IDEAS home Printed from https://ideas.repec.org/a/scn/cememm/v55y2019i3p109-123.html
   My bibliography  Save this article

Оценка Стоимости Компании На Развивающихся Рынках: Сравнительный Подход

Author

Listed:
  • 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
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    References listed on IDEAS

    as
    1. Cheng, C S Agnes & McNamara, Ray, 2000. "The Valuation Accuracy of the Price-Earnings and Price-Book Benchmark Valuation Methods," Review of Quantitative Finance and Accounting, Springer, vol. 15(4), pages 349-370, December.
    2. Clarke, Richard N, 1989. "SICs as Delineators of Economic Markets," The Journal of Business, University of Chicago Press, vol. 62(1), pages 17-31, January.
    3. Alford, Aw, 1992. "The Effect Of The Set Of Comparable Firms On The Accuracy Of The Price Earnings Valuation Method," Journal of Accounting Research, Wiley Blackwell, vol. 30(1), pages 94-108.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. repec:hum:wpaper:sfb649dp2005-062 is not listed on IDEAS
    2. Weiner, Christian, 2005. "The impact of industry classification schemes on financial research," SFB 649 Discussion Papers 2005-062, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
    3. Karel Janda, 2019. "Earnings Stability and Peer Company Selection for Multiple Based Indirect Valuation," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 69(1), pages 37-75, February.
    4. WS Nel, 2015. "An Optimal Peer Group Selection Strategy for Multiples-Based Modelling in the South African Equity Market," Journal of Economics and Behavioral Studies, AMH International, vol. 7(3), pages 30-46.
    5. repec:mth:ijafr8:v:8:y:2018:i:3:p:174-211 is not listed on IDEAS
    6. Frank Asche & Bård Misund, 2016. "Who’s a major? A novel approach to peer group selection: Empirical evidence from oil and gas companies," Cogent Economics & Finance, Taylor & Francis Journals, vol. 4(1), pages 1264538-126, December.
    7. Dittmann, Ingolf & Weiner, Christian, 2005. "Selecting comparables for the valuation of European firms," SFB 649 Discussion Papers 2005-002, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
    8. Ulbricht, Niels & Weiner, Christian, 2005. "Worldscope meets Compustat: A comparison of financial databases," SFB 649 Discussion Papers 2005-064, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
    9. Meitner, Matthias, 2003. "Option-Style Multi-Factor Comparable Company Valuation for Practical Use," ZEW Discussion Papers 03-76, ZEW - Leibniz Centre for European Economic Research.
    10. Forte, Gianfranco & Gianfrate, Gianfranco & Rossi, Emanuele, 2020. "Does relative valuation work for banks?," Global Finance Journal, Elsevier, vol. 44(C).
    11. José Couto & Paula Brito & António Cerqueira, 2017. "The Method of Market Multiples on the Valuation of Companies: A Multivariate Approach," FEP Working Papers 586, Universidade do Porto, Faculdade de Economia do Porto.
    12. Scott D. Graffin & James B. Wade & Joseph F. Porac & Robert C. McNamee, 2008. "The Impact of CEO Status Diffusion on the Economic Outcomes of Other Senior Managers," Organization Science, INFORMS, vol. 19(3), pages 457-474, June.
    13. Emanuel Bagna & Enrico Cotta Ramusino, 2016. "Accounting-Based Valuation Using Market Multiples: The Case Of Cyclical Companies," DEM Working Papers Series 126, University of Pavia, Department of Economics and Management.
    14. Zura Kakushadze & Willie Yu, 2017. "Open Source Fundamental Industry Classification," Papers 1706.04210, arXiv.org, revised Dec 2017.
    15. Sanjeev Bhojraj & Charles M. C. Lee & Derek K. Oler, 2003. "What's My Line? A Comparison of Industry Classification Schemes for Capital Market Research," Journal of Accounting Research, Wiley Blackwell, vol. 41(5), pages 745-774, December.
    16. Yanfu Li, 2019. "Improving Analyst Target Price Performance Through Enhanced Valuation Techniques," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 13(2), pages 1-12.
    17. Aharon, David Y. & Gavious, Ilanit & Yosef, Rami, 2010. "Stock market bubble effects on mergers and acquisitions," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(4), pages 456-470, November.
    18. repec:hum:wpaper:sfb649dp2005-002 is not listed on IDEAS
    19. Zura Kakushadze & Willie Yu, 2017. "Open Source Fundamental Industry Classification," Data, MDPI, vol. 2(2), pages 1-77, June.
    20. Elnathan, Dan & Gavious, Ilanit & Hauser, Shmuel, 2010. "An analysis of private versus public firm valuations and the contribution of financial experts," The International Journal of Accounting, Elsevier, vol. 45(4), pages 387-412, December.
    21. Ahrens, Jan-Philipp & Landmann, Andreas & Woywode, Michael, 2015. "Gender preferences in the CEO successions of family firms: Family characteristics and human capital of the successor," Journal of Family Business Strategy, Elsevier, vol. 6(2), pages 86-103.
    22. Wen-Shiung Lee, 2013. "Merger and acquisition evaluation and decision making model," The Service Industries Journal, Taylor & Francis Journals, vol. 33(15-16), pages 1473-1494, December.
    23. Bogdan Alexandru DRĂGOI & Ion STANCU & Adrian MITROI & Andrei Tudor STANCU, 2016. "Financial Investment Companies (SIFS) Relative Valuation and Fundamentals," ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, Faculty of Economic Cybernetics, Statistics and Informatics, vol. 50(2), pages 25-40.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:scn:cememm:v:55:y:2019:i:3:p:109-123. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sergei Parinov (email available below). General contact details of provider: http://www.cemi.rssi.ru/emm/home.htm .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.