Управління фінансовою стійкістю підприємств методами проєктного фінансування
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Дата
2023
Назва журналу
Номер ISSN
Назва тому
Видавець
Київ : Редакція журналу "Інвестиції : практика та досвід"
Анотація
У статті досліджено можливості застосування методів проєктного фінансування для управління фінансовою стійкістю підприємств у частині утримання на рівні запланованих показників фінансової стійкості. Подано авторське nлумачення категорії "фінансова стійкість" як постійне перевищення доходів над витратами, вільне маневрування грошовими коштами, здатність шляхом ефективного використання фінансових ресурсів забезпечити безперервний процес виробництва та реалізації продукції, а також своєчасне фінансове виконання його зобов'язань. Здійснено оцінку методів та джерел фінансування інвестиційних потреб та проаналізовано фактичні показники капітального інвестування українських підприємств. На підставі усебічного розгляду особливостей проєктного фінансування, нових методів залучення інвестиційних ресурсів, обґрунтовано можливість та доцільність застосування методів проєктного фінансування для забезпечення інвестиційних потреб підприємств, а, відтак і підтримання фінансової стійкості.
This article explores the application of project finance techniques to manage the financial sustainability of enterprises in terms of keeping financial sustainability at the level of the planned indicators. The achievement of this goal has necessitated the implementation of a number of interdependent tasks. The definition of "financial sustainability" and the formulation of the author's definition as a constant excess of income over expenditures, the free maneuvering of funds, the ability to provide a continuous process of production and sales of products through the effective use of financial resources, as well as the timely financial erformance of obligations. The estimation of methods and sources of financing of investment needs and the analysis of the actual indicators of capital investment of the Ukrainian enterprises was carried out and it was established that in modern conditions when Ukrainian banks prefer to grant short-term credits, realization of medium-term and long-term investment programs of rehabilitation providing renewal and expansion of production potential of industrial enterprises is practically impossible. The lack of investment resources for long-term investments into the real economy by the banking system is explained not only by the reluctance of banks to invest into production development (because of high risks and low profitability), but also by the lack of incentives for long-term loans and instruments for financing production investments on the financial markets. Therefore, a solution has to be found in other methods of financing. This has led to the conclusion that the implementation of medium— and long-term rehabilitation investment programmes to upgrade and expand the production capacity of industrial enterprises is almost impossible. Based on a comprehensive review of the features of project financing, new methods of attracting investment resources, the possibility and feasibility of using methods of project financing to meet the investment needs of enterprises, and, consequently, to maintain financial sustainability, is substantiated. The application of project financing methods will contribute to meeting the financial needs of enterprises, which, in turn, will increase the level of financial sustainability, and this will increase the survival of enterprises, reduce the number of bankruptcies and liquidations of business structures, laying the foundation for the postwar recovery of the Ukrainian economy.
This article explores the application of project finance techniques to manage the financial sustainability of enterprises in terms of keeping financial sustainability at the level of the planned indicators. The achievement of this goal has necessitated the implementation of a number of interdependent tasks. The definition of "financial sustainability" and the formulation of the author's definition as a constant excess of income over expenditures, the free maneuvering of funds, the ability to provide a continuous process of production and sales of products through the effective use of financial resources, as well as the timely financial erformance of obligations. The estimation of methods and sources of financing of investment needs and the analysis of the actual indicators of capital investment of the Ukrainian enterprises was carried out and it was established that in modern conditions when Ukrainian banks prefer to grant short-term credits, realization of medium-term and long-term investment programs of rehabilitation providing renewal and expansion of production potential of industrial enterprises is practically impossible. The lack of investment resources for long-term investments into the real economy by the banking system is explained not only by the reluctance of banks to invest into production development (because of high risks and low profitability), but also by the lack of incentives for long-term loans and instruments for financing production investments on the financial markets. Therefore, a solution has to be found in other methods of financing. This has led to the conclusion that the implementation of medium— and long-term rehabilitation investment programmes to upgrade and expand the production capacity of industrial enterprises is almost impossible. Based on a comprehensive review of the features of project financing, new methods of attracting investment resources, the possibility and feasibility of using methods of project financing to meet the investment needs of enterprises, and, consequently, to maintain financial sustainability, is substantiated. The application of project financing methods will contribute to meeting the financial needs of enterprises, which, in turn, will increase the level of financial sustainability, and this will increase the survival of enterprises, reduce the number of bankruptcies and liquidations of business structures, laying the foundation for the postwar recovery of the Ukrainian economy.
Опис
Ключові слова
фінансовий аналіз, проєктне фінансування, фінансовий менеджмент, фінансовий ринок, фінансова стійкість, financial analysis, project financing, financial management, financial market, financial sustainability
Бібліографічний опис
Глущенко, Ольга Вікторівна. Управління фінансовою стійкістю підприємств методами проєктного фінансування / О.В. Глущенко, Н.О. Гребенюк, В.О. Давидов // Інвестиції: практика та досвід. - 2023. - №5. - С.5-9.