Abstract
Content
Introduction
Relevance of the topic. Today, when almost all spheres of activity are influenced by the crisis, becomes relevant ensure financial sustainability of enterprises.
Financial sustainability of enterprise not only represents the company's ability to answer on the debts and obligations, but also provides the investment attractiveness of enterprise, provides characterization of financial and operational development and serves as basis for a strategic financial management.
The higher sustainability of the enterprise, the more it regardless of sharp vibrations of the market and, consequently, the less risk of bankruptcy.
The analysis of the scientific research has shown that there is still no clear definition of concept financial sustainability
, is not identified her signs, and factors which influence at her, methodical approaches to its evaluation are limited in scope, are based on the quantitative analysis of facts and events that have taken place, that is, establish only the static financial sustainability.
The purpose and objectives of the research. The purpose of this research is the further development of theoretical propositions, methodological approaches and development of recommendations on the formation financial sustainability of enterprise in an unstable external environment.
In accordance with the intended purpose were formulated and solved the following tasks:
- analyze the status and trends of bankruptcy, the share of loss making enterprises in the total number of enterprises in Ukraine in recent years;
- analyzed the definitions of
financial sustainability of the enterprise
among domestic and foreign scientists; - identified factors that affect the financial sustainability of the enterprise;
- review and theoretical generalization of existing methodical approaches to the assessment of financial sustainability of the enterprise;
- analyzed the domestic and foreign methods of predicting the probability of bankruptcy;
- proposed a set of indicators to predict the probability of bankruptcy;
- identified the strategic aspects of the formation financial sustainability of the enterprise.
The object of research – the process of formation financial sustainability in an unstable external environment.
The subject of research – the principles and methodological basis for the formation and evaluation of financial sustainability.
Research methods: morphological analysis, quantitative analysis, critical analysis, statistical analysis, financial analysis, theory of fuzzy logic, the method of principal components.
The main scientific results consist in deepening of theoretical foundations and practical recommendations for a justification of the formation enterprise financial sustainability in an unstable external environment. Improved methodical approaches for predicting probability of bankruptcy. Proposed scheme for assessing the financial sustainability of the enterprise.
Main content of master’s work
The first section Scientific-theoretical bases of formation financial sustainability of the enterprise
was analyzed the financial condition of the enterprises in Ukraine, the diagnosis of bankruptcy trends, refined the concept of financial sustainability of the enterprise
, identified main internal and external factors that affect the financial sustainability of the enterprise.
Within the second section of the master's work, Methodological approaches to defining and improving the financial sustainability of the enterprise
have been analyzed both traditional and nontraditional methods of assessment financial sustainability, identified the advantages and disadvantages of each of the methods, analyzed methods to predict the probability of bankruptcy and proposed a number of indicators to assess probability of bankruptcy, have been asked to assess the financial sustainability of the enterprise through an integrated indicator of financial sustainability by using the theory of fuzzy logic.
In the third section Recommendations on formation financial sustainability of the enterprise
will provide methodical recommendation for formation financial sustainability of the enterprise in an unstable external environment. Will be proposed ad hoc approaches to the accounting industry characteristics to formation of indicators of the financial sustainability. Within this section will examine issues related to the use of methods of integrated assessment of financial sustainability, will be done classification and systematization indicators of financial sustainability by the method of principal component, identified strategic aspects of formation of financial sustainability of the enterprise.
Conclusion
In an unstable environment of particular importance in our country becomes a question of forming financial sustainability of enterprises. This is due to the fact that the financial sustainability of the enterprise is the key to further development of the enterprise, the main condition of his life. To date, the number of bankrupt companies is increasing. The activities of most enterprises is characterized by low liquidity, insolvency and substantial financial dependence on foreign lenders and investors.
One of the main problems of the successful operation of the enterprise today is the lack of a comprehensive assessment of financial sustainability, which allow leadership to discover weaknesses and make the right decisions for financial development of the enterprise.
That is why in the work was proposed to use, along with traditional methods of assessment financial sustainability, method of fuzzy logic and principal component analysis, which will take into account in the process of economic activity not only quantitative but also qualitative aspects.
Note
This master's work is not completed yet. Final completion: December 2012. The full text of the work and materials on the topic can be obtained from the author or his head after this date.
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