Оксана Володимирівна Мельник


The article discusses the issues of enterprise capitalization which in recent years has gained significant changes. In an academic discourse, there is no univocal understanding of capitalization resulting in its study from the positions of existing approaches. Based on a critical analysis of the theoretical background on meaningful interpretations of capitalization, it is observed that basically it is examined as a process, as a cost, as a method of asset valuation, as well as subject relations in the process of capital movement. It is argued that the traditional logic for interpreting the capitalization in terms of the "cost – capital – economic growth" paradigm cannot explain contemporary issues of capital generation, which is explained by the specifics of the post-industrial business environment. An emphasis is put on the need to reveal the content of enterprise capitalization as a unity of relationship between such categories as resources, capital, value, which accommodates new characteristics subject to growing scale of society. The novelty of company's capitalization from the resource-based perspective is its understanding as opportunities for enterprise development. This context extends the process chain of capital generation beyond the spatial limits of the enterprise, complementing its definition from the position of organizational skills to ensure the attainment of business performance in the form of values. The value-based approach to capitalization is a key dimension in its study, since it is directly linked to monetary and capital aspects. The novelty of the capitalization study from the value-based perspective, unlike the previous research findings where economic value was viewed within the categories of value and utility, is expanding the meaningful context by invariant content significance. Within the scope of this meaningful framework, the enterprise capitalization should be considered through the lens of objective, incorporated and cost approaches.


capitalization; capital; cost; value; resources; opportunities of the business environment



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