The article discusses the direction of modification of methods for calculating the optimal capital structure based on compromise theories and, in particular, the method of adjusted cost, which involves taking into account the benefits and costs of debt financing. The tools presented in the article can be used in the practice of environmental financing. The algorithm for calculating the value of the enterprise based on free cash flow is considered, which allows choosing the capital structure from the condition of maximizing the value of the enterprise. The considered theoretical models do not give a complete picture of how to take into account the effect of the tax shield and the possible costs of financial difficulties in making practical decisions related to capital structure. Alternative approaches to the calculation of individual elements and parameters of the method, such as the probability of bankruptcy, are offered. In particular, it was offered to consider logistic regression models for assessing the risk of bankruptcy, as well as to modify the methodology for calculating bankruptcy risk based on a credit rating, taking into account the dependence of the cost of borrowed capital on the level of financial leverage in the enterprise. Further, it is recommended to use a weighted average for the probability of risk of bankruptcy, as well as to carry out adjustment of the value of bankruptcy costs, taking into account the weighted average of the assessment.
The article discusses the directions, problems and results of the digital solutions introduction in trading enterprises. The directions of digitalization in trade are designated. It is shown that the introduction of digital solutions directly affects the reduction of costs and sales growth. The introduction of intellectual capital as another type of asset allowed us to expand the list of factors affecting the volume of sales, costs, profitability of a trading enterprise and its value. The features of the intellectual capital formation of a trading company at the stages of the life cycle are considered. Possible positive directions of digitalization impact on the elements of intellectual capital are presented, and the dynamics of the impact of digitalization decisions on the elements of intellectual capital at the stages of the enterprise life cycle is also considered. A technique for evaluating the effectiveness of investments in the intellectual capital of an enterprise is proposed, which is based on a combined assessment of the elements of intellectual capital using the CIV and MVAIC methods, as well as taking into account the stage of the life cycle of a trading enterprise. Criteria for assessing the effectiveness of investing in elements of intellectual capital are proposed.
The article discusses the directions, problems and results of using digital solutions in enterprises in the service sector. It is shown that digitalization in the service sector is due to the emergence of a new type of resource - a large amount of specific information about stakeholders. Digitalization has a direct effect on enterprises in the service sector in the form of the development of the institutional environment and the technical infrastructure of digitalization, as well as an indirect action related to the transformation of the enterprises of this industry themselves, their missions and goals. The areas of digitalization in the service sector are indicated. It is shown that the use of digital technologies affects cost reduction and sales growth, and also has a significant impact on the formation and use of the intellectual capital of service enterprises. The features of the formation of the intellectual capital of the enterprise at the stages of the life cycle are considered. The elements of intellectual capital are clarified, which have received an impetus for development due to digitalization. Possible positive directions of the impact of digitalization on the elements of intellectual capital are presented, and the dynamics of the impact of digitalization decisions on the elements of intellectual capital at the stages of the enterprise life cycle is considered.
Abstract. Currently, one of the problems in managing the development of trade enterprises is the problem of choosing the type of value and management of this value. This problem can be solved on the basis of the concept of value-based management (VBM). The concept is based on the value of the enterprise, which, in the form of a quantitative integrated assessment, reflects the efficiency of the operation and the prospects for the development of the enterprise, balancing in one measure such important economic categories of microeconomics as profitability, risk and growth rates. The article considers the types of value used in the valuation of trading enterprises and shows that the fundamental value can be used in managing the development of a trading enterprise. The article considers the components of the fundamental value, which include the balance component, the operating component, the investment component, and the component of dynamic flexibility. The fundamental value covers all levels of management of a trading enterprise, both strategic and tactical. As it allows building a developed system of indicators, managers will be made it possible to make well-founded management decisions and contribute to the main task of increasing the value of a trading enterprise. The offered approach allows linking the components of the fundamental value of a trading enterprise with the levels of management of the enterprise and the forms of activity of a trading enterprise.
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