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Finance and Management
Reference:

Modern features of the strategic resources formation for managing the value of trading companies

Shevchenko Dmitry Aleksandrovich

ORCID: 0000-0002-9758-4107

PhD in Economics

Associate Professor, Dean, Faculty of Management, Southern Federal University

105/42 Bolshaya Sadovaya str., Rostov-On-Don, 344006, Russia

dashevchenko@sfedu.ru
Other publications by this author
 

 
Pribylov Vladislav Pavlovich

Graduate student, Southern Federal University

344006, Russia, Rostov-On-Don, B.Sadovaya str., 105

vpribylov@sfedu.ru

DOI:

10.25136/2409-7802.2024.2.70241

EDN:

GDYANU

Received:

25-03-2024


Published:

02-04-2024


Abstract: The resource provision of the implementation of company development strategies is one of the central management problems in competitive conditions, and is especially relevant in connection with the increasing dynamism of changes in the external environment. The cost approach to management, which focuses business on assessing the sustainability and success of development in the long term, pays special attention to the volume, quality and structure of financial resources for the implementation of the development program. At the same time, it is difficult to justify universal approaches and methods for optimizing the structure of resource support for strategic development. Therefore, in the article they are considered in relation to the specifics of a particular branch of trade. The use of up-to-date statistical data in combination with an analysis of general trends and features of financial and investment activity conditions allowed us to draw reasonable conclusions about the modern features of the formation of value growth resources of trade organizations.  The research methodology includes a formal logical method, comparative analysis, statistical methods of quantitative data analysis, generalization and grouping. The results obtained demonstrate that the structure of strategic resources necessary to ensure the growth of the value of trading companies in the long term is dominated by own funds. Taking into account the specifics of the fixed capital of trade and the current dynamics of the Russian financial resources market, the conclusion is made about the limited importance of borrowed funds in financing the strategic growth of the business in this industry. Time constraints, the risky nature of financing, technological priorities and insufficient attention to strategic aspects of business value management determine the structure of resource provision for investment activities in trade. The topic discussed in this article will be of interest to researchers and specialists involved in the formation of strategies for the development of companies and the justification of their resource base in the context of analyzing the increase in the value of the business being implemented, taking into account the structure and risks of attracted external financing.


Keywords:

corporate finance, capital structure, strategy, value approach, investment tools, business management, financing, trading company, investment, project

This article is automatically translated.

 

Introduction

The study of the peculiarities of the formation and management of resources for the strategic development of companies, especially in the context of capital formation, is in the sphere of interests of many domestic and foreign scientists. While the cost parameters of optimizing the capital structure are well described and studied from the point of view of financial management, the issues of their alignment with the strategic cost approach to business management remain relevant and require more detailed analysis. On the one hand, the relevance of such a task statement is associated with the dynamic transformation of environmental factors, the consideration of which should be integrated into criteria and approaches to strategic management [1, 2]. On the other hand, the aspect of industry specifics remains insufficiently studied, objectively determining the specifics of needs, development prospects, conditions for attracting and formats for using strategic resources that affect the value of companies [3]. At the same time, the results of current foreign research in this area [4, 5] can only be used to a limited extent in modern conditions of the Russian economy.

Therefore, the purpose of the study was to empirically confirm the definition of the specifics of providing financial resources for the strategic development of trading companies in the Russian Federation. To study the sectoral features of the formation and use of capital for value management, both general research methods, including analysis, deduction, generalization, analogy, and economic and statistical methods, involving the identification of trends and dependencies based on empirical data, were used. By determining the dynamics of absolute and relative indicators of equity, long-term and short-term liabilities of enterprises in a particular industry, it is possible to form a general idea of the most common method of financing, the degree of dependence of enterprises on borrowed sources, and the prospects for forming a sustainable model for attracting resources to implement business development strategies.

 

Formation of the financial and resource base for strategic value management of the company

The logic of managing the company's value in the long term assumes the allocation of sources of formation and factors of value growth in the accepted system of coordinates and criteria for business efficiency. The content and features of various approaches to the implementation of the cost concept in the enterprise management system are well described and analyzed in the works of Russian and foreign economists [6, 7, 8, 9]. Financial security objectively plays one of the key roles in managing the value of companies, creating its fundamental resource base, which has the potential to reproduce in increasing volumes.

Optimizing the composition and structure of financing sources, making up the company's capital management policy, is a central element of the theory and practice of financial management, since it is associated with almost all economic processes and performance indicators of the enterprise. There are about fifteen generally recognized theoretical concepts that propose and justify various criteria for the optimality of an enterprise's capital structure [10]. The main indicators are the weighted average price of capital and the optimal level of financial leverage for the organization. The cost of raising capital should be minimal, allowing you to generate a sufficient amount of profit. The financial lever characterizing the share of borrowed funds in the company's capital has a multidirectional effect on return on equity and financial stability, which also requires a differentiated approach in making financial decisions: among other factors, it is necessary to take into account such factors as the characteristics of income sources, sectoral, territorial and structural features of the organization, cost and risk parameters of alternative financing options [11].

The problems of capital formation are related to determining the value of each of the possible sources of its formation, taking into account the specifics of using different instruments to attract debt and own financing. If traditionally the criterion for optimizing the capital structure is considered to be the ratio of the average cost of capital and the level of profitability of its use, taking into account the level of risks, then a number of additional conditions and restrictions should be introduced to implement a strategic approach to maximizing the value of the company. The analysis of existing publications and the generalization of practical experience allows us to identify the following significant aspects that should be taken into account when forming financial and resource support for the strategic development of companies in modern conditions.

Strategic development plans require expansion of the investment base, mobilization of internal or external sources of financing. Depending on the chosen form of financing, this is expressed in different proportions in an increase in the share of borrowed funds, an increase in owner contributions (an increase in equity), raising funds or reinvesting retained earnings in investment projects. Strategic development plans involving long payback periods for investments need to be supported by timely sources of financing. Depending on the timing, industry affiliation, scale and riskiness of the development program, different tools for attracting resources may have an advantage.

The possibilities of raising capital are fundamentally determined by the state and structure of the company's assets, which should currently be understood as broadly as possible. In the context of strategic business development plans, it is important to support development plans with the necessary innovative solutions, i.e. intellectual property objects that provide the necessary basis for competitive advantages and investment returns in the future. At the same time, the lack of funding is an obstacle both for the commercialization of existing innovative developments and for conducting their own innovation-oriented research [12]. Breakthrough development should be based on the latest intellectual property objects, however, the possibilities of long-term lending as the main form of attracting resources for the implementation of business development strategies traditionally rely more on the assessment of tangible assets available in the organization.

Borrowing is generally limited by the conditions of the current situation in the financial markets. Currently, a combination of external circumstances, accumulated problems of the financial system, as well as priorities and tasks of state economic policy form a unique situation for business of a counter-interested movement on the part of financial institutions and regulatory authorities. Banks, investment funds and specialized development institutions, implementing their own policies in a competitive environment, are focused on sustainable long-term partners, offering them comprehensive financial and settlement services and individualization of resource solutions, including cost parameters [13]. The state implements various programs of targeted business support, differentiated by industry, business scale, region, nature of technology, etc. [14] Examples of programs to support long-term strategic business projects are a special investment contract, VEB Project Financing Factory.the Russian Federation, Investment loans from SME Bank, Preferential loans to companies for digital transformation projects and the introduction of IT solutions, Direct investments of the RDIF, the Development Projects Program.

A notable factor in managing the resource provision of strategic development of companies is the decision-making system within the organization, characterized by a system of goals, priorities and constraints. In the Russian economy, for a number of reasons, many organizations, especially among small and medium-sized businesses, do not take strategic management seriously, tactical decisions have priority [15], which is explained by the high dynamics and mobility of the environment, the need and possibility of significant acceleration in information processing and decision-making.

The considered circumstances of resource management for strategic business development have features of manifestation and implementation depending on the sphere of economic activity. Therefore, generalizations and recommendations should be supported by an analysis of empirical data from a specific industry.

 

Dynamics and prospects of resource provision of value management in Russian trading companies

Traditionally, the publications of Russian economists have recorded the advantage of debt over equity in the financing structure of commercial enterprises [16, 17], which is logically related to the availability of liquid reserves potentially used as collateral for loans.

Statistical data from the Federal State Statistics Service can be used to generalize the characteristics of financial and resource support for the development of trading companies. They include, in particular, the autonomy coefficient calculated in dynamics by type of economic activity, which characterizes the share of own funds in the balance sheet currency and, accordingly, the company's dependence on external sources of financing. Its values, of course, do not make it possible to assume preferred sources of financing for company development programs, therefore they will be supplemented by an analysis of the dynamics of sources of investment in fixed assets in order to form conclusions about the opportunities available in the sector.

A comparative analysis of the dynamics of the coefficient of autonomy of trade enterprises in general, wholesale and retail trade (Figure 1) shows a slow and insignificant increase in the share of equity in the capital of companies for the period from 2017 to 2022, as well as a noticeably lower value of this indicator in the retail sector. If, in general, for trade organizations, the coefficient of autonomy in the period under review ranged from 47.32 – 53.53, in wholesale trade from 49.74 to 55.53, in retail trade from 31.63 to 44.25 (Table 1). Moreover, the maximum values for all groups of enterprises are typical for 2022, which is due to the significant volatility of interest rates in the Russian lending market in 2022 – from March to June it was noticeably increased compared to previous periods, which also affected the availability of credit resources for commercial organizations. Thus, the increase in the share of own funds in the capital of trade organizations by the end of 2022 is explained more by external reasons than by the purposeful policy of companies.

Figure 1. Dynamics of the coefficient of autonomy of trade organizations in the Russian Federation, % (compiled by the authors according to [18])

Table 1. The coefficient of autonomy of trade organizations in the Russian Federation, % [18]

Years

2017

2018

2019

2020

2021

2022

Wholesale trade

53

50,56

51,28

50,59

49,74

55,53

Retail trade

33

31,63

33,75

35,84

34,8

44,25

Trade in general

50

47,32

49,84

48,82

47,38

53,53

 

Focusing more on financing current activities secured by current assets than on long-term sources of financing, Russian trade enterprises name a lack of financial resources among the factors limiting their development, along with the level of competition, lack of demand and the tax system (Figure 2).

Figure 2. Factors limiting the development of retail trade organizations, % of companies that voted, April 2021, compiled by the authors according to [18]

The statistics of the Bank of Russia make it possible to estimate the change in the cost of credit resources of the banking sector for companies in the fields of economic activity, including specifically for trade organizations. As you can see in the graph (Figure 3), over the past five years, the sharpest fluctuations have been observed in short–term lending interest rates - from 6% in the summer of 2020 to 22% in the spring of 2022. Rates on long-term loans mostly repeat the trend, but change more smoothly, in accordance with the specifics of the terms of the concluded contracts. Since mid–2022, the rates on long-term loans to trade organizations - small and medium-sized businesses have been consistently higher than all other analyzed parameters, which was not so clearly expressed in previous periods. This indicates that there are objective limitations for attracting credit resources for the long-term development of trading enterprises.

Figure 3. Dynamics of weighted average interest rates on loans in rubles provided by credit institutions to wholesale and retail enterprises, including SMEs, % per annum (compiled by the authors according to [19])

Speaking about the financial sources of strategic development and increasing the value of business in the future, it is necessary to consider the structure of investments in fixed assets of companies, comparing it with the number and volume of financial needs of trade. In general, the main source of financing for investments in fixed assets in the country is now the mobilization of own funds – since 2015, their share has not decreased by less than 50%, and by the end of 2023 it amounted to 55.6%. The main part of the attracted resources are budgetary funds, their share is about 20% by the end of 2023, and the share of bank loans is less than 9%, which is clearly shown in Figure 4.

Figure 4. The structure of sources of investment in fixed assets in the Russian Federation, % (compiled by the authors according to [18])

The volume of investments in fixed assets in the wholesale and retail trade in 2022 amounted to 1099.5 billion rubles, which is 9.5% more than the previous year. Of the total investment in fixed assets in the country, this industry accounts for only 3.94%, while it accounts for about 25% of all organizations in the economy. It can be assumed that the contribution of trade organizations to real investments on the scale of the national economy is not large due to the fact that this type of activity is not sufficiently fund-intensive. At the same time, their investment activity is limited by the high cost of lending and inflationary expectations associated with the difficulties of forecasting demand and sales.  Currently, the most promising projects for the development of trade organizations can be considered projects on digitalization and automation, the formation of marketplaces, and improving the quality and speed of customer service. Technological advances form the key areas of strategic decisions in trade [20]. They should become the main drivers of value growth in this sector in the future, along with intellectual property objects and the implementation of differentiated growth strategies.

 

Discussion of the research results

Thus, the financial component of strategic cost management resources of trade organizations, which has traditional forms of own and borrowed funds, demonstrates the specifics in the priority mechanisms of their formation. In particular, based on the analysis of the dynamics of the autonomy coefficient, it was concluded that the role of debt financing in trade is generally decreasing. This does not correspond to the previously obtained conclusions and the results of the analysis of individual specialists who justified the priority of borrowed sources of resource base formation in trading companies [16, 17].  Along with this, it is important to emphasize that, according to the Bank of Russia, the lack of financial resources, high level of competition and problems with effective demand, trade organizations consider the most significant factors limiting the implementation of strategic development plans [18]. The data considered in the paper confirm these limitations from the point of view of real statistics on the structure of financing development programs in this area.

Based on the analysis, it can be concluded that such a dynamic situation is related, on the one hand, to the current situation of the Russian financial market, the balance of supply and demand of capital. The high level of interest rates complicates access to credit facilities in trade without additional support and stimulation of investment activity from the state. It can be assumed that in industries with more pronounced support, a different structure of resource provision for strategic development is emerging, but this requires additional consideration. On the other hand, a strategic approach to cost management requires more consistent and comprehensive implementation in trading companies, often focused on a short-term planning horizon. This conclusion is consistent with the positions of the authors, who note this disadvantage as an obstacle in the implementation of the cost concept of business management [15]. At the same time, additional research approaches and methods should be used to substantiate the characteristics of real processes and decision-making criteria in trade organizations, in addition to analyzing generalized statistical data.

 

Further research directions

 The analysis showed that, taking into account mainly the low capital intensity and high turnover of the trading business, in the long term, the cost increase in it will be provided mainly through the mobilization of own resources, internal savings. For a steady increase in value, it is advisable to direct them to the commercialization of the innovative potential formed by companies, the development of unique technological advantages and services. This approach to the formation of strategic cost management resources, taking into account the reviewed publications and empirical data, seems to be the most reasonable. At the same time, the conclusions made allow us to outline further areas of research that are of significant practical importance from the point of view of the effectiveness of the formation and implementation of development strategies for companies in the field of trade. In particular, it is necessary to characterize the processes of developing and evaluating strategic alternatives within companies, taking into account their market position, scale of activity, ownership structure and other characteristics, in order to develop the most reasonable approaches to these processes. In addition, it is advisable to consider conceptually and on specific data the composition of other types of strategic resources necessary for the development and long-term increase in the value of trade organizations, since the financial component of resource security is naturally formed based on the limitations and parameters of the business, characteristics of its investment projects, forms and timing of their implementation. The issue of determining methods for evaluating the effectiveness of value management of trading companies remains to be further studied, especially in the context of justifying the uneven mobilization of external and internal resources for these purposes.

References
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2. Boldyreva, R.Yu., & Mikhaleva, E.P. (2023). Управление в условиях стратегических изменений [Management in the conditions of strategic changes]. News of Tula State University. Economic and legal sciences, 1, 111-121.
3. Pirogova, O.E. (2014). Проблемы определения драйверов стоимости при разработке механизма управления развитием торгового предприятия на основе стоимостного подхода [Problems of determining cost drivers when developing a mechanism for managing the development of a trading enterprise based on the cost approach]. News of the St. Petersburg State Economic University, 2(86), 67-72.
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5. Al-Shaer, H., Kuzey, C., Uyar, A., & Karaman, A.S. (2023). Corporate strategy, board composition, and firm value. International Journal of Finance & Economics, 1-26. Retrieved from https://doi.org/10.1002/ijfe.2827
6. Kotzen, J., Olsen, E., Plaschke, F., Stelter, D. & Farag, H. (2012). Focusing Corporate Strategy on Value Creation. In: M. Deimler, R. Lesser, D. Rhodes and J. Sinha (Eds.). Own the Future (pp. 227-233). The Boston Consulting Group, Inc. Retrieved from https://doi.org/10.1002/9781119204084.ch31
7. Ivashkovskaya, I.V. (2012). Стейкхолдерский подход к управлению, ориентированному на приращение стоимости компании [Stakeholder approach to management focused on increasing the value of the company]. Corporate Finance, 1(21), 14-23.
8. Khlebnikov, D.B., Komarov, A.A., & Pirogova O.E. (2023). Особенности формирования стоимости компании с учетом риска инвестиций в приобретение прав на активы [Features of the formation of a company’s value taking into account the risk of investment in the acquisition of rights to assets]. Scientific notes of the International Banking Institute, 2(44), 133-145.
9. Shevchenko, B.I. (2020). Стоимостное мышление в процессе управления стоимостью предприятия [Cost thinking in the process of enterprise value management]. Economics and management: problems, solutions, 3, 50-55.
10. Gerashchenko, I.P. (2009). Формирование целевой структуры капитала в предпринимательской деятельности [Formation of a target capital structure in entrepreneurial activity]. Finance and Credit, 29, 62-71.
11. Bakhurets, A. P., Boldyreva, I. A., Degtyar A. S., et al. (2016). Реальный сектор экономики: проблемы финансирования, инвестирования и управления [Real sector of the economy: problems of financing, investment and management]. Novosibirsk: Association of Scientific Employees “Siberian Academic Book”.
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17. Bryntsev, A. N. (2021). Анализ практики использования заемных инвестиционных ресурсов в проектном финансировании инновационной деятельности крупных предприятий розничной торговли [Analysis of the practice of using borrowed investment resources in project financing of innovative activities of large retail enterprises]. Russian Economic Internet Journal, 4. Retrieved from https://www.e-rej.ru/upload/iblock/296/2967a4258c875df2b0b850af617e6fa0.pdf
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20. Popenkova, D.K., & Stukalova, I.B. (2022). Трансформация розничной торговли в условиях цифровизации [Transformation of retail trade in the conditions of digitalization]. Bulletin of the Altai Academy of Economics and Law, 2, 89-99.

First Peer Review

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The list of publisher reviewers can be found here.

The subject of the study. Based on the title, the article should be devoted to the study of modern features of the formation of strategic resources for managing the value of trading companies. The content of the article corresponds to the stated topic. The research methodology is based on the use of general scientific methods (analysis, synthesis, deduction). It is also valuable that the author uses graphical tools by constructing tables and figures, including those that clearly demonstrate the dynamics and structure of indicators characterizing the subject of research. The relevance of the study of issues related to the management of the value of trading companies is beyond doubt, because the constantly increasing multiple risks necessitate the search for new tools to solve this problem. This will also have a special impact on achieving the national development goals of the Russian Federation, since the economic growth of the state also depends on the development of economic entities. The scientific novelty in the material submitted for review is partially present and can be characterized from the point of view of using the author's approach to assessing the dynamics of resource support for value management in Russian trading companies. At the same time, the elimination of the comments indicated in the text of the review will significantly improve its quality. Style, structure, content. The style of presentation is scientific. The structure of the article is built logically, but does not include several important blocks: "Discussion of research results", "Further directions of research". It is also important to pay attention to the need to fill the content with justification of specific problems and ways to solve them. It is not clear from the text how the formation of strategic resources for managing the value of trading companies should be carried out? Bibliography. The bibliographic list consists of 20 titles. Individual sources of the same type are designed differently (for example, source 17 does not specify the pages on which this scientific article is published; if it is an electronic article, then a URL link is required). The design of the sources does not meet the requirements of GOST. Appeal to opponents. There is no scientific discussion in the current edition of the scientific article, despite the active consideration of these issues in the domestic and foreign scientific literature. When finalizing the article, it is recommended to discuss the results obtained with the research results reflected in the scientific works of other authors. This will make a positive contribution to the formation of scientific novelty. Conclusions, the interest of the readership. Taking into account all the above, the article is performed at a good level in terms of collecting and analyzing data on the chosen research topic. When identifying specific problems within the chosen research topic and ways to solve them, the article will be in demand from a wide range of people. In this regard, after a qualitative revision of the comments indicated in the text of the review, the article can be published in the scientific journal Finance and Management.

Second Peer Review

Peer reviewers' evaluations remain confidential and are not disclosed to the public. Only external reviews, authorized for publication by the article's author(s), are made public. Typically, these final reviews are conducted after the manuscript's revision. Adhering to our double-blind review policy, the reviewer's identity is kept confidential.
The list of publisher reviewers can be found here.

The reviewed article is devoted to the study of modern features of the formation of strategic resources for managing the value of trading companies. The research is based on the generalization of literary sources on the research topic, the analysis of official statistical data using economic and statistical methods involving the identification of trends and dependencies based on empirical data, as well as visualization of the results obtained. The authors attribute the relevance of the work to the fact that the issues of coordinating the cost parameters of optimizing the capital structure with a strategic cost approach to business management have not been sufficiently studied and require a more detailed analysis. The scientific novelty of the reviewed study, according to the reviewer, consists in the conclusions of the authors of the article that the role of debt financing in trade is generally decreasing, trade organizations consider the following factors to be the most significant constraints on the implementation of strategic development plans: lack of financial resources, high level of competition and problems with effective demand. The following sections are structurally highlighted in the article: Introduction, Formation of the financial and resource base of strategic value management of the company, Dynamics and prospects of resource provision of value management in Russian trading companies, Discussion of the research results, Further research directions, Bibliography. The authors studied the dynamics of the coefficient of autonomy of trade organizations in the Russian Federation in recent years, both in the industry as a whole and with the allocation of wholesale and retail trade; according to a sample survey, they analyzed the factors limiting the development of retail organizations; studied the dynamics of weighted average interest rates on ruble loans provided by credit organizations to wholesale and retail enterprises; considered the structure of sources of investment in fixed assets in the Russian Federation. According to the results of the study, conclusions were drawn about the insignificant capital intensity and high turnover of the trading business, as well as the forecast: in the long term, the value increase in trade will be provided mainly through the mobilization of own resources, internal savings. The article notes that investment activity is limited by the high cost of lending and inflationary expectations associated with the difficulties of forecasting demand and sales. According to the authors, the most promising projects for the development of trade organizations at present can be considered projects on digitalization and automation, the formation of marketplaces, improving the quality and speed of customer service. The bibliographic list includes 20 sources – publications of domestic and foreign scientists on the topic of the article, Internet resources of the Central Bank of the Russian Federation and the Federal State Statistics Service, to which there are address links in the text confirming the existence of an appeal to opponents. The article corresponds to the direction of the journal "Finance and Management", contains elements of scientific novelty and practical significance, may arouse interest among readers, and is recommended for publication.