Comprehensive methods of assessing the effectiveness of the reproduction of fixed assets of industrial companies

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Comprehensive methods of assessing the effectiveness of the reproduction of fixed assets of industrial companies

Kalubi R.D.M.

ORCID: 0000-0003-4016-0861, Postgraduate Student,

Peter the Great St. Petersburg Polytechnic University

Аннотация

industrial assets normative indicator

Санкт-Петербургский политехнический университет Петра Великого

Методика комплексной оценки результативности воспроизводства основных фондов промышленного

Калуби Р.Д.М.

ORCID: 0000-0003-4016-0861, Аспирант,

В статье обосновывается методика комплексной оценки результативности воспроизводства основных фондов промышленного предприятия, основанная на общей методологии нормативной системы показателей. Аргументируется эталонная последовательность темпов изменения показателей, характеризующих различные аспекты воспроизводства основных фондов предприятия. Методика апробирована на материалах ПАО “Мосэнерго” за 2013 - 2015 г.г., в результате чего выявлены наиболее значимые резервы повышения эффективности воспроизводства основных фондов.

Ключевые слова: основные фонды, промышленное предприятие, результативность, воспроизводство, нормативная система показателей.

Abstract

Kalubi R.D.M.

ORCID: 0000-0003-4016-0861, Postgraduate Student, Peter the Great St. Petersburg Polytechnic University

Comprehensive methods of assessing the effectiveness of the reproduction of fixed assets of industrial companies

The article explains the comprehensive technique of estimating the efficiency of the reproduction of the fixed assets of industrial companies, based on the general methodology for the regulatory scorecard. It argues that the rate of change of the standard (ideal) sequence of indicators describes the various aspects of the reproduction of fixed assets of industrial companies. The method was tested on materials of JSC “Mosenergo” for the period of 2013 - 2015, and the results revealed the most significant reserves of the increase of the effectiveness of the reproduction of fixed assets.

Keywords: fixed assets, industrial companies, productivity, reproduction, regulatory scorecard.

Specialized literature features a wide range of methodological approaches for the performance assessment of the reproduction of the fixed assets of industrial companies. In particular, the individual methods of researching the effectiveness of the reproduction of the fixed assets of the industrial companies was justified by such researchers as O.E. Egorshina [2, p.17], G.U. Kasyanov [4], H. Kurtz and N. Salvadori [5, p.35 - 37], S.V. Mark [6, p.19], etc. However, the most developed methodological approaches do not have a comprehensive character which allows the system in a single paradigm to consider the major aspects of the reproductive process in terms of the formation, renewal of the use of the fixed assets of the companies [7].

The aim of this paper is to determine the priority areas for the improvement of the reproduction of the fixed assets of industrial companies in order to identify the most significant reserves for increasing the effectiveness of the reproduction process and developing the appropriate organizational and economic measures for their implementation.

The purpose of the article is to justify and validate the comprehensive techniques used in the performance assessment of the reproduction of fixed assets of industrial companies. Objectives of the research include:

- to develop a sequence of comprehensive techniques used in the performance assessment of the reproduction of fixed assets of industrial companies;

- Justify the reference ratio of the rate of change of the indicators of the reproduction of fixed assets within the framework of the developed methodology;

- Test the methodology using the materials of JSC “Mosenergo”.

Material and methods

The most comprehensive approach to the investigation of the effective development of industrial companies as a whole is to build a balanced scorecard according to the methodology developed by R. Kaplan - D. Norton [3]. However, this approach includes an integral part which emphasizes the personal interpretation of the instruments of expert evaluation; moreover, it cannot be directly applied specifically in the field of the reproduction of the fixed assets of industrial companies.

However, in Russian economics, there is an approach which allows analyzing the effectiveness of the economic systems of various plans and profiles on the basis of analyzing balanced indicators of growth rates that characterize the different aspects of the development of the given system. The methodological bases of this given approach - the regulatory scorecard were laid down by researchers such as I.M. Syroezhin [9], L.A. Gendler [1] Y.A. Raeva [8, p.47 - 51].

The contents of assessing the performance of the development of economic systems on the basis of the methodology of the regulatory scorecard lies in the fact that the actual sequence of the rate of change of indicators characterizing the different aspects of the reproduction of the given system are compared with the standard. The greater the extent of the actual distribution rate of change of indicators corresponds to the standard, consequently, the higher the level of the effectiveness of the reproduction of the system under investigation.

Stage 1. Justification of the reference (ideal) sequence of indicators characterizing the reproduction of the fixed assets of industrial companies. To us such a sequence must have the following form:

НИОКР > ИОИ > ИМ > И > ЧП > В > СтДК > СК > ДЗК > ОАк > ОСтФ > ПСтФ > ППП (1)

Where НИОКР - rate of growth of investments in Research and Development (R & D) related to the reproduction of fixed assets of the company;

ИОИ - rate of growth of investments in organizational innovations associated with the reproduction of fixed assets of the company;

ИМ - the rate of growth of investments in the technological modernization of the fixed assets of the company;

И - the rate of growth of investments in the reproduction of fixed assets as a whole;

ЧП - the rate of growth of the company's net profit;

В - the rate of growth of the company's revenue;

СтДК - the rate of decline in the weighted average cost of attracting capital for companies in the long term;

СК - the rate of growth of equity capital;

ДЗК - the rate of growth of long-term debt of the company;

ОАк - the rate of growth of the residual value of the active part of the fixed assets of the company;

ОСтФ - the rate of growth of the residual value of the fixed assets of the company as a whole;

ПСтФ - the rate of growth of the initial value of fixed assets;

А - the rate of growth of the value of the company's assets;

ППП - the rate of growth of the number of personnel in industrial and production companies.

We characterize the ratio of the rate of change of indicators in the framework of the proposed standard sequence used within the framework of the methodology:

1. Ideally, the maximum of everything included in the structure of the proposed methodology of indicators should be the rate of growth of investment in research and development (R & D) related to the various aspects of the reproduction of the fixed capital of companies (scientific research and development of experimental designs towards the establishment of new samples of equipment, technologies of its exploitation etc., implemented by the company itself and on the basis of contracts with specialized scientific organizations). This kind of investment in research and development (R & D), although characterized by an increase in the level of financial risk, provides the basis for the long-term growth performance of the reproduction of fixed assets of the company. Accordingly, it is in our opinion, more relevant than investments in the simple acquisitions of even innovative objects like property, plant and other fixed assets, created by outside organizations - by the suppliers of equipment.

2. The rate of growth of investment in organizational innovations associated with the reproduction of fixed assets of a company (ИОИ), in accordance with the standard sequence, the proposed performance method should outstrip the pace of investment growth in fixed assets as a whole (И), and even the rate of the measure of investment in the technological modernization of fixed assets (ИМ).

The composition of the organizational innovations associated with the reproduction of the fixed assets of industries, including such key activities as the introduction of a system of “lean production”, which in the long term allows for a more economical use of the available fixed assets, optimization of their placement, the removal of the fixed assets in affiliated structures with the aim of rationalizing their management process etc. Organizational innovation also involves investment in the improvement of the professional skills of the personnel involved in the use of fixed assets, primarily production workers, engineers and technical specialists.

Accordingly, due to the lack of investment in organizational innovations associated with the reproduction of the fixed capital, lagging behind in the modernization of the fleet of equipment increases the likelihood of insufficient productive use of fixed assets due to problems with the qualifications of personnel, insufficient deployment of efficient equipment, not completely effective organization of the automation and computerization processes, etc.

3. The rate of growth of investment in the modernization of fixed assets should outpace the rate of growth of investment in the fixed assets of the company as a whole. Implementation of this ratio would indicate the improvement of the technological structure of fixed capital, increases in the possibilities of more intensive and efficient reproduction through the use of modern fixed assets.

4. The rate of growth of investment in the fixed assets of the company should outpace the rate of growth in net profit. This given ratio, other things being equal, indicates the priority areas of investments in fixed capital in comparison with other uses of net profit, such as dividend payments or current consumption, not directly related to the process of rationalization of the reproduction of fixed assets.

5. The rate of growth of net profit must exceed the rate of growth of revenue generated by the company. Implementation of this ratio would indicate an increase in the net profitability of the company. Furthermore, implementation of this given ratio in the system with the subsequent (first of all, the excess of the rate of growth of net profit over the rate of growth of the residual value of fixed assets) will serve as an indicator of increasing the ability of fixed assets to the generation of net profit.

6. The excess rate of growth of revenue over the rate of growth of the indicators of the value of the fixed assets of the company is an indicator of the acceleration of their turnover and the growth of capital productivity. At the same time the excess rate of growth of revenue and profit over the rate of reducing the cost of capital is an indicator of increasing the effectiveness of attracting venture capital.

7. The rate of decrease in the weighted average cost of raising capital on a long term basis (equity capital, long-term bank loans and bond issues) should, ideally, exceed the rate of growth of the cost of equity capital and indicators of the value of fixed assets. Implementation of this given ratio indicates an increase in the effectiveness of the company's financial policy in terms of the management of capital structure, a reduction in its average cost that, other things being equal, creates opportunities to increase the net cash flow and improving the process of the reproduction of fixed assets in the future.

8. The rate of growth in the value of equity capital must exceed the rate of growth of long-term borrowed capital of the company, which indicates an increase in the financial stability of the company, to reduce the risk of financial insolvency, which is an essential condition for long-term sustainable development of the company as a whole and the implementation of the process of reproduction of fixed assets in particular.

9. The excess rate of growth of the value of the company and its long-term debt over the rates of change of indicators characterizing the value of fixed assets, indicates an increase in the value of its own working capital, to reduce liquidity risk, to reduce the likelihood that the need for the reproduction of fixed capital will be funded from short-term sources.

10. The rate of growth of the residual value of the active fixed assets must exceed the rate of growth of the residual value of fixed assets as a whole and this would indicate the comparative increase in the proportion of the active part of fixed assets (machinery, equipment) in their overall structure. Implementation of this ratio is an indicator of the increasing the level of participation of fixed assets directly in the production process, reducing the share of the passive part of fixed assets (for example, administrative buildings, non-core assets of the enterprise), which only ensure its functioning and scope which are frequently redundant.

11. The excess rate of growth of the residual value of fixed assets over the rate of growth their initial value is an indicator of the average increase in the coefficient of life and, consequently, reduction of the average wear and tear of the fixed assets of industrial companies.

12. The excess rate of growth of earnings and revenue over the rate of growth of the value of assets will indicate an increase in return on assets and the acceleration of their turnover. At the same time the excess of the rate of growth in the value of fixed assets over the rate of growth of the value of assets indicates a reduction of the unnecessary volume of working capital in companies (inventories, accounts receivable, etc.).

13. The excess rate of growth of the value of fixed assets and assets of the company as a whole over the rate of growth in the number of industrial production personnel indicates growth in the capital-labour ratio.

Thus, under the proposed methodology a unified coordinated system presents indicators describing the various aspects of the reproduction of the fixed assets of companies: updating their management structures and specific structures, the standard of the useful life, capital productivity and capital-labor ratio, the structure of the sources financing the reproduction of the fixed capital of companies, as well as financial the indicators which indirectly affect the effectiveness of the reproduction process of fixed assets, such as the level of financial stability and liquidity of the company.

Areas of influence of the proposed reference sequence on the effectiveness of the reproduction of the fixed assets of industrial companies are:

1. a) НИОКР > ИОИ > ИМ > И - Increasing the intensity and the rationalization of the structure of the investments in the reproduction fixed capital;

2. b) ЧП > В > СтДК - The accelerated growth of profitability and the turnover of fixed assets;

3. c) СтДК > СК > ДЗК - The growth of the potential sources of financing the reproduction of fixed assets and decrease in the average value of their attraction of ensuring the financial sustainability of the reproduction process of fixed capital;

4. d) ОАк > ОСтФ > ПСтФ - Rationalization of the specific structures of fixed assets;

5. e) ПСтФ > А > ППП - Growth of capital-labour ratio.

Stage 2. Calculation of actual growth rate of indicators included in the proposed methodology,

Stage 3. Assessment of the degree of coincidence of the actual and reference sequence indicators characterizing the reproduction of the fixed assets of the company, according to the general coefficients of ranking the statistics presented in the classic version of the regulatory scorecard by I.M. Syroezhina - L.A. Gendler:

a) Spearman coefficient takes into account the differences in the ranks of the actual deviations and standard series of indicators calculated by the following formula:

Коткл = (2)

where Коткл - spearman coefficient;

ус - the difference between the actual and standard ranks for the c-th indicator;

н - the total number of indicators (in the framework of the proposed methodology н = 14).

b) Kendall ratio is calculated based on the inversion formula:

Кинв = (3)

where Кинв - Kendal coefficient;

мс - с-th inversion value (difference between actual and standard ranks, if the actual rank is above the standard rank, otherwise the inversion is equal to zero).

c) Comprehensive effectiveness of the reproduction of fixed assets of industrial companies, in conformity with the general methodology of the construction of the regulatory scorecard can be calculated as follows:

КР = (4)

where КР - comprehensive performance of the reproduction of the fixed assets of industrial companies (measured in the range of 0% to 100%).

Stage 4. Evaluation of the most problematic aspects of the reproduction of the fixed capital of companies (using indicators of the maximum inversion of the actual and standard grades of indicators included in the methodology).

Stage 5. Development of organizational-economic activities to address priority challenges of the reproduction of fixed assets of the company, determined as a result of testing the proposed methodology.

The developed method was tested using the materials of JSC “Mosenergo” for 2013 - 2015 (On the basis of management accounting and the financial reporting of industrial companies). The intermediate coefficients used in the framework of the methodology and the effectiveness of the comprehensive reproduction of fixed assets of JSC “Mosenergo» are presented in table 1.

Table 1 - The results of the effective assessment of the comprehensive reproduction of the fixed assets of JSC “Mosenergo”

From the table above, the effectiveness of the comprehensive reproduction of the fixed assets of JSC “Mosenergo” is quite low and significantly below the average value of efficiency which is in conformity with the general methodology of the construction of the regulatory scorecard, 50%. Herewith an increase in the indicator КР in 2015 by 2 percentage points, in our opinion, cannot yet be regarded as a sustainable positive trend of the increase in the effectiveness of the reproduction of fixed assets of the organization under study.

The main provisions of increasing the level of the effectiveness of the comprehensive reproduction of the fixed assets of JSC “Mosenergo”, in conformity with the tested results of the proposed methodology are:

a) increasing the rate of investment growth in the production of the research and development (НИОКР) related to the reproduction of fixed assets of JSC “Mosenergo ”;

b) increasing the rate of growth of investment in the organizational innovations associated with the fixed assets with the purpose of optimizing the placement of manufacturing equipment, further improvement in the use by JSC “Mosenergo” of the lean production system, the withdrawal of non-core assets in the affiliated organizations or selling them;

c) ensuring the increasing growth rates of net profit, by increasing the effective use of the production capacity of JSC “Mosenergo” (conservation of the fixed assets, increasing the effective use of the most productive elements of the active parts of fixed assets, first and foremost the funding of electric turbines and heating plants, belonging to the company under research).

Additional provisions of improving the effective development of JSC “Mosenergo” as a whole should be to reduce the excess number of industrial production personnel, which increased despite the financial crisis of 2014 - 2015.

Scientific novelty: We have developed a comprehensive technique of estimating the effective reproduction of fixed assets of the industrial companies, which systemically allows in a single coordinated system of interrelated indicators describing various aspects of the reproduction of fixed assets (the dynamics and structure of investments in fixed assets, the sources of their funding, the structure of fixed assets on the parameters of their use in the manufacturing process and the level of the shelf life, etc.), to identify the most problematic aspects of the reproduction process of fixed assets and to develop organizational and economic measures to overcome them.

Conclusion

According to the tested results, the developed technique revealed an insufficiently high effectiveness of the comprehensive reproduction of the fixed assets of JSC “Mosenergo”. Accordingly, the identified priority areas for improving the reproduction of the fixed assets JSC “Mosenergo” are: increasing the rate of investment growth in the production of research and development, associated with the reproduction of fixed assets of JSC “Mosenergo”; intensification of investment in organizational innovations associated with the fixed assets; ensuring higher rates of growth of net profit), and in addition increasing the effective use of the production capacity of JSC “Mosenergo”.

Список литературы / References

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