Business Ethics and Leadership, Volume 1, Issue 3, 2017 75 Evaluation of the Market Value of the Enterprise with Consideration of Exogenous Factors Iryna Boiarko PhD, Associate Professor, Head of the Scientific Research Department, University of Banking, Кyiv, Ukraine Arvydas Paskevicius Professor, Head of Finance Department, Vilnius University, Lithuania Abstract The interrelation between the value characteristics of the enterprise (market value and market cost) is investigated. The economic model of formation of market value of the enterprise taking into account five basic components (the potential of the enterprise, financial capital, external factors, information about the enterprise and time) is proposed. The proposed components identify the base drivers of cost formation. These drivers are the cash flow of receipts and expenditures, the cost of capital, as well as the influence of factors of risk and uncertainty. In the context of these components, a universal complex of factors of formation and destruction of the market value of the enterprise is formed and their hierarchical classification is constructed. In this classification, the levels of significance of individual components and factors for the formation of the individual and aggregate values of the enterprise are established. The substantiation of the scientific provisions set forth in this article is based on the use of general scientific methods of analysis and synthesis, research of systems, econometric meta-modelling, and also methods of analysis of hierarchies. To choose the approach to the estimation of the value of the enterprise, as well as to construct a hierarchical system of factors of formation of the value of the enterprise, we used the Tomas Saati’s metod. Keywords: market value, market cost, factor classification, endogenous factors, exogenous factors. JEL Classification: G10, M20. © The Authors, 2017. This article is published with open access at ARMG Publishing. Introduction Functioning of modern enterprises on a competitive basis requires constant improvement of financial management taking into account new strategic priorities, which are put forward in connection with the transformation of economic mechanisms as a result of the impact of general historical socio-political, socio- economic processes of civilization development (globalization, internationalization, scientific and technical progress, etc.). All these changes affect the formation of the market value of the enterprises, which is the central concept of value-oriented management (Value-Based Management, VBM) − the concept of management, which defines the directions of improvement of the system of efficiency evaluation indicators, the evolution transformation of the methodology of financial analysis and control in the enterprise. The enterprise is a special ware, which represents an independent integral system, the value of which is determined by a set of interrelated factors of different nature (financial-economic, socio-psychological, ethical, normative, legal, political, etc.), which determines the necessity of the development and implementation of special accounting methods, analysis and control of changes in these factors, assessment of their impact on the formation of the value of the enterprise and taking into account such changes in the process of making managerial decisions. Literature review Among the modern approaches that form theoretically and methodologically grounded value-oriented strategic management it is necessary to point out the fundamental concepts contained in the scientific works of M. Amram (2006), I. Ansoff (1989), A. Damodaran (2005), T. Koller (2005), T. Copeland (1999), L. Martin (2006), D. Medina (2006), D. Murrin, J. Stern (2001), B. Stewart (1991), K. Walsh (2003), W. F. Sharpe (2007), J. C. Van Home, J. M. Wachowicz (2008) and others. The theoretical basis for managing the value of the company was first described in the works of A. Marshall and I. Fisher, A. Rappaport, and also became the basis of the models of F. Modigliani, M. Miller (Modigliani et al., 1963,