Аналіз формування капіталу підприємства

Abstract

У роботі розглянуто теоретичні, методичні та практичні проблеми формування капіталу підприємства, проаналізовано сутність капіталу підприємства як економічної категорії, висвітлено значення його в умовах становлення ринкових відносин, систематизовано термінологію та запропоновано класифікацію капіталу за різними ознаками. Досліджено пасив балансу як інформаційну базу аналізу формування капіталу підприємства та запропоновано шляхи його вдосконалення. Проаналізовані діючі методики аналізу формування капіталу підприємства, розроблено та обґрунтовано наукові положення щодо методики перспективного аналізу його формування, запропоновано застосування показників „межа платоспроможності” та „межа байдужості”. Побудована імітаційна модель розрахунку потреби в капіталі для визначеного масштабу діяльності підприємства. Основні результати дисертаційної роботи схвалені до впровадження на підприємствах спиртової галузі харчової промисловості Тернопільської області.

Theoretical, methodical and practical problems of forming an enterprise capital are explored. A capital essence is considered as an economic category, its value in the conditions market relations is reflected. The notion of "capital" is specified in the process of systematization of different points of view of researchers. It is an aggregate of the economic value in the monetary, material and immaterial forms which are attracted in the economic process of activity of enterprises and can bring a profit. For the effective management of the process of the capital forming terminology is systematized and classification of capital after the different signs which allows to create a basis for optimization of capital composition on the sources of forming is offered. Informative base of analysis of the capital forming is described and ways of its perfection are offered. Project of liabilities titles after criterion of increasing of priority of debts in balance-sheet are developed. It is recommended to present liabilities in the next order: current liabilities; long-term debt; obligation from the purpose financing; reserves and provision next charges and payments; internal sources of the capital forming; capital of participants (proprietors). Functioning methods of analysis of forming an enterprise capital are explored. It is suggested to conduct the analysis of the capital forming in four stages: analysis of enterprise capital structure, analysis of cost of capital and its influence on the enterprise solvency, rationalization of optimum structure of enterprise capital, analysis of enterprise necessity in capital for future activity. Substantiated and improved scientific positions of methodology of analysis of capital structure, analysis of capital cost, analysis of enterprise necessity in capital. It is recommended to complete the analysis of capital structure with the help of the analysis of current capital which is sensible for influencing changes in structure of financing. And it is suggested to enter an index of necessary level of current capital. It is suggested to complete the traditional approach to methodology of analysis of capital structure with the help of analysis of indexes of financial firmness and solvency. That will give the possibility to deepen the conclusions as to the capital structure optimum after the sources of forming. It is recommended to use the index of solvency capacity as a necessary condition of providing enterprise solvency. For taking into consideration the influence of future sales on the capital structure optimum it is proposed to use the index of elasticity. On the basis of set capacity of solvency it is suggested to calculate a maximally possible volume of bringing in a short-term debts and border of indifference. That gives possibility to define an advantage of financing assets of enterprise due to the property or debts at forecast volume of sales. For analytical grounding of necessities of enterprise in capital an order of computation of indexes of sustainable growth rate and of internal growth rate is offered. That will allow to estimate potential of growth of volume of sales due to increase of internal sources and conduct intercommunication between the operating efficiency, efficiency of use assets, policy of payments from income and financial policy in case of saving an existent structure of enterprise capital. Application of sensitive analysis in case of analysis of necessity of enterprise in capital which gives possibility to expose vagueness consequences and its influence on the necessity size is recommended. For the study of necessity of enterprise in the additional capital and choice of sources of its forming it is recommended to apply a simulation model of computation of enterprise necessity in capital for the definite scale of activity which consists of nine sectors: sector of industry sales, sector of production, sector of capital, sector of prices, sector of sales and charges, sector of financial results, risk estimation sector, capital cost sector, sector of necessity in the additional capital. The practical application of the proposed model will secure acceleration of search of optimum variants of administrative decisions in relation to forming an enterprise capital. Basic results of dissertation are accepted for introduction on the enterprises of alcoholic branch of food industry of the Ternopil region.