Іmprovement financial management of enterprise taking into account technologies for attracting additional financial resources
Abstract
Economy in Ukraine is experiencing a crisis today. The consequences of the crisis affect the economic activity of an enterprise. One of the possible tools to improve the financial management of an enterprise is to optimize the business process of financial support. Since one of the key indicators of efficiency of economic activity of an airport is passenger traffic, its forecasting is one of the main sources of relevant information for effective financial management of an enterprise. This is proposed to be achieved through the quality management of the subsidiary process of selecting the optimal proposal for attracting additional financial resources. The subject of research in the article is theoretical and methodological approaches to attracting additional financial resources to finance the economic activities of an enterprise. The goal is to generalize the theoretical foundations and provide applied recommendations for improving the financial management of an enterprise on the basis of attracting technologies of additional financial resources. A set of methods of scientific cognition was used, which ensured the conceptual unity of the study, as well as the fundamental provisions of the theory of finance and probability theory and mathematical statistics and the method of functional modeling SADT (IDEF0). The following results were obtained: Two main disadvantages of the subsidiary process have been identified: a high risk of choosing a suboptimal option and a long time spent on choosing the optimal option for attracting additional financial resources. Based on the Holt-Winters multiplicative model, the shortcomings of the process of selecting the optimal proposal for attracting additional financial resources were corrected. This made it possible to identify the optimal sources of attracting additional financial resources necessary for the effective financial management of the enterprise. Conclusions: Crisis situations are an integral part of the functioning of an enterprise in modern conditions. The crisis situation reflects contradictions in the functioning and development of the enterprise and causes the onset of the crisis. In order to prevent it, the enterprise management system faces an important task of implementing anti-crisis mechanisms which would take into account the specifics of economic activity, as well as industry, environmental conditions, market conditions, and form of ownership. The organization of crisis management is a necessary procedure in the management system, as it allows grouping and improving the processes of independent elements of complex economic systems and business processes.
Downloads
References
/References
Алексін Г. О. (2016). Фінансова стратегія в контексті життєвого циклу підприємства. Науковий вісник Національної академії статистики, обліку та аудиту. № 4. С. 66-73. URI: http://nbuv.gov.ua/UJRN/nvhastat_2016_4_11 (дата звернення: 16.05.2023).
Бровкова О. Г., Яковенко О. І., Гондюл Р. М. (2021). Фінансове управління, як основний засіб підвищення конкурентоздатності фірми. Економіка. Фінанси. Право. № 3 (1). С. 11-16.
Варналій З. С., Андрєєв О. О. (2021). Фінансова безпека підприємства: сутність та формування системи забезпечення. Міжнародний науковий журнал “Інтернаука”. Серія : Економічні науки. № 6 (2). С. 95-100. URI: http://nbuv.gov.ua/UJRN/mnjie_2021_6(2)__15 (дата звернення: 25.02.2023).
Гайдуков М. О., Шуміло О. С. (2021). Визначення суті поняття “фінансова безпека підприємства” та загроз для неї. Бізнес Інформ. № 3. С. 87-93. URI: http://nbuv.gov.ua/UJRN/binf_2021_3_14 (дата звернення: 16.04.2023).
Козинець І. Г., Берднік С. С. (2021). Співвідношення понять “фінанси” та “фінансові ресурси”. Аналітично-порівняльне правознавство. № 3. С. 112-116. URI: http://nbuv.gov.ua/UJRN/anpopr_2021_3_22 (дата звернення: 03.05.2023).
Копилюк О. І., Тимчишин Ю. В., Музичка О. М. (2021). Фінансова стійкість у системі забезпечення економічної безпеки підприємства. Бізнес Інформ. № 3. С. 81-87. URI: http://nbuv.gov.ua/UJRN/binf_2021_3_13 (дата звернення: 04.05.2023).
Маховка В. М., Зуйков В. О., Очнєв А. О. (2016). Фінансова стратегія в контексті побудови конкурентної стратегії підприємства в умовах сучасного ринку. Економіка і регіон. № 3. С. 127-131. URI: http://nbuv.gov.ua/UJRN/econrig_2016_3_19 (дата звернення: 30.04.2023).
Романишин В. О., Бернацька А. О. (2020). Фінансова стратегія та її роль у забезпеченні стійкого розвитку підприємства. Інвестиції: практика та досвід. № 2. С. 54-62. URI: http://nbuv.gov.ua/UJRN/ipd_2020_2_11 (дата звернення: 26.05.2023).
Химич І. Г., Винник Т. М., Константюк Н. І., Тимошик Н. С., Юрик Н. Є. (2021). Фінансова безпека підприємства як антикризовий метод управління. Modern economics. № 25. С. 153-159. URI: http://nbuv.gov.ua/UJRN/modecon_2021_25_26 (дата звернення: 28.05.2023).
Abedalsttar Alsayah (2022). Strategic alignment and its impact on creating an organization’s reputation and image. Problems and Perspectives in Management. Volume 20. Issue #1. pp. 501-513. DOI: http://dx.doi.org/10.21511/ppm.20(1).2022.40 (date of access: 06.05.2023).
Agbonrha-Oghoye Imas Iyoha, Godwin Ohiokha, David Umoru, Sadiq Oshoke Akhor, Grace Abohiri Igele (2022). Target capital structure for managerial decision making: Dynamics and determinants. Investment Management and Financial Innovations. Volume 19. Issue #3. pp. 322-334. DOI: http://dx.doi.org/10.21511/imfi.19(3).2022.27 (date of access: 03.06.2023).
Alzate Isabel, Manotas Eva, Boada Antonio, Burbano Camilo (2022). Meta-analysis of organizational and supply chain dynamic capabilities: A theoretical-conceptual relationship. Problems and Perspectives in Management. Volume 20. Issue #3. pp. 335-349. DOI: http://dx.doi.org/10.21511/ppm.20(3).2022.27 (date of access: 14.01.2023).
Bielykh Artem, Pysarenko Sergiy, Dong Meng Ren, Kubatko Oleksandr (2021). Market expectation shifts in option-implied volatilities in the US and UK stock markets during the Brexit vote. Investment Management and Financial Innovations. Volume 18. Issue #4. pp. 366-379. DOI: http://dx.doi.org/10.21511/imfi.18(4).2021.30 (date of access: 19.01.2023).
Deineko Liudmyla, Sychevskiy Mykola, Tsyplitska Olena, Grebeniuk Nadiia, Deineko Oleksandr (2021). Increasing resource efficiency in the industrial complex ensuring environmental human rights. Environmental Economics. Volume 12. Issue #1. pp. 124-139. DOI: http://dx.doi.org/10.21511/ee.12(1).2021.11 (date of access: 29.05.2023).
Derevyanko O. (2013). Building stakeholders’ trust through key. Економiчний часопис-XXI. № 9-10(1). С. 50-52. URL: http://nbuv.gov.ua/UJRN/ecchado_2013_9-10(1)__14 (date of access: 15.02.2023).
Dica Lady Silvera, Achmad Hizazi, M. Syurya Hidayat, Sri Rahayu (2022). Financial constraints and corporate governance as moderating variables for the determinants of tax avoidance. Investment Management and Financial Innovations. Volume 19. Issue #1. pp. 274-286. DOI: http://dx.doi.org/10.21511/imfi.19(1).2022.21 (date of access: 18.03.2023).
Dobrowolski Zbysław, Sułkowski Łukasz, Panait Mirela (2022). Using the business model canvas to improve audit processes. Problems and Perspectives in Management. Volume 20. Issue #1. pp. 142-152. DOI: http://dx.doi.org/10.21511/ppm.20(3).2022.12 (date of access: 07.04.2023).
Dwi Fitrizal Salim, Aldilla Iradianty, Farida Titik Kristanti, Widyadhana Candraningtias (2022). Smart beta portfolio investment strategy during the COVID-19 pandemic in Indonesia. Investment Management and Financial Innovations. Volume 19. Issue #3. pp. 302-311. DOI: http://dx.doi.org/10.21511/imfi.19(3).2022.25 (date of access: 24.02.2023).
Eka Hariyani, Khoirul Aswar, Meilda Wiguna, Ermawati Ermawati, Yuneita Anisma (2022). Factors influencing financial statement disclosure: Empirical evidence from Indonesia. Investment Management and Financial Innovations. Volume 19. Issue #2. pp. 230-237. DOI: http://dx.doi.org/10.21511/imfi.19(2).2022.20 (date of access: 11.02.2023).
Enni Savitri, Tatang Ary Gumanti, Almasdi Syahza, Nik Herda Nik Abdullah (2021). The market value of equity of manufacturing companies during the COVID-19 pandemic. Investment Management and Financial Innovations. Volume 18. Issue #4. pp. 1-11. DOI: http://dx.doi.org/10.21511/imfi.18(4).2021.01 (date of access: 21.04.2023).
Fandella Paola, Ceccarossi Guido, Attinà Davide (2022). Shock events: The impact of news media and communication strategies on listed companies’ share price. Investment Management and Financial Innovations. Volume 19. Issue #1. pp. 334-349. DOI: http://dx.doi.org/10.21511/imfi.19(1).2022.26 (date of access: 18.03.2023).
Hui-Wen Hsu (2022). CEO educational backgrounds and non-GAAP earnings disclosures. Investment Management and Financial Innovations. Volume 19. Issue #3. pp. 167-175. DOI: http://dx.doi.org/10.21511/imfi.19(3).2022.14 (date of access: 02.03.2023).
Kunofiwa Tsaurai (2022). Role of financial sector development in foreign direct investment inflows in BRICS. Investment Management and Financial Innovations. Volume 19. Issue #3. pp. 215-228. DOI: http://dx.doi.org/10.21511/imfi.19(3).2022.18 (date of access: 21.05.2023).
Purwatiningsih Lisdiono, Jamaliah Said, Haslinda Yusoff, Ancella A. (2022). Hermawan. Risk management practice, alliance management capability, and enterprise resilience: Findings from Indonesian state-owned enterprises. Problems and Perspectives in Management. Volume 20. Issue #1. pp. 190-202. DOI: http://dx.doi.org/10.21511/ppm.20(1).2022.17 (date of access: 26.04.2023).
Shkolnyk Inna, Frolov Serhiy, Orlov Volodymyr, Datsenko Victoriia, Yevhenii Kozmenko (2022). The impact of financial digitalization on ensuring the economic security of a country at war: New measurement vectors. Investment Management and Financial Innovations. Volume 19. Issue #3. pp. 119-138. DOI: http://dx.doi.org/10.21511/imfi.19(3).2022.11 (date of access: 01.06.2023).
Shosha Bitila, Mano Romeo, Anamali Armela (2022). Businesses and COVID-19 impact, liquidity issues and failure perceptions: The case of Albania. Investment Management and Financial Innovations. Volume 19. Issue #2. pp. 95-106. DOI: http://dx.doi.org/10.21511/imfi.19(2).2022.08 (date of access: 08.04.2023).
Sitnicki Maksym W., Stepanova Alla, Pryimak Vasyl, Zhylinska Oksana (2022). Creative management: Model for the development of entrepreneurial competencies. Problems and Perspectives in Management. Volume 20. Issue #3. pp. 310-324. DOI: http://dx.doi.org/10.21511/ppm.20(3).2022.25 (date of access: 25.04.2023).
Kharkiv airport (2023). ТОВ “Нью Системс АМ”: офіційний веб-ресурс. URL: https://hrk.aero/ (дата звернення: 05.05.2023).
Alexin G. O. (2016). Financial strategy in the context of the life cycle of the enterprise. Scientific Bulletin of the National Academy of Statistics, Accounting and Auditing. 4, 66-73. http://nbuv.gov.ua/en/nvhastat_2016_4_11 (date of access: 16.05.2023).
Brovkova O. G., Yakovenko O. I., Gondul R. M. (2021). Financial management, as the main means of improving the competitiveness of the firm. Economy. Finances. Right. 3 (1),11-16.
Varnaliy Z. S., Andreev O. O. (2021). Financial security of the enterprise: the essence and formation of the security system. International Scientific Journal “International”. Series: Economic Sciences. 6 (2), 95-100. Available at: http://nbuv.gov.ua/en/mnjie_2021_6(2)__15 (date of access: 25.02.2023).
Gaidukov M. A., Shumilo O. S. (2021). Definition of the essence of the concept of “financial security of the enterprise” and threats to it. Business Inform. 3, 87-93. Available at: http://nbuv.gov.ua/en/binf_2021_3_14 (date of access: 16.04.2023).
Kozynets I. G., Berdnik S. S. (2021). The relation of concepts of “finance” and “financial resources”. Analytical and comparative law. 3, 112-116. Available at: http://nbuv.gov.ua/en/anpopr_2021_3_22 (date of access: 03.05.2023).
Kopilyuk O. I., Timchyshyn Yu. V., Muzychka O. M. (2021). Financial stability in the system of ensuring the economic security of the enterprise. Business Inform. 3, 81-87. Available at: http://nbuv.gov.ua/en/binf_2021_3_13 (date of access: 04.05.2023).
Makhovka V. M., Zuukov V. O., Oknev A. A. (2016). Financial strategy in the context of building a competitive enterprise strategy in the modern market. Economics and region. 3, 127-131. Available at: http://nbuv.gov.ua/UJRN/CONRIG_2016_3_19 (date of access: 30.04.2023).
Romanyshyn V. O., Bernatska A. O. (2020). Financial strategy and its role in ensuring the sustainable development of the enterprise. Investments: practice and experience. 2, 54-62. Available at: http://nbuv.gov.ua/en/ipd_2020_2_11 (date of access: 26.05.2023).
Khimich I. G., Vinnyk T. M., Konstantyuk N. I., Timoshik N. S., Yuryk N. E. (2021). Financial security of the enterprise as an anti-crisis method of management. Modern Economics. 25, 153-159. Available at: http://nbuv.gov.ua/en/modeCon_2021_25_26 (date of access: 28.05.2023).
Abedalsttar Alsayah (2022). Strategic alignment and its impact on creating an organization’s reputation and image. Problems and Perspectives in Management. Volume 20. Issue #1, 501-513. http://dx.doi.org/10.21511/ppm.20(1).2022.40 (date of access: 06.05.2023).
Agbonrha-Oghoye Imas Iyoha, Godwin Ohiokha, David Umoru, Sadiq Oshoke Akhor, Grace Abohiri Igele (2022). Target capital structure for managerial decision making: Dynamics and determinants. Investment Management and Financial Innovations. Volume 19. Issue #3, 322-334. http://dx.doi.org/10.21511/imfi.19(3).2022.27 (date of access: 03.06.2023).
Alzate Isabel, Manotas Eva, Boada Antonio, Burbano Camilo (2022). Meta-analysis of organizational and supply chain dynamic capabilities: A theoretical-conceptual relationship. Problems and Perspectives in Management. Volume 20. Issue #3, 335-349. http://dx.doi.org/10.21511/ppm.20(3).2022.27 (date of access: 14.01.2023).
Bielykh Artem, Pysarenko Sergiy, Dong Meng Ren, Kubatko Oleksandr (2021). Market expectation shifts in option-implied volatilities in the US and UK stock markets during the Brexit vote. Investment Management and Financial Innovations. Volume 18. Issue #4, 366-379. http://dx.doi.org/10.21511/imfi.18(4).2021.30 (date of access: 19.01.2023).
Deineko Liudmyla, Sychevskiy Mykola, Tsyplitska Olena, Grebeniuk Nadiia, Deineko Oleksandr (2021). Increasing resource efficiency in the industrial complex ensuring environmental human rights. Environmental Economics. Volume 12. Issue #1, 124-139. http://dx.doi.org/10.21511/ee.12(1).2021.11 (date of access: 29.05.2023).
Derevyanko O. (2013). Building stakeholders’ trust through key. Economic journal-XXI. 9-10(1), 50-52. Available at: http://nbuv.gov.ua/UJRN/ecchado_2013_9-10(1)__14 (date of access: 15.02.2023).
Dica Lady Silvera, Achmad Hizazi, M. Syurya Hidayat, Sri Rahayu (2022). Financial constraints and corporate governance as moderating variables for the determinants of tax avoidance. Investment Management and Financial Innovations. Volume 19. Issue #1, 274-286. http://dx.doi.org/10.21511/imfi.19(1).2022.21 (date of access: 18.03.2023).
Dobrowolski Zbysław, Sułkowski Łukasz, Panait Mirela (2022). Using the business model canvas to improve audit processes. Problems and Perspectives in Management. Volume 20. Issue #1, 142-152. http://dx.doi.org/10.21511/ppm.20(3).2022.12 (date of access: 07.04.2023).
Dwi Fitrizal Salim, Aldilla Iradianty, Farida Titik Kristanti, Widyadhana Candraningtias (2022). Smart beta portfolio investment strategy during the COVID-19 pandemic in Indonesia. Investment Management and Financial Innovations. Volume 19. Issue #3, 302-311. http://dx.doi.org/10.21511/imfi.19(3).2022.25 (date of access: 24.02.2023).
Eka Hariyani, Khoirul Aswar, Meilda Wiguna, Ermawati Ermawati, Yuneita Anisma (2022). Factors influencing financial statement disclosure: Empirical evidence from Indonesia. Investment Management and Financial Innovations. Volume 19. Issue #2, 230-237. http://dx.doi.org/10.21511/imfi.19(2).2022.20 (date of access: 11.02.2023).
Enni Savitri, Tatang Ary Gumanti, Almasdi Syahza, Nik Herda Nik Abdullah (2021). The market value of equity of manufacturing companies during the COVID-19 pandemic. Investment Management and Financial Innovations. Volume 18. Issue #4, 1-11. http://dx.doi.org/10.21511/imfi.18(4).2021.01 (date of access: 21.04.2023).
Fandella Paola, Ceccarossi Guido, Attinà Davide (2022). Shock events: The impact of news media and communication strategies on listed companies’ share price. Investment Management and Financial Innovations. Volume 19. Issue #1, 334-349. http://dx.doi.org/10.21511/imfi.19(1).2022.26 (date of access: 18.03.2023).
Hui-Wen Hsu (2022). CEO educational backgrounds and non-GAAP earnings disclosures. Investment Management and Financial Innovations. Volume 19. Issue #3, 167-175. http://dx.doi.org/10.21511/imfi.19(3).2022.14 (date of access: 02.03.2023).
Kunofiwa Tsaurai (2022). Role of financial sector development in foreign direct investment inflows in BRICS. Investment Management and Financial Innovations. Volume 19. Issue #3, 215-228. http://dx.doi.org/10.21511/imfi.19(3).2022.18 (date of access: 21.05.2023).
Purwatiningsih Lisdiono, Jamaliah Said, Haslinda Yusoff, Ancella A. (2022). Hermawan. Risk management practice, alliance management capability, and enterprise resilience: Findings from Indonesian state-owned enterprises. Problems and Perspectives in Management. Volume 20. Issue #1, 190-202. http://dx.doi.org/10.21511/ppm.20(1).2022.17 (date of access: 26.04.2023).
Shkolnyk Inna, Frolov Serhiy, Orlov Volodymyr, Datsenko Victoriia, Yevhenii Kozmenko (2022). The impact of financial digitalization on ensuring the economic security of a country at war: New measurement vectors. Investment Management and Financial Innovations. Volume 19. Issue #3, 119-138. http://dx.doi.org/10.21511/imfi.19(3).2022.11 (date of access: 01.06.2023).
Shosha Bitila, Mano Romeo, Anamali Armela (2022). Businesses and COVID-19 impact, liquidity issues and failure perceptions: The case of Albania. Investment Management and Financial Innovations. Volume 19. Issue #2, 95-106. http://dx.doi.org/10.21511/imfi.19(2).2022.08 (date of access: 08.04.2023).
Sitnicki Maksym W., Stepanova Alla, Pryimak Vasyl, Zhylinska Oksana (2022). Creative management: Model for the development of entrepreneurial competencies. Problems and Perspectives in Management. Volume 20. Issue #3, 310-324. http://dx.doi.org/10.21511/ppm.20(3).2022.25 (date of access: 25.04.2023).
Kharkiv airport. Available at: https://hrk.aero/
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication of this work under the terms of a license Creative Commons Attribution License 4.0 International (CC BY 4.0).
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.