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CNAA / Theses / 2012 / May /

The valuation and efficient management of public patrimony in the Republic of Moldova

Author: Albu Svetlana
Degree:doctor habilitat of economics
Speciality: 08.00.05 - Economy and Management (in branch)
Scientific consultant: Tudor Bajura
doctor habilitat, professor, National Institute for Economic Research , Academy of Sciences of Moldova
Institution: Technical University of Moldova
Scientific council: D 31-08.00.05
Technical University of Moldova


The thesis was presented on the 4 May, 2012
Approved by NCAA on the 5 July, 2012


Adobe PDF document0.76 Mb / in romanian


value, valuation, public patrimony, fuzzy logic, options theory, investment analysis


The structure of the dissertation: introduction, four chapters, conclusions and proposals, a list of references including 249 names, 10 annexes, 232 pages of the basic text, 58 figures, 37 tables and 59 formulas. The obtained results have been published in 62 scientific papers.

Field of study. Economics and Management (in entrepreneurship).

The purpose of the dissertation is the development of the valuation theory, of the methodology and methods of valuation, and the effective management of the public patrimony value.

To achieve the purpose of the research, the following objectives have been established: to assess the current state of valuation activity and the management of public assets in Moldova; to assert the valuation theory; to improve the methodological bases of public patrimony; development of investment theory; to estimate the value of patrimony in terms of fuzzy logic; to determine the role of valuation in the management process; to determine the tasks of public patrimony management in the Republic of Moldova at present, the possibilities of enhancing the efficiency of management and improving the public property privatization process for the valuation of assets to be alienated; to develop a decision support system for patrimony management purposes and to use it in an application software.

Scientific novelty and originality consist in: highlighting the contemporary trends in valuation theory; argumentation of the appropriateness of grounding the valuation theory on the low-entropy theory of value; developing a method for the real value of assets estimation on the base of entropic value; defining by delimitation the concepts of “net present value” and “investment value”; appraisal of the role of valuation in the property management; development of criteria for the public patrimony classification in the Republic of Moldova; highlighting the peculiarities of public patrimony valuation in the Republic of Moldova in accordance with International Valuation Standards (IVS); delimitation of the tasks of public versus private patrimony management and development of the public property management system in the Republic of Moldova; highlighting the contrast between public and private patrimony in terms of legal, fiscal, economic, and organizational aspects and identification of the necessary activities for patrimony management in the Republic of Moldova at present; development of the methodology of public patrimony valuation in the Republic of Moldova in accordance with IVS.

The theoretical significance of the dissertation consists in developing the valuation theory in accordance with new achievements in economic theory: grounding the valuation theory on the postneoclassical doctrine; defining property valuation as an economic science derived from economics; ascertaining the place of valuation in the process of patrimony management.

The applied value of thesis consists in: systematization of the valuation peculiarities of different types of assets by the stage of the valuation process; the development of the “win / loss” matrix; reasoning the possibility to use the options theory in the land valuation process in the Republic of Moldova; valuation of assets in fuzzy logic terms; development of the estimation methodology of the bank guarantees value; reasoning the low applicability of the extraction method for determining the discount rate in an emergent economy; adaptation of the International Valuation Standards for the valuation of public patrimony in the Republic of Moldova; elucidation of the problems of public patrimony valuation in the Republic of Moldova and development of legislative and methodological proposals for improving the valuation process; development of a decision support system which will form the basis of an interactive application software for multiple criteria decision-making and evolutionary optimization OPTIMCLASS; development of a model of on-line effective business management related to public patrimony objects.

Implementation of the scientific results. The findings of the research described in the dissertation have been implemented by the State Enterprise “Centre of Expertise and Valuation” of the Public Property Agency of the Republic of Moldova and used in the process of public property valuation. The author’s proposals have been considered by the National Chamber of Real Estate of Moldova and recommended for its members’ use. The decision-making process proposed by the author was used in the interactive application software for making multiple criteria decisions and evolutionary optimization OPTIMCLASS.