{"id":857,"date":"2021-01-15T17:46:57","date_gmt":"2021-01-15T15:46:57","guid":{"rendered":"http:\/\/journals.khnu.km.ua\/vestnik\/?p=857"},"modified":"2021-03-03T14:18:42","modified_gmt":"2021-03-03T12:18:42","slug":"%d0%be%d1%81%d0%be%d0%b1%d0%bb%d0%b8%d0%b2%d0%be%d1%81%d1%82%d1%96-%d0%be%d1%86%d1%96%d0%bd%d0%ba%d0%b8-%d0%b2%d0%b0%d1%80%d1%82%d0%be%d1%81%d1%82%d1%96-start-up-%d0%bf%d1%96%d0%b4%d0%bf%d1%80%d0%b8","status":"publish","type":"post","link":"https:\/\/journals.khnu.km.ua\/vestnik\/?p=857","title":{"rendered":"\u041e\u0441\u043e\u0431\u043b\u0438\u0432\u043e\u0441\u0442\u0456 \u043e\u0446\u0456\u043d\u043a\u0438 \u0432\u0430\u0440\u0442\u043e\u0441\u0442\u0456 START-UP \u043f\u0456\u0434\u043f\u0440\u0438\u0454\u043c\u0441\u0442\u0432"},"content":{"rendered":"

<\/p>\n

\u041e\u0421\u041e\u0411\u041b\u0418\u0412\u041e\u0421\u0422\u0406 \u041e\u0426\u0406\u041d\u041a\u0418 \u0412\u0410\u0420\u0422\u041e\u0421\u0422\u0406 START-UP \u041f\u0406\u0414\u041f\u0420\u0418\u0404\u041c\u0421\u0422\u0412<\/p>\n

FEATURES OF START-UP ENTERPRISE VALUATION<\/p>\n

<\/a> \u0421\u0442\u043e\u0440\u0456\u043d\u043a\u0438: 59-62. \u041d\u043e\u043c\u0435\u0440: \u21162, 2020 (280)<\/strong><\/p>\n

\u0410\u0432\u0442\u043e\u0440\u0438:<\/strong>
\n\u041a\u0410\u0420\u041f\u0423\u0428\u0415\u041d\u041a\u041e \u041c. \u042e., \u0412\u0410\u0429\u0415\u041d\u041a\u041e \u041e. \u041c.
\n\u0425\u0430\u0440\u043a\u0456\u0432\u0441\u044c\u043a\u0456\u0439 \u0443\u043d\u0456\u0432\u0435\u0440\u0441\u0438\u0442\u0435\u0442 \u043c\u0456\u0441\u044c\u043a\u043e\u0433\u043e \u0433\u043e\u0441\u043f\u043e\u0434\u0430\u0440\u0441\u0442\u0432\u0430 \u0456\u043c. \u041e.\u041c. \u0411\u0435\u043a\u0435\u0442\u043e\u0432\u0430<\/p>\n

KARPUSHENKO M., VASH\u0421HENKO O.
\nO.M. Beketov National University of Urban Economy in Kharkiv<\/p>\n

DOI<\/strong>:<\/strong>\u00a0https:\/\/www.doi.org\/10.31891\/2307-5740-2020-280-2-10<\/a>
\n\u041d\u0430\u0434\u0456\u0439\u0448\u043b\u0430 \/ Paper received :<\/strong> 27.03.2020
\n\u041d\u0430\u0434\u0440\u0443\u043a\u043e\u0432\u0430\u043d\u0430 \/ Paper Printed :<\/strong> 07.05.2020<\/p>\n

\u0410\u043d\u043e\u0442\u0430\u0446\u0456\u044f \u043c\u043e\u0432\u043e\u044e \u043e\u0440\u0438\u0433\u0456\u043d\u0430\u043b\u0443<\/strong><\/p>\n

\u041f\u0456\u0434 \u0447\u0430\u0441 \u043f\u0440\u0438\u0439\u043d\u044f\u0442\u0442\u044f \u0440\u0456\u0448\u0435\u043d\u044c \u043f\u0440\u043e \u0432\u043a\u043b\u0430\u0434\u0430\u043d\u043d\u044f \u043a\u043e\u0448\u0442\u0456\u0432 \u0432 \u0442\u043e\u0439 \u0447\u0438 \u0456\u043d\u0448\u0438\u0439 start-up \u043f\u0440\u043e\u0454\u043a\u0442 \u0432\u0430\u0436\u043b\u0438\u0432\u043e \u0432\u0438\u0437\u043d\u0430\u0447\u0438\u0442\u0438 \u0432\u0430\u0440\u0442\u0456\u0441\u0442\u044c \u043f\u0440\u043e\u0454\u043a\u0443. \u041a\u0440\u0456\u043c \u0442\u043e\u0433\u043e, \u043f\u043e\u0442\u0435\u043d\u0446\u0456\u0439\u043d\u0438\u043c \u0456\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u0430\u043c \u0442\u0440\u0435\u0431\u0430 \u0432\u0441\u0442\u0430\u043d\u043e\u0432\u0438\u0442\u0438 \u0440\u0438\u0437\u0438\u043a\u0438 \u044f\u043a \u0432\u043d\u0443\u0442\u0440\u0456\u0448\u043d\u044c\u043e\u0433\u043e, \u0442\u0430\u043a \u0456 \u0437\u043e\u0432\u043d\u0456\u0448\u043d\u044c\u043e\u0433\u043e \u0441\u0435\u0440\u0435\u0434\u043e\u0432\u0438\u0449\u0430. \u0412\u0430\u0436\u043b\u0438\u0432\u043e \u0437\u0430\u0441\u0442\u043e\u0441\u043e\u0432\u0443\u0432\u0430\u0442\u0438 \u043d\u0430\u0439\u0431\u0456\u043b\u044c\u0448 \u0434\u043e\u0446\u0456\u043b\u044c\u043d\u0456 \u043c\u0435\u0442\u043e\u0434\u0438, \u044f\u043a\u0456 \u0434\u043e\u0437\u0432\u043e\u043b\u044f\u0442\u044c \u043e\u0431\u2019\u0454\u043a\u0442\u0438\u0432\u043d\u043e \u043e\u0446\u0456\u043d\u0438\u0442\u0438 \u0432\u0430\u0440\u0442\u0456\u0441\u0442\u044c start-up \u043f\u0440\u043e\u0454\u043a\u0442\u0456\u0432 \u0442\u0430 \u0437\u0440\u043e\u0431\u0438\u0442\u0438 \u043e\u0431\u0491\u0440\u0443\u043d\u0442\u043e\u0432\u0430\u043d\u0456 \u0432\u0438\u0441\u043d\u043e\u0432\u043a\u0438. \u041e\u0441\u043d\u043e\u0432\u043d\u0430 \u043c\u0435\u0442\u0430 \u0441\u0442\u0430\u0442\u0442\u0456 \u2013 \u043f\u0440\u043e\u0432\u0435\u0434\u0435\u043d\u043d\u044f \u0430\u043d\u0430\u043b\u0456\u0437\u0443 \u0440\u0456\u0437\u043d\u0438\u0445 \u043c\u0435\u0442\u043e\u0434\u0456\u0432 \u043e\u0446\u0456\u043d\u043a\u0438 \u0432\u0430\u0440\u0442\u043e\u0441\u0442\u0456 start-up \u043f\u0456\u0434\u043f\u0440\u0438\u0454\u043c\u0441\u0442\u0432 \u0442\u0430 \u043e\u0431\u0491\u0440\u0443\u043d\u0442\u0443\u0432\u0430\u043d\u043d\u044f \u0434\u043e\u0434\u0430\u0442\u043a\u043e\u0432\u0438\u0445 \u0437\u043e\u0432\u043d\u0456\u0448\u043d\u0456\u0445 \u0444\u0430\u043a\u0442\u043e\u0440\u0456\u0432, \u044f\u043a\u0456 \u0431 \u0434\u043e\u0437\u0432\u043e\u043b\u0438\u043b\u0438 \u0440\u043e\u0437\u0440\u0430\u0445\u0443\u0432\u0430\u0442\u0438 \u0432\u0430\u0440\u0442\u0456\u0441\u0442\u044c \u043d\u0430\u0439\u0431\u0456\u043b\u044c\u0448 \u0442\u043e\u0447\u043d\u043e. \u0423 \u0437\u0430\u0440\u0443\u0431\u0456\u0436\u043d\u0456\u0439 \u0442\u0430 \u0432\u0456\u0442\u0447\u0438\u0437\u043d\u044f\u043d\u0456\u0439 \u043f\u0440\u0430\u043a\u0442\u0438\u0446\u0456 \u043e\u0446\u0456\u043d\u043a\u0438 \u0432\u0430\u0440\u0442\u043e\u0441\u0442\u0456 \u043c\u0430\u0439\u043d\u0430 \u043d\u0430\u0439\u0431\u0456\u043b\u044c\u0448\u043e\u0433\u043e \u043f\u043e\u0448\u0438\u0440\u0435\u043d\u043d\u044f \u0434\u0456\u0441\u0442\u0430\u043b\u0438 \u043d\u0430\u0441\u0442\u0443\u043f\u043d\u0456 \u043c\u0435\u0442\u043e\u0434\u0438\u0447\u043d\u0456 \u043f\u0456\u0434\u0445\u043e\u0434\u0438 \u0434\u043e \u043e\u0446\u0456\u043d\u043a\u0438 \u0432\u0430\u0440\u0442\u043e\u0441\u0442\u0456 start-up \u043f\u0440\u043e\u0454\u043a\u0442\u0456\u0432: \u0441\u043a\u043e\u0440\u0438\u043d\u0433\u043e\u0432\u0438\u0439 \u043c\u0435\u0442\u043e\u0434, \u043c\u0435\u0442\u043e\u0434 \u0432\u0435\u043d\u0447\u0443\u0440\u043d\u043e\u0433\u043e \u043a\u0430\u043f\u0456\u0442\u0430\u043b\u0443, \u043c\u0435\u0442\u043e\u0434 \u0414\u044d\u0439\u0432\u0430 \u0411\u0435\u0440\u043a\u0443\u0441\u0430 \u0442\u0430 \u043c\u0435\u0442\u043e\u0434 \u043f\u0456\u0434\u0440\u0430\u0445\u0443\u043d\u043a\u0443 \u0444\u0430\u043a\u0442\u043e\u0440\u0456\u0432 \u0440\u0438\u0437\u0438\u043a\u0443. \u0410\u043d\u0430\u043b\u0456\u0437 \u0446\u0438\u0445 \u043c\u0435\u0442\u043e\u0434\u0456\u0432 \u043f\u043e\u043a\u0430\u0437\u0430\u0432, \u0449\u043e \u043a\u043e\u0436\u0435\u043d \u043c\u0430\u0454 \u043f\u043e\u0437\u0438\u0442\u0438\u0432\u043d\u0456 \u0442\u0430 \u043d\u0435\u0433\u0430\u0442\u0438\u0432\u043d\u0456 \u0441\u0442\u043e\u0440\u043e\u043d\u0438, \u0456 \u0432\u043e\u043d\u0438 \u043c\u043e\u0436\u0443\u0442\u044c \u0437\u0430\u0441\u0442\u043e\u0441\u043e\u0432\u0443\u0432\u0430\u0442\u0438\u0441\u044f \u0432 \u0440\u0456\u0437\u043d\u0438\u0445 \u0432\u0438\u043f\u0430\u0434\u043a\u0430\u0445.
\n\u041a\u043b\u044e\u0447\u043e\u0432\u0456 \u0441\u043b\u043e\u0432\u0430:<\/strong> \u043e\u0446\u0456\u043d\u043a\u0430 \u0431\u0456\u0437\u043d\u0435\u0441\u0443, \u0441\u043a\u043e\u0440\u0438\u043d\u0433\u043e\u0432\u0438\u0439 \u043c\u0435\u0442\u043e\u0434, \u043c\u0435\u0442\u043e\u0434 \u0432\u0435\u043d\u0447\u0443\u0440\u043d\u043e\u0433\u043e \u043a\u0430\u043f\u0456\u0442\u0430\u043b\u0443, \u043c\u0435\u0442\u043e\u0434 \u0414\u0435\u0439\u0432\u0430 \u0411\u0435\u0440\u043a\u0443\u0441\u0430, \u043c\u0435\u0442\u043e\u0434 \u043f\u0456\u0434\u0440\u0430\u0445\u0443\u043d\u043a\u0443 \u0444\u0430\u043a\u0442\u043e\u0440\u0456\u0432 \u0440\u0438\u0437\u0438\u043a\u0443.<\/p>\n

\u0420\u043e\u0437\u0448\u0438\u0440\u0435\u043d\u0430 \u0430\u043d\u043e\u0442\u0430\u0446\u0456\u044f \u0430\u043d\u0433\u043b\u0456\u0439\u0441\u044c\u043a\u043e\u044e \u043c\u043e\u0432\u043e\u044e<\/strong><\/p>\n

At the moment of making decisions about investing in a start-up, it is important to determine how much the project will cost. In addition, potential investors need to identify risks to both the internal and external environment. It is important to use the most appropriate methods that will allow you to objectively assess the cost of start-up projects and draw sound conclusions. The following researchers paid attention to the problems of estimating the value of the enterprise within the implementation of the cost-oriented approach to management: Berkus D., Payne B.0., Zvegintsova O.D., Kunitsyna N.N. and other. The main purpose of the article is to analyze various methods of estimating the cost of start-up enterprises and substantiate additional external factors that would allow to calculate the cost most accurately. Internal factors can include the implementation of a promising area of activity; quality of management and staff; location of the enterprise in an investment-attractive territory with a favourable economic, political and tax environment risk. Each of the methods has pros and cons, and can be used in different cases. Further research should specify and deepen this problem, taking into account the circumstances of the operation and external environment of the enterprise. These are such factors as the implementation of a promising area of activity; quality of management and leadership; location of the enterprise in an investment-attractive territory with a favourable economic, political and tax environment. The study analyzes the existing methods of business valuation, which allow, taking into account the factors and goals of stakeholders to obtain detailed information about the state of the business and investment alternatives. Further research should specify and deepen this problem, taking into account the circumstances of the operation and external environment of the enterprise.
\nKeywords:<\/strong> business valuation, scoring method, venture capital method, Dave Berkus method, method of calculating risk factors.<\/p>\n

References<\/strong><\/p>\n

    \n
  1. Berkus D. The Berkus Method: Valuing an Early Stage Investment. URL: http:\/\/berkonomics.com\/?p=1214<\/li>\n
  2. Payne B. Investors\u2019 Insights: 2011 Valuation Survey of North American Angel Groups. URL: http:\/\/blog.gust.com\/2011-valuation-survey-of-northamerican-angel-groups\/<\/li>\n
  3. Payne B. Methods for Valuation of Seed Stage Startup Companies. URL: www.angelcapitalassocia tion.org\/blog\/methods-for-valuation-of-seed-stagestartup-companies\/<\/li>\n
  4. Payne B. Scorecard Valuation Methodology: Establishing the Valuation of Pre-revenue, Start-up Companies. URL: http:\/\/billpayne.com\/wp-content\/u ploads\/2011\/01\/Scorecard-Valuation-Methodology-Jan 111.pdf<\/li>\n
  5. Payne B. Startup Valuations: The Dave Berkus Method. URL: http:\/\/billpayne.com\/2011\/02\/14\/st artup-valuations-the-dave-berkus-method.html<\/li>\n
  6. Payne B. Startup Valuations: The Risk Factor Summation Method. URL: http:\/\/billpayne.com\/20 11\/02\/27\/startup-valuations-the-risk-factor-summation- method-2.html (\u0434\u0430\u0442\u0430 \u0437\u0432\u0435\u0440\u043d\u0435\u043d\u043d\u044f: 11.06.2016).<\/li>\n
  7. Zvehintsova O.D. Intehrovana otsinka startap proiektiv \/ O.D. Zvehintsova, I.O. Zolotarova, O.V. Shcherbakov \/\/ Systemy obrobky informatsii. \u2013 2015. \u2013 Vypusk 4(129). \u2013 S. 163\u2013165.<\/li>\n
  8. Kunicyna N.N. Metody ocenki investicionnoj stoimosti ctartapov, ne dostigshih urovnya\u00a0 dohodnosti \/ N.N. Kunicyna, T.V. Halyavskaya \/\/ Nauchno-tehnicheskie vedomosti SPbGPU. Ekonomicheskie nauki. \u2013 2016. \u2013 \u2116 4(246). \u2013 S. 292\u2013302.<\/li>\n
  9. Mizhnarodni standarty otsinky 2011 \/ per. z anhl. UTO. \u2013 K. : \u00abAvantpost-Prym\u00bb, 2012. \u2013 144 s.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[8],"tags":[],"_links":{"self":[{"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=\/wp\/v2\/posts\/857"}],"collection":[{"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=857"}],"version-history":[{"count":4,"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=\/wp\/v2\/posts\/857\/revisions"}],"predecessor-version":[{"id":3908,"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=\/wp\/v2\/posts\/857\/revisions\/3908"}],"wp:attachment":[{"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}