No abstract

The management of organizations essentially depends on the choice of criteria for the functioning and development. At the initial stage of the transition to a market economy, the main criterion for many Russian organizations was cash flow. The following criterion is the net income (financial result), provided sufficient cash flow. The disadvantage of this criterion is its short duration. This paper highlights the value creation approach to management. This approach is widely used in managing Western organizations, but it is pretty new for Russia and requires adaptation in Russian organizations. Purpose of the study. The study’s primary purpose is to develop models and methods to improve the efficiency of organizations in the real sector. This paper discusses the development of a model for assessing the value of an organization by the income method using discounted cash flows. The issue of creation/destruction (increase or decrease) of value with an increase in revenue is being considered. For many Russian organizations, business growth is accompanied by a decrease in value. A criterion for creating value has been developed, non-observance of which will lead to the destruction (increase) of value with an increase in revenue. Materials and methods. A two-period model for evaluating the cost in an analytical form was used. The va¬lue model is designed for “mature” organizations characterized by stable development parameters: operational profitability and capital-to-output ratio. Results. One of the largest metallurgical organizations in Russia is considered as the object of research. Collected and processed initial data on the financial and economic condition of this organization. The valuation model was applied to one of the metallurgical companies in Russia. The accuracy of the calculation results for the valuation was 6% in relation to the actual market price, which can be considered a satisfactory result. Conclusion. This approach simplifies the assessment of the company’s value and develops measures to increase (rather than reduce) its value. An increase in the revenue of an unattractive investment company leads to its value destruction (decrease). Instead of a positive result, stakeholders get a negative one, given the seemingly favorable dynamics of the organization’s development. The proposed model is typical and can be used to analyze the development of many “mature” organizations.

The growth of the country’s economy, which is commonly indicated by the increase of GDP, is a primary goal of the Russian Federation. To achieve said goal, it is required to identify control factors contributing to the growth and model relationship between them. The approach of analysis by separate levels of management (in fact, the “black box” approach) should be replaced by the decomposition of the system into its elements by levels: country (indicator – gross domestic product), region (indicator – gross regional product), enterprise (indicator – revenue, value added). Purpose of the study. The analysis of the economy of the Russian Federation as an aggregate of its regions, industries and organizations; growth opportunities examples review; introduction of selected cases that facilitate managerial decision-making. Identification of dependencies between the dynamics of indicators of the country and regions and indicators of enterprises. Analysis of growth opportunities for the economy of the model region and assessment of resource needs to ensure growth. Materials and methods. Mathematical modelling and statistical methods for the analysis of economic indicators. Formulation of optimization problems. Regression models for determining dependencies between economic indicators. Application of Big Data processing methods. Results. The problem of gross regional product growth was formulated. The mathematical model of the relation of gross regional product, industry revenue and selected organization's revenues was developed. The example of the model region is considered on the example of the Chelyabinsk region and the model industry on the example of manufacture. Statistically significant dependence of revenue and Value Added was confirmed by the example of model industry and model region. The regression model for sector contribution to gross regional product was developed and its parameters determined. A rough estimation of the required investments for growth is provided. Conclusion. A comprehensive model linking GDP, gross regional product, industry revenue and aggregate companies’ revenue in an industry was developed. Conducted analysis of the economy as an aggregate of its elements indicates the importance of industry companies as a fundamental growth-generating unit.