| 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. |
| Literature: | - 1. Statystychna informatsiia Derzhavnoi sluzhby statystyky Ukrainy: Ekonomichna statystyka. Ekonomichna diialnist. Diialnist pidpryiemstv. - Re- trieved from http://www.ukrstat.gov.ua/
- 2. Will Russia And Some Of Its Neighbors Get Out From Under Their Big Stocks Of Problem Loans? Retrieved from https://www.capitaliq.com/CIQDotNet/CreditResearch/R enderArti- cle.aspx?articleId=2260012&SctArtId=473283&from=C M&nsl_code=LIME&sourceObjectId=11035255&source RevId=5&fee_ind=N&exp_date=20290703-15:13:28
- 3. Richnyy zvit NKTsPFR 2017 r. Retrieved from https://www.nssmc.gov.ua/wp- content/uploads/2018/07/Richnyi zvit-HKCPFR-2017.pdf
- 4. Richnyy zvit NKTsPFR 2018 Retrieved from https://www.nssmc.gov.ua/wp- content/uploads/2019/08/zvit_2018.pdf
- 5. Izhakian, Y. (Yud), Yermack, D., & Zender, J. F. (2017). Ambiguity and the Tradeoff Theory of Cap- ital Structure. SSRN Electronic Journal. doi:10.2139/ssrn.2873248
- 6. Filippo І. Levered Returns and Capital Struc- ture Imbalances / I. Filippo, R. Steri, C. Tebaldi // (March 4, 2017). Swiss Finance Institute Research Paper No. 18-36. [Electronic source] Access mode: https://ssrn.com/abstract=2903515 or http://dx.doi.org/10.2139/ssrn.2903515
- 7. Kose Jh. Do Country-level Creditor Protec- tions Affect Firm-level Debt Structure? / Jh. Kose, M. Kaviani, L. Kryzanowski, H. Maleki // (October 2018). Fox School of Business Research Paper No. 18-012. [Electronic source] Access mode: https://ssrn.com/abstract=2905895 or http://dx.doi.org/10.2139/ssrn.2905895
- 8. Kieschnick, R. L., & Moussawi, R. (2017). Firm Age, Corporate Governance, and Capital Structure Choices. SSRN Electronic Journal. doi:10.2139/ssrn.3069552
- 9. Shchergan, O.D., Nasibova, O.V., & Sukho- rukov, R.V. (2017). Metody rehuliuvannia ta optymizatsii struktury kapitalu pidpryiemstva. Ekonomika ta derzhava, (12). 82-88.
- 10. Kvasnytska, R.S. (2017). Praktychni aspekty formuvannya optymalnoyi struktury kapitalu pidpryyemstv. Finansovo-kredytna diyalnist: problemy teoriyi ta praktyky, Vol. 2, 140-147.
- 11. Zherlitsyn, D.M. (2014). Finansovyy vazhil robochoho kapitalu yak instrument analizu efektyvnosti operatsiynoyi diyalnosti pidpryyemstva. Ekonomichnyy analiz: zbirnyk naukovykh prats TNEU, Vol. 17(2), 24-29. V.A. Deriy (Ed.) Ternopil: VPC TNEU. Ekonomichna dumka.
- 12. Antonenko, V.M. (2018). Finansovyy leverydzh ta ukrayinska spetsyfika yoho vykorystannya. Skhidna Yevropa: ekonomika, biznes ta upravlinnya, Issue (14), 323-331.
- 13. Pylypenko, O.V., & Sokolova, E.O. (2016). Metodychni pidkhody do otsinky i optymizatsiyi struktury kapitalu pidpryiemstva zaliznychnoho transportu. Zbirnyk naukovykh prats DETUT. Ser. «Ekonomika i upravlinnya», Issue. 35, 97-114.
- 14. Davydenko, N.M. (2015). Finansovyy leverydzh v optymizatsiyi struktury kapitalu aktsion- ernykh tovarystv. Ahrosvit, (1), 10-13.
- 15. Semenov, A.H., Plaksyuk, O.O., & Yaroshevska, O.V. (2010). Efektyvne upravlinnya strukturoyu kapitalu aktsionernoho tovarystva. Visnyk ekonomichnoyi nauky Ukrayiny, (2), 137-144.
|
Archive