Entrepreneurial income of an enterprise as a basic indicator of its value

The relevance of research models on the valuation of enterprises by the revenue method is determined by the ongoing processes of corporatization and privatization of enterprises. Thus, the share of private property in the total number of functioning enterprises on the territory of the CIS countries reaches 90%.

Currently, in these countries, the main method of assessing the cost is cost. However, in a market economy, a potential investor will not invest in a business project without realizing that the enterprise will be profitable after the acquisition. Any investor investing financial resources in an enterprise buys, first of all, the stream of future incomes. One of the main reasons why the revenue model models are not used in valuation is the ambiguous definition of the terms "income", "income capitalization", "net income" , "Profit capitalization", "entrepreneurial income", etc. Methodologically, the problem of how the income from entrepreneurial activity as a whole, and what indicators of income in particular, to use in assessing the enterprise and its effectiveness Functioning. Taking into account all the complexities and uncertainties in the evaluation of efficiency, the most developed in terms of theory and methodology are approaches for individual projects (investment project, modernization of production and introduction of new equipment, accounting systems, correction analysis, etc.) than the assessment of the enterprise as a whole.

For example, to assess the economic efficiency at the state level, a general indicator of the national gross income is applied , at the enterprise level - the indicator of profit, cash flow. There are many private indicators: profitability, turnover, entrepreneur's income, investment efficiency, capital intensity, return on assets, labor productivity and others.

Due to the evolution of information and economic development, ideas of efficiency have continued to change over the past decades. One of the most significant changes is connected with the transition to market development of the economy. Under the market method of management, many of the indicators used for assessing efficiency do not contradict each other. However, it is very difficult to establish a generalizing indicator. In addition, it can be calculated by different methods.

The concept of "entrepreneurial income" and the income indicator itself in the system of indicators of the efficiency of industries at the macro level in the regulatory documents of the Russian Federation is not provided. The components of the "Generating incomes by branches" account contain the following indicators: gross added value, gross profit, labor remuneration, gross mixed incomes. There is no indicator "entrepreneurial income" and in the section "General economic indicators".

In addition to the above indicators, in the section "Finance and Credit" of the statistical yearbook, it is additionally recommended to count the articles "net profit", "return on assets" and others when assessing the performance of the industries. As a consequence, in the management of the economy at the micro level, the concept of "entrepreneurial income" and income, as indicators in the assessment of enterprises as a general, are not used.

As a result of this, many indicators are used in the assessment of the enterprise, without emphasis on the general nature and without taking into account the specifics of the methodology for calculating it. This indicates the need to introduce a core integrated indicator that assesses the effectiveness of the enterprise and takes into account the interaction with all other stakeholders that can generate revenue in the future. This indicator is the maximization of the value of the enterprise by increasing the income of all participants in production.

The approach to the assessment of this income in the conditions of the market method of management expresses the ratio between the market value of the enterprise and the incomes received by the owners, employees of the enterprise and the state, plus the value of net assets capable of generating future revenues by inflow of cash.