Capital structure of enterprises as a factor of ensuring financial stability

Yıl 2019, Cilt: 1 Sayı: 1, 7 - 16, 31.12.2019

İrina Zhuravlyova Maryna Berest Alyona Honcharenko

Öz

The aim of the study is to
develop a methodological approach to assess the impact on the financial
stability of enterprises of the processes of formation and use of intellectual
capital in the structure of total capital. Systematic, monographic, analysis and
synthesis, induction and deduction, the method of financial ratios, cluster
analysis, regression analysis, factor analysis. The work is characterized by
the content and highlights the key factors of the concept of "financial
stability of the enterprise." Using cluster analysis, groups of
machine-building enterprises of the Kharkiv region were formed depending on the
structure and efficiency of capital use. A methodological approach has been
created for empirical studies of the influence of intellectual capital on the
results of activities of machine-building enterprises of the Kharkiv region for
the selected clusters. It has been established that there is a positive
relationship between the processes of functioning of intellectual capital and
the financial results of enterprises; the impact of the efficiency of using
intellectual capital on asset turnover is not unidirectional, but the
contribution of the efficiency of using the components of intellectual capital
in obtaining these results differs for enterprise clusters; individual
components of intellectual capital without the presence of the rest are not
significant. The factors of the influence of intellectual capital on the
identified clusters of engineering enterprises are identified, which will reveal
the reserves of effective reproduction of intellectual capital on the selected
groups of enterprises. Тhe practical significance of the results is that their
use will allow enterprises reasonably structure in both total and intellectual
capital, increase the effective use of material, financial and intellectual
components. Methodical recommendations contained in the study, providing a
comprehensive approach to management of capital structure formation and
identification of potential areas for optimization.

Anahtar Kelimeler

Financial Stability, Capital Structure, Intellectual Capital, Financial Stability of the Enterprise

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