Importance Efficient controlling takes one of the key positions in the management system at the present stage of economic development. However, the existing tools do not always meet the requirements for information generated for management purposes. Estimating the investment value of commercial enterprises based on sectoral and manufacturing specifics at different stages of the life cycle is particularly relevant under crisis conditions. Objectives The study intends to prove that identification of distressed assets and their subsequent separate budgeting within the modified budgeting system enables to make informed management decisions (in particular, on practicability of selling a distressed asset and its sales price). Methods We analyzed the existing budgeting methodology for efficient controlling purposes and the role of market multipliers in the estimation of enterprise investment value. The offered model of modified budgeting system contributes to the integration of strategic and routine controlling within the framework of a commercial organization. Results To assess the indicative market value of a commercial organization, we offer three universal financial multipliers. Conclusions and Relevance Practical implementation of the modified budgeting system in Russian commercial organizations in combination with the balanced scorecard based on market multipliers enables quick and methodologically correct calculation of indicative market value of commercial organizations, as well as assessment of the effect of new investment projects implementation.
Keywords: controlling, indicative price, distressed asset, investment project, budgeting system
Anan'kina E.A., Danilochkin S.V., Danilochkina N.G. Kontrolling kak instrument upravleniya predpriyatiem [Controlling as a tool to manage enterprises]. Moscow, YUNITI Publ., 2002, 279 p.
Vollmuth H.J. Instrumenty kontrollinga ot A do Ya [Controlling-Instrumente von A–Z: Die wichtigsten Werkzeuge zur Unternehmenssteuerung]. Moscow, Finansy i statistika Publ., 2001, 288 p.
Fufygina M.N. [Controlling as a management system]. Ekonomicheskie problemy i resheniya = Economic Problems and Solutions, 2006, no. 5, pp. 77–87. (In Russ.)
Zakirova R.A. [A conceptual model of management accounting]. Vestnik Kazanskogo gosudarstvennogo agrarnogo universiteta = Vestnik of Kazan State Agrarian University, 2011, no. 1, pp. 44–48. (In Russ.)
Mezdrikov Yu.V. [Managerial accounting for investments in working capital]. Vestnik Saratovskogo gosudarstvennogo sotsial'no-ekonomicheskogo universiteta = Vestnik of Saratov State Socio-Economic University, 2007, no. 18, pp. 109–113. (In Russ.)
Blazhenkova M.P. [Organizational and methodological basis of management accounting]. Bukhgalterskii uchet = Accounting, 2009, no. 10, pp. 75–79. (In Russ.)
Ponomareva G.B., Novoselova S.A., Bezzub V.I. [Organization of the system of management accounting at agricultural enterprises]. Novosti nauki – 2008: sbornik materialov 4 Mezhdunarodnoi nauchno-prakticheskoi konferentsii [Proc. 4th Int. Sci. Conf. Science News – 2008]. Prague, 2008, pp. 8–14.
Aukina A.I. [Subjects and objects of internal control in institutions of higher professional education]. Ekonomika i sotsium, 2015, no. 2(15). (In Russ.) Available at: Link%202015%201.pdf.
Kucherenko I.A. [Budgeting as a method for financial planning of organization's activities]. Spravochnik ekonomista = Economist's Guide, 2010, no. 3. Available at: Link. (In Russ.)
Fedotova E.S. [Russian internal audit: development stages]. Ekonomika i sotsium, 2015, no. 1(14). (In Russ.) Available at: Link%202015%204.pdf.
Chushinskaya O.S., Minvalieva M.S. [A role of stakeholders in company capital management]. Materialy mezhdunarodnoi nauchno-prakticheskoi konferentsii Innovatsionnoe reformirovanie ekonomiki i obshchestva v usloviyakh global'noi nestabil'nosti [Proc. Int. Sci. Conf. Innovative Reform of Economy and Society under Global Instability]. Saratov, 2015, pp. 246–248.
Vaganova O.E. [Problems of using the performance audit method]. Nauka i obshchestvo = Science and Society, 2012, no. 5, pp. 160–164. (In Russ.)
Chushinskaya O.S. [Grouping the direct costs of chemical industry companies for internal audit purposes]. Akademicheskii vestnik = Academic Bulletin, 2008, no. 4, pp. 207–209. (In Russ.)
Vaganova O.E. [Main problems of performance audit of national projects realization in the Russian Federation]. V mire nauchnykh otkrytii = In the World of Scientific Discoveries, 2011, no. 3.1, pp. 415–422. (In Russ.)
Vaganova O.E. [Challenges of using the performance audit method].V mire nauchnykh otkrytii = In the World of Scientific Discoveries, 2011, no. 6.1, pp. 535–543. (In Russ.)
Pchelintseva L.B. [A role of market multipliers in the balanced scorecard system of strategic controlling]. Izvestiya Saratovskogo universiteta. Ser.: Ekonomika. Upravlenie. Pravo = Bulletin of Saratov University. New Series. Economics. Management. Law, 2014, vol. 14, iss. 1, pp. 91–96. (In Russ.)
Pchelintseva L.B. [Evolution of controlling in Russia]. Vestnik Saratovskogo gosagrouniversiteta im. N.I. Vavilova = Bulletin of Saratov State Agrarian University named after Vavilov, 2013, no. 4, pp. 86–89. (In Russ.)
Abramov A.V., Alekhin M.Yu. [The current state of innovative economy development]. Korporativnoe upravlenie i innovatsionnoe razvitie ekonomiki Severa = Corporate Governance and Innovation Development of Economy of the North, 2014, no. 4, pp. 65–69. (In Russ.)