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Improving methods for determining the estimated value of stocks in Republic of Moldova

Author: Chetraru Aliona
Degree:doctor of economics
Speciality: 08.00.10 - Finance; Monetary Economics; Credit
Scientific adviser: Igor Enicov
doctor habilitat, professor, Moldova State University
Scientific council:


The thesis was presented on the 29 October, 2008
Approved by NCAA on the 22 January, 2009


Adobe PDF document0.36 Mb / in romanian


CZU 336.763:336.225.621 (100+47

Adobe PDF document 1.15 Mb / in romanian
176 pages


valuation, appraiser, valuation process, methods and models of valuation, valuation standards, the cost approach, the comparative approach, the income approach, financial-economic analysis, shares, stocks, dividends, required level of profitability, the profitableness, Build - Up Model, Capital Asset Pricing Model, Arbitrage Pricing Theory, portfolio investment, capital market, efficiency assumptions of capital market, market value, intrinsic value, patrimonial value, estimated value, cash flows, discount rate, control premium, risk premium


The necessity for extensive theoretical and empirical research on theproblem is determined by the existence of deviations both conceptual as well as procedural in the estimation activity of the stocks on the domestic market compared to international standards and practices.

For the achievement of goals and objectives of the thesis, the author has decided to cross analyze the assessment of stocks the approaches on by widespread theoretical and methodological bases of valuation measures, highlighting regional assessment standards and international practice analysis of local assessment of the actions carried out by estimating companies. Also, the paper presents a comprehensive study of legislative framework and normative acts in assessing the actions being referred to their shortcomings and imperfections; however, the author proposes a series of recommendations for improving and connecting them to international standards.

The thesis presents a study of assessment approaches, of models and methods for determining the estimated value of the shares practiced internationally within each approach and their connection to the local market service estimates. As a result, the author has outlined the solutions in order to concretize the application cases of methods of assessment and their importance for different situations, while being offered some suggestions on improving assessment procedures applied at the moment by the evaluators. The tackling of evaluation actions on the domestic market has enabled notification of problems faced by local assessors to implement the methods of assessment, calculation of financial flows related actions, determining the rate of update, the control premium and reductions for the lack of control and / or of liquidity.

The author stressed the necessity of assessment procedures improvement in order to reduce the possibility to influence the outcome evaluation by the evaluator.

In that respect, the paper formulates series of recommendations on the improvement of local regulatory framework, on governing the process methodology to measure the activity and assessors in general.

The conclusions on the basis of inquiry and the achievement of all objectives proposed at the beginning of work have allowed development and promotion of recommendations, which can be used by the state regulations, supervision and control of financial markets - National Commission of Financial Markets in order to improve procedures for the evaluation of securities and by the evaluators in the framework of estimative services.

The results of research may be used by evaluators companies, the National Commission of Financial Market, by the researchers in the field of evaluation, the educational institutions in multiple scientific disciplines which examines the evaluation methods and models.