Transformation of the enterprise cost in conditions of knowledge economics formation

  • Volodymyr Romanyshyn Kyiv National Economics University named after Vadym Hetman
  • Нalyna Umantsiv Kyiv National University of Trade and Economics
Keywords: information, knowledge, knowledge economy, innovation activity, value of enterprise, enterprise value management

Abstract

Deep changes in the information society are determined by the growth of the role of knowledge and information as resources, which are characterized by the ability to quickly lose their relevance, inexhaustibility, and in the case of exceptional uniqueness – high cost. The actualization of this trend is due to the emergence of the knowledge economy. The issues of formation, evaluation and management of value of an enterprise are of considerable interest among Ukrainian and foreign researchers. However, a number of aspects need clarification, in particular, the problems of transforming the structure of the market value of a company and new approaches to managing the value of enterprises. The purpose of the article is to substantiate the process of transformation of theoretical approaches and methodological tools for estimating the value of an enterprise under the influence of dynamic changes in the economic environment, taking into account Ukrainian conditions and the development of methodological recommendations for assessing the value of an enterprise. The research is based on the general scientific methods of cognizing economic phenomena and processes, as well as special research methods (economic-mathematical, statistical analysis, expert estimation and forecasting methods). The article examines approaches to the valuation of a company, which are based on two groups of principles – based on factors of production that generate income, and based on market behavior in the context of knowledge economy. Under the influence of the changing external environment, innovative transformations within the enterprise, a significant increase in business activity is necessary. The solution to this problem is impossible without upgrading the methods and mechanisms of this development, changing its priorities, market institutions, relations between subjects of economic activity, the base of resources. Conclusions. The transformation of the value of the enterprise is one of the key factors for improving the efficiency of economic activity, it depends on its stable operation, dynamic development, the position of the enterprise in the market, and other. Under such conditions, in the process of management of value of an enterprise, it is effective to apply a systematic approach, which is subordinated to the general goal of enterprise development and determines the expediency of management decisions depending on the situation that occurs under the influence of the internal and external environment of the enterprise.

Downloads

Download data is not yet available.

References

1. Pistor, K. (2013). A Legal Theory of Finance. Journal of Comparative Economics,41, 315-330.

2. Faria, H., Montesinos-Yufa, H. and Morales, D., Navarro C. (2016). Unbundling the Roles of Human Capital and Institutions in Economic Development. European Journal of Political Economy, 45, 108–128.

3. Boronos, V. (2016). Finansovo-bukhhalterski pidkhody shchodo vyznachennia vplyvu nematerialnykh faktoriv na vartist pidpryiemstva [Financial and accounting approaches for determining the influence of non-material factors on the value of the enterprise]. Ekonomichnyi chasopys XXI, 160, 121-126.

4. Heiets, V. (2016). Ekonomika Ukrainy: kliuchovi problemy i perspektyvy [Economics of Ukraine: Key Problems and Prospects]. Ekonomika i prohnozuvannia, 1, 7-22.

5. Yefremova, L. & Alieinikova, N. (2013). Osoblyvosti vykorystannia metodychnykh pidkhodiv z otsinky pry vyznachenni rynkovoi vartosti pidpryiemstva [Features of using methodological approaches to assessing when determining the market value of an enterprise]. Biznes Inform, 6, 284-288.

6. Stewart, T. (1997). Intellectual Capital. The New Wealth of Organization. New York, NY: Doubleday.

7. Global Innovation Index. (2018). URL: https://www.globalinnovationindex.org/gii-2018-report

8. Hrytsenko, A. (2018). Tsyfrovyi rozvytok: struktura, kapitalizatsiia ta sotsializatsiia [Digital development: structure, capitalization and socialization]. Ekonomichna teoriia, 4, 5-20.

9. Kaleniuk, I. (2016). Formy proiavu intelektualnoho liderstva [Forms of manifestation of intellectual leadership]. Ekonomika Ukrainy, 3, 29-40.

10. Yegorov, I. & Ryzhkova, Y. (2018). Innovation policy and implementation of smart specialisation in Ukraine. Economics and Forecasting, 3, 48-64.

11. Martynov, A. (2014). Innovatsiinyi potentsial ta efektyvnist innovatsiinoi diialnosti promyslovykh pidpryiemstv [Innovative potential and efficiency of innovative activity of industrial enterprises]. Visnyk Skhidnoukrainskoho natsionalnoho universytetu imeni Volodymyra Dalia, 8, 113-118.

12. Hechbaia, B., Panchenko, Ye. & Rudukha, N. Hlobalni determinanty i modeli finansuvannia innovatsii [Global Determinants and Models of Innovative Financing]. Mizhnarodna ekonomichna polityka, 1, 7-31.

13. Komirna, O. V. & Hotsuliak, V. D. (2018). Peredumovy ta shliakhy vyznachennia rynkovoi vartosti kompanii v protsesi zlyttia ta pohlynannia [Prerequisites and ways to determine the market value of companies in the process of mergers and acquisitions]. Hlobalni ta natsionalni problemy ekonomiky, 22, 945-948.

14. Zvit pro finansovu stabilnist. Natsionalnyi bank Ukrainy. [Financial Stability Report. National Bank of Ukraine]. (2018, Decemder). URL: https://bank.gov.ua/doccatalog/document?id=83816603

15. Chen, M., Cheng, S. & Hwang, Y. (2005). An Empirical Investigation of the RelationshipBetween Intellectual Capital and Firms' Market Value and Financial Performance. Journal of Intellectual Capital, 6(2), 159–176.

16. Pedchenko, N. S. (2015). Vartist pidpryiemstva yak kryterii otsiniuvannia efektyvnosti v systemi finansovoho kontrolinhu [Cost of an enterprise as a criterion for evaluating the effectiveness of the system of financial control]. Visnyk Sumskoho derzhavnoho universytetu. Seriia: Ekonomika, 3, 38-44.

17. Reshetniak, O. I. & Davydov, D. Yu. (2017). Teoretychni aspekty otsinky rynkovoi vartosti pidpryiemstva v protsesi yoho restrukturyzatsii [Theoretical aspects of the assessment of the market value of the enterprise in the process of its restructuring]. Biznes Inform, 1, 319-325.

18. Statystychni dani Derzhavnoi sluzhby statystyky Ukrainy [Statistics of the State Statistics Committee of Ukraine]. (2019, March). URL: http://www.ukrstat.gov.ua/

19. Hudz, O. Ye., Stetsiuk, P. A., Navrotskyi, S. A. & Aleksiichuk, V. M. (2013). Naukovo-metodychne zabezpechennia formuvannia ta realizatsii finansovoi polityky pidpryiemstva [Scientific and methodological support for the formation and implementation of the financial policy of the enterprise]. Oblik i finansy, 2(60), 69-86.

20. Cherniavska, I. M. (2018). Mekhanizmy vplyvu orhanizatsiino–upravlinskoi transformatsii na rozvytok promyslovykh pidpryiemstv [Mechanisms of the influence of organizational and managerial transformation on the development of industrial enterprises]. Ekonomichnyi analiz: zb. nauk. prats, 2(28), 200-212.

Author Biographies

Volodymyr Romanyshyn, Kyiv National Economics University named after Vadym Hetman

PhD (Economy), Associate Professor, Associate Professor of Department of Corporate Finance and Controlling

Нalyna Umantsiv, Kyiv National University of Trade and Economics

PhD (Economy), Associate Professor, Associate Professor of the Department Accounting and Taxation

Published
2019-03-30
How to Cite
Romanyshyn, V., & UmantsivН. (2019). Transformation of the enterprise cost in conditions of knowledge economics formation. University Economic Bulletin, (41), 57-67. https://doi.org/10.31470/2306-546X-2019-41-57-67
Section
Knowledge Economy, Innovative Economy