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 the infringement of interests
its owners and creditors
When determining the effectiveness of investments in equity, it is necessary to take into account the possibility of alternative use of invested resources
The choice of restructuring concepts should be made taking into account their riskiness and financial feasibility
In conditions 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 justified theoretically.
One of these mechanisms is corporate restructuring. According to the generally accepted theory, it includes any changes in production, capital structure or ownership that are not part of the company's daily business cycle.
Restructuring activities can be divided into two types. Strategic restructuring is aimed at increasing the value of equity for shareholders, maintaining corporate ownership and other tasks related to maintaining the company as an operating one. Company restructuring located in crisis situation, is focused on solutions aimed at reorganizing insolvent or bankrupt firms in order to return them to the state of functioning enterprises. Based on the situation that has developed in Russia, the goals, principles and techniques of restructuring companies in crisis are of the greatest interest.
Classification of crisis situations
Western economists distinguish three stages in the development of a crisis situation.
Early stage characterized by individual cases of inefficiency in production and marketing, which are expressed in an increase in inventories with a stable or declining growth in sales, accelerating the turnover of accounts payable, problems with supplies and quality of products.
intermediate stage characterized by shortages of materials (as a result of saving money by reducing the level of inventory), more frequent problems related to product quality, suspension of credit sales by suppliers and demands for payment in cash, late payment of wages.
In the later stages of the crisis the company as a whole is in a state of chaos. Production schedules are not met, product returns are common due to poor quality, production is constrained by a chronic lack of materials, and the collection period for receivables is extended. In addition, suppliers require cash payment, and lenders demand changes in loan terms. 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 at a late stage 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 managed by managers involved by them, and therefore has greater freedom of maneuver and a wider choice of anti-crisis procedures compared to the circle measures taken in the process of legislative anti-crisis regulation.
The crisis situation can be described as insufficient effective management 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) a 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 so far does not affect settlements with creditors. As its criterion, we have chosen the infringement of the interests of the owners, i.e. real loss of resources invested in equity.
Despite the apparent abstractness of the proposed criterion, we have come to the conclusion that it can be theoretically substantiated and quantitatively measured. For shareholders, the enterprise represents an investment object of free financial resources, which allows increasing the value of invested funds. As a basis for comparing the effectiveness of investments, alternative investments with a similar level of risk can be used. 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 with the current value of the initial investments in the authorized capital, provided that they are alternatively used as investments with a similar level of risk.
If the current value of alternative investments exceeds the current market value of equity, we can talk about real losses for owners and the beginning of the first stage of the crisis.
Therefore, to identify the stage of the crisis under consideration, it is necessary to correlate two components of the income of shareholders with the initial alternative investments - the value of their shares and the amount of dividend income.
Based on the foregoing, as a criterion for the presence of the first stage of a crisis situation - a crisis for the owners of the enterprise - we propose to use the following inequality:
where ORS sc– reasonable market value of own capital;
TS d- the current value of dividend payments to owners;
TS pv- the current value of initial investments in the authorized capital of the enterprise, taking into account the possibility of alternative use of invested resources at similar levels of risk and liquidity.
n Stage “crisis for creditors” 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 crisis identification 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 case of delay in payments for a period of more than 3 months. Thus, the very existence of delinquent 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 in the case when this condition is absent, the enterprise can avoid the activation of anti-crisis regulation mechanisms by mobilizing internal reserves for the immediate repayment of overdue obligations.
In order to identify a crisis for creditors, in our opinion, it is possible to use a system of criteria that reflects the presence of overdue obligations in an enterprise in the amount of at least 500 minimum wages, while the debtor does not have enough own working capital for immediate repayment of obligations.
n At the stage “legislative regulation” the scope of managerial influences 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 adoption by the arbitration court of an application for declaring the debtor bankrupt. From that moment on, information that could be a trade secret becomes available to the participants in the bankruptcy proceedings. The enterprise at this stage is not a completely independent economic entity, since its activities are controlled by the arbitration court, the meeting of creditors, and the arbitration manager.
Goals of the restructuring
and criteria for their achievement
The main goal of restructuring is to bring the company out of the crisis. At the same time, it is necessary to achieve such subordinate goals as increasing the efficiency of production, changing the nature of asset management, and using the possibilities of debt financing.
Growth in the cost of equity is the most important indicator of the efficiency of an enterprise, so restructuring is traditionally carried out in this direction. The choice of the value of the company as a criterion for restructuring is not accidental. Ultimately, the owners of the enterprise are of 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 in 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 a company is determined by business valuation ( 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 companies. This is due to how a high degree correlation of cash flow with an indicator of the company's market value, and the economic meaning of the cash flow indicator, which takes into account all decisions regarding the operating, investment and financial activities of the enterprise.
The value of the enterprise, calculated using the discounted cash flow method, is the sum of the cash flows reduced to the current 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 debt obligations of the enterprise, the need for own working capital and capital investments, as well as depreciation deductions remaining at the disposal of the enterprise as financial resources for the intended purpose. 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 stop– residual value outside the billing period.
The value of the business obtained using the discounted cash flow method often turns out to be negative, which actually means an outflow of cash from shareholders. This is due to such consequences of the crisis situation as a chronic shortage of own working capital, the need for payments on significant debt obligations, the need for capital investments, overestimated or underestimated depreciation deductions as a result of numerous unregulated revaluations of fixed assets.
Restructuring concept
The traditional task of restructuring is to maximize the value of the business. The development of its concept involves the following methodology. The first step is to value the company “as is” using the discounted cash flow method. Then various options for restructuring the operating, investment and financial activities of the enterprise are developed.
As part of operating (production) factors, it is necessary to analyze decisions on the range of products, pricing, cost effectiveness, sales markets, promotional activities and sales system, after-sales service system for products.
To investment The factors that determine the movement of value include the management of investments in fixed and current assets, optimization of the level of own capital turnover. In this regard, the levels of inventories, the collection of receivables, the management of accounts payable, the expansion of capacities, the planning of capital investments, the sale of assets are analyzed.
To the number financial factors include the cost of equity capital, its ratio with the amount of debt, capital structure. The management of business risk factors, ways to maintain an optimal capital structure, and dividend policy are analyzed. Reducing business risk reduces the rate of return (discount) that an investor would like to receive, and thus increases the value of the business.
The developed measures are checked using a discounted cash flow model, and the increase in the value of the company acts as a criterion for selecting options. A strategy that leads to an increase in business value provides the basis for considering subsequent restructuring options.
Restructuring strategies should be considered from simple to complex - from options that provide for minimal capital investment and external financing, to investment projects for a complete re-equipment of production. However, it should be borne in mind that many enterprises are in a situation where main goal must satisfy the claims of creditors. Its achievement is by no means always combined with the solution of the traditional task of restructuring - maximizing the value of the company, since this strategy, as a rule, is associated with a high level of 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 a 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 enterprise, 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.
As an alternative, we offer a restructuring strategy that guarantees satisfaction as the interests of creditors, and minimum requirements of the owners of the enterprise. Such a concept should reflect a restructuring strategy that satisfies the requirements of creditors according to the approved debt repayment schedule and achieves a business value close to the initial contributions of the founders, adjusted to the present value at the rate of return of alternative investments with similar levels of risk and liquidity. In order to provide a way out of the crisis for the owners according to criterion (1), the restructuring strategy must satisfy the following inequality:
where CF– predicted cash flows within the calculation horizon;
i- interest rate (discount) - in this case, we propose to use a single rate for the processes of discounting and determining the current value of past payments and investments in 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 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 best meet the interests of the owners of the enterprise.
Of particular interest is finding the value of the interest rate (discount) 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 equity capital of the enterprise, taking into account their possible alternative use and the current value of past and future benefits from participation in the equity capital of the enterprise. The rate of interest thus obtained (let's call it the actual rate of return) should reflect the real value of the investment in equity. It seems that the comparison of the actual rate of return with the estimated rate of interest (discount) can be used to identify and analyze the following situations:
The actual rate of return exceeds the estimated rate of interest (discount). In this case, such an excess characterizes the additional return on investments in equity compared to the estimated levels of risk and liquidity, which reflect the calculated interest rate;
The actual rate of return is below the calculated interest rate (discount). This situation indicates that the actual income does not correspond to the expected one 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 the value of the business. 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 the crisis, while the risk and financial feasibility of restructuring options act as criteria for selecting strategies.
The main ideas of restructuring are the adaptation of the enterprise to the changing environment of the external and internal environment and the idea of a targeted approach to solving managerial problems and the enterprise as a whole, in the current, 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, the enterprise must have a restructuring strategy.
Restructuring strategy- an action plan to change the structure of ownership, capital, production, capacity and management system, aimed at bringing the internal conditions of the enterprise in line with changing external conditions in relation to the enterprise and the strategic goals of the enterprise.
The totality of decisions within the framework of the chosen strategy are of fundamental importance for the functioning of the enterprise and entail (if implemented) long-term and irreversible consequences. Moreover, the restructuring strategy should follow from the overall strategy of the enterprise. Therefore, in the face of the need for restructuring, these strategies should be closely interconnected.
It is proposed to single out two types of general restructuring strategies: active and passive (Fig. 7).
Figure 7. Options for enterprise restructuring strategies
Usage active restructuring strategy allows you to fully use the potential of the enterprise and obtain decent results at a reasonable level of risk, but must have at its disposal a sufficient amount of investment resources.
Usage passive restructuring strategy will allow you to get not so much large-scale results from changes. They require less time and money to implement, and the level of risk in this case is significant.
It is also possible to single out the main types of restructuring strategies: decentralization, transformation, integration.
1. Under 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 transfer of power from the corporate center to the level of business units allocated on the basis of the existing structure, or to independent legal entities, reduction of unpromising business areas, withdrawal of a number of functions from the enterprise.
Algorithm for forming a decentralization strategy enterprise restructuring includes:
assessment of the prospects of departments in terms of the chosen development strategies,
· choice organizational structure based economic effect,
distribution of responsibilities between the corporate center and business units.
2. Under integration strategy of restructuring the author understands various forms of association production capacity, assets or individual functions of independent economic units, allowing mutually beneficial joint activities or organizing a 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 integration type;
Search and evaluation of enterprises-candidates for integration;
· selection and evaluation of the means of implementing the integration strategy of restructuring;
calculation of potential efficiency from the implementation of the integration strategy of restructuring
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 combination of production capacities, assets with other entities economic activity
Algorithm for the formation of a transformational restructuring strategy includes:
Evaluation of the effectiveness of the organizational structure and business processes of the enterprise;
change in the organizational structure and (or) business processes;
· change (adjustment) of the financial structure, 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.
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 volume of investment resources and the expected effect of the restructuring, to select possible strategy enterprises under restructuring.
In modern economic literature, two types of restructuring measures are distinguished: financial and operational. Financial restructuring is mainly related to the optimization of the capital structure of the enterprise and has the following main goals:
in short term ensure the restoration of normal financial flows and main economic and financial indicators;
within a short period of time to ensure the survival of the enterprise;
restore the competitiveness of the enterprise for a long time;
prevent the threat of possible bankruptcy of the company;
increase the value of the company.
In accordance with these goals, two interrelated forms of financial restructuring are distinguished: operational and strategic.
Tasks of operational and strategic restructuring
In the course of operational restructuring, two main tasks are solved: ensuring liquidity and a significant improvement in the results of the enterprise's activities.
Strategic restructuring provides for the growth of the company's value in the long term. To fulfill these tasks, it is necessary to mobilize all the internal reserves of the enterprise, active, purposeful, constant work of managers at all levels, and strict control over the completeness and timeliness of the implementation of planned activities.
Timing of operational and strategic restructuring
The duration of the period of operational restructuring should not exceed 6 months, strategic - 1 year.
Conducting operational restructuring is, of course, complicated by the fact that it is carried out within the framework of the old production and management structures. At the same time, the strategic one provides for their replacement or a certain reorganization, which is also a problem.
Measures for operational restructuring of the enterprise
The operational restructuring of an enterprise from illiquid to liquid requires a set of measures, among which the following stand out:
operational reduction of receivables;
destocking revolving funds by identifying and selling (liquidating) excess stocks (including stocks of auxiliary materials);
refusal (sale) of shares in other enterprises and organizations after a previous analysis of their effectiveness;
reduction of fixed assets by identifying and selling (liquidating) excess equipment, transport methods, etc.;
an accurate assessment and termination of all investments, except for those vital for the enterprise and justified from the position of market development.
Measures of strategic restructuring of the enterprise
Strategic restructuring provides for the following activities:
cost savings associated with operations, which are obtained by increasing the scale of production in management, marketing, distribution and sales;
financial savings, which includes lower transaction costs for the operation;
more efficient management, meaning that the company's management was inefficient, that is, investment resources after the reorganization will be used more efficiently;
What are the measures of operational restructuring of the enterprise aimed at?
Operational restructuring aims to restructure technological systems, cost management by improving the efficiency of the use of production resources, improving the organizational and managerial structure of the enterprise. Operational restructuring includes reactive and strategic measures.
Reactive measures are the response of enterprises to the changed macroeconomic environment, in particular to the tightening of budget constraints and the economic downturn. They are directly related to the desire to reduce production costs and survive in a complex and rapidly changing environment with the maximum use of existing production and management potential and minimal investment.
What are the measures of strategic restructuring of the enterprise aimed at?
Strategic measures are associated with the development of new business strategies that require the active introduction of new production, management and marketing technologies. Strategic restructuring requires significant investments to improve the production and management structure of the enterprise and develop a market orientation. It takes time, and its speed depends on the degree of development of competitive market relations in the country's economy, progress in the field of macroeconomic stabilization and the development of the privatization process.
The restructuring of the investment portfolio is carried out not only in the direction of determining priority areas, investment volumes, but also in the formation of appropriate structures that are most suitable organizationally for controlling specific investment flows. To create specific investment units, it is necessary to weigh not only the amount of free cash that can be used for investment purposes, and their structure and content in the foreseeable investment perspective, but also the possibility of credit addition of financial resources to complete the necessary programs in the event of a pessimistic crisis scenario for inflows .
Restructuring of the core assets of the holding. In the current daily work not always the adoption of investment decisions in core assets is accompanied by a complete and accurate analysis of the need, relevance and effectiveness. In times of crisis, greater attention is needed to the role of specific structural divisions holding in total financial result. In addition, the crisis can significantly affect the workload of certain subsidiaries, which means that relations definitely need to be transferred to a different form of interaction.
The management of any construction holding can determine for itself a certain configuration of the investment profile portfolio, which it would like to see as a result of anti-crisis restructuring and in any other case. The redistribution of the burden of return on investment and profit in a crisis becomes a mandatory task and necessary for the survival of any construction corporation. The optimized package of corporate investments formed as a result of the restructuring will make it possible to more accurately see the ways of restructuring the business model, since it will have to be adjusted to load the most efficient companies and to ensure the safety of the entire business in the future.
Another option for restructuring core assets is to change the type of holding in essence. In particular, the transition from standard vertical holdings of a developer type or conglomeration industrial and construction holdings to a flexible model of an EPC holding can significantly facilitate survival in a crisis and bring dividends after it ends, as will be discussed below.
Construction of a construction EPC/M-holding is carried out on the basis of a process approach and involves the creation of holding divisions in accordance with the basic investment and construction process. Process approach assumes such a configuration of a combined construction holding that meets all or several stages of the implementation of the investment and construction process, depending on the mission and goals of the holding's owners. The volume of companies, the configuration of vertical and horizontal groupings depend on the place of the holding in the market, on the niche occupied and the type of work performed, but at the same time, the principle of having all participants to perform the entire range of works from the general contractor (EPC / EPCM contractor) to developers of all types remains.
By optimizing such a holding only for EPC/M-contract, it is possible to formulate the main advantages of creating an EPC/M-holding: accumulation of profits and capitalization growth for the main carrier of the EPC/M-brand; possibility of development and accumulation core competencies in the field of implementation of EPC/M-contracts in the parent company, without the need to provide full implementation functionality within one legal entity; the possibility of obtaining bank guarantees, attracting external financing and other instruments, incl. for the implementation of foreign economic agreements from a single financial center; the possibility of creating individual systems of personnel motivation in each company of EPC / M-holding, which is responsible for its stage of implementation of the investment and construction project; the possibility of forming single list objects built under a common brand, which increases the competitiveness of the holding as a whole and of each company in individual contracts and has other obvious advantages; to a certain extent, the crisis can even help optimize the business structure of a construction holding, for example, in such conditions it is more profitable to create separate centers of human and technical resources, separating them into separate legal entities and obliging them to work for all enterprises and divisions of the holding.
Restructuring of the business model and portfolio of market presence. The restructuring of the holding's core assets should not be accompanied only by the mechanism presented above - it should be based on a clear understanding of changes in the portfolio of orders and the holding's business model itself. In a crisis, not only the scope of work in already concluded contracts is changing, there is also a stoppage of financing for individual construction projects, a shift in construction and financing schedules towards extension and setting later deadlines for completion of work. All this affects the loading of existing divisions of the holding and may well lead to a temporary lack of loading. In these conditions, adjusting the business model is the most useful procedure that will allow you to shift the revenue stream from risky volumes of work to unconditionally secured ones. For example, for some holdings it is logical to transfer the load to service divisions, for industrial and construction holdings it is high time to start restoring repairs of their own production facilities with the involvement of their own workforce of construction divisions. It is also likely that the business model will shift towards emerging market niches that may arise as a result of crisis deformations. Part construction companies one way or another, it will focus only on affiliated contracts that guarantee their existence and survival, so risky sectors will, to a certain extent, attract new performers. It is on such opening up opportunities in a crisis that one should concentrate for a future breakthrough in development.
The change in the portfolio of market presence is reflected in the movement from more risky and busy niches to new promising markets, which in a crisis could solve not only the problem of maintaining the company, but also the future expansion of the holding's competencies. I would not like to evaluate specific projects within the framework of this article, but it is obvious that in the conditions of a sharp decline in the volume of construction of residential and office real estate, a large number of workers and engineering and technical personnel may be released. Under these conditions, it is important to determine those areas that will be clearly in demand even in times of crisis and whose financing will not be stopped even for a minute. For example, the construction of sports facilities for the Asian Games will require a serious consolidation of labor and technical resources, which clearly allows us to outline trends in the geographical restructuring of the market portfolio. In addition to sports facilities, there are several other large facilities where the construction resources of holdings of any type, as well as general construction divisions and specialized companies, will be in demand. All these objects should be involved in the orbit of interests of any construction holding in the shortest possible time.
At the same time, one should also take into account the strategic point that the general focus on financially secure markets may lead to the loss of new contracts, which in any case will appear as the crisis weakens. In this case, those construction holdings and companies that have a serious financial resource for survival are more likely to adopt a waiting strategy after, of course, significant cost optimization and suspension of most investment programs. It is clear that the first effect of the crisis will be the redistribution of property, which will require some time to comprehend and adjust the investment plans of most customers. Just in time for this moment financial resources will reach the top in foreign exchange yield and the eyes of investors will once again rush to the real market. Those construction holdings and companies that retain their dynamism resource will be able to gain access to those markets and facilities that they would not engage in under other conditions, even theoretically.
A thorough analysis of this topic allows us to draw the following conclusions: the restructuring strategy is one of the most important elements of the strategy of any construction holding, it occupies the third place in terms of its importance after the marketing and financial strategy; each construction holding must develop a restructuring strategy from the first day of its existence and make adjustments as it grows and moves into a new period life cycle holding; the restructuring strategy is the basis for the formation of investment decisions by the management of the construction holding and decisions on divestments as part of the construction of promising structures; the development of a restructuring strategy must necessarily include the target positioning of a construction holding company according to the criteria, types, subjects and levels of restructuring, as well as assume various options for restructuring directions depending on the prevailing risk; a construction holding should develop and implement its own criteria for a restructuring strategy, depending on the sub-sectoral specialization of the construction industry; the presence of a rating algorithm for enterprises that are part of the structure of any construction holding is a prerequisite for restructuring, especially in times of crisis; the developed programs for the restructuring of a construction holding should have mechanisms for a quick and adequate response to unforeseen changes in the external environment.
References. Zubarev A.A. Formation of an effective investment policy in macro- and microeconomic systems in the conditions of market relations. - St. Petersburg: Publishing house of St. Petersburg State University of Economics, 1998. - P. 11 Bocharov V.V., “Investments. Investment portfolio. Sources of financing. Choice of strategy”, S.-P., “Peter, 2003
AT last years in the scientific community, many developments are devoted to various aspects of competitiveness, with the main focus being on the introduction into practice of new methods of enterprise activity in market segments, the development of marketing programs, the creation of new types of goods and the introduction of progressive, as a rule, Western technologies. The problems of reforming, restructuring and reorganizing both complexes of enterprises and their main types production activities researchers have paid much less attention. Moreover, the issues of competitiveness of commodity producers and restructuring of production are not considered comprehensively, but locally, in isolation from each other, which is unlawful and leads to negative economic consequences.
The current stage of development of market reforms in Russia is increasingly exacerbating production, economic, organizational and financial relations between enterprises of both related and related activities. The strategy of raising domestic production is becoming the main direction of economic activity industrial enterprises almost all industries National economy our country.
Increasing competition in the efficient production and sale of products between domestic producers, as well as with foreign suppliers of goods imported to Russia, requires national companies and firms to mobilize efforts to maintain positions in the domestic market.
The restructuring is aimed at increasing the efficiency of production, increasing the competitiveness of enterprises and their products, as well as improving their investment attractiveness. Often it includes a set of measures aimed at improving the organizational structure and management functions: modernization of the technical and technological aspects of production; improvement of financial and economic policy; reduction of production and marketing costs; better use of material and labor resources; creation of a modern information system and document flow.
Property, resource and other transformations are rarely associated with the resolution of only internal production problems. As a rule, restructuring adapts the business processes of an enterprise to changes in external environment and in corporate relations with partners. The possibilities of carrying it out directly affect the implementation of the developed competitive strategy of the enterprise, and, conversely, the requirements for increasing the competitiveness of production and manufactured goods form the content, stages and timing of the necessary measures. Such a unity of goals and methods for achieving competitiveness makes it possible to create an effective restructuring mechanism for the primary restructuring of the economy and its further maintenance in an operational mode.
When analyzing the general problem of increasing competitiveness on the basis of restructuring measures, the authors propose a two-stage scheme for preparing and implementing measures to reform enterprises. At the first stage, the key provisions of the competitive production and marketing strategy are formed, covering goals, sub-goals and tasks, as well as basic and operational indicators. At the second stage, restructuring procedures are being developed. It is advisable to include in the measures being prepared: an analysis of the economic activity of the enterprise with an assessment of the state of the external and internal environment, which ends with a comprehensive assessment of the business and the development of reform requirements; development of a general concept of restructuring, its direction and form; restructuring measures; evaluating the results and making adjustments.
As a result, a unified system of transformations is being formed at the enterprise to achieve competitiveness, both in production itself and in products.
Restructuring aimed at improving the efficiency of functioning and ensuring the competitiveness of the enterprise can also be carried out on the basis of the allocation individual divisions, while the functions within one of them can be procurement, product development, technological processes, direct production, marketing and sales. The process of separating a division or part of an enterprise into separate companies includes determining the assets, liabilities and personnel to be separated, as well as their actual disposal. Shareholders as a result receive shares in the formed company in proportion to their investment in the business.
A self-contained (production-commercial) unit combines all the functions and activities necessary for the development of competitive production and the effective sale of products and services, which allows managers to quickly respond to customer needs and to changing situations in the external market environment. It is responsible for the results of its activities, while its effectiveness and the results achieved are clearly reflected in the production and financial statements of the enterprise.
A similar allocation of production units for the production of the main types of goods is carried out as a result of an analysis of the competitiveness of products, which makes it possible to take into account market requirements to increase the competitiveness of products, as well as the investment attractiveness of this production for Russian and foreign investors. This approach allows you to concentrate the released cash and then, proceeding from the general strategy, invest them in the development of production and its diversification, i.e. start production new products. As a result, there is not a simple automatic redistribution of financial resources from profitable divisions to outsiders, but the necessary development is provided by corporate management, based on the interests of the work and development of the enterprise or company as a whole.
To maintain the competitiveness of the enterprise as a whole, its organizational management structure should be such that the work of the main and allocated production is focused on all specific products and on a specific end consumer. The management system and organizational structure must be consistent with the restructuring strategy. A change in strategy requires a change in the organizational structure of management, so a dynamic balance must be ensured between them. It is necessary to distinguish between the units that develop the strategy and the units that implement it. The former, as a rule, play a more important role.
To ensure the continuity of management and prevent a decrease in the company's efficiency during the transition period, the role of the executive body began to be performed by Management Company allocated (distributed) in the bowels of the management apparatus of each plant. In the future, the formation of a full-fledged organizational structure of the company and the formation of a corporate center with shared divisions should take place. The company should form such a model of the management system that is able to act and develop in accordance with the set corporate goals and objectives, with a constant dialogue with environment. Such a management system is based on a high level of self-organization.
One of the options most suitable for the conditions of the company is holding. This is usually a group of enterprises or subsidiaries operating under a parent company that holds shares in these enterprises.
In the USA, 10-15% of the shares are enough to effectively control the activities of subsidiaries, in countries Western Europe- about 20-40%. In Russia, this ratio may be different depending on the characteristics of production. In the meantime, in conditions of great legal and economic instability, parent companies are trying to have at least 51% of the shares of subsidiaries.
The formation of a holding allows you to move capital from less promising areas to more progressive ones; carry out concentrated joint investments in the presence of large liquid funds; equalize seasonal and commercial fluctuations and risks; delegate (differentially) to individual subsidiaries some of their corporate functions to the parent company.
As practice shows, the following financial management functions are usually implemented as part of a competitive strategy:
- - providing the enterprise with certain credit resources to replenish working capital;
- - concentration of supply of the enterprise with raw materials and materials, as well as sales finished products in one of the divisions of the holding;
- - withdrawal of financial flows from the control of the enterprise and the implementation of its external financing within the framework of budgets formed by the relevant services of the holding, functioning in the form of a financial settlement center;
- - after obtaining operational control over the enterprise, decisions are made on an additional issue of shares (within the declared capital), acquiring which financial corporation becomes the main shareholder with a decisive vote, and the previously consolidated controlling stake reduces its weight by 5-7% of the total number of shares.
As a result, each enterprise partially loses its financial and production independence and turns into an industrial structure, the management of which is carried out from a single center.
During the restructuring, it seemed that by combining their production and financial resources, homogeneous enterprises would be able to jointly overcome the crisis trends that have emerged in their development in recent years. Indeed, the centralization of supply allows you to optimize the cost of purchasing raw materials and raw materials. This, while reducing the cost, contributes to strengthening the position of the group of manufacturers in the market. Unified marketing and sales services make it possible to improve the coordination of pricing policy and the geography of sales, which has a positive effect on increasing the competitiveness of finished products. However, the implementation of the concept of combining tire and other factories in their current state may not give the expected maximum effect. The unsatisfactory state of finances, enterprises entering the association complicates the prospect of their joint activities. The recognition of the insolvency of any of the members of the group will automatically lead to a break in the established ties, which will negatively affect the economic condition of each member of the association.
The proposed methodological approach to the implementation of restructuring measures, based on the development of a competitive strategy, is already finding more and more understanding and application in management practice. modern management. Therefore, its further theoretical development and implementation should play a positive role in strengthening the competitive positions of enterprises both in the domestic and foreign markets.
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