Modification of Methods for Estimating the Value of Financial Assets in a Sustainable Economy: Legal and Cost Aspects

Fundamentally new trends in Russia’s economic development and the digitalization of the economy are actualizing the formation of new types of financial assets, the traditional valuation technologies of which (while maintaining a common methodology) they require significant modernization. The subject and object of this study are the legal and cost aspects of assessing sustainable financial assets, their investment characteristics and the impact on the value of ESG bonds and shares of issuers adhering to ESG strategies. The purpose of the work is to identify the main directions for the modification of valuation methods in the modern Russian economy, with an emphasis on the analysis of the regulatory database necessary to calculate the market value of sustainable financial assets in various ways. The authors have attempted to prove the stability and adequacy of the classical valuation methodology to the changed economic conditions and the volatility of the business environment. As a result of the research, the specific investment characteristics of ESG financial assets and their main cost factors have been identified. It is established that there is a need to modify the methods of valuation of new types of financial assets, based on the methodology of classical valuation of objects. It is concluded that the emergence of new types of financial assets is associated not only with the development of financial and value engineering, but also with the use of modern digital technologies, as well as ESG transformation. The analysis of the modern financial market indicates the formation in Russia of a new segment of debt financial instruments on the Moscow Stock Exchange — “green” and social bonds, which continues to develop and diversify, which makes it possible to form an information block of data necessary for valuation. The conducted research confirms the fact of the formation of new valuation objects in the form of ESG-financial assets that can be valued at market value using modified methods based on traditional methodology.

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