SOURCES OF CAPITAL FORMATION OF MODERN ENTERPRISES IN THE CONTEXT OF ENSURING THEIR FINANCIAL STABILITY
DOI:
https://doi.org/10.37332/2309-1533.2023.4.12Keywords:
external and internal financing, equity capital, borrowed capital, credit, leasing.Abstract
Vodolazska O.A., Holub Ye.О. SOURCES OF CAPITAL FORMATION OF MODERN ENTERPRISES IN THE CONTEXT OF ENSURING THEIR FINANCIAL STABILITY
Purpose. The aim of the article is to study the peculiarities of capital formation of modern enterprises, to establish the advantages and disadvantages of internal and external financing, which will ensure a rational choice of sources of capital formation and increase the financial stability of enterprises.
Methodology of research. The methods of analysis and synthesis were used in the work to determine the criteria for the application of forms of financing of modern enterprises. The method of generalization made it possible to establish the main advantages and disadvantages of using separate sources of capital formation of enterprises. Comparisons and graphic methods are used to clarify the current state of financing of Ukrainian enterprises.
Findings. It was established that the use of only own capital limits and inhibits the development of modern enterprises, and this requires a transition to financing through borrowed funds. However, attracting external sources requires more creative and dedicated financial management. It is argued that taking into account the advantages and disadvantages of internal and external financing should create conditions for ensuring both the current solvency of enterprises and long-term financial stability.
Originality. The criteria for the application of forms of financing of modern enterprises are summarized, taking into account the time of investment of capital, the sources of its attraction and the legal status of the person who provided the capital. The advantages and disadvantages of individual sources of capital formation are determined, which will allow to create competitive advantages for the enterprise in the future through the optimization of its capital structure from the point of view of efficiency and riskiness of involvement.
Practical value. The theoretical and methodological provisions of this study deepen the practical tools of the application of individual forms of capital financing, taking into account their impact on the level of financial stability of modern enterprises.
Key words: external and internal financing, equity capital, borrowed capital, credit, leasing.References
Brovko, L.I., Vodolazska, O.A. and Ismailova, S.I. (2023), “Formation of financial resources of agricultural enterprises of Ukraine in the conditions of military operations”, Investytsii: praktyka ta dosvid, no. 22, pp. 118-123. DOI: https://doi.org/10.32702/2306-6814.2023.22.118
Vivchar, O.I. and Kos, T.Yu. (2023), “Modern methods of assessing the financial performance of the enterprise”, Young Scientist, no. 4(116), pp. 115-119. DOI: https://doi.org/10.32839/2304-5809/2023-4-116-23
Yevtushevska, O.O. and Chernov, K.I. (2020), “Theoretical aspects of enterprise equity: essence and structure”, Food Industry Economics, no. 12(3), pp. 17-24. DOI: https://doi.org/10.15673/fie.v12i3.1812
Kremen, V.M., Kremen, O.I. and Kravchenko, A.V. (2020), “Theoretical foundations of enterprise capital management”, Ekonomika. Finansy. Pravo, no. 11, pp. 19-22. DOI: https://doi.org/10.37634/efp.2020.11.4
Kuzenko, T., Lytovchenko, O. and Sablina, N. (2023), “Ways of improving the management of the capital structure of the enterprise”, Tsyfrova ekonomika ta ekonomichna bezpeka, no. 4, pp. 81-88. DOI: https://doi.org/10.32782/dees.4-14
Larionova, K. and Kapinos, H. (2023), “Mechanism of enterprise capital management”, Modeling the development of the economic systems, no. 3, pp. 147-154. DOI: https://doi.org/10.31891/mdes/2023-9-20
Mulyk, T.O. (2023), “Analytical support of enterprise capital management”, Ekonomichyi prostir, no. 183, pp. 95-103. DOI: https://doi.org/10.32782/2224-6282/183-15
“Official website of the State Statistics Service of Ukraine”, available at: http://www.ukrstat.gov.ua (access date November 20, 2023).
Smyrna, O.V. and Izmailova, N.V. (2022), “Current state and problems of capital formation of Ukrainian enterprises in crisis conditions”, Efektyvna ekonomika, no. 1. DOI: https://doi.org/10.32702/2307-2105-2022.1.92
Khalatur, S.M. (2013), “Peculiarities of the functioning mechanism of the investment market in Ukraine”, Scientific Progress & Innovations, no. 4, pp. 121-124. DOI: https://doi.org/10.31210/visnyk2013.04.31
Khalatur, S.M., Brovko, L.I. and Moruha, T.O. (2017), “Methodology for assessing liquidity and solvency of agricultural enterprises”, Ekonomika ta derzhava, no. 12, pp. 56-60, available at: http://www.economy.in.ua/pdf/12_2017/13.pdf (access date November 20, 2023).
Khalatur, S., Radzevicius, G., Velychko, L., Fesenko, V. and Kriuchko, L. (2019), “Global deoffshorization and its impact on the national and regional economies of eastern European countries”, Problems and Perspectives in Management, Vol. 17(3), pp. 293-305. DOI: https://doi.org/10.21511/ppm.17(3).2019.24
Khalatur, S., Tvaronavičienė, M., Dovgal, O., Levkovich, O. and Vodolazska, O. (2022), “Impact of selected factors on digitalization of financial sector”, Entrepreneurship and sustainability issues, Vol. 10(1), pp. 358-377. DOI: https://doi.org/10.9770/jesi.2022.10.1(19)
Khalatur, S. and Dubovych, O. (2022), “Financial engineering of green finance as an element of environmental innovation management”, Marketing and management of innovations, no. 1, pp. 232-246. DOI: http://doi.org/10.21272/mmi.2022.1-17
Downloads
Issue
Section
License
Open-access articles (open-access journals)
Authors whose articles are published in open-access retain all rights to the content of the articles.
Open access articles are committed to be published under Creative Commons Attribution (CC BY) 4.0. This license allows others to distribute, edit, correct and build upon your work, even commercially, as long as they indicate your authorship. Detailed information at Creative Commons site: https://creativecommons.org/licenses/by/4.0/
Permissions for open-access journals
If the article is published in open-access under CC BY 4.0 or CC BY-NC 4.0 (which was possible till the 15th of December, 2018) licenses, users may reproduce it in accordance with their terms.
Additionally, if the article had been published under CC BY-NC 4.0 (this license authorizes others to download your works and share them with others as long as they indicate your authorship, but they can’t use them commercially in any case.), the use for the following commercial purposes requires permission:
– reproduction of content in a work or product intended for sale;
– reproduction in presentations, brochures or other marketing materials used for commercial purposes;
– distribution of the content to promote or market a person, product, course, service or organization;
– text and data mining for the purpose of creating a saleable product or product which benefits from promotional or advertising revenue;
– use of the content by a commercial entity or individual for the purposes of remuneration, directly or indirectly through sale, licensing, promotion or advertising;
– linking to the content (in an email, webpage, portable electronic device or otherwise) for the specific purpose of marketing or advertising a person, product, course, service or organization for commercial benefit.
For further details and permission requests, please contact.
