Управління вартістю вертикально-інтегрованих підприємств нафтогазової промисловості

Abstract

АНОТАЦІЯ Островська Г.Й. Управління вартістю вертикально-інтегрованих підприємств нафтогазової промисловості. – Рукопис. Дисертація на здобуття наукового ступеня кандидата економічних наук за спеціальністю 08.00.04 – економіка та управління підприємствами (за видами діяльності). – Тернопільський національний економічний університет, Тернопіль, 2007. У дисертації розглянуто низку теоретичних, методологічних та прикладних проблем щодо управління вартістю вертикально-інтегрованих підприємств нафтогазової промисловості. Сформовано комплексну систему управління вартістю вертикально-інтегрованих підприємств нафтогазової промисловості, що поєднує позитивні риси двох інноваційних управлінських технологій: управління вартістю і управління за допомогою збалансованої системи оціночних показників та визначено етапи її впровадження. Запропоновано стратегічну карту п’яти центрів створення вартості на підприємствах нафтогазової промисловості (фінанси; споживачі; бізнес-процеси; постачальники; персонал). Ключові слова: вартість підприємства, інтегрована система управління вартістю, система збалансованих показників, стратегічна карта. ANNOTATION Ostrovska H. Value based management of vertically-integrated enterprises of the oil industry. – Manuscript. The dissertation is aimed at receiving scientific Degree of Candidate of Economics for specialty 08.00.04 – Economics and Enterprises Management (by Activities). – Ternopil National Economic University, Ternopil, 2007. The dissertation is devoted to the value based management of vertically-integrated enterprises of the oil and gas industry questions. The theoretical and methodological aspects of value based management of enterprises are examined, in particular, the classification of value types is improved according to the subjects of estimation, sources of income and levels, which, unlike to the existent approaches, allows to choose the methods of its estimation in the process of management more exactly, principles of enterprises value estimation are systematized and complemented. The typification of factors offered by the author will allow to pay attention to the key parameters of management, which are defined as interests of the interested people, time, factors of production, risk, and to ground methodological approaches to the essential descriptions exposure of current and antirecessionary management of the enterprise value. Classification of value factors, in particular, according to different levels is improved in the research. It is proposed to range internal factors according to general, specific and operation levels. The essence of two independent newest conceptions of aims forming and proper indexes and systems within the framework of new administrative paradigm, which got the names: management, aimed for value creation, or VBM-management (Value Based Management) and the balanced system of evaluative indexes (Balanced Scorecard) is described in the research. It is proposed in relation to a concrete enterprise to use the combined charts which combine BSC and EVA (economic value added) as one of basic indexes of VBM. Other instruments of value based management are also described, in particular Edwards-Bell-Ohlson (EBO) model, which allows to take advantages of profitable and property approaches of value estimation, in some way minimizing their drawbacks and Myron Scholes model of the option pricing, their advantages and disadvantages and ways of usage in domestic enterprises management are described. The value estimation of vertically-integrated enterprises with the use of national standards and innovative approaches of the first and control stages of management, which allowed to find out the level of managerial staff efficiency, basic centers of value creation and destruction is carried out in the research. Value determination with the help of modern foreign value-oriented methods showed the possibility of the EVA index and its modifications usage not only for the value estimation but also for its management. Introduction of new technologies of value based management enables not only its constant control but also influences on the centers of creation and destruction which is especially actual for vertically-integrated enterprises. The application of the complex system of value-oriented management on the enterprises of oil and gas industry is proposed by the author. This system includes the combination of two innovative administrative technologies: value based management and the balanced scorecard system. The integrated system of value based management includes five components: 1) strategic planning of investment value; 2) creation of the index system of operative activity estimation; 3) monitoring of value key factors; 4) personnel motivation in the context of the “value vision”; 5) change of communication by the interested parties in the context of value creation. This system will provide the possibility of focusing on strategy of long-term (steady) value creation. The stages of this system application are defined. Economically-mathematical models, with the help of which connection of the enterprise value with profit distributing and its change in periods of the partial restructuring can be traced, that is especially important for vertically-integrated oil and gas enterprises, are proposed in the value based management. These models do not lack EVA economic value, which requires inserting considerable amendments to the balance indications, they are easy to use in the process of enterprises value added management which shares are not quoted at the fund market. A new method which allows not only to estimate a present value but also prospects of its growth is proposed in the research. This method includes three methods of enterprise value estimation: on the basis of the last dynamics of incomes growth; use of funds analysts information; use of fundamental indexes. The use of the offered methods for the estimation of value growth of Ukraine’s oil and gas enterprises will allow to apply technologies of value based management, as they enable to plan its growth due to influence on concrete fundamental factors. The Strategy Card with the used 6 centers of value creation at the enterprises of oil industry (finance, clients, suppliers, business processes, human, informational and organizational capitals) is also offered. Improving of expenses structure, efficiency of the assets use, increasing the possibilities of incomes receiving, investing are the proposed aims in the finances sphere. The strategy describes how an enterprise decides to provide the stable value growth for shareholders. The basic indexes of client constituent efficiency are: descriptions of product/service (price, quality, presence, choice); mutual relations (service, partnership); image (brand). The internal constituent, internal business processes, is the development of the detailed strategic aims, organized according to four clusters: operational management; customer relations management; innovations; legislative and social processes. Constituent of suppliers includes such appropriate parameters as description of raw materials and description of suppliers. The constituent of personnel education and development determines an infrastructure which the company must build for providing of growth and development in a long-term prospect. Thus such development is the result of synergy of three basic factors: human capital, systems and organizational procedures. Key words: enterprise value, integrated system of value based management, Balanced Scorecard system, strategic card.