Appendix 8 (Interview questions and structure of survey)

PART 1

The purpose of interview in the Part 1 to estimate level of using the indicators which are use the decision makers. The part 2 of interview provide reliable as it passable level of discounted rates.

A) Survey for managers

Company:

Type of company: Annual Volume:

Respondent’s Name: Position:

Please provide a break down of your years of experience at the following positions:

Please rate the following indicators with respect to their relevance in level of using them in your own company for current decision.

		LOW		HIGH
	ROI
	EVA
	BOOK ROI
	EP
	Multiple Discriminate Analysis (MDA)
	Index Creditworthiness (IC) Z - score
	PP
	Book Rate of Return (BRR)
	NPV
	IRR
	MIRR
	DPP
	Forecasted Cash Flow
	WACC as Risk-Free rate
	Inflation, Depreciation, Tax
	CEQ
	RADR

Please write any comments in the space provided below concerning key indicators. If you feel I have failed to address any indicators or tools for decision makers let us know. Any feedback will be greatly appreciated.

 

B) Survey for specialist

Company:

Type of company: Annual Volume:

Respondent’s Name: Position:

Please provide a break down of your years of experience at the сcurrent positions:

Please rate the following indicators with respect to their relevance in level of using them in your own company for current decision.

		LOW		HIGH
	ROI
	EVA
	BOOK ROI
	EP
	Multiple Discriminate Analysis (MDA)
	Index Creditworthiness (IC) Z - score
	PP
	Book Rate of Return (BRR)
	NPV
	IRR
	MIRR
	DPP
	Forecasted Cash Flow
	WACC as Risk-Free rate
	Inflation, Depreciation, Tax
	CEQ
	RADAR

Please write any comments in the space provided below concerning key indicators. If you feel I have failed to address any indicators or tools for decision makers let us know. Any feedback will be greatly appreciated.

PART 2

Survey of experts

A) Estimation of probability the WACC of the company

Respondent’s Name: Position:

Please provide a break down of your years of experience at the following positions:

 

Please rate the following digits of WACC with respect to their probability to exist it and field the level of probability. Op – optimistic scenario, Mp – most probable, P – pessimistic.

 

		LOW		HIGH
	0.1130 Op.
	0.1210
	0.1225
	0.1310
	0.1325 Mp
	0.1330
	0.1335
	0.1415
	0.1425 P
	0.1450
	0.1500
	0.1510

 

Please write any comments in the space provided below concerning probability of figures. If you feel I have not written some future figures of WACC, please any feedback will be greatly appreciated.

 

B) Estimation of probability of discount rate which base on MIBOR as risk-free rate in RADR method.

Respondent’s Name: Position:

Please provide a break down of your years of experience at the following positions:

 

Please rate the following digits of discount rate with respect to their probability to exist it and field the level of probability. Op – optimistic scenario, Mp – most probable, P – pessimistic.

 

 

		LOW		HIGH
	25.150 Op.
	25.200
	25.250
	25.300
	25.750 Mp
	25.800
	25.900
	26.300
	26.450 P
	26.500
	26.550
	26.600

 

 

Please write any comments in the space provided below concerning probability of figures. If you feel I have not written some future figures of discount rate, please any feedback will be greatly appreciated.

 

C) Estimation of probability of discount rate which base on WACC as risk-free rate in RADR method.

Respondent’s Name: Position:

Please provide a break down of your years of experience at the following positions:

 

Please rate the following digits of discount rate with respect to their probability to exist it and field the level of probability. Op – optimistic scenario, Mp – most probable, P – pessimistic

 

 

		LOW		HIGH
	23.4500 Op
	23.5000
	23.5500
	23.6000
	23.8000 Mp
	24.2000
	24.4500
	24.7000
	24.8500 P
	24.9500
	24.9800
	25.1500

 

 

Please write any comments in the space provided below concerning probability of figures. If you feel I have not written some future figures of discount rate, please any feedback will be greatly appreciated.

 

 

Part 3 Results and Conclusion

A) Survey for managers

Respondents are the junior and senior management of finance, accounting, cost accounting, and across-border operations departments of pharmaceutical sector.

Quantity of respondent are 37 persons(direct questioning face to face), respondent from e-mail questioning is 54 persons, respondent from special created group in Russian social set in Internet “vkontacte” 150 persons. The 1 to 17 are indicator number (see the interview questions p.76a). The 1 is low level of using the 6 is high.

 

0.5

0.5

Conclusion

The results are to show that main part of middle management use the indicators that not distinguish the time value of project they don’t use the forecasts cash flow and mainly use the accounting information.

B) Survey for specialist

Respondent are senior and top management of finance, invest, accounting, cost accounting and across-border operations departments of pharmaceutical sector.

Quantity of respondents is 25 person (direct questioning face to face), respondent from e-mail questioning 35 persons. The 1 to 17 are indicator number (see the interview questions p.77b). The 1 is low level of using the 6 is high.

 

3.5

2.5

Conclusion

The same situation with senior and top management, but this group has the high level of business education and these results to show high level to use DCF method and information that use the forecasted cash flow. Difficult to say about same performance pyramid of indicator and main decision is made on accounting dares.

C) Survey of experts

Respondent are senior and top management of pharmaceutical company “Zdorovie Ludi”.

Quantity of respondent is 25 persons.