Концептуальні основи стійкого розвитку і вартості капіталу підприємства: аналітичний огляд

Abstract

У статті представлено аналітичний огляд базових положень концепції стійкого розвитку і концепції вартості капіталу підприємства, визначено взаємозв’язок і взаємозалежність науково-обгрунтованих принципів, а також генезису даних концепцій. Доведено, що стійкий розвиток синтезує в собі сукупність властивостей капіталу (у тому числі вартість капіталу, яка визначається функціональними залежностями між його складовими) і активів (рентабельність активів та їх динаміка). Запропоновано подальшу уваги зосередити на визначенні оціночних індикаторів результативності стійкого розвитку, які дозволять оптимізувати вартість капіталу та обрати найбільш вигідну для підприємства стратегію розвитку. Ключові слова: концептуальні основи, стійкий розвиток, вартість капіталу, оптимізація структури, теоретичні засади.

Ukraine's integration into the world community of European countries actualizes the need to create a sufficient amount of capital as the most general indicator of economic transformations at the macro and micro level. This priority is the basis of detailed research of capital cost estimation and optimization of its structure. The capital cost is one of the comprehensive criteria for sustainable development of the enterprise. In this regard, the study of the theoretical aspects of the concept of capital cost and the concept of sustainable development is particularly relevant. Theoretical and methodological basis of capital cost assessments as well as the problems of ensuring sustainable development have become a subject of research of many leading domestic and foreign scientists. At the same time, at the macro and micro-economic levels, there is an urgent need for increased attention to solving problems of sustainable economic development and the development of new approaches to the assessment of capital cost of the companies. The objective of the study is the analytical review of the conceptual and categorical apparatus of the concept of sustainable development and the concept of capital cost, the definition of their interdependence while taking into account the realities of the domestic economy. Enterprises are the basic element of the economic system and play a crucial role in the primary distribution of the value of gross domestic product, the formation and use of monetary incomes and decentralized funds. Therefore, it is enterprises that determine the sustainable development of the country, that is, sustainable development comes from a smaller system, which is characterized by efficiency, coherence and effective use of the defining factors of production, to the global one. The capital cost of the enterprise is conditioned by its current state, it also depends on the diversity of effects of the external environment. To ensure the sustainable development as well as to stabilize the capital cost, the fundamental importance has the coordination of all elements of the system (enterprise, country) in time and space. We believe that the substantive content of both the capital cost and the sustainable development is profit, but it should be noted that it is a secondary factor or the lower limit of sustainability. The efficient use of assets (as a potential of financial opportunities of the enterprise), the formation of their liquidity structure due to lower financial risks and the optimization of the structure of capital of the enterprise is crucial for sustainable development of the enterprise under the conditions of a changing external environment. The relationship of science-based principles, as well as the genesis of the concept of sustainable development and the concept of capital cost are indisputable. Sustainable development synthesizes a set of capital characteristics (including the cost of capital, which is determined by functional dependencies between its components), assets (profitability of assets and their dynamics). Further attention should be given to a clear definition of the estimated effectiveness of sustainable development indicators, which will allow to optimize the capital cost and to choose the most profitable development strategy for the company. Keywords: conceptual basis, sustainability, capital cost, optimization of the structure, theoretical basis.