Науковий вісник НГУ

Capital structure rationalization taking into account the intellectual component

• 
• 

User Rating:  / 0

PoorBest 

Details

Category: Economy and management

Last Updated on 13 November 2014

Published on 13 November 2014

Hits: 4108

Authors:

I.V. Zhuravleva, Cand. (Sci. (Econ.), Head of Finance Department, Kharkiv National University of Economics, Kharkov, Ukrainе

I.L. Latysheva, Cand. (Sci. (Econ.),, Senior Instructor, Kharkiv National University of Economics, Kharkov, Ukrainе

Abstract:

In modern conditions, due to the intellectual component in the structure of capital, the capital formation processes are being activated; the role of the intellectual capital that acts as an independent factor ofmanufacturing is increasing; the share of the value generated by this capital is rising; the virtual enterprises which do not have a material embodiment are emerging. Therefore the newest forms of the capital deserve special attention, among which a significant role is played by the intellectual one. All this requires the methodological tools of capital structure management in the knowledge economy which determines the relevance of this study.

Purpose. To develop the methodological provision for the capital structure management of enterprises with account of the intellectual component.

Methodology. In the process of the capital structure research, the following scientific methods were used: systematic, monographic, analysis and synthesis, induction and deduction and the hierarchy analysis method.

Findings. The authors propose a management model of the enterprises' capital structure formation on the basis of a structural approach; determine the optimal ratio between the components of the capital structure and the main directions of its optimization on the basis of the hierarchy analysis method.

It is recommended to conduct the process of determining the optimal capital structure by means of the hierarchy analysis method, which enables to define the rational relationship between material, financial and intellectual capital in accordance with the selected criterion. When determining the optimal structure of the intellectual capital, the hierarchy analysis method was applied for calculating the ratio of competence, structural and consumer capital. Search for a rational structure of the aggregate and intellectual capital was realized in accordance with the reasonable goals: the enterprise value maximization, increase of profitability, risk reduction and capital cost minimization. Expert assessment questionnaires were used to construct the output data. The expert assessments, received and grouped by the method of “pairwise comparison”, formed the basis of calculations.

Originality. The methodological approach to the determination of the enterprise’s optimal capital structure distinguishes between others as the hierarchy analysis method was used for the first time for determining the optimum ratio of intellectual, financial and real capital in the structure of the enterprise’s aggregate capital as well as the ratio of the competence, structural and consumer capital in the structure of the intellectual capital in accordance with the selected criteria and justification of the ways of its formation and development.

Practical value. The use of the obtained results will allow the enterprises to form a reasonable structure of both aggregate and intellectual capital, to increase the efficiency of using the material, financial and intellectual components. Methodical recommendations contained in the study, provide a comprehensive approach to the management of capital structure formation and identification of potential directions of its optimization.

References:

1. Brealey R., Myers, S. and Allen, F. (2014), Principles of corporate finance, McGraw-Hill Irwin, New York.

2. Brigham E., Ehrhardt, M. (2011), Financial Management: Theory and Practice, South-Western Cengage Learning, Mason.

3. Yaremko, I.Y. (2006), Upravlinnya kapitalom pidpryiemstv: ekonomichnyi ta finansovyi instrumentarii [Enterprise Capital Management: Economic and Financial Tools], Kamenyar, Lviv.

Яремко І.Й. Управління капіталом підприємств: економічний та фінансовий інструментарій: монографія / Яремко І.Й.  – Львів: Каменяр, 2006. – 176 с.

4. Atrill, P. and McLaney, E. (2012), Management Accounting for Decision Makers, Pearson Financial Times/Prentice Hall, New York.

5. Blank, I.A. (1999), Osnovy finansovogo menedzhmenta [Foundation of Financial Management], Nika-Tsentr, Elga, Kiev, Ukraine.

Бланк И.А. Основы финансового менеджмента / Бланк И.А. – К.: Ника-Центр, Эльга, 1999. – Т. 2. – 512 с.

6. Imperator – systema podderzhki prinyatiya reshenii. Available at: www.neirosplav.com

Император – система поддержки принятия решений. [Електронный ресурс]. – Режим доступа: www.neirosplav.com

7. Saaty, T.L. and Vargas, L.G. (2006), “Decision making with the analytic network process: economic, political, social and technological applications with benefits, opportunities, costs and risks”, Springer, New York.

8. Martyusheva, L.S., Berest, M.M., Zhuravlyova, I.V. and Kalyshenko, V.M. (2009), Teoretyko-metodychne zabezpechennya upravlinnia finansovoiu diialnistiu pidpryiemstv, AdvA, Kharkiv, Ukraine.

Теоретико-методичне забезпечення управління фінансовою діяльністю підприємств / Мартюшева Л.С., Берест М.М., Журавльова І.В. – Харків: АдвА, 2009. – 272 с.

9. Edvinsson, L. and Yeh-Yun Lin, C. (2011), “National intellectual capital: a comparison of 40 countries”, Springer, New York.

10. Johnson, W. (1999), “An integrative taxonomy of intellectual capital: measuring the stock and flow of intellectual capital components in the firm”, Int. J. Technology Management, Vol. J8, Nos. 5/6/7/8, pр. 562–575.

2014_5_zhuravleva
2014-11-10  679.99 KB  1374

• < Prev