APPLICATION OF THE MODELS OF THE ADDED VALUE IN VALUE-BASED MANAGEMENT OF ENTERPRISES

There are considered the necessity of carring out a qualitative comparative analysis of the value added models and possibilities of their use in value-based management of enterprises. There are determined the distinctive features of such models as: the economic value added, the market value added, the cash flow return on investment, the cash value added, the shareholder value added, the stakeholder value added. It has been proved that the distinctive features of the value added models determine the degree of adequacy of the value added evaluation viewed from its viability for management purposes. There are studied scientific approaches to the comparison of the value added models by using the parameters which are, according to the scientists' opinion, the most important for the implementation of the system of value-based management of enterprises.In order to ensure effective implementation of the value-based management concept there are proposed the following parameters of the comparison of the added value models: involment of expectations of the future results of the enterprise performance, the degree of complexity, the possibility to create a system of factors. The comparison of the value added models viewed from the efficiency of their use in value-based management of enterprises is made in accordance with the parameters which determine involvement of expectations of the future results of the enterprise performance, the degree of complexity and the possibility of creating a system of factors. There is substantiated the necessity of additional comparison of the value added models for their adequate comparative characteristics according to the following parameters: measurement of the fundamental effects of financial and economic activity of the enterprise and taking into account the benefits of its stakeholders (owners, managers, employees, creditors, partners, state). There is made the additional comparative analysis of the value added models for the purposes of value-based management of enterprises according to the following parameters: measurement of the fundamental effects of financial and economic activity of the enterprise and taking into account the benefits of its stakeholders. It is specified that the existing valueadded models have limited possibilities to be used in value-based management because of full or partial involvement of expectations of the future results of the enterprise performance, high or average level of complexity. It is problematic to create a system of factors in models: the market value added, the cash flow return on investment, the stakeholder value added. All the models of the value added have shortcomings while measuring the fundamental effects of financial and economic activity of the enterprise. Incomplete consideration of the benefits for enterprise stakeholders is a distinctive feature of the most models of the value added. Limited possibilities of application of the valueadded models in value-based management necessitate the development of a new valueadded model with the focus on the most effective use of it in management of enterprises based on a value-based approach.