Розглядається дискретна динаміч-на модель, яка описує управління інно-ваційним процесом (ІП) на підприєм-стві і враховує наявність керуючих впливів і неконтрольованого параме-тра (вектора ризиків). Розроблено модель адаптивного управління ІП, результати практичного застосуван-ня якої дозволяють приймати управ-лінські рішення щодо адаптації до змін зовнішнього середовища при опе-ративному управлінні інноваційною діяльністю підприємства Ключові слова: інноваційний про-цес, адаптивне управління, минимакс, гарантований результат, моделю-вання управління інноваційними про-цесами Рассматривается дискретная ди-намическая модель, которая описыва-ет управление инновационным процес-сом (ИП) на предприятии и учитыва-ет наличие управляющих воздействий и неконтролируемого параметра (век-тора рисков). Разработана модель адаптивного управления ИП, резуль-таты практического применения ко-торой позволяют принимать управ-ленческие решения по адаптации к изменениям внешней среды при опе-ративном управлении инновационной деятельностью предприятия Ключевые слова: инновационный процесс, адаптивное управление, ми-нимакс, гарантированный результат, моделирование управления инноваци-онными процессами UDC 519.86
Decentralization processes in the CEE countries have stimulated the search for measures of financial health of municipal companies that would be comparable and understandable to a broad range of stakeholders. In this study, we have developed a five-factor discriminant model for assessing municipal company's financial health (M-Score model) using data on 50 Ukrainian companies during 2014-2017. The final test sample consisted of 71 companies operating in Bulgaria, Croatia, Czech Republic, Poland, Romania and Ukraine. Our findings can be summarized as follows. First, the empirical model suggests that the equityassets ratio, the current ratio, and the average accounts receivable turnover have both the highest discriminatory power and the greatest impact on the municipal company's financial health. Secondly, we provide convincing evidence that the municipal company's financial health does not depend on the region, but on the nature of its activity and the purpose of enterprise activity. In particular, water and energy utilities are generally financially unhealthy, and out of 45 socalled necessary enterprises, only 12 are classified as financially healthy. The company's M-Score will help managers, lenders, investors, local authorities, and the public to answer the following questions: Can the company avoid financial default? What is its position at the local level? What is its place in the industry?
Climate change, urban sprawl, a global pandemic, and the general trend of digitizing economies are driving the need for digital transformation of utilities. Policymakers of industry digital transformation need some aggregated metric that captures the essence of this multidimensional concept, identifies the pros and cons of current policies, and guides future directions based on cross-country benchmarking. This study develops the Industry Digital Transformation Index for the utility industry (IDTIu) as a composite indicator. IDTIu provides an aggregate score for the digital transformation of the national utility industry based on 31 indicators grouped into 8 sub-indices. IDTIu scores were calculated for 34 European countries based on 2020 data. To avoid the methodological challenges of equal weighting and expert assessments, we applied the original Benefit-of-the-Doubt (BoD) model and its two extensions for the proportion and priority of sub- indices. Our results show that (i) the full flexibility of the original BoD model leads to the expected deficiencies in ranking leaders and assigning zeros to insignificant sub-indices; (ii) BoD model with ordinal sub-index share restrictions does not allow ranking of laggards when IoT, AI, and BDA are ranked as top 3 priorities. Therefore, at the current stage of the digital transformation of utilities, we recommend the BoD model with proportional sub-index share restrictions.
Purpose. The aim of this article is to substantiate of methodical approaches to formation of accounting and analytical information concerning accounts receivable and payable in the context of ensuring business communication of the municipal company. Methodology of research. General scientific and special methods of cognition are used in the research process, in particular: methods of theoretical generalization and comparative analysis – for the analysis of scientific works and practical experience of improvement of communications in accounting; system approach, methods of analysis and synthesis – for substantiation of methodical approaches and suggestions for the formation of accounting and analytical information; methods of econometric modeling – for the construction of a model of net profit of municipal companies. Findings. The relationship between the problems of accounting for accounts receivable and payable and the principles of business communications are established. Changes in the financial statements of municipal companies, which are consistent with the principles of effective communication and improve the information of internal and external users on accounts receivable and payable and their impact on the financial stability of the company, are proposed. Originality. Methodical approaches to restructuring of notes to financial statements in terms of accounts receivable and payable are substantiated, which, in contrast to the existing ones, provides improved communication in financial statements of municipal companies. Practical value. Theoretical and methodical provisions of the research are brought to the level of specific proposals for the formation of accounting and analytical information on accounts receivable and payable of the municipal company. Key words: financial statements; accounts receivable; accounts payable; communications; municipal company; model.
Purpose. The aim of the article is substantiation of the content and algorithm of the problematically-prognostic approach to the analysis of fixed assets and its approbation at the enterprises which according to NACE-2010 are included into the section G (wholesale and retail trade, repair of motor vehicles and motorcycles). Methodology of research. General scientific and special methods of cognition in the research are used in the article, such as: methods of theoretical generalization and comparative analysis – for the analysis of relevant scientific literature; systematical approach, methods of analysis and synthesis – for the substantiation of the methods of analysis of fixed assets; ratio analysis – for the analysis of the efficiency of using fixed assets; methods of mathematical statistics – for assessing the risks associated with fixed assets; methods of econometrical analysis – for building models and assessing of the impact of indicators of fixed assets on the financial results of enterprises. Findings. The main contribution of the research consists in the inclusion of such stages in the traditional method of analysis of fixed assets, such as, integral assessment of the efficiency of use, analysis of risk and problematically (econometric) analysis of fixed assets, is substantiated. Empirical results confirm an increase of the information value of such analysis that contributes to the adoption of reasonable and timely management decisions. Originality. A method of analysis of fixed assets is proposed in the research, which includes the definition of the stages of analysis, the formation of a system of indicators, methods and information base for each stage of analysis, and, unlike the existing ones, has a problematically-prognostic focus, which makes it possible to perform a comprehensive analysis of fixed assets, to determine the directions of increasing the efficiency of their use, to assess the impact on the financial results of the enterprise. Practical value. The proposed method of analysis can be used by managers and investors for a deeper understanding of the problems associated with fixed assets of the enterprise. The empirical results of the research are recommended to be used as benchmark indicators in the analysis and development of a policy for the management of fixed assets at the enterprises of section G according to NACE-2010. Key words: fixed assets, ratio analysis, analysis of risks, econometric analysis, enterprises of section G according to NACE-2010.
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