BUSINESS INFORM JOURNAL.

УКР

ENG

Search:

REGISTRATION CERTIFICATE

KV #19905-9705 PR dated 02.04.2013.

FOUNDERS

RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE)

According to the decision No. 802 of the National Council of Television and Radio Broadcasting of Ukraine dated 14.03.2024, is registered as a subject in the field of print media.
ID R30-03156

PUBLISHER

Liburkina L. M.

SITE SECTIONS

The Formation of Debt Capital by Enterprises in Ukraine
Kulish G. P., Tsyliuryk V. D.

Kulish, Ganna P., and Tsyliuryk, Vasyl D. (2023) “The Formation of Debt Capital by Enterprises in Ukraine.” Business Inform 3:123–129.
https://doi.org/10.32983/2222-4459-2023-3-123-129

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
Downloads/views: 2

Download article (pdf) -

UDC 336.77:336.763.3](477)

Abstract:
The article is aimed at studying the bank lending and bond issuance as a means of attracting debt capital in Ukraine. The mechanisms of attracting capital through banks and the debt capital market are considered; the main advantages and disadvantages of their use are outlined; the key criteria for choosing a source of financing and forming debt capital are determined. The volumes of attraction of bank loans by economic enterprises and volumes of issuance of corporate bonds by enterprises for the last five years are estimated. The purpose of the article is to study the use of bank loans and bond issuance by enterprises in the current realities with the definition of their disadvantages and advantages. On the basis of the research, it was found that the economic and social situation in the country affected the attraction of debt capital by enterprises. It is determined that the volume of attracting bank loans remained at the level of previous years, while the bond issuance decreased to critically low values. An analysis of statistical data from the Ministry of Finance of Ukraine and the National Bank of Ukraine revealed an increase in the share of non-performing loans in 2022, which is one of many negative trends in the debt capital market in Ukraine and a consequence of the ongoing large-scale invasion by the russian federation, which has begun on February 24, 2022. The results of the carried out study may be useful for: clarifying the role of bank lending and bond issuance as sources of attracting long-term debt capital; characterizing the situation in the domestic financial market; identification of ways to increase the efficiency of the process of attracting debt capital by domestic enterprises. The article specifies that enterprises will now prefer bank lending to meet their borrowing needs, as this source is more affordable and guarantees the receipt of capital in the required volumes, while the issuance of corporate bonds remains a promising alternative.

Keywords: bank lending, problem loans, corporate bonds, debt capital, debt capital market, borrowed capital, financial market.

Fig.: 3. Tabl.: 3. Bibl.: 11.

Kulish Ganna P. – Candidate of Sciences (Economics), Associate Professor, Professor, Department of Corporate Finance and Controlling, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]
Tsyliuryk Vasyl D. – Student, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]

List of references in article

Davydov, O. I. “Otsinka vartosti pozykovoho kapitalu u protsesi vyznachennia vartosti pidpryiemstv“ [Evaluation of Loan Capital Cost in the Process of Determining the Value of Enterprises]. Naukovyi visnyk Khersonskoho derzhavnoho universytetu. 2017. http://www.ej.kherson.ua/journal/economic_22/1/26.pdf
Donaldson, G. Corporate debt capacity: a study of corporate debt policy and the determination of corporate debt capacity. Boston: Graduate School of Business Administration, Harvard University, 1961.
Tereshchenko, O. O. Finansova diialnist subiektiv hospodariuvannia [Financial Activity of Economic Entities]. Kyiv: KNEU, 2003.
“Aktyvy bankiv Ukrainy (2008-2023)“ [Assets of Ukrainian Banks (2008-2023)]. Minfin. https://index.minfin.com.ua/ua/banks/stat/active/
“Dani pro obsiahy kredytiv ta chastku nepratsiuiuchykh kredytiv u rozrizi bankiv Ukrainy z 2006 roku“ [Data on the Volume of Loans and the Share of Non-performing Loans by Ukrainian Banks since 2006]. Natsionalnyi bank Ukrainy. https://bank.gov.ua/ua/stability/npl
Finansovyi menedzhment [Financial Management]. Kyiv: KNEU, 2017.
Smyrna, O. V., and Izmailova, N. V. “Suchasnyi stan ta problemy formuvannia kapitalu ukrainskykh pidpryiemstv v umovakh kryzovykh iavyshch“ [Current State and Problems of Capital Formation of Ukrainian Enterprises in Crisis Conditions]. Efektyvna ekonomika, no. 1 (2022). DOI: 10.32702/2307-2105-2022.1.92
Yakusheva, I. Ye. “Rynok oblihatsii v Ukrainy: stan, tendentsii i perspektyvy rozvytku“ [Bonds Market in Ukraine: State, Trends and Development Prospects]. Efektyvna ekonomika, no. 4 (2021). DOI: 10.32702/2307-2105-2021.4.100
“Analitychni dani shchodo rozvytku fondovoho rynku“ [Analytical Data on the Development of the Stock Market]. Natsionalna komisiia z tsinnykh paperiv ta fondovoho rynku. https://www.nssmc.gov.ua/news/insights/
Burianov, V. O., and Kulish, H. A. “Korporatyvni oblihatsii u povoiennomu vidnovlenni Ukrainy“ [Corporate Bonds in the Post-War Reconstruction of Ukraine]. Ekonomika ta suspilstvo, no. 48 (2023). DOI: https://doi.org/10.32782/2524-0072/2023-48-27
Kuts, L. L. Kapital pidpryiemstva: formuvannia ta vykorystannia : opornyi konspekt lektsii [Capital of the Enterprise: Formation and Use: Basic Outline of Lectures]. Ternopil: TNEU, 2012.

FOR AUTHORS

License Contract

Conditions of Publication

Article Requirements

Regulations on Peer-Reviewing

Publication Contract

Current Issue

Frequently asked questions

INFORMATION

The Plan of Scientific Conferences

OUR PARTNERS

Journal «The Problems of Economy»

The site and its metadata are licensed under CC BY-SA.

Write to webmaster