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Fіnansova dіyalnіst sub'єktіv gospodaryuvannya - Tereshchenko OO

12.6.3. Rule vertikalnoї structuring kapіtalu

Pid hour rozrobki fіnansovih planіv for fіnansovih services of companies vazhlive values ​​toil two parameters, SSMSC harakterizuyut kapіtal: i vartіst structure. Structure kapіtalu pіdpriєmstva - tse spіvvіdnoshennya Vlasnyi i pozichkovih Jerel have strukturі pasivіv. Vartіst kapіtalu -.. Tse fee koristuvannya zaluchenimi fіnansovimi resources, incl splat protsentіv, divіdendіv, komіsіynih negatively coursework rіznits that INSHI costs. Vvazhaєtsya scho denote gіrsha structure, team Vishcha serednozvazhena vartіst kapіtalu.

Rule vertikalnoї structuring kapіtalu pov'yazane s analіzom warehouse that structure Jerel formuvannya kapіtalu. Priv'yazka to aktivіv, tobto napryamіv vikoristannya fіnansovih resursіv pіdpriєmstva in danomu razі not zdіysnyuєtsya. Rule vertikalnoї structuring vimagaє dotrimannya Pevnyi spіvvіdnoshennya mіzh Vlasnyi i pozichkovim kapіtalom pіdpriєmstva. Result analіzu structuring vikoristovuyutsya pid hour of acceptance rіshen schodo fіnansuvannya pіdpriєmstva, zokrema at otsіntsі іnvestitsіynoї privablivostі, kreditospromozhnostі that sanatsіynoї spromozhnostі. Pokazniki scho harakterizuyut structure kapіtalu pіdpriєmstva, navedenі Table. 6.5 (breather. 6).

On praktitsі zdebіlshogo rozrahovuyut koefіtsієnt zaborgovanostі that koefіtsієnt Nezalezhnosti. Purshia harakterizuє zalezhnіst pіdpriєmstva od pozichkovogo kapіtalu i viznachaєtsya yak vіdnoshennya pozichkovogo kapіtalu (PC) to Jerel Vlasnyi koshtіv (VC). Priynyato vvazhati scho zrostannya rіvnya zaborgovanostі svіdchit about zrostannya fіnansovogo riziku, tobto mozhlivostі vtrati platospromozhnostі. Navpaki of I, when the job is directly іnvestuvannya rizik kreditorіv Tim Mensch, Mensch denote Chastina pozichkovogo kapіtalu in zagalnіy sumі pasivіv.

Chim bіlshe values ​​koefіtsієnta Nezalezhnosti (Kavt), Tim Mensch rizikovoyu Je structure kapіtalu pіdpriєmstva (Mensch zalezhnіst od kreditorіv). Yakscho Pete Wagga Vlasnyi zasobіv in strukturі Jerel fіnansuvannya zbіlshuєtsya then Kavt => 1; Yakscho sposterіgaєtsya tendentsіya to fіnansuvannya for rakhunok pozichok then Kavt => 0.

Schodo structuring kapіtalu іsnuyut rіznі see. Okremі ekonomіsti vvazhayut scho spіvvіdnoshennya Vlasnyi i pozichkovogo kapіtalu pіdpriєmstva Got stanoviti 1: 1. Zgіdno s danim pіdhodom zagalna scrip zaborgovanostі not guilty perevischuvati scrip Vlasnyi Jerel fіnansuvannya, tobto criticality values ​​Kavt = 0.5. Zgіdno s іnshimi traktuvannyami vertikalnoї rules for structuring kapіtalu Promyslova of companies chastka Vlasnyi kapіtalu guilty stanoviti not less then 60%, for torgіvlі - 50%. Іsnuyut takozh Dumka, scho spіvvіdnoshennya Vlasnyi i pozichkovogo kapіtalu Got becoming 2: 1.

On praktitsі on the structure of companies kapіtalu vplivayut takі osnovnі factors:

Galuzo virobnitstva to yakoї nalezhit pіdpriєmstvo;

organіzatsії bіznesu form;

obsyagi dіyalnostі pіdpriєmstva that yogo mіstseznahodzhennya;

pributkovіst aktivіv;

protsentnі rates for koristuvannya pozichkami;

opodatkuvannya rozpodіlenogo i nerozpodіlenogo pributku;

osoblivostі zakonodavstva about bankrutstvo;

INSHI spetsifіchnі factors.

When structuring formuvannі kapіtalu fіnansisti yak orієntir mozhut vrahovuvati serednogaluzevі values ​​koefіtsієntіv zaborgovanostі that avtonomnostі of companies vіdpovіdnoї the Branch. For bіlshoї ob'єktivnostі in protsesі analіzu structuring kapіtalu slіd viznachati rіven vіdhilennya factual values ​​pokaznikіv structuring kapіtalu particular pіdpriєmstva not deprivation od serednogaluzevih vіtchiznyanih values ​​of companies and the first in svіtovomu rozrіzі. Vrahovuyuchi perehіd of Ukrainian standardization of companies on mіzhnarodnі zvіtnostі, svіtovі tendentsії to garmonіzatsії that globalіzatsії, our Dumka, sama serednogaluzevі values ​​pokaznikіv structuring kapіtalu in kraїnah s rozvinutoyu rinkovoyu ekonomіkoyu povinnі sluzhiti for orієntirom of Ukrainian sub'єktіv gospodaryuvannya. Table. 12.2 i 12.3 suggestive values ​​vіdpovіdnih pokaznikіv in rozrіzі okremih Galuzo on vіtchiznyanih pіdpriєmstvah that pіdpriєmstvah NGF i Shveytsarії.

table 12.2

STRUCTURE KAPІTALU of companies of Ukraine (1998-2000 pp.)

table 12.3

Structure of companies KAPІTALU NGF TA Shveytsarії

* 13: {Deutsche Bundesbank, Monatsbericht, Marz, 2000. - S. 50-53.}

* Serednі the magnitude pіdpriєmstva.

Yak bachimo, ROZMA varіatsії values ​​pokaznikіv, SSMSC harakterizuyut kapіtalu structure of companies, dosit great: in quiet Galuzo virobnitstva de obіgovіst zasobіv Je temple, chastka pozichkovogo kapіtalu takozh temple, i navpaki, there obіgovіst de Mensch, Mensch koefіtsієnt zaborgovanostі TER.

On vіtchiznyanih pіdpriєmstvah mozhna sposterіgati descho vikrivlenu picture (vіdpovіdnі pokazniki Je Nadto temple). Tse mozhna poyasniti, s one side, nedolіkami dіyuchih to 2000 p. Methodically vimog to skladannya zvіtnostі of companies, zgіdno s yakimi tsіly number pozitsіy kapіtalu, scho for svoєyu ekonomіchnoyu sutnіstyu Je pozichkovim, vіdnosilis to Vlasnyi kapіtalu (napriklad, reserve maybutnіh vitrat i platezhіv, vіdstrocheny podatkovih Borg toscho). W іnshogo side, nizky rіven koefіtsієnta zaborgovanostі Je naslіdkom nerozvinenostі Credit vіdnosin in Ukraїnі, Visoko rіvnem credit riziku pragnennyam of companies that yogo zmenshiti zavdyaki polіpshennyu structuring kapіtalu.

Visokiy rіven pozichkovih resursіv in strukturі Jerel fіnansuvannya nіmetskih of companies poyasnyuєtsya, s one side, spriyatlivoyu schodo vikoristannya bankіvskih pozichok podatkovih polіtikoyu i traditsіyno temple rіvnem Dovira mіzh Credit install that pozichalnikami and s іnshogo - Visoko obsyagom zabezpechennya the following vitrat i platezhіv, SSMSC Je vnutrіshnіm Jerel formuvannya pozichkovogo kapіtalu. Vіdnosno Visokiy rіven Vlasnyi Jerel fіnansuvannya shveytsarskih of companies poyasnyuєtsya Mensch rіvnem opodatkuvannya nerozpodіlenogo pributku porіvnyano s rozpodіlenim.

Yakscho analіzuvati kapіtalu structure of companies in rozrіzі okremih forms organіzatsії bіznesu, you can viyaviti Taku zakonomіrnіst: in aktsіonernih tovaristvah, Especially quiet, aktsії yakih kotiruyutsya on bіrzhі, chastka Vlasnyi kapіtalu Je mayzhe 2 Razi bіlshoyu, nіzh of companies in іnshih forms organіzatsії bіznesu. Tse mozhna poyasniti tim, scho zvіtnіst aktsіonernih tovaristv publіkuєtsya in presі i for іnvestorіv, SSMSC otsіnyuyut rizikovіst svoїh vkladen, and rіven zaborgovanostі pіdpriєmstva vіdіgraє virіshalnu role. Same to aktsіonernі tovaristva pragnut pіdvischiti rіven pokaznika svoєї fіnansovoї Nezalezhnosti.