Sukhova L.F.Stavropol Institute of Cooperation, Branch of Belgorod University of Cooperation, Economics and Law, Stavropol, Russian Federation suhova.lilia@yandex.ru
Importance Evaluation of the efficiency level of enterprises and their management factors acquire special significance under the conditions of the financial and economic crises. The research considers the factors of enterprises' return on equity management. Objectives The study aims to provide the scientific substantiation of the need to take into account the new factors of enterprises' return on equity management. In order to accomplish the above objectives, I have identified factors of return on equity management. I also proposed an analysis technique of quantitative and qualitative evaluations of an impact of these factors at different kind of return on equities of an enterprise: fixed assets, floating capital, permanent capital, current capital, equity capital and borrowed capital of an enterprise. Methods The research framework is based on a system approach, which includes new economical and mathematical models of cost-effectiveness of different types of capital that ensure the return on equity management not only at the expense of economic return of an active capital, but also due to the effective management of financial capital structure (structure of working capital liability). The paper identifies new return on equity management factors (profit, return on sales, depreciation, financial capital structure, active capital structure, equity capital structure, accounting practices of material expenditures). The article also deals with a quantitative evaluation technique of their impact on different kind of return on equities. Results Return on equity management can be regarded as an effective one, if the implementation of decisions related to enhancing the level of profitability of this type of capital contributes to the growth, or at least does not lead to reducing the level of profitability of advanced (active) capital. Conclusions and Relevance The proposed approach to return on capital management ensures the scientific streamlining of capital management of enterprises and banking price policy for credit services to the real sector of economy, which ensures the adoption of management decisions, which are consistent not only with the theory of economics, but business practices, as well.
Keywords: new formula, return on equity, floating capital, equity capital, factor, management, growth
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