Summary
Various approaches to the definition of a company's capitalization as one of the key success criteria of activity and determination of its market value are viewed in this article. Particular attention is given to the effect on the Ukrainian stock market on capitalization processes of domestic enterprises. The possibilities of the current accounting system in determining the scope and forms of enterprise capitalization are analyzed.
Keywords: capitalization, real capitalization, market capitalization, marketing capitalization, enter-prise value
1. Introduction
Capitalization is one of the fundamental concepts of the stock market. Originating initially on Western stock markets, the concept of "capitalization" is now used in the economic analysis of do-mestic enterprises, and evaluation of the efficiency of enterprise management, determining its mar-ket value. Thus the concept of capitalization today is not only applicable to companies, their assets and capital, but also to the economy of the regions and the country as a whole.
Modern scholars consider capitalization from the standpoint of increasing net worth, with an emphasis on joint-stock companies whose shares are in free float as the assessment is made on the basis of capitalization of share prices. This most common approach to the domestic market capital-ization was borrowed from foreign practice. But due to the fact that the joint-stock form of capital in Ukraine so far has not been widely used, the definition of capitalization based on market value of shares and bonds of domestic enterprises has limited scope of application. And, therefore, it narrows the range of objects for practical research.
It should be noted that the development processes of capitalization in one form or another is inevitable for Ukraine. And, despite the imperfections of the institutional environment of the coun-try, the management of these processes not only on domestic, but also regional, macroeconomic levels is becoming one of the most important financial and economic challenges that will require methodological support.
Modern Ukrainian enterprises functioning in conditions of imperfect institutional environment consider the process of capitalization as reinvesting profits earned from activities during a certain period. At the same time, on the basis of internal reasons of the company, its management can in-crease the value of the enterprise by evaluating and taking into account the balance of elements such as goodwill, brand, trademark, know-how, rights of intellectual property. In this case there is no
capitalization of profits, but it is possible without large investments to significantly increase the value of the brand, and business reputation, and the company itself.
Any of the above types of capitalization increases the balance value of the company and the shareholders' equity. It seems clear that shareholders are interested in increasing the mass of profits derived from invested capital. On the other hand, increasing the value of the enterprise makes it competitive and financially independent from external creditors.
But the practice of managerial decision-making is riddled with inertia of accounting vision over the enterprise’s operations. The main difficulty in determining the capitalization is not only in the treatment of the costs and revenues from which the financial result of the enterprise’s activities are determined (profit). In terms of variability and inconsistency of the legal and regulatory framework of the country the problems of any risk are ignored. In addition, none of the indicators of the ac-counting profit does not reflect the real value of the enterprise and is far from determining the value of capitalization. Ultimately, the underestimation and misunderstanding of the capitalization tools adversely affects the development of the stock market, which can cause restriction of foreign eco-nomic relations.
Despite the practical importance of capitalization for today's market, the problem of its growth is affected to a greater extent in the works that consider financial management. Representatives of the modern big businesses consider capitalization as the most important characteristic of financial enterprises and it is widely used for marketing purposes. This leads to a shift in emphasis in the study of capitalization from its nature and impact on the market value of the entities to the forms of its manifestation. Thus, the aim of the paper is to study the forms of capitalization in the formation of the market value of enterprises in Ukraine, based on the characteristics of its institutional envi-ronment.
2. The essence of capitalization and its role in shaping the market value of the enterprise Originally capitalization, as the process of changing the form of value in the course of its motion was considered by K.Marks: " if we fix some manifestations that the increasing cost becomes in its life circuit, then we obtain the following definitions: Capital is money, capital is the product" [16, 147]. Thus, according to K.Marks, the capitalization process is regarded as the rising cost of indus-trial capital, which is primarily due to higher labor costs.
R. Hilferding’s definition of financial capital in the eponymous work "Finance capital" in 1910 provided an opportunity to bring the concept of capitalization to its classical definition as increase in the amount of capital at the expense of the current rate of profit per cent, making the country's economy develop its banking services [9, 56].
The notion of equity has been formulated by A. Cohn, as the sum of money obtained from the sale of shares of company stock, and supplemented by J. Schumpeter, emphasizing the possibility of obtaining more wealth for the development of the enterprise by extracting a certain part of the amount available at the moment, capital [5;18]. It is the moment of incrementing venture capital subsequently led to the emergence in modern economic science and practice the concept of "capi-talization".
Thus, exploring the nature of value, Marks believed that surplus value is capitalized, that is, becomes capital: "... under normal conditions, one portion of the surplus should always be consumed as revenue, and the other part should be capitalized" [17, 77]. Capitalization concepts he did not
enter, but his theory of the movement of value, during which the cost changes its shape and increases the value, was developed in the works of followers.
S. Mocherny inheriting classics of economics, believes that the capitalized value added (capi-talization), forms the foundation of capitalist accumulation, which is used for the acquisition of ad-ditional factors of production and labor. In modern conditions, the fund is also formed in the equity of the enterprise and used for the innovative development of production. [7]
Modern economists the term "capitalization" as used in the stock market, consider as the market value of the company, which is calculated by multiplying of the exchange price of the shares on the amount in circulation [5], or by multiplying the total number of shares of the issuer at the average price of the shares at the best quotes the sale. [18] At the same time, the capitalization of the company depends on internal factors at the enterprise level – flow and future profits, scopes of production and sales, and external factors such as global markets, the extent of the use of international standards of corporate governance, etc. [7; 15; 17; 18].
From the foregoing it can be concluded that the higher the degree of capitalization, the higher the market price of the enterprise, the more profitable investment can be attracted for business de-velopment, and hence the higher the financial returns from the implementation issues of its own securities. Low degree of capitalization of Ukrainian enterprises indicates not only the underdevel-opment of the domestic financial market, but their low competitiveness and unattractiveness to in-vestors. At the same time, it can be stated that the development processes of capitalization in Ukraine and other post-Soviet countries have a significant impact from imperfection of their institutional environment. And it appears in the corresponding elements of current legislation, which forms the legal basis of methodical maintenance for management of capitalization processes in Ukraine.
3. Features of companies’ capitalization in the institutional environment of transition econo-mies. In the works of modern scholars, such as E. Galtseva, an attempt to show the different forms of capitalization in the Russian market is made. Depending on the mechanism of increasing capital-ization, the author identifies its three forms: real capitalcapital-ization, marketing or subjective capitaliza-tion, and market or fake capitalization [16]. All of these forms are shown in the balance sheet of the companies in the form of building their own sources of funding (section 3 of the balance of Russian enterprises), but have different origins and different ways of initiation.
Ukrainian researchers of capitalization, such as A.Gritsenko, M. Kozoriz adhere to the classical approach, revealing the essence of capitalization through a system of economic and financial rela-tions between economic entities as to evaluation, distribution and uses of their equity [8, 192; 10; 11, 43]. A. Gritsenko, for example, basing on previous studies, highlights the real, financial, ficti-tious, nominal, market, forward and backward, absolute and relative capitalization at the enterprise level, and at the macro level – the capitalization of income in different areas, sectors of economy, markets, etc. M. Kozoriz believes that capitalization is not only the process of converting an addi-tional cost into capital, but also a criterion for assessing the market value of a business entity.
Thus, we can conclude that the scientists when interpreting this category keep mainly to two points of view. On one hand, relying on classical economic thought, capitalization is considered as the use of the value added to production expansion or conversion of received incomes into capital [6, 7, 9, 11; 14, 16, 17]. On the other hand, based on modern theories of management, the concept of "capitalization" means the market value of the enterprise [4, 5, 12, 13, 18, 20]. However, it should be noted that both approaches are taking place in the current market conditions and are subject to cause and aftermath connection as in the result of transformation of surplus value into capital not
only the innovative features of the enterprise (capacity growth, staff, etc.) are expanding, but also increases its market value.
Thus, returning to the practice of modern domestic enterprises, it seems appropriate to say that capitalization and the results of its manifestations appear in the first section of the balance sheet.
Hence, the high capitalization means not only the ability of the business entity to generate rev-enue but the possibility to increase production capacity, which in turn is a prerequisite for future profitability. However, the increase in the first section of the balance where incomes and profits of the enterprise are displayed, according to accounting principles will not only increase the amount of the liability, but the enterprise’s assets. Depending on the company's development strategy, increase in assets will manifest in the growth of non-current assets (fixed assets, intangible assets) or in the growth of working capital (inventories and increasing the money supply), or in the growth of both simultaneously.
Returning to the question of the capitalization forms, it should be noted that the actual capital-ization occurs during the reinvestment of profits, while the growth of productive capital is shown in increase of the real value of the assets at the enterprise. According to the National provisions (stand-ard) for Accounting 1 "General requirements to financial reporting", approved by the Ministry of Finance of Ukraine on 07.02.2013 73), equity is stock part of the enterprise after deducting its liabilities. Shareholders' equity of the property shows the part of the enterprise’s property, which is formed by contributions from the owners of the enterprise. At its core, it is not only the basis for the creation of enterprises, but also the guarantor of the maintenance of its economic activity. On the other hand, taking into consideration the function of equity it may be noted that its size determines the degree of dependence and the influence of his owners over the enterprise. For the external coun-terparties (lenders, investors, and other representatives of the authorities), it is an indicator of re-sponsibility and stability of the enterprise. It should be noted that from 1 January, 2013 there have been changes in the primary financial reporting forms of Ukraine, the main of which compared to the previous forms are given in Table 1.
Table 1. Changes in the Balance sheet in the section "Equity"
Before 31.12.2012 From 01.01.2013
Account
code Name of the article
Row code
Account
code Name of the article
Row code
40 Authorized capital 300 40 Registeredcapital 1400
41 Share capital 310 41 Capital revaluation 1405
42 Additional invested capital 320 42 Additional capital 1410 425 Other additional capital 330
43 Reserve capital 340 43 Reserve capital 1415
44 Retained earnings (accu-mulated losses)
350 44 Retained earnings (ac-cumulated losses)
1420
45 Redeemed capital 370 45 Redeemed capital 1430
46 Unpaid capital 360 46 Unpaid capital 1425
Based on case studies, in most cases, enterprises direct increase in equity into long-term assets, namely into the non-current assets and intangible assets.
And therefore, as it is seen from the Chart of accounts of assets, capital, liabilities and business operations of enterprises and organizations of Ukraine, the amount of capitalization will be displayed on the above mentioned accounts. And when carrying out various transactions with the shares of the enterprise there will be involved accounts 40,42,45,46; with an increment of equity through revalu-ation of non-current assets there will be involved not only accounts 41, 43, but also directly the profit account of the enterprise 44. Thus the information about the increment of production capital (reval-uation of fixed assets and intangible assets) will appear not in the financial statements on the equity of the enterprise, but in the statement of comprehensive incomes, where information on company profits is generated.
Presently, the authorized capital size of limited companies are not limited. However, the size of the authorized capital may not be less than the statutory amount. Decision to increase or decrease shall be registered in the State Register of economic units. This is the amount of capital, in which shareholders are liable to creditors. The sum of current profit remains at the beck of company man-agement and can be used both for increase of production capacity, and for the introduction of inno-vative technologies.
Thus, capitalization, initiated through own sources of financing liabilities of the company as a result of the current financial and economic activity, is a real capitalization. It leads not only to build up production capacity, but to strengthen its financial stability, growth of investment attrac-tiveness, and hence – to increase its market value.
However, despite the fact that the issue of shares of Ukrainian companies in the first half 2013th compared to the same period of the last year has doubled (National Commission on Securities and Stock Market (NCSSM) registered 84 issues of shares amounting to 22.32 bln.UAH, which is 11.46 billion UAH. more than it was recorded in the first half of the last year). [19] From October 12, 2013 with the termination of Ukraine’s paper securities turnover, the Institute of registrars disappears from the stock market.
Registration system of ownership rights was established by presidential decree in 1996 with the aim to protect minority shareholders from unscrupulous businesses and streamline management of the certified results of auctions. Now the registrars in the new depository system will be "depos-itory institutions", which need to obtain a license to conduct activities with respect to consulting services in the field of corporate governance for public companies. When the re-licensing of these institutions will be finished, the volume of securities transactions in the market will be significantly reduced, and hence the volume of the actual capitalization of enterprises.
In practice, the process of accumulation on the inner level is often the result of active marketing policy and advertisement campaign. These two elements form the market value of the enterprise, often based on real data. In this case, the growth of companies’ property, which results in increase in the balance-sheet, is mainly due to the assets of the enterprise, usually intangible (copyright, the use of industrial property rights, know-how, trade mark, brand, goodwill, etc ).
Increasing the assets of the enterprise in this case is reflected in the first section of the asset balance sheet accounts at 12.19, while corresponding with increasing additional capital, changes in financial results (increasing net income) or in the prescribed manner to increase charter capital.
Such a change in the authorized capital, by its re-registration does not show the real value of using the potential of the enterprise, and therefore its real market value. Capitalization under such conditions is subjective and is called marketing capitalization.
In the real management practices the scopes of capitalization is often formed by PR-agencies. Intransparency of the market, the lack of objective criteria for assessing the enterprises’ work pro-motes the growth of frequency of addressing to PR-agencies.
PR- agencies often position themselves as technical partners, ie companies that may have clearly regulated services, the payment for which is made according to the amount of time spent. Or it is consulting companies, strategic partner to its customers. First behave in the market as typical con-tractors, as well as catering companies, event organizers or modeling agencies. A clear set of services and active appeal to prices for their services. In this category it is the price that makes the main criterion for selection of the desired agency. Second behave as typical consulting companies: speeches, development of own methods of work, seminars, business conferences and other educa-tional activities. During the negotiations they appeal to industry experience and expertise of their specialists.
Both can essentially affect the specific investment projects associated usually with the creation and development of product and process innovations, but also to form the market value of the enter-prise. Imperfection of the stock market does not allow to permanently correct management deci-sions. The lack of real information about the company is made up by PR- agencies that form the current estimated (fair market), and in relation to different future points in time, the projected actual market value of the enterprise. It is the PR-agency assessment forms not only the management de-cisions on development or termination of corresponding innovative and reorganization projects but determines the extent of marketing capitalization.
It should be noted that the above forms of capitalization are most typical for countries with economies in transition. In a developed market economy, with a free circulation of shares and the market value of the enterprise through stock quotes, more common is the market capitalization of companies. So, R.Koh views capitalization as the market value of companies whose shares are listed on Stock Exchange, and are the product of the market price of shares multiplied by the total number of shares of the company. [12] Capitalization is reflected in this case in the asset balance in the form of long-term financial investments (account 14), corresponding with passive balance accounts that reflect the additional capital (accounts 41, 42).
Capital represented by securities, income, in the economic literature is called fake capital or capital stock. And since this form of capitalization develops as a result of stock transactions, it is called a fictitious one. Stock market participants prefer to call this form of capitalization manifesta-tion as market capitalizamanifesta-tion.
In Ukraine, fake or market capitalization in recent years is typical for large metallurgical com-plexes formed on equity. However, on the basis of analytical data we can trace the tendencies to reduce capitalization on more than 125.688 bln.UAH, it is almost 11.2 times from 2008 till the first half of 2013 (from 138.013 billion UAH to 12,325 billion UAH.) (Table 2) [19]:
Table 2. Dynamics of changes in capitalization of metallurgical enterprises of Ukraine
The reasons for this decline can be a wide variety of factors – from internal to industry-wide, national and international. Such a crisis situation on the stock market in Ukraine is caused not only by imperfection of the legislative framework. Significant negative role in the processes of capitali-zation of Ukrainian enterprises (as well as companies in other countries) has played a global eco-nomic crisis. This factor is the main system maximum impact on enterprise performance in any country, largely having a negative impact on stock prices of shares and capitalization issuers.
In order to determine the influence of factors of a company's capitalization on its growth one can apply morphological analysis. This method was developed in 1942 by the American astrophys-icist F. Zwicky, it is used to expand the search area of various solutions to the problem [22]. It involves an in-depth classification of objects and allows on the basis of the model construction (two-or three-dimensional matrix) to obtain new solutions by drawing up combinations of elements of a morphological model (matrix).
Following the main stages of the analysis, we will identify key factors influencing the growth of a company's capitalization. We will dwell on the basic accounting indexes discussed above, that make the real basis for management decisions in any business legal entity. So, the practical applica-tion of this method in the management of a company's capitalizaapplica-tion is based on the following aspects:
1) definition of the object or the research problem, their characteristics;
Formulation of the research problem to implement the method of morphological analysis, in our case, is as follows: " selection of the factors, including the accounting indicators influencing the definition of the forms of a company's capitalization in terms of managing its size, grouping and classification according to certain criteria." Combining of these indicators into groups will allow determining the extent of their influence on the level of change in a company's capitalization.
2) definition of different types of these problems solutions;
At this stage it is advisable to conduct a significant allocation for each of the options from the factors of capitalization management. It should be noted that the factors affecting the capitalization are numerous, and especially when considering separately each of its forms of expression. Let us view in this article, as an example, only the determining of the effect of accounting factors, since they have a quantitative measurement within the institu-tional environment of the country (Table 3).
Table 3. Determining of the factors and their relationship with the forms of capitalization Factor for capitalization management
Form of capitalization Code for book-keeping
accounts Title
40 Registered capital Market (fictitious)
41 Capital revaluation Real
42 Additional capital Market (fictitious), mar-keting
43 Reserve capital Real
44 Retained earnings
(accu-mulated losses) Real, marketing
45 Redeemed capital Market (fictitious)
46 Unpaid capital Market (fictitious)
It can be identified by using this table, another approach in the morphological analysis. In par-ticular, "management factors" accounting data that testify the changes in the sources of formation of property companies that is in its equity we correspond to the assets. This will make it possible to more accurately identify the forms of capitalization. Table 3 then will be formed according to the following form (Table 4):
It is evident that if you focus on Table 3, the equivalence of the management factors influence over the capitalization form it would be difficult to estimate. Meanwhile, Table 4 compensates this drawback. However, for the model development we must take into account sub-accounts that will allow more accurately determining the extent of the impact of economic operations on the form of a company's capitalization.
3) Formation of a morphological model matrix, wherein vertically reflected is the totality of all tasks needed for the achievement of this goal. Horizontally for each task it is given an option (one or more) for implementation of concrete solutions. For further analysis to identify the factors and their classification we use morphological analysis tool – form the morphological table. Formation of a morphological table is as follows: the left column is filled with the parameter name, and then to every cell of the column to the right the cells are attached as long as it is necessary to accommodate all of the embodiments of this parameter. Examples of such tables may be (Table 5):
Table 4. Relationship between the management factors and the enterprises’ property in determin-ing the forms of enterprise capitalization
Factor for capitalization manage-ment
Influence of the capitalization manage-ment factor over the enterprises’
prop-erty Form of capitalization Code for book-keeping accounts
Title Code for book-keeping accounts Title 40 Registered capital 14 35 Long-term finan-cial investments Flow financial in-vestments Market (fictitious) 41 Capital revaluation 10 11 12 Tangible assets Other tangible assets Intangible assets Real 42 Additional capital 12 14 Intangible assets Long-term finan-cial investments Marketing Market (fictitious) 44 Retained earnings (accumulated losses)
12 Intangible assets Real, marketing 45 Redeemed capital 30 31 Cash Accounts in banks Market (fictitious) 46 Unpaid capital 14 35 Long-term finan-cial investments Flow financial in-vestments
Market (fictitious)
A similar table can be constructed to determine the influence of the company capitalization factor on the property management. On the basis of these two tables a morphological matrix and morphological chart is based. Morphological matrix is a rectangular matrix, each cell corresponding to a particular embodiment of the object.
4) providing a combination of the matrix elements (morphological diagrams), each new solution is a combination of elements taken by one from row of the matrix;
The morphological chart displays in the column all the alternatives of all parameters in order, then against each of them a horizontal line of the length needed is drawn. Each particular option of the object is formed by the vertical line that intersects all horizontal lines with marks at all imple-mented alternatives in this option.
Table 5. Example of a morphological table for the factors of capitalization management
Parameter Alternative
Code Title Enlarging Diminishing Registered capital A 1 fixed amount of
the authorized capital in the founding docu-ments
2 withdrawal of capital in case of redemp-tion of treasury shares (shares) of the share-holders for the purpose of resale, cancellation (capital reduction)
B Capital revaluation B1 revaluation surplus of non-current assets and financial instru-ments.
B 2 in the case of write-downs and disposals of such assets, reducing their usefulness, etc.
C Additional capital C 1 share premium (the amount by which the sale price of shares exceeds their own is-sue a nominal value), the value of fixed as-sets received free
C2 down of non-current assets, write-down of construction in progress, intangible assets write-down, enlargement of share capi-tal through the indexation of fixed assets, use of assets received for free
D Reserve capital D1 amount of reserves established in accord-ance with applicable law or the constituent documents of the re-tained profits of the enterprise. D2 use of reserves E Retained earnings (accumulated losses) E1 amount of retained earnings E2 Uncovered loss F Redeemed capital F 1 value of the
can-celed or oversold stocks (shares)
F 2 actual cost of the shares or own issue shares repurchased by the company from their participants
G Unpaid capital G 1 payment of arrears of contributions to the share capital
G2 the amount of debt of the owners (mem-bers) on contributions to the share capital 5) The analysis to identify compatibility of the elements in the received combination with each other. In case of incompatibility the combination is excluded from consideration. The remaining options are considered, estimated and compared as to the criteria established in accordance with the demands for solution of the problems and the best option is selected. The result of the morphological analysis ending should be a formed set of factors chosen in such a way as to ensure the greatest impact on a company's capitalization definite shape in a certain period of time.
3. Conclusions
Capitalization process is an integral and essential attribute of a market economy. They are the resultant movement of resources in the stock market, promote redistribution – from unpromising industries and enterprises to economic entities, indicating the high efficiency of their activities. Con-sequence of capitalization is the increase of financial sustainability of an economic entity, and hence – strengthening of its competitive position in the market. In practice capitalization is mostly seen as an increase in the market value of a business entity.
However, in transition economies, due to the underdevelopment of the stock market, capitali-zation processes often do not reflect the actual market and investment attractiveness of enterprises. This is largely caused by imperfection of methodological support for the assessment of the level of capitalization, which is typical for Ukraine. Source of capitalization in Ukraine is considered to be current income of a business entity or a part thereof, that according to the principle of economic activity documenting and reporting (accounting) will be stored in a clean or retained earnings with their subsequent use in the core business activities.
Thus, the lack of regulated stock market in the country leads to a shift in emphasis in the choice of forms of capitalization – from the natural result of the financial and economic activity in the form of profits (the actual capital) – to the subjective or marketing capitalization initiated by intra-man-agement, that is, due to cost evaluations of enterprise assets of subjective nature.
Separation of capitalization into forms becomes possible not so much because of theoretical definition of their essence but as a result of the specificity of accounting policy of an enterprise, which, in turn, is regulated by the regulatory framework of the country. Thus, the order of business entities accounting suggests that capitalization may have intra- nature, i.e. depend not only on such well-known internal factors, as kinds of activity, the scale of production, marketing, financial, inter-nal policy of the company, but also the rules of accounting and taxation of transactions with com-pany’s equity. Determining the size of the direct influence of these factors on the extent of capitali-zation and their shape should be the subject of further research.
This article does not discuss the construction of a morphological matrix and charts, as it would require additional research. Though it should be noted that there is a number of features that are responsible for high probability calculations:
1) we should as accurately as possible formulate goals for a morphological study ;
2) all parameters must be comparable (maximum equivalent) from the point of view of the set goal;
3) evaluation of options should be made after a complete determination of the morphological set;
4) If necessary we should carry out the division of the set (morphological tables) into intercon-nected blocks that characterize with the most detail one or another form of capitalization.
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ZARZĄDZANIE FORMAMI KAPITALIZACJI, MAJĄCYCH NA CELU OKREĝLENIE WARTOĝCI RYNKOWEJ PRZEDSIĉBIORSTW
Streszczenie
Zostały zbadane róne podejcia do okrelenia pojcia „kapitalizacja przedsi-biorstwa”, jako jednego z kluczowych kryteriów skutecznoci działalnoci oraz definiowania jego wartoci rynkowej. Zostały równie przeanalizowane moliwoci obecnego systemu ksigowoci w okreleniu skali i form kapitalizacji przedsibiorstw. Szczególn uwag przydzielono oddziaływaniu rynku papierów wartociowych na procesy kapitalizacji przedsibiorstw Ukraiskich. Brak reglamentowania tego rynku, co jest właciwym dla krajów z gospodark przejciow, przyprowadza ku zmieszcze-niu akcentów w wyborze form kapitalizacji – od przyrodniego wyniku działalnoci finansowo-gospodarczej w postaci uzyskiwanego dochodu (kapitalizacja realna) – ku subiektywnej lub marketingowej.
Słowa kluczowe: kapitalizacja, prawdziwe kapitalizacji, kapitalizacja rynkowa, kaitalizatsiya marketingu, warto przedsibiorstwa
Oksana Zamaziy
