Особливості оцінки вартості права вимоги у недержавних пенсійних фондах

Abstract

У статті наведено авторське бачення щодо оцінки вартості права вимоги у недержавних пенсійних фондах. Зроблено наголос на проблемах визначення права вимоги під час кримінальних проваджень та цивільно-правових спорах. Наведено алгоритм визначення ставки дисконту під час оцінки права вимоги із урахуванням ризиків, притаманних діяльності недержавних пенсійних фондів.

В статье предствлено авторское видение оценки стоимости права требования в негосударственных пенсионных фондах. Поставлен акцент на проблемах определения права требования в уголовных делах и гражданско-правовых спорах. Приведен алгоритм определения ставки дисконта в процессе оценки права требования с учётом рисков, характерных для деятельности негосударственных пенсионных фондов

The article presents the author's vision for assessing the value of claim right in non-state pension funds. Emphasis was placed on the problem of determining the claim right during criminal proceedings and civil disputes. An algorithm for determining the discount rate in assessing of claim, taking into account the risks, inherent in the activities of non-state pension funds is given. It is stressed that at this time it is impossible to determine the value of the claim right in non-state pension funds within the framework of criminal proceedings in Ukraine, as there are no appropriate methods, and there are no specialists in the state-owned research institutes of forensic enquiries of the specified profile of economic and legal knowledge. Within the framework of civil legal disputes, there is no problem in determining the value of the claim, since it is allowed to engage legally a third party specialist, namely, an accountant, an auditor, evaluator, who can use national and international accounting and reporting standards and other regulatory acts, and is capable correctly assess the value of claim right. It is noted, that it is advisable to determine the value of the claim right to settle accounts with debtors and creditors of non-state pension funds using a «normative approach». The outlined approach, according to the author's own opinion, is based on the use of national and international accounting and reporting standards and other legal and regulatory assets, regulating valuation activities in Ukraine. One of the components of this approach is the use of the direct capitalization method. It is expedient to calculate the discount rate using the cumulative approach, as the sum of the risk-free discount rate and risk premium. Regarding the risk-free discount rate, we propose using the «Procedure for assessing the claim right for liabilities, arising from the carrying out a loan transaction» the yield on domestic government bonds denominated in the respective currency depending on the maturity term. We believe, that assessing the money claim right can be used not only in criminal or civil proceedings, but also in order to assess the fair (market) value of a problem receivable or payable debit, that may be reflected in the Statement of Financial Position (Balance sheet ) of a non-state pension fund. Therefore, in the case of determining the «risk premium», it is expedient to use official data on the change in inflation in Ukraine, since this information allows us to calculate the «lost profits» lost by the owner of funds due to their timely non-return and, accordingly, receivables or payables in accordance with the principle discretion will be reflected in the reporting of a non-state pension fund at a fair value that is lower than its nominal value.