INTEGRATION OF VALUE IN THE SYSTEM OF FINANCIAL ANALYSIS - METHODOLOGICAL ASPECTS AND APPLICATION
Keywords:
VBM – Value Based Management, financial analysis, value, EVAAbstract
Turbulent economic development combined with fierce competition creates a need to periodically
analyze the financial health of companies and take corrective actions to improve it. Financial analysis also allows
studying the state of all processes and functions, the interrelationship between them and their impact on the overall
performance of the enterprise.
The negative effects of the series of crises in recent years – economic, financial, health, environmental, geopolitical,
require the use of additional tools for performing financial analysis, through which the totality of risk factors can be
integrated. Research should focus on measuring value as a comprehensive performance indicator, rather than
primarily on profits and analyzing information from annual financial statements.
Value is "an important economic and financial indicator that is of interest to a wide range of entities - owners,
potential investors, management teams, financial analysts, investment intermediaries, creditors, business partners
and competitors". It is a complex business indicator, directly related to value-oriented management (VBM - Value
Based Management), gaining popularity in recent decades. Value-oriented management takes into account the
interest of stakeholders or a wider range of interested persons and is focused not only on achieving quick profits,
but above all on increasing the welfare and long-term prospects of the company. When measuring value, it is
important to integrate the complex of the so-called ESG factors (environmental, social, governance) contained in
the concept of corporate social responsibility. The concept acquires particular relevance in the light of the serious
challenges of the environment in modern conditions.
The report concludes that the financial analysis aimed at the value of the company is not a sufficiently known and
used toolkit in the Bulgarian industry, but it is necessary for a more precise assessment of the financial condition of
the enterprises and their future sustainability.
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