ENTERPRISE CAPITAL MANAGEMENT BASED ON BUILDING AN INNOVATION STRATEGY

Abstract

The article raises the issue of identifying the dialectical and economic essence of enterprise capital in the context of the innovation economy. The research aims to analyse the factors of the external and internal environment to ensure the growth of market capitalisation and the value of the enterprise in the future. The author emphasises that the task of any competitive strategy is to establish the competitive advantages of the enterprise and determine the ways to maintain them. The article presents a model of innovation development of the enterprise, which makes it possible to assess the innovation potential as a set of conditions of its formation (factors of the internal environment) and conditions of its implementation (factors of the external environment). The authors single out innovations as a separate group of factors. The analysis shows that the most controllable and influential factors for achieving the strategic goals of the enterprise are the factors of the internal environment, competitiveness and investment risk. The latter factor, in turn, determines the effectiveness of the chosen strategy and its further adjustment in accordance with the goals and objectives of the enterprise. The article proposes to use the WACC to calculate the market value of enterprise capital. Its economic meaning lies in the ability of the enterprise to implement various management decisions, including those related to increasing the value of capital and investing funds, provided that their profitability exceeds the estimated value of WACC. For stable and sustainable development, as well as the functioning of the enterprise, the work of which has a strongly pronounced innovative character, it is extremely important to achieve an effective balance between the various components of capital both in the current and future period. Making competent management decisions on capital, first of all, will affect the creation of new value, implemented in various innovative products or services, personnel and business processes. A competitive strategy that ensures the maximum preservation of the uniqueness of the enterprise through effective capital management creates the concept of long-term innovative development of the enterprise. The choice of the enterprise capital management system depends not only on the specifics of the enterprise itself and the type of its production and economic activity but also on the sectoral features of a particular sector of the national economy.