COMPARATIVE ANALYSIS OF SOFTWARE REQUIREMENTS ENGINEERING METHODS

Abstract

Objective. This study aims to decompose the specific characteristics of holding companies as complex valuation objects, as well as to verify the hypothesis that the choice of valuation tools is strictly determined by the nature of the integrative links within the corporate structure. Materials and Methods. The methodological framework of the study is based on the principles of a systems approach and structural-functional analysis, which allow interpreting a holding not as a mechanical set of assets, but as a single emergent organism. The theoretical foundation of the study consists of the provisions of modern agency theory and the concepts of institutional economics. The analysis covers various models of integration, differentiated by the vector of production cooperation and the functional role of the central management link. Results. It has been established that a holding company possesses the property of systemic integrity, whereby its market value systematically deviates from the aggregate sum of the values of its subsidiaries under the influence of implicit synergies and the specifics of intra-group transactions. The authors propose an improved classification of structures that aligns the business structure with current valuation methods. It has been demonstrated that for “pure” financial holding companies, the cost approach remains the priority, with mandatory discounting for non-controlling ownership and low liquidity. At the same time, for vertically integrated complexes, the need to prevail a profitable approach capable of translating the projected cash flows of the entire technological chain into the current value of the parent company is justified. Special attention is paid to the factors that change the objectivity of the assessment: transfer pricing mechanisms, the presence of cross-ownership, and the complexity of quantifying the management premium. Conclusion. The analysis confirms that disregarding the holding company’s organizational specifics when selecting valuation procedures leads to critical errors in determining business value. The theoretical contribution of this work lies in the development of a methodological framework for valuing heterogeneous corporate systems, while its practical significance lies in providing professional appraisers and investment analysts with a verified algorithm for supporting mergers and acquisitions and strategic planning.