Economic Sustainability Of Enterprise Research Articles

THE IMPACT OF INNOVATION RISKS ON THE ECONOMIC SUSTAINABILITY OF REGIONAL ENTERPRISES

Cardinal changes in the socio-economic environment have caused new rules of functioning of economic entities and introduced the need to manage new risk factors in the activities of enterprises. Manufacturers have faced the need to carry out entrepreneurial activities in conditions of information uncertainty, unstable economic environment, widespread ambiguity and variability of legislation. In our country the sources of risk are not only unpredictability and unpredictability of market conditions, supply and demand, prices, preferences and solvency of consumers, but also inconsistency and often contradictory actions of state and local authorities to establish legal norms for entrepreneurship. In the situation of market competition, the analysis, assessment and management of the impact of innovation risks on the economic sustainability of enterprises in the region acquires an independent theoretical and applied significance. The solution of this problem in relation to the current conditions of functioning requires additional system-targeted comprehension of not only world, but also domestic experience. Despite the significant sectoral differences of domestic industrial enterprises, when determining their risk resistance, the general provisions of official methods of diagnostics of financial condition are often used, which, in our opinion, despite the undoubted validity of such an assessment, cannot provide the necessary practical results that take into account the specifics of functioning of the analyzed business entities. In modern realities, industrial enterprises should independently determine the strategic line of their development and bear responsibility for the decisions taken. Insufficient attention on the part of the management of domestic industrial enterprises to the problems of determining risk tolerance and the development of comprehensive risk tolerance management programs can lead to significant losses that destabilize the functioning of enterprises or, in the worst case, to their bankruptcy in case of a risk situation. It is from the practice of modern economic management comes the need to develop specific methodological approaches to assessing the impact of risk on the economic sustainability of enterprises in the region.

Theoretical approaches to determining the economic sustainability of enterprises

The article discusses various interpretations of the concept of economic sustainability of an enterprise by various Russian and foreign scientists. Features of the content of the concept of sustainability for economic and technical systems.

ОРГАНИЗАЦИОННЫЕ МЕТОДЫ ОБЕСПЕЧЕНИЯ ЭКОНОМИЧЕСКОЙ УСТОЙЧИВОСТИ СОВРЕМЕННЫХ ПРОМЫШЛЕННЫХ ПРЕДПРИЯТИЙ

The methodological issues of ensuring the economic sustainability of enterprises, as one of the key goals of modern industrial business, have long been the focus of attention of scientists and researchers, not only because of their importance, but also because of some internal inconsistency that does not allow them to be considered finally resolved. On the one hand, sustainability presupposes stability, some conservatism in the development of the enterprise and this aspect of it requires the application of measures that prevent a sharp change in economic conditions. Attract the attention of researchers and have not yet received their final scientific, methodological and practical solution. It should be believed that the solution of this task, which is important for each industrial enterprise in a market economy, can be found in the case of: (a) the correct definition of business development directions in terms of its diversification and expansion (external dimension); b) determination of such economic conditions that can ensure an equilibrium state of the enterprise’s economy, characterized by a certain set of parameters of the activity of its main subsystems (internal measurement) and c) implementation of the algorithm of periodic controlled withdrawal of the enterprise from the state of stability for transition to a new level of development and stabilization of its socio-economic parameters in the intervals between such fluctuations. Therefore, the purpose of this article is to attempt to resolve this contradiction in terms of developing a set of solutions to create conditions for the progressive dynamics of industrial enterprises that do not impede, but complement, the installation to maintain stability within acceptable limits. For this, the scientific and methodological apparatus of business modeling, modern concepts of organization and management is involved, as well as innovations in the best practice of sustainable development of industrial enterprises are used. The result of the study is a tree of goals for ensuring the economic sustainability of a modern industrial enterprise, revealing the internal dimension of the problem under study and practical recommendations.

Analysis and evaluation of the impact of progressive development on economic growth and sustainability of hotel and restaurant business

Introduction. The problem of ensuring the economic sustainability of modern hotel and restaurant businesses is due to the need to ensure their sustainable development in a changing external environment, unstable market conditions, increased competition and rising prices for production resources. Advantages in solving these problems provide reduction of production costs, diversification of activities, novelty of products / services, technical and technological updating and improvement of material and technical base, improvement of management system, working conditions and financial condition of the enterprise, which is directly related to the economic efficiency of the business process. Since overall efficiency is the output of the production process and is defined as the ratio of output to cost of operations, and its increase provides an increase in economic effect, the most favourable economic conditions and competitive advantages in the market, the problem of establishing the relationship between efficiency gains and economic sustainability of enterprises is exacerbated.
 Aim and tasks. The purpose of the study is to analyze and determine the degree of influence of the factors of progressive development on improving the efficiency of use of production resources and ensuring the stability of functioning of the enterprises of the hotel and restaurant business through modeling, calculation of indicators of progressive development.
 Results. As a socio-economic system, an enterprise is characterized by complex multicomponent relationships between a large number of interdependent and interacting elements of different types, each of which can in turn be represented as a system (subsystem). The criteria of progressive economic development of the hotel and restaurant business enterprises are defined in the paper and the methods of their structural and component analysis are grounded. Models of pairwise regression between costs, types of capital investments and parameters of investment and innovation activity are constructed. The sequence of calculation of indicators of progressive economic development is offered.
 Conclusions. Increasing the cost of new machinery and equipment, existing buildings and structures, new construction and acquisition of software are contributing to the growth of labor resource potential, reducing material consumption, and increasing the cost of production. On the basis of structural-component analysis regularities of differentiated mutual influence between the indices of production resources consumption and directions of investment-innovative activity are determined, indicators of progressive development are used, by which it becomes possible to measure the level of efficiency of use of resource potentials, economic growth of the enterprises of the hotel and restaurant business.

Implementation of controlling technologies as a method to increase sustainability of the enterprise activities

We are currently facing that business environment is not stable due to globalisation processes in economics, cyclical changes and other disturbing factors. Hence, it is necessary to search such reserves that would improve efficiency of the business entity. The main objective of these reserves is to buffer negative impacts of external disturbances on financial and economic sustainability of enterprises. One of methods designed to improve the enterprise efficiency involves application of controlling technologies. In the present article the author examines results of statistical analysis of economic performance of more than 70 Russian and foreign enterprises. The author also analyses economic performance according to the author's integral indicator that shows effectiveness of primary implementation of the controlling system. On the ground of this analysis, the author determines the mean level of increase in efficiency of the enterprise's activity due to introduction of the controlling system. The analysis proves that, on average, efficiency of the economic entity's operation increases by about 17%.

Diagnostics of financial and economic sustainability of enterprise on a cash flow basis

The article considers financial and economic sustainability of enterprise from different perspectives, its types and factors that influence it. The approaches to the diagnosis of financial sustainability of the enterprise are briefly examined. The problems arising in carrying out of diagnostics of financial sustainability are determined. It is noted that it is possible to carry out the diagnostics of financial sustainability of the enterprise by means of cash flows. The study proposes to use cycles that can be characterized not only by the criteria of turnover, but also taking into account cash flows. It is proved that it is possible to conduct a diagnosis of financial sustainability using operational and financial cycles. Information provision for making the calculations is the financial statements of enterprise.

USE OF INFORMATION MANAGEMENT AND TELECOMMUNICATION TECHNOLOGIES FOR IMPROVING ECONOMIC SUSTAINABILITY OF PRODUCTION ENTERPRISE OF ENERGY SECTOR

The paper considers the improving economic sustainability of a manufacturing enterprise in the energy sector using modern information management and telecommunications systems. The subject of the study are certain types of economic sustainability of an enterprise in the energy sector. The purpose of the work is to consider the efficiency and economic feasibility of using information and control systems in the context of a continuous process of their development and renewal. The study of increasing the economic sustainability of a manufacturing enterprise in the energy sector through the use of information management and communication systems is carried out by induction and generalization. It shows the challenges faced by the energy sector enterprise in the application of information management and telecommunication technologies and systems, as well as the rationality of their application through the acquisition of effective efficiency in achieving the goal of increasing the economic sustainability of the energy sector enterprise. Consideration of certain types of economic sustainability of the industrial enterprise of the energy sector allows to conclude that the use of information management and communication systems in conjunction with organizational measures and management mechanisms that take into account the specifics of the enterprise is economically feasible.

Instability of production of agricultural products: Assessment and analysis features

The article highlights the presence of unfavourable climatic conditions in the agricultural production of the Republic of Moldova, which adversely affect the results of crop cultivation and the economic sustainability of enterprises. As a rule, the variation indicators are not taken into account and evaluated when calculating the efficiency of crops production and sales, and accordingly, the potential values of land use efficiency in the industry are not correctly predicted. In this regard, the aim of the study is to develop methodo?logical approaches to assess the stability of production and to justify some fea?tures of calculating potential indicators of production and sales of crops. The article shows the dynamics of yield of leading crops over the past 16 years and estimates the instability of production. For this purpose formulas are proposed, with the help of which the level of sustainability of enterprises can be predicted. The suggested interrelationships are vividly presented on graphs. The proposed approaches will allow specialists of enterprises to calculate the financial safety margin and the risk zone for each crop, to predict economic development using, above all, the moving average indicators.

Analysis of the Influence of the Uncertainty of the External Environment on the Financial and Economic Sustainability of Industrial Enterprises

This article analyzes the impact of the uncertainty of the external environment on the financial and economic sustainability of industrial enterprises. The analysis studied the impact of global crisis on the economic characteristics of Russian enterprises. Formulated problems caused by fluctuations in the external environment, in terms of the sustainability of the enterprise. In order to control the sustainability of the enterprise authors suggest gradation disturbances depending on the level of their occurrence: micro-, mini-, meso- and macro levels. The article substantiates the need for the development and application of probabilistic and statistical simulation models in the analysis of financial and economic sustainability of the enterprises, which is especially important during the global financial crisis. DOI: 10.5901/mjss.2015.v6n6s2p465

Steady Functioning of an Enterprise in the Conditions of Variable Economy

The article considers the modern theoretical and methodological approaches to the assessment of the economic sustainability of industrial enterprises. Development of long-term strategy aimed at achieving a set of socio-economic indicators, should include an analysis of the dynamics and ensure the minimization of cost for achieving the goal in the conditions of variable environment. The objectively existing and fundamentally fatal uncertainty in the external environment system causes disturbing impacts arising from its moments towards the goal, and determine formation of variable indicators at the output of the system. It is offered to make an assessment of the economic sustainability of the enterprise on the basis of probabilistic-statistical methods. DOI: 10.5901/mjss.2015.v6n4p274