Величина ефекту фінансового левериджу як складова прийняття управлінського рішення

Abstract

Досліджено особливості механізму дії ефекту фінансового важеля серед підприємств металургійної галузі України, наведено фактори, що впливають на цей механізм. З метою удосконалення інструментарію управлінського аналізу в умовах прояви кризових явищ визначена динаміка ефекту фінансового важеля у часі серед підприємств металургійної галузі України. Це надає можливість обґрунтування оптимальної структури капіталу та залучення оптимальної кількості фінансових ресурсів у період кризи з урахуванням характерних особливостей металургійної галузі України. Ключові слова: ефект фінансового важеля,структура капіталу, фінансовий леверидж.

The determination of the optimal capital structure is one of the most important financial objectives of any enterprise. One of the methodo-logical approaches to the optimization of the capital structure is the usage of the financial leverage effect. The involvement of debt capital is associated with different risks, including industrial ones. The aim of this scientific research was the analysis of the effect of financial leverage in order to substantiate the optimal capital structure of famous enterprises in the metallurgical industry of Ukraine. The article deals with theoreti-cal approaches to the assessment of the effect of financial leverage and the efficiency of resource utilization at the enterprise. The basic criteria of an optimal capital structure of metallurgical enterprises of Ukraine, which allow to manage the enterprise in the conditions of uncertainty and manifestations of the crisis phenomena, have been systematized. For this purpose, the analysis of the influence of factors on the return on equity capital of ten enterprises of the metallurgical industry of Ukraine was carried out, and the results have been summarized in order to identify the factors that have had the biggest influence on the dynamics of financial leverage effect. A predominant influence of the differential of financial leverage has been revealed, which, in turn, is affected by the average level of interest rates for credit resources. It is noted that credit resources in our country are very expensive, it is associated with high risks, which the creditors have to deal with, and Ukrainian banks are practically not able to provide for big business. In addition, it is very difficult to raise money abroad, as the international financial institutions (EBRD, IFC, and others) are now more focused on the development of small and medium businesses. It has been revealed that as a result of the crisis in Ukraine, many companies, including metallurgical ones, have a negative differential of financial leverage. At the same time there is a correlation with respect to the fact that the increase in debt load leads to an acceleration of the fall in return on equity capital, and vice versa. In order to increase the competitiveness of the metallurgical enterprises of Ukraine the recommendations concerning the improvement of the capital structure through the use of financial leverage have been given. The selection of the optimal capital structure will enable enterprises to maximize the return on equity capital as the main indicator for the investors of the enterprise. Keywords: capital structure, financial leverage effect, financial leverage.