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Оценка Стоимости Компании На Развивающихся Рынках: Сравнительный Подход

Author

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  • Александров Я.Б.

Abstract

ПАО "Транскапиталбанк", Москва; E-mail: 79257968368@yandex.ru Аннотация. Данное исследование посвящено определению наиболее подходящих мультипликаторов и критериев отбора компаний-аналогов для оценки стоимости компаний в рамках сравнительного подхода в основных отраслях четырех наиболее крупных развивающихся стран: Бразилии, России, Индии и Китая. На базе рассматриваемой выборки для каждой страны за период с 2009 по 2013 г. в рамках крупнейших отраслей тестируются семь мультипликаторов: P/S, P/E, P/BV, EV/EBITDA, EV/EBIT, EV/TA, EV/Sales, - каждый из которых используется с каждым из семи критериев отбора компаний-аналогов: отрасль, размер компании, потенциал роста компании, комбинации - отрасли и потенциала роста, отрасли и размера, размера и потенциала роста, а также в качестве сравнения приведены расчеты, в которых весь рынок в целом используется в качестве критерия отбора. В результате определяются оптимальные комбинации из критериев отбора и мультипликаторов, которые продемонстрируют наименьшие ошибки в оценке стоимости компаний. Затем из двух наиболее точных мультипликаторов будет получен некий искусственный мультипликатор. С шагом в 1% будут проанализированы 99 комбинаций и найдена оптимальная пропорция, при которой точность оценки будет выше, чем при использовании составляющих ее мультипликаторов по отдельности. В результате нашей работы найдены мультипликаторы и соответствующие им критерии отбора, которые демонстрируют наименьшие ошибки в оценке стоимости компаний. Исследование раскрывает потенциал использования комбинаций из наиболее распространенных мультипликаторов, которые позволяют значительно повысить точность оценки стоимости компаний при использовании сравнительного подхода. Данное исследование будет полезно как для теоретиков корпоративных финансов, так и для практикующих специалистов.

Suggested Citation

  • Александров Я.Б., 2019. "Оценка Стоимости Компании На Развивающихся Рынках: Сравнительный Подход," Журнал Экономика и математические методы (ЭММ), Центральный Экономико-Математический Институт (ЦЭМИ), vol. 55(3), pages 109-123, июль.
    • Handle: RePEc:scn:cememm:v:55:y:2019:i:3:p:109-123
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    References listed on IDEAS

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