Комплексний Аналіз Інвестиційної Привабливості Підприємств В Контексті Фінансового Забезпечення Розвитку Підприємств

Костирко, Лідія Андріївна; Kostyrko, Ruslan; Madiyarova, Elvira; Sereda, Olena

doi:10.18371/fcaptp.v2i25.136555

ФКДПТП

2018

DOI: 10.18371/fcaptp.v2i25.136555

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Комплексний Аналіз Інвестиційної Привабливості Підприємств В Контексті Фінансового Забезпечення Розвитку Підприємств

Лідія Андріївна Костирко¹,

Ruslan Kostyrko²,

Elvira Madiyarova³

et al.

Abstract: КОМПЛЕКСНИЙ АНАЛІЗ ІНВЕСТИЦІЙНОЇ ПРИВАБЛИВОСТІ ПІДПРИЄМСТВ В КОНТЕКСТІ ФІНАНСОВОГО ЗАБЕЗПЕЧЕННЯ РОЗВИТКУ ПІДПРИЄМСТВАнотація. В статті розкрито передумови та предметне поле комплексного аналізу інвестиційної привабливості підприємств, орієнтованого на формування інформації, яка задовольняє інтереси різних зацікавлених груп. Запропоновано методичний підхід до комплексного аналізу інвестиційної привабливості підприємств, який базується на інтегральній оцінці, що поєднує індикатори оцінки інвестиційної привабливо… Show more

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“…The issue of improving the methods of diagnostics of the financial and economic mechanism of regulation of capital formation processes is paid attention in the works of the following scientists: V. Heiets [2], A. Danylenko [3], A. Turylo [4]. Practical aspects of capital reproduction and investment support of the agricultural sector of the economy have been studied by such scientists as A. Balitska [5], N. Davydenko [6], L. Kostyrko [7] and others. Indicators of macroeconomic proportions and promising sources of funding are defined in the works of A. Sholoiko [8].…”

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Formation of analytical tools of capital reproduction in the agricultural sector of Ukraine

Lemishko

2020

Agric. resour. econ.

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Purpose. The purpose of the article is to form analytical tools for the capital reproduction in the agricultural sector of Ukraine’s economy for substantiation of management decisions to ensure its continuous recovery, progressive growth of its value on the basis of positive qualitative changes in capital at its optimal structural proportions. Methodology / approach. Such scientific methods were used in the article to achieve the purpose of the research: structural and logical analysis – to form a holistic conceptual approach to research; comparison – to substantiate the peculiarities of the reproduction of capital at the macro level and in the agricultural sector of the economy; statistical method – for processing information that characterizes the value and structural proportions of capital of economic entities in the agricultural sector of the economy. Results. Elaboration of analytical indicators of the passive part of the balance of economic entities of agriculture, forestry, fisheries of Ukraine revealed that there is an increase of equity capital relative to its cost value, but a decrease in its share in the total capital structure, namely a decrease of cost estimate of equity capital relative to borrowed capital occurs 3.5 times more intensely; during 2010–2018, total capital, equity capital and gross value added of enterprises of the national economy of Ukraine, as well as the agricultural sector of the economy showed sustainable growth, but in the agricultural sector of the economy there was a decrease in the share of gross value added in total capital of enterprises that proved the tendency of potential narrowing the sources of ensuring the reproduction of capital; during the study period, the level of real capitalization in the agricultural sector of Ukraine's economy decreased significantly; dynamic changes in indicators of financial stability of agricultural enterprises confirmed that in 2018 agricultural enterprises were able to finance their assets at the expense of equity by only 49 % (in 2001 – 66%), financial stability of agricultural enterprises in 2018 lagged behind the optimal allowable value by 12 percentage points, in contrast to 2001 (exceeding the optimal allowable value by 3 percentage points), which encouraged an increase of financial risks in agriculture. Originality / scientific novelty. Financial diagnostics of cost and structural characteristics of capital of economic entities in the agricultural sector of Ukraine`s economy revealed that in the agricultural sector there is a paradoxical situation: the dynamics of retained earnings growth in the structure of equity capital, accompanied by declining dynamics of equity in the total amount of total capital and narrowing of cost estimates of equity in relation to GDP. It is proved that the formation of optimal proportions of capital is one of the factors ensuring expanded reproduction of capital, therefore, the mechanism of implementation of financial policy of capital reproduction should be aimed at increasing internal sources of capital formation and optimizing the structure of total capital. Given that the agricultural sector of Ukraine with its basic component, farming, is a system-forming component in the national economy and forms the basis for preserving the sovereignty of the state (food, economic, environmental and energy security within certain limits), we assume that further accumulation of negative trends from the perspective of values and structural proportions of capital in the agricultural sector of Ukraine's economy may be the basis for the acquisition of a state of financial fragility in the economic system as a whole. Practical value / implications. To harmonize certain norms of capital formation of Ukrainian enterprises, it is proposed to take into account the «fixed capital system», enshrined in the second EU Directive and to establish at the legislative level the procedure for capital formation for limited liability companies (LLCs): guaranteed real contribution of authorized capital should be at the level of the cost values of net assets of the company; to consider such level as the minimum admissible.

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Formation of analytical tools of capital reproduction in the agricultural sector of Ukraine

Lemishko

2020

Agric. resour. econ.

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Фінансове Забезпечення Сталого Розвитку Підприємств В Умовах Економіко-Екологічних Імператив

Костирко¹,

Kostyrko²,

Sereda³

et al. 2021

ФКДПТП

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Abstract. The concept of sustainable development forms the latest principles of economic, social and environmental development. Sustainable development of enterprises in the real sector of the economy is constrained by a number of factors, among which the priority is financial security and limitations in building their financial potential. When forming the strategy of sustainable development of enterprises it is necessary to be guided by economic and environmental imperatives, which provides a justification for effective financial and economic levers for regulating environmentally oriented activities that ensure their investment attractiveness. The scientific and methodical approach to the analysis of financial maintenance of sustainable development of the enterprises taking into account economic and ecological imperatives which integrates is offered, the analysis of a condition and tendencies of development of ecologically oriented activity; assessment of the patterns of influence of factors on the level of financial support for its development and assessment of investment attractiveness. It is established that the introduction of the environmental management system will help create conditions for increasing the financial potential of sustainable development of enterprises and increase competitiveness by: preventing or mitigating the negative impact on the environment; improving environmental performance; resource efficiency, additional economic, social and environmental benefits; strengthening the market position as a result of the implementation of environmental actions. Based on the analysis, the relationship between the implementation of environmental management systems in enterprises and financial performance indicators of enterprises. An integrated index for assessing the investment attractiveness of enterprises is modeled, which combines two groups of indicators - the open ratio of financial condition and the results of environmentally oriented activities. The results of the study can be used by practitioners in various fields in developing a financial strategy for sustainable development of enterprises. Keywords: financial support, ecologically oriented activity, sustainable development, investment attractiveness, ecological management, economic and ecological imperatives, analysis. JEL Classіfіcatіon G30 Formulas: 0; fig.: 1; tabl.: 3; bibl.: 22.

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Використання Трейдингу Для Збільшення Прибутковості Портфелю Цінних Паперів В Діяльності Інвестиційних Фондів

Morhachov¹,

Костирко²,

Chernodubova³

et al. 2021

ФКДПТП

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Abstract. It is determined that in investment processes, each percentage of returns is important. The hypothesis was considered that active management of the stock portfolio through intensive trading is a potential way of significantly improving the level of efficiency of investments in the stock market. The purpose of the work was to study the feasibility of using trading to increase the profitability of the securities portfolio and, in particular, for institutional investors. Trading of shares (intensive purchase and sale) is considered as a factor in increasing the profitability of investments in shares. The shortcomings of the intensification of trading are specified, which consists in an increase in taxes, brokerage commissions and lost profits due to the expectation of a better date for entering the transaction. As a research method, modeling based on the data of a three-year period of dynamics of Microsoft shares and hypothetical companies was used. The corresponding modeling made it possible to draw the following conclusions: the increase in trading intensity does not guarantee an increase in the level of investment efficiency; the increase in trading intensity leads to an increase in the tax burden and risk level, which ultimately neutralizes efforts on intensive trading. Investment funds which are actively managed and use intensive trading in activities do not have a significant advantage over funds that have passive management. The basis of the efficiency of investment funds is the minimization of overhead costs, including by minimizing taxes due to the reduction of the level of trading intensity to zero. It is important to pre-envisage promising shares for purchase, and keep them in their own portfolio for a long period of time with a minimum level of portfolio balancing intensity. Rebalancing the stock portfolio on the principle of profit fixing leads to an increase in tax payments and neutralizes capital growth opportunities due to the sale of shares with high growth potential. Keywords: trading, shares, investment fund, rebalancing of securities portfolio. JEL Сlassification G11, G14, G20 Formulas: 0; fig.: 4; tabl.: 5; bibl.: 14.

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Комплексний Аналіз Інвестиційної Привабливості Підприємств В Контексті Фінансового Забезпечення Розвитку Підприємств

Cited by 5 publications

References 1 publication

Formation of analytical tools of capital reproduction in the agricultural sector of Ukraine

Formation of analytical tools of capital reproduction in the agricultural sector of Ukraine

Фінансове Забезпечення Сталого Розвитку Підприємств В Умовах Економіко-Екологічних Імператив

Використання Трейдингу Для Збільшення Прибутковості Портфелю Цінних Паперів В Діяльності Інвестиційних Фондів

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