Capitalist Enterprise Research Articles

From ruins and rubble: promised and suspended futures in Kenya (and beyond)

ABSTRACT In the first quarter of the twenty-first century, much future-making in Kenya is taking place in ruins of unfinished promising projects, failed capitalist enterprises, and decades of colonial and postcolonial exclusion and marginalization. When discussing future-making in Kenya specifically and Africa more generally, especially in the context of vision-driven developmentalist narratives that rely on visions of linear progress and growth, analysts and social scientists need to account for ways that futures emerge from ruins and rubble of undelivered and uncertain promises, collapsed industries, and colonial and postcolonial dispossession of land and rights. This article establishes the overarching argumentation and framing of the “Living with Ruins” special collection, outlines key theoretical concepts like ruination, infrastructuring, and future-making, and examines ruins and ruination in key economic and political domains that make claims to Kenya’s future: capitalist boom-and-bust economies, mega-scale infrastructure projects, and urban development. In all these domains, futures are emerging through assemblages of people’s everyday practices of maintenance and the ruins that surround them, complicating facile proclamations of Africa’s rising or abjection.

Modernidade crítica, pensamento criativo e inovação: um estudo sobre as startups no Brasil

Abstract This study aims to understand the criteria that influence the decision-making process of selecting startups that have innovated successfully. In this article, this kind of selection was made by venture capital enterprises. We studied the view of the investors, venture capital professionals, and startup entrepreneurs interviewed. We present the actual global characteristics of the main cities where innovation takes place and the modernism and critical modernism aspects and creative thinking beliefs (Einstein, Habermas). The qualitative research was carried out using an exploratory approach and case study methodology based on semi-structured interviews (nine in total) with professionals from venture capital funds, startup entrepreneurs, and investors. The interviews confirmed several relationships between theories found in the business management literature. Findings such as post-bureaucratic environments (Heckscher), Mintzberg’s (1995) Adhocracy, and Simon’s decision-making process (1987) for pattern recognition were corroborated by the analysis of the interviews. We present some initiatives for innovation such as Station F in France, El Espacio La Nave, Madrid, the Project Porto Maravilha in Rio, and Vila Olimpia e Paulista avenue, São Paulo.

China's State-owned Enterprises and Private Enterprises Capital Budget System Analysis

Strengthening enterprise capital operation budget is the basic requirement of China's socialist market economic system, and also the need of the development of the times. In the process of the company 's growth, budget management is an inseparable part. Doing a good job in the company 's capital budget can effectively ensure the effectiveness of its decision-making, maximize the utilization efficiency of operating costs, and then contribute to the company 's sustainable operation. With the continuous growth of China 's national economy, the budget system of China's state-owned capital and private enterprises is becoming more and more perfect. Based on the basic definition of China 's state-owned capital operation and private enterprise capital budget, this paper studies the problems faced in the capital budget system and management mechanism, and on this basis, puts forward the application of strengthening the market mechanism in the construction process of China's private enterprise capital budget system and management mechanism, emphasizing the reform of enterprise management concept and improving enterprise management ability. Finally, combined with the background of the new coronavirus epidemic, the corresponding countermeasures and suggestions are put forward for the optimization of enterprise financing channels and capital budget.

Stock market indices in the market capitalization management of corporate agricultural enterprises

In globalization and production intensification, corporate agricultural enterprises increasingly seek investment resources for their development. Given the lack of sufficient funds from domestic investors and the transnational nature of economic activity, agricultural corporations are entering international capital markets. On the other hand, implementing corporate strategies for market capitalization management also involves optimizing or constantly increasing the market value of the business, which makes issuers of securities dependent on the stock market, financial risks, and psychological moods of investors. Since general trends determine the market conditions on the stock exchange, the financial management of corporate agricultural enterprises should consider the dynamics of share prices of both the leading issuers on the stock exchange and their industry representatives. Therefore, stock exchange indices are generalized indicators of this. The article aims to study stock market indices in the market capitalization management of corporate agricultural enterprises. It has been shown that stock indices are an essential financial market instrument, allowing investors to analyze market dynamics, assess risks, and formulate investment strategies. With the development of technology and the informatization of securities trading, the role of indices is only growing, and they reflect the dynamics of the economy and the latest investment demands. In corporate market capitalization management, stock indices play a crucial role by providing information to financial analysts, underwriters, and top management about general stock market trends and industry investment expectations. We have provided a brief genesis of stock market indices and defined their primary functions and principles of construction. The methodology for calculating stock exchange indices of corporate agricultural enterprises has been proposed. The trends in the development of Ukrainian agro-corporations for 2012-2022 have been identified, and the prominent trends for 2023 have been forecast. It has been defined that in order to prevent the deepening of the crisis in the corporate agrarian sector in 2023, along with state strategies and targeted programs, strategies for managing the market capitalization of corporate agricultural enterprises should be developed and/or refined based on strategic risk management, crisis management, international investment management, and behavioral finance, taking into account stock exchange indices as one of the strategic indicators of development in a globalized turbulent world. Keywords: stock indices, stock market, market capitalization, corporate agricultural enterprises, financial management

ОСОБЛИВОСТІ ФОРМУВАННЯ ФІНАНСОВОГО ПОТЕНЦІАЛУ ТА РИНКОВОЇ КАПІТАЛІЗАЦІЇ ПІДПРИЄМСТВ | В СУЧАСНИХ УМОВАХ

The article examines modern trends in the formation of the enterprise's financial potential and its assessment. The key characteristics and mechanisms of its use are given. The connection between the financial potential and the level of capitalization of business entities in modern conditions is proven. The toolkit for increasing the use of indicators and the peculiarities of their transformation in the conditions of post-war reconstruction in the context of sustainable development are given. Keywords: financial potential, enterprise capitalization, market value, financial support, competitiveness, investment attractiveness, sustainable development.

Skill and Deskilling in Two Automotive Assembly Plants in South Africa

This article presents research on skills development and workplace change complexities within two automotive assembly plants in Pretoria, South Africa. Auto assembly companies are also termed Original Equipment Manufacturers (OEMs). Since 1995, South African OEMs have become fully integrated into the global networks of their foreign parent companies. As South Africa’s leading manufacturing sector, the automotive industry’s increasing importance is reflected in its exports, investments, and contribution to the country’s gross domestic product. The two companies are global multinationals situated in one of South Africa’s most globally integrated sectors that have undergone significant mechanization and automation since the 1990s. Therefore, these companies present a relevant site for studying changes in the labor process and the tendencies of deskilling in these workplace environments.
 The research is based on a qualitative research design that used semi-structured interviews with workers, supervisors, and managers across two plants that assemble motor vehicles in South Africa. The objective of the research was to understand the nature of changes to workplace production methods that influence the character of skills amongst the workforce. This paper studies workers’ experiences on how changes in work processes have impacted their work skills and contributed to the processes of deskilling. Present studies of skills in South Africa have prioritized large-scale labor market aggregate data analysis or reforms in education and training policies of the state. This paper brings a perspective on the labor process changes that are informed by concrete analysis of the production process and how technological changes shape the character of skills formation within automotive assembly plants. The value of such an approach is that it brings to the discussion of technology and workplace change a more specific set of experiences that transcends the often speculative and mythical discussion about the impact of technology on work. This article highlights the importance of understanding workers’ voices, shift supervisors, and managers on the contested nature of skills development within capitalist enterprises. The findings illustrate the contradictory nature of technological change and skills development. This is shown by discussing the following themes that emerged from the findings: 1) worker responses to the introduction of robots in the workplace environment, 2) the deskilling challenge on the two plants, and 3) grappling with the turnover times of capitalist production. I conclude the paper by revisiting the key findings of the research and showing the implications for future studies of deskilling in contemporary capitalist enterprises. The significance of these findings ultimately points to the importance of locating labor processes and deskilling in the context of the political economy of the capitalist mode of production and how it is reshaping the content of work in modern automotive assembly plants.

Scaling in a post-growth era: Learning from Social Agricultural Cooperatives

It has become normative in organization and management studies literature to consider scaling as a synonym for organizational growth. Scaling is typically understood as scaling-up. This article demonstrates that, in the context of post-growth organizations, scaling involves a more complex set of dynamics. Directing scholarly attention to scaling in the context of Italian Social Agricultural Cooperatives (i.e. organizations that hold a different rationale and modus operandi from the capitalist enterprise), this research contributes to the literature on scaling the impact of post-growth organizations by identifying nine different scaling routes: organizational growth (vertical and horizontal); organizational downscaling; impact on policies; multiplication; impact on organizational culture; impact on societal culture; aggregation; and diffusion. This article demonstrates that post-growth scaling: (1) requires the synergistic interaction of different strategies; (2) focuses on impacting societal culture; (3) does not necessarily require organizational growth; and (4) is a relational process, embedded in socio-ecological systems. The typology presented in this article empowers post-growth organizations to become more aware of different available scaling routes, unlocking their transformative potential and supporting the transition towards a post-growth future, in which the goal of economics is the pursuit of human and ecological flourishing.

Analysis of Working Capital for Micro, Small, and Medium Enterprises (UMKM) Tiga Dara, Banawa District, Donggala Regency

This study aims to determine the management of working capital in Micro, Small, and Medium Enterprises in Tiga Dara, Banawa District, Donggala Regency, and to find out the contribution of working capital management efficiency to operating profits in Tiga Dara Micro, Small, and Medium Enterprises District of Banawa, Donggala Regency. This research is quantitative research with a descriptive approach using secondary data in the form of financial reports for Micro, Small, and Medium Enterprises in Tiga Dara consisting of a profit and loss report and a balance sheet for January to June 2021. The data analysis technique in this study uses ratio analysis consisting of Level Ratio Working Capital Turnover (TPMK), Return on Working Capital ratio, Return On Assets ratio, Gross Profit Margin ratio, and WratNet Profile Margin. This study shows that the level of efficiency in managing working capital at Micro, Small, and Medium Enterprises in Tiga Dara, Banawa District, Donggala Regency, is assessed from the assessment of the ratio of the level of turnover of capital working (TPMK) and the ratio of return working capital for the production of Banana Chips period months January-June 2021, is within the assessment criteria which is good so that the management of working capital for micro, small and medium enterprises is considered to be efficient. The results of the profitability analysis of Micro, small and medium enterprises in Tiga Dara Sub-district Banawa Donggala Regency show that when viewed and assessed from the ratio of Return on assets, it is in the category of poor assessment, while x x when viewed and assessed from the ratio of gross profit margin and net profit margin are in the good rating category. This means that the profitability performance of micro, small, and Medium Enterprises in Tiga Dara, Banawa District, Donggala Regency is assessed as having an inefficient return on asset ratio. In contrast, the profitability performance of Micro, Small, and Medium Enterprises in Tiga Dara, Banawa District, Donggala, is assessed from the ginxmarx profit ratio as efficient. For this reason, efficiency is urgently needed in difficult times like today, namely the Covid 19 pandemic. Therefore, Micro, Small, and Medium Enterprises in Tiga Dara, Banawa District, Donggala Regency must maintain and improve their business efficiency by utilizing existing resources to the maximum extent possible for maximum profit.

Trust and Distrust: Corruption in Office in Britain and its Empire, 1600‐1850. By MarkKnights. Oxford: Oxford University Press. 2021. 512 pp. £35. ISBN: 978‐0‐19879‐624‐4.

Trust and Distrust: Corruption in Office in Britain and its Empire, 1600‐1850. By MarkKnights. Oxford: Oxford University Press. 2021. 512 pp. £35. ISBN: 978‐0‐19879‐624‐4.

Вплив інтелектуального маркетингового капіталу на комплексну вартість промислових підприємств

The purpose of the article is a theoretical and methodological substantiation of the scientific-practical process of diagnosing the influence of the intellectual marketing capital of the enterprise on its complex cost in modern conditions of economic management. According to the results of the study, it is found that in modern conditions, intellectual marketing capital can undoubtedly be a competitive advantage. Its influence and evaluation are important instruments for the capitalization of the enterprise, by means of which it is possible to create an attractive corporate image, from a marketing point of view, and increase the complex value of the enterprise. Based on the analysis of different approaches, intellectual marketing capital can be considered as: an aggregate of values; the process of transforming knowledge and intangible assets into resources; the result of the enterprise’s efforts to form, use and increase it. Therefore, intellectual marketing capital should be understood as a system of intellectual values (knowledge, experience, creativity, skills), information, organizational capabilities, information channels, which in the process of their reproduction create intellectual advantages of the enterprise in the market. The main function of intellectual marketing capital is to significantly accelerate the growth of profit by forming and implementing the systems of knowledge, things and relations necessary for an enterprise, which, in turn, ensure highly efficient business activities taking into account the conditions of digital technologies. The article proposes a scientific-practical approach to diagnosing the intellectual marketing capital of an industrial enterprise, which includes five stages, and a model of the impact of the intellectual marketing capital of an industrial enterprise on its complex value, in the context of which it is advisable to study both financial and non-financial indicators, since not all components of intellectual marketing capital can be expressed in monetary terms. The practical significance of the results obtained is that the proposed models allow for a more accurate assessment of intellectual marketing capital, which will increase the efficiency of its use at different levels of management and increase the complex value of the enterprise. The results of the research allow further consideration of a strategic approach to the formation of the complex value of an industrial enterprise.

ОСОБЛИВОСТІ ФОРМУВАННЯ КАПІТАЛУ ПІДПРИЄМСТВА

The article describes the peculiarities of the formation of the enterprise's capital. The author's definition of the capital of the enterprise is given. The main goal of the formation of the enterprise's capital is determined, which consists in optimizing its structure to ensure the enterprise's assets and their effective use. The main principles of capital formation of the enterprise were studied. Two groups of functions are distinguished, which are performed during the functioning of the enterprise's capital management system. Features of capital management are established, taking into account the industry specifics of the enterprise. A comprehensive analysis of the efficiency of the company's capital formation was carried out according to the parameters of its cost and the level of financial risk of «GREEN COOL» LLC in 2020–2022. which determines the growth of the welfare of investors and the owner of the enterprise. The cost of equity according to the indicator of its profitability increased from 8.01% to 9.17%, which indicates the ability of the enterprise to generate profit for the owners. The cost of loan capital had an upward trend, which indicates a lack of own financial resources in the enterprise's economic activity. The level of financial autonomy indicates the possibility of financing needs at the expense of own sources by 33%, therefore the composition and structure of the capital of the enterprise need to be revised. Directions for increasing the efficiency of the enterprise's capital functioning are given, taking into account effective management taking into account the riskiness and cost of capital, increasing profitability, as well as reinvesting free funds and retained earnings into the expansion of the enterprise's production capacity are relevant. To increase the efficiency of capital formation of «GREEN COOL» LLC, it is necessary to constantly monitor and analyze the main indicators of the company's activity, develop new strategies and change the capital structure, activating the investment attractiveness of the company under study to attract investmentresources.

АНАЛІТИЧНЕ ЗАБЕЗПЕЧЕННЯ УПРАВЛІННЯ КАПІТАЛОМ ПІДПРИЄМСТВ

The article examines the issue of analytical support for enterprise capital management. A model of the methodology of capital analysis is presented according to the identified directions and the indicators and methods of their research selected for each of them. The main attention is paid to: analysis of the availability and structure of capital; analysis of the efficiency of the use of the enterprise's capital; factor analysis of the availability and efficiency of the use of the enterprise's capital; optimization of the capital structure of the enterprise; searching for reserves, improving the composition and structure of capital, increasing the efficiency of its use and ensuring sustainable economic growth and financial security of the enterprise, as well as forming proposals for the practical implementation of attracting the identified reserves. It is noted that the presented model of capital analysis will allow: to effectively organize the analytical process regarding the availability and efficiency of the use of the enterprise's capital, optimization of its structure; to provide substantiation of reserves for improving the composition and structure of capital, increasing the efficiency of its use to ensure economic growth; investigate measures for the practical implementation of identified reserves and form alternative proposals for the selection and adoption of appropriate management decisions. The model of capital analysis was tested on the example of a specific enterprise - FG "Novosynivske" of Khmelnytskyi region, where the composition and structure of sources of property financing were evaluated; the composition and structure of the company's own capital, as well as indicators of the security and efficiency of the use of the company's own capital. Such an analysis aims to: assess the current and prospective financial condition of the enterprise, that is, the use of capital; justify the possible and acceptable rates of development of the enterprise from the point of view of providing them with sources of financing; identify available sources of funds, evaluate rational ways of mobilizing them; identify all possible risks when using loan sources of financing; justify the processes and algorithm of capital structure optimization; predict the company's position on the capital market. It is expedient to carry out at a specific enterprise, it can be carried out with the help of various types of models that allow structuring and identifying the relationships between the main indicators.

МЕТОДОЛОГІЯ ОЦІНЮВАННЯ ЕФЕКТИВНОСТІ ВИКОРИСТАННЯ ПОЗИКОВОГО КАПІТАЛУ ПІДПРИЄМСТВ

The article examines methodological approaches to assessing the effectiveness of the use of borrowed capital of enterprises. It has been proved that an enterprise that focuses only on the use of its own capital significantly narrows the possibilities for increasing its profitability, being unable to quickly and on a large scale increase production volumes. It is substantiated that the use of borrowed capital provides enterprises with certain advantages, such as a reduction in the tax base, a reduction in payments to the budget. An enterprise can derive additional benefit from the use of borrowed capital during a period of rising inflation. It is shown that the general methodological approach to assessing the effectiveness of managing the loan capital of enterprises involves determining its state, security and efficiency of use. The factors influencing the effectiveness of the use of the general, own and borrowed capital of the enterprise are investigated. It is proved that one of the indicators used to assess the efficiency of the use of loan capital is the effect of financial leverage. It is shown that the attraction of loan capital will be effective when the growth rate of the enterprise's profit will outpace the growth rate of the total assets, that is, the return on assets will increase. The influence of various factors on the level of financial leverage and the overall stability of the enterprise is analyzed. A multiplicative model for evaluating the effectiveness of the use of borrowed capital of an enterprise has been developed and proposed, taking into account the following processes: ensuring the constancy of the development of an enterprise when using borrowed capital, determining the efficiency of attracting borrowed capital and the effectiveness of using borrowed capital. The resulting indicator of the efficiency of the use of loan capital is the return on loan capital. To manage the efficiency of the use of borrowed funds, a model is proposed, where the object of influence is the leverage of the financial lever, the change of which affects the profitability of both the borrowed and the total capital of the enterprise.

СТАН ІНТЕЛЕКТУАЛЬНОГО КАПІТАЛУ ХАРЧОВОЇ ПРОМИСЛОВОСТІ: ІННОВАЦІЙНА ДІЯЛЬНІСТЬ

In the article, the authors describe the state of innovative activity through the analysis of the dynamics and structure of organizations that carry out scientific and research activities. this was done to reveal one of the components of the intellectual capital of food industry enterprises and in general. The intellectual capital of the food industry directly depends on the level of innovation and stimulation to create innovations in the industry. A state favorable for the development of innovative activity is characterized by the presence of research institutions and laboratories, scientific organizations and enterprises that have innovative products or engage in innovation. The desire to find out the real number of organizations and enterprises of the food industry that carry out innovative activities as a component of intellectual capital prompted the research and analysis of the state described in the article. And also taking into account the trends to find out about the number of researchers and workers carrying out scientific and research activities with the aim of creating new innovative products and solving current technical and technological issues through the prism of scientific and technological progress. This information contributes to further broader and comprehensive analysis of the structure, state and prospects of the formation of intellectual capital of food industry enterprises; makes it possible to understand and highlight the main bottlenecks in the state of innovative activity, which affect the state of intellectual capital; to trace the connection between the creation of motivation for employees in the field of science and innovation and the volume of sales of innovative goods, increasing the activity of the economy. The authors highlight the main problems that, in their opinion, have a significant impact on the state of the intellectual capital of the food industry through innovative composition. Which take into account the non-realization of part of the expectations prescribed in the National Development Strategy precisely because of certain negative dynamics in the values of the parameters characterizing the state of innovative activity.

Formation of the human capital development mechanism of machine-building enterprises on the basis of digitalization

The article presents the mechanism of human capital development, which takes into account the peculiarities of the functioning of machine-building enterprises, ensures the parallel development of digital skills, knowledge, digital intellectual potential in combination with technical and technological support, includes organizational measures and economic support for their implementation. Several factors affecting the development of human capital in the conditions of digitalization of the economy are identified. The factors of organizational direction that determine the development of human capital of machine-building enterprises include the implementation of the strategy for the development of the digital economy of Ukraine, demand for digital services, the development of remote work, the spread of devices and access to high-speed Internet, and the factors of economic direction - the reduction of the cost of digital technologies, the acceleration of turnover of funds thanks to e-commerce, capital return and asset productivity, reduction of transaction costs. The article describes several principles on which the human capital development mechanism should be based: the principles of proactivity, adaptability, perspective, progressiveness, comprehensiveness and economy. These principles are correlated with measures for the development of human capital. It is substantiated that the mechanism involves the use of modern tools provided by Industry 4.0 and Industry 5.0 technologies, as well as methods of proactive development of human capital. The framework of digital competencies and roadmaps for the integration development of human capital and the implementation and implementation of digital strategies are defined as an effective tool for engineering enterprises in the implementation of the development of human capital based on digitalization. A set of measures for the development of human capital has been substantiated and disclosed, which includes: the formation and systematic monitoring of digital competencies with the involvement of employees who correspond to them; creation and use of a corporate university, ensured both by the involvement of employees and the use of internally formed knowledge and abilities of own employees; renewal of tangible and intangible assets for digitization, development and adaptation of human capital by implemented digital strategies. The format of the proposed corporate university, which will involve comprehensive training of various groups of employees, exchange of experience and the use of various digital tools and VR/AR simulators, is detailed. Economic support for the proactive development of human capital is disclosed. Digitization strategies are defined, which should be aimed at the development of human capital of machine-building enterprises. The effectiveness of the implementation of the mechanism is substantiated.

УПРАВЛІННЯ КАПІТАЛІЗАЦІЄЮ АГРОПРОМИСЛОВИХ ПІДПРИЄМСТВ У КОНТЕКСТІ ЗАБЕЗПЕЧЕННЯ ФІНАНСОВО-ЕКОНОМІЧНОЇ БЕЗПЕКИ

The article analyzes modern trends in the development of the agro-industrial complex. The peculi-arities of the capitalization of agro-industrial enterprises in the conditions of hostilities on the territory of the state are determined. The peculiarities of the functioning of the enterprises of the agro-industrial com-plex in the conditions of a difficult security situation are substantiated. The main priority tasks of managing the capitalization of agro-industrial enterprises have been formed, taking into account the prospects of the economic and security situation in the state. The main directions of ensuring the financial and economic security of the development of agro-industrial enterprises as part of the general food security of the state are proposed. The main directions of state support for agro-industrial enterprises capable of contributing to the development of the industry on the international market have been determined.It has been investigated that today the agro-industrial complex of Ukraine is in a state of crisis due to hostilities on the territory of the state, especially in border areas, territories of temporary occu-pation, where cultivated areas are damaged. It is noted that in order to maintain competitiveness and the possibility of entering global sales markets, it is advisable for domestic agricultural enterprises to create integrated associations, which will contribute to increasing the level of capitalization and faster adaptation to new conditions. It was analyzed that as a result of the expansion of the spheres of activity, there is a reduction of disproportions in the financial and economic sphere, which has a positive effect on the general state of the agricultural enterprise. It was determined that the main problem of all agri-cultural enterprises is the lack of a sufficient level of financial resources to expand their activities, to attract new innovative technologies that would allow not only to improve production processes, but also to ensure the ecological use of the land fund in the long term.

ЕКОНОМІЧНА ДІАГНОСТИКА ТА ТЕНДЕНЦІЇ ВИКОРИСТАННЯ ПОЗИКОВОГО КАПІТАЛУ У БОРОШНОМЕЛЬНО-КРУП’ЯНІЙ ПРОМИСЛОВОСТІ УКРАЇНИ

The article examines the dynamics, state and structure of the total and borrowed capital of the enterprises of the flour and cereal industry of Ukraine for the period 2013–2021. It has been proved that an enterprise that focuses only on the use of its own capital significantly narrows the possibilities of increasing its profitability, being unable to quickly increase production volumes under favorable market conditions. It is shown that the use of borrowed capital provides enterprises with significant direct and indirect benefits. It is noted that when using borrowed capital, certain threats should be taken into account, the main of which is the increased risk of reducing their financial stability and solvency. It is shown that the effective management of borrowed capital of enterprises can provide additional income to the economic turnover, increase the profitability of the production process, and increase the market value of the enterprise. General trends in the use of both total capital and borrowed capital of industrial enterprises are revealed. The periods of sustainable development of enterprises of the flour and cereals industry of Ukraine are determined, which correspond to 2015–2017. An assessment of the financial stability of the enterprises of the flour and cereals industry of Ukraine was carried out according to a system of indicators, including indicators of autonomy, financing, sustainability of financing and financial leverage. It was found that only in 2015 during the study period, the financial stability of the enterprises of the flour and cereals industry met the standard indicators. A crisis period has been defined for flour and cereals industry, which corresponds to 2020–2021. It is proved that the main problem of domestic enterprises of the flour and cereals industry is the low level of financial stability indicators, due to the insufficient amount of equity capital to finance the activities of enterprises and the high dependence on borrowed capital. It has been proved that for the majority of enterprises of the flour and cereals industry, the topical issue is the optimization of the capital structure.

AGRO-INDUSTRIAL COMPANIES’ CAPITAL COST AND STRUCTURE

The article presents a study on the assessment of the structure and cost of capital of enterprises in the agrarian sector of the Ukrainian economy. It was found that the problem of optimising the capital structure in order to minimise its cost and ensure financial stability and competitiveness is one of the important issues in which a significant number of stakeholders are interested for enterprises of the agricultural sector, which is one of the key sectors of the national economy. The research was conducted using the following methods: the method of economic and statistical analysis and synthesis (for collecting and processing aggregated information on the capital structure of agro-industrial enterprises, calculating the cost of capital and its elements); the method of graphics and scientific comparisons (for visualising the analysis conducted and identifying trends in dynamics); the method of theoretical generalisation (for substantiating the results of the research conducted and formulating conclusions and proposals for further research). The dynamics of investment in enterprises of the agricultural sector of the economy were studied and the dependence between the increase of investment in the agricultural sector and the growth of the positive difference of the return on capital of enterprises of the agricultural sector compared to the total return on capital of the economy as a whole was revealed. It was found that the expected cost of equity capital is significantly higher than the expected cost of debt capital, with the country risk premium accounting for a large part of the difference. The heterogeneity of changes in the capital structure of the companies studied as a result of changes in the indicator of the expected rate of the cost of equity capital was revealed, which is related to the presence of a consistently cheaper alternative in the form of loan financing and the strategic vision of a particular company to ensure its own financial stability. It is suggested that in establishing cost guidelines for optimising the capital structure and minimising its cost, in addition to changes in the components of the cost of capital, the impact of such changes on the financial stability and solvency of the company should also be taken into account, as a basis for further research in this direction.

Сутність і структура інтелектуального капіталу організації

The aim of the article is to analyze the existing approaches to determining the essence of the intellectual capital of an organization and its structure. According to the results of the carried out analysis of interpretations of the category of «capital of enterprise», it is determined that such a capital is considered as resources (financial, material, intangible) that, in turn, form the enterprise’s assets; the accumulated values in the form of fixed assets, intangible assets, marketable securities, inventory assets; the accumulated values both in the form of money and the tangible, intangible and financial components. The results of the further study of the interpretation of the category of «intellectual capital» by domestic and foreign researchers showed the existence of the following basic approaches to the consideration of intellectual capital: as the sum of knowledge of employees that can be assessed and can bring additional profit to the enterprise; as a result of employees’ intellectual work – intellectual products together with resources of the enterprise; as intangible assets of the enterprise; as economic relations that arise in the process of both formation and use of the intellectual resources of the enterprise. The authors draw the conclusion that the category of «intellectual capital» acquires a fairly broad meaning. It includes the human capital of the organization, which is its most dynamic and complex component and provides the basis for the formation of structural capital. In other words, intellectual capital means all the intellectual resources and capabilities of the enterprise, which constitute the source of the future income and represent a factor in terms of the growth of market value. Prospects for further research in this direction are consideration of intellectual capital in the context of its impact on the formation of enterprise potential.

The Strategy of Attracting Foreign Direct Investment in Ukrainian Enterprises

The article provides an overview of current problems and opportunities associated with attracting foreign direct investment (FDI) to Ukraine. The purpose of the article is to determine the strategy of attracting foreign investments and to determine ways to increase the investment attractiveness of Ukrainian enterprises. The article also emphasizes the relevance of the study of factors of feasibility and efficiency of the involved investments, since these indicators determine the optimal approach to work with them. The article defines the essence of the concept of "foreign direct investment". Types of presentation of the investment activity of enterprises as a whole were determined and an overview of the main types of investments that can be involved in enterprises was carried out. A comparative analysis of real and financial investments was conducted, the advantages of these types of investments for enterprises were emphasized. Also, a comparative review of the main types of direct foreign investment was conducted. Various strategies and approaches that can be successful in attracting FDI and contributing to the economic growth of the country have been analyzed. The factors that contribute to the attraction of direct foreign investment in the State are highlighted. The research in the article focuses on the challenges that Ukrainian enterprises face when attracting FDI, such as corruption, political instability and uncertain legislation. References are used to the works of various researchers who studied investment activities and the importance of investments in the formation of the enterprise's capital. The importance of developing an investment strategy was determined and areas for increasing the investment attractiveness of the company were identified. At the end of the article, additional directions for increasing the investment attractiveness of companies are proposed, such as the development of an international brand, improvement of personnel qualifications, introduction of modern technologies, partnership with local and international structures. Development of a comprehensive investment strategy and implementation of recommended measures can increase the company's competitiveness, attract foreign investors, and ensure long-term stability and growth.