Key stages of financial strategy development for construction enterprises

In: Ekonomičnyj visnyk universytetu: zbirnyk naukovych pracʹ učenych ta aspirantiv = Ėkonomičeskij vestnik universiteta : sbornik naučnych trudov učenych i aspirantov = University economic bulletin : collection of scientific articles of scientists and post-graduate students, Heft 41, S. 221-228

Abstract

The subject of the study covers theoretical, methodological and practical aspects of strategic management of financial activity of construction enterprises. The purpose of the work is to determine the theoretical and methodological provisions and to substantiate the practical recommendations for the development of financial strategy of construction enterprises including definition of the sequence of stages and their essence from a methodological point of view. Method or methodology of work. The theoretical and methodological basis of the research includes general scientific (dialectic, structural and functional methods) and special methods of cognition of the studied economic phenomena and processes. Result of work. The article presents the essential characteristics of the financial strategy of construction enterprises, its features, structural elements and the course of its development and implementation stages. The paper describes and proposed areas in which it is necessary to develop a financial strategy for construction enterprises. Areas of results application. The results of the study can be used in the theory and practice of strategic management of construction enterprises in the process of developing and implementing their financial strategy. Conclusions. The financial strategy development is a long and complicated process covering the following stages: analysis of the strategic financial position of the construction enterprise, including financial analysis of external and internal environment; definition of the strategic financial goals; financial strategy development in the following areas value-based management, accounting, asset management, cash flow management, credit policy, investment policy, financial risk management, dividend policy; financial strategy implementation and monitoring.