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The implications of financial management in achieving the enterprise's financial goals


Author: Șchiopu Irina
Degree:doctor of economics
Speciality: 08.00.10 - Finance; Monetary Economics; Credit
Year:2020
Institution: Academy of Economic Studies of Moldova

Status

The thesis was presented on the 23 January, 2020
Approved by NCAA on the 28 February, 2020

Abstract

Adobe PDF document – 0.96 Mb / in romanian

Thesis

CZU 005.915:658.14 (478) (043)

Adobe PDF document 3.24 Mb / in romanian
195 pages

Keywords

financial management, general objective, financial objectives, profit maximization, market value of the enterprise, strategic planning, forecasting, strategy, performance

Summary

The structure of the thesis work: introduction, three chapters, general conclusions and recommendations, bibliography of 192 sources, 24 annexes, 142 pages of basic text, 27 figures, 20 tables. The results are published in 17 scientific works, with a total volume of 9,39 sheets of author. Key words: financial management, general objective, financial objectives, profit maximization, market value of the enterprise, strategic planning, forecasting, strategy, performance. The goal of the paper is to develop tools for the financial management implications in order to achieve the financial objectives of the wine-making enterprises in the Republic of Moldova.

Objectives of the thesis: Outlining theoretical approaches concerning the essence and role of financial management within the enterprise; To study the conceptual approaches concerning the enterprise's financial objectives and reflection of interlinkages with financial management at the enterprise; Determining the implications of financial management over the financial establishment and objectives of the enterprise; Analysis of current status of financial objectives at the wineries and empirical research of financial management implications of its accomplishing; The development of tools and techniques of financial management in order to estimate the general objective of maximizing the value of marketing and financial goals of the Moldovan wine-making enterprises and their achievement, the development of tools and techniques of financial management in order to estimate and determine the achievement of the financial objectives of the wine-producing enterprises in the Republic of Moldova.

The methodology of scientific research: in the process of conducting research, general scientific methods have been applied, such as: quantitative and qualitative analysis, method of analysis and synthesis, method of tables and graphs, induction and deduction, principle of logic and comparative analysis methods, etc.

The scientific innovation and originality of the thesis consists in the elaboration of the novelty elements, which is reflected in the development of the concept of „financial management of the enterprise” identifying the role and activity of the financial management of the enterprises in the real sector of economy; the argumentation of the significant influence of the financial management's implications on the achievement of the enterprise's financial objectives; the determination of the efficiency implications of techniques of financial management in order to ensure the attainment of the financial development of wineries and development of the model of strategic planning of the Scoreboard with a system of balanced indicators; elaboration of a set of financial and strategic objectives recommended to wineries from Republic of Moldova, the achievement of which will lead to the general objective of these enterprises; proposal of a technique for the interpretation of the situation resulting from the application of the developed model of strategic planning, the Scoreboard model with a balanced indicator system, through a set of colors that allows the appreciation of the performances achieved for the predefined objectives at the enterprise, intended to achieve the general objective of maximizing its market value.

The obtained results, that contribute to solve scientific important problem in the field of study consists in substantiating, from the scientifically and methodologically viewpoint, the role of financial management in the achievement of the objectives of the enterprise, which confirmed the need to develop the Strategic Planning Model of the Balanced Scorecard that includes a system of balanced indicators with a focus on the financial side, applied on the wine-making enterprises in the Republic of Moldova, aimed to estimate the financial objectives and to appreciate its achievement, in order to prevent the occurrence or elimination of deficient situations that would compromise the achievement of the general objective of maximizing the market value of the company.

Theoretical significance consists in: theoretical findings and recommendations constitute elements of methodology for scientific investigations. At the same time, the thesis can be used as a bibliographic source in the didactic process of higher education institutions in economy domain. The applicative value of the thesis results from the implementation of the recommendations, the implementation of which will increase the efficiency of the target areas. The implementation of scientific results. The most important results of the research have been accepted for implementation by the wine company „Vinia Traian” J.S.C. and of the Academy of Economic Studies of the Republic of Moldova, confirmed by implementing certificates.