| Abstract [eng] |
Nowadays in economy book value does not reflect market value. Market value is affected not only by the interior financial environment but also can depend on various factors such as the company‘s intellectual capital, corporate governance, economy of the whole country, the economic situation, economic indicators and changes in the sector. Risk becomes increasingly important to all companies. Even if scientific sources highlights the importance of risk, there is no unique way to identify the most important risk factors to assess the intensity, and impact of corporate value to market value without relying on expert assessment to accurately. The major problem - how to use publicly available information to properly assess the risk impact on corporate market value for external users. The object is – market value of companies quoted by NASDAQ OMX Baltic market. The Purpose - to identify the enterprise market value of underlying risk factors based on the analysis of scientific literature and to investigate empirically the risks on the market value of listed companies of the NASDAQ OMX Baltic. Market value (price) reflects enterprise value. The evaluation of market value is directly related to the expected cash return and risk. Risk is one of the most important elements which affects the differences between book and market value. Empiric researches performed in references showed systemical factors of risk influence market value of the companies. Empirical researches showed that systemical factors of risk such as GDP, foreign direct investment, money supply and construction price index are the main economic factors and have the strongest influence for companies market value. In order to evaluate analysed companies effect of factors the correlation and regression analysis were applied Changes in factors have effect of risk not for every company market value. Consequently differences occurred because of the chosen analysis period and also market value was influenced by other factors. Only the change of construction price index influences (except OMXT indicator) substantially in empirical research and this research. The question of the impact of risk on market value is still not fully elucidated. This topic still requires further research. There is no only one method which let the external user to calculate and evaluate easily impact of all the risks. |
