Драйверы создания стоимости компании на примере аэропорта Пулково
Цель работы-оценить влияние финансовых и нефинансовых факторов на стоимость компании “Воздушные Ворота Северной Столицы” и разработать рекомендации для развития аэропорта в будущем с целью увеличения его стоимости. Задачи исследования: изучить теорию управления бизнесом на основе стоимости и его роль в компании; изучить виды показателей результатов деятельности; выбрать модель оценки компании; проанализировать сферу деятельности аэропорта и его стоимостные драйверы; провести финансовый анализ выбранной компании; оценить влияние финансовых и нефинансовых факторов на его стоимость; сделать выводы и сформулировать рекомендации. Результаты: изучена теория ценностно-ориентированного менеджмента, проведен отраслевой и финансовый анализ и выявлены возможные стоимостные драйверы, с помощью регрессионного анализа сформулированы и выделены значимые драйверы, даны рекомендации по их совершенствованию.
At some point of its development, every company meets with the necessity to value its business or part of its business. Aims for that can be quite diverse- selling the business, merges and acquisition deal, application for credit, issue of the share, liquidation etc. Moreover, all investors are as well interested in higher company’s value cause for them it means that they can get higher return on their investments. That is why it is essential to enhance firm’s value on any stage of development.
However, what is also important is that now companies start to assess the value of enterprise for internal purposes of the business. One of the most popular ideas currently is the use of the company’s value as a performance measurement. The concept, which puts the increase of the value on the top, is called Value-Based Management.
The implementation of Value-Based Management in the process of managing the firm generally lays in the understanding and accepting by the firm’s managers and employees the philosophy of value and its development. The building of such systems requires fulfillment of several steps- company’s financial analysis, choose of the performance metric which meets specifics of the company and industry and development of the system of value drivers. Only after this, it is possible to go for development of the strategy of the company, questions of finance and corporate management.
The value of the company is the main factor and criterion of efficiency of management decisions. The company value management involves a constant search for solutions, providing the most dynamic growth in their value.
From day to day, company’s management at different levels of organization make decisions that at the end somehow will affect the firm’s value. The problem is that managers forget about the existence of the link between made decisions and change in the value of the enterprise. However, without that link company is doomed to fail to improve the most important measure of success.
Maximization of the company’s value is one of the major strategic goal of firm’s development, which is widely spread all over the world. Every company that is aimed for success should set its long-term goal as a maximization of its value on the market, which is rather logical but quite complicated aim. Company should assess every factor that can somehow influence its value on the market- profitability of the business, cost of the assets, possible risks etc.
Every owner of the company is interested in the growth of the company either in order to sell it for more money or to go into the public and be able to compete on the market. Moreover, all investors are as well interested in higher company’s value cause for him it means that he can get higher return on his investment. That is why it is essential to enhance firm’s value on any stage of development.
For being able to archive the stated goal there should be created the strategy of development, which is individual for every company and depends on its business, size, assets, resources etc.
In the last twenty years’ managers faced with lots of challenges in adopting new ways that are designed in order to keep in touch with the changing environment and correcting flows in existing structures and tools.
In these cases, a useful instrument for every enterprise will be the application of Value Based Management conception, which represents an integrated control system used by managers in order to create net worth.
The subject of the work is the company’s value and drivers, which can lead to the increase of the value. The object of the study is airport Pulkovo that is currently called “Northern Capital Gateway”
The main research goal of the work is to find out the link of financial and non-financial drivers to the value of “The Northern Capital Gateway” and develop recommendations for future decisions.
The topicality of the work is confirmed by the fact the concept of VBM won the population among managers of the companies from the end of the 20th century. Such big and multinational companies as Coca-Cola, The Bank of America and IBM. A lot of scientific and business literature is devoted nowadays to the questions of Value Based Management.
This research work has possible managerial implementation which in concluded in the fact that the results are useful for the company for the realization of the value based management. Moreover, the research sets the further base for studying value-based management in airport sphere.
Research objectives:
• Find out what is value based management and its role in the company’s business;
• Learn types of VBM measures;
• Choose the model to value the company;
• Which drivers influence the value of the company;
• To analyze airport business and its value drivers;
• To make financial analysis of “Northern Capital Gateway;
• To assess the influence of financial and non-financial drivers on the value;
• Make conclusions and formulate recommendation;
Based on the relevant literature review, financial analysis and industry specifics the following hypothesis of drivers relation to dependent variable were stated by the research work:
• Share of aviation revenue is positively related;
• Leverage is negatively related;
• ROIC is positively related;
• ROA is positively related;
• Passenger turnover growth is positively related.
The main part of the research work consists of three chapters. The first chapter is devoted to the theoretical background of the value-based management concept. The chapter describes the main definitions and metrics of VBM, as well as the stages of implementing a value-based management system. The comparison table of different VBM indicators is provided.
The second chapter of the work is devoted to the industry overview, identification of industry drivers as well as it concentrates on the strategic and financial analysis of Pulkovo airport. The results of financial analysis help to choose the VBM performance metric and identify factors that can be considered as drivers of creating value.
The final third chapter of this work describes the methodology of the carried analysis and states the used model and research tools. Further, the model is tested and significant variables are identified for the company’s value. Recommendations are given for the improvement of those factors.
The conclusion summarizes the conclusions of the relevant chapters, as well as the results obtained in the work.
The theoretical and methodological parts of the research work are based on the work of the authors dealing with issues of the theory of value-based management, as well as industry specifics. In preparing the final qualifying work, the works of both foreign and domestic authors were used, such as T. Copeland, T. Koller, A. Ameels, D . Volkov, P. Malighetti etc. In addition, the work used materials of specialized journals, which sanctify the problems of valuation and management of the value of companies and reveal the situation in airport market. In preparing the practical part of the work, Northern Capital Gateway’s reports were used, as well as from authorized internet resources.
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