Restructuring as part of an investment strategy. Strategic and operational restructuring. Tasks and measures of restructuring. Relationship between internal and external restructuring
Bulekbaev V.E.,
Doctoral program PhD
KazEU named after T. Ryskulov
ANTI-CRISIS STRATEGY OF THE RESTRUCTURING OF A CONSTRUCTION HOLDING
Construction is the most investment-dependent sector of the economy of Kazakhstan, which was one of the first to feel the impact of the global financial crisis. All this suggests that during the crisis, Kazakhstani construction companies will not only have to survive, but also radically change the model of existence. In these conditions, the main strategic task of almost all construction companies it is not an increase in profitability from the implementation of projects, but the preservation of their own competencies and their carriers for work in the future. At the same time, a large-scale reduction in non-productive costs and the suspension investment programs are for the most part the norm of such a strategy. Another factor of survival is the revision of current projects in the framework of pessimistic scenarios and the optimization of administrative and business expenses within the pessimistic budgets.
Undoubtedly, the most affected by the impact of the crisis deformations in the economy were large construction holdings, which have serious fixed assets for construction sites, development projects and a significant amount of borrowed funds to finance current operations. In a crisis, the greatest survivability is provided for such construction holdings, in which the management attaches great importance to the presence of a structured and verified restructuring strategy not only in case of a crisis, but also any significant changes in the market. We will try to highlight some aspects of the strategy for restructuring construction holdings in order to increase their viability in a crisis.
Today, most effective company leaders adhere to the well-known point of view, first expressed by Peter Drucker, that structure is secondary and strategy is primary: first you need to form a strategy for the company's development, and only then carry out structural changes. Another point of view, expressed by Tom Peters, that the structure of the company determines its strategy and prevents its radical changes, which is characteristic of most industrial companies, is also in use. As you can see, this issue is very relevant for construction holdings. Within the framework of this article, an attempt will be made to combine management tasks and the importance of forming a restructuring strategy in construction holdings will be substantiated at the stage of creating and carrying out structural transformations within the framework of this strategy.
Before turning to the strategy, I would like to establish a clear distinction between restructuring and reorganization, since a strong desire to present them almost as synonyms has appeared in the business turnover, which does not always adequately affect the perception of the essence of the activities being carried out. Reorganization in general and is most often perceived as restructuring, transformation, improvement organizational relations in existing structures. But the main hallmark reorganization is a change in the system of connections between the elements of the structure, while restructuring also presupposes a change in the very elements of the structures in accordance with the adopted development strategy.
Returning to the strategy, it should be noted right away that the restructuring strategy is undoubtedly part of the overall strategy of any company or holding, which is defined as a set of plans, measures and business methods that combine various aspects of production and sales activities aimed at achieving long-term market goals.
The essence of the restructuring strategy lies in the need to form a detailed plan for building and changing the structure of the holding in accordance with changing requirements external environment management and expectations of owners in order to function effectively in the long term. At the same time, an important aspect of the restructuring strategy is the formation of action plans to respond to unforeseen changes in the market that are disproportionate to the company's capabilities, which include crises of various natures.
To understand the place of the restructuring strategy in overall strategy construction holding, let us turn to the well-known pyramid of strategies (Figure 1). Why exactly the restructuring strategy should take its place after the financial strategy we will try to justify below.
The restructuring of a construction holding during the crisis is its natural reaction to the changes taking place in the market. Evaluation of market changes is a function of marketing and therefore it is the marketing system that is the basis for the formation of a restructuring strategy. But the presence market prospects does not guarantee the provision of activities. For any large company and even more so for a construction holding, it is always important to have not only an effective market of free money, but also the presence of a systemic, optimistically oriented investment climate. Both are impossible in a crisis, which means that the financial strategy is the second most important component in the pyramid of strategies of construction companies. And already, depending on the configuration of the marketing strategy and the strategy of attracting finance, we can also talk about the strategy of restructuring a particular construction holding within the framework of the current market requirements and post-crisis prospects.
Source: 2
Figure 1 - The place of the restructuring strategy in the strategy pyramid
Of course, a restructuring strategy is developed in any company in one format or another and the degree of elaboration. Even if there is no clearly formalized strategy, it is always present in the information field of top management, owners and other influential stakeholders. But it is for construction holdings that the restructuring strategy is the cornerstone in the overall development strategy of the holding.
The subject of restructuring is, first of all, a person interested in holding such an event and having the authority to do so. The list of subjects of restructuring of construction holdings includes, first of all, owners who make decisions through corporate governing bodies, management, labor collective and representatives of the external environment: creditors, government bodies other.
The decision on restructuring is taken by the management bodies of the enterprise. Legislation and internal documents define the boundaries of the competence of each of the bodies. The most drastic decisions on restructuring the assets of an enterprise are made by the highest management body of the enterprise in accordance with the interests of the owners. The current work is carried out by the executive bodies. It should be borne in mind that the composition of the owners is heterogeneous in terms of interests, both in time and in levels of profitability. For example, the majority shareholder of a large construction holding company may well act as the main Customer of construction projects and has the right to establish its own requirements for the implementation of the restructuring strategy.
The list of the main criteria for the restructuring of construction holdings follows from its market location. The purpose of the restructuring of a stably operating construction holding is, among other things, to increase the efficiency of the enterprise in the face of the prospect of decreasing profitability, toughening competition, and developing unmanageability of the enterprise due to its expansion ("big business syndrome"). The crisis enterprises face the problem of the survival of the enterprise as such. The solution is a systemic restructuring that affects all areas of the company's operation and includes the following types of restructuring: processes, capital, authorized capital, assets, costs, debts of the company, elements of the holding, organizational and management systems.
Let us analyze these directions from the point of view of whether they lead to a systemic change in the parameters of the construction holding's functioning.
Process restructuring is a purposeful activity to analyze processes in the structure of the holding, identify bottlenecks and form effective chains of operations within the processes. Restructuring is carried out by element-wise decomposition of processes into the simplest operations, which are subjected to thorough diagnostics for efficiency, through the formation of criteria for the effectiveness of processes and operations and their optimization.
Capital restructuring implies a change in the ratio of equity and debt capital, which is especially relevant when choosing new sources of financing. It should be borne in mind that any changes in the structure of borrowed funds are reflected simultaneously on the profitability and the degree of risk.
Restructuring of the authorized capital involves a change in the structure of the owners of the enterprise (participants, shareholders). A positive result is possible if additional investments are attracted by increasing the authorized capital of the enterprise. At the same time, the enterprise receives additional financial resources, working capital without increasing its long-term and short-term liabilities, which significantly improves its financial and economic condition.
Asset restructuring is viewed as a change in the structure of assets in the balance sheet of a holding company, with special attention paid to the structure of investments in subsidiaries and affiliates. At the same time, the restructuring strategy is the basis for making investment decisions and decisions on divestments. The second level of asset restructuring is a change in the structures of balance sheets as a result of the regrouping of resources between the enterprises of the holding.
Cost restructuring is the most painful part of most corporate reforms. Due to the upcoming changes in market conditions, it is necessary not only to revise the social obligations of the holding as a whole, tariff scales, but also to redistribute the burden associated with investments in scientific and technical potential and technological renewal of production. A good help in cost restructuring is the leasing policy, the policy of attracting small businesses to outsourcing services.
Debt restructuring of an enterprise is one of the important directions of enterprise restructuring, since any structural changes at an enterprise determine the solution of the debt problems of this enterprise. In the context of the analysis of activities, the restructuring of the holding's debt includes not only the classical perception of debt restructuring as changes in the maturity and conditions for the provision of loans, credits, but also any form of redistribution (including through transfer pricing) of debt among members of industrial and / and construction groups with aim to maximize the achievement of management objectives. For example, in order to provide collateral in the form of industrial assets for obtaining a loan, it makes sense to reduce debt industrial group... In order to ensure victory in the tender, it makes sense to make the balance sheet of a particular participant in the construction segment more liquid.
The restructuring of the elements of any holding company in accordance with the existing legal terminology is defined as the reorganization of companies. At the same time, within the framework of the strategy for restructuring the construction holding, we are talking about both the reorganization of companies and separate divisions already included in it, and the formation of new divisions that meet the current and strategic guidelines of the corporation's management. It can only be recalled that the restructuring of elements can be carried out in the form of transformation (changes in the OPF and the transformation of separate divisions into legal entities), separation, separation, mergers and acquisitions of the holding companies. At the same time, the transformation of a company can be attributed to its restructuring only if, in the process of changing the organizational and legal form, the internal organizational structure, management system, production, sales, etc., are reorganized (without involving the assets of other organizations). It is also possible to redistribute existing resources, release from assets that do not generate income, sell them, rent them out.
The restructuring of organizational and management systems usually involves a revision of the organizational structure of management. The choice of the correct, adequate to specific conditions, organizational structure of the holding is made in accordance with the selected restructuring option: by industry, by type of facility, by type of product, by type of customer. The choice of a new organizational structure allows to bring the management system in accordance with the planned level of productivity in crisis conditions. The set of organizational structures used is another specific feature of construction holdings. Of course, in the industrial and construction sector, linear-functional structures are most acceptable, while in the engineering direction, matrix structures with a pronounced project orientation prevail. Of course, in real conditions it is impossible to give an example of ideal structures, even in current conditions they are subject to changes and nothing excludes the temporary use of target-program structures in some unit productions, and in engineering departments, headquarters structures are quite appropriate, especially for the preparation of tender proposals, so demanded in a crisis.
There are other aspects of the financial and economic activities of construction holdings, the restructuring of which could make a significant contribution to its survival and future prosperity. These areas can be uniquely determined by the management of such holdings, and entering new markets is an excellent prospect for those who are ready to take risks in the future. In any case, the restructuring strategy is the most important aspect of managing the construction business as a business most exposed to any risk in the investment market, not to mention systemic crises.
Literature:
1. I.A. Podelinskaya, M.V. Biankin Strategic planning // Textbook. - Ulan-Ude: VSGTU Publishing House, 2005
2. Vikhansky O.S. Strategic management // Textbook. 2nd ed., Rev. and add. - M .: Gardarika, 1998
3. Schendel D.E., Hatten KJ. Business Policy or Strategic Management: A Broader View for an Emerging Discipline.Academy of Management Proceedings, August 1992
ARTEM EVSEEV
financial director of the consulting firm "Property Expertise",
(Orel, Russia)
The crisis situation is characterized not only by the insolvency of the enterprise, but also by infringement of interests
its owners and creditors
When determining the effectiveness of investments in equity capital, it is necessary to take into account the possibilities of alternative use of invested resources
The choice of restructuring concepts should be made taking into account their riskiness and financial feasibility
In a market economy, crisis situations inevitably arise both for the system as a whole and for individual economic entities. Often, in response, the system itself develops adequate mechanisms, which are first tested in practice and then substantiated theoretically.
One such mechanism is corporate restructuring... Generally accepted theory refers to any changes in production, capital structure or ownership that are not part of the company's day-to-day business cycle.
Restructuring activities can be divided into two types. Strategic restructuringaims to increase the value of equity capital for shareholders, preserve corporate ownership and other tasks associated with maintaining the company as a functioning one. Restructuring companieslocated in crisis situation, focuses on solutions aimed at reorganizing insolvent or bankrupt firms in order to return them to a functioning enterprise. Based on the situation in Russia, the goals, principles and techniques of restructuring companies in crisis are of the greatest interest.
Crisis classification
Western economists identify three stages in the development of a crisis situation.
Early stagecharacterized by isolated cases of inefficiency in production and sales, which are expressed in an increase in inventories with stable or declining sales growth rates, accelerated turnover of accounts payable, problems with supply and quality of products.
Intermediate stageit is characterized by a shortage of materials (as a result of saving money by reducing the level of inventories), more frequent problems associated with product quality, suspension of credit sales by suppliers and demands for cash payment, late payment of wages.
In the later stages of the crisisthe company as a whole is in a state of chaos. Production schedules are not met, product returns are not uncommon due to poor quality, production is constrained by a chronic lack of materials, and the collection period for accounts receivable increases. In addition, suppliers require cash payment, and lenders require changes to the terms of the loan. Finally, the company has a serious shortage of its own working capital.
Based on these criteria, we can conclude that the majority of Russian enterprises are in the late stages of a crisis situation. This makes it necessary to improve the methods adopted in the domestic theory and practice of anti-crisis management.
We propose to expand the concept of a crisis situation and distinguish between the concepts of crisis and insolvency (bankruptcy). The concept described below assumes an earlier identification of a crisis situation in order to adequately respond to negative trends in conditions when the enterprise is still completely under the control of the owners and is managed by the managers involved, and, therefore, has greater freedom of maneuver and a wider choice of anti-crisis procedures compared to the circle measures carried out in the process of legislative anti-crisis regulation.
The crisis situation can be characterized as insufficiently effective management of the assets and accounts payable of the enterprise, which causes an outflow of funds from the owners and ultimately leads to incomplete satisfaction of creditors' claims. We propose the following classification of the stages of a crisis situation:
1) crisis for the owners of the enterprise;
2) crisis for creditors;
3) legislative regulation in the interests of creditors.
n Stage “ crisis for owners”Is expressed in the deterioration of the financial and economic condition of the enterprise, which has not yet affected settlements with creditors. As its criterion, we have chosen infringement of the interests of the owners, i.e. real losses of resources invested in equity capital.
Despite the seeming abstractness of the proposed criterion, we came to the conclusion that it is possible to theoretically substantiate and quantify it. For shareholders, the company represents an investment object of free financial resources, which allows increasing the value of the invested funds. Alternative investments with a similar level of risk can be used as a basis for comparing investment performance. Thus, in order to determine the presence of direct damage to shareholders (owners), it is necessary to compare the current reasonable market value of the company's equity capital with the current value of the initial investment in the authorized capital, subject to their alternative use as an investment with a similar level of risk.
If the current value of alternative investments exceeds the current market value of equity capital, we can talk about real losses for owners and the beginning of the first stage of a crisis situation.
Therefore, to identify the stage of the crisis under consideration, it is necessary to correlate with the initial alternative investments two components of shareholders' income - the value of the shares they own and the amount of dividend income.
Based on the foregoing, we propose to use the following inequality as a criterion for the presence of the first stage of a crisis situation - a crisis for enterprise owners:
where OPC sc- the reasonable market value of equity capital;
TS d- the current value of dividend payments to owners;
TS pv- the current value of the initial investment in the authorized capital of the enterprise, taking into account the possibility of alternative use of the invested resources with similar levels of risk and liquidity.
n Stage "Crisis for creditors" is characterized by untimely or partial satisfaction of creditors' claims. However, the enterprise is still an independently operating economic entity, managed by the owner through hired management. The formulated signs of identifying a crisis for creditors are difficult to express in the form of any quantitative criteria. The Federal Law “On Insolvency (Bankruptcy)” recognizes the existence of damage to the interests of creditors in the event of delay in payments for a period of more than 3 months. Thus, the very existence of overdue obligations can mean damage to creditors.
However, such a situation in Russian conditions occurs quite often and does not lead to serious consequences for the debtor if the amount of overdue obligations is less than 500 minimum wages established by law. But even if this condition is absent, the company can avoid activating anti-crisis regulation mechanisms by mobilizing internal reserves for immediate repayment of overdue obligations.
In order to identify the crisis for creditors, in our opinion, it is possible to use a system of criteria reflecting the presence of overdue obligations of the enterprise in the amount of at least 500 minimum wages if the debtor lacks its own circulating assets for immediate repayment of obligations.
n At stage "Legislative regulation"the scope of managerial influence on the part of the owners of the enterprise is legally limited in order to protect the interests of creditors.
Its beginning is determined by the acceptance by the arbitration court of an application for declaring the debtor bankrupt. From this point on, information that could represent trade secret, becomes available to participants in the bankruptcy proceedings. The enterprise at this stage is not a completely independent economic entity, since its activities are controlled by an arbitration court, a meeting of creditors, and an arbitration manager.
Restructuring goals
and criteria for achieving them
the main objective restructuring - bringing the company out of the crisis. At the same time, it is necessary to achieve such subordinate goals as increasing production efficiency, changing the nature of asset management, and using the possibilities of debt financing.
The growth in the cost of equity capital is the most important indicator of the efficiency of the enterprise, therefore, restructuring is traditionally carried out in this direction. The choice of the company's value indicator as a criterion for restructuring is not accidental. The owners of the enterprise ultimately have little interest in the type and technology of production, product parameters, and sales markets. The criterion for the effectiveness of their investments in a particular company is the constant growth of the value of deposits, which determines both an increase in the level of personal well-being of the owners and the stable development of the enterprise.
The value of the company is determined by evaluating the business (operating enterprise). Of the three traditional approaches to such an assessment, in our opinion, only the discounted cash flow method fully reflects the internal economic value of the company. This is due to both the high degree of correlation between cash flow and the company's market value and the economic sense of the cash flow indicator, which takes into account all decisions regarding operating, investment and financial activities enterprises.
The indicator of the value of the enterprise, calculated using the discounted cash flow method, is the sum of the cash flows reduced to the present value for the period of stabilization of the enterprise (billing period) and the discounted value of the cash flow outside the billing period. The cash flow is determined on the basis of the net profit indicator, taking into account changes in the company's debt obligations, the needs for its own working capital and capital investments, as well as depreciation deductions remaining at the company's disposal as targeted financial resources. The model of the discounted cash flow method can be represented as a formula:
where n- calculation step;
m- calculation horizon;
r- discount rate;
CF n- cash flow in the period n;
V ost– residual value outside the billing period.
Business value obtained using the discounted cash flow method is often negative, which effectively means an outflow of cash from shareholders. This is caused by such consequences of the crisis situation as a chronic shortage of own working capital, the need to make payments on significant debt obligations, the need for capital investments, overvalued or underestimated depreciation charges as a result of numerous unregulated revaluations of fixed assets.
Restructuring concept
The traditional goal of restructuring is to maximize business value. The development of its concept involves the following methodology. At the first stage, the value of the company is estimated “as is” using the discounted cash flow method. Then various options for restructuring the operating, investment and financial activities of the enterprise are developed.
Within the operating (production)factors it is necessary to analyze decisions about the range of products, pricing, cost effectiveness, sales markets, advertising and sales system, after-sales service system of products.
TO investmentthe factors that determine the movement of value include the management of investments in fixed assets and working capital, optimization of the level of own capital turnover. In this regard, inventory levels, collection of accounts receivable, management of accounts payable, capacity expansion, capital planning, asset sales are analyzed.
Among financialfactors include the cost of equity capital, its ratio with the amount of debt, capital structure. The management of business risk factors, methods of maintaining an optimal capital structure, dividend policy are analyzed. Reducing business risk reduces the rate of return (discount) that the investor would like to receive, and thus increases the value of the business.
The developed measures are checked using a discounted cash flow model; the increase in the company's value is used as a criterion for selecting options. The strategy leading to increased business value provides the basis for considering subsequent restructuring options.
Restructuring strategies should be considered from simple to complex - from options providing for minimal capital investments and external financing, to investment projects for the complete re-equipment of production. However, it should be borne in mind that many enterprises are in a situation where the main goal should be to satisfy the claims of creditors. Its achievement is by no means always combined with solving the traditional task of restructuring - maximizing the company's value, since this strategy, as a rule, is associated with high level risk due to significant capital investments and the need for additional external financing.
Strategy options
enterprise restructuring
in a crisis situation
In a period of severe crisis, the selection of the restructuring concept, in our opinion, may be limited to options with a minimum level of risk when the value of the business reaches zero or close to zero. The main condition should be the full satisfaction of creditors' claims in accordance with the most favorable debt repayment schedule for the company, which is taken into account in the discounted cash flow model. This concept is not attractive to the owners of the enterprise, however, in our opinion, it has the right to life as one of the options for external management.
Alternatively, we offer a restructuring strategy to guarantee satisfaction as the interests of creditorsand the minimum requirements of the owners of the enterprise.Such a concept should reflect a restructuring strategy that satisfies creditors 'claims in accordance with the approved debt repayment schedule and achieves a business value close to the founders' initial contributions adjusted to present value at the rate of return of alternative investments with similar levels of risk and liquidity. In order to ensure a way out of the crisis for the owners according to criterion (1), the restructuring strategy must satisfy the following inequality:
where CF- projected cash flows within the calculation horizon;
i- interest rate (discount) - in this case, we propose to use a single rate for the discounting processes and determination of the current value of past payments and investments in the authorized capital;
g- expected growth rates of cash flow beyond the calculation horizon;
D k- dividend payments in the period k;
PV j- initial investments in the authorized capital with the alternative use of resources in the period j.
In this case, the risk in achieving the set goals is higher than in the implementation of the concept of zero cost, however, it is assumed that the shareholders will return the invested funds, taking into account their investment with a minimum level of risk.
Formula (3) has great analytical potential when choosing various restructuring strategies. So, for example, the negative difference between the actual value of the indicator (when assessing the value of the enterprise “as is”) and the unit can be used to calculate the additional value of the business, which should be created in the process of restructuring in order to fully meet the interests of the owners of the enterprise.
Finding the value of the interest rate (discount) is of particular interest i, at which the exponent (3) is equal to one. At the same time, there is an equality of the current value of investments in the company's equity capital, taking into account their possible alternative use and the current value of past and future benefits from participation in the company's equity capital. The interest rate obtained in this way (let's call it the actual rate of return) should reflect the real cost of investments in equity. It seems that comparison of the actual rate of return with the calculated interest rate (discount) can be used to identify and analyze the following situations:
The actual rate of return exceeds the calculated interest (discount) rate. In this case, such an excess characterizes the additional profitability of investments in equity capital in comparison with the estimated levels of risk and liquidity, which are reflected in the calculated interest rate;
The actual rate of return is lower than the calculated interest rate (discount). This situation indicates that the actual income does not correspond to the expected and the riskiness of investments is not supported by the corresponding level of their profitability.
The proposed restructuring concepts can be analyzed in conjunction with a strategy that reflects the desire to maximize business value. Zero-cost strategies, protecting the interests of owners and maximizing the value of the business should be considered by the meeting of creditors as alternative concepts for overcoming a crisis situation, while the criteria for selecting strategies are the risk and financial feasibility of restructuring options.
The main ideas of restructuring are the adaptation of an enterprise to the changing environment of the external and internal environment and the idea of \u200b\u200ba targeted approach to solving management problems and the enterprise as a whole, in the prevailing, often crisis conditions. But in order to be able to adapt to such changes and at the same time always maintain a course towards achieving the set goals, an enterprise must have a restructuring strategy.
Restructuring strategy - an action plan to change the structure of ownership, capital, production, capacities and the management system aimed at bringing the internal conditions of the enterprise functioning in accordance with the changing conditions external to the enterprise and the strategic goals of the enterprise.
The set of decisions within the framework of the chosen strategy are of fundamental importance for the functioning of the enterprise and entail (provided they are implemented) long-term and irreversible consequences. Moreover, the restructuring strategy should follow from the overall strategy of the enterprise. Therefore, when the need for restructuring arises, these strategies should be closely interrelated.
It is proposed to distinguish two types of general restructuring strategies: active and passive (Fig. 7).
Figure 7. Variants of enterprise restructuring strategies
Using active restructuring strategy allows you to fully use the potential of the enterprise and get decent results with a reasonable level of risk, but must have at their disposal a sufficient amount of investment resources.
Using passive restructuring strategy will allow you to get not so much large-scale results from changes. They require less time and money for their implementation, and the level of risk in this case is significant.
You can also highlight the main types of restructuring strategies: decentralization, transformational, integration.
1. Under a decentralized restructuring strategy the author understands the direction of development of the enterprise through the dispersal of the process of making operational and part strategic decisions and the transfer of power from the corporate center to the level of business units allocated on the basis of the existing structure, or into independent legal entities, reduction of unpromising business areas, and the removal of a number of functions outside the enterprise.
Algorithm for the formation of a decentralization strategy restructuring of an enterprise includes:
Assessment of the prospects of divisions from the point of view of the chosen development strategy,
Selection of an organizational structure based on economic effect,
· Distribution of responsibilities between the corporate center and business units.
2. Under integration strategy for restructuring the author understands the various forms of combining production capacities, assets or individual functions of independent economic units, allowing mutually beneficial joint activities or organizing single association in order to obtain a synergistic effect.
Algorithm for the formation of an integration strategy for restructuring includes:
Analysis and clarification of the goals and motives of integration,
· Choice of the type of integration;
· Search and assessment of enterprises-candidates for integration;
· Selection and assessment of means of implementation of the integration strategy of restructuring;
Calculation of the potential efficiency from the implementation of the integration restructuring strategy
3. Under transformational restructuring strategy the author understands the change in the production and management structure and functions of the enterprise, in which there is no transfer of power from the corporate center to the level of business units and the integration of production facilities, assets with other business entities
Algorithm for the formation of a transformational restructuring strategy includes:
· Assessment of the effectiveness of the organizational structure and business processes of the enterprise;
· Change of organizational structure and (or) business processes;
· Change (establishment) of the financial structure, the setting of management accounting;
· Development and implementation of performance indicators for departments and business units;
Selection and implementation of the model economic management; allocation of value centers.
The effective application of the restructuring strategy is possible only with integrated management (with the involvement of external consultants), which will allow, based on the need for restructuring, analysis of the required amount of investment resources and the expected effect of restructuring, to select a possible enterprise strategy within the framework of restructuring.
Current investment and financial restructuring enterprises
Examination \u003e\u003e Economics... , investment and financial restructuring enterprises Legal framework for the procedure restructuring within the framework of bankruptcy proceedings. Current, investment and financial restructuring enterprises Restructuring enterprises ...
Theoretical Foundations of Analysis financial fortunes enterprises
Abstract \u003e\u003e Finance... enterprises……………… .59 WAYS TO IMPROVE FINANCIAL CONDITIONS ENTERPRISES ON THE EXAMPLE of LLC “Bread-Salt” …… ... 63 3.1. Restructuring enterprises ... (receipts and expenditures) in the context the current, investment and financial activities enterprises... Forms No. 3 and No. 4 ...
Analysis financial fortunes enterprises and ways to improve it 2 Assessment and
Master's work \u003e\u003e FinanceAND further development enterprises... In its turn, current, investment and financial activity enterprises limited to specific limits, ... company goes to positive result work due to the work done on restructuring ...
Financial state enterprises (10)
Abstract \u003e\u003e Finance... restructuring enterprises... Analysis financial states based on data financial ... the current activities. Analysis financial fortunes enterprises includes stages: preliminary (general) assessment financial fortunes enterprises ... investment ...
Financial planning (19)
Coursework \u003e\u003e FinanceReflects the movement of cash flows on the current, investment and financial activities enterprises... Using the forecast of the movement of cash ... years. The most common problem is restructuring... Imagine that the company "grew", and it ...
Course work
Restructuring strategies and tactics
Introduction
Currently, a new area of \u200b\u200bknowledge and practical application for Russia is gaining more and more development - the restructuring of enterprises and companies. Widely used in business practice developed countries Western restructuring methodology is beginning to conquer the Russian market. The implementation of restructuring programs can significantly increase the competitiveness of companies and lead to overcoming negative situations in economic development.
The restructuring of the company is not an end in itself, it should be carried out when it is necessary due to objective circumstances. The main feature of restructuring, in contrast to current individual changes in production, capital or property structure, sales markets, etc. is that it is not part of the company's day-to-day business cycle. It is the need for a comprehensive nature of the transformations affecting almost all aspects of the company's functioning that determines the restructuring.
The most important component of the reform is the restructuring of the management system. It distinguishes three areas: production management, personnel management and integrated management. The restructuring is preceded by an analysis of the operational and strategic management of production, ways of developing and making organizational decisions. It is also important to take into account the prospects for updating and improving the quality of products, which involves the modernization of production and a change in the structure capital investments, transformation of the control system. The new management structure should ensure the optimal number of subdivisions, the hierarchy of subordination, the balance of the processes of updating and maintaining the quantitative composition of personnel.
Restructuring is one of the effective market development tools successful business... The failures of the restructuring of individual Russian enterprises indicate rather an insufficiently thought out and elaborated organization of its implementation than a lack of it as a method.
Relevance of the topic course work is that restructuring involves complex and interrelated changes in the structures that ensure the functioning of the enterprise as a whole. For the modern Russian economy, the restructuring of large enterprises has become a highly effective market tool for increasing the competitiveness of enterprises and is considered as a set of measures to comprehensively bring the operating conditions of the company in line with the changing market conditions and the developed strategy for its development.
The main purpose of the course work is to consider strategies and tactics for restructuring.
The tasks of the work, based on the goal, are:
· study theoretical foundations restructuring;
· consideration of strategies and tactics for restructuring;
· consideration of approaches to assessing the effectiveness of the implementation of enterprise transformations;
· development of indicators for determining the effectiveness of the restructuring.
1. Theoretical aspects of restructuring
.1 Essence, main directions and stages of restructuring
Restructuring an enterprise is the implementation of a complex of organizational and economic, financial and economic, legal, production and technical measures aimed at reorganizing an enterprise, changing the form of ownership, management system, organizational and legal form, for the financial recovery of the enterprise, increasing the volume of competitive products, increasing production efficiency and satisfaction of creditors' claims.
From this definition it follows that the concept of "enterprise restructuring" is, although close to the concept of "enterprise reorganization", but does not coincide with it in content. Since "reorganization" is one of the constituent parts of "restructuring", the latter concept turns out to be broader than the first.
The restructuring program involves complex work on three main aspects: · financial (transformation of the structure of assets and liabilities of the company);
· structural (transformation of the internal structure and system of external relationships of the company);
· legal (legal procedures and technologies for enterprise restructuring).
Depending on the reasons that served as the basis for business restructuring, not only directions, types and types of restructuring are selected, but also its strategy.
Figure: 1. Schematic diagram of enterprise restructuring
The strategy and tactics of restructuring usually involve its implementation in two stages: operational, including measures that give quick results, aimed at those areas of work that are most responsive to corrective measures; strategic, involving profound transformations that ensure long-term sustainable development, a margin of safety against fluctuations in the external environment and imbalance due to internal reasons for the enterprise.
The main stages of restructuring are:
Table 1
.2 Goals and Objectives of Restructuring
To eliminate the negative trends noted, it is necessary to focus on ensuring the effective development of enterprises as the main structural element economic policy Russia.
Changing the environment for the functioning of enterprises, which has been the main direction of the reform to date, should be supplemented in the coming years by stimulating internal reforms at enterprises.
The stage-by-stage, state-stimulated process of transition of enterprises to the principles of functioning generally accepted in a market economy constitutes the content of enterprise reform.
The purpose of the reform of enterprises is to facilitate their restructuring, which contributes to improving management at enterprises, stimulating their activities to improve production efficiency and competitiveness of products, as well as labor productivity, reduce production costs, and improve financial and economic results. Reforms should be carried out by enterprises independently. However, amid the economic downturn and the payment crisis, only a small number of enterprises are able to reform without state support.
Federal bodies executive power, without directly interfering in the internal affairs of enterprises, should create more favorable conditions for the management of those enterprises that are actively reforming.
The priority tasks of enterprise reform are:
Figure: 2. The structure of restructuring tasks
1.3 Main risks associated with restructuring
During the implementation of the restructuring project, no one is insured against negative results. There are several of the most important risks for companies that can negatively affect the implementation of restructuring programs.
Risk 1. The risk of choosing the wrong method of restructuring.
The choice of restructuring methods is determined depending on the strategy, goals and state of the company.
If the company has decided to carry out operational restructuring, then it can use the following methods. First, the methods of restructuring the property complex, such as leasing, conservation, liquidation, write-off of assets, and their sale. Secondly, methods of restructuring accounts payable, in particular, recognition of a debt as invalid, deferral or installment plan of debt with subsequent repayment, repayment of debt with minimal costs, redemption of rights of claims against the creditor with subsequent presentation of claims, and many others. Thirdly, an organization can use methods of restructuring accounts receivable, including debt repayment with maximum economic effect, recognition of debt as invalid, as well as various forms of dismissal or reduction in the number of employees.
Risk 2. The risk of premature assessment of the restructuring results.
In practice, it is very difficult to determine where the real results of structural change begin. Often, the management of a company takes the negative short-term consequences of restructuring for its results. In this case, the entire program may be curtailed, and the strategic goals have not been achieved. To minimize this risk, it is necessary to correctly draw up a restructuring program with detailed description all short-term results and targets, and with clear definition of long-term goals.
Risk 3. Risk of insufficient qualifications of representatives of the company's management bodies.
This risk can be minimized in two ways. Or by dismissing the company's management and attracting a new management team. Or, the second option, by conducting specialized seminars and trainings to explain to the management the goals and main directions of restructuring. In any case, in order to identify and manage this risk, it is necessary to involve professional specialists from outside.
Risk 4. Risk of incorrect assessment of the resources required for restructuring.
Companies traditionally underestimate the complexity of restructuring. Therefore, for its implementation, limited time periods are given, a small number of specialists are involved, and scant funding is allocated.
Risk 5. The risk of low motivation of persons participating in the restructuring process.
This risk does not only imply different degrees of interest among company employees in structural changes. It also includes conflicts of interest that may arise between the management and owners of the company during the restructuring and negatively affect their motivation during the project. To manage this risk, the restructuring program must be top-down, not bottom-up. The exceptional energy of the owners of the company is extremely important. Their desire to achieve restructuring goals should be passed on to both the top management team and middle managers, lower-level executives.
Risk 6. Risk of negative social consequences.
The emergence of negative social consequences in the course of restructuring is a normal practice in countries with market economies. It manifests itself in mass layoffs of personnel from existing production facilities, in layoffs at liquidated companies, in the closure of companies. social sphere.
Risk 7. Risk of poor quality legal support of the project.
Very often in the course of restructuring, it is necessary to carry out legal changes. In Russia, the most common of them are the creation on the basis of an enterprise of one or several subsidiaries, the creation of a new economic society together with an enterprise - a potential bankrupt and its owners, bankruptcy of the enterprise, reorganization in the form of division and in the form of separation. Reliable statistics on how many restructurings were carried out according to such schemes for last years, in Russia there is no. And it is obvious that carrying out legal restructuring, not supported by real organizational changes, changes in financial, production systems, in practice is only a half-measure. On the other hand, errors of legal support can nullify the transformations that have already been carried out in the company.
2. Development of strategies for enterprise restructuring
.1 Reasons for enterprise restructuring
restructuring risk transformation
The main reason for the restructuring of a normally functioning enterprise is qualitative changes within the enterprise in the process of its evolutionary development over time.A small enterprise, over time, through medium and large, turns into a very large enterprise, and then into various types of associations. The transition from one stage of the evolutionary development of an enterprise to another is characterized by a special type of its restructuring. For example, the transition from a small business to a medium-sized one is accompanied by its restructuring, during which, as a rule, a structureless small business acquires a pronounced management structure. The transition from a medium-sized enterprise to a large one is accompanied by restructuring, as a result of which the functional organizational structure changes to a divisional one. The transition from a large enterprise to a very large one is accompanied by transformations, as a result of which the divisional organizational structure changes to a matrix one. Even a very large enterprise can be restructured and turned into such types of associations as a concern, holding, financial and industrial group, association, union.
The considered reason for enterprise restructuring can be called a natural reason for growth and can be attributed to the so-called natural reasons for restructuring, i.e. reasons due to internal, in this case qualitative, changes in the enterprise.
Internal reasons can also include a change in the interests of the owners of the enterprise (owners) or one owner (owner). In this case, the restructuring of an enterprise can be carried out through the separation of business areas, personnel, the creation of various, including competing, firms. The owner can finally sell or liquidate his enterprise, or create a number of new ones on its basis, etc.
If the owner is interested in increasing the scale of the enterprise or neutralizing a competitor, he can merge, take over or take over another similar enterprise - a competitor, or create a new enterprise that will operate in the market sector of the competitor. Mergers, acquisitions or acquisitions of various enterprises are very complex processes accompanied by profound changes both in the main enterprise and in the affiliated one. The complexity of these processes is due to the combination of various individual structures, personnel, traditions and cultures. The problems that arise during this merger are solved in the process of restructuring these enterprises - the main one and the merged one.
Another common reason for enterprise restructuring is conflicts between co-owners, either the CEO and the board of directors, or leading executives.Usually, the contradictions of the opposing sides accumulate over time and become antagonistic. In this case, the contradictions can be resolved with the help of enterprise restructuring, dividing it into several independent enterprises.
An internal reason, although related to external changes, can be attributed insolvency of an enterpriseassociated, including with significant accounts receivable and payable of enterprises.
Finally, one of the most common reasons for enterprise restructuring is their wear: functional, physical and external. The functional deterioration of the enterprise is associated with the continuing functioning of the "old" ("old") enterprise, created in pre-capitalist conditions, in the new market conditions of management, to which it is not adapted. To adapt such an enterprise to real market conditions, restructuring is required. Large and medium-sized insolvent enterprises, which are decrepit and obsolete organisms, in the process of restructuring are transformed into new, modern, efficient enterprises, managed by highly qualified managers, focused on the needs of the market.
The external wear and tear of the enterprise is due to market changes in management, i.e. reasons external to the enterprise. Competitors in the market can reduce prices, expand the range, improve the quality of similar products, and these changes must be adequately responded to, that is, changed, restructured.
Other external reasons for restructuring include political and legislative changes.
2.2 Enterprise restructuring strategies
The strategic concepts of enterprise restructuring are closely related to the reasons for their restructuring. If the reason is the natural growth of the enterprise, which is based on the idea that the future capabilities of the enterprise are related to its potential, then the appropriate restructuring strategy is the strategy of capacity building. This strategy, in turn, is associated with the implementation of a specific type of restructuring based on expanding the scope of activities and increasing the scale of the enterprise, which corresponds to its types of restructuring: takeover, merger, takeover, etc.
Consider several strategic concepts for enterprise restructuring:
Capacity building concept;
Marketing concept;
Anti-debt concept;
protective concept;
automatic concept;
investment.
Let's consider the first one in more detail. It is impossible to acquire the universal potential of an enterprise suitable for all occasions, but working on its creation in order to obtain real advantages in a specific market is a doable task. What constitutes the potential of an enterprise?
Qualified personnel - basic and auxiliary workers (in a certain ratio), headed by an energetic, competent and decent leader.
A modern property complex, where modern, high-quality and flexible production of goods in demand on the market operates.
An adequate enterprise management system, including organizational structure, a subsystem for the implementation of basic and specific management functions, a modern information subsystem of office work. Speed \u200b\u200band validity of adoption are important to the management system management decisions, efficient system control. Improvement of individual subsystems of the management system increases the potential of the enterprise.
Enterprise management style. Here it is necessary to consider the relationship between different types of power: the power of the leader, the power of office and the power of coercion. The maximum potential of the enterprise corresponds to the maximum power of the leader, the moderate power of the office and the absence of coercive power.
The level of debt of the enterprise (mainly accounts payable). The higher the level of indebtedness of the enterprise, the less its potential.
Marketing, characterized by the market share of the enterprise (the higher the market share, the more opportunities for effective pricing and influence on other manufacturers of similar products) and the efficiency of the sales and supply services (whether there is an own or controlled sales network, how flexible they are and can they adequately respond to changes in demand, are there alternative suppliers of resources and a credit of trust that allows you to receive prompt shipments, deferred payment, scarce assortment, etc.).
Exclusive enterprise capabilities. These include exclusive access to raw materials, access to exclusive information, exclusive right to a portion of the market.
Purposeful and effective functioning of all the above-mentioned components of the enterprise's potential, all components of the potential should work purposefully to maximize profits, the efficiency of the enterprise should be higher than the market average.
The essence of the concept of capacity building of an enterprise is that any change in the enterprise should be aimed at improving a certain component of the enterprise's potential, provided that the other components are not weakened. This concept is very flexible, it allows solving the general problem of enterprise restructuring in separate tasks-blocks. The manager has the opportunity to choose individual areas of restructuring, he can choose what he is ready to change.
The considered concept of restructuring is largely related to one of the two most common strategies for the operation of enterprises on the domestic market, namely long-term presence strategy.
The strategy of a long-term presence consists in a stable and constant growth of the company's potential based on strict adherence to market rules and restrictions (including ethical ones). Profit is reinvested in production development.
The market is also cultivating another strategy for the operation of the enterprise - initial capital accumulationbased on making a profit today, by any means. The most popular tools of this strategy are access to budgetary resources and their "pumping", manipulation with value added tax and other taxes, participation in the process of restructuring enterprises' debts as intermediaries, payment delays and other "problems" with obligations. All profits are transferred abroad and not reinvested in the domestic economy.
Another common strategic concept of enterprise restructuring is marketing concept, which is characterized by the following features:
marketing is understood in a broad sense - as a management function that orientates the company to the market, forms and realizes the goals of the company;
the goals of the enterprise's future development are clearly formulated on the basis of a deep analysis of its external and internal environment of functioning;
programs for restructuring the enterprise are being developed and implemented, orienting it towards meeting market needs.
This concept allows from the very beginning of building an enterprise restructuring strategy to establish the direction of changes in the enterprise in strict accordance with the market situation and market interactions, and not only to establish the direction of changes, but also to ensure that each change introduced at the enterprise brings it closer to the planned quality of work at market. Thus, marketing builds the enterprise itself in accordance with the requirements of the market. In this case, the company responds adequately to changes in the market and functions effectively.
Anti-debt concept In fact, it is as follows: as a result of the implemented measures, the enterprise is freed from debts or their burden becomes lighter. However, this strategy must be distinguished from another one - enterprise debt restructuring, specific debt restructuring technologies.
Defensive restructuring concept used to protect an enterprise from being captured by competitors. The core of this strategy consists of a series of changes in the management system and in the capital structure of the enterprise, as well as the manipulation of shares, due to which it becomes difficult for competitors to gain control over the enterprise. The defensive strategy also includes individual elements marketing strategyas well as a capital building strategy.
Automatic restructuring concept lies in the fact that all changes at the enterprise are aimed at building a management system in which “everything works by itself”, without the operational intervention of the first head. This strategy can combine the individual elements of a marketing strategy and an enterprise capacity building strategy.
Investment strategy as an element of the company's overall strategy.
Investment strategy - a system of long-term goals of the investment activity of an enterprise, determined common tasks its development and investment ideology, as well as the choice of the most effective ways to achieve them. The investment strategy is an effective tool for the long-term management of the investment activities of an enterprise; it is a concept for its development and as master plan implementation of investment activities of the enterprise determines:
priorities for investment activities;
forms of investment activity;
the nature of the formation of the investment resources of the enterprise;
sequence of stages of implementation of long-term investment goals of the enterprise;
the boundaries of the possible investment activity of the enterprise in the directions and forms of its investment activity;
a system of formalized criteria by which an enterprise models, implements and evaluates its investment activities.
The process of developing an investment strategy is an essential part of common system strategic choice of the enterprise and includes:
setting goals for the investment strategy;
optimization of the structure of formed investment resources and their distribution;
development of investment policy on the most important aspects of investment activities;
maintaining relationships with the external investment environment.
Effectively managing investments is possible only if there is an investment strategy adapted to possible changes in the factors of the external investment environment, otherwise the investment decisions of individual divisions of the enterprise may contradict each other, which will reduce the efficiency of investment activities.
Changes in the factors of the internal environment of the enterprise may be associated with cardinal changes in the goals of its operating activities or with upcoming changes in the stage of the life cycle. New business opportunities are changing the business objectives of an enterprise. In this case, the developed investment strategy ensures the predictable nature of the increase in the investment activity of the enterprise and the diversification of its investment activity.
3. Evaluation of the effectiveness of restructuring transformations of the enterprise
So, enterprise restructuring is a controlled process of changing the structure of economic activity (assets, property, finance, management, personnel, etc.) in order to adapt the internal structure of the enterprise to the constantly changing conditions of the external environment in order to achieve the stability of the enterprise. If an enterprise does not carry out restructuring measures in a timely manner, then its ability to effectively adapt to changing market conditions decreases, and strategic stability decreases.
In this chapter, we will consider the following strategies that are currently most relevant when restructuring domestic enterprises: financial recovery, reorganization financial recovery, anti-debt, protection strategy, diversified growth, integrated growth, concentrated growth and capacity building.
If the head of the enterprise conducts crisis restructuring, then the goal is to restore the solvency, financial stability of the enterprise, to overcome the crisis state. To achieve the set goals, the leader can choose one of the three proposed strategies:
Financial recovery strategyaimed at restoring solvency and financial sustainability operating enterprise and affects changes in the financial, production, organizational and marketing areas of the enterprise.
Reorganization Financial Recovery Strategy - is aimed at terminating the activity of the existing enterprise and creating a new financially "healthy" enterprise. The fundamental measure of restructuring here is reorganization. The reorganization is carried out by merging with another similar organization, joining a stronger company, joining a FIG, splitting up an enterprise, spinning off separate technologically separate industries in order to attract demand for their products, etc.
Anti-debt strategy aims at getting the company out of debt.
In order to facilitate the choice of a strategy for the implementation of the natural restructuring carried out in connection with the need for enterprise growth, it is proposed to systematize them by combining them into two groups:
1 group.Unlimited growth strategies focus on business growth using legal restructuring methods: mergers, acquisitions and new business creation procedures.
This group includes:
Integrated growth is expansion through the acquisition of supplier firms, sales firms, and the capture of competitors.
Diversification growth is realized through the takeover of existing enterprises or the creation of new enterprises in new industries.
Group 2. Limited growth strategies assume that accumulated profits from previous years, as well as borrowed funds, will be invested in the existing business.
This group combines the following strategies:
Concentrated growth means increasing the share of traditional products in traditional markets, entering new markets with this product, creating new products and launching them into the traditional market.
Capacity building is aimed at increasing the production, personnel, financial potential of the enterprise through the use of methods of restructuring changes at the enterprise.
In carrying out business restructuring aimed at preserving property and preventing the takeover of the enterprise by third-party "hostile" organizations, managers choose a strategy of protection against takeover. This strategy provides for the implementation of special methods, the use of which reduces the likelihood of a hard takeover of the enterprise. The main methods of restructuring in order to protect against takeover for Russia are litigation, redemption of shares, withdrawal of attractive assets.
Having chosen the restructuring strategy, it is necessary to develop a set of measures for the implementation of this strategy and calculate the effect of the introduction of transformations at the enterprise. Evaluation of the economic efficiency of the transformation allows you to correctly choose the final option from the alternative options for restructuring.
The following approaches can be distinguished in domestic practice for assessing the effectiveness of restructuring transformations:
1 approach. Using a number of predictive indicators:
dynamics of sales growth;
the share of new products in sales;
dynamics of net profit;
return on assets and equity;
net profit per share.
2 approach. Using the discounted cash flow method to determine the cost gap. The discounted cash flow method is the only one that allows for future changes in the cash flows of an entity. Within the framework of this approach, it is possible to use one of the following options for determining the cost gap when calculating the cost gap:
and). Cost Gap Formula
where D (PN) is the additional profit from restructuring, is the time period after the restructuring,
(EE) n - savings in production costs,
(I) n - additional investments for restructuring,
(T) n - increment (saving) of tax payments - coefficient of the present value.
b). Definition of the gap as the difference between the current value of the company (present value) and the potential value of the enterprise after restructuring.
The current value of the enterprise is taken as the basis for comparing this approach to assessing the strategy and methods of its implementation. If, when comparing the potential value of the enterprise after the restructuring and the current value that the company currently possesses, a value gap is obtained, this strategy is recommended for implementation on this enterprise, otherwise it is necessary to refuse it.
from). Due to the fact that the period of planning, preparation and restructuring is from 2 to 5 years, it is believed that the projected potential value of the enterprise after the restructuring should be compared not with its current value, but with the future value of the enterprise without restructuring. The following improvement of the cost gap method is proposed:
The cost gap is the gap between the projected values \u200b\u200bof the present value of future cash flows upon restructuring and the present value of future cash flows without it.
In the framework of the proposed method, to determine the cost gap, it is necessary to calculate the projected present value of future cash flows:
When the enterprise operates according to the traditional method of enterprise development;
during restructuring.
If, when comparing the present value of future cash flows during the restructuring and the present value of future cash flows without carrying it out, a cost gap is obtained, this strategy and the selected methods of its implementation are recommended for implementation at this enterprise. If not, it is recommended to abandon its implementation or revise the list of methods for its implementation. This approach is applicable for financially healthy and also successful businessescarrying out natural restructuring.
For enterprises that are in a difficult financial situation, and even more so for enterprises to which judicial procedures are applied, this approach should be supplemented by the calculation of financial indicators that are able to assess the dynamics of the gradual transition of a business from a state of unprofitableness to normal conditions and indicate the presence of a process of overcoming crisis. It is recommended to use the current liquidity ratio and the equity ratio as such indicators. working capital.
In this way, when assessing the effectiveness of restructuring enterprises in crisis, it is necessary:
so that the cost gap as a result of the implementation of the strategy was obtained,
the net present value turned positive,
the current liquidity ratio and the ratio of provision with own working capital began to correspond to their normative values.
Table 2 proposes the systematization of performance assessment indicators depending on the goals and type of restructuring strategy (Table 2).
Table 2. Relationship between restructuring goals, strategies and performance indicators for achieving planned goals
Restructuring goals Strategies An indicator of the effectiveness of the chosen strategy Achieving strategic stability of the enterprise, maximizing business value. Concentrated growth, Integrated growth, Capacity building, Diversification growth. Cost gap *. If, when comparing the present value of future cash flows during the restructuring and the present value of future cash flows without carrying it out, a cost gap is obtained, this strategy and the selected methods of its implementation are recommended for implementation at this enterprise. If not, it is recommended to abandon its implementation, or revise the chosen methods for its implementation. Financial stabilization. Financial recovery. Reorganization financial recovery. Cost gap, positive value of the net discounted flow. Compliance of indicators of financial stability and solvency with normative values. Protection of interests of owners. Strategies of protection. Maintaining control of the owners of the enterprise.
To determine the cost gap, using any of the methods discussed above, it is necessary to correctly identify the sources of added value creation. The sources of the increase in value form a certain benefit for the restructured enterprise, which is the main motivating factor for the restructuring. Sources of added value can be: an increase in sales by improving the quality of products, by introducing new technologies, improving marketing, etc. The sources of added value creation depend on the chosen restructuring strategy.
R we arrange the sources of added value creation depending on the chosen restructuring strategy(Table 3).
Table 3. Ranking of the sources of added value creation depending on the chosen restructuring strategy
The added value during restructuring is formed by generating additional profit (PN) and saving production costs (EE). This systematization allows managers to focus their attention when assessing the effectiveness of the strategy on the analysis of sources of added value, characteristic of their chosen restructuring strategy.
For example, when the head of the enterprise chooses a strategy horizontal integration When determining the cost gap, it is recommended to pay attention to the following sources of value added:
where PN6 is an increase in income with an increase in the output of profitable products, is an increase in income with an increase in sales volumes due to entering new customer segments, is an increase in income due to growth customer base by geographic expansion, - an increase in income due to an expansion of the range, - an increase in income due to an increase in investment opportunities, - an increase in income due to an increase in investment opportunities, - an increase in income from a positive assessment by the market of intentions to conduct a transaction, - savings from availability complementary resources, - savings by eliminating ineffective management, - economies of scale, - savings by reducing the cost of competition, - additional investment in restructuring, - tax savings.
Compilation of such value added models will allow, if necessary, to carry out a factor analysis of the value growth indicators.
The proposed methodology for assessing the effectiveness of the implementation of transformations will help the manager to competently approach the preparation of a restructuring plan, the implementation of which at a particular enterprise will allow achieving all planned goals.
Conclusion
So, restructuring of an enterprise is a structural restructuring in order to ensure the effective distribution and use of all resources of the enterprise (material, financial, labor, land, technology), which consists in creating a complex of business units based on the division, connection, liquidation (transfer) of existing and organization new structural subdivisions, joining the enterprise of other enterprises, acquisition of a determining share in the authorized capital or shares of third-party organizations.
Compliance with the basic principles of restructuring is necessary condition successful implementation.
Whether the manager realizes that his company needs to be restructured - this is the leading role of the manager in restructuring.
In order to correctly determine the causes and establish a diagnosis of problematicity, you must first make a comprehensive and in-depth analysis of the problems. Once the causes and diagnosis have been established, a strategy and program of action can be reasonably developed. In the course of carrying out the planned programs, it is necessary to observe the principle of justification and consistency.
The development of a strategy is carried out on the basis of forecasts for the development of markets for products, an assessment of potential risks, an analysis of the financial and economic condition and management efficiency, an analysis of the strengths and weaknesses of the enterprise.
Thus, the restructuring strategy is an action plan to change the structure of ownership, capital, production, capacities and management system, aimed at bringing the internal conditions of enterprise functioning in line with the changing conditions external to the enterprise and the strategic goals of the enterprise.
The set of decisions within the framework of the chosen strategy are of fundamental importance for the functioning of the enterprise and entail (provided they are implemented) long-term and irreversible consequences. Moreover, the restructuring strategy should follow from the overall strategy of the enterprise. Therefore, when the need for restructuring arises, these strategies should be closely interrelated.
List of used literature
1.Aistova M.D. Enterprise restructuring: Management issues. Strategy, coordination of structural parameters, reduction of resistance to transformation. - M .: Alpina Publisher, 2002.
.Valdaitsev S.V. Business valuation and enterprise value management
.Galiaskarov F.M., Mozalev A.A., Sagatgareev R.M. Theory financial management: Tutorial. - M .: University textbook, 2008 .-- 192 p.
.Drucker P. Effective management. Economic tasks and optimal solutions. - M .: FAIR-PRESS, 2008 .-- 288 p.
5.Esipov V., Makhovnikova G., Terekhova V. Business appraisal. - SPb .: Peter, 2009 .-- 416 p.
6.Ilchenko A.N., Rychikhina N.S. An indicative method for determining the needs of an enterprise in restructuring // Economic analysis: theory and practice. - M .: OOO Publishing House "Finance and Credit". - 2006. - No. 20
.Karzaeva N.N. Assessment and its role in the accounting and financial policies of the organization. - M .: Finance and statistics, 2007 .-- 224 p.
8.Kovaleva A.M., Lapusta M.G., Skamay L.G. Firm finances: Textbook. - M .: INFRA-M, 2006 .-- 416 p.
.Copeland Tom, Kohler Tim, Murin Jack. The value of companies: valuation and management: trans. from English. - M: CJSC "Olymp - Business", 2007. - 576 p.
.Kurtz H.D. Capital, distribution, effective demand / Per. from English. I.I. Eliseeva. - M .: Audit, UNITI, 1998 .-- 294 p.
.Lukasechiv I. Ya. Financial management - M: EKSMO, 2009-2010
12.Mazur I.I., Shapiro V.D. Restructuring of enterprises and companies. // Under the general editorship of I.I. - M .: ZAO Publishing House "Economics", 2001.
.Modigliani F, Miller M. How much does a firm cost. Theorem MM .: Per. from English. - M.: Delo, 2008 .-- 272 p.
14.Molyakov D.S., Shokhin E.I. Theory of Enterprise Finance: Textbook. - M .: Finance and statistics, 2008 .-- 112 p.
15.Rychikhina N.S. Strategies for restructuring Russian enterprises: a regional aspect // Regional economy: theory and practice. - M .: LLC Publishing House "Finance and Credit". - 2005. No. 10
.Financial management: Textbook for universities / N.F. Samsonov, N.P. Barannikova, A.A. Volodin and others; Ed. Prof. N.F. Samsonova - M .: Finance, UNITI, 2007-495 p.
17.Hori James K. Wang, Vakhovich John M. Fundamentals of Financial Management 11th edition: trans. from English. - M: Publishing House "Williams", 2007.-992 p.
.Sharpe W., Alexander G., Bailey J. Investments. - M .: INFRA-M, 2007 .-- 1024 p.
19.Yun G.B., Tal G.K., Grigoriev V.V. External management in an insolvent enterprise. - M .: Delo, 2003.
20.http://www.tstu.ru/education/elib/pdf/2007/korolkova-r.pdf