Управління структурою капіталу підприємства в умовах невизначеності та ризику

Abstract

Дисертація присвячена поглибленню теоретичних і методичних засад та формуванню практичних рекомендацій щодо удосконалення управління структурою капіталу підприємства в умовах невизначеності і ризику. Узагальнено теоретичні положення щодо сутності капіталу й обґрунтовано наукові підходи до управління структурою капіталу підприємства. Досліджено методичні засади оцінювання вартості і структури капіталу підприємства. Виявлено вплив факторів невизначеності і ризиків на управління структурою капіталу підприємства. Проаналізовано вплив процесів деіндустріалізації на управління структурою капіталу підприємств машинобудування України і здійснено комплексну оцінку їхнього фінансового стану. Сформульовано науково-методичні підходи до оптимізації структури капіталу підприємства. Обґрунтовано стратегічні орієнтири забезпечення ефективності системи управління структурою капіталу підприємства. Розроблено науково-методичні підходи до оцінювання впливу чинників на структуру капіталу підприємства. Запропоновано науково-методичні рекомендації до удосконалення системи управління структурою капіталу підприємства в умовах невизначеності і ризику

Диссертация посвящена углублению теоретических и методических основ и формированию практических рекомендаций по совершенствованию управления структурой капитала предприятия в условиях неопределенности и риска. Обобщены теоретические положения о сущности капитала и обоснованы научные подходы к управлению структурой капитала предприятия. Исследованы методические основы оценки стоимости и структуры капитала предприятия. Выявлено влияние факторов неопределенности и рисков на управление структурой капитала предприятия. Проанализировано влияние процессов деиндустриализации на управление структурой капитала предприятий машиностроения Украины и осуществлена комплексная оценка их финансового состояния. Сформулированы научно-методические подходы к оптимизации структуры капитала предприятия. Обоснованы стратегические ориентиры обеспечения эффективности системы управления структурой капитала предприятия. Разработаны научно-методические подходы к оценке влияния факторов на структуру капитала предприятия. Предложены научно- методические рекомендации по совершенствованию системы управления структурой капитала предприятия в условиях неопределенности и риска

The thesis is devoted to the deepening of theoretical and methodological foundations and the formation of practical recommendations for improving the management of the capital structure of an enterprise in conditions of risk and uncertainty of the economic environment. Generalization of theoretical provisions of financial science stipulated the possibility to deepen understanding of the economic nature of the enterprise capital and as well as to expand the conceptual apparatus of the research. The research has proposed to consider capital as an object of financial management, which is presented in the form of own and borrowed funds of financing of activity of the enterprise integrated into production as well as characterized by continuous movement and ability to generate income. The study of the theoretical and methodological foundations of enterprise capital management allowed to substantiate the scientific approach to managing the capital structure, which allows to identify possible violations in the use of capital and introduce appropriate mechanisms for overcoming negative trends. Generalization of methodological principles of assessment and capital structure of the enterprise made it possible to formulate scientific and methodological approaches to optimization of the capital structure of the enterprise in the conditions of uncertainty and risks through substantiation of the logic of interconnection and consistency between indicators of financial and economic conditions of the entity. Theoretical and methodological foundations for revealing the influence of uncertainty and risk factors on the management of the capital structure of the enterprise based on the identification of key problems, development of recommendations and substantiation of preventive measures to avoid the occurrence of these problems have been elaborated. Conducting an analysis of the impact of de-industrialization processes on the activity of industrial enterprises in Ukraine and assessment of their financial condition stipulated to carry out a comprehensive diagnosis of the effectiveness of the management system of the structure capital and to estimate the level of efficiency of the capital structure management. Changes in the capital structure of Ukrainian industrial enterprises which have become the basis for identifying major problems and obstacles to the effective capital management of the economic entities have been analyzed. The results of the research have revealed a high level of risk of capital use for domestic enterprises, that has been caused by the lack of available funds to finance their development. It has been proved that engineering is the most vulnerable sector of the Ukrainian economy to economic instability and processes of deindustrialization. The strategic orientations for ensuring the effectiveness of the capital structure management system which contribute to the adaptation of the enterprise to the influence of risk factors and economic uncertainty and provide an opportunity to improve the financial and economic activity of the enterprise through the use of optimization tools of the capital structure have been substantiated in the research. On the basis of identification and systematization of economic space factors, a matrix of cross-analysis of the influence of endogenous and exogenous factors on the capital structure and its management has been developed. The dependence of the cost of capital on the capital structure of the enterprise which became the basis for plotting the simulation curves to determine the optimal value of the share of borrowed capital has been revealed. The scientific and methodological approaches to the estimation of the influence of factors on the capital structure that considers the consideration of the activities of the economic entities, the influence of factors of external and internal environments well as allows to form a strategy of the capital structure management in order to stabilize the financial and economic condition of the enterprise. It has been proved that the implementation of an effective process of managing the capital structure at the enterprise requires the development of a flexible financial management strategy that will allow the entities to adapt to the current economic trends. The individual optimal structure of capital of enterprises providing with the recommended level of financial risk has been determined. The use of structural and functional modeling of business processes of management that allow realization of the process of permanent monitoring of capital structure, its adjustment and optimization has been substantiated. The scientific and methodological recommendations for improvement of the system of management of the capital structure of the enterprise in the changing economic conditions which allow to solve the problem of efficient formation and rational use of capital at the enterprise have been offered