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  • Simulation of the capital structure of an enterprise taking into account the dynamics of parameters of the external environment

Simulation of the capital structure of an enterprise taking into account the dynamics of parameters of the external environment

  • Received May 15, 2020;
    Accepted June 15, 2020;
    Published July 9, 2020
  • Author(s)
    Irina Medvedieva , Mariia Ahapova
  • DOI
    http://dx.doi.org/10.21511/ed.19(2).2020.05
  • Article Info
    Volume 19 2020, Issue #2, pp. 44-59
  • TO CITE
  • Cited by
    1 articles
    Journal title: BCP Business & Management
    Article title: Innovation and Development of Guangdong-Hong Kong-Macao Capital Market Based on Fintech
    DOI: 10.54691/bcpbm.v33i.2844
    Volume: 33 / Issue: / First page: 594 / Year: 2022
    Contributors: Xiaofang Liu
  • 514 Views
  • 165 Downloads

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License

Information technology is an effective tool for substantiating management decisions in any field of activity, including the economy. One of the most important characteristics of the functioning of economic agents in a market is the structure of their capital because the interest of foreign investors in the business entity depends directly on the balance of this structure. Therefore, the process of managing the capital structure of a business unit needs special attention both in terms of sustainable development and during the crisis. Given the mentioned above, the object of the study is the process of managing the enterprise capital structure. The study aims to improve the methodological support of the process of managing the enterprise capital structure taking into account the dynamics of the parameters of the external environment of its operation. As for the results of the research, the EPC diagram of the optimization process of the enterprise capital structure was developed. Due to the use of the vector graphic editor MS Visio, this model allows visually displaying the scenario of a financial manager’s activity during performance of his duties on the modeled subject area; the methodical approach to assessing the sustainability of capital structure management based on the building of Shewhart quality maps was suggested. Such maps enable to identify typical (optimal, preventive and control) values of the components of the capital structure of an entrepreneurial unit; methodical recommendations for operative management on an enterprise capital structure at the innovation and investment stage of its development were developed. They are based on the use of a method of linear programming. They allow defining possible deviations of capital structure indicators while retaining the control of the chosen strategy of its development.

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  • PAPER PROFILE
  • AUTHORS CONTRIBUTIONS
  • FIGURES
  • TABLES
  • REFERENCES
  • Keywords
    controllability of the development strategy, linear programming, quality control cards, state of the external environment, the structural-functional model
  • JEL Classification (Paper profile tab)
    С53, D24, M10
  • References
    20
  • Tables
    5
  • Figures
    11
    • Figure 1. Система понять з управління капіталом підприємства
    • Figure 2. ЕРС-діаграма процесу визначення стабільності процесууправління структурою капіталу за допомогою ККШ
    • Figure 3. ЕРС-діаграма процесу визначення стабільності процесу управління структурою капіталу за допомогою ККШ
    • Figure 4. Зональні характеристики розташування значень досліджуваних показників на карті Шухарта Зональні характеристики розташування значень досліджуваних показників на карті Шухарта
    • Figure 5. ККШ динаміки обсягу активів
    • Figure 6. ККШ динаміки обсягу довгострокових зобов’язань
    • Figure 7. ККШ динаміки обсягу поточних зобов’язань
    • Figure 8. ККШ динаміки обсягу чистого прибутку
    • Figure 9. ЕРС-діаграма розрахунку рентабельності власного капіталу
    • Figure 10. Параметри ЗЛП визначення оптимальної структури капіталу за умови різного впливу зовнішнього середовища
    • Figure 11. Графічне зображення результатів моделювання можливої динаміки структури капіталу з огляду на збереження керованості процесом
    • Table 1. Стан процесу управління структурою капіталу
    • Table 2. Вихідні дані для побудування ККШ
    • Table 3. Значення показників структури капіталу та чистого прибутку за ККШ
    • Table 4. Результати моделювання можливих змін показників структури капіталу та фінансового результату підприємства
    • Table 5. Співставлення результатів моделювання (2018 р.) із даними параметрів структури капіталу підприємства у 2019 р.
    • dler, Ju., & Shper, V. (n.d.). Interpretatsiya kontrolnykh kart Shukharta [Interpretation of Shekhart control charts]. (In Russian).
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    • Lemishko, О. (2018). Modelling of endogenous factors impacting the efficiency of the aggregate capital in Ukraine’s agriculture. Economic Annals-XXI, 170(3-4), 10-14.
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    • Medvedyeva, I., & Pogosova, M. (2011). Diahnostuvannia bezpeky promyslovoho pidpryiemstva u tryrivnevii systemi finansovykh vidnosyn [Diagnosing the security of an industrial enterprise in a three-tier system of financial relations] (264 p.). Harkiv: HNEU. (In Ukrainian).
    • Nuzhnova, Ju., & Pavlov, A. (2015). The formation of capital’s optimal structure of the industrial enterprise. Scientific Bulletin of KSU. Series «Economic Sciences», 15(4), 122-125. (In Ukrainian).
    • Pogosova, M., & Lugosh, A. (2009). Operatyvne upravlinnia strukturoiu kapitalu pidpryiemstva na innovatsiino-investytsiinomu etapi yoho rozvytku [Operational management of the capital structure of the enterprise at the innovation and investment stage of its development]. Development Management, 8, 26-27. (In Ukrainian).
    • Pogosova, M., & Lugosh, A. (2009). Vyznachennia stalosti protsesu upravlinnia strukturoiu kapitalu [Determining the sustainability of the capital structure management process]. Svit nauky - The world of science, 1(1). (In Ukrainian).
    • Popov, V., & Bezruchenko, K. (2012). Directions optimization of process of management a capital of enterprise structure. Central Ukrainian Scientific Bulletin. Economic Sciences, 21, 359-365. (In Ukrainian).
    • Roik, O., Azarova, A., & Kylymnyk, L. (2010). Mathematical model and method of risk level estimation for capital structure by means of hopfield neural network. Actual Problems of Economics, 1(103), 245-253. (In Ukrainian).
    • Shevchuk, N. (2004). Kapital pidpryiemstva: formuvannia ta efektyvnist funktsionuvannia [Enterprise capital: formation and efficiency of functioning] Securities Market of Ukraine, 5-6, 39-43. (In Ukrainian).
    • Shherban, O., Nasіbova, O., & Suhorukov, R. (2017). Methods of regulation and optimization of enterprise capital structure. Ekonomika ta derzhava - Economy and state, 12, 82-88. (In Ukrainian).
    • Shper, V. (1998). Yeshche raz o kontrol’nykh kartakh i vokrug nikh. Razmyshleniya po povodu odnoy zaokeanskoy diskussii [Once again about control charts and around them. Reflections on one overseas discussion]. Nadezhnost i kontrol kachestva - Reliability and quality control, 10, 3-13 (In Russian).
    • Shuhart, U., & Noustrend, V. (1931). Ekonomicheskiy kontrol kachestva proizvedennogo produkta [Economic quality control of the manufac¬tured product] (50 p.). New York. (In Russian).
    • Shyndyruk, I. (2012). Economic and mathematical modeling and capital structure optimization at the enterprise. Finance of Ukraine, 2, 111-120. (In Ukrainian).
    • Vorobev, Ju. (2002). Finansovyy kapital predpriyatiy. Teoriya, praktika, upravleniye [The financial capital of enterprises. Theory, Practice, Management] (362 p.). Simferopol: Tavriya. (In Russian).
    • Wheeler, D. (1995). Advanced Topics in Statistical Process Control. The power of Shewhart’s Charts (470 p.). Knoxville: SPC Press, Inc.
    • Yeleyko, V., & Kіndrat, O. (2016). Econometric modeling of the impact of equity and loan capital to increase income from sales. Scientific Messenger of LNU of Veterinary Medicine and Biotechnologies. Series «Economical Sciences», 18(2), 62-66. (In Ukrainian).
    • Conceptualization
      Irina Medvedieva, Mariia Ahapova
    • Data curation
      Irina Medvedieva
    • Formal Analysis
      Irina Medvedieva, Mariia Ahapova
    • Investigation
      Irina Medvedieva, Mariia Ahapova
    • Methodology
      Irina Medvedieva
    • Project administration
      Irina Medvedieva
    • Supervision
      Irina Medvedieva
    • Writing – original draft
      Irina Medvedieva, Mariia Ahapova
    • Writing – review & editing
      Irina Medvedieva, Mariia Ahapova
    • Visualization
      Mariia Ahapova
Related Articles
  • Some models of demand for benefits, offered by an enterprise

    Lyudmyla PotrashkovaORCID Researcher ID doi: http://dx.doi.org/10.21511/ed.17(3).2018.03
    Economics of Development Volume 17, 2018         Issue #3         pp. 30-41 Views: 794 Downloads: 95 TO CITE

    The activities of an enterprise are based on constant exchanges of material and nonmaterial goods with its stakeholders. According to the stakeholder concept, there are common features in the processes of enterprise’s interaction with different groups of stakeholders. For example, common patterns can be found in the behavior of two primary stakeholders groups – buyers and employees. Each actor of these stakeholder groups makes a choice between enterprises on the bases of characteristics of goods (products or working conditions), which are provided by these enterprises, and their own preferences for these characteristics. And yet the preferences of different actors from one stakeholders group are generally different. For example, different buyers have different preferences about products characteristics, and employees have different preferences about working conditions. Thus, in the market of certain good (products or vacancies), on the one hand, there is a variety of variants of the good which differ in their characteristics and, on the other hand, there is a variety of subgroups of stakeholders (buyers or jobseekers), which differ in their preferences about the characteristics of the analyzed good. Therefore, the demand for the good offered by the analyzed enterprise depends on the ratio between the supply of the analyzed good variants and the demand for them from stakeholders subgroups with different preferences. This fact should be taken into account in the process of analyzing and forecasting demand for products and vacancies of enterprises, but existing demand models do not take it into account. The purpose of the study is to construct mathematical models that will allow to assess the demand for products and vacancies of an enterprise, depending on: а) characteristics of the analyzed products and working conditions; b) the preferences of the stakeholders for these characteristics values; c) the available supply volumes from competing enterprises. The paper proposes to assess the demand for an enterprise products by means of an optimization “transportation” model, in which the variables are the volumes of the distribution of variants of products, which differ in consumer characteristics, between groups of buyers, which differ in preferences for products characteristics. Similarly, the demand for vacancies of an enterprise is proposed to be evaluated using the system of optimization "transportation" models, in which the variables are the volumes of the distribution of vacancies in different enterprises, which differ in working conditions, between groups of jobseekers, which differ in the level of competence and preferences for the characteristics of working conditions. The constructed models are designed to meet the challenges of analysis and modeling enterprises activity, taking into account the existence of different variants of buyers’ and employees’ preferences. The novelty of the proposed models resulted from taking into account the set of variants of stakeholders' preferences for the characteristics of goods, as well as using the criterion that evaluates variants of goods distribution among stakeholders in the context of its matching for the preferences of different sub-groups of stakeholders.

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