Процесний підхід до управління структурою капіталу конкурентоспроможного підприємства торгівлі

Abstract

Розглянуто питання застосування процесного підходу при управлінні капіталом підприємств торгівлі, який дозволяє врахувати циклічність і взаємодію керуючих процесів: формування, використання, відтворення капіталу. Такий підхід дозволяє всебічно обґрунтувати процес управління капіталом і є важливим інструментом конкурентної боротьби між суб’єктами господарювання.

In this article, the process approach to capital management providing cyclicality and interaction of managerial processes – formation, usage and reproduction of capital – is detailed and specified. Within the process approach, the classification of principles, fundamental for capital management is systemized and specified. Structural elements (stages) of the process of managing structure capital are defined: analysis of structure and value of capital; estimation of the necessity in resources, directions of resources investments, forms of capital reproduction and directions of accumulated profit; analysis of the most available and the most profitable for enterprises sources of financing, structure of capital taking into account different variants of financial resources investment, selection of strategy for the increase of enterprise profitability and productivity; search of optimal variant of involving, investment and reproduction of capital; performance of actions directed towards involvement, investment and reproduction of capital; analysis of management process effectiveness, control of maintenance established parameters and standards of capital. At managing capital, the instruments of strategic analysis such as analysis of gaps (GAP analysis) and stress-testing are offered. The criteria to the selection of sources of financing and directions of enterprise’s financial resources are the organization and legislative form of economic entity; branch specificity; specificity of activity type; phase of commercial organization’s life cycle; capital value that is attracted from different sources; types of development strategies chosen by commercial organizations, specificity of liquidity rupture. Study of financial sources structure and directions of Ukrainian trade enterprises’ capital usage demonstrated that the most typical is the internal financing, involvement of temporary bank resources and mutual financing of business entities; usage in the directions of payments with customers, buying and supplies formation. Implementation of the offered process approach shall allow to substantiate and increase effectiveness as well as to optimize the process of capital structure management in the enterprise as a basis of successful development and important instrument of competition between business entities.