The energy-saving projects’ impact on the level of an enterprise’s financial stability

IF 0.6 Q2 Social Sciences Economic Annals-XXI Pub Date : 2022-02-09 DOI:10.21003/ea.v195-04
Fayez Al Sharari, O. Yemelyanov, Y. Dziurakh, O. Sokil, Olena Danylovych
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引用次数: 1

Abstract

The article developed and tested tools for assessing the impact of debt financing of energy saving projects on the financial sustainability of those enterprises that implement these projects. In particular, an indicator for assessing the level of financial stability of business entities is proposed. The calculation of this indicator is based on a comparison of the forecast value of the flow of income of the enterprise, which it can use to fulfill its obligations to creditors, with the minimum allowable value of this flow, at which these obligations will be guaranteed to be fulfilled by the enterprise. A model for assessing the impact of debt financing of energy saving measures at enterprises on the level of their financial stability has been developed. Analytical expressions have been established for the limiting values of the part of the loan financing of energy-saving projects, under which the financial stability of the enterprise after the implementation of these projects will not decrease or will be at the minimum acceptable level. This made it possible to identify the conditions under which the introduction of investment measures at enterprises aimed at improving energy efficiency leads to an increase in the level of financial stability of business entities. These conditions provide for a limitation on the share of borrowed funds in the structure of sources of financing for energy saving projects, taking into account the forecast values of return on investment and other indicators that affect the ability of enterprises to fulfill their loan obligations in a timely manner. An empirical analysis was carried out on a sample of Ukrainian enterprises belonging to three types of economic activity. This analysis showed, in particular, that an increase in the investment activity of enterprises in the field of energy conservation has a positive impact on their level of financial stability. It was also found that the increase in the share of debt financing of energy-saving projects, to a certain extent, negatively affected the financial stability of the enterprises that implemented these projects. However, at any level of debt financing, the implementation of energy-saving projects made it possible to increase the average financial stability of the companies under study. The purpose of the article is to develop and use tools for assessing the impact of debt financing of energy saving projects on the financial sustainability of those enterprises that implement these projects.
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节能项目对企业财务稳定水平的影响
本文开发并测试了用于评估节能项目债务融资对实施这些项目的企业财务可持续性影响的工具。特别提出了一种评价企业财务稳定水平的指标。该指标的计算是基于企业可以用来履行其对债权人的义务的收入流量的预测值与该流量的最小允许值的比较,该流量保证企业履行这些义务。开发了一个评估企业节能措施债务融资对其财务稳定水平影响的模型。建立了节能项目贷款融资部分的限定值解析表达式,在该限定值下,企业实施节能项目后的财务稳定性不会下降或处于最低可接受水平。这样就有可能确定在哪些条件下,在企业采取旨在提高能源效率的投资措施会导致商业实体财务稳定水平的提高。这些条件考虑到投资回报率预测值和其他影响企业及时履行贷款义务能力的指标,对借款资金在节能项目融资来源结构中的份额进行了限制。本文对属于三种经济活动类型的乌克兰企业样本进行了实证分析。这一分析特别表明,企业在节能领域投资活动的增加对其财务稳定水平有积极影响。研究还发现,节能项目债务融资比重的增加,在一定程度上对实施节能项目企业的财务稳定性产生了负面影响。然而,在任何水平的债务融资中,节能项目的实施都有可能增加所研究公司的平均财务稳定性。本文的目的是开发和使用工具来评估节能项目债务融资对实施这些项目的企业财务可持续性的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Economic Annals-XXI
Economic Annals-XXI ECONOMICS-
CiteScore
1.50
自引率
0.00%
发文量
0
期刊介绍: The Economic Annals-XXI Journal – recognized in Ukraine and abroad scientific-analytic edition. Scientific articles of leading Ukrainian and other foreign scientists, postgraduate students and doctorates, deputies of Ukraine, heads of state and local authorities, materials of scientific conferences and seminars; reviews on scientific monographs, etc. are regularly published in this Journal.
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