FACTORS OF FORMATION AND USE OF THE FINANCIAL POTENTIAL OF INVESTMENT ACTIVITIES OF ENTERPRISES
Abstract
The purpose of this study is to identify and evaluate factors that influence the processes of formation and use of the financial potential of investment activities of enterprises. The relevance of the research is caused by the needs of many companies to increase the volume of their investment activities. This, in turn, requires an increase in the capabilities of business entities to finance 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 peculiarities of the formation of the financial potential of investment activities of companies; modeling – when building a model of formation and use of the financial potential of investment activities of enterprises; analysis – when evaluating indicators of the financial potential of investment activity; abstraction – when establishing the main factors that influence the amount of financial potential of investment activities of enterprises, etc. The theoretical principles of assessing the financial potential of investment activities of enterprises have been developed. A model of the formation and use of this potential has been built. Five main complex factors of formation and use of the financial potential of the investment activity of enterprises are identified, namely: profitability of economic activity, its riskiness, investment attractiveness of projects, preferences of business owners, availability of external funding sources. It is shown that each of the mentioned factors can be characterized by a number of indicators. The developed theoretical foundations were tested on a sample of Ukrainian enterprises belonging to three types of economic activity. In particular, the influence of many indicators of the financial potential of investment activity of enterprises on the level of their investment activity has been determined. The developed theoretical provisions on the selection and assessment of factors of the financial potential of investment activity can be implemented in the practice of enterprise activity. This will improve the validity of the process of developing investment programs and, accordingly, increase the efficiency of investment activities of enterprises.
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