Issues | Sections | Authors | Keywords |
Article
Issue: | 2019 №3 (67) |
Section: | Finances |
UDK: | 330.8 |
DOI: | https://doi.org/10.33271/ev/67.067 |
Article language: | Ukrainian |
Pages: | 67-77 |
Title: | Managing financial flows of enterprises on the basis of capital structure predicting |
Author: | Yermoshkina O. V., Dnipro University of Technology |
Annotation: | The research is devoted to finding out new approaches to managing the financial flows of enterprises based on the prediction of capital structure. The research is based on a retrospective analysis of the enterprises’ activities results for different types of economic activity. The indicator of capital structure is considered as an identifier of the level of riskiness of formation, distribution and use of enterprise’s financial flows. The study used data clustering techniques for relevant features, correlation and regression analysis to estimate the correlation between individual indicators, identify baseline trends and dependencies between selected factors. Basing on the essentials of financial management, it is shown that a close correlation between the indicators of the capital structure, which is a level of the financial leverage D/E, considered as a result of incoming cash flows from creditors and investors, the efficiency of distribution and use generated financial flows and return on equity of enterprises of all types of economic activity. Based on the specifics of the institutional development of the domestic financial and stock market, an additional indicator introduced into the model is the share of short-term bank loans in total borrowed capital. The study found out that for profitable companies, financial management should be focused on diversifying additional sources of incoming debt cash flows while maintaining appropriate optimal D/E levels, intensifying production and sales activities to ensure an adequate level of advance capital turnover and expanding the range of activities and distribution markets. For unprofitable enterprises, the key factor in overcoming the crisis is debt restructuring through short-term refinancing and intensification of core activities by optimizing internal management of the formation, distribution and use of financial flows to ensure a minimum acceptable level of advance capital turnover. |
Keywords: | Financial flow, Capital movement, Capital structure, Leverage, Financial lever |
File of the article: | EV20193_067-077.pdf |
Literature: |
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- Economic theory (current issues of modern economic theory, economic history and history of economic thought);
- International economic relations (theory and practice of international economic relations, globalization problems, specifics of socioeconomic and sustainable development of the countries of the world)
- Entrepreneurship and economics of enterprise (theoretical and practical issues of development of branches of national economy)
- Finances (laws and mechanisms of financial market operation, financial support of enterprises)
- Accounting and audit (research of methodology, methods and organization of accounting, analysis, audit and audit of financial and economic activities of enterprises and the tax system)
- Environmental management (issues of raising utilization efficiency of environmental management, resources saving issues, problems of search and feasibility study of raw material sources, directions and efficiency of the state economic policy in resource saving and environmental protection)
- Management (theoretical and practical issues of management in economic activities)
- Econometrics in management decision making (scientific substantiation of efficient management decision making methods in branch and enterprise economy)
- Мarketing (theoretical and practical issues of marketing approach to branch and enterprise development)
- Public administration (the study of state system of economy regulation, functions, management structures of different levels, the issues of organizational and economic mechanism of state support of entrepreneurship, activation of local communities’ activities)
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