In the modern world, the terms enterprise value and valuation are of great importance. Knowledge about how much an enterprise is worth is of fundamental importance for both the owner of that company and investors when negotiating the price of an enterprise at the time of conducting a commercial transaction. The article presents the goals of the company’s valuation and characteristic stages of the company’s life at which such valuation is necessary. The article classifies the methods of enterprise valuation used today. On this basis, the valuation methodology is presented according to the MDI-R concept (Assets, Income, Intellectual Capital-Market), which in a broad spectrum measures the effectiveness of the company’s operations and, in accordance with the current features of good valuation, aims to determine the fair value of the company. The purpose of the article is to demonstrate the need to improve the code of conduct and valuation standards. As part of the implementation of the objective, multi-faceted and complex valuation issues are presented, as well as factors that may distort the determination of fair value. The methodology of the study is based on inferences about the methodology of business valuation, and verification is based on practical examples, by which a hypothesis on the existence of critical elements of valuation is verified that allows the use of broad subjectivity in estimating the value of assets. At the same time, the factors that determine the possibility of the existence of too wide a subjectivity in estimating assets, which is in contradiction with the features of good valuation, are presented. The attempt is made to draw attention to the threats arising from modern business valuation methodologies and their challenges in the future. Additionally, this article offers the authors’ proposed hybrid method MDI-R, which draws from existing solutions to improve their functionality and applicability.

中文翻译：

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现代商业估值方法——案例研究和新概念

在现代世界中，企业价值和估值这两个术语非常重要。在进行商业交易时就企业的价格进行谈判时，了解企业的​​价值对于该公司的所有者和投资者而言都至关重要。本文介绍了公司估值的目标以及需要进行估值的公司生命周期的特征阶段。本文对当今使用的企业估值方法进行了分类。在此基础上，根据MDI-R概念（资产、收入、智力资本-市场）提出估值方法，该概念在广泛的范围内衡量公司运营的有效性，并根据当前良好估值的特点，旨在确定公司的公允价值。这篇文章的目的是证明需要改进行为准则和评估标准。作为目标实施的一部分，提出了多方面和复杂的估值问题，以及可能扭曲公允价值确定的因素。该研究的方法论是基于对商业估值方法论的推论，而验证是基于实际例子，通过这些例子验证了关于估值关键要素存在的假设，允许使用广泛的主观性来估计价值资产。同时，提出了决定资产评估主观性过宽的可能性，与良好评估的特征相矛盾的因素。试图引起人们对现代商业估值方法产生的威胁及其未来挑战的关注。此外，本文还提供了作者提出的混合方法 MDI-R，该方法借鉴了现有解决方案以改进其功能和适用性。