Roman  Zavorotniy

PhD, Assoc. Prof.

State Higher Educational Institution “Kiev National Economic University named after Vadym Hetman”

PROBLEMS OF THE ANALYSIS

OF STRATEGIC FINANCIAL VALUE-BASED BENCHMARKS

OF THE UKRAINIAN ENTERPRISES

Financial Innovation Research Institute

Kiev, Ukraine

E-mail: roman.zavorotniy@yandex.ua

ABSTRACT. Article is devoted to problems of the organization of effective monitoring of financial indicators as a part of strategic financial value-based management by the enterprise. The main goals of offered research are to describe some analytical approaches and to modify them for effective valuation of the emerging markets enterprises (in particular, to valuate the strategic financial benchmarks of the unprofitable Ukrainian oil refineries which are absent on stock market). Finally, the author offers discriminant model which includes the main financial benchmarks of strategic corporate development (cash value added as an indicator of operating activity; total shareholders’ return as a basic indicator of current quality of corporate governance; Z-score as an indicator of corporate default probability).

Received: January, 2014

1st Revision: February, 2014

Accepted: March, 2014

DOI:10.14254/2071-789X.2014/7-1/4

JEL Classification:  G32, G32, G32, F43, G32, C10, C10

Keywords: cash value added, Z-score, total shareholders’ return, emerging markets, strategic financial value-based management, discriminant model, multicollinearity.