Vasylchuk I. Financial strategy in a system of the value-based management company

In the thesis the general purport of financial strategy and its target function was investigated in the context of introduction of the management that is focused on the value creation of the company. Besides the evolution of the value-based metrics was provided that has allowed identifying the main features, advantages and disadvantages of the most used value-based metrics and carrying out their systematization. The principles and theoretical basis of the evolvement of the financial strategy were formulated taking into account further developments of the value-based management concept. In addition the content of the main stages of this process was uncovered. Further, the assessment of external factors that influence the business activities of the companies of the mining and metallurgical industry was carried out. As a result the list of criteria that describe the conditions of competitiveness in the Ukrainian mining and metallurgical industry was defined and widen. Besides, the analysis of the corporate financial performance that is based on the value-based management metrics was carried out. Further, in the empirical research setting, the modelling of the system of the value-based indicators was conducted that has allowed analysing the business activities of the German companies and the companies of the Ukrainian mining and metallurgical industry. Based on the results, the system of the value-based indicators for measurement of corporate financial performance of the domestic companies was suggested. On the basis of the conducted research the methodical approach to justification of a choice of the financial strategy that is based on an assessment of its financial position was developed and approved. It was suggested the usage of a portfolio approach to management in the vertically-integrated industrial holdings which is based on the integration in the "pool" of assets and "pool" of capitals all assets and capitals of the companies of such holding. Besides the recommendations were worked out that improve the informational support of the development and the realization of financial strategy.