The Effect of Macroeconomic Factors on the Financial Results of Industrial Enterprises

doi:10.26565/2524-2547-2018-56-02

Natalia Vlasova National Technical University «Kharkiv Polytechnic Institute», 2, Kirpicheva Str., Kharkiv, 61002, Ukraine https://orcid.org/0000-0001-5156-973X
Oleksandr Nosyriev National Technical University «Kharkiv Polytechnic Institute» 2, Kirpicheva Str., Kharkiv, 61002, Ukraine https://orcid.org/0000-0003-4089-3336

DOI: https://doi.org/10.26565/2524-2547-2018-56-02

Keywords: Financial Results, Macroeconomic Factors, Industry, Factor Indicators, Integral Assessment, Multiplicative Model

Abstract

The dynamics of financial results before the taxation of industrial enterprises of Ukraine for 2005-2017 has been studied, a group of main macroeconomic factors has been identified and the degree and direction of their impact has been quantified.

The operation of the mechanism of operating leverage on the change in financial results and at the macroeconomic level has been confirmed. Similar trends were traced in the relationship between the dynamics of financial results and such factor indicators as the dynamics of real disposable incomes of the population, capital investments, exports and imports. The interrelation between the financial results of enterprises of industries and the state of the foreign exchange market and the interrelation of the dynamics of financial results with the market of credit resources has been established.

A macroeconomic analysis of the influence of external factors on the dynamics of the financial results of industrial enterprises confirms the existence of a connection between them and provides a basis for concluding that it is necessary to take them into account in the decision-making process at the level of individual enterprises. To assess the degree of interrelationship between the index, the change in the financial results of industrial enterprises and the indexes of changes in the corresponding factor indicators, paired correlation coefficients were calculated, which made it possible to confirm the existence of a link between dynamic changes in financial results before taxation of industrial enterprises and factor indicators.

It was determined that the growth of financial results contributes to the positive dynamics of indicators of GDP and real incomes of the population, an increase in foreign trade turnover, especially imports, and, to a lesser extent, capital investments.

A multiplicative model for integrated generalized assessment of the influence of a group of macroeconomic factors is proposed and tested, provides a level of certainty and validity of management decisions on forecasting and managing financial results of industrial enterprises.

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