ASSESSMENT OF THE IMPACT OF LENDING CONDITIONS ON THE LEVEL OF INVESTMENT ACTIVITY OF ENTERPRISES
Abstract
The purpose of this study is to develop and apply methodological principles for assessing the impact of lending conditions on the level of investment activity of enterprises. The relevance of the study is determined by the needs of many enterprises to increase the volume of their investment activities. This, in turn, requires an increase in the financial capabilities of economic entities, in particular, thanks to the growth of loan financing of investment projects. To achieve the goal and solve the research tasks, the following general scientific and special methods are used in the work: theoretical generalization – when determining the features of loan financing of investment activities; modeling – when building models and when developing the sequence of the process of assessing the impact of lending conditions on the level of investment activity of enterprises; analysis – when assessing the importance of lending parameters of investment activity; abstraction – when establishing the main factors that influence the size of the loan potential of enterprises, etc. The importance of the use of credit levers for regulating the investment activity of enterprises is justified. A sequence of assessment of the impact of lending conditions on the level of investment activity of enterprises has been developed. An index is proposed for ranking investment projects that a certain enterprise intends to implement, according to the degree of attractiveness of their loan financing. Approbation of the developed methodological principles was carried out on a sample of small enterprises of Ukraine belonging to three types of economic activity. The theoretical and methodological provisions developed in the course of the research on the assessment of the impact of lending conditions on the level of investment activity of enterprises can be implemented in the practice of business entities when they draw up an investment programs. This will make it possible to improve the level of validity of these programs, which, in turn, will contribute to the growth of the financial results of the enterprises and the improvement of their financial condition. Also, the obtained results can be applied to the development of measures regarding the use of levers of financial and credit regulation of the economy.
References
Амоша О. І., Булєєв І. П., Шевцова Г. З. Інноваційне оновлення техніко-технологічної бази промислового виробництва на синергетичних засадах: теорія і практика. Економіка промисловості. 2007. № 1(36). С. 3–9.
Bhandari D., Singh R. K., Garg S. K. Prioritization and evaluation of barriers intensity for implementation of cleaner technologies: Framework for sustainable production. Resources, Concentration and Recycling. 2019. Vol. 146. P. 156–167.
Valitov Sh. M., Khakimov A. Kh. Innovative Potential as a Framework of Innovative Strategy for Enterprise Development. Procedia Economics and Finance. 2015. Nо. 24. Р. 716–721.
Волощук Л. О. Методичні засади та проблеми оцінювання інтелектуальної складової інноваційного розвитку промислового підприємства. Економічний аналіз. 2014. № 18 (2). С. 87–94.
Гараєв М. В. Інвестиційний потенціал підприємств залізничного транспорту: формування та розвиток. Економіка та держава. 2019. № 7. С. 96–99.
Геєць В. М. Бар’єри на шляху розвитку промисловості на інноваційній основі та можливості їх подолання. Економіка України. 2015. № 1. С. 4–25.
Герасимчук В. Г., Довгань Л. Є., Давиденко В. Р. Інноваційно-інвестиційний розвиток промисловості України: проблеми і перспективи. Інвестиції: практика та досвід. 2006. № 12. С. 14–17.
Yemelyanov O., Symak A., Petrushka T., Lesyk R., Lesyk L. Assessment of the technological changes impact on the sustainability of state security system of Ukraine [Online]. Sustainability. 2018. Vol. 10 (4). DOI: https://doi.org/10.3390/su10041186 (Accessed 29 Jan 2023).
Захарченко Н. В. Оцінка рівня високотехнологічного розвитку виробничого підприємства. Економічний вісник університету. 2005. Вип. 26.1. С. 73–80.
Касич А. О. Модернізація як стратегічне завдання розвитку промисловості України. Бізнес Інформ. 2016. № 7. С. 67–72.
Кунцевич В. О. Поняття фінансового потенціалу розвитку підприємства та його оцінки. Актуальні проблеми економіки. 2004. № 7(37). С. 123–130.
Ларка Л. С. Обґрунтування господарських рішень, що впливають на інвестиційну привабливість підприємства. Вісник НТУ «Харківський політехнічний інститут». 2017. № 46. С. 100–103.
Lesinskyi V., Yemelyanov O., Zarytska O., Symak A., Koleshchuk O. Substantiation of projects that account for risk in the resource-saving technological changes at enterprises. East. Eur. J. Enterp. Technol. 2018. Vol. 6(1). Р. 6–16.
Міценко Н. Г., Міщук А. І. Розвиток підприємства на основі інформаційного та інноваційного потенціалу. Науковий вісник Одеського національного економічного університету. 2016. № 4(236). С. 191–204.
Найдюк В. С. Сутність та передумови інноваційного розвитку підприємств. Маркетинг і менеджмент інновацій. 2013. № 4. С. 251–263.
Bhalli M., Hashmi S., Majeed A. Impact of Credit Constraints on Firms Growth: A Case Study of Manufacturing Sector of Pakistan. Journal of Quantitative Methods. 2017. Vol. 1(1). Р. 4–40.
Gill A. S., Mand H. S., Sharma S. P., Mathur N. Factors that Influence Financial Leverage of Small Business Firms in India. International Journal of Economics and Finance. 2012. Vol. 4, Nо. 1. Р. 33–45.
Гладій С. Фінансовий механізм інвестування інноваційного розвитку: теоретико-методологічний підхід до управління. Наука молода. 2005. № 3. С. 109–115.
Jude F. A., Adamou N. Bank Loan Financing Decisions of Small and Medium-Sized Enterprises: The Significance of Owner/Managers` Behaviors. International Journal of Economics and Finance. 2018. Vol. 10 (5). Р. 231–241.
Yemelyanov O., Symak A., Petrushka T., Zahoretska O., Kusiy M., Lesyk R., Lesyk L. Changes in Energy Consumption, Economic Growth and Aspirations for Energy Independence: Sectoral Analysis of Uses of Natural Gas in Ukrainian Economy. [Online]. Energies. 2019. Vol. (12(24)). DOI: https://doi.org/10.3390/en12244724 (Accessed 29 Jan 2023).
Yemelyanov O., Symak A., Petrushka T., Lesyk R., Lesyk, L. Evaluation of adaptability of Ukrainian economy to changes in prices for energy carriers and to energy market risks. [Online]. Energies. 2018. Vol. (11 (12)). DOI: https://doi.org/10.3390/en11123529 (Accessed 29 Jan 2023).
Lesinskyi V., Yemelyanov O., Zarytska O., Symak A., Petrushka T. Devising a Toolset for Assessing the Potential of Loan Financing of Projects Aimed at Implementing Energy-Saving Technologies. East. Eur. J. Enterp. Technol. 2021. Vol. 4(13), Р. 15–33.
Choi S., Furceri D., Huang Y., Loungani P. Aggregate uncertainty and sectoral productivity growth: The role of credit constraints. J. Int. Money Financ. 2018. Vol. 88, Р. 314–330.
Yemelyanov O., Petrushka T., Symak A., Trevoho O., Turylo A., Kurylo O., Danchak L., Symak D., Lesyk L. Microcredits for Sustainable Development of Small Ukrainian Enterprises: Efficiency, Accessibility, and Government Contribution [Online]. Sustainability. 2020. Vol. 12 (15). Available at: https://doi.org/10.3390/su12156184 (Accessed 29 Jan 2023).
Ємельянов О. Ю. Оцінювання потенціалу позикового фінансування господарської діяльності підприємств агропромислового комплексу. Агросвіт. 2022. № 24. С. 3–9.
Amosha O. I., Bulieiev I. P., Shevtsova H. Z. (2007) Innovatsijne onovlennia tekhniko-tekhnolohichnoi bazy promyslovoho vyrobnytstva na synerhetychnykh zasadakh: teoriia i praktyka [Innovative renewal of the technical and technological base of industrial production on a synergistic basis: theory and practice]. Industrial economics, no. 1(36), pp. 3–9.
Bhandari D., Singh R. K., Garg S. K. (2019) Prioritization and evaluation of barriers intensity for implementation of cleaner technologies: Framework for sustainable production. Resources, Concentration and Recycling, vol. 146, pp. 156–167.
Valitov Sh. M., Khakimov A. Kh. (2015) Innovative Potential as a Framework of Innovative Strategy for Enterprise Development. Procedia Economics and Finance, nо. 24, pp. 716–721.
Voloschuk L. O. (2014) Metodychni zasady ta problemy otsiniuvannia intelektual'noi skladovoi innovatsijnoho rozvytku promyslovoho pidpryiemstva [Methodical bases and problems of estimation of an intellectual component of innovative development of the industrial enterprise]. Economic analysis, no. 18 (2), pp. 87–94.
Garayev, M. (2019) Investytsijnyj potentsial pidpryiemstv zaliznychnoho transportu: formuvannia ta rozvytok [Investment potential of the enterprises of a railway transportation: the formation and development]. Ekonomika ta derzhava, vol. 7, pp. 96–99.
Heiets' V. M. (2015) Bar'iery na shliakhu rozvytku promyslovosti na innovatsijnij osnovi ta mozhlyvosti ikh podolannia [Barriers to the development of industry on an innovative basis and opportunities to overcome them]. Ukraine economy, no. 1, pp. 4–25.
Herasymchuk V. H., Dovhan' L. Ye., Davydenko V. R. (2006) Innovatsijno-investytsijnyj rozvytok promyslovosti Ukrainy: problemy i perspektyvy [Innovation and investment development of Ukrainian industry: problems and prospects]. Investments: practice and experience, no. 12, pp. 14–17.
Yemelyanov O., Petrushka T., Symak A., Trevoho O., Turylo A., Kurylo O., Danchak L., Symak D., Lesyk L. (2020) Microcredits for Sustainable Development of Small Ukrainian Enterprises: Efficiency, Accessibility, and Government Contribution, [Online], Sustainability, vol. 12 (15), DOI: https://doi.org/10.3390/su12156184 (Accessed 29 Jan 2023).
Zakharchenko N. V. (2005) Otsinka rivnia vysokotekhnolohichnoho rozvytku vyrobnychoho pidpryiemstva [Assessment of the level of high-tech development of a manufacturing enterprise]. Economic Bulletin of the University, vol. 26.1, pp. 73–80.
Kasych A. O. (2016) Modernizatsiia iak stratehichne zavdannia rozvytku promyslovosti Ukrainy [Modernization as a strategic task of industrial development of Ukraine]. Business Inform, no. 7, pp. 67–72.
Kuntsevych V. O. (2004) Poniattia finansovoho potentsialu rozvytku pidpryiemstva ta yoho otsinky [The concept of financial potential of enterprise development and its evaluation]. Aktualni problemy ekonomiky, no. 7(37), pp. 123–130.
Larka L. S. (2017) Obgruntuvannia hospodars'kykh rishen', scho vplyvaiut' na investytsijnu pryvablyvist' pidpryiemstva [Substantiation of business decisions that affect the investment attractiveness of the enterprise]. Visnyk NTU «Kharkivs'kyj politekhnichnyj instytut», vol. 46 (2017), pp. 100–103.
Lesinskyi, V., Yemelyanov, O., Zarytska, O., Symak, A. & Koleshchuk, O. (2018). Substantiation of projects that account for risk in the resource-saving technological changes at enterprises. East. Eur. J. Enterp. Technol., vol. 6(1), pp. 6–16.
Mischenko N. H., Mischuk A. I. (2016) Rozvytok pidpryiemstva na osnovi informatsijnoho ta innovatsijnoho potentsialu [Enterprise development based on information and innovation potential]. Scientific Bulletin of Odessa National Economic University, vol. 4(236), pp 191–204.
Najdiuk V. S. (2013) Sutnist' ta peredumovy innovatsijnoho rozvytku pidpryiemstv [The essence and prerequisites for innovative development of enterprises]. Marketing and Management of Innovations, vol. 4, pp. 251–263.
Bhalli M., Hashmi S., Majeed A. (2017) Impact of Credit Constraints on Firms Growth: A Case Study of Manufacturing Sector of Pakistan. Journal of Quantitative Methods, vol. 1(1) , pp. 4–40.
Jude F. A., Adamou N. (2018) Bank Loan Financing Decisions of Small and Medium-Sized Enterprises: The Significance of Owner/Managers` Behaviors. International Journal of Economics and Finance, vol. 10(5), pp. 231–241.
Gill A. S., Mand H. S., Sharma S. P., Mathur N. (2012) Factors that Influence Financial Leverage of Small Business Firms in India. International Journal of Economics and Finance, vol. 4(1), pp. 33–45.
Hladij S. (2005) Finansovyj mekhanizm investuvannia innovatsijnoho rozvytku: teoretyko-metodolohichnyj pidkhid do upravlinnia [The financial mechanism of investing in innovative development: a theoretical and methodological approach to management]. Science is young, no. 3, pp. 109–115.
Yemelyanov O., Symak A., Petrushka T., Lesyk R., Lesyk, L. (2018) Assessment of the technological changes impact on the sustainability of state security system of Ukraine, [Online], Sustainability, vol. 10 (4), available at: https://doi.org/10.3390/su10041186 (Accessed 29 Jan 2023).
Yemelyanov O., Symak A., Petrushka T., Zahoretska O., Kusiy M., Lesyk R., Lesyk L. (2019) Changes in Energy Consumption, Economic Growth and Aspirations for Energy Independence: Sectoral Analysis of Uses of Natural Gas in Ukrainian Economy, [Online], Energies, vol. 12 (24). DOI: https://doi.org/10.3390/en12244724 (Accessed 29 Jan 2023).
Lesinskyi, V., Yemelyanov, O., Zarytska, O., Symak, A. & Petrushka, T. (2021). Devising a Toolset for Assessing the Potential of Loan Financing of Projects Aimed at Implementing Energy-Saving Technologies. East. Eur. J. Enterp. Technol., vol. 4(13), pp. 15–33.
Choi S., Furceri D., Huang Y., Loungani P. (2018) Aggregate uncertainty and sectoral productivity growth: The role of credit constraints. J. Int. Money Financ., vol. 88, pp. 314–330.
Yemelyanov O., Petrushka T., Symak A., Trevoho O., Turylo A., Kurylo O., Danchak L., Symak D., Lesyk L. (2020) Microcredits for Sustainable Development of Small Ukrainian Enterprises: Efficiency, Accessibility, and Government Contribution, [Online], Sustainability, vol. 12 (15), DOI: https://doi.org/10.3390/su12156184 (Accessed 29 Jan 2023).
Yemelyanov O. Yu. (2022). Otsiniuvannia potentsialu pozykovoho finansuvannia hospodars'koi diial'nosti pidpryiemstv ahropromyslovoho kompleksu. [Evaluation of the potential of loan financing of the economic activity of enterprises of the agro-industrial complex]. Agroworld, no. 24, pp. 3–9.
