Refinement of the enterprise financial management (on the basis of LLC "TERMION-PLUS")

Abstract

Under current conditions of economic development, an important factor in the effective functioning of any enterprise is sound financial management - a strategy aimed at ensuring maximum efficient use of the company’s financial resources. Of paramount importance this factor is for startup - newly formed business with intention to grow rapidly as a result of offering something that addresses a particular market gap. Its peculiarities (small size, young age, lack of capital and credit history) almost completely exclude using bank credits or internal resources for accelerated development. In the USA and Europe such companies usually attract funds from business angels (issuing convertible notes) and from venture capital or private equity funds (issuing preferred shares); both ways of raising funds are connected with dilution of capital and loss of control over company. Alternative option – unaided emission of own corporate bonds. Master qualification work presents comparative analyses of the advantages and disadvantages of issuing analyzed securities by LLC “TERMION-PLUS, substantiating recommendation for the company to issue corporate bonds. Besides a decision-making mechanism of choosing appropriate terms and conditions of bond issue it disclosed.