The article explores the methodological approaches to the analysis of cash flows in investment activity of the enterprise; the system of motion net cash flows, reflecting the impact of cash management efficiency on the amount and source of investment cash flows of the enterprise; analytical model of definition of effectiveness of cash management of the enterprise is proposed, based on the selected principals of modeling, comprehensive analysis of cash flows in investing activities and their optimization for the purpose of maximization of social and economic benefit. The research performed here allowed generalization and definition of stages of analysis for investing cash flow of the enterprise with the appropriate reasoning. It is necessary that research is going concern in this direction of effectiveness valuation of cash flow management in investing activity of the enterprise.
Keywords: net cash flow; cash flow from investing activities of the enterprise; the efficiency of cash flow management; ratio analysis; cash flow optimization; synchronization cash flow sensitivity of investment of the enterrispe.

DOI: http://dx.doi.org/10.17721/1728-2667.2015/170-5/11

References

1. Blank I. A. Management of financial stabilization of the enterprise, Jel’ga, Nika-Centr, 2003. 468 р.
2. Vlasjuk N.V. Upravlіnnja, analіz ta optimіzacіja groshovih potokіv: teorіja і metodologіja, Vіsnik Dnіpropetrovs’kogo unіversitetu Serіja “Ekonomіka”, 2011. № 5(4). 144-150 р.
3. Іllіchova N. Ju. Teoretichnі aspekti analіzu ta upravlіnnja groshovimi potokami na pіdpriєmstvі, Zbіrnik naukovih prac’ Derzhavnogo ekonomіko-tehnologіchnogo unіversitetu transportu. Ser., Ekonomіka і upravlіnnja, 2012. № 21-22(2), 190-195 р. Available at: http://nbuv.gov.ua/j-pdf/Znpdetut_eiu_2012_21-22(2)__27.pdf.
4. Kashhenko O.І. Analіz groshovih potokіv і rozrahunkіv pіdpriєmstva na osnovі kognіtivnogo modeljuvannja,
Ekonomіchnij chasopis, 2012, № 5-6, 75-78 р.
5. Kemars’ka L.G. Analіz і modeljuvannja groshovih potokіv pіdpriєmstva, Vіsnik Hmel’nic’kogo nacіonal’nogo
unіversitetu. Ekonomіchnі nauki, 2012, №5, T.2. P.132-138.
6. Lіgonenko L. O. Cash flow management, KNTEU, 2005. 255 p.
7. Mel’nichuk T. A. Metodichnі pіdhodi do analіzu groshovih potokіv pіdpriєmstva Upravlіnnja rozvitkom, 2013, № 16,73-74 p. Available at: http://nbuv.gov.ua/j-pdf/Uproz_2013_16_30.pdf.
8. Podol’s’ka, V.O., Jarіsh O.V. Financial Analysis, CNL, 2007. 488 p.
9. Tacіj І. V. Analіz groshovih potokіv pіdpriєmstva, Vіsnik Shіdnoukraїns’kogo nacіonal’nogo unіversitetu імені Volodimira Dalja, 2014, № 1, 150-153 p. Available at: http://nbuv.gov.ua/j-pdf/VSUNU_2014_1_32.pdf
10. Tjan R.B. Strukturnij analіz groshovih potokіv іz metoju pіdvishhennja nadіjnostі їh prognozuvannja, Fіnansi Ukraїni,2012, №5, 110-120 p.
11. Chernysh S.S. Ekonomichnyi analiz, Tsentr uchbovoii literatury 2010. 321 p.
12. Fazzari S. Investment-Cash Flow Sensitivities are Useful: A Comment on Kaplan and Zingales, Fazzari S. Hubbard, G., And Petersen, B., The Quarterly Journal of Economics., May, 2000., Vol. 115., No. 2., Р.695 – 705. Available at:
http://www.calstatela.edu/faculty/rcastil/UABC/FazzariR.pdf. DOI: dx.doi.org/10.1162/003355300554773
13. Kaplan S. Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?, S. Kaplan, L. Zingales, The Quarterly Journal of Economics. 1997. Vol. 112. No. 1. Р. 169 – 215 – Available at http:// citeseerx.ist.psu.edu/viewdoc/download? doi=10.1.1.196.7531&re p=rep1&type=pd. DOI: dx.doi.org/10.1162/003355397555163