The income of the enterprise should be equated toof gross value added (GVA). It is in this indicator that the efficiency of the enterprise's functioning is reflected, since all factors of production (land, labor, capital, enterprise's incomes) are realized in it, as well as the economic interests of all participants in production: owners of capital, enterprise employees and state interests. According to these principles, income should also be formed as an indicator of GVA in the products sold.
Currently, in assessing the effectiveness ofenterprise income indicator, equated to GVA, as a generalization is not used, but at the level of industries and the entire national economy is used. However, in calculating the GVA in sales, it characterizes the organization's revenues and the inflow of funds through the implementation indicator. In the current practice, assessing the efficiency of enterprises in terms of output indicators (namely, production figures are brought to enterprises as government tasks), the products sold are not used as a generalizing indicator. At the same time, the gross added value is a general indicator of the effectiveness of the entire national economy and industries. In this connection, there is a practical need to create objective information about the performance of enterprises, joint-stock companies, corporations and holdings on uniform methodological principles with the formation of industry performance indicators that adequately reflect all the organization's revenues and expenses. One of such principles is harmonization of criteria of an estimation of efficiency at level of the enterprises with indicators of efficiency of work of branches, with indicators of an estimation of efficiency of the enterprises at an estimation of cost.
Cash Flows in the Assessment of Enterprises and Industriescurrently not used. Only comparative characteristics of their inflow and outflow are given, that is sources and main directions of their use. But when assessing the company's value, the revenue method uses the indicators of gross cash flow, net cash flow, income and expenses of the organization.
Based on the definition of value added,the latter is formed at the stage of production and is realized at the final stage of the circulation of funds as part of the product realization index. Its components include the costs of wages, social insurance, depreciation, net profit. Therefore, it is the added value that should be equated to income capable of generating cash. Consequently, proceeding from the economic essence of the notion of "added value", it is legitimate to equate it with the concept of "income".
At the same time, it is necessary to solve the issue of formingcomponents of income. In most models, the value added is the net profit (EVA model, SVA) for estimating the revenue approach. But the net profit is only a small part of the income, since for the enterprise's employees the income is the salary and deductions to social funds, for the owners of the capital - dividends paid out of net profit and depreciation charges to renew the production potential, for the state - taxes and levies on revenue and arrived.
This approach to income generation in the evaluation has such advantages:
- wages and deductions from it, taxes and payments to the fiscal system from revenue, net profit, etc. are provided with real money.
- through this income indicator, the economic interests of workers, owners of capital and the state are comprehensively taken into account;
- The recommended revenue measure allowsto ensure the interconnection of performance indicators that really reflect the organization's revenues and expenditures, with performance indicators at the level of branches and the entire economy of the country as a whole;
- it is this approach to the formation of the indicatorincome allows you to establish the market value of the enterprise in terms of filling it with real cash by generating added value in the cash flow.
Therefore, the recommended incomecharacterized by the ability to actually generate cash flows and increase the capital accounted for in the process of forming the market value of the company. This corresponds to the economic essence of the main models of market value formation. If you determine income as the gross added value by the volume of production, then the added value in the produced but not sold production, by its economic essence, represents expenses, and not the newly created value that provides the money inflow. At the same time, the costs of wages and depreciation represent income in the form of cash inflows used for the benefit of enterprise employees, owners of capital and the state. Gross value added in the inflow of funds will characterize all the income and expenses of the organization, income at the level of the enterprise, industry and the entire national economy.
This will ensure not only the correlation of performance indicators with the valuation indicators, but also create a new indicator of efficiency - the market value of the enterprise.