It is advisable to equate the income of an enterprise togross value added (GVA). It is this indicator that reflects the efficiency of the enterprise, since it implements all factors of production (land, labor, capital, income of the enterprise), as well as the economic interests of all participants in production: owners of capital, employees of the enterprise and the interests of the state. According to these principles, income should also be formed as an indicator of GVA in the products sold.
Currently, when evaluating the effectivenessenterprises income indicator, equivalent to the GVA, as a synthesis is not used, but at the level of industries and the entire national economy is used. However, in the calculation of the GVA in the sales of products describes the income of the organization and the flow of funds through the implementation indicator. In the current practice of evaluating the effectiveness of enterprises in terms of production volumes (namely, production indicators are communicated to enterprises as government targets), the products sold are not used as a generalized indicator. At the same time, a generalized indicator of the effectiveness of the work of the entire national economy and industries is precisely gross value added. In this regard, there is a practical need to form objective information about the performance of enterprises, joint-stock companies, corporations, holding companies according to uniform methodological principles with the formation of indicators of the effectiveness of industries that adequately reflect all the income and expenses of the organization. One of these principles is the harmonization of criteria for evaluating efficiency at the enterprise level with indicators of the performance of industries, with indicators for assessing the effectiveness of enterprises in assessing value.
Cash flows in the assessment of enterprises and industriescurrently not used. Only the comparative characteristics of their inflow and outflow are given, that is, the sources and the main directions of their use. But when estimating the value of a company by the income method, indicators of gross cash flow, net cash flow, income and expenses of the organization are used.
Based on the definition of value added,the latter is formed at the production stage and is implemented at the final stage of the circulation of funds as part of the sales indicator. Its terms include salary costs, social insurance, depreciation, net profit. Therefore, it is precisely the added value that should be equated to the income that can generate cash. Consequently, based on the economic essence of the concept of “value added”, it is legitimate to equate it with the concept of “income”.
At the same time, it is necessary to resolve the issue of formingterms of income. In most models, according to the income approach, the added value component is the net profit (EVA, SVA model). But net profit is only an insignificant part of income, since for employees of an enterprise income is salary and deductions to social funds, for owners of capital - dividends paid from net profit, and depreciation deductions for renewing production potential, for the state - taxes and fees from revenue and arrived.
This approach to the formation of income in the evaluation has the following advantages:
- salary and deductions from it, taxes and payments to the fiscal system from revenue, net profit, etc. are provided with real money.
- through this indicator of income, the economic interests of workers, owners of capital and the state are comprehensively taken into account;
- the recommended rate of return allowsto ensure the interconnection of performance indicators, which really reflect the income and expenses of the organization, with performance indicators at the level of industries and the economy as a whole;
- exactly this approach to the formation of the indicatorincome allows you to set the market value of the enterprise in terms of filling it with real money by generating added value in the cash flow.
Therefore, the recommended incomecharacterized by the ability to actually generate cash flows and increase capital, taken into account in the process of forming the market value of the company. This corresponds to the economic essence of the basic models of market value formation. If income is defined as gross value added in terms of production, then value added in produced but not sold products, in its economic essence, represents expenses, and not newly created value, which provides cash inflows. At the same time, the salary and depreciation costs represent income in the form of cash inflows used in the interests of the company's employees, owners of capital and the state. Gross value added in the cash flow 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 interrelation of performance indicators with the indicators of cost estimation, but also the formation of a new performance indicator - the market value of the enterprise.
