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CNAA / Theses / 2015 / June /

Efficiency of enterprise value management”

Author: Savciuc Vladimir
Degree:doctor of economics
Speciality: 08.00.10 - Finance; Monetary Economics; Credit
Scientific adviser: Ludmila Cobzari
doctor habilitat, professor, Academy of Economic Studies of Moldova
Institution: Moldova State University


The thesis was presented on the 9 June, 2015
Approved by NCAA on the 7 July, 2015


Adobe PDF document1.07 Mb / in romanian


CZU 005.585:336.76(478)(043)

Adobe PDF document 2.46 Mb / in romanian
167 pages


enterprise value, enterprise value assessment, the concept of enterprise value management, income approach, cost approach, market (comparative) approach, value drivers, market value, internal (fundamental, basic) value, corporate management, liquidity ratios, profitability ratios, free cash flow, discount rate.


Structure of the thesis work: the thesis consists of an introduction, three chapters, conclusions and recommendations, bibliographic references, 11 attachments. It is laid out on 168 pages of printed text and includes 27 tables, 16 charts, 26 formulas. The research is reflected in 11 scientific publications. The scope of research is the internal and market value of an enterprise.

The subject of research is the enterprise value management methods and their efficient and effective application.

The aim of research is the comparative study of approaches to the assessment and management of the enterprise value and the development of criteria for decision-making on the basis of the concept of value.

The scientific challenge of crucial importance settled in this field of study is to identify the most efficient ways of managing the enterprise value and to create new methods and techniques of value management under current conditions.

The scientific novelty of the thesis is the author’s development of new approaches to the enterprise value management, and in particular the author:

Theoretical significance of the thesis lies in proposing new methodological approaches to making decisions reflected on the enterprise value. There has been developed an algorithm for determining the value drivers and creating a chain of these factors’ impact on the value, as well there has been put forth an algorithm for managing factors that affect the enterprise value.

Practical significance of the thesis lies in developing new methods of assessing the value of the enterprise as a whole as well as of the component elements of the property complex, developing a model of the enterprise value management through the reference dynamics of the business and financial performance indices.

The research findings implementation. The recommendations given in the thesis have been approved for application by the Ministry of Economy of the Republic of Moldova in support of the measures to improve the enterprise value management.