资本结构诊断作为管理企业财务活动的工具

M. Berest, N. Sablina
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引用次数: 1

摘要

乌克兰市场转型的发展导致了企业资本形成和使用领域的显著变化。形成最佳资本结构,使财务成果的增加与现有风险水平相结合,是保持有效运作的主要因素。在这方面,金融活动管理过程需要从理论和实践两个方面重新思考和改进资金来源诊断方法。本研究的目的是改进企业资本结构诊断的方法论方法,将其作为在理论方法的基础上证明和制定财务管理系统管理决策的工具,并明确“企业财务活动管理”一词的定义。工作中运用了科学认识的方法,特别是系统方法、分析方法、综合方法、科学抽象方法、概括方法。采用财务系数分析法和Shuhart控制图创建法,以哈尔科夫股份公司“Zhytlobud-1”为例,对其资本结构进行了诊断。作者将企业财务活动管理的本质视为制定和实施管理决策的过程,包括以财务实力、盈利能力和为履行义务创造条件为目标的资本的形成和使用,为实现管理程序提供诊断和分析支持。结果表明,资本结构诊断是企业财务活动管理工具体系中的关键要素。提出了使用Shuhart的控制图来诊断资本结构,并以JSC“Zhytlobud-1”为例进行了相关计算,评估了其资本组成部分的可管理性水平,确定了公司融资来源结构中的关键管理对象。研究结果对科学家、高等教育机构经济专业的学生、企业和金融机构财务部门的管理人员和员工都很有用
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DIAGNOSIS OF CAPITAL STRUCTURE AS A TOOL FOR ADMINISTERING THE FINANCIAL ACTIVITIES OF ENTERPRISES
The development of market transformations in Ukraine has led to the noticeable changes in the sphere of formation and using enterprise capital. Formation of the optimal capital structure, which allows to combine an increase in financial results with the existing risk level, is the main factor of maintaining effective functioning. In this connection, processes of financial activity administration require rethinking and improving the approaches to diagnosis of financing sources both in the theoretical and practical aspects. The aim of the study is to improve the methodological approaches to the diagnosis of enterprise capital structure as an instrument of justifying and making managerial decisions in financial management system on the basis of theoretical approaches and specifying the definition of the term “enterprise financial activity administration”. Methods of scientific cognition were used in the work, in particular: of system approach, analysis, synthesis, scientific abstraction, generalizing. Methods of financial coefficient analysis and Shuhart’s control charts creation were used to carry out capital structure diagnosis on the example of JSC “Zhytlobud-1” (Kharkiv). The author’s vision of the essence of enterprise financial activity administration as a process of developing and implementing managerial decisions was formed, including formation and use of its capital with the aim of financial strength, profitability and creating conditions for fulfillment of obligations, based on information, diagnostic and analytical support for the realization of managerial procedures. It was concluded that diagnosis of capital structure served as the key element in the system of instruments for the administration of enterprise financial activity. The use of Shuhart‘s control charts for diagnosing the capital structure was proposed, and relevant calculations were carried out on the example of JSC “Zhytlobud-1”, the level of manageability of its capital components was assessed, and key management objects in the structure of the company’s financing sources were identified. The results of the research can be useful for scientists, students of economic specialties of higher educational establishments, managers and employees of financial divisions of enterprises and financial institutions
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7 weeks
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