Інвестиційна стратегія як елемент антикризового управління підприємством

Abstract

Виконання дисертаційної роботи спрямовано на вирішення одного із важливих теоретико-прикладних завдань у сфері вибору інвестиційної стратегії, як елемента антикризового управління підприємством, а саме, вперше запропоновано модель формування та реалізації інвестиційної стратегії фокусування на факторі, який домінує, застосовуючи комплексний метод кореляційно-регресійного аналізу через консолідацію експертно-об’єктивних зусиль при визначенні полікритеріальних індикаторів з метою підвищення ефективності чинника, який має найсуттєвіший вплив та синергічний потенціал дії на діяльність підприємства. Такий підхід дає змогу ідентифікувати найбільш вагомий фактор серед запропонованих і методологію вибору та впровадження інвестиційної стратегії, як елемента антикризового управління машинобудівним підприємством, яка на відміну від існуючої орієнтована на зменшення рівня небезпеки банкрутства з урахуванням необхідності альтернативних варіантів. Выполнение диссертационной работы направлено на решение одной из важных теоретико-прикладных задач в сфере выбора инвестиционной стратегии, как элемента антикризисного управления предприятием, а именно, впервые предложена модель формирования и реализации инвестиционной стратегии фокусирования на факторе, который доминирует, применяя комплексный метод корреляционно-регрессионного анализа через консолидацию экспертно-объективных усилий при определении поликритериальних индикаторов с целью повышения эффективности фактора, который имеет существенное влияние и синергический потенциал воздействия на деятельность предприятия. Такой подход позволяет идентифицировать наиболее весомый фактор среди предложенных и методологию выбора и внедрения инвестиционной стратегии, как элемента антикризисного управления машиностроительным предприятием, которая в отличие от существующих ориентирована на уменьшение уровня опасности банкротства с учетом необходимости альтернативных вариантов. The dissertation provides an overview and analysis of discussion issues related to the content of anti-crisis management, aimed at ensuring financial stability of the enterprise and reducing the risk of its bankruptcy, quantitative evaluation of financial condition at enterprises of Ukraine is represented the methods of estimation, economic-mathematical modeling and prediction of bankruptcy probability are investigated, and the essence and features of the implementation of anti-crisis investment strategies at enterprises have been investigated, which allowed to propose solving a scientific problem both in the field of theoretical generalization of problems of crisis management and in the field of financial risk forecasting and scientific and applied justification of the formation, implementation of effective investment strategies aimed at avoiding or substantial reduction in the risk of bankruptcy for engineering companies. Anticrisis investment strategy is an integral part of the overall strategy of enterprise development as a whole, which requires the development of alternative crisis scenarios and alignment with the general strategy of ways and methods for their implementation. The content and features of such concepts as the crisis management of an enterprise, investment activity, investment strategy, periods (phases) of crisis development and crisis management, the composition and characteristics of modern methods of crisis management are disclosed; The list, sequence, content of the stages of creation of the investment strategy and the essence of the actual tasks of the enterprise development are presented, the efficiency of which depends on the quality of the implementation and realization of the strategy. The preparation of alternative options involves taking into account different cost and time characteristics of strategies as a way to avoid risky, force majeure situations, or to reduce their negative impact on the effectiveness of investments. The methods of getting out of a crisis situation are systematized based on expediency of their application in certain phases of crisis development and crisis management phases, namely: monitoring, controlling, downsizing - in the initial phase of management, which corresponds to the first phase of crisis development; reengineering, restructuring, regularization, mergers are characteristic of the active phase of management, whose purpose is to prevent a high level of bankruptcy risk inherent in the dangerous phases of the crisis; diversification, benchmarking, crowdfunding, sanation, liquidation are expedient in the final phase of crisis management, characteristic of the final phases of its duration. Further analysis and detailed elaboration of anti-crisis methods led to the need to take into account the influence of time characteristics on the effectiveness of their actions, therefore the division into methods of tactical and strategic action was introduced. The first ones include those that are of a permanent nature or which depend on close, short-term results - monitoring, controlling, downsizing, benchmarking, sanation, to strategic ones, the implementation of which requires more time, and the result of their long-term impact - diversification, restructuring of finance and production, reengineering, regularization, merger, liquidation. An overview of scientific approaches to the concept and essence of financial security of the enterprise and considered the current methodology of financial security assessment based on national requirements for management and accounting. The content of factors that influence on the effectiveness of an investment strategy aimed at achieving financial security, namely, megaeconomic, macroeconomic, mesoeconomic, microeconomic, political, environmental, socio-cultural, demographic, scientific, technical, legal, informational, are systematized and analyzed. The system of factors is structured on several grounds: the environment or the nature of influence, level of management, the nature of the origin, the nature of development, the type of activity, the weight of the consequences. It is noted that the nature of the influence of the factors under consideration on the choice of investment strategy of an enterprise can be not only negative, but also positive. Examples of possible positive influence of megaeconomic, macroeconomic, mesoeconomic and microeconomic factors on the choice and implementation of anticrisis investment strategy are adduced. Variants of investment strategies, determined by the types and quantitative values of the indicators of influence (the dominant factors) are characterized: focusing strategy on the dominant factor, polyfactorial strategy, strategy of balancing. The relevance of each of them for a particular company depends on the specifics of its activities, the phases of crisis development, and the development priorities chosen by the enterprise. For both companies, as shown by the analysis of their financial and economic status, characteristic features of the second phase of crisis development: increase in payables, lowering financial and economic indicators. When choosing a strategy of focusing on a dominant factor (for PJSC "Drohobytskyi mashynobudivnyi zavod" - on the turnover rate of inventories, and for JSC "Lvivskyi lokomotyvoremontnyi zavod" - on the coefficient of financial stability), it is expedient to use such methods as restructuring, reengineering, regularization, diversification. Opportunities and efficiency of implementation of other strategies in the selected enterprises - polyfactorial and balancing, which can provide additional benefits at the expense of synergetic effect, which will be achieved taking into account the interests of a number of stakeholders: shareholders (owners) and employees of the enterprise, customers and consumers, suppliers, credit institutions, bodies of state power. Maps of recommendations for choosing the optimal investment strategy for bankruptcy prevention for each of the selected enterprises is presented; in maps, using a score assessment, an algorithm for choosing an investment strategy is shown based on a number of parameters: the cost of the strategy, the relevance for the enterprise, the expectations of stakeholders, the ease and duration of implementation, the expected effects.