Еconomic-mathematical tools for management decision making to improve investment resource attraction for small enterprise

Abstract

Development of any enterprise currently involves risks and is associated with a set of peculiarities. Relevant opportunities for small business development are considered in the article. The research is focused on small trade companies as they are the most common type of the small businesses and they adapt to the external environment changes significantly faster than others. The novelty of the study is to find solutions that will improve management decision making when planning short-term development strategy of a small enterprise. Original methods of the study are determined by the resource management of small and micro-enterprises using mathematical tools of differential equations and impulse modeling. A set of tasks aimed at the support of decision making when planning a short-term development strategy of a small enterprise has been considered. Investment resource attraction: from external sources (bank loans) and internal ones (own profit of the development of an enterprise; assets redistributed between partners/subsidiaries within the planning of development of enterprises in the group) has been investigated. To improve the quality of economic-mathematical models and to approximate the results to the real economic processes the system of equations includes an impulse component describing the moments of payments on loans, the transfer of assets between enterprises, i.e. sharp one-time changes in indicators (spikes). Financial accounting of small trade enterprises of Perm Krai has been used to identify the models. The research results are economic-mathematical models that improve the process of investment resources attraction for an enterprise or a group of enterprises. A tool that considers all peculiarities of day-to-day operation of a small enterprise and provides recommendations to a company director on the matter of rationality of enterprises partnership has been developed. The article provides examples of calculations that use real data as well as recommendations on the application of the suggested tool. A command listing to implement particular task decisions in the Maple software has been provided as well. Several methodological directions for future development of the proposed tool have been distinguished: 1) increase the models relevance by using equations with a lagging argument which allow considering special features of taxation system as well as using hybrid equations systems which can describe real processes both in continuous and discrete time; 2) increase calculations automation, create business application to support a decision-maker and increase dimensionality of the model which is identified by the number of interacting parties.

Keywords

small enterprise, rationalization, investments attraction, lending, lending risks, state support, enterprise development strategy, impulse management, differential equations, group of enterprises, partnership

For citation

Osinkin M.S. Еconomic-mathematical tools for management decision making to improve investment resource attraction for small enterprise. Perm University Herald. Economy, 2019, vol. 14, no. 1, pp. 51–68. DOI 10.17072/1994-9960-2019-1-51-68

Acknowledgements

The study was supported by the Russian Foundation for Basic Research, Project No. 18-01-00332.

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