Information on the thesis

In the dissertation theoretical and methodological foundations of the financial
restructuring of power supply corporations of Ukraine are deepened, also scientific
and  practical  recommendations  to  improve  their  efficiency  are  developed.  The
evolution  of  approaches  of  evaluating  the  effectiveness  of  corporation’s  activity  is
tracked. The value-oriented indicator of the change in shareholders’ welfare for the
period is proposed.
Current  theoretical  and  methodological  approaches  to  the  essence  of  the
financial  restructuring  of  corporations  are  generalized,  financial  and  managerial
approaches  are  highlighted.  The  interconnection  between  the  restructuring  of  the
financial  structure  and  the  effectiveness  of  corporation’s  activity  is  found.  It  is
suggested  to  use  the  modified  six-factor  Du  Pont  model  to  assess  the  impact  of
financial restructuring on the corporation’s effectiveness.
Trends  of  the  financial  structure  development  are  investigated,  significant
structural imbalances in it are detected. The rate costs on equity is calculated by using
the  modified  CAPM  model  (Capital  Assets  Pricing  Model),  the  rate  costs  of
borrowed capital is calculated by using the CDS  model (Corporate Default Spread
Model). Described modified CAPM model takes into account the effect of a greater
number of factors that determine the cost of capital on emerging markets and ensures
a  correct  estimate  of  the  equity  value  in  absences  of  reliable  information  from
emerging markets.
The indicators of the effectiveness of power supply corporation’s activity are
analyzed.  The  possibilities  of  using  the  management  approach  to  financial
restructuring  on  the  basis  of  the  algorithm  of  actions  for  building  the  structure  of
financial  management  are  revealed.  The  optimization  opportunities  of  the
corporation’s  capital  structure  by  the  criterion  of  capital  cost’s  minimization  are
determined, based on the modeling of different variants of capital structure.
Expediency  and  possibilities  of  using  innovative  methods  of  the  financial
restructuring of power supply corporations of Ukraine are proved in order to improve
their  performance.  Debt  conversion  method,  public  and  private  public  offering  of
additional  shares,  denomination  of  shares,  placement  of  depositary  receipts  and
securitization  of  debt  for electricity  are  referred  to the  most promising  methods of
financial restructuring power supply corporations of Ukraine.
Keywords: power supply corporations of Ukraine, financial restructuring, rate
costs on equity, shareholders welfare, economic value added, issue of securities, debt
securitization, debt conversion, denomination of shares.