Protsenko Y. Management of financial stability of hotel industry enterprise

This dissertation investigates theoretical, methodological and practical aspects of managing of financial stability of hotel industry enterprise. The analysis and systematization of scientific approaches to the definition of financial stability of the enterprise are proposed. The essential characteristics of financial stability of the enterprise are determined. The two types of financial stability are identified. There are: short-term and long-term ones. The system of indices adopted for evaluation of each type of above mentioned types of financial stability is substantiated. The usage of liquidity and solvency indices for accessing short-term financial stability is proposed. The usage of development indices, location indices as well as indices of enterprise resources usage efficiency that give a coherent description of enterprise’s financial condition is proposed for accessing long-term financial stability of an enterprise. The methodical approach to assessing the financial stability status by their dynamics - the direction of changes (positive, negative) - is substantiated. The 4 types of financial stability of the enterprise are defined. There are: normal, unstable, pre-crisis, crisis. The internal factors that influence on the management effectiveness of enterprises’ financial stability, based on in-depth analysis of the financial condition of the enterprise, are determined. The process of financial stability management of an enterprise is defined as a set of interrelated measures and management decisions embedded in the general system of enterprise management. The strategic map of the balanced system of hotel enterprises indices, adapted to the goals and objectives of the management of financial stability was constructed. This map took into account the specifics of hotel enterprises economic activity. The negative trends in financial stability of hotel enterprises based on analysis of indices dynamics are revealed. These trends are developed due to deficiencies in the management of financial stability of economic entities. The different determinants of the short-term and long-term financial policy of an enterprise are defined. A set of measures for implementation and ensuring of enterprise’s financial stability is developed. The methodical approaches to financial planning on the enterprise are substantiated. The different proposals for the improvement of external methods used for obtaining financial stability management of hotel enterprises are developed. A set of methods for minimizing the risk of financial stability loosing are supplemented. The criterion for determining the acceptable level of risks reduction is defined.