Capital structure of enterprises as a factor of ensuring financial stability

Abstract

Financial stability is one of the most important characteristics of the financial condition of an enterprise. It determines the level of its independence from external entities and sources of financing, and, in turn, is determined by a combination of multidirectional factors. In the current crisis of the external environment, financial stability management should be based on an analysis of the state and structure of the assets and capital of the enterprise. On the other hand, the knowledge economy actualizes the task of enhancing the process of asset formation and improving the capital structure of enterprises, taking into account the intellectual component; ensuring the continuity of the innovation process; reorientation of investment flows; an increase in the share of the value created by intellectual capital. The solution to these problems requires analysis of the impact of capital structure, taking into account the intellectual component on the financial stability of the enterprise. The purpose of the study is to develop a methodological approach to assess the impact on the financial stability of enterprises of the processes of formation and use of intellectual capital in the structure of total capital. Research methods - the method of financial ratios, cluster analysis, regression analysis, factor analysis. The work is characterized by the content and highlights the key factors of the concept of "financial stability of the enterprise." Using cluster analysis, groups of machine-building enterprises of the Kharkiv region were formed depending on the structure and efficiency of capital use. A methodological approach has been created for empirical studies of the influence of intellectual capital on the results of activities of machine-building enterprises of the Kharkiv region for the selected clusters. It has been established that there is a positive relationship between the processes of functioning of intellectual capital and the financial results of enterprises; the impact of the efficiency of using intellectual capital on asset turnover is not unidirectional, but the contribution of the efficiency of using the components of intellectual capital in obtaining these results differs for enterprise clusters; individual components of intellectual capital without the presence of the rest are not significant. The factors of the influence of intellectual capital on the identified clusters of engineering enterprises are identified, which will reveal the reserves of effective reproduction of intellectual capital on the selected groups of enterprises.