FORMING THE POLICY OF MANAGING BORROWED / CAPITAL IN THE SYSTEM OF STRATEGIC DEVELOPMENT OF TRADE ENTERPRISES
Journal Title: Економічна стратегія і перспективи розвитку сфери торгівлі та послуг - Year 2017, Vol 1, Issue
Abstract
Under present-day unstable conditions of trade enterprises functioning, the development and implementation of effective financial strategy and policy of managing own and borrowed financial resources which are essential influential components of forming the overall corporate and competitive strategies of a trade enterprise is of great importance. The nature of the financial strategy for long-term and stable development of a trade enterprise that is focused on continuous growth and maintaining the market positions with providing a decent standard of competitiveness is considered in the article. The classification of strategies according to the key attributes was offered. The place of the policy of managing financial resources in the system of forming an overall anti-crisis strategy of a trade enterprise was substantiated. There was determined the significant effect of managing borrowed capital in the process of forming the financial strategy of trade enterprises based on the conducted analysis of the dynamics and structure of the total capital of the Ukrainian wholesale and retail enterprises and evaluation of the dynamics of volume and proportion of borrowed capital raised by the Ukrainian trade enterprises during 2010–2016. It is proved that the most important component in the system of forming the overall corporate strategy of trade enterprises has to become the development of efficient policy of managing financial resources, particularly borrowed capital, as a key element in the formation and implementation of anti-crisis financial strategy of a trade enterprise. The key internal and external factors of influencing the formation of the policy of managing borrowed capital in the system of anti-crisis financial strategy of a trade enterprise were determined. There was offered the definition of borrowed resources as funds that are raised and used by an enterprise during the stipulated period stated in the contract with the creditor that characterize the total amount of financial liabilities (debt) of an enterprise with obligatory following the principles of voluntariness, target pattern, urgency, recoverability, payability, security that allow standardizing the conceptual framework in the process of developing financial strategy of a trade enterprise.
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