МОДЕЛИРОВАНИЕ ДЕНЕЖНЫХ ПОТОКОВ ДЛЯ ОЦЕНКИ ИНВЕСТИЦИОННОЙ СТОИМОСТИ ПОГЛОЩАЕМОЙ БИЗНЕС-СТРУКТУРЫ

The article presents an advanced model of money flows for investment appraisal in the situation of companies' assets consolidation. The given money flow model allows us to separate the money flow generated by operating activity, which is the basis for a company's value appraisal, from the general money flow generated by economic activity; for our calculations on the model we can use the background information on the investment object available to investors. The model also makes it possible to coordinate the value appraisal model used during the preparation stage (before the take over) with the cash-flow management model used during the integration stage, after consolidation has taken place.