INVESTMENT ASPECTS OF CAPITALIZATION UNDER MODERN CONDITIONS OF ENTERPRISE ACTIVITY

Abstract

Abstract. The post-industrial specificity of social processes has led to significant changes in all spheres of economic activity, including capital formation. The immanent property of the processes and results of capitalization is their investment nature, which acquires significant changes in modern business conditions, which updated the implementation of this research. According to the results of critical analysis of the content of the category of «capitalization», scientific approaches to its definition were streamlined, which allowed further research to focus on more significant points that characterize the investment specifics of the studied phenomenon. Based on the current provisions of the theory of capitalization, which are determined on the basis of interrelated categories «Capital — Value — Growth» (in the classical interpretation of the theory of capitalization such concepts are «Capital — Cost — growth») it was found that the investment specifics of modern processes and results it is expedient to study on the basis of the concept of impact investment, which provides for the priority of investment not only in commercial but also socially oriented spheres of life, which provide socially significant and environmental effects.
 The study proved that the key cost results of capitalization in the current conditions of enterprises are dependent on the level of development of unfunded and dematerialized types of capital, areas of activity and investment. Based on the use of the rank correlation method, the relationship between capital formation factors and key cost indicators, calculated on the basis of the fundamental cost approach, was determined. According to the results of research of 19 industrial enterprises of Ukraine during 2009—2018, a high level of dependence between the volume of investments, value results of capital formation and indicators of the fundamental value of capital and its varieties was proved. It is determined that the consequences of investing in the development of management and communication technologies, digitalization of business processes have a fairly high level of connection with the fundamental cost of operating capital of the studied enterprises. The conclusion about strengthening of influence of intellectual and social factors on cost results of capitalization of the enterprises is made.
 Keywords: capitalization, investment impact, fundamental cost of capital, value results, invested capital, industrial enterprises.
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