Current, investment and financial restructuring of the enterprise. Anti-crisis strategy for restructuring a construction holding Restructuring as part of an investment strategy

Enterprise restructuring strategy

Translated from English, "restructuring" (restructuring) is a restructuring of the structure of something. The Latin word structure (structura) means order, arrangement, structure. Considering a company as complex system, subject to the influence of factors of the external environment and the internal environment, then the term "company restructuring" can be given the following definition:

The restructuring of a company is a change in the structure of the company (in other words, the order, location of its elements), as well as the elements that form its business, under the influence of factors either external or internal environment. Restructuring includes: improvement of the management system, financial and economic policy of the company, its operations, marketing and sales system, personnel management.

The main reason why companies seek restructuring is usually the low efficiency of their activities, which is expressed in unsatisfactory financial indicators, in short supply working capital, in a high level of receivables and payables.

Operational restructuring involves changing the structure of the company with the aim of its financial recovery (if the company is in a crisis), or in order to improve solvency. It is carried out through internal sources companies with the help of tools for reducing and "straightening" (transition from indirect to direct costs) costs, spin-off and sale of non-core and ancillary businesses. The result of operational restructuring is a transparent and more manageable company, in which owners and managers can already understand which businesses should be developed and which should be disposed of. Operational restructuring helps to improve the performance of the enterprise in short term and creates the prerequisites for further, strategic restructuring.

Strategic restructuring is a process structural changes, aimed at increasing the investment attractiveness of the company, to expand its ability to attract external financing and growth in value. The implementation of this type of restructuring is aimed at achieving long-term goals. The result of its successful implementation is an increased stream of net present value of future income, an increase in the competitiveness of the company and the market value of its equity capital. Conducting both operational and strategic restructuring can cover either all elements of the business system, or its individual components. Therefore, there is a classification of forms of restructuring according to the scope of coverage of structural changes. According to this criterion, complex and partial restructuring are distinguished.

Comprehensive restructuring is a long-term and expensive process that only a few enterprises resort to. It is carried out in stages, the transformation affects all elements of the company. Various mechanisms are used in the course of such restructuring. At the same time, depending on the impact of point transformations on certain areas of the company's activities, an adjustment is made. general program restructuring and further work is ongoing.

In contrast to the complex, partial restructuring (another name for it is "patchwork") affects one or more elements of the business system. In the course of its implementation, the changes in functional areas are separately handled by the involved consultants, and often the changes are chaotic, and their impact on other areas of the company's activities is not analyzed. Therefore, it is not surprising that partial restructuring leads only to local results and may be ineffective within the entire business system.

To date international practice and the experience of restructuring in Russia indicate that restructuring is one of the most difficult management tasks. It is not a one-time change in the capital structure or in production. This is a process that must take into account many restrictions and the specifics of the company in which it is carried out. Therefore, it is necessary to conduct it, already having clear goals, the concept of restructuring, an understanding of each of its stages and methods by which it is necessary to act.

Example 4: Let's consider the restructuring of the control system using the example of Snell & Wilcox, which designs and installs television equipment and broadcast studios.

The organizational structure before the restructuring fully corresponded to the specifics of the organization's activities and met the goals and needs of the enterprise until recently. But different external factors, such as competition in the industry, increasing consumer needs, changing consumer preferences and much more require the enterprise to take specific measures and actions to survive. Past methods no longer work and the organization is forced to respond current trends and market trends.

The new organizational structure, firstly, will contribute to the chosen strategy of the enterprise, secondly, it meets the market trends, when the marketing function is one of the keys to the success of the organization, and, thirdly, the new organizational structure will be more competitive.

Based on the data of the analysis of the marketing department, the company will be able to realistically assess its position in the market, the position of competitors, the needs of customers, as well as possible development prospects. All this will contribute, in our opinion, to the effective implementation of the planned strategy.

Thus, the restructuring of the enterprise is a consequence of the choice of a new strategy for the enterprise and will contribute to its successful implementation.

Consider the departments of the enterprise and the distribution of functions between them after the restructuring.

Directions of activity - production and sale of beer.

Functions of ensuring activity - organization of purchases (search for suppliers, ordering products, concluding contracts); organization of production (production, product quality control, technical support); sales organization (search for buyers, conclusion of contracts with buyers, control over timely delivery finished products buyers). Management functions - structure (organizational structure); accounting (keeping accounting, cost planning, analysis of the financial condition of the enterprise); marketing (carrying out marketing research); personnel (selection and personnel management).

List of structural links - CEO; sales department; Production Department; purchase department; accounting; marketing department.

Distribution of areas of activity, functions of ensuring activities and management functions by structural links:

CEO

Management functions: structure (organizational structure); personnel (selection and personnel management);

Sales department

Functions for ensuring activities: organization of sales (search for buyers; conclusion of contracts with buyers; control over the timely delivery of finished products to buyers);

Production Department

Functions for ensuring activities: organization of production (manufacture of products; quality control of products; technical support);

Purchase department

Functions for ensuring activities: organization of purchases (search for suppliers; ordering products; conclusion of contracts);

Accounting

Management functions: accounting (accounting; cost planning; analysis of the financial condition of the enterprise);

Marketing department

Management functions: marketing (carrying out marketing research).

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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 on 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 organize 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.

Chichkina V.D.

Associate Professor of the Department of General Economic Disciplines of the branch of the Samara State Technical University in Syzran [email protected]

company restructuring as a way out

to a new stage of development

restructuring in management strategy

enterprise development

annotation

Restructuring is becoming one of the main tools for strategic management of an enterprise's development. Restructuring is a complex process of transforming an enterprise's activities in order to create and maintain the required level of its competitiveness. The article discusses the key issues of restructuring: its feasibility, concept, stages, principles, goals and objectives,

Keywords Keywords: restructuring, business processes, competitive advantage, organizational transformations, enterprise competitiveness, strategic goals, business process reengineering

The main goal of the restructuring process is a fundamental transformation of business practices. Restructuring is a set of measures to bring the conditions for the functioning of the organization in accordance with the developed development strategy. Actions within this process occur for changes in strategic goals and key business processes. To implement the strategy, it is necessary to radically change the technology of the company's activities.

Competitiveness is impossible without revising the principles of functioning, methods of action and approaches - it is necessary to restructure the enterprise in accordance with the new conditions and tasks.

Necessity and expediency of restructuring

Restructuring is a complex process of transforming the activities of an enterprise, aimed at the formation and maintenance of its competitive advantage in all

spheres. As fundamental principle The restructuring of the organization should take a customer orientation in order to maximize the value of the company. At the same time, it is necessary to ensure the creation and use by company managers of such tools and techniques that would allow them to manage the degree of uncertainty in order to maximize the result.

To decide whether changes are necessary and appropriate, their expected economic impacts should be assessed. The question always arises before the managers and owners of the enterprise in such cases: what is the price of obtaining the necessary flexibility, and what is the ratio of benefits and losses from its presence? The need to reorganize the activities of enterprises can be caused by two groups of factors: controllable and uncontrollable.

Controlled factors are subject to the influence of the enterprise, as they are a consequence of its activities. These include elements of the internal environment, which are divided into functional areas of activity: management, production, finance, personnel, marketing. Uncontrollable factors consist mainly of the macroeconomic conditions in which the enterprise operates, therefore it is almost unable to influence them, it can only adapt to them.

Restructuring concept

Successful implementation transformations is possible only on the basis of the development of a holistic concept of restructuring

rization, which is designed to answer the following questions:

What is the current and desired position of the enterprise, its strategic goals and objectives;

What resources need to be involved;

What methods can be used to evaluate the results of restructuring.

The main goal of the restructuring is a fundamental transformation in the way business is done. This is necessary to cope with the new, more demanding and complex business environment in modern conditions. Actions within this process occur for changes in strategic goals and key business processes, that is, in order to increase the ability of the enterprise to act in conditions of uncertainty and achieve its goals. According to A. Chandler, the strategy is a kind of long-term management concept, within which

restructuring is a complex process of transforming the activities of an enterprise, aimed at creating and maintaining its competitive advantages in all areas

strategic management

long-term guidelines for the development and goals of the company are determined (4). The main reasons for the restructuring are as follows:

Inefficiency of existing business processes;

Lack of a clear strategy for the enterprise;

Striving to improve financial results;

Deteriorating market conditions;

The emergence of liquidity problems.

Stages of restructuring

Organizational changes require the following work.

1. Setting goals for restructuring.

2. Clarification of the mission and goals of the company, highlighting key success factors.

3. Analysis of the business and its environment in order to select priority objects for changes (if the changes do not affect the entire organization as a whole). Building the model "as is".

4. Designing new business processes (building processes in accordance with the goals, mission and taking into account key success factors). Building a model "as it should be."

The strategy is a kind of long-term management concept, within which the long-term development guidelines and goals of the company are determined.

5. Drawing up a draft of changes (a list of activities indicating the stages of work, deadlines, budgets and responsible persons).

6. Implementation of the project (implementation of changes).

7. Control and evaluation at the stages.

In order to develop a universal methodology for carrying out reengineering activities, it is necessary to classify the business processes of an enterprise. This classification is important in identifying business processes - candidates for reengineering, as well as the features of the implementation of the functions themselves. Current activity consists of the correct implementation of the main and supporting (auxiliary) business processes.

The subjects of restructuring are senior management, managers of various levels of management, heads of departments, owners of enterprises and members of the workforce.

Principles of restructuring

Conducting organizational transformations based on the transition to business processes should be based on the following principles:

Consistency (complexity) - restructuring transformations affect all areas of the enterprise as a complex dynamic system;

Going concern - the enterprise is functioning normally and is not going to stop its activities;

Adaptability - the enterprise is open in relation to the external environment, is influenced by its factors, therefore, one of the tasks of restructuring is to increase its

adaptability to changing conditions of the external and internal environment;

Situational approach - restructuring is carried out based on the conditions of economic activity and the size of the enterprise, and its methods, goals are selected depending on the state external environment and position of the enterprise in the industry;

Organizational integrity - participation and interest in the positive results of the restructuring of a wide range of employees, support for ongoing changes from the staff;

Periodicity - restructuring transformations should be carried out regularly as needed;

Efficiency - it is necessary to quickly diagnose problems, adjust their actions in accordance with the requirements of the external environment;

Efficiency - restructuring should have clear goals and be aimed at a specific result, it should be started after a precise definition of strategic goals and priorities;

Efficiency - the costs associated with the restructuring should be less than economical effect from transformations.

Goals and objectives of the restructuring

Business process reengineering technology transforms not only the organizational structure industrial enterprise but also the internal management system. The purpose of the restructuring is to improve competitiveness, operational efficiency and increase the cost of capital. Depending on the state of the external and internal

the purpose of the restructuring is to increase competitiveness, operational efficiency and increase the cost of capital

environment, the goals can be achieved by solving the following tasks:

Comprehensive diagnostics of the external and internal environment of the enterprise;

Development of a strategy based on market research and competition conditions;

Identification of internal reserves of growth and concentration of resources and reserves on solving key internal problems;

Release mastering new products and increase the competitiveness of already produced;

Improving performance by minimizing costs;

Acceleration of inventory turnover;

Attracting long-term capital investments in the form of direct investments;

Improving the financial condition of the enterprise, its solvency and liquidity;

Formation of the organizational structure of enterprise management, which is most consistent with its strategy and provides a quick response to changes in the external environment.

Solving the tasks set and following the principles of restructuring should lead to:

Towards intensification production activities;

Increasing competitiveness, market value and investment attractiveness;

strategic management

Restructuring is an integral part of the functioning of any modern enterprise

Growth of labor productivity, efficiency and profitability of the enterprise.

To achieve the goals and evaluate the results of the restructuring, the enterprise can use the tools and methods of financial, production, investment management, logistics, management accounting, economic analysis, marketing and controlling.

Thus, restructuring is an integral part of the functioning of any modern enterprise. The changes that accompany this process affect all aspects of its activities,

Literature

1, Vikhansky O, S, Strategic management, - M: Economist, 2008, -293 s,

2, Mazur I,I, Shapiro V,D, Restructuring of enterprises and companies: Tutorial for universities, - M,: Economics, 2001, - 436 s,

3, Thompson A, A, Strickland A, Strategic management, The art of developing and implementing a strategy, Per, from English, - M : Unity, 2004, - 576 s,

4, Chandler A, Principles strategic development business, - Kyiv: Dialogue, 2002,

Associate Professor, Chair of General Economic Disciplines, Branch of Samara State Technical University, Syzran

Restructuring the Strategy of Company Development Management

One of the main tools of strategic management of the company development is restructuring. Restructuring is a complex process of transformation of the company's activities with the purpose to build and maintain the necessary level of competitiveness. The article examines the key issues in restructuring: its expediency, concept, stages, principles, goals and objectives.

Keywords: restructuring, business processes, competitive advantage, organizational changes, competitiveness of enterprise, strategic objectives, reengineering of business processes

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 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 Money 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 allowing you to increase the value of your investment. 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 a cash flow indicator that takes into account all decisions regarding operating, investment and financial activities enterprises.

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.