Lazareva M. Scientific and мethodological bases of Dynamic stability сontrol Holdings

Українська версія

Thesis for the degree of Doctor of Science (DSc)

State registration number

0515U000921

Applicant for

Specialization

  • 08.00.04 - Економіка та управління підприємствами (за видами економічної діяльності)

19-11-2015

Specialized Academic Board

Д 26.056.03

Kyiv National University of Construction and Architecture

Essay

The thesis is devoted to the development and substantiation the theoretical and methodo-logical foundations and practical recommendations for the formation the Dynamic Stability Con-trol System for holding (DSCSH). It was built the optimal conceptual and analytical model of DSCSH for Ukraine. Formulated and justified positions of the theory of DSCSH, based on the author's systematic and synergetic cost concept, which involves the formation the multi compo-nent system for aggregate development while maintaining the basic parameters in a given range of stability leveling internal and external excitation and to balance business portfolio. It was cre-ated: the Dynamic Stability Control System of holdings at the conditions of complex behavior of the environment, which consists of subsystems: the strategic investment value management, op-erational value management, management of business procedures, adaptable mechanisms man-agement, control the interaction with stakeholders and management of organizational develop-ment; the method of value the synergistic effect from centralization the row of functions at the management company. It was created the methodical approach to the evaluation of the degree of adaptability for holding according the factors of dynamic stability. It was done: the optimization complex of administrative and economic qualimetric procedures of forming the balanced portfo-lio of business activities of holding companies, formalized by using the principle of the "golden section" for nineteen stages of their implementation in practice; composition and methods of us-age the dynamic stability control technology for holding companies, based on the value approach (Dynamic Stability Based Management), which combines the stability mechanisms of control factors and factors of value. It was grounded the organizational and economic approach to determining the most impor-tant issues and obstacles to ensure the effectiveness of dynamic stability holdings assumptions which were identified in six spatial determinants of sustainable development of industrial and economic systems that allows to forecast the value of holdings as a whole and for each of the pri-ority areas, in particular, on the basis of forecasts for the period 2017 - 2020 years. It was built the procedure of definition and calculation the transaction costs that arise in the process of cen-tralization of some functions at the level of the management company with new type of cost, that proposed by author, at making strategic decisions - transaction costs - "cost of thinking" "(costs, that arises at the time of decision-making the strategic decisions) and using the original model of author for symmetric distribution of transaction costs of centralization between the holding com-panies for referring them to products and services. The methodical approach to the evaluation of investment attractiveness of companies for acquisition by the coefficient of strategic adaptability was suggested. It was improved the conceptual and categorical field of the theory of economics and management of enterprises by author's interpretation of the states: "dynamic stability of holding companies", "administrative action", "holding - as an economic formation", "dynamic stability control system of holding companies", "rapid response mechanism of threat and risk management of performance dy-namic stability holdings". There were built the tools of portfolio analysis, as: matrix "M-Positioning" and "M- attractiveness", the use of which in management practice increases the objectivity and can evaluate the quality of balancing the business portfolio in terms of security business value of providing competitive position and increase the investment attractiveness of holding structures for owners and other stakeholders. There were proposed the common criteria for the inclusion the business to business port-folio and providing for the main activities of the holding company and was created matrix "M-criteria" for determining these criteria's. It was improved the concept VBM through the usage of a combination of methods of chain in procedures objectification (at reporting forms of holding companies) value of the business, which ensured compliance incorporation into the financial model of dynamic stability of holdings at model solutions: identification of free cash flow model (FCF - Free Cash Flow Model) based on the synergistic effect; measuring and forecasting effectiveness of the implementation to management practices of businesses that are in the incubation period on the basis of the implementation the original architecture of CV - model (Current Value); and by correctives of formula of price in M&A transactions on the value of discount / premium arising from the synergy of centralization. Methodological im-portant positions for the formation of decision-making subsystem were created.

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