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|Название: ||Management of cause-and-effect relationships of investment efficiency in the trading business of Ukraine|
|Авторы: ||Denga, Svitlana|
|Ключевые слова: ||efficiency|
investments of capital
|Issue Date: ||27-Sep-2013|
|Издатель: ||Dubrovnik, Croatia: University of Dubrovnik, Department of Economics and Business Economics|
|Библиографическое описание: ||1-st Dubrovnik International Economic Meeting - DIEM 2013 “Scientific Conference on Innovative Approaches to the Contemporary Economic Problems”, Abstracts of the Proceedings (with the CD-ROM). - Dubrovnik, Croatia: University of Dubrovnik, Department of Economics and Business Economics, 27th-29th September 2013. - P. 95.|
|Аннотация: ||At the operating stage of the investment cycle problems of evaluation of capital investments efficiency do not rise. At the same time, the development of the concepts of corporate management provides the ability to apply them in the performance management by approach of companies-objects of capital investments.
During the research were used the methods: Statistical Simulation Methods, correlation-regression analysis, the system of lump-sum equations, direct functional relationships.
The attempt to justify the management of efficiency system of capital investment from the position of the object of capital investment for the operational phase of the investment cycle was made. The technique of constructing a model of cause-and-effect relationship of efficiency system of capital investment was proposed, its strengths and weaknesses was identified.
The system performance indicators can be significantly expanded and built in the context of capital investors (stakeholders) and time horizons (short-, medium-and long-term). The number of indicators of capital investments and exogenous factors, too, can be greatly expanded.|
|Описание: ||So, the inverse relationship of capital investments and of the effects of the trade with indices of freedom of investment, of trade freedom and business freedom can not be described positively. This situation is caused by incorrect calculations of these indexes, or the excess of influence of mental factors compared with the economic laws for the process of investing capital in the trading business of Ukraine and entrepreneurship.
The tendencies of stochastic dependence of the investment capital and of the obtained effects undoubtedly manifested in indicators of efficiency. There are some distortions in the understanding of the optimistic and pessimistic forecasts from the point of view of trends in the external environment and trading business in Ukraine. In particular, the pessimistic forecast of total capital return (0.3 grn.) was better than the optimistic (0.2 grn.), and the same with respect to the turnover on UAH 1 capital. This indicates a decrease of the total capital return of trading companies (more rapid growth of capital investment as compared to the effects obtained from them), with the progressive development of the external environment factors. The same is observed for the non-current assets returns, for fixed assets and current assets returns, and profitability of total capital, of non-current capital, of fixed assets, of current assets, and for the profit per one enterprise. Other trends of performance indicators consistent with the general trends in the development of Ukraine's economy.
Thus, performance management of capital investments in the business at the operational stage of the investment cycle can be carried out by modeling the cause-effect relationships of the system performance indicators and system of exogenous factors, of indicators of capital investments and of the obtained effects. The model can be built on the system of lump-sum equations, which are calculated by the stochastic and functional links between the above indicators. The system performance indicators can be significantly expanded and built in the context of capital investors (stakeholders) and time horizons (short-, medium-and long-term). The number of indicators of capital investments and exogenous factors, too, can be greatly expanded. The system of equations can also include the functional relationship between the planned indicators. Performance management of capital investments in the business from the perspective of the object of capital investments allows to predict, to monitor, and to analyze of the performance indicators system (as opposed to one or more integrated indicators) over the full life cycle of the enterprise-object of capital investments. To some extent, forward-looking indicators of efficiency can be manipulated by changing the parameters of capital investments (dependend management indicators).
The disadvantages of the approach are: 1) the proposed method of construction of the model can be applied only in the context of stable development of the economy, else stochastic communication parameters may not be set, 2) technique requires a large sample of statistical information, 3) it is sometimes difficult to establish the factors that actually have impact on the performance, that is, made calculations may not lead to the identification of mathematical functions.|
|Appears in Collections:||Матеріали конференцій|
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