Mechanism of financial and credit support for the development of enterprises of the real sector of the economy

Abstract

The article is devoted to the topical problem of forming a modern mechanism of financial and credit support of enterprises of the real sector of the economy. The purpose of the article is to substantiate the conceptual provisions and study the conditions of the mechanism of financial and credit support for the development of enterprises in the real sector of the economy. The research methods of analysis, synthesis, scientific generalization, systems approach, retrospective data analysis and trend analysis were used. It is proved that the mechanism of financial and credit support for enterprise development covers forms and methods of organizing financial relations, tools and levers, the coordinated interaction of which provides an impact on enterprise development in order to create value in the long run. The generalization of scientific approaches allowed to determine the principles of construction of financial and credit mechanism of enterprise development, its purpose, functions and basic elements: financial methods, levers, financial instruments and support systems (regulatory, information-analytical, organizational, resource). The study of modern conditions of financial and credit mechanism of enterprise development by the following determinants: the dynamics of GDP and gross fixed capital formation, the quality of financial and credit support for innovation, financial results, accounts payable, equity, bank loans. It was found that the current state of innovation financing makes it more appropriate to study the problem of raising capital for enterprise development, search and mobilization of the most rational sources of funding. To forecast net profit as the main source of own resources, a trend analysis is proposed, the results of which indicate a decrease in own resources of enterprises as a result of negative dynamics of net profit. The availability of free borrowed capital has a positive effect on the growth of return on equity and negatively affects the solvency and financial stability of enterprises. These circumstances require setting the minimum allowable value of interest-free borrowed capital in the process of strategy formation. The current practice of raising capital shows the predominant use of short-term and medium-term bank loans. The slowdown in bank lending is due to risks and low transparency of enterprises. The study of the conditions of functioning of this mechanism allowed to develop proposals for the formation of financial and credit mechanism for enterprise development in accordance with the strategies of financing and selection of target priorities for changing the capital structure.