APPROACHES TO BUSINESS VALUATION: COMPARATIVE ANALYSIS IN THE CONTEXT OF CORPORATE FINANCE

Abstract

The purpose of the article is to theoretically generalize and critically analyze modern approaches to business valuation in order to form a holistic understanding of their application in the corporate finance system. Research methodology. In the process of research, a set of general scientific and special methods was used, in particular: analysis and synthesis - to generalize theoretical approaches to business valuation, comparative analysis - to determine the advantages and disadvantages of each approach, a systemic approach - to consider valuation as a component of corporate finance management, induction and deduction - to form generalizing conclusions, graphical and tabular methods - to visualize the results obtained. Results. In the process of scientific research, it was established that business valuation is a complex multi-faceted and multi-factor category that combines strategic, financial, economic and managerial aspects of corporate activity. The main theoretical and methodological approaches to business valuation (income, comparative and cost) are systematized, methodological features, advantages and disadvantages are outlined, from the standpoint of the situational approach, areas of application in corporate finance are identified, the connection between the choice of approach and the goals of corporate management is established. The need for a comprehensive use of approaches is justified, which allows minimizing the subjectivity of the assessment, increasing the reliability of the results obtained and the effectiveness of their further use in the field of corporate finance. Practical significance of the research results. In the context of corporate finance, business valuation should serve not only as a tool for determining the market price of a company, but also as an essential element of a value management system that contributes to capitalization growth. The research results can be used in the practice of corporate finance to ensure the effectiveness of decisions in financial management, improving the cost management system of Ukrainian enterprises, as well as a methodological basis for further scientific research on the problems of business valuation.