2017: Journal no. 4

VALUE ESTIMATION MODEL OF ENTERPRISES IN THE REPUBLIC OF MOLDOVA

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Authors:  
Carolina TCACI, PhD, Associate Professor Balti State University „Alecu Russo”, Republic of Moldova
Iurie BESLIU, PhD Student National Institute of Economic Research, Republic of Moldova

In recent years, the issue of developing a variety of complex enterprise value estimation methods is present among the management specialists. Increase in value is possible only under the conditions of an effective management of value-generating key factors and control over enterprise value dynamics.  The underdevelopment of the capital market in the Republic of Moldova and the existence of a large number of unlisted companies do not allow to estimate the value evolution of domestic enterprises. Under these circumstances, the authors of this research have developed a value estimation model. The basis of the value control model is the enterprise valuation method based on net residual profit.

Based on the methodology and results of the research, we can conclude that the value of the equity balance and size of net residual profit, as components of net residual profit method, can explain the market value of the shares of the domestic enterprises. Respectively, the econometric model can be successfully used in the assessment of the efficiency of enterprise management.

Keywords:  
valoarea întreprinderii, management bazat pe valoare, model de estimare a valorii, profit economic, profit rezidual net, capital propriu.