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Value management – instrument for enterprise recovery in crisis situation


Author: Beșliu Iurie
Degree:doctor of economics
Speciality: 08.00.05 - Economy and Management (in branch)
Year:2019
Scientific adviser: Carolina Tcaci
doctor, associate professor (docent)
Institution:

Status

The thesis was presented on the 20 December, 2019 at the meeting of the Scientific Council and now it is under consideration of the National Council.

Abstract

Adobe PDF document1.03 Mb / in romanian
Adobe PDF document0.85 Mb / in english

Thesis

CZU 657.922 (043.3)

Adobe PDF document 5.85 Mb / in romanian
255 pages


Keywords

management, value, evaluation, enterprise value, enterprise market value, enterprise value management, estimation of enterprise value, crisis situation, life cycle, revenue method, expense method, market (comparative) method, value management models, econometric model, strategic value management model, operational value management model, sustainable growth model, sustainable growth rate

Summary

Thesis structure: introduction, three chapters, general conclusions and recommendations, bibliography consisting of 184 titles, 47 annexes, 170 basic text pages, including 28 tables, 49 figures and 41 formulas. The researche results are published in 16 scientific papers, with a total volume of 9.25 author sheets.

Field of study: financial management, enterprise value management.

Research goal: to identify, develop and apply the value management mechanism in a crisis situation. Research objectives: conceptual study of the notions of value and management of the value of the company, appreciation of the role and impact of the financial activity on the value of the company; examining the indicator of the value of the enterprise in terms of its importance for the development of the enterprise, analysis of the existing theories and basic models for managing the value of the enterprise; researching crisis situations in the activity of the company, determining the role and particularities of the recovery of the crisis situation in the financial management system through the theory of the value of the enterprise; elaboration of the mechanisms of diagnosis of the crisis situation and of the particularities of crisis management based on the principles of value according to the stage of the life cycle of the enterprise; identifying the management models of the value of the company and researching the particularities of the application in the domestic corporate practice; identifying and analyzing problems in the assessment and management of the value of Moldovan enterprises and proposing solutions regarding the recovery of local enterprises; elaboration of recommendations for improving the decision-making process from the perspective of the value of the company.

Scientific novelty and results originality: developing the concepts of "market value of the enterprise", "value of the enterprise" and " the value management of the enterprise" through the financial dimension of the business activity; argumentation of the mechanism for identifying the stage of the organizational crisis according to the evolution of the value indicators; arguing the mechanism of the management of overcoming crisis situations from the perspective of the company value; substantiating and arguing the value management system of the enterprise in a crisis situation; identifying the mechanism for establishing the critical point of crisis in the enterprise and approving the methodology for diagnosing the crisis situation; reasoning the decision-making vectors in crisis management at different stages of the life cycle of the enterprise; identification of the operational management model and the strategic value management model of the enterprise; elaboration and testing of the econometric model for estimating the value of the local companies; elaboration and application of the model for estimating the optimal capital structure applicable under the conditions of the Republic of Moldova; elaboration and argumentation of the decision-making process for the recovery of the crisis situation from the perspective of the value of the company.

Scientific problem solved in this research: consists in the scientific and methodological foundation of the value management mechanism in recovering the company in a crisis situation, and the directions for solving the research problem will be focused on the development of a system for diagnosing the crisis situation and the particularities of crisis management based on value, as well as the development of value management models in indigenous corporate practice.

Theoretical significance and the applicative value of the paper are determined by the research and development of the concepts of market value of the enterprise and management of the enterprise value; elaboration of models for diagnosing the crisis situation within the company; foundation of the methodological peculiarities of the management of the value of the enterprise in the recovery of the local enterprises; highlighting the problems and restrictions in the value management of enterprises in the practice of the Republic of Moldova.

The models proposed in the thesis will contribute to the operationality of crisis situations detecting, locating the area of influence and finding solutions to overcome them.

Implementation of scientific results: the most important results of the research were accepted for implementation by the domestic industrial companies, such as: "Incomlac" JSC, "Moldagrotehnica" JSC, "Floarea Soarelui" JSC, "Magistrala" JSC, "Electromontaj-Nord", etc.