МЕТОДИЧНІ ТА ПРАКТИЧНІ АСПЕКТИ КРЕДИТНОЇ ПІДТРИМКИ ОНОВЛЕННЯ ОСНОВНИХ ЗАСОБІВ ПРОМИСЛОВИХ ПІДПРИЄМСТВ

Abstract

Purpose. In market conditions of business, the competitiveness of enterprises is largely determined by the condition of their fixed assets. The need to replace outdated technologies and equipment with modern ones requires the availability of appropriate financial resources. Inadequacy of own internal sources of investment for the renewal of fixed assets encourages enterprises to widely use external, in particular, credit. At present, in the economic theory and practice of management, there is no clearly developed mechanism for investing in the renewal of fixed assets with the involvement of credit resources. Inadequate development of such issues as the choice of a profitable loan option, the optimal loan rate, the terms and conditions of loan repayment, calls for the development of methodical and practical approaches to effective investment in the renewal of the fixed assets of enterprises. Design/methodology/approach. The article uses the discounting method and the balance sheet method for calculating and analyzing the parameters of the process of attracting credit resources. The method of economic-mathematical modeling was used to study the influence of the use of borrowed funds in investing in the renewal of fixed assets on the pace of development of production potential. Findings. The article considers a number of problems of a methodological and practical nature regarding investment support for the renewal of fixed assets of enterprises, in particular with the involvement of credit resources. The parameters of the loan attraction process, which determine its effectiveness for the enterprise, are analyzed. The most important of these parameters include: the term of the loan; interest rate for the loan; loan payment amounts. To determine the size of the payment for the loan, the appropriate ratio based on the use of compound interest was considered. Derived dependencies for calculating the annual payment for the loan, the annual payment from one monetary unit of the loan, as well as the total amount of funds that must be paid for the entire period of the loan. The values of these parameters are calculated depending on the value of the credit rate and the credit term, which makes it possible to quantitatively assess their trends. The results of the calculations are presented in tabular form. The impact of attracting credit funds in investments for the renewal of fixed assets was studied by modeling this process. An approach to determining the marginal interest rate at which it is still profitable for the enterprise to attract loan funds is proposed. For this purpose, appropriate computer calculations were carried out. Calculations were carried out for the option of fixed assets renewal with own funds, as well as with the involvement of a loan at various interest rates. An important conclusion was made that the dynamics of production development depends on the relationship between the interest rate and the growth rate of capital investments in the basic version, when production development is carried out only at the expense of own investment funds. Practical implications. The methodical and practical results obtained in the research process can be used in the selection of credit support options for the renewal of fixed assets and the development of specific measures aimed at improving the investment activity of industrial enterprises. Originality/value. The article quantitatively evaluates the parameters of credit support for the fixed assets renewal of enterprises. By means of economic-mathematical modeling, the impact of attracting loan funds on the dynamics of changes in the production potential of the enterprise was analyzed.