Olha O. Kravchenko, 78_02
Wednesday, 14 June 2017 03:30 | Author: Покотиленко Р.В. | 
Olha O. Kravchenko
Doctor of Economics, The State Economic and Technological University of Transport
Address: 03049, Kyiv, 19 I. Ohiienko Str.
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
Perspectives of innovation development of railway transport in Ukraine: financial aspects
Section: Problems of development strategy and financial-economic regulation of industry
Ekon. promisl. 2017, 78(2): 22-36
https://doi.org/10.15407/econindustry2017.02.022
Language: Russian
| Full text (PDF)
| References:
1.Mullich, J. (2017). Railroad technologies. Geared for sustainability and innovation. The Wall Street Jornal (Special Advertising Section “Sustainability”). Retrieved from http://online.wsj.com/ad/
article/sustainability-innovation.
2.Ministry of Infrastructure of Ukraine (2017, April). General information about railways. Retrieved from http://mtu.gov.ua/content/informaciya-pro-ukrainski-zaliznici.html/ [in Ukrainian].
3.State Statistics Service of Ukraine (2017, April). Transport. Retrieved from http://www.ukrstat.gov.ua [in Ukrainian].
4.Finance.ua: Finance in Ukraine (2017, April). "Ukrzaliznytsya" is topped the TOP-500 companies by the number of employees. Retrieved from http://news.finance.ua/ru/news/-/384127/ukr-zaliznytsya-vozglavila-top-500-kompanij-po-kolichestvu-personala [in Russian].
5.Sussman, М. (2013). Realizing rail-roads’ promise (unpublished; Strategic Rail Finance and On Track America for AASHTO’s Standing Committee on Rail Transportation). Retrieved from https://www.dot.state.oh.us/.
6.The State Administration of Railway Transport of Ukraine “Ukrayinsʹka zaliznytsya” (2017, March). The consoledated financial statements for the years 2010-2016. Retrieved from http://www.uz.gov.ua/about/investors/financial_statements [in Ukrainian].
7.Ministry of Infrastructure of Ukraine (2017, March). Strategic development plan of railway transport for the period 2020. Retrieved from http://mtu.gov.ua/files/%D0%A1%D1%82%D1%80%D0%B0%D1%82%D0%B5%D0%B3%D1%96%D1%8F%20%D0%9D%D0%B0%D0%BA%D0%B0%D0%B7%20547.pdf [in Ukrainian].
8.Alpysbayev, S.A. (2005). Approaches to the innovative development of the railway complex. Mir transporta, 4, 96-99 [in Russian].
9.Bazavluk, A.V. (2011). Possible sources of funding for capital investment in the railway transport of Ukraine. Ekonomika i rehion, 4 (31), 119-125 [in Ukrainian].
10.Danʹko, M.I., Dykanʹ, V.L. & Kalinichenko, L.L. (2010). Investment and innovation potential increasing of railway transport in terms of the integration pro-cess. Kharkiv: UkrDAZT [in Ukrainian].
11.Deyneka, A.G., & Pozdnyakova, L.A. (2007). Scientific and technical progress as a factor of innovation in railway transport. Visnyk ekonomiky transportu i promyslovosti, 18, 105-107 [in Russian].
12.Eytutis, H.D. (2009). Theoretical and practical basis for reforming the railways of Ukraine. Nizhyn: Aspekt-Polihraf [in Ukrainian].
13.Zaytseva, I.Yu. & Syromyatnikova, O.O. (2013). Investing as a dominant of economic development of railway transport. Ekonomichnyy forum, 3, 171-174 [in Ukrainian].
14.Ilʹchuk, V.P. (2004). Innovation and investment system of railway transport: the establishment and development. Kiev: Lohos [in Ukrainian].
15.National Institute for Strategic Studies (2017, April). Innovative trans-formation of transport as a factor in the modernization of the transport system of Ukraine. Retrieved from http://www.niss.gov.ua/articles/1303/ [in Ukrainian].
16.RBC-Ukraine (2017, March). The technical condition of the railway is appalling. Retrieved from https://daily.rbc.ua/ rus/show/andrey-pivovarskiy-tehnicheskoe-sostoyanie-1429040406.html [in Ukrainian].
17.Center of Strategic Strategies (2017, April). UZ is saved 187 million UAH to purchase passenger wagons in the Kryukov plant. Retrieved from http://cfts.org.ua/news/2017/04/28/ukrzaliz-nytsya_sekonomit_187_mln_griven_na_ zakupke_passazhirskikh_vagonov_u_ kryukovskogo_zavoda_40346 [in Russian].
18.Verkhovna Rada of Ukraine (1996). Law of Ukraine About Railway Transport of Jule, 04, 1996 No. 273/96. Retrieved from http://zakon2.rada.gov.ua/laws/ show/273/96-%D0%B2%D1%80 [in Ukrainian].
19.National Institute for Strategic Studies (2017, April). Improving the reform and development of railway transport in the context of structural reforms in the branch. Retrieved from http://www.niss.gov.ua/articles/1662/ [in Ukrainian].
20.The State Administration of Railway Transport of Ukraine “Ukrayinsʹka zaliznytsya” (2017, March). Credit ratings. Retrieved from http://www.uz.gov.ua/ about/investors/credit_ratings/ [in Ukrainian].
21.Center of Strategic Strategies (2017, April). ”Ukrzaliznytsya” in 2016 reduced the volume of interest-bearing credits and borrowings by 3.5%. Retrieved from http://cfts.org.ua/news/2017/04/28/ukrzaliznytsya_v_2016_godu_sokratila_obyem_protsentnykh_kreditov_i_zaimstvovaniy_na_35_40347 [in Russian].
Doctor of Economics, The State Economic and Technological University of Transport
Address: 03049, Kyiv, 19 I. Ohiienko Str.
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
Perspectives of innovation development of railway transport in Ukraine: financial aspects
Section: Problems of development strategy and financial-economic regulation of industry
Ekon. promisl. 2017, 78(2): 22-36
https://doi.org/10.15407/econindustry2017.02.022
Language: Russian
Abstract:
The research objects of the article are the financial aspects of innovation development of railway transport. Now the railway transport in Ukraine is in a state of deep crisis, which led to significant deterioration in the state of the production capacity of the branch reducing its transportation opportunities and throughput of the railway network. Critical deterioration of the basic production assets of railway transport in Ukraine is the result of systematic underfunding of their reproduction. It is possible to improve current situation by updating and modernizing the fixed assets, eliminating the technical and technological backlog of Ukrainian railways from European ones. The aim of the article is to evaluate the prospects of innovation development of railway transport in Ukraine taking into account the formation of its financial resources.
The estimation of approximate volumes of financing in technical re-equipment, reconstruction and modernization of infrastructure objects and rolling stock is carried out. It is shown that these investments are required as the preservation of the integrity of the railway network and the possibility of transportation activities depend on their effectiveness.
The intensity of investment processes in railway transport and ability to raise funds from external sources are completely determined by the effectiveness of its operational, investment, and financial activities. The main source of financial resources for railway transport is its own funds. It is shown that the consequence of reducing in financial results of the Ukrzaliznytsya is the almost complete cessation of investment activity. The possibility of attracting resources for capital investments in railway transport from external sources is limited due to the low investment attractiveness of railway transport, low credit ratings of the Ukrzaliznytsya, and problems with its payment discipline.
Improvement of the situation with the formation of available financial resources of the Ukrzaliznytsya is possible at the expense of reasonable financial policy, implementation of a set of measures aimed at increasing the attractiveness of railway transport, especially transit, and introduction of advanced transportation technologies (multimodal transportations).
Keywords: fixed assets, deterioration, financial resources, investment attractiveness, railway transport.
JEL: G 390, L 920, O 290.
The research objects of the article are the financial aspects of innovation development of railway transport. Now the railway transport in Ukraine is in a state of deep crisis, which led to significant deterioration in the state of the production capacity of the branch reducing its transportation opportunities and throughput of the railway network. Critical deterioration of the basic production assets of railway transport in Ukraine is the result of systematic underfunding of their reproduction. It is possible to improve current situation by updating and modernizing the fixed assets, eliminating the technical and technological backlog of Ukrainian railways from European ones. The aim of the article is to evaluate the prospects of innovation development of railway transport in Ukraine taking into account the formation of its financial resources.
The estimation of approximate volumes of financing in technical re-equipment, reconstruction and modernization of infrastructure objects and rolling stock is carried out. It is shown that these investments are required as the preservation of the integrity of the railway network and the possibility of transportation activities depend on their effectiveness.
The intensity of investment processes in railway transport and ability to raise funds from external sources are completely determined by the effectiveness of its operational, investment, and financial activities. The main source of financial resources for railway transport is its own funds. It is shown that the consequence of reducing in financial results of the Ukrzaliznytsya is the almost complete cessation of investment activity. The possibility of attracting resources for capital investments in railway transport from external sources is limited due to the low investment attractiveness of railway transport, low credit ratings of the Ukrzaliznytsya, and problems with its payment discipline.
Improvement of the situation with the formation of available financial resources of the Ukrzaliznytsya is possible at the expense of reasonable financial policy, implementation of a set of measures aimed at increasing the attractiveness of railway transport, especially transit, and introduction of advanced transportation technologies (multimodal transportations).
Keywords: fixed assets, deterioration, financial resources, investment attractiveness, railway transport.
JEL: G 390, L 920, O 290.
| Full text (PDF)
| References:
1.Mullich, J. (2017). Railroad technologies. Geared for sustainability and innovation. The Wall Street Jornal (Special Advertising Section “Sustainability”). Retrieved from http://online.wsj.com/ad/
article/sustainability-innovation.
2.Ministry of Infrastructure of Ukraine (2017, April). General information about railways. Retrieved from http://mtu.gov.ua/content/informaciya-pro-ukrainski-zaliznici.html/ [in Ukrainian].
3.State Statistics Service of Ukraine (2017, April). Transport. Retrieved from http://www.ukrstat.gov.ua [in Ukrainian].
4.Finance.ua: Finance in Ukraine (2017, April). "Ukrzaliznytsya" is topped the TOP-500 companies by the number of employees. Retrieved from http://news.finance.ua/ru/news/-/384127/ukr-zaliznytsya-vozglavila-top-500-kompanij-po-kolichestvu-personala [in Russian].
5.Sussman, М. (2013). Realizing rail-roads’ promise (unpublished; Strategic Rail Finance and On Track America for AASHTO’s Standing Committee on Rail Transportation). Retrieved from https://www.dot.state.oh.us/.
6.The State Administration of Railway Transport of Ukraine “Ukrayinsʹka zaliznytsya” (2017, March). The consoledated financial statements for the years 2010-2016. Retrieved from http://www.uz.gov.ua/about/investors/financial_statements [in Ukrainian].
7.Ministry of Infrastructure of Ukraine (2017, March). Strategic development plan of railway transport for the period 2020. Retrieved from http://mtu.gov.ua/files/%D0%A1%D1%82%D1%80%D0%B0%D1%82%D0%B5%D0%B3%D1%96%D1%8F%20%D0%9D%D0%B0%D0%BA%D0%B0%D0%B7%20547.pdf [in Ukrainian].
8.Alpysbayev, S.A. (2005). Approaches to the innovative development of the railway complex. Mir transporta, 4, 96-99 [in Russian].
9.Bazavluk, A.V. (2011). Possible sources of funding for capital investment in the railway transport of Ukraine. Ekonomika i rehion, 4 (31), 119-125 [in Ukrainian].
10.Danʹko, M.I., Dykanʹ, V.L. & Kalinichenko, L.L. (2010). Investment and innovation potential increasing of railway transport in terms of the integration pro-cess. Kharkiv: UkrDAZT [in Ukrainian].
11.Deyneka, A.G., & Pozdnyakova, L.A. (2007). Scientific and technical progress as a factor of innovation in railway transport. Visnyk ekonomiky transportu i promyslovosti, 18, 105-107 [in Russian].
12.Eytutis, H.D. (2009). Theoretical and practical basis for reforming the railways of Ukraine. Nizhyn: Aspekt-Polihraf [in Ukrainian].
13.Zaytseva, I.Yu. & Syromyatnikova, O.O. (2013). Investing as a dominant of economic development of railway transport. Ekonomichnyy forum, 3, 171-174 [in Ukrainian].
14.Ilʹchuk, V.P. (2004). Innovation and investment system of railway transport: the establishment and development. Kiev: Lohos [in Ukrainian].
15.National Institute for Strategic Studies (2017, April). Innovative trans-formation of transport as a factor in the modernization of the transport system of Ukraine. Retrieved from http://www.niss.gov.ua/articles/1303/ [in Ukrainian].
16.RBC-Ukraine (2017, March). The technical condition of the railway is appalling. Retrieved from https://daily.rbc.ua/ rus/show/andrey-pivovarskiy-tehnicheskoe-sostoyanie-1429040406.html [in Ukrainian].
17.Center of Strategic Strategies (2017, April). UZ is saved 187 million UAH to purchase passenger wagons in the Kryukov plant. Retrieved from http://cfts.org.ua/news/2017/04/28/ukrzaliz-nytsya_sekonomit_187_mln_griven_na_ zakupke_passazhirskikh_vagonov_u_ kryukovskogo_zavoda_40346 [in Russian].
18.Verkhovna Rada of Ukraine (1996). Law of Ukraine About Railway Transport of Jule, 04, 1996 No. 273/96. Retrieved from http://zakon2.rada.gov.ua/laws/ show/273/96-%D0%B2%D1%80 [in Ukrainian].
19.National Institute for Strategic Studies (2017, April). Improving the reform and development of railway transport in the context of structural reforms in the branch. Retrieved from http://www.niss.gov.ua/articles/1662/ [in Ukrainian].
20.The State Administration of Railway Transport of Ukraine “Ukrayinsʹka zaliznytsya” (2017, March). Credit ratings. Retrieved from http://www.uz.gov.ua/ about/investors/credit_ratings/ [in Ukrainian].
21.Center of Strategic Strategies (2017, April). ”Ukrzaliznytsya” in 2016 reduced the volume of interest-bearing credits and borrowings by 3.5%. Retrieved from http://cfts.org.ua/news/2017/04/28/ukrzaliznytsya_v_2016_godu_sokratila_obyem_protsentnykh_kreditov_i_zaimstvovaniy_na_35_40347 [in Russian].
