Economic Bulletin of the National Mining University




Issue:2019 №3 (67)
Article language:Ukrainian
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
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