Attracting finance and investment in small and medium-sized enterprises in the context of a “green” and defense economy and using alternative energy sources

• Autorzy: Semenenko Oleh , Tolok Polina , Potetiuieva Maryna , Petrenko Stanislav , Yarmolchyk Mariia

Identyfikatory

DOI

10.33223/epj/178251

Warianty tytułu

PL

Pozyskiwanie finansów i inwestycji w małych i średnich przedsiębiorstwach w kontekście „zielonej” i obronnej gospodarki oraz wykorzystania alternatywnych źródeł energii

• Języki publikacji: EN

Abstrakty

EN

The relevance of the subject stated in the framework of this research is the significant importance of the issues of attracting investment funds for the development of small and medium-sized enterprises (SMEs) in Kazakhstan in the context of the need to find optimal opportunities for the development of “green” and defense energy using alternative energy sources. The main purpose of this research is to explore methods of SME financing and project analysis of enterprises’ activities in the field of alternative energy applications. The methodological approach of this research work is based on the applied research of general principles of attracting financing and investment in SMEs in the context of “green” and defence economy and alternative energy. The results of this research illustrate the need for a qualitative financial analysis of SMEs to attract finance and investment. The financial performance of the enterprise during the accounting period is expressed by compiling a count of the movement of its fixed assets and assets. The classification of financial flows by type of activity makes it possible to determine the main receipts and expenditures during the accounting period. It was established that the efficiency of economic activity within the framework of an individual enterprise should be calculated before the start of the business and after the completion of the project, to develop the most reliable picture of the movement of financial investment funds. The practical significance of the obtained results lies in the possibility of their use in establishing models of business projects that meet the modern requirements of “green” and defense energy using renewable energy sources.

PL

Znaczenie tematu poruszonego w ramach niniejszego opracowania polega na ważnym znaczeniu kwestii przyciągania funduszy inwestycyjnych dla rozwoju małych i średnich przedsiębiorstw (MŚP) w Kazachstanie w kontekście potrzeby znalezienia optymalnych możliwości rozwoju „zielonej” i obronnej energii z wykorzystaniem alternatywnych źródeł energii. Głównym celem tego artykułu jest zbadanie metod finansowania MŚP i analiza projektów działalności przedsiębiorstw w dziedzinie alternatywnych zastosowań energii. Podejście metodologiczne tej pracy badawczej opiera się na badaniach stosowanych ogólnych zasad przyciągania finansowania i inwestycji w MŚP w kontekście „zielonej” i obronnej gospodarki oraz energii alternatywnej. Wyniki tych badań ilustrują potrzebę jakościowej analizy finansowej MŚP w celu przyciągnięcia finansowania i inwestycji. Wyniki finansowe przedsiębiorstwa w okresie rozliczeniowym są wyrażane poprzez zestawienie ruchu jego środków trwałych i aktywów. Klasyfikacja przepływów finansowych według rodzaju działalności umożliwia określenie głównych wpływów i wydatków w okresie rozliczeniowym. Ustalono, że efektywność działalności gospodarczej w ramach indywidualnego przedsiębiorstwa powinna być obliczana przed rozpoczęciem działalności i po zakończeniu projektu, aby uzyskać najbardziej wiarygodny obraz przepływu finansowych środków inwestycyjnych. Praktyczne znaczenie uzyskanych wyników polega na możliwości ich wykorzystania w tworzeniu modeli projektów biznesowych, które spełniają współczesne wymagania „zielonej” i obronnej energii wykorzystującej odnawialne źródła energii.

Słowa kluczowe

EN

renewable energy; sustainable development; economic model; balance sheet; accounting verification

PL

energia odnawialna; zrównoważony rozwój; model ekonomiczny; bilans; weryfikacja księgowa

• Wydawca: Instytut Gospodarki Surowcami Mineralnymi i Energią PAN
• Czasopismo: Polityka Energetyczna
• Rocznik: 2024
• Tom: T. 27, z. 2
• Strony: 5--26
• Opis fizyczny: Bibliogr. 49 poz., tab., wykr.

Twórcy

autor

Semenenko Oleh

• Department of Economic Analysis of Measures for the Development of the Armed Forces of Ukraine, Central Research Institute of the Armed Forces of Ukraine, Ukraine

• https://orcid.org/0000-0001-6477-3414

autor

Tolok Polina

• The National Defence University of Ukraine named after Ivan Cherniakhovskyi, Ukraine

• https://orcid.org/0000-0002-2481-8152

autor

Potetiuieva Maryna

• Department of Economical and Financial Support, The National Defence University of Ukraine named after Ivan Cherniakhovskyi, Ukraine

• https://orcid.org/0000-0002-0611-9200

autor

Petrenko Stanislav

• Faculty of Military Training, National Aviation University, Ukraine

• https://orcid.org/0009-0003-0999-8049

autor

Yarmolchyk Mariia

• Faculty of Military Training, National Aviation University, Ukraine

• https://orcid.org/0000-0001-9917-0189

Bibliografia

• Abdygapparova et al. 2017 − Abdygapparova, S.B., Sailaubekov, N.T., Alinov, M.Sh., Baitanaeva, B.A. and Shaikhutdinova, A.K. 2017. Development of renewable energy and energy efficient technologies in Kazakhstan: Economic aspects. Almaty: Satbayev University.
• Agrawal et al. 2023 – Agrawal, R., Agrawal, S., Samadhiya, A., Kumar, A., Luthra, S. and Jain, V. 2023. Adoption of green finance and green innovation for achieving circularity: An exploratory review and future directions. Geoscience Frontiers. DOI: 10.1016/j.gsf.2023.101669.
• Alkaabi, A.K. and King, J.C. 2019. Benchmarking COMSOL Multiphysics Single-Subchannel Thermal -Hydraulic Analysis of a TRIGA Reactor with RELAP5 Results and Experimental Data. Science and Technology of Nuclear Installations 2019, DOI: 10.1155/2019/4375782.
• Andries et al. 2021 − Andries, P., Clarysse, B. and Costa, S. 2021. Technology ventures’ engagement of external actors in the search for viable market applications: On the relevance of technology broadcasting and systematic validation. Journal of Business Venturing 36(6), DOI: 10.1016/j.jbusvent.2021.106145.
• Asian Development Bank 2022. Financial inclusion for micro, small, and medium enterprises in Kazakhstan. [Online] https://www.adb.org/sites/default/files/publication/776381/financial-inclusion-smes-kazakhstan.pdf [Accessed: 2023-10-30].
• Assylkhanova et al. 2017 − Assylkhanova, G., Bayandin, M., Dautova, Z., Tantybaeva, B., Shaikhova, B. and Baidalinova, B. 2017. Measuring the living wage in the Republic of Kazakhstan: Theoretical and methodological aspects. Man in India 97(6), pp. 275–287.
• Byrareddy et al. 2023 – Byrareddy, V.M., Islam, M.A., Nhuen-Huy, T. and Slaughter, G. 2023. A systematic review of emerging environmental markets: Potential pathways to creating shared value for communities. Heliyon 9(9), DOI: 10.1016/j.heliyon.2023.e19754.
• Ćehajić, A. and Košak, M. 2022. Bank lending and small and medium-sized enterprises’ access to finance – Effects of macroprudential policies. Journal of International Money and Finance 124, DOI: 10.1016/j.jimonfin.2022.102612.
• Cheng et al. 2023 − Cheng, Y., Zhou, X. and Li, Y. 2023. The effect of digital transformation on real economy enterprises’ total factor productivity. International Review of Economics & Finance 85, pp. 488−501, DOI: 10.1016/j.iref.2023.02.007.
• D’Olier-Lees et al. 2023 – D’Olier-Lees, T., Fernandez, G.C., Prabhu, A., Li, L., Georges, P., Gunter, E., Gardett, P., Diwan, R., de Vedruna, E. S. and DeLucia, C. 2023. Renewable energy funding in 2023: A “capital transition” unleashed. [Online] https://www.spglobal.com/en/research-insights/featured/special-editorial/renewable-energy-funding-in-2023-a-capital-transition-unleashed [Accessed: 2023-10-30].
• Dayani, A. 2022. CEO inside debt and mutual fund investment decision. Journal of Banking & Finance 145, DOI: 10.1016/j.jbankfin.2022.106641.
• Dinzhos et al. 2020 − Dinzhos, R., Fialko, N., Prokopov, V., Sherenkovskiy, Yu., Meranova, N., Koseva, N., Korzhik, V., Parkhomenko, O. and Zhuravskaya, N. 2020. Identifying the influence of the polymer matrix type on the structure formation of microcomposites when they are filled with copper particles. Eastern-European Journal of Enterprise Technologies 5(6(107)), pp. 49–57, DOI: 10.15587/1729-4061.2020.214810.
• Dosmagambet et al. 2019 – Dosmagambet, Y., Oskenbayev, Y., Taghizadeh-Hesary, F. and Mukan, M. 2019. Oil price fluctuations, creditworthiness of the financial system, and SME financing in Kazakhstan. [In:] N. Yoshino, F. Taghizadeh-Hesary (Eds.), Unlocking SME finance in Asia: Roles of credit rating and credit guarantee schemes, pp. 139–162, London: Routledge.
• Fialko et al. 2022 − Fialko, N., Dinzhos, R., Sherenkovskii, J., Meranova, N., Prokopov, V., Babak, V., Korzhyk, V., Izvorska, D., Lazarenko, M. and Makhrovskyi, V. 2022. Influence on the thermo- 24 physical properties of nanocomposites of the duration of mixing of components in the polymer melt. Eastern-European Journal of Enterprise Technologies 2(5(116)), pp. 25–30, DOI: 10.15587/1729-4061.2022.255830.
• Financing of small and medium enterprises 2023. [Online] https://www.accaglobal.com/cis/ru/qualifications/russian-language-advanced-diploma/Learningresources/FM/technical_articles/Business_finance_for_SMEs.html [Accessed: 2023-09-11].
• Fouejieu et al. 2020 – Fouejieu, A.P., Ndoye, A. and Sydorenko, T. 2020. Unlocking access to finance for SMEs: A cross-country analysis. [Online] https://www.imf.org/en/Publications/WP/Issues/2020/03/13/ Unlocking-Access-to-Finance-for-SMEs-A-Cross-Country-Analysis-49243 [Accessed: 2023-10-30].
• Gao, J. 2022. Global value chain and firms’ leverage: The mediator role of foreign ownership. Finance Research Letters 48, DOI: 10.1016/j.frl.2022.102821.
• Greitens, J. 2023. Sustainable finance and small and medium enterprises. Intereconomics 58(4), pp. 222−226.
• Gulamov, M.I. and Khassenbekov, Y. 2020. Constraints to SME growth in Kazakhstan and how to overcome them. [Online] https://development.asia/insight/constraints-sme-growth-kazakhstan-and-how-overcome-them [Accessed: 2023-10-30].
• Holechek et al. 2022 – Holechek, J.L., Geil, H.M.E., Sawalhah, M.N. and Valdez, R. 2022. A global assessment: Can renewable energy replace fossil fuels by 2050? Sustainability 14(8), DOI: 10.3390/su14084792.
• International Renewable Energy Agency 2023. Global landscape of renewable energy finance 2023. [Online] https://mc-cd8320d4-36a1-40ac-83cc-3389-cdn-endpoint.azureedge.net/-/media/Files/IRENA/Agency/Publication/2023/Feb/IRENA_CPI_Global_RE_finance_2023.pdf [Accessed: 2023-10-30].
• Kalinichenko et al. 2018 − Kalinichenko, A., Havrysh, V. and Hruban, V. 2018. Heat recovery systems for agricultural vehicles: Utilization ways and their efficiency. Agriculture 8(12), DOI: 10.3390/agriculture8120199.
• Kulmaganbetova et al. 2019 − Kulmaganbetova, A., Dubina, I. and Rakhmatulina, Zh. 2019. Component assessment of innovation potential of small and medium-sized enterprises: A case of Kazakhstan. Economics. Profession. Business 3, pp. 57−68.
• Kulmaganbetova et al. 2020 − Kulmaganbetova, A., Dubina, I., Rakhmatulina, Zh., Tlessova, E. and Tulegenova, Zh. 2020. Innovative potential of small and medium business. Entrepreneurship and Sustainability Issues 8(2), pp. 1286−1304, DOI: 10.9770/jesi.2020.8.2(76).
• Kurmanov et al. 2016 – Kurmanov, N., Tolysbayev, B., Aibossynova, D. and Parmanov, N. 2016. Innovative activity of small and medium-sized enterprises in Kazakhstan and factors of its development. Economic Annals-XXI 158(3–4(2)), pp. 57–60, DOI: 10.21003/ea.V158-13.
• Kuznetsov et al. 2003 − Kuznetsov, B.N., Chesnokov, N.V., Mikova, N.M., Zaikovskii, V.I., Drozdov, V.A., Savos’kin, M.V., Yaroshenko, A.M. and Lyubchik, S.B. 2003. Texture and catalytic properties of palladium supported on thermally expanded natural graphite. Reaction Kinetics and Catalysis Letters 80(2), pp. 345–350, DOI: 10.1023/B:REAC.0000006144.22936.ac.
• Law of the Republic of Kazakhstan No. 373-II “On investments”. 2003. [Online] https://online.zakon.kz/document/?doc_id=1035552&doc_id2=2035552#pos=4;-80&pos2=0;0 [Accessed: 2023-09-11].
• Levchenko et al. 2023 − Levchenko, V., Pogosov, O. and Kravchenko, V. 2023. Cobalt application in repair tools for maintenance and modernisation of NPP equipment. Scientific Herald of Uzhhorod University. Series “Physics” (53), pp. 31–41, DOI: 10.54919/physics/53.2023.31.
• Lyubchyk et al. 2015 − Lyubchyk, A., Lygina, O., Lyubchyk, S., Fonseca, I., Tulepov, M., Mansurov, Z. and Lyubchik, S. 2015. Activated carbons from co-mingled liquid and solid organic wastes. Eurasian Chemico-Technological Journal 17, pp. 47–65, DOI: 10.18321/ectj339.
• Marino et al. 2018 − Marino, P., Rubino, G., Rubino, L., Capasso, C., Veneri, O. and Motori, I. 2018. A case study of a DC-microgrid for the smart integration of renewable sources with the urban electric mobility. [In:] SPEEDAM 2018 – Proceedings: International Symposium on Power Electronics, Electrical Drives, Automation and Motion (pp. 544–549). Amalfi: Institute of Electrical and Electronics Engineers. DOI: 10.1109/SPEEDAM.2018.8445228.
• Martinez-Cillero et al. 2023 − Martinez-Cillero, M., Lawless, M. and O’Toole, C. 2023. Analysing SME investment, financing constraints and its determinants. A stochastic frontier approach. International Review of Economics & Finance 85, pp. 578−588, DOI: 10.1016/j.iref.2023.01.029.
• Misztal, A. and Kowalska, M. 2023. Factors of green entrepreneurship in selected emerging markets in the European Union. Environment, Development and Sustainability, DOI: 10.1007/s10668-023-03811-y.
• Mouraviev, N. 2021. Renewable energy in Kazakhstan: Challenges to policy and governance. Energy Policy 149, DOI: 10.1016/j.enpol.2020.112051.
• National Bank of the Republic of Kazakhstan 2023. Total balance sheet. Total balance sheet of microfinance organizations of the Republic of Kazakhstan. [Online] https://www.nationalbank.kz/en/news/svodnyy-buhgalterskiy-balans-mfo/rubrics/1889 [Accessed: 2023-10-30].
• Ng et al. 2023 – Ng, S.-H., Yang, Y., Lee, C.-C. and Ong, C.-Z. 2023. Nexus of financing constraints and supply chain finance: Evidence from listed SMEs in China. International Journal of Financial Studies 11(3), DOI: 10.3390/ijfs11030102.
• OECD 2022. Kazakhstan. [Online] https://www.oecd-ilibrary.org/sites/10a940b8-en/index.html [Accessed: 2023-10-30].
• OECD 2023. Managing shocks and transitions: Future-proofing SME and entrepreneurship policies. [Online] https://www.oecd.org/cfe/smes/key-issues-paper-oecd-sme-and-entrepreneurship-ministerial-meeting-2023.pdf [Accessed: 2023-10-30].
• On some issues of the implementation of state support for investments 2016. [Online] https://adilet.zan.kz/rus/docs/P1600000013 [Accessed: 2023-09-13].
• Prieger, J.E. 2023. Local banking markets and barriers to entrepreneurship in minority and other areas. Journal of Economics and Business 124, DOI: 10.1016/j.jeconbus.2023.106108.
• Sabitov, I. M. 2015. The role of renewable energy sources in solving the energy industry in the Republic of Kazakhstan. Science and Technology of Kazakhstan 1–2, pp. 100−106.
• Sargsyan et al. 2023 − Sargsyan, G., Gukasyan, P., Sargsyan, H. and Poveda, R. 2023. Diffusion flames and a semi-empirical method for estimating the distribution of hydrogen molecules in propane flames. Scientific Herald of Uzhhorod University. Series “Physics” (53), pp. 42–52, DOI: 10.54919/physics/53.2023.42.
• Schclarek et al. 2022 − Schclarek, A., Xu, J. and Amuchastegui, P. 2022. Panda bond financing of the Belt and Road initiative: An analysis of monetary mechanisms and financial risks. Research in International Business and Finance 61, DOI: 10.1016/j.ribaf.2022.101662.
• Turkuilmaz et al. 2021 – Turkyilmaz, A., Dikhanbayeva, D., Suleiman, Zh., Shaikholla, S. and Shehab, E. 2021. Industry 4.0: Challenges and opportunities for Kazakhstan SMEs. Procedia CIRP 96, pp. 213−218, DOI: 10.1016/j.procir.2021.01.077.
• UNCTAD 2023. World Investment Report 2023. [Online] https://unctad.org/publication/world-investment-report-2023 [Accessed: 2023-10-30].
• United Nations 2023. Financing for Sustainable Development Report 2023. [Online] https://financing.desa.un.org/sites/default/files/2023-04/2023%20FSDR%20Report.pdf [Accessed: 2023-10-30].
• Wu et al 2023 − Wu, T., Delios, A., Chen, Z. and Wang, X. 2023. Rethinking corruption in international business: An empirical review. Journal of World Business 58(2), DOI: 10.1016/j.jwb.2022.101410.
• Yu et al. 2021 – Yu, T., Khalid, N. and Ahmed, U. 2021. Factors influencing entrepreneurial intention among foreigners in Kazakhstan. Sustainability 13(13), DOI: 10.3390/su13137066.
• Zhou et al. 2023 − Zhou, Y., Xie, C., Wang, G.J., Zhu, Y. and Uddin, G.S. 2023. Analysing and forecasting co-movement between innovative and traditional financial assets based on complex ne- twork and machine learning. Research in International Business and Finance 64, DOI: 10.1016/j.ribaf.2022.101846.
• Zhunussova et al. 2020 − Zhunussova, G.Zh., Ratner, S.V., Zhunussova, G.Zh., Nurmukhanova, G.Zh. and Shaihutdinova, A.K. 2020. Renewable energy in Kazakhstan: Challenges and prospects. International Energy Journal 20(3), pp. 311−324.