Koshelok H. Formation of a system of effective management of enterprise cash flows

The theoretical, methodological conceptual and practical aspects of the formation of a system of effective management of enterprise cash flow are investigated in the thesis. A conceptual model of the system of effective management of enterprise cash flow has been formed, based on a combination of system and process approaches. The implementation of this model will allow achieving the set goal of increasing financial stability, ensuring expanded reproduction and achieving a stable state. The developed methodological foundations for assessing the level of efficiency of enterprise cash flow management, based on the combination of spatial and temporal analysis and the use of the principal component method and opened up the opportunity to comprehensively assess the cash flow management system. The rating assessment of enterprise was carried out according to the calculated integral evaluation, which allowed selecting 4 groups of enterprises. A rating assessment of a set of 12 enterprises in the flour and cereal industry was carried out, scientifically substantiated decisions on increasing the solvency and financial stability of the enterprise were identified and made. The complex approach to forecasting of cash flows of the enterprise as a component of system of effective management which is based on the principle of balance of variables and the criterion Bj based on it is offered. It allows to carry out complex forecasting of interconnected indicators, with maximum use of empirical information, and get the most accurate and objectively sound estimates of future values of economic indicators. The methodical approach to system of indicators on information resources of the financial reporting of the enterprise is developed. They are structured to calculate the integrated indicator using multidimensional statistical methods. The proposed system of indicators allows diagnosing of the cash flow management system at the enterprise with a sufficient degree of clarity and infomativeness. The reasons for the negative impact on the system of indicators of information resources in the financial statements of the enterprise and reserves for its improvement are identified. The scale of criteria for the estimation of efficiency of cash flow management at the enterprise is offered. The classification of factors influencing the cash flow management of the enterprise was improved. This classification is focused on the maximum coverage of all aspects og the economic concept researched and based mainly on public reporting of data recipients. The systematization of the factors influence the change of liquid cash flow was carried out, and it allowed developing the multiplicative deterministic model for analyzing the relationship of cash flow and financial results, cash flow and balance sheet. The synergetic effect of the interaction of the initial factors is evaluated. The causal structure of the latent indicator in the “efficiency of cash flow management” at the enterprise is substantiated and its four main hierarchical levels are set. At the first two levels of the hierarchal structure the indicator of the “efficiency of the cash flow management” at the enterprise are hidden, latent features cannot be measured. This creates a methodological basis for assessing the quantitative level of group factors and the latent indicator of “efficiency of cash flow management” at the enterprise. The conceptual and categorical apparatus of enterprise cash flow management has been improved, namely, the indicator "efficiency of cash flow management" of the enterprise, as having latent (hidden) features that cannot be directly measured. This creates a methodological basis for assessing the quantitative level of the indicator "efficiency of cash flow management" of the enterprise using the method of multivariate analysis. A methodological approach to assessing the management system using sources and funds was substantiated, it allowed compiling a cash flow statement using only balance sheet data and to asses financial stability in terms of the strengthening or weakening based on the principle of consistency in terms of attracting funds from terms of their use in abbreviated financial statements. The principles of the systematic approach to determine the needs of stakeholders for the comprehensive assessment for the system of effective cash flow management at the enterprise and the procedure for providing them with information resources for management decisions are provided. The methodological principles of building a matrix for general assessment in the quality of enterprise management on the basis of cash flow was improved. The results of the study made it possible to expand the options for situations in the financial state at the enterprises in practice (up to 19 configurations), which will allow assessing the quality of enterprise management based on cash flow and will facilitate the adoption and implementation of informed management decisions.