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KAPITALNI BAHOLASH VA O
’
ZBEKISTON KORXONALARIDA UNING SAMARADORLIGI
PhD
Usmonov Bunyod
Toshkent davlat iqtisodiyot universiteti
Annotatsiya.
Maqolada tadqiqotning dolzarbligi kompaniyalarda kapital samaradorligini
baholashdagi mavjud muammolarga asoslanadi va oʻz kapitali samaradorligini oshirishning nazariy
asoslari yoritilgan. Shuningdek, mamlakatimizda faoliyat koʻrsatayotgan ak
siyadorlik jamiyatlarining
kapital samaradorligini baholash boʻyicha tahlillar oʻtkazildi. Natijalar asosida kapital samaradorligini
oshirish boʻyicha xulosa va tavsiyalar ishlab ch
iqildi.
Kalit soʻzlar:
oʻz kapitali, baholash, boshqaruv, samaradorlik, kap
italni boshqarish, tahlil.
ОЦЕНКА КАПИТАЛА И ЕЕ ЭФФЕКТИВНОСТИ В КОМПАНИЯХ УЗБЕКИСТАНА
PhD
Усмонов Бунёд
Ташкентский государственный экономический университет
Аннотация.
В статье актуальность исследования обусловлена существующими
проблемами оценки эффективности капитала в компаниях, а также освещены теоретические
основы повышения эффективности использования капитала. Также был проведен анализ по
оценке эффективности использования капитала акционерных обществ, действующих в нашей
стране. По результатам разработаны выводы и рекомендации по повышению эффективности
капитала.
Ключевые слова:
собственный капитал, оценка, управление, эффективность, управление
капиталом, анализ.
ASSESSMENT OF EQUITY AND ITS EFFECTIVENESS IN THE COMPANIES OF UZBEKISTAN
PhD
Usmonov Bunyod
Tashkent State University of Economics
Abstract.
In the article, the relevance of the research is based on the existing problems in the
assessment of capital efficiency in companies, and the theoretical basis for increasing equity efficiency is
highlighted. Also, an analysis was carried out to evaluate the capital efficiency of joint stock companies
operating in our country. Based on the results, conclusions and recommendations on increasing capital
efficiency have been developed.
Key words
:
equity, assessment
, management, efficiency, capital management, analysis.
Introduction.
Nowadays, with a surge in investment pouring into rapidly advancing nations, there's a call for a
fresh perspective on defining the best capital structure. This involves assessing financial assets, gauging
the impact of equity and debt capital on the company, and boosting overall capital efficiency. It's crucial
to recognize the growing significance of these factors in shaping a company's financial well-being,
especially evident in the active investment scene of our country. To thrive, large enterprises should seek
foreign investments and skillfully oversee their capital with adept financial management.
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Literature review.
As per economist Damodaran (2018) from abroad, capital denotes the overall value encompassing
money and both tangible and intangible assets invested in a business. This topic is extensively explored
both theoretically and empirically, with researchers employing various approaches. Notably, economist
Kehinde James Sunday (2011) emphasizes the significance of enhancing capital efficiency in joint-stock
companies for their solvency and liquidity. His study emphasizes the need to ensure the financial
sustainability of such companies, emphasizing improvements in financial reporting, control systems,
and the efficient organization of fund management to ensure continuous growth and solvency.
According to Mohammad Alipour's (2011) research, capital management of joint-stock companies
not only serves to increase its profitability, but also provides a great opportunity for the investment
process for shareholders by reducing receivables.
According to Vedavinayagam Ganesan (2007), a foreign researcher, the efficiency of capital
management involves minimizing the need for working capital while maximizing potential returns. His
research suggests that effective capital management can elevate the profitability and overall
performance of joint-stock companies. Additionally, Hayne Leland highlights the pivotal role of a
company's capital structure in influencing the cost of debt capital, with debt capital being a crucial factor
impacting capital efficiency (Leland, 1994). Local scientists have delved into the study of debt capital,
emphasizing not only its role in enhancing capital efficiency but also its implications for the company's
future plans (Usmonov, 2021; Burkhanov, Eshmamatova, 2021).
Renowned economists Modigliani and Miller (1958) have contributed to the understanding of
capital structure assessment and value, elucidating principles for forming capital structure. According
to them, determining the optimal capital structure and evaluating it effectively relies on the theory of
efficient capital management, excluding external economic factors like taxes, revenues, bankruptcy,
market instability, and inflation. It's noteworthy that Modigliani and Miller's theory considers various
aspects when determining the rational composition of capital, taking into account the relationship
between equity and debt capital.
According to the researches of foreign economists Epstein, Gerald and Grabel, Ilene and
Sundaram, (2003) the capital management efficiency of companies is high when there are strong
macroeconomic fundamentals, and it can also have a positive effect on the capital management method.
Also, based on the studies of economists Myers and Mayluf, (1984) retained earnings, private capital
and debt capital indicators serve as one of the main indicators in determining the company's capital
value and its effective management.
As per the studies conducted by local economists Burkhanov (2021) and Usmonov (2022),
financial planning emerges as a critical factor in enhancing the efficiency of a company's capital. They
emphasize its role in securing the financial stability of the enterprise by maintaining a balance between
its income and expenses.
Drawing from this research, several conclusions have been drawn regarding the augmentation of
capital efficiency and the factors influencing its effective administration. These include considerations
such as assessing the total value of the company's capital, incorporating factors like capital worth, the
company's profits, and its financial health, all contributing to the overall enhancement of capital
management efficiency.
Research methodology.
Along with the study of scientific and theoretical studies of effective capital management of joint-
stock companies and improvement of financial efficiency of the company, its practical aspects are also
analyzed. It is worth saying that in the process of analysis, several methods such as comparative
comparison, economic comparison and grouping based on statistical data, analysis and synthesis were
widely used.
Analysis and discussion of the results.
In the effective organization of corporate financial management and financial management
mechanism in joint-stock companies, it is important to analyze its capital structure as well as
performance indicators. This, in turn, provides an opportunity for joint-stock companies to effectively
use capital, to correctly determine the time factor, to prevent financial risks and to develop sustainably.
The financial situation of "Kvars" JSC was studied, and the capital management process of this joint-
stock company was analyzed in depth. We can see its financial situation during the last years (2016-
2021) below.
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Table 1.
Dynamics of financial indicators of "Kvars" JSC 2015-2021 (%)
Indicators
2015
2016 2017 2018
2019 2020 2021
Current ratio
8,40
5,83
7,07
9,73
11,47
8,68
9,65
ROA
0,04
0,07
0,17
0,13
0,05
0,01
0,05
ROE
0,05
0,08
0,25
0,14
0,06
0,03
0,04
ROS
0,15
0,12
0,32
0,32
0,18
0,08
0,07
ROCE
0,05
0,09
0,21
0,14
0,05
0,02
0,04
Capital to debt
9,13
25,23
3,73
10,14
6,39
0,85
0,98
Debt ratio
0,10
0,03
0,18
0,09
0,14
0,54
0,65
Debt to equity ratio
0,11
0,04
0,27
0,10
0,16
1,18
1,28
Asset turnover ratio
0,24
5,73
4,48
2,55
1,27
0,88
0,95
Leverage ratio
0,11
0,04
0,27
0,10
0,16
1,18
1,25
Equity ratio
0,90
0,85
0,65
0,91
0,87
0,46
0,65
Capitalization ratio
0,00
0,01
0,08
0,01
0,08
0,50
0,68
As a result of many observations from 2015 to 2021, growth was observed in almost all indicators.
The current liquidity indicator was 8.4 in 2015, and by 2021 this indicator was 9.65. But the interesting
thing is that the indicators of ROA, ROE and ROS remained unchanged. This, in turn, indicates that the
company is effectively managing its assets and liabilities, and at the same time it is not paying enough
attention to its growth. The increase in the debt ratio from year to year shows once again that the
company needs to use its assets wisely. For example, in 2015 this indicator was 0.1, and in 2021 it is
0.65.
The fact that the debt-to-equity ratio is also increasing indicates that there are some shortcomings
in the rational use of the company's private capital. In 2015, it was 0.11 and changed to 1.28. The capital-
to-debt ratio is decreasing in 015 from 9.13 to 0.98 in 2021. The increase of the leverage ratio from year
to year is another proof of the need to use debt capital wisely. For example, if it showed 0.04 in 2016, it
increased to 1.25 in 2021.
Figure 1. Trend of financial indicators of "Kvars" JSC 2015-2022 (%)
0
200
400
600
800
1000
1200
2015
2016
2017
2018
2019
2020
2021
2022
"Kvars" JSC financial indicators
ASSETS
Equity
Liabilities
Sales
Net income
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The trend of changes in capital size, net profit, liabilities and assets of "Kvars" JSC for seven years
is shown. Almost all indicators have increased over the years. Although all indicators were stable in
2015, in 2019 the commitment increased to a very high level and reached 1000. Although a reduction
in liabilities has been achieved over the last 3 years, the increase in the amount of capital has hardly
been observed and shows a stable indicator of 100.
Conclusions and suggestions.
In the case of "Kvars" JSC, we express the conclusions about the movement and composition of
capital, although the JSC's capital has been growing steadily for 7 years, the role of debt capital in it. It
should be noted that reserve capital and retained earnings have become important in the origin of such
positive results. The fact that the capital asset valuation method is almost not used in our country to
increase the capital efficiency of enterprises, it shows that there are problems with forecasting the real
value of financial assets in enterprises, the expected income from their assets, the expected income from
the investment portfolio of the enterprise, and investment cash flows.
References:
Aktam Usmanovich Burkhanov and Madina Mansur qizi Eshmamatova, (2021). The Ways for
Improvement of Investment Strategy in the Period of Digital Economy. In The 5th International Conference
on Future Networks & Distributed Systems (ICFNDS 2021). Association for Computing Machinery, New
York, NY, USA, 655
–
662. https://doi.org/10.1145/3508072.3508202
Bunyod Usmonov. (2021) WAYS OF EFFECTIVE CAPITAL MANAGEMENT OF JOINT STOCK
COMPANY. International Finance and Accounting., 4(5).
Bunyod Usmonov. (2022) EVALUATION OF EFFICIENCY OF CAPITAL MANAGEMENT IN JOINT
STOCK COMPANIES IN THE TEXTILE SECTOR: IN CASE OF UZBEKISTAN. Asian Journal of Research in
Business Economics and Management, 12(1) 40-50 pp.
Burkhanov, A. U. (2020). Assessment of financial security of investment funds. Journal of Advanced
Research in Dynamical and Control Systems, 12(5), 293-300.
Burkhanov, A., & Bakhodirovna, B. D. (2021). Evaluation of economic potential of textile industry
enterprises. Vlakna a Textil, 28(2), 9-21.
Epstein, Gerald and Grabel, Ilene and Sundaram, Jomo Kwame, (2003) Capital Management
Techniques in Developing Countries: An Assessment of Experiences from the 1990's and Lessons for the
Future. PERI Working Paper No. 56, Available at SSRN: https://ssrn.com/abstract=393620 or
http://dx.doi.org/10.2139/ssrn.393620
Kehinde James Sunday. (2011) Effective Working Capital Management in Small and Medium Scale
Enterprises, International Journal of Business and Management, Vol. 6, No. 9; September. Pp-271-279.
Leland, H., (1994). Corporate debt value, bond covenants, and optimal capital structure. Journal of
Finance Vol. 49, No. 4., pp.1213
–
1252
Modigliani F, Miller M.H. (1958). The cost of capital, corporation finance and the theory of
investment. The American Economic Review, Vol. 48, No. 3 pp.261
–
97
Mohammad Alipour, (2011) Working Capital Management and Corporate Profitability: Evidence
from Iran, World Applied Sciences Journal 12 (7): 1093-1099, pp.1093-1099
Myers, S., and N.S. Majluf, (1984). Corporate Financing and Investment Decisions When Firms Have
Information That Investors Do Not Have, Journal of Financial Economics Vol. 13, No.2 pp.187-221
Usmonov, B. (2022). POSSIBILITIES OF INCREASING ECONOMIC POTENTIAL OF INDUSTRIAL
ENTERPRISES OF UZBEKISTAN (ON THE EXAMPLE OF JSC «UZBEKLIGHTINDUSTRY»). Архив научных
исследований, 4(1).
Vedavinayagam Ganesan, (2007) an analysis of working capital management efficiency in
telecommunication equipment industry, rivier academic journal, volume 3, number 2, fall.pp.-1-10.
Аswath Damodaran. (2018)
Applied corporate finance fourth edition. USA, 2018. - 88 p.
Усмонов,
Б.
(2022).
АКЦИЯДОРЛИК
ЖАМИЯТЛАРИ
КАПИТАЛ
БОШҚАРУВ
САМАРАДОРЛИГИНИ ОШИРИШНИНГ ИЛМИЙ
-
НАЗАРИЙ ВА АМАЛИЙ ЖИҲАТЛАРИ. Экономика и
образование, 23(1), 85–89. извлечено от
https://cedr.tsue.uz/index.php/journal/article/view/353
Усмонов, Б. (2022). НАУЧНО
-
ТЕОРЕТИЧЕСКИЕ И ПРАКТИЧЕСКИЕ АСПЕКТЫ ПОВЫШЕНИЯ
ЭФФЕКТИВНОСТИ УПРАВЛЕНИЯ КАПИТАЛОМ АКЦИОНЕРНЫХ ОБЩЕСТВ. Экономика и
образование, 23(1), 85
-89.
