Scientific journal NRU ITMO
Series "Economics and Environmental Management"
Registration certificate ЭЛ № ФС 77 – 55411 от 17.09.2013
registered by the Federal Inspectorate Service for Communication, Information Technologies and Communication Media

March 2019 (published: 27.03.2019)

Number 1(36)

Home > Issue > The essence of corporate finance and the specifics of managing them in production

UDC 338.984

The essence of corporate finance and the specifics of managing them in production

Minchenko L.V., Djumaev Sh.S. , Zhuzhoma I.N.

This article examines the essence of corporate finance and the specifics of their management in industrial enterprises. In modern conditions of economic development, competitiveness of an enterprise can only be ensured when switching to an innovative type of economic activity. For this reason, the number of enterprises that are engaged in the development and implementation of various projects to implement the necessary changes is increasing. To introduce any new technologies into the enterprise’s activities is difficult both in terms of their organization and in terms of financing. The financial management of an enterprise is of paramount importance, since an effective financial management system facilitates the adoption of sound management decisions. Today, for the implementation of most of the tasks facing the production enterprise, it is necessary to use innovative management technologies. For most enterprises, improving financial management means, among other things, reforming and restructuring the financial system. Innovative development of the enterprise should be designed in the same way as any other system. It is necessary not only to define the tasks facing the enterprise, but also to create a system that ensures the transition of the enterprise to this state, determine the necessary resources, develop business processes of innovationactivity.In general, the financial management of an enterprise should provide the management with transparency of the financial condition and movement of financial resources, the formation of the most profitable variants of financial plans, the operational accounting of factual information, control of deviations from the plan. In this regard, the basis of the enterprise’s financial management system is: a combination of planning and monitoring the implementation of plans based on the coordination of planning documents with the accounting and reporting system, coordinated analysis of material flows and financial flows, both for individual production groups and divisions, and the enterprise as a whole entity.
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Keywords: innovations, planning, finance, budgeting, management, efficiency of innovation strategy.

DOI 10.17586/2310-1172-2019-12-1-119-125

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