Influence of uncertainty level on dynamics of capital structure of industrial entities in Ukraine
In the article pressing theoretical and practical issues with regards to ways of industrial entities adaptation to the new conditions of business in the conditions of market instability with the purpose of capital increase are considered Key words: uncertainty, market instability, capital assets of...
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nasplib_isofts_kiev_ua-123456789-240142025-02-09T20:53:56Z Influence of uncertainty level on dynamics of capital structure of industrial entities in Ukraine Вплив рівня невпевненості на динаміку структури капіталу індустріальних об’єктів в Україні Влияние уровня неуверенности на динамику структуры капитала индустриальных объектов в Украине Nykytiuk, T.O. Finance In the article pressing theoretical and practical issues with regards to ways of industrial entities adaptation to the new conditions of business in the conditions of market instability with the purpose of capital increase are considered Key words: uncertainty, market instability, capital assets of enterprise, investment, public-private partnership, production potential. У статті розглядаються теоретичні та практичні проблеми шляхів індустріальної адаптації об’єктів до нових умов бізнесу в умовах нестійкості ринку з метою збільшення капіталу. Ключові слова: невпевненість, нестійкість ринку, основні фонди підприємства, інвестиції, приватнодержавне партнерство, виробничий потенціал. В статье рассматриваются теоретические и практические проблемы путей индустриальной адаптации объектов к новым условиям бизнеса в условиях неустойчивости рынка с целью увеличения капитала. Ключевые слова: неуверенность, неустойчивость рынка, основные фонды предприятия, инвестиции, частно-государственное партнерство, производственный потенциал. 2010 Article Influence of uncertainty level on dynamics of capital structure of industrial entities in Ukraine / T.O. Nykytiuk // Економічний вісник Донбасу. — 2010. — № 4(22). — С. 129-133. — Бібліогр.: 13 назв. — англ. 1817-3772 https://nasplib.isofts.kiev.ua/handle/123456789/24014 [330.14:338.45](477) en Економічний вісник Донбасу application/pdf Інститут економіки промисловості НАН України |
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Finance Finance Nykytiuk, T.O. Influence of uncertainty level on dynamics of capital structure of industrial entities in Ukraine Економічний вісник Донбасу |
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In the article pressing theoretical and practical issues with regards to ways of industrial entities adaptation to the new conditions of business in the conditions of market instability with the purpose of capital increase are considered Key words: uncertainty, market instability, capital assets of enterprise, investment, public-private partnership, production potential. |
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Nykytiuk, T.O. |
| author_facet |
Nykytiuk, T.O. |
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Nykytiuk, T.O. |
| title |
Influence of uncertainty level on dynamics of capital structure of industrial entities in Ukraine |
| title_short |
Influence of uncertainty level on dynamics of capital structure of industrial entities in Ukraine |
| title_full |
Influence of uncertainty level on dynamics of capital structure of industrial entities in Ukraine |
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Influence of uncertainty level on dynamics of capital structure of industrial entities in Ukraine |
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Influence of uncertainty level on dynamics of capital structure of industrial entities in Ukraine |
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influence of uncertainty level on dynamics of capital structure of industrial entities in ukraine |
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Інститут економіки промисловості НАН України |
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2010 |
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Finance |
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Influence of uncertainty level on dynamics of capital structure of industrial entities in Ukraine / T.O. Nykytiuk // Економічний вісник Донбасу. — 2010. — № 4(22). — С. 129-133. — Бібліогр.: 13 назв. — англ. |
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Економічний вісник Донбасу |
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AT nykytiukto influenceofuncertaintylevelondynamicsofcapitalstructureofindustrialentitiesinukraine AT nykytiukto vplivrívnânevpevnenostínadinamíkustrukturikapítaluíndustríalʹnihobêktívvukraíní AT nykytiukto vliânieurovnâneuverennostinadinamikustrukturykapitalaindustrialʹnyhobʺektovvukraine |
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2025-11-30T16:45:43Z |
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2025-11-30T16:45:43Z |
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1850234525333848064 |
| fulltext |
129
Економічний вісник Донбасу № 4 (22), 2010
T. O. Nykytiuk
Problem stating. The uncertainty in the economy,
which is deeply comprehended theoretically and
methodologically in scientific and applied economic
literature, transformed and expressed through the prism
of the operation and management of large industrial
enterprises, which in turn, under the influence of risks
and objective macroeconomic conditions also form unstable
external market environment. The uncertainty in the
economic development of industrial enterprise is always
caused by the cumulative effect of various levels factors.
A lot of the researches of famous scientists (including John
Maynard Keynes, Alfred Marshall and Arthur Cecil Pigou)
were devoted to features of forming and development of
manufacturing systems under uncertainty. For example,
Keynes defended the statements that the value should be
calculated based on expenses from unpredictable changes
in market prices, excessive wear of fixed assets and
injuries resulting from accidents. A. Marshall and A. Pigou
believed that companies, that operate in uncertain market
conditions and profit of which is an unknown and variable,
should be managed based on the specific criteria such as
the size of profits and the magnitude of its fluctuations.
Based on this statement the capital investment project with
lower oscillation profits is optimal among few investments
projects with the same profits.
Analysis of recent researches and publications.
Because of the development of productive forces and
specific production relations, usually market volatility is
a cause of dynamism and tendency of growth for
uncertainty organizational and economic environment of
industrial enterprises. A lot of works of Ukrainian and
foreign scientists were devoted to issue of improving
capital management of industrial enterprises, for example
O. Amosha, A. Arakelian, I. Aleksandrov, I. Blank,
S. Bogachev, V. Bubenets, I. Buleiev, Y. Vorobiev,
S. Ischuk, R. Koval, O.Kuzmin, S. Mocherny, P. Pavlov,
D. Palterovich, M. Prokopenko, Y. Pasichnyk,
O. Tereschenko, K. Pavlov. For example, I. Ansoff,
analyzing the instability of business conditions in the USA,
distinguished few successive stages of its growth over
the last century [1]. However, only some aspects of the
capital structure improvement and diversification of its
usage ways are elaborated, but they lack consideration
of uncertainty factor in market instability. Thus, the need
for theoretical study of these problems and practical
application of research results caused the choice of topic
of this article.
One of the main causes of uncertainty in the industry
is the impact of scientific and technological progress,
which leads to the emergence of new scientific and
technical information and finally new manufacturing
technology. The investment process has significant impact
on the uncertainty, which has a probabilistic nature due
to diversity of present-time production process, territorial
allocation and cooperation in production. This issue was
especially emphasized in works of M. Petrakov and
V.Rotar, which are actual till now [10].
The purpose of the article lies in analysis of
forming the capital of industrial enterprises in instable
market conditions, considering the issues regarding
increase of investment activity and as result growth in
renewal of fixed assets of industrial enterprises.
Target determination. Attention concentration on
the required argumentation and improvement of
approaches in problem solving regarding industrial
enterprises’ capital increase. One of the practicable ways
for recovery from the recession could be public-private
partnerships, science parks within which investments
could be attracted, and high technology for renewal of
the main facilities of industrial enterprises.
The main material. Requirements for short-term
payback period which is the aim of the majority of
Ukrainian industrial enterprises in the instable market
conditions, lead to reductions in capital investments, which
in turn increases the average equipment usage period and
decreases labour productivity. It is obvious that the basis
for growth of Ukrainian economy is labour productivity.
Over the last 10 years, average labour productivity increase
in the country (the cost per labour unit) was 7.2%. This
factor makes the largest contribution to the GDP formation
and its growth. According to the research performed by
McKinsey & Company, labor productivity in Ukraine has
increased due to better utilization of production capacities,
and particular industries even practically reached the limit
load capacity. For example, 95% of the production capacity
were used in steel industry in 2006-2007 [6]. However,
the operation of obsolete plant and equipment requires more
labor costs. It is caused by the fact that staff of major
industrial enterprises has to carry out repairs and
maintenance instead of production process. Overall labour
productivity in the domestic economy is only 16% of the
USA level. This index is calculated by McKinsey &
Company based on the volume of GDP PPP (GDP taking
into account purchasing power parity) per employed
person. Renewal of the enterprises’ capital is one of the
factors of labour productivity increase.
Recent scientific researches show that the strategy
of many industrial companies in Japan and Western Europe
УДК [330.14:338.45](477)
T. O. Nykytiuk,
postgraduate student
Kyiv National Taras Shevchenko University, Ukraine
INFLUENCE OF UNCERTAINTY LEVEL ON DYNAMICS OF CAPITAL STRUCTURE
OF INDUSTRIAL ENTITIES IN UKRAINE
130
Економічний вісник Донбасу № 4 (22), 2010
T. O. Nykytiuk
is focused on long-term prospect. This approach is based
on rejection of short-term profits to get benefits on the
market in the long-term prospect. Because of influence of
investors through securities purchase, management of
American industrial companies safeguards sustainable profit
increase. Large number of Ukrainian industrial enterprises
spent their earnings for current consumption and do not
invest in expansion of the production. It is caused by market
instability. All this adversely affects the technical level and
then efficiency level in the nearest future.
A prerequisite for the scientific understanding of
influence of the uncertainty level on the dynamics of
industrial enterprises’ capital structure is a more pragmatic
understanding of the “capital” and its structure. Certainly,
from a methodological point of view comment of A.
Marshall regarding completeness and uniqueness of
“capital” definition significantly impact understanding and
interpreting of “capital”. “Capital is the accumulated stock
of instruments that is used for the production of material
goods and to achieve those benefits, which are usually
considered as part of income. This is the core of
resources, which is considered as a production factor,
not as a direct source of satisfaction”, the scientist writes
regarding this issue [12, p. 48]. It should be emphasized
that according to A. Marshall’s statement, capital mostly
consists of knowledge and organization, and one part of
two is in private property and the other one not. In
nowadays, some economists consider «organization» as
the special production factor, which resulted in impact
on the capital structure of enterprises.
According to the Institute of Economics and
Forecasting of National Academy of Sciences of Ukraine,
the average level of fixed assets depreciation in Ukrainian
industry is more than 50%. In separate sectors it reaches
70% with renewal index 1-1.5%. Taking into account such
renewal statistics, old depreciated fixed assets will be renewed
not earlier than in 50 years. Thus, experts believe that the
short change waves (cycles) in production, which are
caused by obsolescence of fixed assets last about 10-12
years. Newest technologies can adapted to the production
assets with appropriate novelty level [13, p. 151].
Market instability affected the structure and
dynamics of fixed assets renewal process. Instead of
normal expansion of production capacity, its renewal and
maintaining in working just «eating away» of capital
assets occurred.
The good example is the coal industry, which is
during last 10 years losing its importance as one of the
industries that provides energy security.
Statistics of the main indexes of public sector coal
industry demonstrate only more recession. Thus, in
Ukraine there was sharp decrease in number of operating
mines (from 276 in 1991 to 160, including 140 public
ones, in 2008), production capacity (from 193 million
tons in 1991 to 95 million tons in 2007). The most of
enterprises in coal industry are bankrupts by substance.
They continue to operate in instable market conditions
only due to Ukrainian government support. During last
16 years labour potential of the industry sharply
decreased. Number of employees decreased on 640
thousand, or 74% of total number of employees. Per
experts’ beliefs, the main factor affecting industry
development is lack of investment. This makes it
impossible to provide forestalling putting into operation
of fixed assets. The following factors that lead to market
instability in this sector could be mentioned:
— imperfection of legislation in this field;
— low management efficiency;
— imperfect mine fund structure;
— high depreciation level of coal mining enterprises’
fixed assets;
— harsh conditions of mining;
— low mechanization level of mining operations;
— significant depreciation level of equipment;
— insufficient number of employees.
Systematic approach to improve the capital
structure of the coal mining enterprises, on our view,
should take into account that market instability is caused
by the fact that major part of coal mining enterprises are
not market subjects but have to operate in the market
environment. It means that methods and forms of public
administration should be modified taking into account
the market environment.
At the same time the analysis and comparison of
public sector of Ukrainian economy to the country’s
economy as a whole, shows that sharp fluctuations in
foreign markets, increase of prices for imported fuel,
government decisions can significantly distort proportions
in the efficiency levels of different industry sectors.
According to the Centre for Economic Development, the
public sector contribution to the financial performance of
the economy as a whole does not reflect real actual of the
economic potential. Thus, according to the Centre, the
most representative information for 2006 shows that the
public sector’s share in sales volume accounted for only
11.2%, in net income — 11.9%, but at the same time its
share in the residual value of fixed assets and intangible
assets — 24.5% and the number of employees — 21.0%
[8, p.35]. This demonstrates the fact that comparing to
the private sector there are assets that operate with low
efficiency or are not used at all in public sector. Permanently
loss-making enterprises are represented with group of state
enterprises (except for strong natural monopoly), which
used to show a negative financial results from operations
during all three years before the crisis.
The most representative indicator which shows the
dynamics of industrial enterprises capital structure is
capital investment. Structure of capital investments by
separate industries is presented in Table 1.
According to the data in Table 1 total investments in
2008 amounted only to 85.4% comparing to 1990. Analyzing
this index, according to information published by State
Statistics Committee of Ukraine, capital investments in
Ukraine in 2009 amounted to UAH 151.78 billion, that is
131
Економічний вісник Донбасу № 4 (22), 2010
2005 2006 2007 2008
Total amount, UAH million 93,096 125,254 188,486 233,081
1990 – 100 % 56.8 67.6 87.7 85.4
Agriculture, hunting, forest sector 5.4 5.8 5.1 7.2
Fishing, pisciculture 0.0 0.0 0.0 0.0
Manufacturing industry 37.6 35.8 34.1 32.9
Trade, repair of motor vehicles, household
appliances
8.2 9.3 9.4 10.6
Hotel and restaurant business 1.6 1.2 1.4 1.4
Transport and communication 18.1 16.2 16.8 14.0
Financing activity 2.1 1.9 2.2 2.0
Real estate, renting 16.5 19.2 20.9 21.0
Governance 0.9 0.8 0.8 0.8
Education 0.9 1.0 0.9 1.0
Health care and social assistance 1.4 1.5 1.4 1.5
T. O. Nykytiuk
41.5% less than in 2008. Total amount of used capital
investment in 2009 accounted to UAH 192.88 billion, during
previous year — UAH 272.07 billion. The pace of decline in
capital investment for nine and six months period ended 30
September 2009 and 30 June 2009 respectively was higher
— 43.7% and 43.3% respectively, that confirms the experts’
assumption regarding lower comparative figures for fourth
quarter of 2008, the period of critical recession phase. The
most significant decrease in capital investments for 2009
occurred in the following economy sectors: fishing — on
65.7%, construction — 62.2%, governance — 55.6%, real
estate and renting — 52.8%, health care — 50.7%,
agriculture — 50.2%. Better situation could be observed in
the following economy sectors: trade and repairs — with
decrease of 45.3%, financing activity — 35.4%,
manufacturing industry — 35.3%, transport and
communication — 33.3%, production and distribution of
electricity, gas and water — 30.2%. The slightest decrease
occurred in hotel and restaurant business — 27.9%, mining
industry — 25.1% and municipal services, cultural and sports
— 18.4%. In 2009 share of state financing in total amount
of capital investments amounted to 4.3% (2008: 5.7%),
municipal financing — 3.1% (2008: 4.6%), enterprises’ funds
— 66.1% (2008: 59.3%), bank loans and other borrowings
— 13.3% (2008: 15.8%). Share of foreign investments
increased from 3% in 2008 to 4.2% in 2009. At the same
time investments provided by investment funds decreased
from 1.4% in 2008 to 2.1% in 2009. There was significant
decrease of share of capital investments in own apartments
construction and private housing construction made by
individuals — from 3.5% to 2.5% and from 4.2% to 2.8%
respectively. In monetary terms these indices decreased by
2-2.1 times, to UAH 5.5 billion and UAH 3.57 billion
respectively [9]. Structure of capital investments by
financing resource is showed in the Table 2 below.
In general, the crisis has affected all areas of industrial
production and significant decrease was observed in 2009:
in metallurgy — 26.7%, chemical and petrochemical
industry — 23%, mechanical engineering — 44.9%, food
industry — 6% [7]. Such significant decrease in mechanical
engineering is caused by sharp decline of investment
demand on domestic market that resulted in decrease in
transportation services and trading. The reason for this
was as external factor, as internal one, which is the reduction
of financial resources in the economy. Thus, the recession
in 2008-2009 not only adversely affected the dynamics of
production, but also worsened the financial situation of
enterprises, and as result their creditworthiness. In addition,
the increase in the shadow economy from 29.4% in
September 2008 to 34.9% in 2009 (according to Ministry
of Economy estimates) caused strengthening of tax
pressure on officially working business and transferring
of loan resources to public borrowing due to less income
receiving caused by shadow economy.
The deterioration of financial position of industrial
enterprises, a sharp decrease in their profitability and
creditworthiness, increase of borrowing costs and a high
degree of uncertainty regarding the depth and continuance
of the recession affected not only the ability to fulfill current
obligations, but also were a main factors their investment
activity reduction. According to Ministry of Economy gross
accumulation of capital decreased on 46.2% for 2009.
There is significant decrease in public investment took
place, capital expenditures per state budget for 2009
decreased on 51.5% comparing to 2008 (their share in the
total expenditures per state budget decreased from 13.3%
to 6.5%). As result, weak investment activity, the lack of
long-term lending became a main factor of deep fall in
construction (48.2% for the year) [7].
The issue of improving the structure and dynamics
Table 1
Structure of capital investments by economic activities (% to total amount)*
*Prepared in accordance with State Statistics Committee of Ukraine // Electronic source. Source access: www.ukrstat.gov.ua. Sections
“Statistical information”: capital investments.
132
Економічний вісник Донбасу № 4 (22), 2010
T. O. Nykytiuk
of industrial enterprises‘ capital in instable market conditions
is also could be solved using different alternative
approaches. One of the options is a focus on import of
industrial equipment and technology financed by foreign
borrowings. Thus, one of the requirements to get low
interest rate foreign bank loans by domestic industrial
enterprises is to attract foreign companies (related parties)
to support the implementation of investment projects.
Usualy, technologies, that do not meet the nowadays
requirements and are not focused on future needs, are
imported to Ukraine. This, for example, “limits the industry
development process (i.e. chemical and metallurgical),
production of high-tech products. In the case of 90%
depreciation of fixed assets this option does not provide a
radical improvement in the industry” [11]. It means that
scientific potential of Ukraine is lost, machine-building
production capacity is not used, working positions are
decreasing, social problems are exacerbated. The second
option to improve the dynamics of industrial enterprises’
capital structure is the way of innovation and investment
that is focused on creating and implementing modern
technologies and equipment based on the best national and
international developments. Of course, for this purpose it
is necessary to provide domestic scientific and technical
potential with good conditions for development, and
government should support basic and sectoral sciences.
There are production companies in Ukraine, such as OJSC
“Zavod napivfabrykativ” (Zaporizhia), OJSC “Chysti
metaly” (Svitlovodsk), chemical and metallurgical plant
OJSC “Mariupolsky metalurgiyny kombinat imeni Illicha”.
Amount and sources of financing are shown in Table 3
below.
Public-private partnership is widely used in the world
for capital accumulation investment programs
implementation, especially in the introduction of new
technologies. This partnership is based on coherent system
of relations between public and private partners, when
resources of both partners are combined with appropriate
allocation of risks, responsibilities and remuneration
between them. Such cooperation should be mutually
profitable and transparent because of state budget funds
using in the investment process. There are principles of
public-private partnerships, which are used by
governments of developed countries in state regulation.
The main principles are as follows: equal compliance of
public and private partners with the legislation, agreed
interested of public and private partners for the purpose
of achieving mutual benefits and goals of the partnership,
fair allocation of risks associated with execution of the
public-private partnership agreement. The Law on Public
Private Partnership came into force in Ukraine this year.
In accordance with its statements the public-private
partnerships are characterized with providing higher
technical and economic performance indexes comparing
to the same activity performed by the government with
no private partner involvement. Within the public-private
partnership relations cooperation agreements, concession
agreements, products distribution agreements and others
could be concluded.
Industrial parks could be another way for renewing
production capacity and intensifying investment process
of the companies. In this case effective mechanism of
stimulation from the government side is necessary required.
It could be partial reimbursement of interest expense on
loans used for the construction of roads and facilities for
water supply, drainage, sewerage and water treatment,
introduction of advanced energy-and resource-saving
technologies, recycling of household and industrial waste,
and allowance for application of accelerated depreciation
for new fixed assets of groups 3 and 4 within the program
(business plan) of the industrial park operation.
Conclusion.
Based on analysis of the uncertainty level impact
on the dynamics of industrial enterprises’ capital structure
it should be emphasized that this issue requires further
research. It caused by the fact that companies have to
adapt their capital structure in the current environment
taking into account instable market conditions that are
caused by the influence of as external as internal factors.
In uncertain conditions, a dominant component of
the capital should be revealed based on an analysis of assets.
It will make the companies able to get profits. In addition,
there is dichotomics associated with different views on
industrial companies’ capital. On the one hand, capital is
Table 2
Structure of capital investments by financing resources (%)*
* Prepared in accordance with State Statistics Committee of Ukraine // Electronic source. Source access: www.ukrstat.gov.ua. Sections:
“Statistical information”.
2005 2006 2007 2008 2009
State budget funds 5.5 5.5 5.6 5.0 4.4
Municipal budget funds 4.2 4.3 3.9 4.2 2.7
Internal enterprises’ funds 57.4 57.8 56.5 56.7 63.3
Foreign investors 5.0 3.7 3.5 3.3 4.5
Privat housing construction (invested
by individuals)
3.3 4.1 4.5 5.0 3.6
Bank loans 14.8 15.5 16.6 17.3 14.2
Other financing resources 9.8 9.1 9.4 8.5 7.3
133
Економічний вісник Донбасу № 4 (22), 2010
T. O. Nykytiuk
defined as aggregated tangible and intangible assets. On
the other hand, capital is defined as diversified liabilities
which are owned by different owners, and used as sources
for creation and renewal of the company’s assets.
Based on analysis performed we could conclude that
the main factor influencing capital dynamics in recession
is exogenous one which is generated by the governance
taking into account sectoral and structural proportions
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Nykytiuk T. O. Influence of uncertainty level
on dynamics of capital structure of industrial entities
in Ukraine
In the article pressing theoretical and practical issues
with regards to ways of industrial entities adaptation to
the new conditions of business in the conditions of market
instability with the purpose of capital increase are considered
Key words: uncertainty, market instability, capital
assets of enterprise, investment, public-private
partnership, production potential.
Никітюк T. O. Вплив рівня невпевненості на
динаміку структури капіталу індустріальних
об’єктів в Україні
У статті розглядаються теоретичні та практичні
проблеми шляхів індустріальної адаптації об’єктів до
нових умов бізнесу в умовах нестійкості ринку з ме-
тою збільшення капіталу.
Ключові слова: невпевненість, нестійкість рин-
ку, основні фонди підприємства, інвестиції, приватно-
державне партнерство, виробничий потенціал.
Никитюк T. O. Влияние уровня неуверенно-
сти на динамику структуры капитала индустри-
альных объектов в Украине
В статье рассматриваются теоретические и прак-
тические проблемы путей индустриальной адаптации
объектов к новым условиям бизнеса в условиях не-
устойчивости рынка с целью увеличения капитала.
Ключевые слова: неуверенность, неустойчивость
рынка, основные фонды предприятия, инвестиции,
частно-государственное партнерство, производствен-
ный потенциал.
Received by the editors: 08.10.2010
and final form in 01.12.2010
Table 3
Projected amount and sources of financing silicon production in Ukraine [11].
Including each year Financing source Amount of financing,
UAH mln 2009 2010 2011 2012
State budget 188 29.85 73.5 84.65
Other sources
(investments)
2,562 804 879.1 512.8 366.1
Total 2,750 804 908.95 586.3 450.75
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