SCIENTIFIC LIFE
TERESHHENKO Oleh 1, IVASHCHENKO Alla 2
1SHEE “Kyiv National Economic University named after Vadym Hetman”
OrcID ID : https://orcid.org/0000-0001-8808-1383
2SHEE "Kyiv National Ecomomic Universiry named after Vadym Hetman"
The current state and directions of corporate finance innovative development
The purpose of the article is to analyze the main trends and features of corporate finance innovative development, which were presented at the 1st International scientific conference, namely “Corporate Finance: Problems and Prospects of Innovative Development”. The round table was held on 21 June on the basis of the Corporate Finance and Controlling Department of the State University “Kyiv National Economic University named after Vadim Hetman”, with the support of such institutions as the NASU Institute for Economics and Forecasting (Kyiv) and the Controlling Department of Philipps-Universit?t (Marburg, Germany). The round table was mainly focused on the thematic areas regarding globalization processes` impacts on corporate finance; influence of controlling instruments on corporate finance development; behavioral aspects of corporate finance; financial and credit leverages of state support of innovative-investment business activity; system disproportions of corporate finance development in Ukraine. The participants of the mentioned round table developed the following conclusions and recommendation as the results of scientific discussions. Firstly, it is feasible to observe financial services of enterprises in two ways: 1) as the mediator between enterprises, external shareholders and stakeholders; and 2) as an internal financial services provider. Secondly, the rate of capital cost could be considered as the globalization process effect on financial activity of corporations, as well as the result of macroeconomic policy and economic reforms of the local government simultaneously as the essential indicator of company effectiveness assessment. Thirdly, the innovative potential of financial controlling should be considered as one of the main components for international competitiveness provision of the company. According to the modern trends of corporate finance development, it is reasonable to create a financial management system based on value-oriented indicators. System disproportions of corporate finance development were appealed due to the underdevelopment of the financial market infrastructure, high investment risks, a high corruption level and inefficiency of public governance. Besides, the existence of the deformed model was revealed as the progressive corporate finance autonomization in the financial system of the country. Financial and credit leverages of state support for corporations should be focused on the formation of equal conditions for financial, commodity and resource markets. Furthermore, great attention was paid to the state leverages establishment directed at corporate sector unshadowing.
Keywords:corporate finance, innovative development, financial controlling, the rate of capital cost, value-based management, corporate finance deformed model, investment hyperflexibility
JEL: O11, O29, O31
Tereshhenko O. . The current state and directions of corporate finance innovative development / O. . Tereshhenko, A. Ivashchenko // Фінанси України. - 2018. - № 1. - C. 112-124.
| Article original in Ukrainian (pp. 112 - 124) | Download | Downloads :708 |
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