FORMATION PECULIARITIES OF FINANCIAL RESOURCES OF PJSC «UKRAINIAN RAILWAY»
DOI:
https://doi.org/10.15802/stp2018/133380Keywords:
railway transport reforming, railway corporatization, source of financing, corporate bonds, equity, loan capital, financial leverage effectAbstract
Purpose. The need for technological modernization of the railway industry in Ukraine, creation of favorable conditions for investment and introduction of innovations in the industry require significant financial resources. The purpose of the article is investigation of possible sources of attracting financial resources necessary for development of Ukrainian railway transport, in particular, during further organizational arrangements and procedures for the railway industry corporatization to search for ways to optimize them. Methodology. During research the methods of comparison, scientific search, analysis and synthesis were used to study the existing sources of financing for corporations abroad and at Ukrainian enterprises. Findings. Analysis of the existing and search for more efficient sources of financial resources necessary for financing Ukrainian railway transport modernization in the process of the railway industry corporatization is carried out. The growth of the financial results share in the amount of internal own resources is achieved by taking measures to increase profits. A significant part of the economic activities financing can be provided by issuing corporate bonds with the presence of positive effect of the financial leverage. Accounting of the financial leverage effect is an efficient tool for optimizing the structure of the share capital and determining the expediency of loan resources. In the process of corporatization, PJSC «Ukrzaliznytsia» should create an efficient system of financial resources that fully takes into account the specifics of its activities, motivates to increase labor productivity with the ultimate purpose of ensuring the external competitiveness of the Ukrainian railway industry. Originality. Based on the study of scientific and methodological sources, as well as the analysis of sources for financing the economic activities of railway transport, the ways of their optimization are proposed. Practical value. Introduction of the proposed approaches will make it possible to justify the economic feasibility and proportionality of internal and external sources of the railway transport financing under the conditions of corporatization.
References
Hudkova, V., & Tiutiun, Y. (2015). Strukturno-funktsionalnyi analiz derzhavnoho rehuliuvannia rozvytku zaliznychnoho transportu. Zbirnyk naukovykh prats Derzhavnoho ekonomiko-tekhnolohichnoho universytetu transportu. Seriia: Ekonomika i upravlinnia, 33, 70-77. (in Ukranian)
Diehtiar, A. O. (2016). Osoblyvosti formuvannia stratehii rozvytku zaliznychnoho transportu Ukrainy. Zbirnyk naukovykh prats Donetskoho derzhavnoho universytetu upravlinnia. Seriia: "Derzhavne upravlinnia", 298 (ХVІI, 5-11. (in Ukranian)
Deineka, O. H., & Makovskiy, M. S. (2015). Problems of reform of ukraine railway trasnport. Collected scientific works of Ukrainian State University of Railway Transport, 158(1), 57-62. (in Ukranian)
Kompaniets, V. V. (2017). Strategy for railway transport development: analysis of system errors and their consequences (history and the present time of implementation of the market paradigm). The bulletin of transport and industry, 58, 109-117. (in Ukranian)
Penkova, K., Kryvinchuk, Y., & Priadko, K. (n.d.) Modeli funktsionuvannia zaliznychnykh perevezen. Ohliad inozemnoho dosvidu: Info-rmatsiina dovidka, pidhotovlena Yevropeiskym informatsiino-doslidnytskym tsentrom na zapyt narodnoho deputata Ukrainy. Retrived from: http://euinfocenter.rada.gov.ua/uploads/documents/29219.pdf (in Ukranian)
Matviienko, V. V. (2017). Mekhanizm derzhavnoho upravlinnia rozvytkom zaliznychnoi haluzi v Ukraini (dysertatsiia kandydata nauk z derzhavnoho upravlinnia). Donetskyi derzhavnyi universytet upravlinnia, Mariupol. (in Ukranian)
Makhova, Y. L. (2016). Strategy of development of government regulation of railway industry in Ukraine. Problems and prospects of economics and management, 3(7), 90-95. (in Ukranian)
Osnovni aspekty stratehii rozvytku PAT «Ukrzaliznytsia» 2017–2021 roky. (n.d.). Retrived from: https://www.uz.gov.ua/files/file/Strategy_Presentation_fin1.pdf. (in Ukranian)
Pro Investytsiinu Diialnist: Zakon Ukrainy 1991, № 1561-XII. (1991). Retrived from: http://zakon.rada.gov.ua/cgi-bin/laws/main. cgi?nreg=1560-12 (in Ukranian)
Pro utvorennia publichnoho aktsionernoho tovarystva «Ukrainska zaliznytsia»: Postanova Kabinetu Ministriv Ukrainy 2014, № 200. (2015). Retrived from: http://zakon4.rada.gov.ua /laws/show/200-2014-%D0%BF (in Ukranian)
Sekretnyy, «perspektivnyy» plan razvitiya Ukrzaliznytsi 2017–2025 ot Balchuna (2018, May 31). Retrived from: http://blacklistuz.blogspot.com (in Russian)
Statystychni dani pro Ukrainski zaliznytsi (2018, May 31). Retrived from: http://mtu.gov.ua/content/statistichni-dani-pro-ukrainski-zaliznici.html (in Ukrainian)
Shemayev, V. V. (2016). Problems of the railway transport reform: a case study of PJSC «ukrainian railway». Stratehichni priorytety, 3(40), 263-268. (in Ukranian)
Alexandersson G. (2016). Lessons learnt from railway deregulation and tendering in Sweden. Retrived from: http://bit.ly/2s0G8CI (in English)
Berndt, А., Douglas, R., Duffie, D., & Ferguson, M. (2018). Corporate Credit Risk Premia. Review of Finance, 22(2), 419-454. doi: 10.1093/rof/rfy002 (in English)
Fitzova, H. (2017). European railway reforms and efficiency: Review of evidence in the literature Review of economic perspectives, 17(2), 103-120. doi: 10.1515/revecp-2017-0005 (in English)
Hongbin, H., Guanghui, J., & Jingnan, C. (2016). Investor sentiment, property nature and corporate investment efficiency: Based on the mediation mechanism in credit financing. China Finance Review International, 6(1), 56-76. doi: 10.1108/CFRI-09-2015-0123 (in English)
Nikitinasa, V. & Dailydka, S. (2016). The Models of Management of Railway Companies in the European Union: Holding, the German Experience. Procedia Engineering,134, 80-84. doi:10.1016/j.proeng.2016.01.042 (in English)
Seifzadeh, Р. (2017). Corporate controls, geographic dispersion, and their effect on corporate financial performance in related diversified corporations. Journal of Strategy and Management, 10(1), 102-117. doi: 10.1108/JSMA-10-2015-0079 (in English)
Thompson, L. (1997). The benefits of separating rail infrastructure from operations. Wievpoint, December (135). Retrived from: https://openknowledge.worldbank.org/handle/10986/11562 (in English)
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2021 I. M. Lomtіeva, M. P. Snachov, О. A. Toporkova, L. A. Shylo
This work is licensed under a Creative Commons Attribution 4.0 International License.
Copyright and Licensing
This journal provides open access to all of its content.
As such, copyright for articles published in this journal is retained by the authors, under the terms of the Creative Commons Attribution 4.0 International License (CC BY 4.0). The CC BY license permits commercial and non-commercial reuse. Such access is associated with increased readership and increased citation of an author's work. For more information on this approach, see the Public Knowledge Project, the Directory of Open Access Journals, or the Budapest Open Access Initiative.
The CC BY 4.0 license allows users to copy, distribute and adapt the work in any way, provided that they properly point to the author. Therefore, the editorial board of the journal does not prevent from placing published materials in third-party repositories. In order to protect manuscripts from misappropriation by unscrupulous authors, reference should be made to the original version of the work.
