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Implementation of differentiated credit policy at mining enterprises

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Category: Economy and Management

Last Updated on 22 May 2018

Published on 16 May 2018

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Authors:

Ye. V. Kylnytska, Cand. Sc. (Econ.), Assoc. Prof., orcid.org/0000-0002-0586-820X, Kharkiv National University of Civil Engineering And Architecture, Kharkiv, Ukraine, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Abstract:

Purpose. Anexperimental introduction ofthe mechanism of formation of differentiated credit policy at a mining enterprise on the basis of controllability receivables developed by the author.

Methodology. Attainment of the objectives of the article are implemented using modern general and special methods: mathematical modeling – to model the effects of credit policy; abstract logical method – to make theoretical generalizations, formulated conclusions and recommendations. In addition, results of previous studies on the problems of management of accounts receivable are used.

Findings. The mechanism of formation of differentiated credit policy on the basis of controllability receivables represents structured parameters: 1) setting the amount of the working capital invested in receivables and calculating the amount of products on deferred payment terms; 2) developing the system terms of deferred payment (the maximum possible period of deferred payment, the maximum possible amount of deferred payment, discounts for prepayment of receivables); 3) terms differentiation of deferred payment depending on the class of the creditworthiness of customers; 4) appropriateness evaluation of the credit policy by modeling its effects on the formation of profits of the enterprise. As a result of the implementation mechanism of formation of differentiated credit policy to PJSC “Kharkiv Quarry Management” (based on the following data: increase in the value of receivables at the moderate type of credit policy is the negative value -824.196 UAH, confirming its contraction and release of working capital; profit growth on change in the credit policy to moderate type is 193.200 UAH), it can be said that the moderate type is optimal credit policy that meets the financial and marketing strategies of the enterprise.

Originality. The mechanism of formation of the differentiated credit policy, which, unlike the existing ones, is the synthesis of structured parameters of effective planning, regulation, monitoring, and rational organization of relationships with customers on the reverse movement of cash and appropriate methodological tools that differentiated according to the typology the credit policy (conservative, moderate, aggressive) based on controllability receivables is developed and implemented.

Practical value. The ability to use the developed mechanism of formation of differentiated credit policy to facilitate the effective planning, regulation, monitoring, and rational organization of relationships with customers on the reverse movement of funds to mining enterprise is shown. The experimental introduction of copyright mechanism of formation of the differentiated credit policy on the basis of controllability accounts receivable in marketing and financial activities at the mining enterprise has confirmed its validity and practical significance.

References.

1. Atamanchuk, Y.M., 2015. Features of formation of company credit policy in relation to customers. Investments: practice and experience, 6, pp. 54–59.

2. Kaminskyi, S.I., 2013. Simulation of optimal credit policy of the trade enterprise.Agrosvit, 16, pp. 72‒76.

3. Klymenko, O.V., 2013. Improving methodological base for receivables in the monetary policy of enterprise. State and regions, 4(73), pp. 87–91.

4. Nosenko, I.Y., 2016. Problems of accounting and managing accounts receivable. Young Scientist, 12.1(40), pp. 895–900.

5. Masalitina, V.V., 2013. Credit policy of a freight motor transport enterprise and its realization. Visnyk Na­tsi­o­nal’­no­ho transportnoho universytetu, 28, pp. 337–342.

6. Chupryna, L.V. and Sheiter, M.А., 2017. Some aspects of managing accounts receivable. Young Scientist, 3(43), pp. 885–889.

7. Anderson, R., 2017. The credit scoring toolkit: theory and practice for retail credit risk management and decision automation: Oxford University Press.

8. Gordon Mills, K. and McCarthy, B., 2014. The State of Small Business Lending: Credit Access during the Recovery and How Technology May Change the Game. – Harvard Business School: Working Paper 15-004 [pdf]. Available at: <https://www.hbs.edu/faculty/Publication%20Files/15-004_09b1bf8b-eb2a-4e63-9c4e-0374f770856f.pdf> [Accessed 23 May 2017].

9. State Statistics Service of Ukraine [online]. Available at: <http:// http://www.ukrstat.gov.ua> [Accessed 9 September 2017].

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