financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2022-26-2-48-61finance-1574Research ArticleКОРПОРАТИВНЫЕ ФИНАНСЫCORPORATE FINANCEИзбыточная созданная ценность как метрика результативности и ее определение посредством показателя TEVAExcess Value Created as a Performance Metric and its Determination Utilizing the TEVA Measurehttps://orcid.org/0000-0001-8121-0816ИбрагимовР. Г.IbragimovR. G.

Рауф Габбасович Ибрагимов — кандидат физико-математических наук, доцент кафедры финансового менеджмента, управленческого учета и международных стандартов финансовой деятельности, Высшая школа финансов и менеджмента.

Москва

Rauf G. Ibragimov — Cand. Sci. (Phys.-Math.), Assoc. Prof., Department of Financial Management, Management Accounting and International Standards of Financial Activities.

Moscow

Ibragimov-rg@ranepa.ruРоссийская академия народного хозяйства и государственной службы при Президенте Российской ФедерацииРоссияRussian Presidential Academy of National Economy and Public AdministrationRussian Federation2022290420222624861Copyright © Ибрагимов Р.Г., 20222022Ибрагимов Р.Г.Ibragimov R.G.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/1574

Автор исследует показатель избыточной созданной ценности (EVC), являющейся агрегированной мерой финансовой результативности деятельности компании на многопериодном интервале измерения. Актуальность исследования обусловлена востребованностью практических решений в сфере контроля результативности и материального стимулирования, позволяющих достичь согласованности между интересами акционеров и решениями менеджеров. Целью исследования является построение и обоснование периодического финансового измерителя, учитывающего не только текущий результат, но и долгосрочные последствия решений менеджмента. Научная новизна исследования состоит в определении показателя EVC посредством показателя TEVA и обосновании новой конструкции измерителя результативности. Результатом исследования является вывод формул для расчета показателя EVC на многопериодном и однопериодном интервалах, свободных от ограничений на изменение структуры и стоимости капитала, допускающих изменяющийся во времени систематический риск операционной деятельности и имеющих преимущество вычислительной простоты, важное для практических применений. Сделан вывод, что измерение созданной ценности с помощью показателя EVС, определенного посредством TEVA, позволяет достичь близкого соответствия построенной метрической конструкции условиям реального мира с унификацией расчетов в ее ретроспективной и прогнозной составляющих на основе данных, доступных из исторической и Pro Forma финансовой отчетности, и информации рынка капитала.

The paper explores the excess value created (EVC) metric, which is an aggregated measure of the financial performance of a company over a multi-period measurement interval. The relevance of the study is due to the demand for practical solutions in the field of financial performance monitoring and incentive compensation, which makes it possible to achieve congruence between the interests of shareholders and the decisions of managers. The aim of the study is to build and justify a periodic financial measure that takes into account not only the current result but also the long-term consequences of management decisions. The scientific novelty of the study lies in the determination of the EVC metric via the TEVA indicator and providing the rationale for the new design of the performance measure. The result of the study is the derivation of formulas for calculating the EVC measure on multi-period and one-period intervals, which are free from restrictions on changes in the capital structure and the cost of capital, allow for a time-varying systematic risk of operating activities and possess the advantage of computational simplicity important for practical applications. The study concludes that the measurement of value created using the EVC indicator determined via TEVA makes it possible to achieve close conformity of the metric constructed to the real-world conditions with the unification of calculations in its retrospective and forecast components based on data available from historical and Pro Forma financial statements and information from the capital market.

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The authors declare that there are no conflicts of interest present.