Appraising the True Value of a Share as a Factor of an Enterprise's Economic Security

The process of determining and paying the actual value of a share to a departing participant in a company is not only a complex corporate procedure, but also an event that directly affects the company's equity capital and, accordingly, the economic security of the company. The uncertainty of the outcome of this procedure for the company underscores the relevance of this research. The article examines the current regulatory framework for this procedure in the Russian Federation by synthesizing the legislation on limited liability companies, which determines the amount of payment based on accounting (financial) reporting data, and the legislation on appraisal activities, which requires a professional determination of the market value of a share, taking into account the requirements of federal appraisal standards. Special attention is given to the established judicial practice of resolving corporate disputes in this category of cases. Exceeding the market value of a participant's share over the balance sheet value entails risks for the continuation of the enterprise's business activities. The research conducted offers the author's method for determining the actual value of a participant's share, taking into account two key criteria, in our opinion: an assessment of the market value of the enterprise's assets and an analysis of the possibility of paying off the value of the share by the enterprise while maintaining its financial stability. The results of the study complement the current regulatory framework at the level of methodological recommendations for entities engaged in valuation activities – professional appraisers, non-governmental forensic experts – and may also be in demand by enterprises facing the need for valuation services.