Economic Analysis: Theory and Practice
 

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Estimating the investment value in the system of modified budgeting of efficient controlling

Vol. 15, Iss. 7, JULY 2016

PDF  Article PDF Version

Received: 14 March 2016

Received in revised form: 28 March 2016

Accepted: 11 April 2016

Available online: 27 July 2016

Subject Heading: BUSINESS PERFORMANCE

JEL Classification: G31, G32, O21

Pages: 86-95

Pchelintseva L.B. Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation
pchelud@yandex.ru

Fedotova E.S. Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation
fedotovaes@list.ru

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

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