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Developing the theory of formation of enterprise’s efficient portfolio of financial resources on the basis of clustering the elements of its structure

Vol. 27, Iss. 2, JUNE 2022

Article PDF Version

Received: 23 May 2022

Received in revised form: 7 June 2022

Accepted: 17 June 2022

Available online: 4 July 2022

Subject Heading: ANALYSIS OF FINANCIAL CAPITAL

JEL Classification: D81, D92, G32, O16

Pages: 212–238

https://doi.org/10.24891/df.27.2.212

Subject. We consider a portfolio of financial resources as a complex money system generated from various sources of economic activity financing. It is used to fund business goals of the enterprise and includes financial resources with various cost characteristics, level of financial risk, term of use, and other key parameters.
Objectives. The aim is to underpin the viability of cluster approach as a methodological tool for developing the theory of formation of efficient portfolio of financial resources through formulation of tenets and theoretical trajectories of movement for various clusters of financial resources.
Methods. The study rests on the cluster approach to simulate the process of financial portfolio formation. We apply basic provisions of the systems theory and the theory of economic growth and development.
Results. We performed clustering of financial resources by type of sources of finance, formed a structure of clustering matrix, and formulated criteria of positioning the financial portfolio of the enterprise. The paper determines trajectories of movement of typical clusters of financial resources and possible alternative financial strategies, resulting in changes in the key parameters.
Conclusions. If implemented, the cluster approach enables to expand the theoretical base used by financial managers for building an efficient portfolio of financial resources, and to meet the requirements for cost, risk, and stability of the latter, during the entire period of formation.

Keywords: efficient financial portfolio, clustering, matrix

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