THEORETIC-METHODOLOGICAL AND APPLIED ASPECTS OF THE VALUE-ORIENTED APPROACHES APPLICATION FOR UKRAINIAN TOURIST ENTERPRISES

Abstract

The dynamic changes that are taking place in the economic system of Ukraine, burdened by the war situation, require a significant revision of traditional approaches to the management of financial resources of enterprises and the formation of new management principles. Great investment resources will be required to restore the industry. Today, Ukrainian enterprises cannot simply work for the purpose of making a profit without thinking about the strategic prospects of business existence. The article substantiates the importance of determining the strategic goal of the enterprise using a value-oriented approach. Factors influencing the activity of Ukrainian enterprises in modern conditions are indicated. The evolutionary steps of the formation of value-oriented management of the enterprise are studied. Not only the economic expediency, but also the legal possibility of applying value-oriented management in the management system of Ukrainian enterprises is substantiated by considering the regulatory and legal support of the mentioned approach. The main methodical approaches to business valuation offered by Ukrainian legislation are considered: National Standard №3 "Evaluation of integral property complexes" indicates the possibility of applying property, income and comparative (market) approaches. It is proposed to use the method of direct capitalization of income and the method of discounted cash flow for implementation of the income approach. By the asset accumulation methods applying, the net asset method, and the liquidation value method, it is possible to implement a property approach to determining the enterprises value. The method of the capital market and market transactions is used in determining the enterprises value by the comparative method. The main methods of each approach are shown, indicating their advantages and disadvantages. The advantages of value-oriented management for the enterprise as a system are highlighted and a visualization of the ability of the specified approach to take into account the interests of all interested parties is presented. The advantages and disadvantages of using a value-oriented approach to managing the company's finances are revealed. The need for state support for enterprises focused on value-oriented management is indicated, because such an approach, as was stated, corresponds to the interests of Ukraine.