Матяш И.В.Проблемы Анализа Рыночной Системной Эффективности Предприятий (Problems of an Estimation of Systemic Market Efficiency of the Companies - in Russian)

Management in the conditions of financial crisis demands an exact estimation of target criteria of productivity of the company. Early diagnostics of weak signals of arising problems gives time for adaptation and protective reaction. It is important to find exact indicators of management the finance.In the article the problem of systemic efficiency of the companies from the point of view of productivity of capital utilization concerning average market (systemic) level is considered.The author shows that depending on a ratio of opportunity cost level, (CP) and average cost of capital, (WACC) it is necessary to accept a different level of barrier rate, (A method of maximization of a market rate requirement).The approach to enterprise classification by Business Systemic Efficiency Criterion is shown. It is offered to differentiate the enterprises groups: 1. The Systemic effective business – the companies providing preserving of present value of total assets; 2. The companies, providing the systemic effective utilization of an equity – the companies providing preserving of present value of an equity; 3. The Commercially effective companies - the companies providing dividend payouts and percent on debts on a market rate of percent (Capital Cost not below Opportunity Cost); 4. The enterprises on a limit of credit status – The companies providing market level of interest payments only on debts; 5. The enterprise not the solvent – The companies providing the minimum positive level of profitability (below a percent market rate)); 6. The Unprofitable enterprises. The offered method can be used at an estimation of investment appeal and credit status of the companies.The example of determination of a class of the company on classification is shown. The author shows a determination method of systemic profitability on the criterion of compensation of total assets (depreciation of total assets on market rate (СВ)) and a determination method of systemic profitability on the criterion of repayment of equity (depreciation of equity on market rate (СВ)).The procedure of payments of the latent incomes is considered at positive systemic profitability. The order of definition of the latent losses is shown at negative systemic profitability.It is systemic effective enterprises have a high stock of profitability and are steadier during the crisis periods. It is shown that the systemic effective projects should priority to investment directions