Moscow, Moscow, Russian Federation
VAK Russia 5.2.1
VAK Russia 5.2.4
VAK Russia 5.2.5
VAK Russia 5.2.6
VAK Russia 5.2.7
UDC 33
CSCSTI 06.00
Russian Classification of Professions by Education 38.00.00
Russian Library and Bibliographic Classification 65
Russian Trade and Bibliographic Classification 7
BISAC BUS BUSINESS & ECONOMICS
This article is devoted to a comparative analysis of the aspects of financial stability of horizontally and vertically integrated business structures in the context of modern economic instability, identifying fundamental differences in the formation of their financial stability by optimizing operational processes and minimizing transaction costs, respectively. Studying the synergetic effects and specific risks of each integration model, it was revealed that horizontal integration demonstrates increased dependence on industry cycles while achieving economies of scale, while vertical integration ensures stable cash flows due to capital intensity and reduced flexibility, which forms various vectors of financial strategy. Based on the systematization of financial stability criteria and a comparative analysis of capital structures, the necessity of a differentiated approach to financial management depending on the type of integration structure is substantiated.
financial stability, horizontal integration, vertical integration, integration structures, cash flow management, capital structure, operational risks
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