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

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

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 17are indicator number (see the interview questions p.76a). The 1is low level of using the 6 is high.

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 17are indicator number (see the interview questions p.77b). The 1is 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.