Intellectual and financial business processes optimizing the structure and cost of capital in value based management

Abstract

The primary task for Ukrainian enterprises at the current stage of their development is to develop and implement effective mechanisms to improve the well-being of owners, and, in order to be able to increase the market value, enterprises need to carefully monitor the business processes and take measures to optimize and increase efficiency. The purpose of the work was to generalize the use of intellectual and financial business processes to find the optimal capital structure according to the criterion of maximizing the market value of business. The methods of analysis and synthesis were used to define the optimal approach to determining the cost of enterprise capital, the method of structural and functional modelling of business processes to determine the structure of enterprise capital, as well as the method of systematization to form the areas of application of the CAPM model. The key business processes characteristic of modern Ukrainian enterprises have been built and directions of strategic cost-oriented management of enterprise capital structure in conditions of the external environment instability have been developed, which can be used in the practical activities of enterprises to increase the efficiency of their functioning. The modelling of business processes is combined with the development of directions of strategic cost-oriented management of the enterprise capital structure on the basis of their analysis. The use of an approach to modelling business processes by Ukrainian enterprises can allow planning the financial activities of the enterprise with high accuracy and take into account both strategic and tactical aspects of business development, allowing for the instability of the external environment and the high cost of raising capital. The results of the research can be useful for financial analysts and managers of enterprises of various forms of ownership, as well as for potential investors who consider the possibilities of investing in a certain business and are oriented towards making management decisions based on the analysis of business processes.