This clause examines the opportunity of calculation of a parameter of economic profit
for the Russian companies which do not form their reporting under the international
standards. The prologue of clause is devoted to an urgency of application of economic
profit in domestic business.
Today we can observe active inflow of the foreign capital in the Russian market;
and as consequence value-based management (VBM) becomes more and more popular. Many
large Russian firms have already declared process of transition in management to
the value-based concept. Following course for not public and regional companies,
which proprietors begin to understand opportunities of diversification with use of
the financial market, and managing directors aspire to involve investment resources.
Overall objective of the VBM assumes increase in well-being of owners of the company
by means of maximization of value of the employed capital. Achievement of this purpose
demands use of the new approach to management of firm and, hence, new parameters
of productivity of its activity, capable to consider creation of additional cost.
As a result of numerous researches it has been certain, that additional cost of the
enclosed capital is created only when the profit earned by the company, exceeds alternative
costs of use of the capital employed, later named by the cost of capital. Thus, for
successful functioning the company should not become isolated on the analysis only
the internal documentation and achieve excess of actual incomes over charges. On
the contrary, it is necessary for it to consider market conditions which create the
missed benefits in the form of alternative costs of using the invested capital in
Modern approaches to VBM use parameter of economic profit. At calculation of a parameter
of economic profit, the companies have faced a problem of incomparability of data.
Cost of capital considers the profitableness received in the market on the basis
of market value, and the net profit is an accounting parameter and pays off on the
basis of balance value. As a result leading consulting agencies of the world had
been created modern parameters of economic profit which in own way solve a problem
incomparability data. Moreover, these companies have developed also concepts of management
in cost on the basis of offered by each of them of a parameter of economic profit.
The most known modern parameters of economic profit are: Economic Value Added, digging
Stern Stuart, and Cash Value Added, offered Boston Consulting Group. But these parameters
are based on International account standards of the reporting, that is why it complicates
use of their techniques by the Russian not public companies.
The main purpose of the article is calculation of economic profit for not public
companies on the basis of data of the Russian financial reporting. The basic part
of clause describes comparative analysis of the basic parameters of economic profit
- residual income, economic value added and cash value added - from the point of
view of their practical use for the not public companies. In the final part of this
article the author offer the design procedure of parameters of economic profit according
to the Russian reporting with use of the information of the share market.
Ключевые слова: economic profit, financing policy, financial risk and risk management,
capital and ownership structure.