analysis. The paper researches the dependence of capital expenditures of enterprises on the level of business development. Thus, Data Envelopment Analysis approach was used to assess the level of development. We have presented the method of analysis, which enables to organize a more precise control of the process of formation and forecasting goodwill value and to determine the influence of factors on its change; to determine the critical level of company's development; to determine the reserve of strategic security of an enterprise; to calculate the necessary level of company's potential for obtaining targeted goodwill; to justify the optimal portfolio of strategic initiatives and measures for minimizing the involvement of additional assets and increasing the company's goodwill. Results We came to a conclusion that the methods and indicators of analysis of the "assets - potential - goodwill" dependence have significant scientific increment in the area of economic business management. Conclusions and Relevance Thus, it opens opportunities of new understanding of goodwill, improvement of solution to the key problems of financial management of an organization, more substantiated development of a program for achieving leadership positions of commercial organization in the environment of its operation.
Keywords: company value, goodwill, strategic initiatives portfolio, fixed assets, flexible assets, value chain
Horngren C.T., Foster G., Datar S.M. Upravlencheskii uchet [Management Accounts]. St. Petersburg, Piter Publ., 2008, 1008 p.
Chugumbaev R.R. Analiz sredy funktsionirovaniya kak instrument benchmarkinga pokazatelei ekonomicheskoi effektivnosti organizatsii [Data Envelopment Analysis as an instrument of benchmarking economic efficiency indicators of an organization]. Ekonomicheskii analiz: teoriya i praktika = Economic analysis: theory and practice, 2009, no. 27, pp. 40–47.
Bogetoft P., Otto L. Benchmarking with DEA, SFA and R (International Series in Operations Research & Management Science). New York, Dordrecht, Heidelberg, London, 2011, 351 p.
Charnes A., Cooper W.W., Rhodes E. Measuring the Efficiency of Decision-Making Units. European Journal of Operational Research, 1978, vol. 2 no. 4, pp. 429–444.
Colasse B. L'analyse financière de l'entreprise. Paris, La Découverte, 1999, 122 р.
Cooper W.W., Seiford L.M., Tone K. Data Envelopment Analysis. A Comprehensive Text with Models, Applications, References and DEA-Solver Software. 2nd edition, New York, Springer-Verlag, 2006, 528 р.
Cooper W.W., Seiford L.M., Zhu J. Data Envelopment Analysis: History, Models and Interpretations. Handbook on Data Envelopment Analysis. New York, Kluwer Academic Publishers, 2004.
Copeland T., Weston F., Shastri K. Financial Theory and Corporate Policy. New York, Addison-Wesley, 2003.
Dayananda D., Irons R., Harrison S., Herbohn J., Rowland P. Capital Budgeting: Financial Appraisal of Investment Projects. Cambridge University Press, 2002, 150 p.
Drury C. Cost and Management Accounting an Introduction. South-Western Cengage Learning, 2006, 480 р.
Kaplan R.S., Norton D.P. Strategy Maps: Converting Intangible Assets into Tangible Outcomes. Boston, Harvard Business School Publishing Corporation, 2004.
Kelley R.E., Desmond G.M. Handbook of Small Business Valuation Formulas and Rules of Thumb. Los Angeles, Valuation Press, 1993.
Lotov A., Bourmistrova L., Efremov R., Bushenkov V. Environmental application of the Feasible Goals Method: Screening of water quality improvement strategies. Proceedings of the 15th International conference on MCDM. Berlin, Springer-Verlag, 2001, pp. 370–379.
Podinovskiy V.V. Set choice problems with incomplete information about the preferences of the decision maker. European Journal of Operational Research, 2010, vol. 207 (1), pp. 371–379.
Porter M.E. Competitive Advantage: Creating and Sustaining Superior Performance. New York, The Free Press, 1985.
Ramanathan R. An Introduction to Data Envelopment Analysis. A Tool for Performance Measurement. New Delhi, Sage Publications India Private Ltd., 2003.
Thanassoulis E. Introduction to the theory and application of Data Envelopment Analysis: a foundation text with integrated software. Norwell, Mass., Kluwer Academic Publishers, 2001.
