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УДК 334.716:339.137.2
M.V. Vereskun* THE MECHANISM OF INTANGIBLE ASSETS MANAGING FOR THE DEVELOPMENT OF CORPORATE ENTERPRISES’ COMPETITIVENESS
In the article the process of integration in 1999—2004 of mining and metallurgical enterprises of Ukraine in the structures of large private transnational financial and industrial groups with the aim of adaptation to the conditions of the market is viewed and appearance in connection with it of business-associations which are called holding companies is also viewed. It is shown that in perspective one of the most important ways of increasing effectiveness of national metallurgical enterprises and their competitiveness on the world market is the active participation in the global processes of consolidation, their future depends on the speed of formation and restructing of large corporations, including the changes in the mechanisms of corporate management.
Key words: metallurgical holding, competitiveness, intangible assets, mechanisms of corporate governance.
In recent times the importance of the corporate aspect of iron and steel industry development is growing, as it is this area where a number of mining and metals production sector’s crucial problems lie. These problems hinder the economic and regulatory potential of the industry. Although market economy demands creating a competitive environment with multiple manufacturers, it is large-scale production that forms market demand and supply, determines the pricing conditions and regulates bulk investment programs in the modern economy. Ukrainian corporate structures in the iron and steel sector are characterized by certain specific features and are still in the primary stage of institutional development [1]. So, no unanimous approach to either their analysis or their effective functioning mechanisms development can be found in the domestic scientific literature.
The businesses’ ability to grow in the new economy is defined by the number and importance of competitive advantages that are closely related to the introduction of new production and management technologies. The mining and metals production business is characterized by the appearance of new trends, products and players that are able to provide a saturated market with competitive products and services, and to create and develop high-tech sectors that will determine the main paths of economic growth [1; 2].
Competition in the new economy necessitates the search for new reserves and ways to create, maintain and extend the wealth (capital) of an enterprise, which are in a great measure determined by the effective management of enterprise’s intangible assets. Intangible assets management are able to generate new structural sources of enterprise economic development through the use of proprietary and intellectual property rights,
goodwill, the rights to use human resources , property, intellectual property objects, and scientific research results. To increase the effectiveness of corporate management the focusing of intangible assets (IA) management on investing the innovations into knowledge-intensive production technologies and management development technologies is needed [3].
Intangible assets managing is a process of making decisions about how to create intangible assets and how to introduce them into competitive market commercial turnover in order to maximize profits.
The process of IA managing includes economic, social, organizational, functional, and informational aspects.
On the basis of consistency principles and after the generalization of method guidelines on the economic systems management a conceptual system of industrial enterprises’ IA management has been developed in the study. This article provides the basic methodological characteristics of the further development of economic management system which has been adapted to the needs of IA management in large corporate enterprises and corporate groups. Thus, the structure of organizational and economic managerial mechanisms elements has been clarified and supplemented; the main content blocks that make up the presented system have been identified.
The improved large corporate enterprise IA management system consists of four content blocks: management process informational provision block, process block, result block, management effectiveness analysis block.
Within the management process informational provision block the information that is needed for the management process realization and serves as the input
* © Vereskun M.V., 2012
Vereskun Mikhail Viktorovich (miver1976@mail.ru), the Dept. of Information Technologies, Pryazovskyi State Technical University (PSTU), Mariupol, 87500, Ukraine.
data (parameters) for it should be accumulated, processed, and transmitted. All these data are generally divided into two arrays: the feedback information array, which characterizes the current state of the management object, and the environment state information.
The processed information is transmitted to the process block which consists of three elements: the management subject, the management object, and the organizational and economic managerial mechanisms. The management subject affects the management object using an appropriate managerial mechanism. A management subject is connected with a management object by the means of information flow. Thus, the managing process lies in the relevant information collection, processing and transmission as well as in making appropriate management decisions in regard to a management object [4].
Intangible assets management subjects are represented by enterprises’ owners, managers and professionals at various levels depending on the management object.
Management object is represented by intangibles assets of a large corporate enterprise divided into groups according to their material and cost structure:
I. Reflected in the balance sheet of an enterprise (intellectual property objects; deferred costs of an enterprise; goodwill; the rights to use natural resources; the rights to use property; the rights to conduct any activity).
II. Not reflected in the balance sheet of an enterprise (trade secrets objects [5]; intellectual potential of an enterprise: human capital; market capital (brand names, customer base, order portfolio); structural capital - intellectual property rights, information resources, instructions and work methods, enterprise organization system, know-how).
A management subject influences a management object — large corporate enterprise intangible assets — by the means of appropriate organizational and economic mechanisms.
Today economics has no clear theoretical definition of intangible assets management mechanism which is accompanied by the lack of a single list of structural constituents. The author understands the organizational and economic mechanisms of industrial enterprise IA management as follows.
The mechanism of IA management is a three-level set of principles, goals, objectives, approaches, methods, competitive behaviour strategies as well as the tools of IA management by which a management subject affects a management object in order to improve the efficiency of IA use.
The signal for mechanism functioning beginning is the information that comes from a management subject. Then on the first, methodological level, the basic management principles are chosen and the
competitive behaviour strategy is defined. On this basis the main IA management purpose is formed, and specific tasks are formed according to them. On the second, methodic level, the most effective management approaches and methods are chosen according to the tasks received. On the third, organizational (technological) level, the most effective tools of large corporate enterprises and corporate groups IA management are determined within the chosen approaches and methods.
The result of the proposed mechanism functioning is reflected in administrative decisions by the means of which a management subject affects a management object.
Below we are analyzing the proposed mechanism elements in more detail.
I. Management Principles. Management process realization system of large corporate enterprises IA bases on the main IA management principles. Under the principles of IA management in this case we understand the basic, original theoretical principles, organization conduct rules in different fields. The fuller and the more justified management principles are, the more likely it is to achieve positive results in the process of object management efficiency improving. The basic principles of large corporate enterprises IA management are as follows: the principle of the legal regulation of management, the principle of the social orientation of management, the principle of management system scientific validity, the principle of system approach to management, the principle of innovation way of development orientation, the principle of management objects ranking according to the degree of importance, the principle of management theory and practice unity, the principle of management object competitive advantages maintenance and development, the principle of management processes organization, the principle of rational communication of management forms, the principle of management decisions consistency [3; 6—18].
II. Competitive behavior strategies. Choosing a competitive behavior strategy of is the most essential component of intangible assets management cycle. It determines all the components of the proposed mechanism further operation as well as IA management in general. IA management strategy is developed and implemented within the overall enterprise management strategy.
Within the considered system of IA management the strategy objects are represented by enterprise intangible assets grouped by management objects: intellectual property; deferred expenses; goodwill; rights to use natural resources; complementary intangible assets — know-how, clientele, management techniques, etc.
As a rule four basic types of market subjects competitive behaviour strategies are distinguished, each
of them focusing on particular economic environment conditions and particular competitive advantages available to the enterprise. A. Yudanov proposes to introduce the following understading of strategies [19]: violent (power) strategy, patient (specialized) strategy, commutation (adaptive) strategy, explerent (experimental, breakthrough) strategy. According to the strategies that are used four types of enterprises are distinguished: «violent», «patient», commutation-oriented and explerent enterprises.
Having adopted this system of competitive strategies types, an enterprise needs to test their compliance with a particular strategy type according to some basic criteria: cost, products quality, range of products, marketing network availability and advertising scale. Costs and product quality are to be defined in relation to competitors’ costs and product quality [11]. According to the chosen competitive strategy management goal and tasks are chosen. They should aim at gaining a profit from the use of the created innovations, and that inevitably leads to the creation of new intellectual property.
If the «violent» strategy is chosen, large-scale R & D for continuous development of a large number of improving innovations that are rapidly implemented in products is needed.
If an enterprise has chosen the «patient» strategy, the choice of specialized niche is inevitable. The niche will require less intensive, but more specialized, narrowly targeted developments that will also be of an improving, adaptive nature. Both «violent» and «patient» strategies seek to provide a patent monopoly for created improvements.
For commutation-oriented enterprises individualization techniques are needed more than for any other enterprise type. Such enterprises seek to ensure the patent monopoly on the level of trademarks, trade names, and appellations of origin of goods.
If an enterprise claims to be explerent, the problem of a fundamentally new product creating funding is especially vital. These breakthrough inventions patenting is a priority for explerent enterprises.
It should be noted that enterprises may go through all stages in their development — from «explerent» to «violent» enterprises and vice versa [10]. Therefore, choosing an IA strategy for an enterprise, the strategy of the whole organization development at a particular stage or future development direction of an enterprise in relation to any strategy must be defined.
III. The purpose of management: improving the efficiency of a management object operation as well as the overall owners’ welfare maximization in current and future periods, which is to be reflected in the corporate enterprise market value growth.
IV. Management tasks. The main tasks of enterprise’s IA management are correlated with the tasks of enterprise’s assets management and with the competitiveness in general.
V. Methods. Management method is a set of ways and techniques management subjects may use to influence a managed object by the means of their activities and in order to achieve their goal. The basic methods of intangible assets management include economic, organizational and administrative, and sociopsychological management techniques. Moreover, the set of enterprise’s IA management methods should be formed on the basis of documents arrays analysis, the methods being divided into five groups [19]: the method of structural and morphological analysis; the method of publication activity analysis; the method based on identifying the patent documents groups with a set of high-power corresponding patents, or the corresponding patents method; the method of terminological and lexical analysis; the indicators method [20].
VI. The basic tools of enterprise’s IA management are IA identification and inventory; undertaking a legal examination; intangible assets valuation, including assets on enterprise’s books and records; IA commercialization. In the enterprise’s intangible assets management system proposed by the author the information about environment state is formed by the following data:
the legislation in the field of intellectual property, including the legislation that regulates enterprise intangible assets accounting;
the sources of IA and the ways they have been acquired by an enterprise;
innovative activity of an enterprise;
R & D;
information about the active market of intellectual property state;
the results of intangible assets analysis according to directions depending on the object of accounting and management, etc.
The results of IA management mechanism functioning for securing a sustainable development of competitive advantages
The eventual result of intangible assets management is a management decision that includes: goals developing and setting; problem study based on the information received; the selection and justification of the efficiency criteria (effectiveness criteria) and the possible consequences of the decision taken;
discussing different options to solve a problem with experts;
the optimal decision selection and formulation; taking a decision;
decision specification for its performers [6; 15].
At the stage of the managerial decision preparation the economic analysis of the situation at micro and macro level is conducted. The analysis includes information search, collection and processing as well
as finding the problems that need solving. At the decision-making stage the development and assessment of alternative decisions and actions performed on the basis of various calculations is done, the criteria for choosing the optimal solution are selected, the best decision is taken and approved. At the stage of decision implementation steps to specify the decision and to bring it to the performers are taken, the progress of its implementation is monitored, the necessary adjustments are made and the results of decision implementation are assessed. Each management decision has a certain result; that is why the goal of management is to find such forms, methods, tools and instruments that could help achieve the optimal results in specific conditions and circumstances [1].
Conclusions
The new economy is accompanied by a new form of competition for profits and markets — not only between companies within the same state, but also between countries and transnational corporations. The development of corporate enterprises’ competitiveness in the new economy determines the importance of intangible assets effective management, which is a new reserve for enterprise wealth creation, preservation and growth.
Within the considered enterprise’s IA management system the ultimate management decisions are concerned with:
forming an effective structure of intangible assets; creating sustainable competitive advantages based on the IA owned by an enterprise;
increasing the value of an industrial enterprise. The approved management decision concerning enterprise’s intangible assets efficiency improvement is a subject to mandatory assessment.
The integrated conceptual system of IA management proposed by the author is an open subsystem of enterprise management and is characterized by operation continuity, cyclicality, emergence (integrity), the ability to adjust management purposes at any stage according to the adopted strategy of enterprise development.
Thus, on the basis of the conducted studies the author improved an integrated conceptual system of industrial enterprises’ intangible assets management, which consists of the following interconnected blocks: management process informational provision block, process block, result block, and management effectiveness analysis block. The blocks are connected by informational links and have a feedback channel that allows to assess the state of a managed object.
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М.В. Верескун* МЕХАНИЗМ УПРАВЛЕНИЯ НЕМАТЕРИАЛЬНЫМИ АКТИВАМИ ДЛЯ РАЗВИТИЯ КОНКУРЕНТОСПОСОБНОСТИ КОРПОРАТИВНЫЕ ПРЕДПРИЯТИЙ
В статье рассматривается процесс интеграции в 1999—2004 гг. горнодобывающих и металлургических предприятий Украины в структуры крупных частных транснациональных финансово-промышленных групп в целях адаптации к условиям рынка и появление в связи с этим бизнес-объединений, называемых холдингом. Показано, что в перспективе одним из наиболее важных путей повышения эффективности национальных металлургических предприятий и их конкурентоспособности на мировом рынке является активное участие в глобальных процессах консолидации, их будущее напрямую зависит от скорости формирования и реструктуризации крупных корпораций, в том числе изменений в механизмах корпоративного управления.
Ключевые слова: металлургический холдинг, конкурентоспособность, нематериальные активы, механизмы корпоративного управления.
* © Верескун М.В., 2012
Верескун Михаил Викторович (miver1976@mail.ru), кафедра экономики предприятий Приазовского государственного технического университета, 87500, Украина, г. Мариуполь, ул. Университетская, 7.
