Browsing by Author "Sannikova, S."

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    Problems of Formation of Financial-Investment Projection of a Balanced Scorecard in Value-Based Enterprises of Mining-Metallurgical Complex
    (FINTECHALIANCE LLC, 2021) Faizova, Svitlana O.; Ivanova, Maryna; Sannikova, S.; Varyanichenko, O.
    ENG: The directions of improving the methodical principles of Balanced Scorecard as a system of strategic enterprise management have been highlighted. The need to avoid the simplified mechanistic dividing of the indicators into financial and non-financial ones has been substantiated; the authors have also disputed the corresponding binding of financial indicators mainly to tangible assets and financial strategic prospects, and non-financial indicators — to intangible assets and non-financial projections of the strategy. The criteria of strategic targeting, efficiency and functionality have been defined as key criteria in selecting the BSC metrics. The necessity and the possibility of integration of VBM and BSC concepts, which may be implemented through the company’s financial control panel by using VBM metrics, has been substantiated. The unified criteria for selecting VBM metrics for the financial perspective of BSC (i.e. to take into account the investors’ risk and intangible factors of creating the enterprise’s market value; to be easily calculated and efficient; to provide for cascading and motivation) have been determined and their respective comprehensive assessment has been made. The general structure of the investment-financial perspective on the strategy map of a value-based enterprise of MMC has been developed. One can highlight specific features of the management perspective of a value-based enterprise. Among them:the «investors» projection or the financial-investment projection serves as the starting point of the cascade of a company’s value creation; unlike the amorphous classical BSC, the proposed pattern is clearly subordinated to the main indicator (EV); the financial-investment projection is represented by a limited number of financial, mostly VBM indicators; the balance of traditional and new metrics; unlike the classic BSC technique, the template developed does not imply a mandatory quantitative predominance of non-financial indicators. On the basis of the analysis of interdependence of factors and indicators of the company’s market value (KPIs / CSFs) absence of a linear relationship between financial indicators — tangible assets — current cost factors — on the one hand and non-financial indicators — intangible assets — future value factors — on the other, is defined. The possibility to use financial and non-financial indicators to measure both tangible and intangible assets as sources of market value creation is proved.